Category: Vietnam

Vietnam’s President Nguyen Tan Dung approved a plan today which will allocate US$50 billion over the next 11 years to develop an economic belt along the country’s northern coast.

The goal of the project is to establish a vibrant economic area which will propel the country’s economic, technology, and scientific sectors forward through cooperation with China to the north as well as other ASEAN members.

The investment plan is split up into two phases – the first from 2009-2010 and the second from 2011-2020.

Phase one will require an initial investment of between $5 and $7 billion and will lay the foundation for the economic zone through the construction of basic infrastructure needed for the area.

Phase two will require more than $40 billion as integral projects are developed, including three seaports, one airport, and several tourist and entertainment attractions.

By 2020, the area is expected to contribute 6.5 to 7 percent of the country’s GDP.

As financial institutions across the world take a dive and luxury goods become less affordable, simple commodities like rice continue to be in high demand. Vietnam, the world’s second highest exporter of rice (behind Thailand), has already earned US$268 million this year in the industry.

The country has already exported 373,760 tons of rice this month alone and expects its year-end total to be in the range of 4.5 to 5 million tons – or almost US$3 billion in earnings.

In an effort to provide a stable source of energy, the Vietnamese government is conducting negotiations with Westinghouse Electric regarding the production of two 2,000 megawatt nuclear power plants.

If approved this spring, construction on the two plants would begin in 2015 and would take five years to complete. The country currently relies primarily on hydro and gas-fuelled power plants.

Asia is Vietnam’s largest investment destination, with 257 projects worth US$2.85 billion, followed by Europe, America and Africa.

Two Vietnamese Catholic women filed a legal case against state media outlets over their coverage of a recent trial stemming from a tense land dispute with the church.