Vietnam, Venezuela set up JV in oil exploitation

The Vietnam National Oil and Gas Group (PetroVietnam) and the Petróleos de Venezuela S.A. have signed a contract to set up a joint venture to exploit oil and gas in the South American country.

Deputy Prime Minister Hoang Trung Hai, Chairman of PetroVietnam Management Board Dinh La Thang, General Director of PetroVietnam Phung Dinh Thuc and Vietnamese Ambassador to Venezuela Tran Thanh Huan attended the signing ceremony.

The JV dubbed PetroMacareo has a total investment capital of US$8 billion, to which PetroVietnam contributed $3.2 billion (40 percent).

The JV will exploit the offshore Junin-2 oil and gas block of 33 billion barrels in reserves (equivalent to 200,000 barrels per day).

The JV, which has a duration of 25 years and an extended duration of 15 years, has been Vietnam’s largest overseas investment so far.

Japan’s foreign ministry seeks ODA charter revision

Japan’s Foreign Ministry has called for the revision of Japan 's official development assistance (ODA) charter to enhance efficiency of Japanese aid.

A ministry report to review ODA policy said assistance should be given to such priority areas as poverty reduction, peace-building efforts and the promotion of sustainable growth, including projects aimed at tackling climate change.

The report stressed that peace and prosperity in the world also serve Japan's national interests.

The document, compiled by a ministry task force with advice from non-governmental aid organisations and business representatives, also seeks increased funds provided by the private sector and through the so-called “innovative financing mechanisms” such as a taxation system for airline ticket purchases adopted by France and the Republic of Korea.

The report also called for boosting Japan 's aid in overseas infrastructure projects that would also contribute to stimulating its economic growth through technology exports. It also called on Japan to provide yen loans to middle-income countries, to which it mainly offers technical assistance at present.

The Kyodo news said Japan’s ODA charter was last revised in August 2003, citing a ministry official as saying that it would take about a year for the government to amend the charter.

Foreign Minister Katsuya Okada said at a press conference the same day that the government should consider providing USD-denominated loans instead of yen-denominated ones to avert exchange risks.

In order to enhance ODA efficiency, he said, the government should also take a coordinated approach to offer aid under a grand scheme, rather than responding to recipient nations' requests for individual projects.

With its aid being reduced for the 11th straight year, Japan has tumbled from the world’s top position to fifth place in terms of ODA disbursements and has remained at that rank in recent years.

16 foreign companies in HCMC break the law

Sixteen out of 20 businesses the Ho Chi Minh City Department of Industry and Trade inspected in the first half were caught flouting regulations.

Most of them were found to be employing unregistered foreign workers, operating in unauthorized industries and unregistered addresses, and not buying social and health insurance for their employees.

Five mainland Chinese, Hong Kong, and Taiwanese representative offices, Weifang East Steel Pipe, Guangpong Tianzhi Industrial Development Co Ltd, Samesame, Samesame Co Ltd, Jettway Industrial, had unregistered workshops and were involved in unauthorized businesses.

Singapore-based Homag Asia Pte Ltd and Wing Tai Property Management Pte Ltd failed to report on their operations in Vietnam in time.

Three US-based companies were also found violating regulations -- PortoBrazil Llc’s office is not at the registered address, Nexus Technologies Inc shut down after its chief became involved in a court case, and Evergreen Timber was found using an unregistered seal.

Korean firm Sunstar Machinery Co Ltd was found to have unregistered foreign workers and Sungil International, an unregistered workshop.

Indian firm Cadila Healthcare, Indonesia’s PT Barahama Elfindo Binasejahtetra, France-based Sidel Participation, and Switzerland’s De Saga too were found flouting rules.

There are almost 2,400 foreign representative offices in Ho Chi Minh City.

Experts gather to discuss issues of integration

More than 200 experts gathered in Hanoi Thursday to discuss emerging issues of regional integration, including economic integration, media, training and climate change.

The experts, coming from various backgrounds, such as politics, business sector and civil society from all South East Asia countries met for three days during the first Regional Alumni Conference of InWEnt, Capacity Building International, Germany in Hanoi.

They will explore ways so that countries in the region can benefit from economic integration in a competitive world and the rules of game for South East Asia, the role of Media as a vehicle for regional integration, contributions of Technical Vocational Training and Education to regional integration in South East Asia as well as the urgent challenges of climate changes.

South East Asia, one of the fastest growing economic regions worldwide, is having a highly dynamic, complex and multi-layer integration process however not everyone is benefiting from this growth and process. At the same time, the world economic downturn has recently caused impacts on many nations.

“Regional integration processes can only be successful if they themselves are filled with life, if the people in the region actively participate and contribute to the deepening of cross-national ties, and if individuals take on leadership and build personal and professional networks around the region.” said Mr. Bernd Schleich, InWEnt Managing Director, in his welcoming remarks.

What actions should be taken by Southeast Asia Nations against this risk to maintain their growth and ensure the economic stability, the modernization of vocational training as well as health and social security systems in order to benefit the poors, are all the issues of concern of the conference.

Participants will not only touched upon existing concerns of governments but also discuss on how nations can shape the cooperation in a manner that fosters the welfare of all member states of South East Asia and its inhabitants.

Vietnam needs to respond to trade disputes

Knowledge of trading and the law is essential for Vietnamese businesses to cope with disputes over goods exported to the US and the European Union (EU), said a senior trade official.

The Deputy Head of the Ministry of Trade and Industry (MoTI)’s Trade Promotion Department, Le Hoang Anh, stated this at a seminar entitled ‘International Trade and Foreign Investment’ in Hanoi Thursday.

Changes to these two markets’ trade laws and policies have a direct impact on Vietnamese producers and exporters, she said.

In fact, many Vietnamese sectors have faced difficulties and remained passive when responding to trade disputes and anti-dumping lawsuits against the country’s key exports, including frozen shrimp and catfish in the US and leather shoes and bicycles in the EU.

The majority of Vietnamese businesses have not been aware of the risks of trade disputes and are slow to respond due to their poor knowledge of the markets’ trade regulations and laws.

By giving examples of anti-dumping lawsuits against Vietnamese exports to the EU, Paulette Vander Schueren, an international lawyer in customs and international trade from the Brussels-based Mayer Brown JSM, said that many Vietnamese exports have faced unnecessary barriers.

Despite trade disputes, Vietnam’s trade mission to the US has forecast that the country’s export earnings to the US is estimated to have rise by 15 percent over 2009 to more than US$14 billion this year.

The country has also targeted achieving an export turnover of more than $12 billion in the EU market, a year-on-year rise of 14.2 percent.