The people of
Various other languages are spoken by several minority groups in
The culture of
One of the most popular Vietnamese traditional garments is the "Áo Dài", worn often for special occasions such as weddings or festivals. White Áo dài is the required uniform for girls in many high schools across
Vietnamese music varies slightly in the three regions: Bắc or North, Trung or Central, and
My Dinh National Stadium in Western HanoiFootball (soccer) is the most popular sport in
See also List of Vietnamese traditional games.
The Vietnam War destroyed much of the economy of
Rice farming in Ninh Binh ProvinceManufacturing, information technology and high-tech industries form a large and fast-growing part of the national economy.
Vietnam is still a relatively poor country with an annual GDP of US$280.2 billion at purchasing power parity (2006 estimate)[12]. This translates to a purchasing power of about US$3,300 per capita (or US$726 per capita at the market exchange rate). Inflation rate was estimated at 7.5% per year in 2006. Deep poverty, defined as a percent of the population living under $1 per day, has declined significantly and is now smaller than that of
As a result of several land reform measures,
A lasting impression for any visitor to
Pronounced 'ao yai' in the south, but 'ao zai' in the north, the color is indicative of the wearer's age and status. Young girls wear pure white, fully lined outfits symbolizing their purity. As they grow older but are still unmarried they move into soft pastel shades. Only married women wear gowns in strong, rich colors, usually over white or black pants. The ao dai has always been more prevalent in the south than the north, but austerity drives after 1975 meant it was rarely anywhere seen for a number of years as it was considered an excess not appropriate for hard work. The nineties have seen a resurgence in the ao dai's popularity. "It has become standard attire for many office workers and hotel staff as well as now being the preferred dress for more formal occasions," says Huong, a secretary for a foreign company. "I feel proud of my heritage when I wear it." For visitors, the pink and blue of the Vietnam Airlines uniform creates a lasting memory as they travel.
Early versions of the ao dai date back to 1744 when Lord Vu Vuong of the Nguyen Dynasty decreed both men and women should wear an ensemble of trousers and a gown that buttoned down the front. It was not until 1930 that the ao dai as we know it really appeared. Vietnamese fashion designer and writer Cat Tuong, or as the French knew him, Monsieur Le Mur, lengthened the top so it reached the floor, fitted the bodice to the curves of the body and moved the buttons from the front to an opening along the shoulder and side seam. Men wore it less, generally only on ceremonial occasions such as at weddings or funerals. But it took another twenty years before the next major design change was incorporated and the modern ao dai emerged. During the 1950s two tailors in
Its popularity is also spreading well beyond
Every ao dai is custom made, accounting for the fit that creates such a flattering look. Stores specialize in their production and a team of cutters, sewers and fitters ensure that the final product will highlight the figure of the wearer. Thuy, a fitter in
Comfort has not been forgotten at the expense of fashion and beauty. The cut allows the wearer freedom of movement and despite covering the whole body, it is cool to wear. Synthetic fabrics are preferred as they do not crush and are quick drying, making the ao dai a practical uniform for daily wear.
Its popularity may be its undoing as the garment is now being mass produced to make it more available and cheaper. The gown length appears to be gradually shortening and today is usually just below the knee. Variations in the neck, between boat and mandarin style, are common and even adventurous alterations such as a low scooped neckline, puffed sleeves or off the shoulder designs are appearing as ladies experiment with fashion. Colors are no longer as rigidly controlled and access to new fabrics has created some dazzling results. But most visitors to
Although the site had been inhabited before,
A Vietnamese senior official urged the ASEAN to bolster solidarity and unity while raising its cooperation efficiency in order to achieve regional integrity and a regional community.Addressing the 40th ASEAN Ministerial Meeting (AMM-40), Deputy Foreign Minister Le Cong Phung stressed that ASEAN needs to be more active and dynamic in its relations with other counterparts while improving cooperation with dialogue partners.The group needs to uphold its leading role in the regional cooperation process to which it was the initiator, including ASEAN+3, East Asia Summit (EAS), and ASEAN Regional Forum (ARF), and should work as a driving force behind other regional integration process in the Asia-Pacific region, he said.In his speech, Deputy FM Phung emphasised the extreme importance of narrowing the development gap in the course of establishing the ASEAN Community.He highlighted the results of the second IAI Development and Cooperation Forum in Hanoi and said these outcomes have contributed to building a new strategy to address the development disparity and better the implementation of the Initiative on ASEAN Integration (IAI) in the future.Deputy FM Phung called on all ASEAN member countries, dialogue partners, regional and international organisations and private sectors to take active part in the group's endeavours to narrow the development gap within the bloc.
Many foreign investors are keen to purchase stakes in existing domestic companies to establish a presence in the Vietnamese market, an option made even easier now that the new Investment Law has taken effect.Under the previous legal regime, purchases of stock in existing unlisted domestic companies were governed by Government Decision No 36/2003/QD-TTg dated on March 11, 2003. Decision 36 restricted the scope of foreign investment in domestic companies in various ways. For instance, foreign investors were only permitted to purchase stakes in "domestic companies which engage in business lines as determined by the Prime Minister or published by the MPI from time to time." A list of 35 permitted lines of business was published in Decision No 260/2002/QD-BKH of May 10, 2002.Decision 36 also capped the foreign stake in a domestic company at 30 per cent of legal capital, and foreign investors were compelled to nominate Vietnamese citizens or foreign individuals residing in Viet Nam to participate in management of the company. These restrictions were a major disincentive for foreign investors to make significant share purchases in domestic enterprises.The new law is more investor-friendly. Article 25.1 states that "investors shall be permitted to contribute capital to and to purchase shares in companies and branches operating in Viet Nam." Instead of restricting foreign investors to certain business lines and imposing a general cap on the level of foreign investment, the new Investment Law provides that "the ratio of capital contribution and share purchase of foreign investors in a number of sectors, industries and trades shall be regulated by the Government."This suggests that foreign investors will be able to purchase uncapped stakes in any domestic enterprise unless it operates in a sector in which foreign involvement is specifically restricted by further Government regulation. The new law also does not impose any restriction on the right of foreigners to participate in management. These changes represent a significant liberalisation of foreign investment law in Viet Nam.However, inconsistencies exist in current regulations. Government Decision No 238/2005/QD-TTg of September 29, 2005, specifies a cap on foreign investment in listed companies of 49 per cent.However, the Investment Law applies to all forms of direct investment which includes capital contribution or share purchases in enterprises "in order to participate in management." The new Investment Law provides that only indirect investment – share purchase without participation in management – is governed by the Law on Securities and other relevant laws (such as Decision 238). It is clear that an investor seeking to purchase a large stake in a company intends to participate in management. Hence, the Investment Law applies to these purchases, and this law does not cap foreign ownership in domestic enterprises. In these cases, the 49 per cent cap in Decision 238 is inconsistent with the new Investment Law.If Decision 238 were applied to listed companies, various problems would arise:(i) Foreign investors are allowed to purchase more than 49 per cent of unlisted companies. The 49 per cent cap would force foreign investors to divest their shareholding if they wished to list the company on the stock exchange. This would be a major disincentive to listing.(ii) Foreign-invested shareholding companies established under the new Enterprise Law do not have any restriction on foreign ownership. It would be impractical to subject these companies to the 49 per cent cap upon listing. If the 49 per cent cap applies to some joint stock companies and not others, then the unifying purpose behind the new Enterprise Law would be thwarted. The Government should consider revising or repealing Decision 238 to ensure consistency with the liberalised foreign investment climate under the new Investment Law.
The current trend of investment from the Republic of Korea (RoK) into Viet Nam will continue in the future, ensuring the RoK remains Viet Nam’s leading foreign direct investor. The remark was made by Choe Hyoung-Chan, Economic Counsellor at the RoK Embassy in Viet Nam on the sidelines of the “International Symposium on the history of Korean-Vietnamese relations,” the first of its kind, in Ha Noi on August 20. According to the official, with over 2.4 billion USD of direct investment capital in 2006, the RoK has overcome many countries and territories to become No.1 foreign investor in Viet Nam. The RoK’s investment focuses on many areas, including textile and garment, shoe leather, electronics, apartment buildings and infrastructure. Projects developing apartment buildings and infrastructure construction have made an important contribution to increasing investment from the country. Choe Hyoung-Chan told a reporter from Viet Nam news agency that he saw no obstacle that would change this trend in the near future. So the RoK will certainly hold onto the top place among foreign investors in Viet Nam, he stressed. During the symposium, the official commented that the RoK and Viet Nam have a lot in common, especially in term of history and culture, which are “the most important factor for the development of relations between the two countries.” “The similarities make Koreans, who are living in Viet Nam, feel as comfortable as in their home country,” said the official, adding that this is one of the reasons explaining why there are more and more RoK enterprises coming to the Southeast Asian country, “the best destination” for their investments, he noted. According to statistics from the Ministry of Planning and Investment, investment capital from the RoK businesses into Viet Nam has continued to grow. By July 2007, the total direct investment from the RoK reached over 10.3 billion USD. (VNA, VietNamNet Bridge) (MOFA)
