September 19
HANOI, VIETNAM: For years Vietnam, a communist country, has struggled with poverty. But today, Britain signed an agreement granting Vietnam 250 million pounds over the next five years. This agreement, signed by Britain’s International Development Secretary Hilary Benn and Vietnam’s Minister of Planning and Investment Vo Hong Phuc, is part of a ten-year partnership between the two countries.
The money will enable Vietnam to continue reducing poverty in their country. In the last few years, the country has made great progress in helping their poor citizens. As Britain’s Hilary Benn says, “It is a success story which has been hidden from the rest of the world.”
Smuggled Diamonds Flood Vietnamese Market
October 10, 2006
338 million Canadian dollars worth of diamonds are sold in Vietnam each year. Most of these gemstones are not imported legally.
This is because the import taxes in Vietnam are very high, so trading companies can no longer afford to import diamonds. That leaves one other option open - smuggling.
This problem was brought to attention at a recent meeting between Vietnam Gold Trading Association (VGTA) and the Ministry of Finance and the State Bank of Vietnam. There’s talk of changing the way the tax works, but for now the Vietnamese diamond market largely depends on smuggled goods.
It seems the air routes and the southern border provide a way for diamonds to be illegally imported.
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