Vietnam Town

In the late 1960s, Iacobucci became a war photographer, spending seven years in the rice fields of Vietnam to capture vivid images of the Indochina conflict.

In those days, his photos were published by many important newspapers around the world.

He died impoverished in 1977.

The exhibition will run at the Museum of Rome until September 14.
A photo taken by Ennio Iacobucci in territories then known as Indochina (FILE PHOTO)

Buddhism in Vietnam developed throughout the Ly and Tran dynasties.

For centuries, it served as a cultural mainstay during the country’s struggle against foreign invasions.

The religion, with its teachings focused on purifying the mind and leading a life of virtue, can teach us how to believe in ourselves, control our desires and forgive others.

Vietnamese people, whom are well-known for their hospitality and willingness to help the underprivileged, resonate much with Buddhism’s core beliefs.

Even the Bodhi tree, or the tree of enlightenment, can grow quite well in Vietnam.

I remember crying after reading Pham Tien Duat’s poem titled “The sound of bomb and the pagoda’s bell.”

The poet wrote about former female soldiers who shaved the head and found peace in the confines of Thai Binh’s pagodas.

During the 1930, these pagodas sheltered and aided our revolution’s leaders.

The world isn’t yet at peace as humans still fight over religion and ethnicity.

The values of Buddhism should be disseminated widely to foster global concord.

The Vesak celebration in Vietnam is themed “Buddhism’ contribution to building a just, democratic and civil society.”

A least 4,000 Buddhist leaders from all schools, leading scholars, dignitaries and followers are expected to attend

Ten thousand candles will be lighted in Hanoi’s National Convention Center.

The celebration isn’t just a normal event.

It marks the world and Vietnam’s commitment to cultivate lasting international peace.

By Thanh Thao

Located in the heart of the capital, Long Dinh is a charming restaurant boasting Chinese architecture that blends themes of tradition and modernity.

The radiance reflecting from some 100 decorated lights and crystal curtains glitters as one enters the restaurant.

The grand hall on the ground floor is available for casual get-togethers.

The 1st floor satisfies the needs of those who want an intimate space to dine.

The 2nd level is reserved for VIPs to enjoy a peaceful view of the blue sky, green trees and colorful flowers.

Long Dinh offers guests refined Chinese cuisine, including bird’s nest, shark’s fin soup, and lobster, among other rare and tasty dishes.

Sum Villa

Staying in the West Lake’s luxurious villa areas, Sum Villa is regarded as a wonderful venue to host businesspeople or family parties.

Its Vietnamese name “sum”, means cozy gatherings.

The 2,000-square-meter restaurant attracts guests based on its diverse dishes and romantic ambiance.

Sum Villa has a large Asian-style veranda that can serve some 500 diners at a time.

Its decorations feature both traditional and modern Eastern charms.

In painting the structure red, the owner aspires to bring guests prosperity and good luck.

The highlight is the Sum Dining & Lounge venue, where one can release all stress and experience the full comfort of sipping hot coffee amidst wafting breezes, melodious music, and the dreamy landscape of West Lake.

AMAZING DINING VENUES

Long Dinh Dragon Palace
■ Address: 64B Quan Su Street, Hoan Kiem District
■ Price: US$7-50/dish

Sum Villa
■ Address: 10 Dang Thai Mai Street, Tay Ho District
■ Price: VND45,000-200,000 ($2.8-12.4)/dish; VND50,000 ($3.1)/drink (on average)

Report by Thu Thuy - Hai Tam

About an hour out of the Khmer capital there are a few holdups with road work, but compared to a few months ago they are minimal.

The road is quite smooth and comfortable and there is plenty of interesting scenery to look at.

The border crossing at Moc Bai/ Bavet costs about VND400,000 (US$25) for foreigners – VND300,000 ($18.75) for the Cambodian visa and VND100,000 ($6.25) for the bus company – to organize all the passengers and passports in one hit.

Several local money changers work the strip but only offer half the going rate, so it’s better to wait till you get to a bank in Phnom Penh.

For a short stay US dollars are the main currency anyway.

Then the bus passes through the Cambodian border casino paradox, where dirty markets are juxtaposed with rows of large glitzy gambling houses against a backdrop of a fairly desolate landscape.

The roadside lunch restaurant stop has a wide range of excellent Khmer food, the chicken curry is a special favorite.

They accept US dollars, Vietnamese dong or Cambodian riel, whatever you have.

The dish is not particularly cheap, at about US$3.

The next stop is a river ferry crossing at Kandal.

Vendors assail the bus with all sorts of delicacies in trays balanced on their heads.

The bus driver often has to shut the door to keep the passengers in and the vendors out.

Big-bellied fried frogs, baby birds and crickets are the main fare.

God knows how much they cost – I didn’t ask! But there were also some little sweet glutinous rice cakes wrapped in banana leaves – 50 for $1.

A few hours up the road is Phnom Penh. A tuk-tuk can take you from the bus station to your hotel.

Reported by Michael Smith

This pagoda, at 100 Nguyen Van Bi Street in HCMC’s Thu Duc District, is a replica of Hanoi’s famous Mot Cot (One Pillar) Pagoda.

Designed by architect Nguyen Gia Duc, the Nam Thien Nhat Tru Pagoda was built in 1958 by Buddhist monk Thich Tri Dung.

Its rafters, tile roofs, floral patterns and the arrangement of altars are the same as the Hanoi original.

The Nam Thien Nhat Tru Pagoda is perched above a square lake of about 600 square meters.

It sits on a 12-meter-high cement pillar in the middle of the lake.

Inside, there are altars for Sakya Muni Buddha, Wan Yin Boddhisattva and other sacred beings.

Behind the main section is a tower and a commemorative room.

The lake has a lot of fish and turtles.

The staircase up to the pagoda is decorated with ornamental plants.

In the compound of the Nam Thien Nhat Tru Pagoda, there are big statues of Buddhas and bodhisattvas (Buddhist deities) in different postures.

The view of the pagoda gives visitors a feeling of comfort and relaxation.

An original sanctuary

The original Mot Cot Pagoda, or One-Pillar Pagoda, is located in Ba Dinh District in Hanoi.

It is also known as Lien Hoa Dai (Lotus Calyx) and Dien Huu (Long-Term Good Luck).

The original One-Pillar Pagoda was built in 1049 by King Ly Thai Tong, who ruled between 1028 and 1054.

The Mot Cot Pagoda has become one of the symbols of Hanoi.

It also appears in the logo of Vietnam Television Station (VTV) and on the VND5,000 coin.

On May 4, 2006, the Mot Cot Pagoda was included in the Book of Vietnam Records as “the pagoda with the most original architecture in Vietnam.”

Reported by Diem Thu

He was soon captivated by the sea, and a year later, set up Nha Trang Rainbow Divers.

Stein’s business is the first and only dive center in Vietnam and is ranked by the world’s Professional Association of Diving Instructors (PADI) as one of the top 30 of 500 dive centers around the world.

Stein said he had no experience with diving until his first dive off Nha Trang, when a local fisherman gave him plastic goggles and explained how to breathe underwater.

It was love at first sight.

Stein began to dive every day to find fascinating coral reefs, home to millions of sea creatures.

After one week, diving and Nha Trang had captivated him and he decided to open a diving school right on the beach, even though that meant leaving his girlfriend in England.

Stein said the beautiful tranquil sea off Nha Trang helped him discover his passion for sea adventures and he had to do something in return.

After 12 years of building Rainbow Divers into a renowned dive center in Vietnam and overseas, Jeremy is now a PADI “course director,” the highest qualification a diving instructor can achieve.

With its international dive team gathered from 10 countries, Stein’s Rainbow Divers has become synonymous with professional training and diving standards.

Nha Trang Rainbow Divers also holds diving courses in seaside towns around Vietnam such as the central town of Hoi An and the southern islands of Con Dao and Phu Quoc.

Jeremy said every year Nha Trang received about 25,000 to 35,000 groups of dive tourists.

These tourists often stay several days and spend quite a bit of money.

Many dive instructors, such as Jeremy, said Khanh Hoa Province should invest more in this lucrative business, which can charge between US$20 to $200 for diving services, to boost the local tourist industry.

Nha Trang City has more than 100 instructors working at nine dive centers and six out of 21 instructors at Rainbow Divers are recognized by PADI as professional instructors.

PADI is the world’s largest recreational diving membership and diver training organization founded in 1966.

It is a US-based corporation with branches in Australia, Canada, Switzerland, Japan, Sweden and the United Kingdom.

PADI offices cater to over 130,000 professional individuals and 5,300 dive centers and resorts in more than 180 countries and territories.

Source: Lao Dong

Cao Trang lighthouse is on the western point of Vung Tau on Tran Phu Road, about 6 km north of Nui Nho (Small Mountain).

It was the second lighthouse to be built in the town in 1898, after Vung Tau lighthouse.

The original tower had square sides and was painted black and white.

In 2007 it was replaced by a hexagonal tower, painted white with blue trim.

Ganh Rai lighthouse is also on Tran Phu Road, not far from Cao Trang.

Built in 1911, the lighthouse is still in use, guiding ships into the harbor.

The 14-meter tower is painted white and dark green.

The most historic and beautiful lighthouse in the beach town is the Vung Tau Lighthouse.

From Ha Long Street, take the turn just after the Hai Dang cafe and you will find it at the end of the road.

The white tower, standing above the trees on Nui Nho, is of postcard perfection.

In 1992, its image was used for a postal stamp.

Built in 1865 it was Vung Tau’s first lighthouse and it has guided ships through the night for over a century.

The tower was rebuilt in 1885, and lastly again in 1913.

Open daily for visitors it is 170 meters above sea level.

There’s a narrow staircase so you can inspect the lamp and enjoy the panoramic view of the town and sea.

It’s light can be seen from 56 km offshore.

How to get there

Buses to Vung Tau are available at Ben Xe Mien Dong (East Bus Station) every 15 minutes from 5 a.m. to 7 p.m.

Try Rang Dong, Mai Linh or Thien Phu bus lines.

Cost: VND55,000 per person.

The express hydrofoil is available at Bach Dang Wharf for VND140,000 per person.

Source: TPO

Invention in adverse times

For banks across the board, this is good news.

Earlier this year, the central bank capped deposit interest rates at 12 percent per annum to prevent commercial banks from pushing up interest rates to attract deposits.

Before the cap, many banks had experienced intense cash shortages as the central bank tightened credit to fight inflation by raising mandatory cash reserves and forcing banks to buy treasury bills.

With deposit interest rates capped at 12 percent, commercial banks have come up with diverse ways to attract savers.

Many banks have started to raise interest rates on short-term deposits as the rates they offer on long-term savings have already hit the cap.

Last Tuesday, ANZ increased the interest rate on one-to-six-month deposits of more than VND20 million to 12 percent per year.

HSBC has also raised interest rates on dong deposits by 2.2-3 percent per year.

Last Saturday, Saigon Commercial Joint Stock Bank (SCB) raised interest rates on short-term deposits as well as its non-term interest rate to 9 percent per year – presently the highest level among banks for non-term interest rates.

SCB also started to offer an 11 percent per year interest rate on deposits of three to six days.

A few days later, Vietnam Export and Import Commercial Joint Stock Bank launched its “24-hour overnight saving” program which pays interest rates on every new amount deposited 24 hours after the deposit – in addition to the 10 percent per year interest rate on the initial installment.

Some banks, including SCB, are also offering gold-insured saving programs.

With SCB’s program, for example, interest rates are calculated in dong or gold – whichever is more profitable for customers at the end of the term.

Many banks say that the 12 percent interest rate cap is forcing them to dish out as many promotion programs as they can to attract the cash they need to lend.

With the cap removed, many banks are now breathing a sigh of relief.

Immediately following the central bank’s announcement, the Bank for Investment and Development of Vietnam (BIDV) announced its new deposit interest rates.

According to BIDV board chairman Tran Bac Ha, starting tomorrow, BIDV will raise its maximum interest rate on deposits of six to 12 months to 13.5 percent per year.

Deposits of less than six months and above 12 months will be offered slightly lower rates – 13.3 percent per year and 13 percent per year respectively.

Ha said deposit interest rates at commercial banks would vary depending on banks’ “health” and their demand for deposits.

But for all banks, “the pressure is now removed,” he said.

Adaptation

Besides the base interest rate, the central bank will also raise the discount and refinancing rates from their current level of 6 percent to 11 percent and 13 percent respectively.

Speaking at the press conference announcing the adjustments, central bank governor Nguyen Van Giau said the old rates had been maintained for too long and were thus “removed from actual market fluctuations and merely formalistic.”

People in need of loans are now hoping that deposit interest rate hikes will fill banks with cash, enabling lenders to charge less interest on loans.

Banks across the board have been toughening on credit by ending expiring loans, screening new applications more closely and charging high interest rates.

Experts have also been urging the central bank to remove the 12 percent cap as the first step toward maintaining a positive real interest rate.

Many agree that with a little caution, keeping deposit interest rates above the rate of inflation to encourage savings would help Vietnam move out of its current economic slump.

Le Tham Duong from the Ho Chi Minh City University of Banking told Tuoi Tre newspaper that banks would not raise deposit interest rates too high as they would have to increase interest rates on loans to offset the higher rates they pay on deposits.

“But if loans become too expensive, no business will want to borrow,” Duong said.

“And banks don’t want to risk leaving their money idle.”

Director of the central bank’s monetary policy department Nguyen Ngoc Bao agreed.

Speaking at Saturday’s press conference, he said the new regulation would allow deposit interest rates to fluctuate for a while but that they would eventually settle at a stable level.

The HCMC University of Economics banking department head Tran Hoang Ngan told Thanh Nien after the central bank announcement that Vietnam should use a “benchmark inflation rate” rather than the consumer price index (CPI) to regulate interest rates.

Ngan said this rate, which is used throughout the world, is often lower than the CPI as it only takes into account monetary factors – rather than supply/demand factors, or unusual factors such as natural disasters and diseases.

Giau said the central bank was doing its best to develop a way to help commercial banks with big deposits lend for profit without overextending credit.

The central bank has capped credit growth at 30 percent this year to help reign in inflation.

But bank lending has already grown more than 14.7 percent, almost half of the 30 percent limit.

Reported by Hoang Ly TNOL