Construction

In a decision issued by Prime Minister Pham Minh Chinh on Tuesday, the completion of the capital's second metro line has been pushed back five years later than previously planned. The decision was in line with a recent proposal by the Hanoi People’s Committee to postpone the project’s completion date. The total investment for the project is now over VND34.8 trillion, with VND3.9 trillion more coming from the city budget, and VND2 trillion less coming from Official Development Assistance (ODA). The committee will be responsible for the accuracy of information and statistics regarding the project, including the resolution of potential issues, the decision stated. Hanoi will also be responsible for the delay's extra costs, which will be paid for with funds from the city's 2021-2025 public investment plan. If the project fails to meet its new deadline by the end of 2025, the capital city would have to utilize other sources of funding to complete the project. In April, the … [Read more...] about Hanoi’s second metro line delayed again to 2027

The Vietnam Fatherland Front ’s 9th National Congress. (Photo: VNA) Hanoi (VNA) - Permanent member of the Party Central Committee's Secretariat Truong Thi Mai has signed a document on directing the organisation of Vietnam Fatherland Front (VFF)’s 10th National Congress in the 2024 – 2019 tenure, and the congresses of the VFF’s chambers at all levels. The document said in recent times, the VFF has continued to assert its position and role in protecting the legitimate rights and interests of the people. It focuses on promoting people's rights and mobilising their participation in patriotic movement s, engaging in social supervision and criticism, combating corruption and negative phenomena, and participating in building a clean and strong Party and political system. These efforts have contributed to strengthening the people's trust in the Party and harnessing the power of the great national solidarity bloc in the cause of national construction and defence. The upcoming … [Read more...] about Party Secretariat issues directive on organising Front ’s congresses

An overview of the NA's fifth session. (Photo: VNA) Hanoi (VNA) – National Assembly (NA) deputies will continue their ongoing fifth session on May 30 discussing important matters, including a draft Law on Electronic Transactions (revised) and a draft resolution on pilot special policies for the development of Ho Chi Minh City. The draft Law on Electronic Transactions (revised) has seven chapters and 54 articles. Compared to the current version, the bill has 31 new and nine amended articles, while erasing a number of regulations in five and eliminating three articles. During the morning discussion, NA deputies will decide the investment policy for the project to construct road from National Highway 27C to Road 656 in Khanh Hoa province which links to Lam Dong and Ninh Thuan provinces, as well as the adjustment of the investment policy for Ka Pet reservoir in Ham Thuan Nam district of Binh Thuan province. In the afternoon, they are scheduled to listen to a proposal and a … [Read more...] about NA deputies continue to discuss draft laws, resolutions on May 30

Prime Minister Pham Minh Chinh presents gifts to teachers and students of SOS Hermann Gmeiner School. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh on May 30 visited educational institutions for disadvantaged children in Hanoi on the occasion of International Children’s Day (June 1) and Action Month for Children. At the SOS Hermann Gmeiner School, established in 1994 with its construction funded by the SOS Children’s Village, Chinh presented gifts to the school and its outstanding students. The school was named after Austrian philanthropist Hermann Gmeiner – the founder of the SOS Children’s Village, which is home to underprivileged children. It provides primary and secondary education for children in the SOS Children’s Village Vietnam, those belonging to poor households and other vulnerable children. The government leader also made a field trip to a centre for integration education development under the National College for Education, which admits more … [Read more...] about Prime Minister visits educational institutions for disadvantaged children

HCM City seeks ways to attract more remittances. (Photo: VNA) HCM City (VNA) – The southern largest economic hub of Ho Chi Minh City is striving to achieve an annual growth rate of at least 10% in the inflow of remittances during the 2023-2025 period and maintains this rate in 2025-2030. The information was heard at a seminar held in the city on May 29 by the State Committee for Overseas Vietnamese Affairs of HCM City, in coordination with the State Bank of Vietnam (SBV) Branch in HCM City to seek comments and solutions of overseas Vietnamese intellectuals to effectively attract and optimise remittance resources in the city. Remittances to Ho Chi Minh City have always maintained a relatively high growth rate and play a crucial role in the city’s socio-economic development. (Photo: VNA) According to Nguyen Duc Lenh, Deputy Director of the SBV Branch in HCM City, remittances to the city have always maintained a relatively high growth rate and play a crucial role in … [Read more...] about HCM City seeks ways to attract more remittances

Vietnam has more than 12,000 newly-established enterprises with a total registered capital of 103.7 trillion VND (4.44 billion USD) in May. (Photo: VNA) Hanoi (VNA) – Vietnam had more than 12,000 newly-established enterprises with a total registered capital of 103.7 trillion VND (4.44 billion USD) in May, according to the General Statistics Office (GSO). These figures were sharply down by 24.2% and 32.9% in the number of newly registered enterprises and the registered capital respectively from the previous month, reflecting a downward trend in the business climate among individuals and enterprises as difficulties and risks facing the economy may last long. Besides, 33,000 enterprises returned to operation, down 7.4% over the same period last year, bringing the total number of newly established enterprises and those returning to operation in the five months period to nearly 95,000, a fall of 3.7% compared the same period last year. On average, nearly 19,000 businesses were … [Read more...] about Newly established firms decrease 24% in May

Seventy five years ago, during the national resistance war against the French colonialists, in order to boost Party and political work in GS’s organs, on June 8, 1948, in Ke Tam village, Diem Mac commune, Dinh Hoa district, Chief of the GS Hoang Van Thai decided to establish a Political Work Committee under the GS (currently the GS’s Department of Political Affairs). During the cause of construction and development, the department received great support of local people in Diem Mac commune to fulfill all assigned tasks. The journey was one of meaningful activities in celebration of the 75th founding anniversary of the GS’s Department of Political Affairs (June 8, 1948 – 2023). On the occasion, the department, in coordination with local authorities, held a ceremony to hand over “great unity” houses to two needy households of Mrs. La Thi Tu and Mr. Tran Van Nguyen. They also presented gifts to 20 policy households, 75 poor students with good academic results of Hoang Ngan … [Read more...] about Gratitude houses granted to needy households in Thai Nguyen province

CEO of PVS Le Manh Cuong said at the firm’s AGM 2023 on May 29 that PVS's involvement in constructing 33 foundations for Taiwanese partners has established an autonomous supply chain, specifically dedicated to PVS and Vietnam as a whole. Cuong recognises Vietnam's extensive shallow water areas and evaluates them as having the greatest potential in the Asia-Pacific region for offshore wind power. As a result, the installation costs of businesses in Vietnam are expected to be more competitive compared to China, South Korea, or Japan. Furthermore, there is a rising demand for renewable energy in the Middle Eastern market, which PVS is actively exploring. PVS's leadership is confident that they will emerge as a dominant force in the domestic and regional service market. According to Cuong, the Power Development Plan VIII explicitly demonstrates support for offshore renewable energy projects without any capacity limitations, and offers backing for electricity exports. At present, … [Read more...] about PVS in talks with foreign investors for renewable energy investments

The State Bank of Vietnam (SBV) last week announced additional adjustments to a series of key interest rates, effective from May 25. This move marks the third round of interest rate decreases within a span of less than three months, signifying its resolute efforts in lowering the interest rate landscape, aimed at providing vital support to businesses and stimulating overall economic growth. The SBV’s rate reduction moves cater specifically to existing customers, Photo: Le Toan The recent decision to lower interest rates has garnered praise from industry experts and leaders who believe it to be an appropriate and well-timed move. Le Quang Vinh, deputy CEO of Vietcombank, deemed it a sound decision that is well-aligned with the current economic landscape. “Looking ahead, we anticipate that lending rates will correspondingly decrease as deposit interest rates uniformly decline,” Vinh said. Pham Nhu Anh, CEO of MB, recognises the difficulties faced by the market in … [Read more...] about Rate reductions deemed well-timed

After the meeting with Secretary of Nam Dinh Party Committee Pham Gia Tuc on May 24 in Nam Dinh province, Taekwang Power Holdings general director Sang Young Jin expressed his determination to develop the Nam Dinh 1 thermal power plant, which has been delayed for over 10 years. According to Jin, the reason for the delay in starting construction is that the company has faced a myriad of financial problems while completing the procedures. There was also a major change in the shareholders of the company. During the meeting, Jin shared the plan to complete the procedures by the end of 2023 and kick off the construction. Jin stated that the company has completed the arrangement of capital and adjusted the investment plan in terms of modern environmental protection, meeting the standard regulated at COP 26. He hoped to receive support from the provincial leadership and the relevant authorities. In 2010, the investor, which is a consortium of Taekwang and Acwa Power Co., unveiled … [Read more...] about $2 billion Nam Dinh 1 thermal power plant could resume this year