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Vietnam needs over US$128 billion for power investment next 10 years A drone is used to inspect a power transmission system in Vietnam. The country will need an estimated US$128.3 billion for developing the power system in the next decade The Institute of Energy, under the Ministry of Industry and Trade, on February 22 continued to collect feedback over the plan from the relevant agencies. According to the plan, during the 10-year period, Vietnam will need to pour some US$12.8 billion on average into the power sector per year. The total investment for the following 15 years from 2031 to 2045 will be some US$192 billion, including some US$140 billion for power sources and US$52 billion for the grid. The draft zoning plan also revealed that Vietnam will continue to import electricity from China, Laos and Cambodia in the next 10 years. The State-run Vietnam Electricity Group is purchasing electricity from China through two 220kV power lines, with 1.5 billion kWh of … [Read more...] about VIETNAM BUSINESS NEWS FEB. 26

MPI proposes a draft decree on procurement bidding under CPTTP MPI proposes a draft decree on procurement bidding under CPTTP The Ministry of Planning and Investment (MPI) has summited to the Government a draft decree on amending Decree 95/2020/ND-CP providing guidelines on procurement bidding under the Comprehensive and Progressive Trans-pacific Partnership Agreement (CPTTP). According to the MPI, the draft decree will amend and supplement some articles of Decree No 95. It aims to guide State companies to execute bidding packages under the CPTTP agreement and EU-Việt Nam Free Trade Agreement (EVFTA). However, per the Government's Resolution No 190/NQ-CP on the provisional application of the UK-Việt Nam FTA (UKVFTA), Việt Nam agreed to temporarily apply the UKVFTA from January 1, 2021. The agreement was negotiated based on the principle of inheriting commitments in the EVFTA with necessary adjustments to ensure compliance with the bilateral trade framework between Việt Nam … [Read more...] about VIETNAM BUSINESS NEWS FEB. 27

Growing tomatoes via smartphones and sitting on the top of mountain selling vegetables to the US from a distance are what some Vietnamese farmers are doing today. “People may think that farming means being completely wrapped up in working in the fields or orchards from morning to evening. But they are wrong,” said Nguyen Duc Huy, who runs a tomato and hydroponic vegetable farm in Da Lat City. Huy said the major work of modern farmers is operating smartphones. With an internet-connected smartphone, he can control the development of his tomatoes and hydroponic vegetables at any time, no matter where he is. After sensors analyze soil conditions and suggest the farming process, Huy just needs to press a button on his smartphone to activate the system which can automatically take care of plants in accordance with set programs. Huy just needs to use a small number of workers to supervise the operation of the machines in the farm. He began growing beef and picota tomatoes in 2013, … [Read more...] about Digital transformation – future of Vietnam’s agriculture

As assessed by the European-American Market Department under the Ministry of Industry and Trade (MOIT), this is a really impressive growth rate in the context of many trading partners of Vietnam encountering difficulties due to the impact of the COVID-19 pandemic. Such an optimistic signal is even more meaningful in light of the fact that the Vietnam-UK Free Trade Agreement (UKVFTA) has been temporarily applied since January 1, 2021, promising to continue creating new motivation for bilateral economic-trade cooperation in the near future. In the structure of Vietnam’s export items to the UK, agricultural exports retained stable and positive growth, with seafood exports reaching US$19.72 million (up over 18% year-on-year) and fruit exports hitting more than US$1 million (up 148.6%). These are all commodity industries with many opportunities for increased export value through tariff preferences as prescribed by the UKVFTA. According to UKVFTA commitments, the import tax on most raw … [Read more...] about Vietnam sees breakthroughs in trade with the UK

The merger will make the race in the e-commerce market more exciting. A source from the Department of E-Commerce and Digital Economy under the Ministry of Industry and Trade has confirmed that Tiki and Sendo had notified their intended merger to the department, VnExpress reported.. The e-commerce market has witnessed a money-burning race in Vietnam. Photo: VnExpress. Last month, DealStreetAsia reported that major shareholders including Tiki's JD.com and Sendo's SoftBank Ventures Asia had agreed on the merger. The two sides are working with the Vietnamese authorities on the merging procedures. A representative from the department told VnExpress that the merger of the two e-commerce platforms would be beneficial for both as they can take advantage of each other to develop and make the competition of e-commerce platforms in Vietnam more balanced. "After the merger, it remains to be seen what their business model will look like, but this merger will definitely … [Read more...] about Vietnam’s e-commerce platforms Tiki, Sendo apply for merger