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EPC contract signed on Vinh Tan 4 thermal plant expansion
Hanoi (VNA) – An Engineering, procurement and construction (EPC) contract on the expansion of Vinh Tan 4 thermal power plant at the Vinh Tan Power Centre in the central coastal province of Binh Thuan was signed between the Electricity of Vietnam (EVN) Group and four contractors at a ceremony held in Hanoi on March 10. The 1.1 billion USD expansion project will be carried out by the Doosan Heavy Industries and Construction (the Republic of Korea), Mitsubishi Corporation (Japan), along with the local Power Engineering and Consulting 2 JSC and Pacific Ocean Engineering JSC. Once becoming operational in the end of 2019, the 600MW-capacity plant is able to add some…
Taxi company Uber Vietnam cuts fares
HCM City (VNA) – Taxi company Uber Vietnam has recently announced that it has cut the fare of its UberX service in HCM City by 15 percent. The price of the service is now 7,000 VND per kilometre. The company attributed the new price policy to a decline in petrol prices. The prices applied at the current time may be changed based on the market, the company said. In another development, Uber has announced many programmes to support their drivers in Hanoi and HCM City. The programmes include a 10-15 percent reduction of maintenance service for Total, a 10-18 percent discount if family members take courses at Apollo and Language…
Northwestern mountainous region records highest household poverty rate
Hanoi (VNA) – The Northwestern mountainous region has the highest number of poor and near-poor households, which account for more than half of its total households, according to preliminary outcomes of a recent survey. The survey, which was released at a meeting of the Central Steering Committee for Sustainable Poverty Reduction in Hanoi on March 10, reveals that the Northeastern region records the second largest rate of poor and near-poor households with 29 percent, followed by the Red River Delta and the Southeastern regions, both with less than 10 percent. Deputy Minister of Labour, Invalids and Social Affairs Nguyen Trong Dam said figures have been collected in almost all localities…
Vietnam Airlines sets up new VASCO airline
Hanoi (VNA) – Vietnam Airlines Corp officially set up a new airline based on the restructuring of its subsidiary Vietnam Air Services Co (VASCO), the national carrier said in a press release on March 7. The new airline will be named VASCO and has a minimum charter capital of 300 billion VND (13.43 million USD) and about 10 airplanes. Vietnam Airlines will hold 51 percent of the venture, while the Vietnam Technological and Commercial Joint Stock Banks (Techcombank) will have a 49 percent stake. As soon as the airline is established, Techcombank will make an initial investment of 147 billion VND, while Vietnam Airlines will provide aircraft and other assets…
Ho Chi Minh City sees youth potential for business growth
Ho Chi Minh City (VNA) – Dynamic youth are likely to help Ho Chi Minh City realise its goal of doubling the number of enterprises in 2020, visiting senior advisor to the US Secretary of State David Thorne said to local authorities on March 8. Thorn said his visit is part of a US programme to assist ASEAN countries, including Vietnam, in promoting business and innovation. He expressed his appreciation for the southern city’s support for the construction of a Fulbright University here. He said he would try to make sure that President Barack Obama will visit the south and Ho Chi Minh City as part of his trip to…
Tourism hopeful about TPP benefits
Hanoi (VNA) – Many new opportunities will be opened up for the tourism sector by Vietnam’s participation in the Trans-Pacific Partnership (TPP) and the ASEAN Economic Community (AEC), according to an industry expert. Director of Vietnam National Tourism Administration’s Market Department Dinh Ngoc Duc said loosened regulations on investment and labour for TPP and AEC member countries will stimulate demand for travelling to seek investment, business and employment opportunities. This will give a boost to the flow of international travellers within the TPP and AEC. Duc added that most TPP members have also committed to opening the market of business travel among them. With the TPP, international travellers will enjoy…
Automobile sales plummet in February
Hanoi (VNA) – Vietnam’s automobile sales reached 11,718 units in February, down 49 percent against the previous month, according to the Vietnam Automobile Manufacturers’ Association (VAMA). The number of passenger cars sold tumbled 54 percent to 6,446 units, while commercial cars dropped 44 percent to 4,599 units and special-purpose cars decreased 21 percent to 673 units. In the first two months of this year, the sale of domestically assembled cars increased 24 percent compared to the same period last year. In contrast, imported cars sales fell 24 percent year-on-year, VAMA said. Overall, auto sales rose 8 percent year-on-year during the Jan-February period, with respective increases of 50 percent and 27…
Finland helps develop smart power grid in Vietnam
Hanoi (VNA) – The Central Power Corporation and Finland’s ABB Oy Company launched mini Supervisory Control and Data Acquisition (SCADA) system projects in the central and Central Highlands regions with the aim to develop a smart power grid there. The introduction of the mini SCADA system in Tam Ky city of central Quang Nam province and Pleiku city of the Central Highlands province of Gia Lai is vital to minimise system faults, reduce the risk of accidents and improve the effectiveness of power supply. Investment for the two projects totaled around 4.5 million USD. Deputy Minister of Trade and Industry Hoang Quoc Vuong said that since 2006, with a preferential…
Viettel becomes first 4G service provider in Burundi
Hanoi (VNA) – Lumitel – a brand of the military-run telecommunication group Viettel in Burundi – has become the first 4G LTE service provider in the African country. Viettel said Lumitel has offered the 4G service at 100 Mbps in Burundi’s major provinces of Bujumbura, Gitega, Ngozi, Muyinga, Makamba and Rumonge. Entering the local market in April 2015, Lumitel had aquired 1 million clients in only four months and is currently the biggest telecommunication service provider there, with its network covering 90 percent of Burundi and 1.3 million users. Viettel executives said although the group has not officially begun supplying the 4G service in Vietnam, it has taken the lead…
Exchange rate to be stable in 2016
Hanoi (VNA) – The exchange rate in 2016 will not have big changes in order to ensure macro-economic stability and support economic growth in accordance with the Government’s orientations, according to Bui Quoc Dung, head of the State Bank of Vietnam (SBV)’s Monetary Policy Department. Dung said that before the SBV implemented its new exchange rate management by announcing the central rate daily, many economists and organisations had forecast an increase of 5-7 percent in the exchange rate. However, the forecasts changed as the central bank’s move helped stabilise the forex market and made the exchange rate decrease sharply. The Standard Chartered Bank predicted a rise of 1-2 percent in…
Ministry refines apartment regulations
HA NOI (VNS)— The construction ministry recently issued a circular on the management and use of apartment buildings, which is expected to improve the relationship between residents, investors and the building’s management boards. As apartment buildings become popular in crowded cities along with the country’s rapid urbanisation and growing population, the lack of clear regulations about the management and use of apartment buildings have resulted in conflicts between the relevant parties, affecting residents’ life and undermining trust. Circular No 02/2016/TT-BXD, which will take effect on April 2, is expected to tackle the problems. The service operation fee, one of the greatest concerns of apartment residents, is calculated based on the…
Japanese company hopes to build gas storage in Ha Nam province
Ha Nam (VNA) – Japan’s Tokyo Gas Chemicals Co., Ltd is considering the building of an industrial gas storage facility at Dong Van 3 Industrial Park in Duy Tien district of northern Ha Nam province. Chief Representative of Tokyo Gas in Hanoi Yusuke Hirase told local authorities at a working session on March 1 that his company wants to expand investment in Southeast Asia. He said the company chose Ha Nam for its good investment attraction policies, especially for Japanese businesses, and also for the province’s convenient location in trade with Hanoi and neighbouring localities. Secretary of the provincial Party Committee Mai Tien Dung pledged to create the optimal conditions…
Foreign visitors to Viet Nam increase by 3.5% in February
HA NOI (VNS) — More than 833,000 foreign visitors entered Viet Nam in February, a 3.5 per cent increase from the previous month and 20 per cent surge year-on-year. According to the General Statistics Office (GSO), the latest addition has brought the number of foreign arrivals to the country in the first two months up to approximately 1.64 million, representing a year-on-year increase of 16 per cent. Foreign arrivals by air reached about 1.33 million, up 14.2 per cent year-on-year while arrivals by road saw a yearly rise of 31.3 per cent to 288,000. However, arrivals by sea declined 22 per cent to number 24,200. During the reviewed period, the…
Restaurant chains: Burger King encounters problems, others leaving market
VietNamNet Bridge – A series of restaurant chains, including Burger King, Golden Gate, Red Sun-ITI and Mesa Group have shut down one or many restaurants recently. In early February, Nguyen Gia Thanh, managing director of Burger King, affirmed that the brand will stay in Vietnam. However, on February 15, a Burger King at No 1B-1B1 on Cong Hoa Street in Tan Binh district, HCM City, was shut down. Thanh said that he decided to close some Burger Kings recently because the retail premises don’t shown business potential, and that the closed restaurants will be replaced by new ones located in more advantageous positions. He went on to say that he…
NA aims to pass four draft laws in final session
HA NOI (VNS) — The last session of the National Assembly’s (NA) 13th tenure will officially open on March 21 and wrap up on April 14, the NA announced yesterday. Four new draft laws are expected to be reviewed and passed during the 11th session, including the Law on Information Access, amendments and supplements to articles in the Value Added Tax Law, and the Laws on Excise Tax and Tax Management. The NA will also look into amendments made to five laws regulating the conclusion, accession and implementation of treaties; the press; the protection, care and education of children; and the pharmaceutical and import/export duty. The session – the last…
Value of goods and services rises
HA NOI (VNS) — The national retail value of goods and services in the first two months of this year experienced the same growth rate as last year. However, the strong surge experienced in several previous years was absent, the General Statistics Office (GSO) said. The office said the total retail value of goods and services in the first two months gained a year-on-year surge of 9.7 per cent to reach VND587 trillion (US$26.6 billion). That is not a high growth rate as usual because of the high demand during the Tet festival in February. Vu Manh Ha, a GSO expert, said the retail value of goods and services in…
Treatment of rare diseases in VN is expensive
The conference was held on Sunday to mark International Rare Disease Day. A rare disease is defined as one that affects one in 500 people to one in 2,000 people. An estimated 350 million people suffer from rare diseases in the world. While a majority of the conditions are genetic in origin, others are the result of infections, and environment or degenerative factors. Rare diseases usually appear in early in life and about 30 per cent of the children with rare diseases die before the age of five. Dr Vu Chi Dung, head of the department of endocrinology, medical genetics and metabolism under the National Hospital of Pediatrics (NHP), said…
Exchange rate to be stable in 2016
Hanoi (VNA) – The exchange rate in 2016 will not have big changes in order to ensure macro-economic stability and support economic growth in accordance with the Government’s orientations, according to Bui Quoc Dung, head of the State Bank of Vietnam (SBV)’s Monetary Policy Department. Dung said that before the SBV implemented its new exchange rate management by announcing the central rate daily, many economists and organisations had forecast an increase of 5-7 percent in the exchange rate. However, the forecasts changed as the central bank’s move helped stabilise the forex market and made the exchange rate decrease sharply. The Standard Chartered Bank predicted a rise of 1-2 percent in…