Thread: Latest news on the Dong!

Firms bend to WTO
08:13' 29/10/2006 (GMT+7)
Soạn: HA 938893 gửi đến 996 để nhận ảnh này

VietNamNet Bridge - Under the pressure of looming WTO membership, domestic corporations are rushing to meet legal obligations by purchasing copyright licences for software from foreign companies but delaying acquiring similar copyrights for domestically-made products.

The country’s second largest state-owned bank in terms of total assets, Vietcombank, recently signed an enterprise agreement with the FPT Information System, Microsoft’s authorised dealer, and Microsoft to secure perpetual licensing rights of Microsoft Office 2003 for 4,000 users. The bank will also receive updates of any new Microsoft Office version that the world’s leading software company is set to launch within the next three years.

The agreement was the first of its kind among the non-IT business community to acquire such large numbers of licensing rights for end-users. Microsoft also signed an agreement with the Ministry of Finance of Vietnam on the same issue.

Vietcombank will run a number of Microsoft technology applications in its day-to-day reporting of financial performance, and use a wide range of genuine software, which includes the operating system software for servers and clients, database, media, programming tools and office software.

“IT applications are critical for all businesses that provide banking services. Making IT investment is highly important and must be done immediately to prepare for Vietnam’s WTO accession,” said Vu Viet Ngoan, CEO of Vietcombank.

Ngoan added that through the acquisition of IT, the bank aims to gain trust from investors who will hold shares in the bank once it is equitised.

Christ Atkinson, president of Microsoft Southeast Asia, said: “I applaud Vietcombank’s efforts in taking the lead in the business community in Vietnam to sign the enterprise agreement with us, ensuring genuine software for their computer system. This demonstrates Vietcombank’s vision for long-term good business performance and benefits.”

The bank has increased its annual budget for software copyright by around 30 per cent, reaching $3 million for the year. The budget for next year will be around $4m.

“We planned the purchase a year ago under the pressure of fair play in the WTO framework and the equitisation process,” said Dao Minh Tuan, Vietcombank’s IT centre director.

“We will buy domestically made software copyrights, but not now. Maybe some time next year,” said Tuan, adding that most of the bank’s copyright purchases for software licenses were with foreign partners.

The reason behind the tardiness for domestic software copyright purchase is the lack of government policy on the use of common domestic software, as well as the definition of common software usage in the bank’s system.

“We have not laid the foundations for the purchase calculations of domestic software as we have not yet considered which software is compulsory for banking operations. Meanwhile, the copyright registration for software is still not clear enough,” said Tuan.

Lac Viet Company, which has developed a dictionary software programme that has the highest number of illegally installed versions in Vietnam has said that it will keep developing the programme whether or not local users pay the copyright.

However, the number of licences will reach tens of thousands this year once a purchase agreement is signed with the country’s fourth largest state-owned bank, Incombank.

“We are negotiating with other customers as well,” said Ha Than, Lac Viet’s director.

The Ministry of Post and Telematics has also started compiling a list of information technology products, including software, which will be given priority for purchases by the state budget. The list is planned to be released in the first quarter of next year.

(Source: VIR)

Forbes: Vietnam attracts US investment
10:58' 01/11/2006 (GMT+7)

VietNamNet Bridge - US’s Forbes Magazine on October 30 posted an article entitled “A New Ho Chi Minh Trail” by Tim Kelly, stressing Vietnam’s advantages in attracting FDI from the US.

Vietnam lures US investment because it's cheap, it has lots of people, the article says.

In addition, by tapping the disquiet among Western and Asian businesses, Vietnam has pulled numerous prospects its way.

After a mid-1990s boom that flattened out, Vietnam is hot once again. The country is expecting US $6.5 billion in foreign direct investment this year, up from US $5.8 billion last year and only US $1.2 billion in 2002. And it's on the verge of far greater growth. Vietnam is close to joining the World Trade Organisation, and Congress seems ready to permanently normalize trade relations with the country. In November President Bush heads to Hanoi for the annual summit of Asia-Pacific leaders.

Vietnam's population of 83 million is growing by a million folks a year, and economic growth that exceeds 8% a year is quickly making them wealthier. On the streets of Ho Chi Minh, street vendors wearing conical hats now rub shoulders with fashion-conscious youths armed with Samsung and Motorola cell phones. The rapid pace of change is grabbing the attention of consumer-products makers eager to reach the masses and the two-thirds of the population under 30. Procter & Gamble operates a 500-worker factory making laundry detergent, shampoo and diapers for the Vietnam market, while a Ford Motor plant run by a Vietnamese outfit can pump out 14,000 vehicles a year. Intel is spending $300 million to build a chip plant.

A boom in retail and food outlets is likely next. Wal-Mart, the world's biggest retailer, is mulling store openings, according to the Vietnam Chamber of Commerce & Industry.

Individual investors also are making bets on Vietnam. Foreigners may own up to 49% of a company's stock; in October they accounted for a quarter of the value of transactions on the Vietnam Stock Exchange. Hanoi has equitised 2,000 businesses and expects to sell another 2,000 by the end of 2008.

(Source: Forbes)

The stocks offered to foreign investors (who can mainly afford it) is an attractive invitation to help speed up the dynamics in a rather slow moving progress currently noticed...Wal-Markt should be a good platform to boost the drive from all corners...Sounds GREAT to note this development...thanks Chou...


YB. - I can hear the bells going Ding Donging....from this end...

For those (incl Vipor) interested to invest, I believe it is possible pretty soon but I may be off the mark on this as i am nowhere near there to know for sure.

Once I'm there pretty soon, in over 2,5 weeks from now, I will find out...but that will be my least priority as I'm in that Tiger region for managing Investors and their money in Thailand...not Vietnam.

But I am interested to chip aside just to spread the "chicks" around...


YB. - cheers for those looking the other direction... and if I can help you for Thailand... U R always welcome!

I have contacted several banks in my area-Louisiana- and none are selling dongs. Do you if banks in your area are? Besides e-bay, is there any place to buy them? thanks

Sally I think someone posted earlier in this forum that there is a currency dealer in Canada who sells the dong. Hope it helps. Ride Sally Ride.

Hi Sally

I have contacted the Vietnamese Ambassy, search Yahoo, Google, went to 5 banks and no luck........Only e-bay.....

If I am not wrong, because they will be part of WTO next week, I hope some bank will start selling very soon....

Best of luck

Hi mrvgs

It would be great if you could find out about this dealer in Canada...

Thanks a lot...

chouchou I could not find it sorry. I did see the ebay dealer from an earlier post that Raditz bought from and had good luck with.
eBay Store - gift-dot-com store: Iraqi Dinars, 24k Gold bars, Vietnam Currency
Hope this helps everybody. If I find it i'll post it. Mrvgs.

I've bought all my dong on eBay. I got my first million from gift-dot-com too and paid USD 179 for that. Next time I bought from a seller called eborderdotnet, and that only cost me a little more than USD 50 for half a million. Both transactions went very smoothly (they both accept PayPal, too), but it looks like the latter has no offers currently. I've just visited eBay again and noticed that there are more offers for the dong right now. Looks like investors are waking up...

Antje