On June 22, Hanwha and BCG Bang Duong inked a deal to develop a $100-million solar power project in the southern province of Long An.  The agreement will help Vietnam deal with the rising electricity demand and promote environmental protection at the same time Covering an area of ​​125 hectares in Thanh Hoa district of Long An, the solar power plant project boasts a total designed capacity of 100 megawatt. The plant is scheduled to be built in the first quarter of 2018 and will generate electricity as soon as in 2019. Under the agreement, BCG will arrange capital sources, carry out the necessary procedures, study and implement the project, as well as negotiate and sign a power purchase contract with EVN. Meanwhile, Hanwha will be responsible for providing technology, equipment, engineering, installation, and … [Read more...]

Labels must be displayed directly on goods or their commercial packaging in easy-to-spot positions, clearly and fully showing compulsory information about the item. A market watch team discovers a batch of fake goods in the capital city. - Photo VNA This is the thrust of Government Decree No 43/2017/ND-CP on labeling of Vietnamese and imported goods, which came into effect on June 1. Under the decree, a label’s compulsory information must include the name of the goods, name and address of the organisation or individual responsible for the goods, origin of the goods and other information depending on the characteristics of the goods. Accordingly, organisations and individuals responsible for the labeling are required to present the information truthfully, clearly and precisely. In case such organisations or … [Read more...]

These events aim to realize APEC's key cooperation contents and priorities adopted at the SOM-1 and agree on plans to draft documents to be submitted to the APEC Economic Leaders' Meeting in November and ministerial meetings in 2017 for approval. APEC SOM-1 successfully wrapped up in Nha Trang province. Photo: apec2017.vn  They include 49 meetings and conferences of committees and working groups from May 9-16, and a multi-party dialogue on APEC cooperation towards 2020 and beyond on May 16 which will be held for the first time under the initiative of Vietnam to define measures to complete Bogor goals on schedule in 2020 and next steps to build the post-2020 APEC Vision. The APEC Study Centers Consortium Conference 2017 will take place on May 12-13 while the meeting of the APEC Executive Committee and the plenary meeting of the APEC Council on May 14-15 will discuss prospects to strengthen and upgrade the Asia-Pacific economy, new momenta for economic growth and connection, … [Read more...]

Viet Nam News ĐỒNG NAI - The southern province of Đồng Nai shipped goods worth US$5.2 billion abroad from January to April, up 12.8 per cent from the same period last year. The locality also imported goods worth $4.78 billion during the period, according to the provincial Department of Industry and Trade. The department said the trade surplus can be attributed to local businesses' efforts to seek domestic supply of materials and goods. Stronger connection among domestic enterprises has also helped reduce imports while allowing domestic enterprises to enjoy tax incentives when shipping their products to markets with which Việt Nam has signed free trade agreements, including the Republic of Korea (RoK), Japan, Chile and ASEAN nations. Export revenue from traditional markets recorded good growth, such as an 88 per cent increase year-on-year in the RoK market, nearly 13 per cent in Japan, over nine per cent in France and nearly eight per cent in the United States. The province's … [Read more...]

Viet Nam News HÀ NỘI - Hà Nội People's Procuracy plans to charge a director of two companies for fraudulent appropriation of assets, under suspicion of appropriating billions of Vietnamese đồng from those desiring to work overseas. The suspect La Thanh Khương, 41, of Đống Đa District, is the director of Visa World Ltd Company and Đông Phương Việt Nam International Trade Ltd Company. Both firms are not licensed to send people to work overseas. However, police's investigation showed that between March, 2015 and July, 2016, Khương received over VNĐ1.6 billion (US$71,000) and $8,600 from 21 people after promising to help them get jobs in countries like Taiwan, Spain or Cyprus. She allegedly told the victims that they could go to work overseas within three months after paying her a deposit worth $3,000 per person. Since the case was detected, Khương returned victims VNĐ248 million. - VNS … [Read more...]

The Hanoitimes - Presiding over the Cabinet meeting on May 4, Prime Minister Nguyen Xuan Phuc review socio-economic performance in the first four months this year. Looking back the socio-economic situation in the past month, the Government leader expressed delight at the strong growth in the number of tourists in the four-day national holiday on the occasion of the anniversary of the Liberation of the South and National Reunification. PM Phuc also required the Minister of Industry and Trade to take measures to address the declining exploitation and production of the mining sector. He has told the Ministry of Agriculture and Rural Development (MARD) to draw lessons and seek ways to improve the poor management of the farm produce market, with the most recent example being the slump in the price of pork, causing great losses to farmers. He noted that the macro-economy and consumer price index remained stable, while economic growth pace continued to recover and credit was at the highest … [Read more...]

The 1st Exhibition of Electronics, Telecommunications, Information Technology 2017 will be held on May 11-12. The event also includes seminars on latest products and technologies, a gala, signing cooperation agreements between businesses The event is held by the HCM City Information and Communications Department in cooperation with the Investment & Trade Promotion Centre of Ho Chi Minh City, IT associations and firms. The exhibition will be at the Convention Center 272 in Vo Thi Sau street, District 3. SGGP … [Read more...]

The stockpile is believed to have arrived in Vietnam as part of a scheme to evade trade restrictions by a Chinese billionaire. Vietnamese officials from three ministries will inspect a giant aluminum stockpile at a foreign company's factory in the southern province of Ba Ria-Vung Tau to see if it has been moved to Vietnam as part of a tariff evasion scheme, the government said. Following instructions from Deputy Prime Minister Trinh Dinh Dung, officials from the trade, the finance and the planning and investment ministries will verify the origin and purpose of the aluminum stock, which was reported by the Wall Street Journal to have arrived in the coastal city of Vung Tau late last year. The stock is thought to belong to Global Vietnam Aluminium Co Ltd, a $250 million joint venture between Jacky Cheung and Wang Tong, both Chinese-Australian businessmen. The company is developing a factory with an annual capacity of 200,000 metric tons of aluminum billet, and it is unclear if the … [Read more...]

Viet Nam News HCM CITY - A batch of used computerised tomography scan machines was discovered at the Tân Sơn Nhất International Airport in HCM City on Wednesday. An attempt was being made to transport the machines into Cambodia. According to the airport's customs office, the machines were reported to authorities to be totally new and imported from Japan. The batch consisted of 10 packages weighing 5.7 tonnes in total and worth over VNĐ3.2 billion (US$139,100). Used medical equipment is on the list of banned import items to Việt Nam, according to the law. The Bee Logistic Joint Stock Company, located on 39B Trường Sơn Street in HCM City's Tân Bình District, reported that the machines were registered to be totally new to avoid obtaining a licence from the Ministry of Industry and Trade. A representative of the customs office said the alleged violators were attempting to take advantage of the transit property route to Cambodia for smuggling the goods. In some cases, smugglers … [Read more...]

A unit of monopoly electricity provider Electricity of Vietnam (EVN) has unveiled a plan to build two solar power plants in the south-central province of Ninh Thuan with a combined capacity of 350 MW. It expects to begin construction in the second quarter of next year and put the plants into operation in the first quarter of 2021. It will also use the site for hi-tech agricultural production. Genco 3 currently operates 12 thermal and hydro power plants around the country with a combined capacity of 6,549 MW, accounting for 17 per cent of the country’s power production. Foreign businesses have recently expressed interest in investing in solar power in Vietnam, where energy demand is growing rapidly. Singapore’s Sinenergy Pte. Ltd. has been the latest to express interest, in building a 300 MW farm in Ninh Thuan. Last month, Prime Minister Nguyen Xuan Phuc issued a long-awaited decision approving the mechanism on the development of solar power projects, Decision … [Read more...]

While deploying its open foreign policy, multilateralization and diversification of international relations, Vietnam attaches great importance to strengthening and enhancing friendship and cooperation with countries in Asia, Eastern Europe, the Middle East, Africa and Latin America, including the Republic of Armenia. Like other republics of the former Soviet Union, Armenia made a definite contribution to the struggle for national independence and unification of the Vietnamese people. In addition, many Vietnamese students and post-graduates studied in Armenia. In 2012, President of the Republic of Armenia Serzh Sargsyan paid an official visit to Vietnam on the occasion of the 20th anniversary of the establishment of diplomatic relations. So far, the two countries have reached an equal cooperation partnership and have mutual benefit. While the Vietnamese people marked the Southern Liberation and National Reunification Day (April 30th), Armenian people also celebrated the great events … [Read more...]

An elderly poor mother in Vinh Long Province is calling for financial support to help treat her two ill daughters. Pham Thi Nghia, from Phu Nghia Hamlet, is 80 years old but still struggles to support her children. "I have five children. My third child died in 1985 in Cambodia. My husband died later so I raised four children on my own. Both my son and a daughter of mine got married and work far from home so I'm living with my two daughters," Nghia said. In 2014, one of her daughters, Dang Thi Mai Huong, 55, was diagnosed with a lung tumour. Unable to afford the VND70m (USD3,000) surgery at Cho Ray Hospital in HCM City, they returned home. Unfortunately, she was diagnosed with a brain tumour recently and is almost bed-bound. Without proper medicine, Huong often has seizures and bites her tongue. Over a year ago, another daughter of Nghia, Dang Thi Ngoc Lanh, 46, was discovered to have kidney, colon illnesses and vestibular disorders. As her health deteriorates, she had to left her … [Read more...]

These events aim to realise APEC’s key cooperation contents and priorities adopted at the SOM1 and agree on plans to draft documents to be submitted to the APEC Economic Leaders’ Meeting in November and ministerial meetings in 2017 for approval. They include 49 meetings and conferences of committees and working groups from May 9-16, and a multi-party dialogue on APEC cooperation towards 2020 and beyond on May 16 which will be held for the first time under the initiative of Vietnam to define measures to complete Bogor goals on schedule in 2020 and next steps to build the post-2020 APEC Vision. The APEC Study Centres Consortium Conference 2017 will take place on May 12-13 while the meeting of the APEC Executive Committee and the plenary meeting of the APEC Council on May 14-15 will discuss prospects to strengthen and upgrade the Asia-Pacific economy, new momentums for economic growth and connection, the Asia-Pacific agenda on digital and cyber economies, and challenges and … [Read more...]

Moody’s Investors Service on May 3 affirmed the long-term and short-term deposit and, where applicable, issuer and senior debt ratings of eight banks in Vietnam (B1 positive), as well as revised the outlooks for the local currency deposit and local and foreign currency issuer ratings of these institutions to positive from stable. The rating actions follow Moody’s affirmation of Vietnam’s B1 sovereign rating, and change in the outlook for the sovereign’s rating to positive from stable on April 28. RELATED CONTENTS: Moody’s revises Vietnam outlook as “positive” Bank Changes in ratings An Binh Commercial Joint Stock Bank - BCA and Adjusted BCA at b2, no change - Affirm foreign currency long-term bank deposit ratings at B2; outlook stable - Affirm local currency long-term bank deposit ratings at B2; outlook positive - Affirm local and foreign currency long-term issuer ratings at B2; outlook positive - Long-term CR Assessment … [Read more...]

These events aim to realise APEC’s key cooperation contents and priorities adopted at the SOM1 and agree on plans to draft documents to be submitted to the APEC Economic Leaders’ Meeting in November and ministerial meetings in 2017 for approval. They include 49 meetings and conferences of committees and working groups from May 9-16, and a multi-party dialogue on APEC cooperation towards 2020 and beyond on May 16, which will be held for the first time under the initiative of Vietnam to define measures to complete Bogor goals on schedule in 2020 and next steps to build the post-2020 APEC Vision. The APEC Study Centres Consortium Conference 2017 will take place on May 12-13, while the meeting of the APEC Executive Committee and the plenary meeting of the APEC Council on May 14-15, will discuss prospects to strengthen and upgrade the Asia-Pacific economy, new momentum for economic growth and connection, the Asia-Pacific agenda on digital and cyber economies, and challenges … [Read more...]

The US Department of Commerce on May 2 launched anti-dumping duty and countervail duty investigations against tool chests and cabinets imported from Vietnam and China. According to the department’s fact sheet, the investigations are in response to a request from Waterloo Industries, a US manufacturer of tool boxes. The company alleged that tool chests and cabinets from Vietnam and China were sold to the US market at prices below the fair value with dumping margins of 21.58 percent and 159.99 percent, respectively. It also claimed that Chinese exporters and producers of such products received the government’s improper subsidies. The US International Trade Commission is scheduled to issue its decision on the preliminary investigations on May 26. The probe will continue if the commission determines that there is a reasonable indication that imports of such products materially injure or threaten the domestic industry. Last year, the US’s imports of these products … [Read more...]

Many commercial banks posted positive business performance for the first quarter of the year with high profits. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recorded the post-tax profit hitting over 2.2 trillion VND (97 million USD), up 20.1 percent from the same period last year. The figure made the bank the top of the list in terms of profit of the first quarter. The Vietnam Bank for Industry and Trade (Vietinbank) got a pre-tax profit of 2.544 trillion VND (111.9 million USD), up 5.8 percent year-on-year, and post-tax profit of 2.039 trillion VND (89.7 million USD). This is the strongest growth the bank has recorded since 2011, according to Vietinbank Chairman of the Board of Directors Nguyen Van Thang. The Bank for Investment and Development of Vietnam (BIDV) earned nearly 2.277 trillion VND (100.1 million USD) and 1.848 trillion VND (81.3 million USD) in pre- and post-tax profits, respectively, up over 9 percent year-on-year. Similarly, the … [Read more...]

The strategy is expected to address issues pertaining to the organization of traditional and modern distribution channels; commercial infrastructure; forms of business; types of firms and cooperatives and household business for separate product lines and for urban and rural areas, said director of the MoIT’s Domestic Market Department Vo Van Quyen. It also clarifies the role of the State, businesses and trade associations in the management, building and development of distribution systems with a view to enhancing the role and position of domestic firms in the context of global integration, he added. Trade activities at home should accord with Vietnam’s commitments to the World Trade Organization (WTO) and signed bilateral and multilateral trade agreements on opening the distribution market, including wholesale, retail, and franchise, Quyen emphasised. Director of the Institute for Trade Research under the MoIT Pham Nguyen Minh said the third draft of the strategy has … [Read more...]

Addressing the “Vietnam Energy Forum: Present and Future” held by the Ministry of Industry and Trade in Hanoi on May 4, Thien said that energy wasting in using, which leads to a high energy cost, reduces the country’s competitiveness. Vietnam’s growth model has long been dependent on exploiting natural resources, traditional industries, energy-consuming and low technology sectors, he added. Thien noted that currently, energy consumption in the cement industry is 50%, while that of the pottery industry is 35%; garment and textile, 30%; steel, 20%; and agriculture, 50%. He also stressed the need to promote the reasonable use of energy in a smart economy, along with the application of modern technology in energy production and consumption to reduce cost. Meanwhile, experts at the event highlighted that energy strategy should be included in technology strategy to deal with the tension of energy supply and demand, while prioritizing the development of high technology … [Read more...]

On August 12, 2015, anti-smuggling police and the customs force at the Noi Bai international airport in Hanoi carried a check of Luat’s luggage after he arrived on a flight from Luanda (Angola). They found in his suitcase 24 chunks of ivory and a number of ivory bangles, weighing 50.6 kg in total. When the ivory was detected, Luat fled the airport. More than one year later, on December 22, 2016, he handed himself in to police and admitted his violation of law. Luat told the police that he was paid US$200 to carry the ivory from Luanda to Vietnam by a man named Quang, who he made acquaintance of while working in Angola. The seized ivory was found to be tusks of the Loxodonta Africana elephant, a species listed in Appendix I of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). A separate investigation will be launched into the man named Quang, as the police has not obtained accurate information on his identity and address. … [Read more...]