Representatives of the Ministry of Industry and Trade and AES Corporation (AES) sign a Memorandum of Understanding (MOU) on the implementation of the Sơn Mỹ 2 combined cycle gas turbine (CCGT) power plant in Việt Nam. – Photo courtesy of AES Representatives of the Ministry of Industry and Trade and US-based AES Corporation (AES) signed a Memorandum of Understanding (MOU) on the implementation of the Sơn Mỹ 2 combined cycle gas turbine (CCGT) power plant in Việt Nam on November 8. The signing ceremony was attended by Prime Minister Nguyen Xuan Phuc, Minister of Industry and Trade (MOIT) Tran Tuan Anh, US Commerce Secretary Wilbur Ross and US Ambassador to Việt Nam Daniel Kritenbrink. The Sơn Mỹ 2 CCGT power plant has a total capacity of 2.2GW and will be located in Binh Thuan Province with total investment of US$1.7 billion. “LNG will be the key for Việt Nam’s growing energy demand, by offering a cleaner, more … [Read more...] about AES, MoIT ink deal on Son My 2 power plant in Việt Nam
Direct energy power to go
A new e-wallet launched in Vietnam on Monday has raised the number of mobile payment service providers in the Southeast Asian country to nearly 30, but only a few key players have managed to assert their presence in the fiercely competitive market. Alibaba-owned online marketplace Lazada debuted its own digital wallet, eM, in Vietnam on the e-commerce firm’s biggest annual sale event on Monday, becoming the newest competitor in the market. According to data by the payment department at the State Bank of Vietnam, Payoo, MoMo, SenPay, Moca, and AirPay were the five largest e-wallets in Vietnam by account balance as of August 2019, making up more than 80 percent of the country’s total market balance. The five e-wallets also account for 95 percent of transaction value in the whole market, the online news site VnExpress reported. Meanwhile, AirPay, MoMo, SenPay, Moca, and VTC Pay lead the number of accumulated issued accounts. Driven by e-commerce Truong Hong Lien, … [Read more...] about ‘Top dogs’ powered by e-commerce share Vietnam’s e-wallet market
Phan Van Anh Vu (second row, centre), Chairman of the Board of Directors of the Bac Nam 79 Construction JSC, at the trial on November 27 (Photo: VNA) HCM City (VNA) – Twenty-six defendants were brought to trial in Ho Chi Minh City on November 27 for their accused involvement in the loss of over 3.6 trillion VND (153.47 million USD) at the DongA Joint Stock Commercial Bank (DAB). Both Tran Phuong Binh (born in 1959, former General Director, Vice Chairman of the Board of Directors, and Chairman of the credit council of the DAB) and Tran Kim Xuyen (born in 1958, former General Director of the DAB) were prosecuted for “abusing position and power to appropriate assets” and “deliberately violating the State’s regulations on economic management, causing serious consequences”. Phan Van Anh Vu (also known as Vu “nhom”, born in 1975, Chairman of the Board of Directors of the Bac Nam 79 Construction JSC) and Pham Van Phuoc (born in 1962, former … [Read more...] about 26 stand trial for multi-trillion-VND loss at DongA Bank
At the appeal trial (Photo: VNA) Hanoi (VNA) – Two former officers of the public security sector involved in the case of acquiring public properties and land in Da Nang and Ho Chi Minh City had their jail sentences reduced at an appeal trial in Hanoi on June 13. The capital-based High-Level People’s Court reduced sentences for Phan Huu Tuan, former Deputy General Director at the Ministry of Public Security, from five years to four years; and Nguyen Huu Bach, former Deputy Director at the Ministry of Public Security, from five years to three years and six months after considering their role in the case. However, the court denied the appeal of Phan Van Anh Vu, also known as Vu “nhom”, and upheld his 15-year sentence for “abusing position and power while performing duties.” Vu is the former Chairman of the Board of Directors of the Bac Nam 79 Construction Company, former Chairman of the Nova Bac Nam 79 Company and former Senior Lieutenant Colonel in … [Read more...] about Two former public security officers have jail sentences reduced
Since it normalized relations with the powers like China in 1991 and the USA in 1995, Vietnam has begun to integrate into the global economy. Throughout this process of integration, Vietnam has signed numerous free trade agreements (FTAs) with countries and groups of countries. Vietnam's earliest FTA was the agreement signed with the Association of Southeast Asian Nations (ASEAN) in 1996, just one year after Vietnam joined ASEAN. Then, in 2007, Vietnam officially became a member of the World Trade Organization (WTO). After that, Vietnam signed many more FTAs, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at the end of 2018 and most recently the EU-Vietnam Free Trade Agreement (EVFTA) in June 2019. So far, Vietnam has signed 13 trade agreements, of which 12 have entered into force. Vietnam is also negotiating three other agreements. Economic powers such as the US, China, Japan and South Korea have inked trade agreements with Vietnam. These … [Read more...] about Who will lead Vietnam’s economy?