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Vietnam gas consumption to double in next 10 years: Fitch Solutions Gas demand is expected to rise from about 9.7 billion cubic meters (bcm) in 2020 to above 25.3bcm in 2030, while influx of LNG helps to counter the decline in domestic production. Vietnam’s gas consumption is predicted to accelerate strongly over the coming decade, more than doubling, over the duration of the upcoming Power Development Plan VIII (PDP VIII) [2021-2030]. “The potential of the Vietnamese gas market is strong,” stated the Fitch Solutions in a note, saying in comparison to markets similar in terms the size of the consumer market as measured by population, Vietnam appears undersupplied in gas both in terms of absolute consumption volume and per capita. The domestic gas network is also found deficient with Vietnam ranking 15th out of 17 Asia-Pacific gas markets as per the CIA Factbook in terms of total gas pipeline length, despite having historically been self-sufficient in gas. The … [Read more...] about VIETNAM BUSINESS NEWS APRIL 13

The Ministry of Industry and Trade (MOIT) has proposed removing a tentative regulation in a draft decree that says foreign investors can hold up to 35 percent of shares of petroleum trading companies. MOIT has submitted a statement to the Government about amending some articles of the decree 83/2014 on petroleum trading management. The document was submitted on March 29, just days before the new Government tenure began. Foreign-ownership ratio According to MOIT, when the Government Office collected opinions from Government members on the draft that amends and supplements Decree 83 on petroleum trading, 24 out of 25 members agreed with the draft regulations. Only one member, who asked for an adjustment, disagreed with the plan to allow businesses trading petroleum products to transfer up to 35 percent of shares to foreign investors. Three members agreed with the draft document, but also offered suggestions on several issues. In the document, MOIT gave further … [Read more...] about Ministry proposes removing regulation on foreign-ownership ratio in petrol trading firms until PM reviews

Do Van Chien named President of VFF Central Committee Do Van Chien, President of the VFF Central Committee for the ninth tenure, speaks at the meeting in Hanoi on April 12 Do Van Chien, Secretary of the Party Central Committee and Secretary of the Party Delegation of the Vietnam Fatherland Front (VFF), has been assigned as President of the VFF Central Committee for the ninth tenure (2019-2024). The VFF Central Committee held a meeting in Hanoi on April 12 to discuss the appointment of its President and additional members to its Presidium. All in attendance agreed to assign Chien as a member of the VFF Central Committee and its Presidium, and President of the VFF Central Committee for the ninth tenure. His predecessor, Politburo member Tran Thanh Man, was recently elected Vice Chairman of the 14th National Assembly (NA). In his inauguration address, Chien said the VFF should push ahead with performing its duties in the election of deputies to the 15th NA and all-level … [Read more...] about VIETNAM NEWS HEADLINES APRIL 13

Illustrative photo (Source: VNA) HCM City (VNA) – The Ho Chi Minh City authorities have approved a proposal on piloting a bicycle-sharing system in District 1 for one year starting August 1 in a bid to promote public transport , reduce pollution, and create a new tourism product. The scheme will be carried out by Tri Nam Group , which will invest in 388 bikes with solar-powered smart locks and set up 43 bicycle stations on sidewalks around the district. The GPS-equipped locks can be operated via 3G, and 4G connections, or Bluetooth. The bicycles is expected to be rented out for 5,000 VND (0.22 USD) for 30 minutes and 10,000 VND per hour. Free renting for the first 15 minutes of use will be applied during the first stage of the project to encourage users. Do Ba Dan, chairman of the board of directors at Tri Nam, said the company is accelerating procedures to import bicycles, and prepare needed facilities and human resources. The firm will be responsible … [Read more...] about HCM City to launch public bike service in August

A lot of people were taken by surprise to know that Nghiem Tien Vien had resigned from a high-paying job to return to his hometown several years ago. Many of them would like to ask him a question: why? It is natural to raise the question, in fact. Vien, a millennial, quit when he had a decent job with a monthly salary of around US$2,500, which would be a dream to many other people in Vietnam. At the age of 31, Vien is the director of the Gostream Technology Joint Stock Company, one of the seven most excellent startups of Vietnam which participated in Techfest 2019 in Silicon Valley in the U.S. Gostream managed to raise $1 million in its Series A funding round from the local Vinacapital Ventures Foundation previously. Facebook once listed it as one of 30 platforms that had been live-streamed most in the world in 30 days. 'I can do it more simply' Vien was offered a job as a technical manager in a U.S. company based in Vietnam with a salary of $2,500 a month after he … [Read more...] about Vietnamese millennial quits well-paid job to make his dream come true