NEWSROUNDUP
Vietnam
gion and has been evaluated as a potential
reserve for copper and other metal ores.
According to the agreement, Cavico has
A roundup of news relevant to been provided an approval to explore and
operations in Vietnam exploit copper and other ores on 500
square kilometers of land in Namkhoun
Foreign investment to Vietnam village, Vientiance. Cavico will spend the
declines next six years and about $4.0 million to
The global recession has taken a toll on conduct exploration, research, and techni-
foreign investment and tourism to Vietnam cal studies.
in the first four months of the year. Foreign
investment pledges fell 72 percent to $6.4 Vietnam reports four-month
billion as of April 20, the General Statistics trade surplus of $800 mln
Office said in a statement. Vietnam on Friday estimated it had re-
The investment pledges include $2.5 bil- corded a trade surplus of 800 million U.S.
lion in 145 new projects and $3.9 billion dollars for the first four months of the year
for increased investments in 23 existing as imports dived due to lower demand
projects.South Korea topped the list of for- amid the global downturn. The figure com-
eign investors for new projects in the first pares with a record 11.1 billion dollar defi-
four months with pledges of $957 million, cit for the same period last year before the
followed by Hong Kong with $531 million financial crisis fully struck.
and Singapore with $255 million. Foreign The country spent 17.84 billion dollars
investors pledged a record $64 billion on imports between January and April,
in 2008, a year after Vietnam joined the down by 41 percent year-on-year, while ex-
World Trade Organization. ports were almost steady at 18.64 billion
Vietnam Prime Minister Nguyen
dollars, said the General Statistics Office
Tan Dun is hopeful about an
Cavico Vietnam signs copper (GSO). However, the four-month figure is
economic recovery later this year.
exploration agreement in Laos down from the 1.5 billion dollar surplus
Cavico Vietnam, a leading infrastructure recorded in the first quarter of 2009. Viet- quarter growth was 3.1 percent, the low-
development company in Vietnam and sub- nam last year posted a record trade deficit est on record.
sidiary of Cavico Corp.,announced in April of 18 billion dollars.
2009 that it has entered into an agree- Last year, Vietnam’s economy expanded Bank sees positive signals and
ment with the Laos Ministry of Planning by 6.18 percent, its lowest level in almost challenges in Vietnam
and Investment to explore and exploit cop- a decade.Prime Minister Nguyen Tan Dung Britain’s Standard Chartered Bank finds
per, gold, and other ores in Muang Hom said in April month that the economy will positive signals emitting from Vietnam,
district, Vientiane province, Laos. pick up and could achieve between five despite the perils of the contracting world
The Muang Hom district is a mining re- and 5.5 percent growth this year. First- economy. But the bank, which will start op-
erating a wholly owned Vietnam subsidiary
in June – the second after that of HSBC –
also identifies medium-term challenges.
The assessment in a just-published re-
port titled, “Vietnam, what a difference a
year makes,” praises the Vietnam Govern-
ment’s management of moynetary policies
so as to limit the impact of the global fi-
nancial crisis. The several positive signals
generated from the economy include the
switch from trade deficit to trade surplus;
the return of exports to growth in Febru-
ary and March after three months of con-
traction, falling inflation and steady retail
sales. But the report warns that Vietnam
will have to improve its infrastructure to
meet investor expectations.
Cavico Vietnam will be increasing its mining operations in Laos.
www.chainaonline.com MAY/JUNE 2009 29
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