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Sydney-based commercial finance provider Acuity Funding and Tin Thanh Group on Monday concluded a deal in which the former would provide US$6.4 billion for the latter's green projects in Vietnam and the U.S.. As per the deal, Acuity Funding will pour $1 billion into four biomass power plants and thousands of hectares of grain cultivation in the central and southern regions of Vietnam. These facilities will be located in Da Nang City, Kon Tum Province, and An Giang Province, with a total capacity of 165MW. Acuity Funding also pledged some $1.7 billion for the Vietnamese firm’s project to build a truck service and retreading factory in South Carolina, the United States. The facility will serve over one million trucks in the U.S. to reduce gas emissions, save costs, and advance green energy transition. The land for the project in South Carolina was already handed over to Tin Thanh Group. Acuity Funding will also provide $3.7 billion for the group to develop a green hydrogen … [Read more...] about Vietnamese firm secures massive funding for green projects from Australian finance provider

Lt. Gen. Nguyen Van Vien, Director of the Police Department for Drug Related Crime Investigation, speaks at the conference on September 26. (Photo: baochinhphu.vn) Khanh Hoa (VNA) – The first Vietnam - Australia conference on cooperation in drug prevention and control took place in Nha Trang city, the central province of Khanh Hoa, on September 26. Lieutenant General Nguyen Van Vien, Director of the Police Department for Drug Related Crime Investigation (C04) under the Vietnamese Ministry of Public Security, and Deputy Commissioner of the Australian Federal Police (AFP) Lesa Gale co-chaired the event. Vien said Vietnam is facing great pressure from the trafficking of drugs from the Golden Triangle. Besides, amid international integration and globalisation, drug related crimes in other regions in the world have also had certain impacts on Vietnam, making the drug crime situation more complicated. This fact requires closer and more effective coordination among … [Read more...] about Vietnam, Australia enhance cooperation in drug combat

At the meeting. — Photo courtesy of Petrovietnam Vietnam National Oil and Gas Group (Petrovietnam) is actively pursuing strategies to ensure the continuity of oil and gas production in 2023 in the face of various challenges in its production and business operations. This becomes especially crucial as many of Việt Nam's key oil fields are experiencing natural declines, and several member units lack the capacity for substantial investments in new mining ventures. According to Petrovietnam, the current market supply and demand conditions have exhibited several shortcomings since the beginning of the year. These include a low capacity to mobilise electricity, resulting in significantly lower gas production than planned and in comparison to previous periods. Consequently, there is an excess of gas production, which has repercussions on the targets for crude oil production. Additionally, it hampers the achievement of long-term reserve increases and planned production expansions for … [Read more...] about Petrovietnam pushes initiatives to sustain oil and gas production

Phan Van Son, director of General Department under the Commission for Management of State Capital at Enterprises In Vietnam’s quest for economic prosperity, the Commission for Management of State Capital at Enterprises (CMSC) stands out as a sentinel overseeing the ownership in 19 pivotal state-owned enterprises (SOEs), each playing diverse roles across 16 varied sectors. According to Phan Van Son, director of General Department at the CMSC, the journey, while dotted with accomplishments, has many challenges. “The commission acts as a dedicated agency, symbolising state ownership in enterprises, rendering them guardians of state assets,” said Son. According to Son’s presentation at VIR ’s seminar titled 'Looking Back and Moving Forward' on September 26, by 2022, these 19 SOEs have witnessed a surge in their consolidated total capital and assets, touching $48.7 billion and $105.2 billion respectively, reflecting a substantial 63 per cent of total state ownership capital and … [Read more...] about CMSC navigates reforms and challenges at SOEs

“After seeing generally mixed performances by a trio of newly public companies this month, VNG was advised to hold off until market demand improves,” an inside source disclosed to Bloomberg . While VNG remained reticent on the matter, the strategic pause mirrors a broader caution in the tech IPO space. Notably, both Arm Holdings Plc, the SoftBank Corporation affiliate, and delivery service Instacart experienced their stocks trading beneath their IPO valuations. VNG, which debuted as Vinagame in 2004, has transitioned from its initial gaming focus to become a diversified digital powerhouse in Vietnam, offering an array of services from video streaming and news portals to mobile payments. The company has contemplated a US listing since 2017. Before this revision in plans, the gaming and communications conglomerate had intimated an intention to offload approximately 22 million shares in its proposed IPO, though pricing details remained under wraps. In 2021, VNG was contemplating … [Read more...] about VNG delays US IPO amid subdued market appetite

The De Heus Can Tho Aqua Feed Mill is designed with a total capacity of 240,000 tonnes annually and is dedicated to producing basa fish feed. All products are manufactured using state-of-the-art European and United States production technology. The entire production process, from input to output, is controlled by a fully automated system and strictly managed in accordance with ISO 22000, BAP and GLOBAL G.A.P. standards. Speaking at the ceremony, Koen De Heus, CEO of De Heus Animal Nutrition said, "We strongly believe white fish products are among the most healthy, delicious and sustainable animal protein products. Therefore, De Heus is actively investing in building our capabilities in this sector, especially in Asia and Africa. Vietnam is positioned well to become one of the world’s most important sources of aquatic proteins. We are committed to keep developing our strategic position in Vietnam together with our local and international partners.” Johan van den Ban, CEO of De … [Read more...] about De Heus opens $20 million aqua feed mill in Can Tho

SKC Co. Ltd. (SKC), a subsidiary of the SK Group , has received an investment certificate to develop a high-tech biodegradable materials factory in the northern port city of Hai Phong. With the total investment capital of $500 million, the factory specialises in producing biodegradable materials such as polybutylene adipate terephthalate and polybutylene succinate. The project spreads across an area of 32,089 square metres in the Haiphong I DEEP C Industrial Zone in the Dinh Vu-Cat Hai Economic Zone. In the first phase, the project will start construction in mid-December 2023, slated to be completed within nine months. The project is expected to reach an output of 35,000 tonnes by year-end. In the second phase, the company will increase the total output to 70,000 tonnes per year. Woncheo Park, CEO of SKC under SK Group said, "SK Group has invested about $3 billion in Vietnam over the past five years. Currently, Hai Phong is one of the countries with the most modern … [Read more...] about South Korea’s SK Group continues to deepen investment in Vietnam

Print has been the mainstay, but times change and so must the press. Photo: Le Toan Since taking a role as an economic counsellor at the Indonesian Embassy to Vietnam a few years ago, Ance Maylany Napitupulu has considered the local media a reliable source of information for her work. “I’m quite impressed by what Vietnam Investment Review has been doing in conveying information via in-depth stories on both online and print newspapers, and especially in organising events,” Napitupulu said. Napitupulu attended VIR ’s conference themed “Stronger Investment Partnerships for a Thriving Vietnam” in May, where she had an opportunity to establish relations with experts. This was the second time that Napitupulu had participated in such large-scale events led by VIR , which she said is becoming a professional event organiser besides its well-established expertise in the Vietnamese press. “I hope to have another opportunity to attend VIR events as they will provide me with new … [Read more...] about Evolving demands and trends dictate VIR‘s future

At the decision hand-over ceremony. (Photo: VNA) Hanoi (VNA) – The Ministry of National Defence on September 25 handed over the State President’s decisions to three officers, who will join the UN Interim Security Force for Abyei (UNISFA) and the UN Mission in South Sudan (UNMISS). The three are Lieutenant Colonel Nguyen My Hanh, and Captain Pham Thi Mai Ngan, who will work at UNISFA , and Major Hoang Van Kien, who will go to UNMISS . Kien will fly to the UN mission on September 28, while the others are scheduled to leave Vietnam in early October, according to Colonel Pham Manh Thang, Director of the Vietnam Department of Peacekeeping Operations. Addressing the event, Senior Lieutenant General Phung Si Tan, Deputy Chief of the General Staff of the Vietnam People's Army (VPA), asked the department to continue selecting personnel for the UN forces in line with regulations, and build a suitable roadmap to improve foreign language skills for Vietnamese peacekeepers. … [Read more...] about Three more Vietnam military officers to join UN peacekeeping forces

At the opening ceremony of De Heus Vietnam's aquatic feed plant in the Mekong Delta city of Can Tho on September 26 (Photo: VNA) Can Tho (VNA) – The Dutch-based supplier of animal nutrition products De Heus freshly opened a 2.7ha aquatic feed plant in the Mekong Delta city of Can Tho on September 26. Locating at the Tra Noc II Industrial Park in O Mon district, the 18.6 million USD facility is capable of manufacturing 240,000 tonnes of high-quality feed products for tra and basa fish (Pangasius) per year. At the opening ceremony, Deputy Minister of Agriculture and Rural Development Phung Duc Tien took note of the corporation’s contributions to Vietnam’s aquaculture development. He suggested it study the use of domestically available sources of raw materials and alternative ingredients to reduce production costs and enhance efficiency. Realising Vietnam’s advantages to be among key seafood suppliers globally, De Heus is committed to developing its strategic position in … [Read more...] about Netherlands’ De Heus opens aquatic feed factory in Can Tho