Industry ministry wants power supply secured
HCMC – Vietnam’s Ministry of Industry and Trade has requested three major State companies to ensure stable electricity supplies to facilitate socio-economic development and meet people’s needs. At a meeting held on February 21, Minister of Industry and Trade Nguyen Hong Dien told the ministry’s
Gas sale for O Mon II power plant agreed upon today
HCMC – PetroVietnam (PVN) and a consortium comprising Trading Construction Works Organization (WTO) and Marubeni Corporation signed a gas sale heads of agreement for the O Mon II Thermal Power Plant this morning, February 22, in Hanoi. As per the heads of agreement, which is normally a non-binding
Administrative bottlenecks impede social housing projects
HCMC – Despite the Government’s financial packages, low-income buyers still have difficulty acquiring a social home in HCMC due to red tape. According to the city’s Department of Construction, HCMC has many long-stalled social home projects for low-income people and workers, with administrative
HCMC’s tourism revenue soars in Jan-Feb
HCMC – HCMC’s tourism sector generated over VND21.2 trillion in revenue in the first two months of 2023, surging by 62.3% year-on-year, according to the municipal Department of Tourism. Between January and February, the city welcomed nearly 677,000 international tourists, rocketing 100%
Vietnam Railway proposes removing regulations on train service life
HCMC – Vietnam Railway (VNR) has proposed not applying service life regulations on locomotives and train cars. According to statistics of VNR, the railway sector had had 258 locomotives, 980 train cars and 4,318 wagons by end-2022. The service life of locomotives and train cars pursuant to Decree
VCCI says rules needed for setting credit growth quotas
HCMC – The Vietnam Chamber of Commerce and Industry (VCCI) has proposed policymakers provide regulations for the setting of credit growth quotas. Article 59 of the 2010 law on the State Bank of Vietnam (SBV) states that depending on the nature and degree of risks, the SBV can decide on a certain
Asian automakers to launch EV business in Vietnam
HCMC – Regional automobile manufacturers have sought to sell electric vehicles (EV) in Vietnam and build car assembly plants for the domestic market. Wuling Hongguang Mini EV, China’s best-selling compact EV, will be made and sold in Vietnam this year, the local media reported. The project is part
PM wants 95% of public investments disbursed in 2023
HCMC – Prime Minister Pham Minh Chinh has set a target to achieve a disbursement rate of at least 95% of all public investments planned for this year, equivalent to over VND676 trillion. He emphasized public investment was a resource and motivation for national development at the teleconference on
English center chain owner Apax Holdings owns $30.9mn in cash despite record losses
Apax Holdings, chaired by Nguyen Ngoc Thuy, has reported a record high of nearly VND697 billion ($29.1 million) in cash and VND40 billion ($1.7 million) in cash equivalents. However, the firm’s last quarter consolidated financial report shows a decline in business results. In the last quarter, the
Vietnam announces plan to combat illegal fishing practices
HCMC – Vietnam has begun to act against illegal, unreported and unregulated (IUU) fishing practices to shed seafood export restrictions imposed by the European Union. The Ministry of Agriculture and Rural Development on February 20 announced its plan to fight IUU fishing within 180 days before the
Last operational undersea cable link with Vietnam turns choppy
HCMC – SMW3, the fifth undersea internet cable connected with Vietnam, has become choppy while the fixing of four other faulty submarine cables has yet to be completed. An internet service supplier in Vietnam said on February 21 that errors have been detected on the SMW3 cable at the S2.7 section
Central bank withdraws money from market ahead of Fed meet
HCMC – Vietnam’s central bank net withdrew over VND30 trillion from the market last week as the banking system saw surplus liquidity due to slow credit growth. It issued 7-day and 91-day treasury bills totaling VND107 trillion, with the 7-day term accounting for much of the amount, at VND87
F88 strikes strategic deal with KBank
HCMC – F88 Business JSC (F88) signed a strategic cooperation partnership with Kasikornbank PCL-HCMC Branch (KBank) to increase financial inclusion to a broader segment of customers, including individuals and micro businesses, providing access to credits with preferential interest rates. This
Can Tho seeks to build new bridge to Dong Thap
HCMC – The government of Can Tho City has written to the ministries of Planning-Investment and Finance proposing building O Mon bridge over the Hau river to connect the city with Dong Thap Province. The proposed O Mon bridge project will have a total length of 5.4 kilometers including the access
Vietnam Register proposes additional manpower
HCMC – The Ministry of Transport has proposed the Ministry of Home Affairs allow Vietnam Register to use contract workers to cope with severe labor shortages at some vehicle registration and testing facilities under the department. The current labor shortages result from many senior officials and
Gasoline prices inch down
HCMC – Domestic fuel prices fell by around VND300-750 per liter or kilogram starting today, February 21, according to an announcement jointly issued by the ministries of Industry-Trade and Finance. RON95-III gasoline and E5 RON92 bio-gasoline now sell for VND23,440 and VND22,540 per liter, with
