Restructuring of State-run firms faces challenges Restructuring of a number of State-owned enterprises has been delayed due to problems of redundant workers, collecting past-due debts and writing down losses, said deputy head of the Government Office and vice chairman of the Steering Committee on Business Renovation and Development, Pham Viet Muon. Muon told a meeting held here Wednesday by the Government Office and the World Bank that the process of equitising State-owned enterprises (SOEs) has slowed in the past five years. He said the Government has requested economic groups to submit restructuring plans by March of this year which would be focused on key lines business and plan for divestment from non-core business fields such as banking, real estate development, insurance and securities before 2015. Equitisation of companies was expected to be completed before 2020. Once operations were totally focused on key lines of business, with improved corporate governance, equitisation … [Read more...]
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BUSINESS IN BRIEF 21/2
Restructuring of State-run firms faces challenges Restructuring of a number of State-owned enterprises has been delayed due to problems of redundant workers, collecting past-due debts and writing down losses, said deputy head of the Government Office and vice chairman of the Steering Committee on Business Renovation and Development, Pham Viet Muon. Muon told a meeting held here Wednesday by the Government Office and the World Bank that the process of equitising State-owned enterprises (SOEs) has slowed in the past five years. He said the Government has requested economic groups to submit restructuring plans by March of this year which would be focused on key lines business and plan for divestment from non-core business fields such as banking, real estate development, insurance and securities before 2015. Equitisation of companies was expected to be completed before 2020. Once operations were totally focused on key lines of business, with improved corporate governance, … [Read more...]
Vietnam – Angola Business Forum 2012 Opens in Hanoi
The Vietnam-Angola Business Forum, themed "New Partners for Development" took place at Media Hotel, Hanoi on February 16. The event was hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Angolan Embassy in Vietnam. Vietnamese Vice President Nguyen Thi Doan and Angolan Vice President Fernando Dias Dos Santos chaired and delivered speeches to the meeting. Vice President Fernando Dias Dos Santos said Angola would do its best to promote the effective bilateral cooperation. Angola will create the most favourable conditions for Vietnamese companies to do business and for Vietnamese people to live and work. Meanwhile, Vice President Nguyen Thi Doan stressed that both Vietnam and Angola are open markets with great potential, providing good opportunities for businesses from both countries to develop their markets in the coming years. Vietnam will do its utmost to further promote political and economic relations with Angola. The forum witnessed an … [Read more...]
Vietnam-Angola Business Forum opens in Hanoi
Vietnam and Angola are promising open markets and the Vietnam-Angola Business Forum is an opportunity for the two countries’ businesses to develop their markets in coming years, said Vice State President Nguyen Thi Doan. Addressing the forum, themed “New Partners for Development” that took place in Hanoi on Feb. 16, Vice President Doan said Vietnam will exert its utmost to beef up the two countries’ economic and political relations, facilitate cooperation between the two countries’ businesses and act as an efficient bridge for the two economies to bring their strengths into play. Angolan Vice President Fernando Dias Dos Santos said Angola defines agriculture as its key goal, with cereal and breeding and processing industries. Angola is creating an attractive investment environment for private and public investors, said the Angolan Vice President, expressing his belief that through the establishment of partnerships, cooperation between Vietnamese and … [Read more...]
Vietnam-Angola Business Forum opens in Hanoi
Vietnam and Angola are promising open markets and the Vietnam-Angola Business Forum is an opportunity for the two countries' businesses to develop their markets in coming years, said Vice State President Nguyen Thi Doan. Addressing the forum, themed "New Partners for Development" that took place in Hanoi on Feb. 16, Vice President Doan said Vietnam will exert its utmost to beef up the two countries' economic and political relations, facilitate cooperation between the two countries' businesses and act as an efficient bridge for the two economies to bring their strengths into play. Angolan Vice President Fernando Dias Dos Santos said Angola defines agriculture as its key goal, with cereal and breeding and processing industries. Angola is creating an attractive investment environment for private and public investors, said the Angolan Vice President, expressing his belief that through the establishment of partnerships, cooperation between Vietnamese and Angolan businesses will see new … [Read more...]
Vietnam-Angola Business Forum opens
Vietnam will do its utmost to further promote political and economic relations with Angola and create the best conditions for businesses from the two countries to cooperate with each other. Vice State President Nguyen Thi Doan made the commitment at the Vietnam-Angola Business Forum held in Hanoi on February 16, with the aim of further fostering trade and investment cooperation between the two countries. Ms Doan emphasized that both Vietnam and Angola are open markets with great potential, providing good opportunities for businesses from both countries to develop their markets in the coming years. Angolan Vice President Fernando Dias dos Santos said his country considers agriculture a key sector, producing cereals and livestock for the processing industry. Its economy is gradually rebounding, so the country is creating an attractive environment for public and private investments, as well as devising measures and legal tools for strong economic growth. Mr dos Santos expressed … [Read more...]
VN-Angola Business Forum convened in HN
VGP - Việt Nam-Angola Business Forum was held in Hà Nội on February 16 to boost trade and investment cooperation between the two countries. Việt Nam will do its utmost to further promote political and economic relations with Angola and create the best conditions for businesses from the two countries to cooperate with each other, said Vice State President Nguyễn Thị Doan. Ms. Doan emphasized that both Việt Nam and Angola are open markets with great potential, providing good opportunities for businesses from both countries to develop their markets in the coming years. Angolan Vice President Fernando Dias dos Santos said his country considers agriculture a key sector, producing cereals and livestock for the processing industry. Its economy is gradually rebounding, so the country is creating an attractive environment for public and private investments, as well as devising measures and legal tools for strong economic growth. Mr. dos Santos expressed his hope that Angolan businesses will … [Read more...]
Waste-treatment service fees keep investors away
VietNamNet Bridge - Investors are hesitating to pour money into waste treatment projects because of unclear service fees set by local authorities. In 2012, Trisun International Developments and Kien Giang Company Ltd planned to build a waste treatment plant to treat waste with plasma technology, a green and clean technology which can generate electricity. Under the project designed by the two companies, 80 percent of waste will be transformed into electricity, while the remainder will create secondary products such as syngas, black rock and soft rock. Tu Ngoc An, chair of Kien Giang Composite Company, representing Trisun in Vietnam, said at a press conference in that year that in the first phase of the project, the production line with the capacity of 2,000 tons of waste a day would be put into operation in the first phase of the project. It was expected that 1.6 million kwh of electricity would be created a day, 45 percent of which would be used to run the plant, while the … [Read more...]
Waste power plant nears go-ahead in Thanh Hoa
Canada’s Naanovo Energy Inc has filed an application for an investment certificate to build a 17 megawatt waste-to-energy plant in the central province of Thanh Hoa. According to the Thanh Hoa Provincial People’s Committee, executives from Naanovo Energy visited the province in mid-December and discussed the investment with the local authorities. Under Naanovo Energy’s plan, the company will invest $101 million to build a waste-to-energy plant on a 25-hectare site. The plant will be able to treat 191,700 tonnes of waste a year. Nguyen Ngoc Hoi, Vice Chairman of the Thanh Hoa Provincial People’s Committee, said the local authorities had already prepared site clearance, water supply and transportation infrastructure for the project. But he noted Naanovo Energy needed to complete the usual administrative procedures and environmental impact assessment to gain an investment certificate. Established in 2001 in Canada, Naanovo is a global clean energy company with … [Read more...]
Waste not, want not incentives offered
Vietnam has introduced an incentive policy for the first time which will encourage private investors to build waste-generated power projects in Vietnam. "The mechanism, effective from June 20 this year, will be one of the most important pillars to support renewable power projects generated from solid waste. It will help attract investors in this type of renewable energy," said Nguyen Duc Cuong, head of the Ministry of Industry and Trade's (MoIT) Institute of Energy. … [Read more...]
Higher tariff to spark waste energy power
High feed-in-tariff has been proposed to generate interest in waste-to-power investment The Ministry of Industry and Trade (MoIT) has proposed instigating a supporting mechanism for a solid waste-generated power plant, which will pay the way for private investors to build waste-to-power projects in Vietnam. The proposal is a set feed-in-tariff of 10.05 UScents per kilowatt hour for renewable power generated from solid waste-to-power plants. This level is higher than the tariff of 7.8 US cents set for wind power plants and the feed-in-tariff proposed for biogas plants generated from solid waste which stands at just 7.28 US cents. If the proposal is approved by the Vietnamese government, it will be the first time Vietnam has introduced a feed-in-tariff for waste-to-power projects. "This mechanism will be an important support for renewable power projects generated from solid waste. It would help attract investors in this type of renewable energy," said Nguyen Duc Cuong, head of … [Read more...]
Price policies stun investors
The absence of a regulatory framework and the low selling price of electricity are discouraging investors from building waste-to-power generation plants in Vietnam, experts say. Nguyen Duc Cuong, head of the Ministry of Industry and Trade's Institute of Energy, said that although Vietnam had potential for developing the renewable power energy, it still lacks incentive policies to attract investors in this field. Meanwhile, a major obstacle for investors considering waste-to-power plants is the low selling price of electricity. Under the local rules, private power producers have to negotiate with state-owned Electricity of Vietnam (EVN), the country's sole power distributor, over the average selling price of 7.8 US cents/kWh, the same as those who are interested in wind power projects. Cuong told VIR that there was not a detailed framework for waste-to-power generation projects in Vietnam. Yoshioka Toru, director of Hitachi Zosen said that the investment in waste-to-power … [Read more...]
The Garbage Attraction
Some garbage treatment projects in HCMC Tu Ngoc An, board chairman of Kien Giang Composite Co. (KGC), has paid a visit to Australia to finalize the whole plan of building a plant generating power from garbage in HCMC with Australian partner Trisun International Development Co. The attraction of wastes is now clearly seen, but millions of tons at landfills are still ignored … [Read more...]
High technology projects landing in Vietnam
Big foreign investors are seeking the opportunities to invest in high technology projects in Vietnam to take full advantage of the incentives offered by the Vietnamese government. The Quang Trung Software Park Chu Tien Dung, President of the Quang Trung Software Park Development Company (QTSC) has said that a lot of foreign investors are planning to develop projects on information technology and supporting industries in the southern key economic zone. Some information technology and software development firms, mostly from Japan and South Korean, have expressed their intention to expand their business, or seek Vietnamese partners – software firms. The way the investors want to follow is to buy stakes of the Vietnamese firms to acquire the firms. “Foreign investors want to buy Vietnamese companies because they highly appreciate the domestic market and the labor force,” Dung said. “They would change the brands of the companies they purchase, and then develop … [Read more...]
US$400 million to build electricity plant
A plasma converted gas plant to produce electricity, at a total cost of US$400 million, will be built in HCM City by Australian Trisun International Development Company. Gavin Holland, Technology Director of the Trisun International Development, said that the company will co-ordinate with foreign partners to build a production line in Phase 1, with a design capacity of treating 2,000 tonnes of garbage per day to generate 1.6 million kWh of power, of which 45 percent will be used by the plant and 55 percent will be added to the national grid. Tu Ngoc An, Chairman of the Management Board of Kien Giang Composite KGC Company, who represents Trisun in Vietnam, said that the plant is expected to create jobs for about 200 workers. … [Read more...]
Waste-to-energy factory to be built in HCMC
A plasma converted gas factory to produce electricity, at a total cost of US$400 million, will be built in HCMC by Australian Trisun International Development Company, according to a conference held on February 15th by the Committee for Overseas Vietnamese in HCMC. Gavin Holland, the Technology Director of Trisun International Development, said that US$400 million, from the Company's budget and its foreign partners, will be used to build a production line in Phase 1, with capacity of treating 2,000 tons of garbage per day to generate 1.6 million kWh of power of per day, of which 45 percent will be used to operate the factory and 55 percent will contribute to the national grid. Tu Ngoc An, Chairman of the Board of Kien Giang Composite KGC Company, a representative of Trisun in Vietnam, said that this factory will be put into operation in 36 months, creating jobs for about 200 workers. It is expected that it will take about 10 years to recover the costs as the factory also produces … [Read more...]
Social News 26/9
Grandmother, three grandchildren murdered The police in the northern province of Quảng Ninh has started legal proceedings in the murders of four people in Phương Nam Ward of Uông Bí City. The deceased included a 61-year-old grandmother, Nguyễn Thị Hát, and three grandchildren aged three, eight and nine. At about 7am on Saturday morning, Vũ Thị Thanh, Hat's daughter, came back home from working a night shift and found the dead bodies with several wounds. Two of three children are Thanh's children while the other is her niece. Autopsies by the public security ministry indicate the motive of the killings was robbery. Prime Minister Nguyễn Xuân Phúc ordered the public security ministry, Quảng Ninh Province's People's Committee and relevant agencies to investigate, arrest the murderers and impose on them strict punishments. 12 years in jail for banker The Hà Nội People's Court on Saturday handed down a 12-year jail term for Huỳnh Thị Bảo Ngọc for "swindling to appropriate properties". Ngọc, … [Read more...]
BUSINESS IN BRIEF 25/9
Hanoi's tallest apartment bloc breaks ground The Vietnam Construction and Import-Export Corporation 2 (Vinaconex 2) began building Block B of the Kim Van-Kim Lu (Golden Silk) project in a new urban area of Hanoi in Dai Kim Ward of Hoang Mai district on September 22. Covering an area of 5,600sq.m, the building will have 45 floors, making it the city's highest apartment building. The first four floors will be reserved for a leasing office and a trade centre. With an investment of 1 trillion VND (45 million USD), the construction is expected to be finished in the third quarter of 2018, providing 604 apartments ranging from 43sq.m to 100sq.m. The apartments will be offered for sale in December this year, according to the project's investor. The target customers will be middle-income earners. At the ground breaking ceremony, Vinaconex 2 signed a credit contract worth 800 billion VND with the Bank for Investment and Development of Vietnam. Vietnam, Singapore foster economic connectivity … [Read more...]
Integrated farming a hit with room to grow
Viet Nam News Tố Như HÀ NỘI -Trịnh Quốc Huy and his family own a five-hectare farm with various fruit plants of great renown across the country and local varieties. The farm, located in Việt Lâm Town, the northern mountainous Hà Giang Province's Vị Xuyên District, has been developed following the garden-pond-livestock pen (VAC) model and earns Huy billions of đồng annually. Besides local varieties of plants and animals, the garden is home to bưởi da xanh (green skin grapefruit), bưởi Diễn (a type of pomelo), cam Canh (sweet orange), among others. Husbandry alone brings Huy some VNĐ2 billion ($89,000) each year. Huy is ready to share farming knowledge and provide quality young plants and livestock breeds for local farmers. The VAC model has also generated regular jobs for local labourers, earning them a monthly income of some VNĐ4million (US$180). "I had travelled here and there, at home and abroad, seeking to start a business. After days of ups and downs,I realised that farmers … [Read more...]
China takes over Thai fruit and vegetable industry
Experts at the Vietnam Fruit and Vegetables Association (Vinafruit) also say there are legitimate concerns that Chinese domination of these segments of the market pose a serious threat to the nation’s economic security. Long-term dangers Nguyen Van Ky, secretary general of Vinafruit, citing a study conducted by Thailand’s Pesticide Alert Network, said that out of 138 samples of produce in three major Thai growing regions, 46.6% were found to contain unsafe insecticide and pesticide residue levels. In addition, Mr Ky said more than half of the fruit and vegetables of Thailand that were awarded the ‘Q mark’ for quality by the National Bureau of Agricultural Commodity and Food Standards, were found to have harmful residue levels. In addition, 25% of the fruit and vegetables tested that had been certified as being organic (and supposedly free of chemicals), were found to contain residues exceeding accepted standards. All orange, guava and red samples failed … [Read more...]