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The Hanoitimes - Built at the edge of Cuc Phuong National Park within lush green forests, limestone mountains and natural water surfaces, the construction had outperformed nearly 1,000 competitive submissions of more than 500 architecture enterprises from over 20 countries and territories to be awarded such a prestigious prize. The Vedana restaurant which is designed by renown Vietnamese architect had won the Grand Prize of the International Yuan Ye Architecture Awards 2021. The bamboo work is among three winning projects of the prestigious Grand Prizes (Group B - Architectural Projects) which are The Big House designed by Frankie Pappas; the Potato Head Studios by David Gianotten and Ken Fung; and Vedana Restaurant by Vo Trong Nghia. Located inside a resort complex of the same name in the northern province of Vietnam, the Venada Restaurant had won the Grand Prize of the 11th International Yuan Ye Architecture Awards. The Vedana restaurant is part of a newly built luxurious Vedana resort. Similar to some award-winning architectures of Vo Trong Nghia, the restaurant was built on a peninsular of a giant natural lake in the locality, covering 1,050 square metres and stands 15.85 metres tall. It is built from 36 bamboo frames that form a three-storey dome with the largest roof radius of 18.3 metres. Built at the edge of Cuc Phuong National Park within lush green forests, limestone mountains and natural water surfaces, the construction had outperformed nearly 1,000 competitive submissions of more than 500 architecture enterprises from over 20 countries and territories in the world to be awarded such a prestigious prize. Water plays an important role in regulating the temperature for the construction as well as offering great natural experiences for diners. It is also a reservoir that stores rainwater running down from the nearby mountains, that …

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The Hanoitimes - Vietnam posted net spending on offshore crude oil of nearly US$1.8 billion in 2019. Vietnam’s external balance is set to improve by over US$1.5 billion in 2020 as a result of a sharp decline in global oil prices, according to Viet Dragon Securities Company (VDSC). Crude oil price (USD per barrel). Crude oil prices crashed by over 30% last Friday because of disagreements between the OPEC and Russia on cuts in production. Meanwhile, Vietnam is a net crude imporer and its net spending on offshore crude oil in 2019 reached nearly US$1.8 billion. Regarding fiscal policy, VDSC expected no unanticipated changes caused by strained public finances in 2020 because of the weakening of oil revenues and taxes from export/import goods, said the VDSC in its latest report. In the context of the oil crash accompanied by a global economic slowdown, it is predicted real income gains for consumers will be limited in Vietnam, due to the people’s current preference for saving rather than spending. The clearest impact is the pass-through into slowing inflation which may ease pressure on the State Bank of Vietnam, the country’s central bank, and present a window of opportunity to implement policy accommodation. As a result, the circumstance may lead to the SBV’s decision to lower interest rates in the second half of the second quarter. In the past, the plunge in crude oil prices has led to significant real income shifts from exporting to importing countries. Although that is a zero-sum game between oil exporting and importing countries, the economic models of the World Bank showed that declines in crude oil prices likely result in a net positive effect for global activity over the medium term. The losses of oil-exporting countries are entirely offset by stronger growth in oil-importing ones via rising consumption, lower inflation and widening policy room that would lower macroeconomic vulnerabilities. However, in reality, the impact …

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Market leader Hoa Phat Group last month exported over 12,000 tonnes of products, mostly cold-galvanized steel, to North and South America. This followed an export of 10,000 tonnes in January to Belgium and Spain. The company targets producing 300,000-400,000 tonnes of steel products this year, 30-40 percent of which are likely to be exported. Its competitor Hoa Sen Group last month set a new export record of 121,000 tonnes of galvanized steel worth more than $100 million. The group has a network of over 85 countries and territories, with main markets being the U.S, Mexico, Europe and Southeast Asia. Vietnam’s steel industry is expected to see growth of 5-6 percent this year, with global demand set to rise by 4.1 percent thanks to recovery in developed markets, according to the Vietnam Steel Association (VSA). Other drivers for growth include expectations of rising public investment in infrastructure, the recovery of the real estate market and more foreign direct investment, said VSA deputy chairman Trinh Khoi Nguyen. The industry started 2021 strongly, with a 61 percent year-on-year rise in production volume to 2.65 million tonnes. Domestic sales in the period rose 55 percent to 2.12 million tonnes, while exports rose 53 percent in value to $553 million. These figures indicate robust recovery prospects this year after VSA saw half of its members reporting plunging revenues last year, especially in the first and second quarter, due to Covid-19 impacts. However, trade officials have warned that rising safeguard measures could hurt the industry. Last month, Indonesia imposed an anti-dumping duty of 3.01-49.2 percent on Vietnam cold steel sheets. In January, Malaysia revised duties on cold-rolled coils of alloy and non-alloy steel from Vietnam to 7.42-33.7 percent for the period between January 24 and May 23. The U.S. and Canada have also slapped anti-dumping duties on Vietnam’s steel products in recent years. The Trade Remedies Authorities …

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