SlashAsia » Vietnam

China tells Vietnam it has ‘indisputable’ sovereignty over South China seas

Alexandra Stevenson — Sun, 14 Jun 2009 17:26:20 +0000

Over the last few weeks Hanoi has voiced its concern about increased Chinese naval patrols in the South China Sea, and extension of a fishing ban which Vietnam argues is a violation of its territorial rights. According to the Vietnamese foreign ministry Vietnamese fishermen have been fined and arrested in large numbers by Chinese patrols lurking in Vietnamese waters. China has enforced annual fishing moratoriums in the South China Sea since 1999, but this year’s tougher measures are being met with opposition and the conflict has sparked new tension over territory which is already contested. In an official response to a complaint made by the Vietnamese government on June 4, Chinese spokesman for the ministry of foreign affairs claimed that China has ‘indisputable’ sovereignty of the South China Seas.

FM: South China Sea fishing ban ‘indisputable’, Xinhua News Agency

Vietnam asks China not to obstruct fishermens’ normal fishing, VietNamNet

Vietnam protests Chinese fishing ban, UPI

Hanoi protests fishing ban, BBC News

IMF says “Severe recession”, Vietnam expected to be best performer

enrico — Tue, 12 May 2009 16:03:56 +0000

The IMF slashed its growth outlook for Asia from last year’s 2.7 percent to a new 1.3 percent, saying chances for immediate economic rebound are “weak”. It advised “forceful” fiscal and monetary policies, and encouraged countries to focus on jump starting domestic demand. The severe drop in growth forecasts is a stark contrast with 2008 Asian growth of 5.1 percent. Growth in China for 2009 is expected to be 6.5 percent, 4.5 percent for Hong Kong, a stark 10 percent for Singapore, and 6.2 percent for Japan. Despite a low predicted growth of 3.3 percent, Vietnam is expected to be one of the top Asian performers for this year. Signs of hope are showing in its construction and retail sectors.

IMF sees Vietnam strength, even after cutting growth forecast, Bloomberg
Asia to grow 1.3% in 2009, Wall Street Journal
IMF slashes Asia forecast, expects ’sever recession’, The Taipei Times

Anti-dumping charges slow export in Vietnam

enrico — Tue, 05 May 2009 06:19:03 +0000

Foreign investment into Vietnam could move to other countries as the number of overseas anti-dumping lawsuits rack up against the country. The Vietnamese government has denied allegations that it has subsidized any industry, such as the plastics industry which has been under attack most recently by US plastic bag companies Hilex Poly Co., LLC and Super Corporation. In the shoe sector, Canadian Association of Shoe Producers and a Brazilian shoe industry group, Abicalcado have also pressed charges for imported soles. India charged the highest anti-dumping tax rates on fibre imported from Vietnam, Thailand and China. Anti-dumping charges are based on accusations that imports are priced suspiciously low so that local industry is protected from unfair competition.

Anti-Dumping Lawsuits Hampering Exports
Vietnam rejects US’s claims for plastic bags, Vietnam

Region tense as belligerent North Korea launches possible missile

Alexandra Stevenson — Mon, 06 Apr 2009 03:30:14 +0000

North Korea launched it’s Taepodong-2 satellite on Sunday morning at 11:30 Pyongyang time from the Musandan-ri base. Japan did not intercept the launch with its own missiles, after vowing to do so if the rocket were to threaten Japanese territory. Two booster stages fell into the Pacific and it remains unclear if the satellite was launched into space successfully. America and South Korea, who kept destroyers on close watch near North Korea, said they would not stop the launch but strongly condemned it. China, the Year of DPRK-China Friendship host and a key broker in negotiations with the rogue state, has chosen not to take a strong stance, urging ‘close communication and coordination’ instead. Analysts now wait to see how regional powers and UN Security Council will deal with potential ensuing instability. An emergency meeting convened on Sunday for 3 hours, reaching deadlock as countries like China, Russia, Libya and Vietnam voice concern of alienating the rogue state.

DPRK premier leaves for Beijing for official visit, Xinhua News

Defiant N Korea launches rocket , BBC News
Launch, What Launch?, Analysis from Asia Times
Pyongyang’s account of events according to state propaganda KNCA

Asia: Markets rally, currencies at 2009 high

Alexandra Stevenson — Mon, 16 Mar 2009 00:01:56 +0000

Asian currencies strengthened this week following an announcement that American banks could stand without government buyout, and optimism about new Chinese and Japanese stimulus packages. Japan’s Nikkei rose 5.15%, South Korea’s Kospi 6.7%, while Singapore’s Strait Times Index rose 5.6%. The Malaysian ringgit increased by 0.3% after the government announced a US $16 billion stimulus plan. The Taiwan dollar rose 0.8%, and the Thai baht 0.4%. Despite a regional rally, the Philippines peso and Vietnam dong were unaffected, and China’s Shanghai Composite actually dropped by 0.2%, after Wen Jiabao expressed concern about the stability of US Treasuries.

The Bank of America Corp., JP Morgan Chase & Co. and Citigroup Inc. announced this week that they do not need government support and may even see profits this year, boosting confidence in the Asia region as well as Europe. While analysts say this is just a temporary respite, things may be looking up in Southeast Asia. Citigroup has indicated it’s confidence that Southeast Asian countries will come out of the crisis soon, announcing plans to start equity brokerage business in Malaysia, Vietnam and Indonesia

Links and sources:

Citigroup to boost Asian equity trade , Gulf Daily News

Nikkei surges 5% as US bank hopes lift Asian markets , CNBC News

Asian stocks lifted , The Straits Times

Asian currencies best of week 2009, led by won, rupiah , Bloomberg

Asia: ASEAN countries to demonstrate self-sufficiency and open trade

Alexandra Stevenson — Sun, 22 Feb 2009 15:35:08 +0000

Finance ministers in the Asia region are holding bilateral talks in the lead up the 14th Association of South-east Asian Nations (Asean) summit, in a show of greater strategic cooperation to prevent trade protectionism. Malaysia held bilateral talks with Indonesian and Chinese finance ministers this weekend, to promote trade. Officials from Japan, China and Korea met Saturday afternoon to discuss counter-measures to economic slowdown. Finance chiefs from Asean countries and Japan, China and South Korea will gather at the summit on February 27 in Thailand to discuss concrete and collective response to financial woes.

Asean will speak out against using trade protectionism as a way to cope with the current financial crisis, Thai Prime Minister Abhisit Vejjajiva has said. Mr. Abhisit has encouraged Asean countries to seek aid from other regions, acknowledging that the IMF ” simply does not have the resources, money and time to look into the various problems in different regions.” The Asia Development Bank will participate in the summit as Asean members determine the details of a foreign reserve fund pool agreed upon last May. Contributing countries will discuss management and size of fund.

Links and sources:

Asean to resist protectionism, Straits Times

China, Indonesia and China trade talks, Malaysia Star

Asea foreign reserve pool, Xinhua

Vietnam: Steel exchange e-platform to strengthen distribution

Alexandra Stevenson — Sun, 15 Feb 2009 14:18:57 +0000

Vietnam Steel Corporation (VN Steel) announced plans to speed up an electronic steel exchange platform for 2009 to help build up local distribution channels, according to Vietnam News Agency. The e-platform will facilitate transactions between vendors and buyers, getting rid of traditional channels notorious for high investment costs and low efficiency output. VN Steel also plans to streamline logistics through the construction of a central logistics and steel materials center in Hanoi and Ho Chi Minh City. The Vietnamese government has just announced it is seeking $12 billion USD to upgrade infrastructure in 15 cities and provinces across the country.

Links and Sources:

Vietnam News Agency

Xinua/AsiaNews.Net