Vietnamese and Japanese firms receive support to expand operations The Japan Trade Promotion Organisation (JETRO) will host an online scheme on March 3 in Hanoi aimed at connecting Japanese businesses in the field of manufacturing and production, known as Monozukuri in Japanese term to facilitate co-operation amid the negative impacts caused the COVID-19 pandemic. According to a representative from the JETRO, the business matching programme will see the participation of 40 Japanese companies for the purpose of accelerating the development of the country’s supporting industry. At present, the scheme has received registration for 50 negotiations from enterprises from Japan, Vietnam, and Taiwan (China), whilst it is still receiving registration from businesses wishing to purchase and seek Japanese suppliers in the Monozukuri field until March 1. A recent survey conducted by the JETRO unveiled that Japanese businesses remain keen on the Vietnamese market as the country is viewed as an alternative investment destinations for Japanese enterprises looking to move away from China due to the COVID-19 pandemic. The survey indicates that approximately half of Japanese enterprises in the nation plan to expand their production activities, while roughly 70% of them seek opportunities to increase revenue in the local market. Most notably, 46.8% of Japanese enterprises unveiled that they have initiated plans to expand their business in the nation over the course of the next two years, with the expansion rate ranking fourth, the highest in the Asia-Pacific region. Japanese enterprises have therefore attributed their expansion to an increase in revenue in the domestic market and high growth potential. Furthermore, Japanese firms are also considering re-establishing some supply chains which have been impacted by the COVID-19 pandemic, with Vietnam able to capture the attention of suppliers and buyers of materials globally. VN-Index finishes lower as …
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Full steam ahead for LNG capacities to omit other fossil fuels?
Khanh Hoa province, on the south-central coast, has recently been leading the way in attaining attraction from both domestic and foreign financiers when it comes to the gas and electricity sector. Among the suitors is one from the United States, proposing the Millennium gas power project with a forecast capacity of 14,400MW and 17 million tonnes of storage for liquefied natural gas (LNG) per year. Joining in are Embark United Co., Ltd. and US Quantum Corporation to establish a 6,000MW gas power venture and a port warehouse to receive and process six million tonnes of LNG per year. Japanese investors did also not ignore the opportunity to develop gas power projects in Khanh Hoa, as Sumitomo Corporation proposed to invest in a 3,000MW gas power scheme and a storage system for three million tonnes of LNG per year, while J-Power Co., Ltd. wants to invest in a gas turbine power project with a capacity of 3,000MW. Despite a slightly slower approach, the province is also seeing the presence of more domestic investors, led by Electricity of Vietnam which proposed a 6,000MW gas power project, while Petrolimex wants to build a warehouse for around three million tonnes of LNG per year. Those involved in the gas power sector all understand that developing such a project in Vietnam is a difficult task, as the country is still in the process of building its Power Development Plan 8 (PDP8). Nevertheless, the total installed capacity of power sources by 2030 is supposed to reach 137.2GW, of which gas accounts for 21 per cent. Tran Ky Phuc, director of the Institute of Energy under the Ministry of Industry and Trade (MoIT) – the unit in charge of building the PDP8 – said that electricity demand in this plan is calculated lower than in the revised PDP7, reducing the forecast amount by 3-4 billion kWh in 2020 and 9-10 billion kWh in 2030. Realistic needs The development of gas power sources in Vietnam is the result of the exhaustion of fossil fuels, the …
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Irregularities force Vietnamese laborers to bear brunt of working abroad
According to the Government Inspectorate, the Ministry of Labor, Invalids and Social Affairs has yet to pay due attention to the legitimate rights and interests of people employed abroad and come up with suitable measures to help reduce worker costs. "For a long period of time, the ministry has not been able to manage or control official and brokerage fees of businesses running the service, which had caused workers (who in fact are all poor) to pay a large amount of money even when the policy of receiving markets (Japan and Taiwan) does not require them to pay." The conclusion of the inspectorate was announced at a Thursday meeting by its deputy head Tran Ngoc Liem. Government inspectors had looked into what had been achieved and what had been done wrong in sending workers abroad under contracts from six provinces in northern and central regions, including Vinh Phuc, Phu Tho, Hai Duong, Hung Yen, Nghe An and Ha Tinh, in the 2013-2018 period. They pointed out fee regulations applied to Vietnamese workers in Japan are not in line with Japanese policies or the agreement signed between the two countries, which had affected laborers. Due to the loose management of the ministry’s Overseas Labor Management Department, workers had been made to pay a "very high fee of $7,000-8,000 per month," the inspectorate stated. In many cases, the high fee had forced many Vietnamese to remain abroad after their contracts and visas had expired to recover their costs, it noted. As for the six provinces, the inspectors said authorities there had also failed to fulfill their duties, while companies providing "study abroad" consultancies in fact feeded the foreign labor market. Inspectors also discovered laborers that had voluntarily, or through a broker, gone abroad to "travel, visit relatives or get married", then stayed behind to work illegally. In most cases, destinations include Japan, South Korea, Australia, Canada, Angola and Eastern European countries. In 2019, as …
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