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
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The Japan Bank for International Cooperation (JBIC) is interested in investment plans for energy projects of the Vietnam Electricity (EVN) and Vietnam Oil and Gas Group (PVN). Illustrative photo (Source: Nikkei Asian Review) Kazuhisa Yumikura, Managing Executive Officer and Global Head of Infrastructure and Environment Finance Group at JBIC unveiled the information at a recent working session between the Japanese policy-based financial institution and Vietnam’s Committee for Management of State Capital at Enterprises. JBIC considers the Vietnamese Government and state-run companies its important partners, Yumikura said. According to him, in the context of Vietnam working to limit government debt, EVN and PVN have improved their performance via self mobilisation of capital without the Government’s guarantee. As a result, JBIC’s lending to both companies without such guarantee is suitable to the country’s orientation, he concluded. However, he said the … [Read more...] about Japanese bank eyes VN Electricty Group’s energy projects
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?
The workshop of the Ba Ria - Vung Tau Seafood Processing and Import-Export JSC in Ba Ria - Vung Tau province (Photo: VNA) Hanoi (VNA) – Provinces in the southeastern region posted impressive economic figures in 2018, proving themselves an important growth engine of the whole country. The Binh Duong People’s Committee reported that the local gross regional domestic product (GRDP) rose 9.01 percent, with a 9.79-percent increase in the industrial production. The province attracted nearly 1.4 billion USD of foreign direct investment (FDI) and 5.2 trillion VND (222.8 million USD) of domestic capital. Last year, its export revenue increased by 15.6 percent from 2017. Exports by foreign invested businesses rose 17.5 percent to account for 80.5 percent of the total overseas shipments. As a result, Binh Duong recorded a trade surplus of over 4.8 billion USD, up more than 100 million USD from the previous year. The exports included wood, textile-garment, footwear, rubber, and … [Read more...] about Southeastern provinces’ economy performs well in 2018
Chu Lai Open Economic Zone (OEZ) in Quảng Nam Province was designated as a multi-sector economic zone yesterday, following Prime Minister Nguyễn Xuân Phúc’s decision on the zone’s master planning. Prime Minister Nguyễn Xuân Phúc (centre) joins the launch ceremony of a road-rail fly-over project in Quảng Nam Province. — VNS Photo Công Thành The new OEZ, which will cover 27,000ha of Tam Kỳ City, Núi Thành and Thăng Bình districts, is set to be developed in various industries including automobile manufacture, car supportive industry, oil refinery, high-tech agriculture and more. The new zone will include seven industrial parks on 4,950ha; four ports and logistics centre; four urban zones and a 4,300ha high-tech farm. Chu Lai Airport will be upgraded to host 5 million tourists and 5 million tonnes of cargo a year, while Kỳ Hà Port will be upgraded to host 50,000 DWT … [Read more...] about Chu Lai OEZ to expand