Billion usd abbreviation

Indonesian Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan (Photo: Ministry for Maritime Affairs ) Jakarta (VNA) – Indonesia, having the sixth-largest bauxite reserves in the world, sees the potential of bauxite downstream could reach 13 billion USD next year from the current 9 billion USD. According to Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan, although Indonesia is in top six bauxite reserves in the world, the country only exports it. President Joko Widodo has recently directed to enhance processing so as to increase value for the processing industry, he said. If bauxite is processed into various derivatives, the value can go up to 11 digits, and this potential has not been maximized yet. The Indonesian government will consider accelerating an export ban on bauxite and other mineral items such as tin and alumina, among others, subject to the scale of investment, he revealed. Under the current rules, exports of bauxite are … [Read more...] about Indonesia targets to attract 13 billion USD to bauxite processing

Escalating trade tensions and rising protectionism have caused a formidable pressure on Vietnamese steel sector.(Photo: VNA) Hanoi (VNA) – Escalating trade tensions and rising protectionism have caused a formidable pressure on Vietnamese steel sector, according to insiders. The Vietnam Steel Association (VSA) has said local steel producers faced difficulties in the first months of 2019 when prices averaged just 650 USD per tonne, a fall of 12 percent compared to the same time last year, driven by trade tensions. Vietnam mainly shipped steel and iron to the markets of the Association of Southeast Asian Nation (ASEAN), the US and the European Union. Although exports to popular partners like Cambodia, Indonesia and Malaysia were kept steady, shipments to two other major outlets - the US and the EU - saw strong declines in both volume and value. Some 285,000 tonnes of steel and iron were exported to the US during January-June, earning the country 223.2 million USD, representing a … [Read more...] about Vietnamese steel faces tough seas

At a workshop themed “Policy Aspects for Vietnam Digital Economic Development,” jointly held by the Ministry of Industry and Trade (MoIT) and the World Bank Group in Hanoi, he described cyber security and its crucial role in protecting online customers as important factors to develop Vietnam’s digital economy. Enhancing digital skills for local residents should be priorities in the Government’s policies to ensure that equal opportunities from the digital economy are offered to all, the official suggested, adding that the education system must be improved to well meet the market requirements. The digital age offers opportunities for the economy of Vietnam. Photo: sapo.vn According to Dang Hoang Hai, head of the MoIT’s Department of E-commerce and Digital Economy, Vietnam has a total population of more than 96 million people, 64 million of whom get access to the Internet and 57 percent of the population have social accounts. Last year, … [Read more...] about Workshop seeks to boost Vietnam’s digital economic development

At the Rong May Glass Bridge ecological tourism site (Photo: VNA)   Lai Chau (VNA) – The Sun Gate Group on November 16 inaugurated the first stage of Rong May Glass Bridge ecological tourism site, as part of Thac Trang (White Falls) tourism project, in Son Binh commune, Tam Duong district, the northwestern mountainous province of Lai Chau. With beautiful scenery and mild climate all year round, the tourism site also connects the centre of Sa Pa tourism area with Tac Tinh waterfalls, Tien Son cave, Pu Sam Cap cave and community-based tourist areas of Thai, Mong, Dao, Lao, Lu ethnic minority groups. Chairman of the Tam Duong district People’s Committee Tu Huu Ha said the site will contribute to local socio-economic development and job creation to local workers. The site, built at a total cost of 1 trillion VND (43.4 million USD) in January 2018, will operate for up to 50 years with facilities such as a hotel, an elevator system and a … [Read more...] about First stage of Rong May Glass Bridge tourism site opens in Lai Chau

Thai police have seized more than 14 million methamphetamine pills that were bound for neighbouring Malaysia and beyond (Photo: Reuters/VNA) Hanoi (VNA) – Thai police have seized more than 14 million methamphetamine pills worth 1.48 billion THB (45 million USD) that were bound for neighbouring Malaysia and beyond, authorities said on August 21. According to police, the orange pills of methamphetamine were confiscated in the northern province of Ayutthaya on August 18. Three Thais were arrested in connection with the seizure. The drugs came from Shan State in northeast Myanmar in an area under the control of an ethnic Wa militia force. Commander of the Narcotics Suppression Bureau Lieutenant General Sommai Kongvisaisuk said the drugs were destined for Malaysia and then on to other markets around the world. The seizure is the latest big methamphetamine bust in the Southeast Asian region. Similar cases had been made in Malaysia and Indonesia. The production and … [Read more...] about Thailand seizes huge haul of methamphetamine