Full steam ahead

VietNamNet Bridge – Every year thousands of locals and tourists gather in a paddy field in An Giang Province to watch oxen race.

This year over 30,000 people came out to watch the 17th Seven Mountains Oxen Race on September 27 in Luong Phi Village, Tri Ton District, An Giang Province. The race is a part of traditional celebrations for the Khmer people’s Dolta Festival, the second largest Khmer festival after Chol Chnam Thmay (New Year).

The Dolta Festival starts on the 29th of the eighth lunar month. During the four-day festival people will pray for bumper crops and pay tributes to their ancestors. Local farmers used to lend their oxen to the local pagodas after their own fields were ploughed. This was their way of showing respect to the monks. But while gathered in a field competitive spirit obviously got the better of them and the men devised a race in which the fastest oxen would be rewarded.

Since 1992 local authorities have been keen to promote the races in an effort to entertain the locals as well as attract tourists to An Giang Province. Farmers begin preparing the racing oxen in the fifth lunar month when the winter-spring crop has been harvested. Racing oxen should have strong, long legs, and this year, white oxen are preferred, according to Chau Muone, an oxen-owner from Le Tri village. The oxen race in pairs and are steered by a jockey, who balances himself on a slim piece of wood that trails behind the oxen like a rake.

Chau Chieu, another oxen owner from Nui To Village, claims a pair of racing oxen could fetch a fee of VND30 million. The first races start at seven in the morning, though a large excited crowd gathers before that. For the spectators safety a one-metre-high boundary is in place around the racing track. The race track is basically a rectangular paddy field, 160 metres long and eight metres wide.

If a pair of oxen stumbles off this track, they are eliminated immediately, but only two pairs of oxen are allowed to race at one time so carnage is generally avoided! Likewise, if a jockey falls off his oxen are eliminated immediately. The jockeys will hold the oxen back and trot around the course twice before letting the oxen race at full tilt after a blue flag is raised.

If one pair is trailing behind they can win by stepping on the other oxen’s feet! No matter what happens to the rivals, the oxen must be controlled by the jockey and pass the finishing line to compete in the next round. “To hold on a pair of speedy oxen is really difficult,” said Nguyen Van But, a jockey from Luong Phi Village.

The jockeys compete for the glory rather than the prize money, which was just VND700,000 this year. The winning oxen’s owner, however, drove home on a new Honda Wave with a brand new television and VND5 million in his pocket.

Binh Thuan to hold cultural festival

VietNamNet Bridge – The Department of Culture, Sports and Tourism in the central province of Binh Thuan will hold “Binh Thuan culture-tourist day 2008” from October 22 to 24 in the seaside tourist city of Phan Thiet with animated and unique activities.

Tourists play kite surfing in Mui Ne beach.
The festive days will open with volleyball competitions, attracting many local professional teams, and surfing races on the smooth sand dunes of Ham Tien – Phan Tien with well known local and international athletes.
The festival will also promote the most attractive features of “the resort capital” with culinary contests and arts and fashion shows, as well as water sports.
Vietnam to join first Asian Beach Games 2008
A ceremony was held last Wednesday for a group of 57 Vietnamese athletes who will attend the first Asian Beach Games.
The ceremony was held in Bon Bien tourist site in the central province of Binh Thuan with the attendance of representatives from the departments of Sport, Culture and Tourism of HCMC and the central provinces of Khanh Hoa and Binh Thuan.
The games will take place in Bali in Indonesia from October 18 to 26. Vietnam will participate in eight events, namely bodybuilding, volleyball, soccer, swimming, marathon, surfing, sepak takraw and pencat silat. Binh Thuan Province has contributed three athletes and one coach to the surfing team, the most popular water sport in Vietnam today.

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Electronic tax payments to save time

VietNamNet Bridge – Nguyen Van Ninh, director general of the General Department of Taxation, spoke to Thoi bao Kinh te Viet Nam (Vietnam Economic Times) about tax payments via an electronic declaration system.
How do enterprises benefit from the EDS?
Up to 80 per cent of Korean companies have used the E-tax system, while in the USA and Japan, the number is about 50 per cent.
One of the advantages is that companies can save a lot of time since they no longer have to fill out paper forms. Instead they complete the electronic forms and transfer them to the Tax Department’s system for processing, verification and storage.
They won’t have to go to the bank or the state treasury to pay taxes.
The biggest challenge the department is facing at the moment is to create all types of forms (templates, paper and electronic forms) using the same technology and software.
Why were South Korean companies selected for the pilot project, not others?
South Korea is the world’s leading country in the use of electronic declaration systems.
Up to 80 per cent of Korean companies have used the E-tax system, while in the USA and Japan, the number is about 50 per cent.
After discussions with relevant agencies we chose Korean companies operating in Viet Nam to participate in the pilot project.
I myself have talked over the issue with the director general of the Korean Tax Authority and received his assurance of total technical support for our pilot project. We hope the pilot project will be a success and by 2010 the EDS will become popular among Vietnamese companies.
What are the difficulties and challenges involved in introducing the EDS into Viet Nam?
Presently, we need to complete the law on electronic signatures.
To facilitate the application of the EDS, it is important to have a good tax data system and a sound transmission line between companies and the tax authorities.
To speed up the process, Vietnamese tax authorities have developed a circular letter guiding electronic transactions relating to taxation. We hope the legal document will be released in 2009.
When will the EDS be applied widely in Viet Nam?
We’re in the process of developing a legal system to prepare for the one-year pilot project, starting in early 2009.
If every thing goes according to plan, by 2010 about 80 per cent of companies operating in the country will have applied the EDS. Of course, big companies and those having sufficient conditions will go first.
(Source: Viet Nam News): http://english.vietnamnet.vn/biz/2008/10/807946/
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Foreign banks licensed for expansion in Vietnam

Hanoi (VNA) - The State Bank of Vietnam (SVB)’s Governor has granted licences to foreign banks to set up banks, increase funds to their branches and open representative offices in Vietnam as part of the country’s commitments to international economic integration.

The Australia and New Zealand Banking Group Limited (ANZ) has become the third wholly foreign owned bank in Vietnam under a licence signed by the SVB’s Governor on Oct. 9.

The licence permits ANZ Bank ( Vietnam ) to operate over a period of 99 years with a charter capital of 1 trillion VND.

Earlier, the SBV licensed two of the UK ’s banking giants, HSBC and Standard Chartered Bank.

On Oct. 8, SVB allowed the US bank, JPMorgan Chase N.A. to increase its branch capital in Ho Chi Minh City from 17 million USD to 27 million USD.

Previously, the Malaysia-based RHB Bank Berhad was granted a licence to open its representative office in Ho Chi Minh City with an initial operating period of five years.