Vietnam’s WTO admission, Vietnam’s economy more transparent

Minister of Industry and Trade Vu Huy Hoang talks about the initial achievements made by Vietnam after it joined the World Trade Organization. How do you assess the initial achievements Vietnam has made after being in the WTO for one year? The year 2007 marked the effort Vietnam made in actively and initiatively implementing regulations as a WTO member. Firstly, all ministries and sectors have paid due attention to bring into effect legislation to realize its commitments. This has helped to bolster the international community’s confidence and the determination of the Vietnamese government to take seriously its obligations as a WTO member. Secondly, in order to take opportunities and overcome the challenges of being a WTO member, the government, ministries, sectors and localities have worked out action programs based on the fourth Central Resolution of the Communist Party of Vietnam to realize their tasks. Thirdly, in framework of the WTO, we have negotiated with other partners who are applying to join the WTO to deal with Vietnam’s commercial interests. Vietnam has signed an agreement with Russia and the Ukraine so that all parties can recognize each other market economies and commit to opening up their markets to Vietnamese goods. Apart from that, we are also actively taking part in the Negotiation Committees and together with committee members discussing the Doha negotiations. In the future, when Vietnam’s representative agency in Geneva is consolidated, we will have the necessary conditions to carry out various activities that are more effective and meaningful to realize Vietnam’s status as a WTO member. According to you, what is the biggest thing Vietnam has achieved in the first year of WTO membership? The biggest is the implementation of WTO commitments has brought an improvement in Vietnam’s business environment and it has also become more transparent, helping to effectively mobilize domestic and oversea resources for development. Vietnam’s GDP in 2007 reached 8.5 percent and foreign investment in the country also increased dramatically, reaching over 20 billion USD and its export revenue increase by 21.5 percent, earning 48 billion USD. These achievements are due to the determination of the government to renew management mechanisms and efforts by the ministries and sectors to reform administration and improve the business environment, especially in creating dynamic businesses. A year is not long enough for us to evaluate the impacts of Vietnam’s admission to the WTO but the improvements in the economy during the first year of becoming a WTO member are undeniable. What shortcomings do we need to overcome, Minister? The first year of implementing WTO commitments had many challenges. Excess of imports over exports reached two points due to imports being higher by 1.5 times that of exports. Infrastructure including roads, ports, electricity and water supply are overloaded and have failed to meet the demand of economic development. The authorities and sectors at all levels need to make every effort to deal with this problem. Almost all sectors are short of skilled workers, especially in the hi-tech and service sectors, holding back the changes in the economic structure. The lack of skilled workers is the main reason why Vietnam mainly exports unprocessed goods, at low values and low competitiveness to the international market. Apart from that, challenges to the environment and employment both put pressure on the economy. According to the experiences of other countries, this is important problem for emerging economies in the opening period. The target for sustainable economic growth depends on the ways each nation copes with its own individual challenges. What solutions will the Ministry of Industry and Trade apply to create better conditions after WTO admission in the future? The Ministry of Industry and Trade as a state management agency in the trade field is implementing a series of solutions to support imports and exports businesses. Firstly, my ministry will increase the opportunities to access markets for Vietnam’s exported goods. Therefore, the ministry is negotiating about free trade areas with China, South Korea, Japan, Australia, New Zealand and India to remove tax barriers and give tax exemption to Vietnam’s goods and services in these markets. Moreover, trade promotion activities are also being strengthened and diversified through counselors and national trade promotion programs. Secondly, the ministry is creating a transparent trade environment with equal competition. We also protect the interests of businesses in lawsuits relating to dumping, the copyright law, unhealthy competition and are persuading countries to recognize Vietnam as a market economy. Lastly, the Ministry of Industry and Trade is step by step implementing e-government and increasing the mechanisms to provide and exchange information with businesses through commercial e-ports and programs on questions and answers about our commercial policies.

(Source: CPV)

Eyes rolling over zealotry to new natural wonders

Seven natural world wonders is in the voting selection process and at this moment, Vietnam has three sites near the top of the rankings: Fansipan Mountain, Phong Nha – Ke Bang national park, and Ha Long Bay. This is an online selection organized by New7Wonders or New Open World, which is taking place over four years, 2007-2011.

This information was reported in a local newspaper on February 23 and was a great source of pride for Vietnam. The newspaper also quoted Tia Viering, New7Wonders’ communications manager, congratulating Vietnam for having Ha Long at the top of the ranking list.

Democracy in action?

According to the Foreign Ministry’s website, New Open World (a non-governmental organization based in Switzerland) on July 7, 2007 launched the selection of the “Seven natural wonders of the world”. This selection, scheduled to finish in 2010, has attracted worldwide attention. Many countries are interested in this event and are seizing it as an opportunity to advertise and promote tourism, the website said.

In Vietnam, some state agencies launched campaigns calling for the people to vote for Vietnam’s Ha Long Bay, Fansipan and Phong Nha – Ke Bang National Park as new world natural wonders; the media supported this effort wholeheartedly.

If a person types the keyword “vote for Ha Long” (in Vietnamese) on Google, they can easily find 14,400 websites reporting this event.

Many newspapers have responded to this selection and guided people to visit website www.natural7wonders.com or www.new7wonders.com to vote for Vietnam’s landscapes.

A Deputy Minister visited the site to vote for Ha Long. A computer company presented 10 laptops to arrange at airports to serve visitors’ voting for Vietnam’s landscapes. Many websites are designed to guide people to the New7Wonders website to vote for Vietnam. A famous singer called on her fans to vote for Vietnam’s landscapes on her website.

The representative of the HCM City Department of Education and Training pledged to contribute at least one million votes for Vietnam because the department would call for 1.5 million students in the city to join in the selection. In addition, students will call for their families and neighbors to vote. Overseas, Vietnamese students in Japan called overseas Vietnamese students in Japan and other countries to vote for Ha Long Bay.

It is good to honor Vietnamese natural heritage sites, but should we “celebrate” this event?

Actual recognition

In a press release dated July 9, 2007, which is posted at http://whc.unesco.org/en/news/352, the UN Educational, Scientific and Cultural Organization (UNESCO) informed readers that to avoid misunderstandings, this organization stated that there is no relation between UNESCO’s World Heritage program and the New Seven Wonders of the World selection.

According to UNESCO, the New Seven Wonders of the World selection only reflects the opinion of a community of Internet users, not the whole world.

Actually, the selection is organized by The New7Wonders Foundation, which was established in 2001 by a Swiss-born Canadian filmmaker, museum curator, aviator, and explorer named Bernard Weber and based at Heidi-Weber Museum in Zurich, Switzerland.

Why is this organization organizing a selection of new world wonders? According to the New7Wonders website, because famous ancient wonders belonged to ancient people. Except for the pyramids, none no longer exist, so New7Wonders held an online selection to define new wonders of the world, but what is this all for? Fifty percent of net revenue raised by the New7Wonders Project is to be used to fund monument documentation and conservation efforts worldwide, according to the website.

The spokesman of UNESCO also said that the initiative by New7Wonders can’t contribute to the preservation of heritage sites after they are selected. According to UNESCO, evaluating natural wonders needs clear scientific standards.

The selection is a chance to advertise Vietnamese landscapes to the world but it is not a decisive factor for turning Fansipan Mountain, Phong Nha – Ke Bang and Ha Long Bay into world wonders under UNESCO’s requirements.

K.Anh – H.Cat

Preventing Investment Fraud

When the stock market is volatile it is a prime time for investment fraud. Con artists lurk everywhere trying to get rich from unsuspecting investors who are looking for ways to recoup their lost savings. They pitch their scams on ways to beat the system and get high returns with virtually no risk, making those who choose to listen believers of their 'too good to be true' claims. Those who have lost their retirement savings or who are trying to build a nest egg could fall victim to these scams unless they use common sense and extreme caution.
To avoid scams, investors should proceed slowly and cautiously before committing to any investment scheme. Check with state regulators to be sure an opportunity is legitimate. Use common sense when you hear of a deal that is too good to be true.

Scams come by way of telephone, internet, mail, in-person, and email.
These crooks are experts in their field and make their living by talking people out of their money. This is their chosen career and they take pleasure in swindling anyone who will be swindled. The telephone and internet makes it very easy for these persons to operate. A well honed telephone message can wear down some of the most difficult marks. A well built web page can make the most dishonest business appear legitimate.
The North American Securities Administrators Association lists the top 10 investment frauds:
Unlicensed individuals selling securities
Deceptive stockbrokers
Analyst research
Corporate promissory notes
Debt notes from prime banks
Illegal viatical settlements
Affinity fraud
Charitable gift annuities
Oil and gas schemes
Leasing scams
Some ways investment fraud is carried out are:
Internet fraud
Abusive sales pitches
Fraudulant investment seminars
Telemarketing fraud
Pyramid schemes
Commodity fraud
Illegal franchises
Fraudulent high tech investments
Entertainment-related investments
Churning
Unauthorized trades
High pressure selling
Illegal accounts
As you can see, investment fraud can come in many different forms. You, the investor, must take responsibility for your choices. You need to be educated in protecting your hard earned money. You need to be aware that there are those who want your money and will try any scheme to get it. You need to practice diligence in choosing your broker, financial advisor, insurance representative, or any other person who will make choices for you and your money.
Got questions about investment fraud?
Got a story to tell about investment fraud?
Got suggestions on more ways to avoid investment fraud?

Beware: Investment Fraud

Deceptive pitches for investments often misrepresent or leave out facts in order to promote fantastic profits with little risk. No investment is risk-free and a high rate of return means greater risk. Before investing, get written information such as a prospectus or annual report. Beware if a salesperson:
Encourages you to borrow money or cash in retirement funds to invest
Pressures you to invest immediately
Promises quick profits
Says that the disclosure documents required by federal law are just a formality
Tells you to write false information on your account form
Sends material with typos or misspellings or not printed on letterhead
Does not send your money promptly
Offers to share inside information
Uses words like "guarantee," "high return," "limited offer," or "as safe as a CD"
Uses the phrase "this investment is IRA approved"
Claims "off-shore investments are tax-free and confidential"

Vioxx Breaking News & Class Action Lawsuit Claims

Vioxx litigation is under fierce scrutiny from pharmaceutical companies, lawyers, consumers and corporate officials trying to predict the outlook for Merck, the maker of Vioxx. The company vowed to fight more than 4,200 state and federal Vioxx-related lawsuits pending across the country. If you have a potential case, contact one of our Vioxx attorneys and preserve your legal rights and potential settlement.
Given the recent verdict, lawyers and analysts expect a flood of new lawsuits against Merck. The company has set aside $675 million to fight them, but analysts say Merck may need to reserve funds to pay for verdicts. If you have a history with Vioxx and have experienced side-effects from this drug, contact a Vioxx attorney. Merck plans to appeal the $253.4 verdict jurors awarded on August 19 to Robert Ernst's widow, Carol. The award reflects a combination of her husband's lost pay as a Wal-Mart produce manager, their mental anguish, her loss of companionship and punitive damages. For the most recent headlines, visit the links below: To learn more about the side effects of Vioxx and the recall, contact one of our lawyers. The arthritis drug Vioxx was removed from shelves on September 30, 2004 by its manufacturer, Merck, in response to a three-year study identifying health risks associated with taking the drug. Vioxx has been linked to increased risk of heart attack, stroke, sudden cardiac death and more. Side effects of Vioxx can include diarrhea, nausea and heartburn, but many patients may not associate these effects with the use of Vioxx.Vioxx information will provide you with the latest information about the drug and its side-effects as well as clinical studies and Food and Drug Administration (FDA) resources:
Vioxx Heart Attack
Vioxx Side Effects
Vioxx Stroke
Vioxx Class Action
Vioxx Lawsuit
Lawyers Taking Your Vioxx Case
On this site, you will find law firms staffed with qualified and experienced attorneys who specialize in cases such as these. They are Lead Counsel members, which means, among other things, that they have been practicing for several years, dedicate themselves to this type of issue, and have never had any disciplinary action taken against them by their local bar association.
Plaintiffs in cases such as these typically seek to recover damages for medical costs, lost wages and pain and suffering. Click through on any of the firms listed here, and feel free to ask questions in regard to your situation. The vioxx lawyers displayed here will be able to handle your inquiry quickly and responsibly, and if they feel that further discussion and investigation is warranted, they will take you through the process.

Why a structured settlement payment is a popular choice

Structured settlements offer several advantages that make them a popular choice with individuals. The foremost benefit of a structured settlement is that it provides cash at regular intervals and the money is free of state as well as federal taxes. As against this, the interest accrued from investments made from money obtained through a lump sum is subject to federal and state tax. Also, very often individuals who come into money by acquiring a lump sum are unable to invest it wisely and often spend it wastefully, this is not possible with a structured settlement where small amounts are made available periodically and therefore a person’s spending is regulated.
Loss of money that has been acquired through an installment of a structured settlement is not as severe as loss of money acquired through a lump sum payment. The small amounts are easy to manage and also do not excite the interest of unscrupulous elements as compared to hefty lump sum payments.
With a structured settlement, an individual does not need to worry about planning for long-term investments as the periodic payments can be structured to take adequate care of one’s needs post retirement or in the case of a debilitating injury. Structured settlements are favored by both the defendant and the plaintiff as they can be settled without having to go to court. This saves time and is often cheaper for the defendant who would otherwise have to pay more with an in-court settlement. The risks involved for both parties are reduced with a structured settlement as per which the defendant is contractually bound to pay the plaintiff. Also, attorney costs for a out-of-court negotiated structured settlement are lower than what they would be if a litigation were to be filed in court. Attorney fees can come down by as much as 8% to 10% for a structured settlement achieved out of court. This can mean a saving of thousands of dollars for the defendant as structured settlements can often run into more than a million dollars.
Structured settlements allow insurance companies to provide payment to claimants at a lower cost and the payment schedule can be set according to a claimant’s convenience. A structured settlement can be used to provide for certain costs of an individual right from the stage when he is a minor. The money can be disbursed for college expenses or to meet the costs of higher education. Periodic lump sums made available to an injured person can be used to make medicinal purchases and sustain oneself.
One reason for the popularity of structured settlements is that they can be availed in a variety of formats; these include lump sum payments made periodically when funds are required for medical expenses, education, or marriage; percentage increase annuities that offer annually increasing payments that help to counter inflation; deferred annuities that enable to defer the commencement of payment to a later date; period certain annuities that can be combined with a lump sum payment for receiving payment over a fixed period; and joint and survivor annuities in which payments are continued to the survivor annuitant if the primary annuitant passes away.

Structured settlement

A structured settlement is a financial or insurance arrangement, including periodic payments, that a claimant accepts to resolve a personal injury tort claim or to compromise a statutory periodic payment obligation. Structured settlements were first utilized in Canada and the United States during the 1970s as an alternative to lump sum settlements. Structured settlements are now part of the statutory tort law of several common law countries including: Australia, Canada, England and the United States. Although some uniformity exists, each of these countries has its own definitions, rules and standards for structured settlement. Structured settlements may include income tax and spendthrift requirements as well as benefits. Structured settlement payments are sometimes called “periodic payments”. A structured settlement incorporated into a trial judgment is called a “periodic payment judgment”.

Structured Settlements in the United States

The United States has enacted structured settlement laws and regulations at both the federal and state levels. Federal structured settlement laws include sections of the Federal Internal Revenue Code. State structured settlement laws include structured settlement protection statutes and periodic payment of judgment statutes. Medicaid and Medicare laws and regulations impact structured settlements. To preserve a claimant’s Medicare and Medicaid benefits, structured settlement payments may be incorporated into “Medicare Set Aside Arrangements” the “Special Needs Trusts”.
Injury victims should know that structured settlements are endorsed by many of the nation's largest disability rights organizations, including the American Association of People with Disabilities [1] and the National Organization on Disability [2].

[edit] Definitions
The United States definition of “structured settlement” for Federal income taxation purposes, found in Internal Revenue Code Section 5891(c)(1), is an "arrangement" that meets the following requirements:
A structured settlement must be established by:
A suit or agreement for periodic payment of damages excludable from gross income under Internal Revenue Code Section 104(a)(2); or
An agreement for the periodic payment of compensation under any workers’ compensation law excludable under Internal Revenue Code Section 104(a)(1); and
The periodic payments must be of the character described in subparagraphs (A) and (B) of Internal Revenue Code Section 130(c)(2) and must be payable by a person who:
Is a party to the suit or agreement or to a workers' compensation claim; or
By a person who has assumed the liability for such periodic payments under a Qualified Assignment in accordance with Internal Revenue Code Section 130.

[edit] Legal Structure
The typical structured settlement arises and is structured as follows: An injured party (the claimant) settles a tort suit with the defendant (or its insurance carrier) pursuant to a settlement agreement that provides that, in exchange for the claimant's securing the dismissal of the lawsuit, the defendant (or, more commonly, its insurer) agrees to make a series of periodic payments over time. The insurer, a property/casualty insurance company, thus finds itself with a long-term payment obligation to the claimant. To fund this obligation, the property/casualty insurer generally takes one of two typical approaches: It either purchases an annuity from a life insurance company (an arrangement called a "buy and hold" case) or it assigns (or, more properly, delegates) its periodic payment obligation to a third party which in turn purchases an annuity (which arrangement is called an "assigned case").
In an unassigned case, the property/casualty insurer retains the periodic payment obligation and funds it by purchasing an annuity from a life insurance company, thereby offsetting its obligation with a matching asset. The payment stream purchased under the annuity matches exactly, in timing and amounts, the periodic payments agreed to in the settlement agreement. The property/casualty company owns the annuity and names the claimant as the payee under the annuity, thereby directing the annuity issuer to send payments directly to the claimant. If any of the periodic payments are life-contingent (i.e., the obligation to make a payment is contingent on someone continuing to be alive), then the claimant (or whoever is determined to be the measuring life) is named as the annuitant or measuring life under the annuity.
In an assigned case, the property/casualty company does not wish to retain the long-term periodic payment obligation on its books. Accordingly, the property/casualty insurer transfers the obligation, through a legal device called a qualified assignment, to a third party. The third party, called an assignment company, will require the property/casualty company to pay it an amount sufficient to enable it to buy an annuity that will fund its newly accepted periodic payment obligation. If the claimant consents to the transfer of the periodic payment obligation (either in the settlement agreement or, failing that, in a special form of qualified assignment known as a qualified assignment and release), the defendant and/or its property/casualty company has no further liability to make the periodic payments. This method of substituting the obliger is desirable for property/casualty companies that do not want to retain the periodic payment obligation on their books. Typically, an assignment company is an affiliate of the life insurance company from which the annuity is purchased.
An assignment is said to be "qualified" if it satisfies the criteria set forth in Internal Revenue Code Section 130 [3]. Qualification of the assignment is important to assignment companies because without it the amount they receive to induce them to accept periodic payment obligations would be considered income for federal income tax purposes. If an assignment qualifies under Section 130, however, the amount received is excluded from the income of the assignment company. This provision of the tax code was enacted to encourage assigned cases; without it, assignment companies would owe federal income taxes but would typically have no source from which to make the payments.

See also
Annuity
Disability
Internal Revenue Code
Medicaid
Special needs trust
Structured sale
Structured settlement factoring transaction
Tort