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 power being bought annually during the 2016-2020 period. This northern neighboring market can sell up to 3,000 MW of electricity or more to Vietnam from now until 2030. Petrol prices rise under latest adjustment The Ministries of Industry and Trade and Finance revised petrol prices upwards as of 3pm on February 25, marking the first increase since the traditional Lunar New Year (Tet) holiday. The retail price of E5RON92 bio-fuel rose nearly 700 VND to 17,031 VND (0.74 USD) per litre at a maximum, while that of RON 95 increased over 700 VND to 18,084 VND per litre. Diesel 0.05S and kerosene, meanwhile, are now no more than 13,843 VND and 12,610 VND per litre, up by around 800 VND and 700 VND, respectively. According to the two ministries, the prices of petrol and oil in the global market have been rising strongly for 15 days, hence the adjustment. The two review fuel prices every 15 days to ensure domestic prices are in keeping with the global market./. Aquatic product …
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VIETNAM BUSINESS NEWS FEB. 27
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 and UK. By doing so, the draft decree will avoid amending Decree 95/2020/NĐ-CP many times. The MPI has asked the Government to revise Decree No 95 as follows. The first option aims to implement international treaties on bidding and the second option is to execute the bid for public procurement of goods under the CPTTP, EVFTA and UKVFTA. To boost competitiveness in bidding, the draft decree has stipulated the implementation of bidding related to consultancy services, non-consultancy services and construction services. In the draft decree, bidding packages specified in Appendix II of the Decree No 95 show State companies will decide to allow intra-regional contractors or contractors from member countries of CPTTP to attend only. For bidding packages specified in Appendix III of Decree No 95, State companies can allow intra-regional contractors or contractors from member states of the EU and UK to bid. Regarding the intra-regional procurement bidding for the supply of goods …
Breakfast @ Tuoi Tre News – February 28
Here are today’s leading news stories: Politics -- Vietnam’s Politburo and Party Central Committee’s Secretariat hosted a gathering with former members in Hanoi on Saturday. The event was chaired by Party General Secretary and State President Nguyen Phu Trong. -- Ambassador Nguyen Hai Bang has presented his letter of credence to ASEAN Secretary-General Dato Lim Jock Hoi during a virtual ceremony to officially become Vietnam’s representative to ASEAN. Society -- No COVID-19 cases were recorded in Vietnam on Sunday morning. The country’s tally stood at 2,432, with 1,844 recoveries and 35 deaths, according to the Ministry of Health. -- More than 4,000 young men in Hanoi and many others in 20 different localities nationwide started performing their service in military and public security forces on Saturday. -- Police in the south-central province of Khanh Hoa confirmed on Saturday they had captured a 24-year-old man who had run away after fatally stabbing another person over three weeks ago. -- One person was killed after a 16-seater coach collided with a truck along a national highway in the southern province of Bac Lieu on Saturday morning. -- The former head and deputy head the Department of Taxation in the southern province of Binh Duong have been arrested and investigated for violations related to the transfer of 43 hectares of land. Business -- Revenues posted by e-commerce platforms for January were up 30 percent year-on-year although there were fewer promotions than in previous years, the Ministry of Industry and Trade reported. Education -- Twelve lecturers at the Faculty of Korean Studies of the Ho Chi Minh City University of Social Sciences and Humanities have tendered their resignation from January 25 as they believed that the newly-elected dean had not been appointed in accordance with protocols and regulations. Like us on Facebook or follow us on Twitter to get the latest news about Vietnam! …
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