ASEAN Tourism Investment Forum opens in HCM City

The ASEAN Tourism Investment Forum opened in Ho Chi Minh City on Sept. 29 under the theme of challenges and opportunities for investment in ASEAN tourism sector.

The forum drew around 250 government officials as well as representatives from international and ASEAN companies and organisations.

Debates at the forum focus on ASEAN tourism investment framework, opportunities and incentives for tourism investment in ASEAN countries, and potential tourism areas for investment in those countries.

Addressing the forum, Vietnamese Minister of Culture, Sports and Tourism Hoang Tuan Anh said that tourism has played an important role in promoting socio-economic development in ASEAN countries in the past years.

He affirmed that the Vietnamese government creates favourable conditions to encourage domestic and international investors to increase investment in tourism.

On behalf of the ASEAN Secretariat, Somsak Pipoppinyo spoke highly of the accomplishments of ASEAN tourism sector in the past few years, which helped promote growth and promote the image of ASEAN to the world community.

In 2009, ASEAN as a whole welcomed over 62 million visitors, up 59.7 percent over 2000despite impacts of the global economic crisis./.

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Seminar seeks better public investment management

An international seminar on strengthening public investment management opened in Hanoi on Wednesday.

During the two-day seminar, jointly held by the World Bank, the Ministry of Planning and Investment (MPI), and the Asian Development Institute, participants share their experiences in mapping out strategies that help countries improve public investment management.

According to the MPI, around VND286 trillion (US$14.7 billion) was used for public investment during the 2001-2005 period, accounting for 23 percent of the total social investment.

In the 2006-2010, the figure is estimated to reach over VND739 trillion ($38 billion) or 24 percent of the total social investment.

State capital for public projects and programs holds a large proportion so the effective management and use of the source are very important and necessary.

Therefore, the Vietnamese government should have suitable measures and policies to use the national capital source more effectively, the ministry said.

Marin Rama, Acting Director of the WB’s East Asia Development Department, said Vietnam is one of the countries with a high public investment proportion, nearly 40 percent of its total GDP.

However, he also pointed out Vietnam’s shortcomings in public investment management that should be addressed in the coming time, including ineffective uses, insufficient attention to regional development in the overall investment plan, decentralization and the overlapping of related laws such as the State Budget Law, the Construction Law and the Bidding Law.

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Seminar seeks better public investment management

An international seminar on strengthening public investment management opened in Hanoi on Wednesday.

During the two-day seminar, jointly held by the World Bank, the Ministry of Planning and Investment (MPI), and the Asian Development Institute, participants share their experiences in mapping out strategies that help countries improve public investment management.

According to the MPI, around VND286 trillion (US$14.7 billion) was used for public investment during the 2001-2005 period, accounting for 23 percent of the total social investment.

In the 2006-2010, the figure is estimated to reach over VND739 trillion ($38 billion) or 24 percent of the total social investment.

State capital for public projects and programs holds a large proportion so the effective management and use of the source are very important and necessary.

Therefore, the Vietnamese government should have suitable measures and policies to use the national capital source more effectively, the ministry said.

Marin Rama, Acting Director of the WB’s East Asia Development Department, said Vietnam is one of the countries with a high public investment proportion, nearly 40 percent of its total GDP.

However, he also pointed out Vietnam’s shortcomings in public investment management that should be addressed in the coming time, including ineffective uses, insufficient attention to regional development in the overall investment plan, decentralization and the overlapping of related laws such as the State Budget Law, the Construction Law and the Bidding Law.

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Gov’t yet to plan investment for express railway

The Government has neither developed an investment plan nor taken any action to implement the Hanoi-Ho Chi Minh City express railway project, said Minister of Transport Ho Nghia Dung.

At the Government’s regular press briefing Tuesday, he said the Government plans to continue studying the project to determine its size, technology to be used, sources of investment, as well as environmental and social impacts which have not been included in the project feasibility study presented to the National Assembly recently.

Dung said relevant agencies are studying the project before making an investment plan using ODA funding, not State money.

Spokesman for the Government, Minister and Director of the Government Office Nguyen Xuan Phuc reported that the Prime Minister agreed in principle to the reception of technical assistance in the form of non-refundable ODA from the Japanese Government for making investment plans for the construction of the Hanoi-Vinh and Ho Chi Minh City-Nha Trang sections of the Hanoi-Ho Chi Minh City express railway project and a project to upgrade the Hanoi-Noi Bai railway route.

Regarding the restructuring of the country’s debt-hit shipbuilder, Vinashin, Deputy Finance Minister Nguyen Cong Nghiep and a representative of the State Bank of Vietnam said the finance ministry is working on a plan to reschedule debts for Vinashin and define the group’s chartered capital.

The State Bank of Vietnam is screening the group’s debts with each credit institutions as its debts totalled VND86 trillion while its total assets are valued at VND104 trillion.

The restructuring project of Vinashin will give priority to paying salaries and insurance for its workers, Minister Phuc said, adding that Vinashin will get new projects once it gains access to capital.
 

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Gov’t yet to plan investment for express railway

The Government has neither developed an investment plan nor taken any action to implement the Hanoi-Ho Chi Minh City express railway project, said Minister of Transport Ho Nghia Dung.

At the Government’s regular press briefing Tuesday, he said the Government plans to continue studying the project to determine its size, technology to be used, sources of investment, as well as environmental and social impacts which have not been included in the project feasibility study presented to the National Assembly recently.

Dung said relevant agencies are studying the project before making an investment plan using ODA funding, not State money.

Spokesman for the Government, Minister and Director of the Government Office Nguyen Xuan Phuc reported that the Prime Minister agreed in principle to the reception of technical assistance in the form of non-refundable ODA from the Japanese Government for making investment plans for the construction of the Hanoi-Vinh and Ho Chi Minh City-Nha Trang sections of the Hanoi-Ho Chi Minh City express railway project and a project to upgrade the Hanoi-Noi Bai railway route.

Regarding the restructuring of the country’s debt-hit shipbuilder, Vinashin, Deputy Finance Minister Nguyen Cong Nghiep and a representative of the State Bank of Vietnam said the finance ministry is working on a plan to reschedule debts for Vinashin and define the group’s chartered capital.

The State Bank of Vietnam is screening the group’s debts with each credit institutions as its debts totalled VND86 trillion while its total assets are valued at VND104 trillion.

The restructuring project of Vinashin will give priority to paying salaries and insurance for its workers, Minister Phuc said, adding that Vinashin will get new projects once it gains access to capital.

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