Viet Nam needs an enormous amount of energy to feed its development, but relying on coal and hydropower is not the answer, and with new measures still at an early stage, experts are concerned about the future. Viet Nam’s demand for energy rises by an average 9.5 per cent year-on-year in the last 15 years, reaching 13 per cent increase in 2006-11 and 11 per cent in 2011-16 period. According to Viet Nam Energy Outlook 2017 report released last September, imported energy could account for 37.5 per cent of its total supplies in 2025 and more than half (58.5 per cent) in 2035. Vietnamese economy has transformed itself from an agrarian economy which relied primarily on traditional biomass fuels, to a modern mixed economy, one of the fastest growing ones in the world, resulting in rapid changes in the energy sector. According to the Electricity and Renewable Energy Department under the Ministry of Industry and Trade (MoIT), oil, coal, natural gas, hydropower and non-commercial biomass … [Read more...] about Challenges facing Viet Nam in ensuring energy security
How offshore banking works
Social News 21/7
US volunteer doctors offer free health checkups to Cao Bang’s poor US volunteer doctors from the Good Samaritan Medical Dental Ministry provide free medical checkups to poor people in Tra Linh district, Cao Bang. A team of American volunteer doctors provided free medical examinations for about 2,570 poor people in the northern mountainous province of Cao Bang from July 9 – 19. The medical aid workers from the Good Samaritan Medical Dental Ministry (GSMDM) also offered free medicine to people from the district of Bao Lam, Bao Lac, Ha Quang, Tra Linh and Hoa An. After the medical screening, 53 people who needed acute hospital care were admitted to Cao Bang General Hospital. Twenty six of them received surgeries from the US doctors at the provincial health care facility while four others were transferred to central hospitals. In addition, the team presented 500 gift packages to pre-school children and elementary school students in the communes of Quang Thanh (Nguyen … [Read more...] about Social News 21/7
Why the Smart Money is Staying on Vietnamese Growth
Viet Nam News By Brian Spence Việt Nam’s Gross Domestic Product (GDP) expanded by 6.81 per cent in 2017, marking its highest growth rate in a decade. The country continues to storm ahead this year, with the economy growing by 7.38 per cent in the first quarter – one of the fastest rates in Asia – and total growth is expected to be in the region of 6.7-6.8 per cent (the former as targeted by the National Assembly) for the year. It could even hit 7.1 per cent, according to the Asian Development Bank. Looking ahead, the Vietnamese Government is seeking to maintain the country’s growth spurt until 2020, with Prime Minister Nguyễn Xuân Phúc having spoken of moves encouraging private companies – which currently account for 43 per cent of GDP – to grow and boosting investment into rural areas. Industry and construction are the engine rooms of this growth. Việt Nam’s competitiveness on wages, high labour … [Read more...] about Why the Smart Money is Staying on Vietnamese Growth
BUSINESS IN BRIEF 28/3
Fate of Ban Phuc Nickel remains murky The fate of Ban Phuc Nickel mine invested by Ban Phuc Nickel Mines Limited Liability Company (BPNM) remains uncertain. A representative of the Son La Department of Industry and Trade told VIR that the mine’s operation has been suspended since October last year. To date, the department has yet to receive any specific plans to resume the mine’s operation from the investor. Previously, in October 2017, BPNM officially decided to suspend the operation of Ban Phuc Nickel mine until September 30, 2018 due to the company’s massive losses. In 2007, Asian Mineral Resources Limited (AMR), a global mining group listed on the bourse in Toronto, Canada, was granted the licence to exploit and process ores in the Ban Phuc nickel ore mine, which has a reserve of more than 200,000 tonnes of nickel and 18,000 tonnes of copper. According to the initial plan, AMR will co-operate with domestic enterprise Son La Mechanical Engineering JSC to establish … [Read more...] about BUSINESS IN BRIEF 28/3
Maize farms on river islet draw tourists
Tasty: Mussel, rice pancake and fermented fish sauce is a speciality of Cẩm Nam commune, just 3km away from Hội An City. — VNS Photo Công Thành Viet Nam News Emerging centuries ago as a sand islet in the middle of the Thu Bồn River, Cẩm Nam Commune has been known by several names: Cồn Hến, meaning mussel islet, and Cồn Bắp, maize islet. It has drawn migrants seeking lives as successful peasants since the late 14th century. The commune, 3km south of Hội An ancient town, has now become an eco-tourism destination with tranquil rural scenery and traditional farming on the river banks. Bùi Hoài Nam reports. CẩmNam Commune rises up on a 3km-long islet in the middle of theThu Bồn River, dividing the lower section of the longest river inQuảng Nam Province into two branches. The commune with a population of 6,700 is sandwiched between Hội An town and the … [Read more...] about Maize farms on river islet draw tourists
China says to have ‘prudent’ oil exploration with Philippines
China will prudently advance cooperation with the Philippines on joint oil and gas exploration in the South China Sea, China's top diplomat State Councillor Wang Yi said on Wednesday after meeting his Philippine counterpart. Any potential deals between Manila and Beijing on energy exploration in the disputed waterway should be agreed with a company and not the Chinese government, a senior Philippine official said earlier this month. China claims most of the South China Sea, a key trade route and home to areas that are believed to hold large quantities of oil and natural gas. Along with China, parts of the South China Sea are subject to competing claims from Brunei, Malaysia, the Philippines, Taiwan and Vietnam. The waters is known as the East Sea in Vietnam. The two countries in February agreed to set up a special panel to work out how they can jointly explore offshore oil and gas in areas both sides claim, without needing to address the touchy issue of sovereignty. Speaking to … [Read more...] about China says to have ‘prudent’ oil exploration with Philippines
Former Trump campaign aide pleads guilty in Russia probe
A former senior official in Donald Trump's 2016 presidential campaign, Rick Gates, pleaded guilty on Friday to conspiracy against the United States and lying to investigators, and he is cooperating with a federal probe into Russia's role in the election. Gates, who was a deputy campaign manager for Trump, is being investigated by the office of Special Counsel Robert Mueller, which is probing alleged Russian meddling in the U.S. election. Gates had been potentially facing decades in prison on much more serious charges, including bank fraud and conspiracy to launder money. Under the charges he pleaded guilty to, he faces a maximum sentence of nearly six years. Prosecutors said they could ask the judge for a reduction in Gates' sentence based on the extent of his cooperation with Mueller's probe. The plea increases pressure on Paul Manafort, who was Trump's campaign manager for five months in 2016, to also seek a plea deal. However, Manafort said in a statement issued after Gates' … [Read more...] about Former Trump campaign aide pleads guilty in Russia probe
BUSINESS IN BRIEF 1/2
PNJ targets opening at least 40 stores this yearPhu Nhuan Jewelry (PNJ) plans to open at least 40 new stores this year and have 300 by the end of April. The 40 new stores include gold stores or stores combining gold and silver retail.It has also set a net revenue target of VND14.1 trillion ($619.6 million) for the parent company this year, up 30 per cent, with after-tax profit increasing 22 per cent to VND882 billion ($38.7 million).PNJ is in the process of preparing for upgrading and modernizing its ERP system, through which it can study customer behavior at outlets and better understand customer choice.The company also plans to use big data to develop new products aimed at more specific customer groups and at the same time use digital marketing strategies to expand market share.As noted by HSC, PNJ’s sales in FY2017 increased 28 per cent year-on-year to VND10.97 trillion ($482.1 million) thanks to most segments growing strongly. Gold bar revenue increased 20 per cent, to … [Read more...] about BUSINESS IN BRIEF 1/2
Even with a stable market, FX hedging is advised
It’s better to hedgeHedging the foreign exchange (FX) risk arising from transactions in foreign currencies is not a new practice for many multinational companies, investors, exporters, and importers in Vietnam. When it comes to choosing a bank to handle large-scale transactions to support the merger-and-acquisition, investment, and business activities for these institutions, the capability and creditability of the party that carries the risk make a difference.ANZ Vietnam has emerged as a market leader with large FX volume trading with clients. The bank is a major participant in the local FX market, where it provides an extensive range of foreign exchange solutions to its clients, including spots, forwards, swaps, and options.“We have active dialogues with our clients to understand their risks and identify the suitable product that can help them hedge their currency exposure at reasonable costs, and we work with them to ensure that the transaction follows regulatory … [Read more...] about Even with a stable market, FX hedging is advised
Social News 15/12
Vietnam zeroes in on hunger eliminationPoverty alleviation and hunger eradication has been a consistent priority for Vietnam and the country is committed to achieving these goals in cooperation with the international community, Deputy Prime Minister Trinh Dinh Dung said in Hanoi on December 13.Dung was speaking at the first meeting of the National Steering Committee for the ten year (2016-2025) Zero Hunger Action Programme.The programme was established by the Prime Minister in 2014 in response to the “Zero Hunger Challenge” of the United Nations, a major initiative to eradicate hunger worldwide.Vietnam’s action programme targets ensuring enough food and nutrition for all citizens towards improved physical and intellectual health; and towards fulfilling sustainable development goals (SDGs) of food security and sustainable agricultural development.There are five specifics targets under the action programme, including ensuring food and nutrition for people all year … [Read more...] about Social News 15/12