Building and construction industry security of payment act

Vietnam’s long-awaited Power Development Plan VIII (PDP8), confirmed in mid-May, is a milestone in the country’s journey towards energy transition. The main objective of the legislation is to achieve energy security for Vietnam, progressing on its climate change commitments towards the middle of this century, and more specifically to export 5,000-10,000MW of power by 2030. Towards these goals, the PDP8 proposes a new energy mix with a substantial reliance on renewables and the development of smart transmission grids to support the renewables industry, including connecting the power grids with neighbouring countries. “We appreciate the government for the approval of the PDP8, as it provides a clear path to the completion of the grid interconnection, which is critical for us and Electricity of Vietnam (EVN) to complete agreement on the tariff and schedule of the power purchase agreement (PPA). We target completion of the PPA in Q4 of 2023 in order to break ground in 2024,” said Ian … [Read more...] about Power overhaul plan picks up steam

Ho Chi Minh City’s economic growth will be more positive this quarter with the gross regional domestic product (GRDP) growth estimated at 5.87 percent, well above the modest 0.7 percent last quarter, chairman of the municipal People’s Committee Phan Van Mai said during a group discussion on Tuesday at the ongoing National Assembly (NA) sitting. With this result, the city may achieve an economic growth rate of 3.55 percent in the first half of the year, chairman Mai cited statistics from the General Statistics Office as saying at a group discussion on a draft resolution on piloting breakthrough policies for Ho Chi Minh City. The city’s industry and construction sector was forecast to improve 4.77 percent this quarter and 0.8 percent in the first half of the year as a whole. The sector fell 3.6 percent last quarter. Meanwhile, the service sector was expected to surge 7.16 and 4.96 percent this quarter and the first half, respectively. “This results from great efforts of the … [Read more...] about Ho Chi Minh City’s economic growth projected at 5.87 percent in Q2

The directive highlighted that Vietnam's digital economy has witnessed a strong development with the important contribution of e-commerce in recent years. The Government has issued many policies, regulations and drastic measures to improve the efficiency of state management over e-commerce activities, business on digital platforms and tax management. However, the rapid development of the e-commerce market has posed big challenges to the management of e-commerce activities and tax administration, it said. To adapt to the change in the business environment on the digital platform, there must be close coordination between specialized management agencies to control payment transactions and authenticate information of business organizations, individuals and taxpayers. In order to increase the effectiveness and promote digital transformation in the state management of e-commerce activities, trading on digital platforms and cross-border business as well as the sharing of data among … [Read more...] about Prime Minister issues directive to enhances data sharing for e-commerce development

According to Vo Quang Lam, deputy general director of Electricity of Vietnam (EVN), the state utility will increase its imports of electricity from China and Laos to supplement domestic power supply. EVN is attempting to ensure electricity supply for the rest of this quarter, which is the most challenging time of year in terms of ensuring supply. “The increase in electricity capacity imported from Laos can be accomplished this year. EVN is currently awaiting Laos’ completion of the line to connect Vietnam’s imports of electricity to the line system running through the Tuong Duong district of Nghe An province,” Lam said. Neighbourly efforts in tow to aid electricity prospects, illustration photo/ Le Toan EVN is currently in negotiations with Yunnan International Co., Ltd. to raise output and purchasing capacity on current 220kV lines and to purchase additional electricity through 110kV lines. Vietnam imports electricity from China via the provinces of Ha Giang and Lao … [Read more...] about Neighbourly efforts in tow to aid electricity prospects

Speaking at a May 19 conference on plans to develop one million social houses for lower-income people and workers by 2030, Minister of Construction Le Thanh Nghi said that the ministry would coordinate with authorities to ensure it achieved its social housing targets. The ministry (MoC) has completed the draft amended Law on Housing, which has been approved by the government and submitted to the National Assembly for approval. It is hoped that the amended law will draw policies for social housing development and take effect from 2024, including planning and reserving land for social housing development, selection of project investors, and procedures for implementation. As of Q1 2023, Vietnam has completed just over 300 social housing projects in urban areas and worker housing projects in industrial zones (IZs), with nearly 156,000 units in total. About 400 projects are still planned to be built, with a total scale of 454,000 apartments. However, demand has not been fully met. … [Read more...] about Investors wanted for social housing efforts

The plant, which is the largest solar power facility in the Central region of Vietnam, began construction on May 29, 2020, with a capacity of 330 MW and a total investment exceeding VND6.5 trillion ($277 million). On December 31, 2020, the Phu My Solar Power Plant started its commercial operation with an initial grid connection of 216 MW. The plant enjoyed a favourable power purchase price of 7.09 US cents/kWh over a 20-year period. After a two-year wait, the remaining 114 MW of the plant received official recognition for commercial operation on May 30 this year, making it the first successful renewable energy transitional project to achieve COD recognition. Bamboo Capital's completion of Phase 1 and Phase 3 of the power plant showcases its comprehensive approach and adherence to legal requirements. This accomplishment reinforces investor confidence and demonstrates the company's commitment to sustainable energy. With the entire 330 MW capacity of the Phu My Plant contributing to … [Read more...] about Phu My Solar Plant receives earliest COD

The working session will be broadcast live on television and radio channels. According to the Government report submitted to the N.A., Vietnam fulfilled 13 out of 15 targets in 2022, with GDP growth of 8.02% (the initial reported figure was 8%), GDP per capita of 4,109 USD (the initial figure was 4,075 USD), CPI growth of 3.15% (initially around 4%), and State budget collection of 1.81 quadrillion VND (77.07 billion USD), 201.4 trillion VND higher than the figure reported to the legislature earlier. The country posted export-import revenue of 371.3 billion USD and ran a trade surplus of over 12.4 billion USD, also exceeding the numbers reported earlier. Meanwhile, the GDP in the first quarter of this year increased by only 3.32%, lower than the 5.03% recorded in the corresponding time last year, and the average CPI rose 3.84% in the first four months. In the four-month period, the State budget collection reached some 632.5 trillion VND, equivalent to 39% of the yearly estimate, … [Read more...] about Socio-economic matters main topic at N.A. session on May 31

At a working session with the Standing Board of the provincial Party Committee as part of his visit to the northern mountainous locality, Prime Minister Pham Minh Chinh said Ha Giang boasts unique potential and competitive advantages to grow rapidly and sustainably. “Ha Giang should always desire for rapid, green, sustainable development,” he said, asking the locality to optimize its strengths and opportunities to growth further. The Prime Minister urged Ha Giang to accelerate public investment disbursement, drastically implement the national target programs and the socio-economic recovery and development program, and push ahead with the materialization of strategic breakthroughs in institution, infrastructure and personnel training. At the same time, more attention should be paid to the growth engines of investment, consumption and export, he said, asking the locality to restructure its industrial sector, and develop hydro-electricity in tandem with the rational use of water … [Read more...] about Prime Minister asks Ha Giang to pave way for development with mechanisms, policies

They will present more than 80 projects for international content buyers, movies, series, and animations at the Russian Content Worldwide booth, organized by Roskino, a national operator for the promotion of films. Among those is “The Challenge” - the first feature film shot in space. Ekaterina Naumova, Roskino Acting General Director said that last year, the Russian film industry had a comprehensive presence at Telefilm Vietnam for the first time in an online format. Customers showed great interest in Russian animation projects, documentaries, action films and comedies, and bought format rights of Russian serials, he noted. This year, in order to more effectively capitalize on film market opportunities and build partnerships with local TV channels, VOD platforms and distributors, Roskino will organize a large-scale offline presence of Russian content producers. This format will allow them to meet potential partners and increase interaction with foreign peers, she said, adding that … [Read more...] about Russian film companies to join Telefilm Vietnam 2023