Minister of Transport Dinh La Thang decided to set up an inspection team to look into expressway projects contracted to the Republic of Korea’s POSCO Engineering and Construction (E&C) on April 9. POSCO E&C's transport projects in Vietnam to be inspected The inspection team includes six members from the Ministry of Transport, its Finance Departments, Department of Science and Technology, and Department of Transport Construction and Quality Management, headed by the Ministry’s Deputy Chief Inspector Le Van Doan. The inspectors will look into the process of selecting contractors, assessing and making payments, looking for any possible wrongdoings and violation of law. Based on the results, the inspectors will make proposals to improve State management capacity and ensure the transparency of transport construction projects. The same day, Kwon Sang Kee, an executive in charge of the Southeast Asian branch of POSCO E&C, sent a document to the Vietnam Ministry … [Read more...] about Transport Ministry looks into projects contracted to RoK’s POSCO E&C
Struggles when you look younger than your age
Vietnamese Minister of Culture, Sports and Tourism Nguyen Ngoc Thien chaired the 18th ASEAN Plus Three Tourism Ministerial Meeting on January 18, which forms part of the ongoing 2019 ASEAN Tourism Forum (ATF) in Ha Long city, Quang Ninh province. Minister of Culture, Sports and Tourism Nguyen Ngoc Thien (centre) poses with participants at the conference In his opening remarks, Thien emphasized the significance of tourism cooperation between ASEAN and its three partner countries, namely China, Japan and the Republic of Korea (RoK). In 2018, the two-way exchange of tourists between ASEAN and China reached more than 50 million arrivals, including around 30 million Chinese arrivals to ASEAN countries (up 30% year on year) and approximately 22 million ASEAN arrivals to China (up 105% annually). Japan and the RoK are also the two important tourism source markets of ASEAN. Last year, about three million arrivals of ASEAN tourists visited Japan, a year-on-year increase of 16%, and … [Read more...] about ASEAN looks to strengthen tourism ties with China, Japan and RoK
Thanh told the press that with the bank’s strategic orientation and its business results in January 2018, the goal is completely within reach. According to him, VCB became the first bank in Vietnam to obtain the profit target of VND10 trillion (US$439 million), and one of the banks with assets worth quadrillion VND in 2017. VCB’s profit in 2017 hit VND11.3 trillion (over US$496 million) and its total assets last year valued at over VND1 quadrillion (US$43.9 billion), representing year-on-year increases of nearly 33% and 31%, respectively. In 2017, the bank also worked hard to effectively resolve bad debts, keeping its bad debt at 1.1% – the lowest among Vietnam’s credit institutions. Thanh attributed the results to both effective credit and non-credit services of the bank. Under its development strategy to 2020, VCB’s credit services are expected to contribute 32-33% to its revenue, while non-credit services will … [Read more...] about Vietcombank looks to earn US$570 mln profit in 2018
Nguyen Thi Xuan Thuy, director of the Ministry of Industry and Trade’s Centre for Supporting Industrial Development, said at a recent forum that Vietnam’s textile industry is still dependent on import of production inputs. The country plans to have 30,000-76,000 hectares under cotton crops in the 2015-2020 period, but had only 1,000 ha in 2017, and cotton production that year was only 1,000 tons against a target of 20,000-60,000 tons, she said. The country targets annual fabric production of one billion meters but there is no allocation of funds for it, and so most material has to be imported for production, Thuy noted. Vietnam imports half the raw material for production from China, and this means its textile products would not enjoy zero import tariffs under the trade pacts it has signed, she added. But local feedstock producers struggle to sell domestically. Vu Huy Dong, CEO of thread producer Dam San, said 90 percent of his output is exported to China. "Chinese … [Read more...] about Textile sector stuck at bottom of value chain
I knew instantly that I would never see it. Three months after Christmas, I was still waiting for a postcard sent by my mum. As my eldest brother noted over the phone, there was a little bit of Christmas cash tucked inside for me. Considering that the Vietnamese postal system has always opened every single letter and parcel I’ve ever received, I knew the money would be taken. Although I hoped I’d at least receive the card, minus the cash, it never came. Among the banes of living in Vietnam, the postal service is a regular annoyance. Mind you, I was amazed seven years ago to get a parcel from my mum with all the great candy she sent still intact despite a horrid sticky-tape repair job on the box. Even my motorbike guy can plug a hole better than that. Maybe it’s because the postal service here is just too busy. I’m not surprised that the forests are disappearing...the amount of paperwork here can be surreal sometimes. Want a job in Vietnam? A work … [Read more...] about Written from Vietnam: It’s in the mail!