However, it should be noted that calculations of enterprise data show that the elasticity coefficient of labor of the private business sector during 2011-2018 was about 0.73 and the elasticity coefficient of capital was 0.27, meaning that the added value of this economic sector increased mainly due to the capital increase rate which during 2011-2018 averaged 13% a year and 27.2% in 2018 over 2017 in current prices. The private business sector is no exception as other sectors in Vietnam are also capital-intensive. … [Read more...] about Higher labor productivity: pay rise
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Hanoi (VNA) – The Vietnam Oil and Gas Group (PetroVietnam) has reported oil equivalent output of 8.99 million tonnes in the first five months of 2020, 4.4 percent higher than its target. In May, crude oil output reached 0.96 million tonnes, 2.1 percent higher than the monthly plan while gas production fulfilled the monthly goal at 0.84 billion cu.m. The firm generated 2.05 billion kWh of electricity and produced 149,800 tonnes of nitrogenous fertiliser, surpassing the monthly targets by 4.7 percent and 4.2 percent, respectively. Its production of oil and petroleum exceeded 1.01 million tonnes during the month, only equivalent to 91.5 percent of the monthly goal, largely because the Nghi Son Oil Refinery were cutting capacity for maintenance and the PetroVietnam Oil Corporation (PV Oil) reduced production of petroleum as demand dropped. The company has made drastic efforts to cut nearly 8.7 trillion VND in costs during the first five months of the year to deal with declining … [Read more...] about PetroVietnam’s oil equivalent output totals 8.99 million tonnes in five months
Under the resolution, the country will aim to attract foreign investment in a selective manner, focusing on quality, efficiency, technology and environmental protection. Priority will be given to foreign direct investment (FDI) projects that use advanced technology and modern management with high added value, bringing spillover effects to Vietnamese enterprises, especially small and medium-sized enterprises; and the projects must be able to connect to the global production and supply chain. … [Read more...] about Can Viet Nam could take advantage of new foreign investment strategies?
Chairman of HCMC People’s Committee Nguyen Thanh Phong said that the Covid-19 pandemic has resulted in unprecedented fall in the number of tourists and revenue. Specifically, the number of visitors to HCMC merely reached 9.4 million people in the first six months of 2020, a year on year decrease of 54.7 percent, revenue dropped 49.6 percent to VND34 trillion ($1.46 billion). Similarly the Mekong Delta reported a 50 percent fall in the number of visitors reaching only 13 million and a 53 percent drop in revenue approximating VND10 trillion ($430.22 million). … [Read more...] about HCMC, Mekong Delta promote domestic tourism for post Covid-19 recovery
Hanoi (VNA) - The PetroVietnam Gas Corporation (PV Gas), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), reported nearly 27.6 trillion VND (1.18 billion USD) in revenue between January and May, more than 6 percent higher than its target for the period. Pre-tax profit stood at over 4.5 trillion VND, exceeding the target by 34 percent. It also contributed close to 2 trillion VND to the State budget, 62 percent higher than expected. According to PV Gas General Director Duong Manh Son, its operations were impacted by the COVID-19 pandemic triggering a fall in oil prices. PV Gas has made every effort to sustain its business, reduce inventory, and clear several construction hurdles, he said. As such, the company produced and distributed nearly 3.8 billion cubic metres of gas in the first five months of this year, meeting its target. Production and distribution of LPG and condensate stood at 720,000 and 26,000 tonnes, respectively, 41 and 10 percent higher than targeted./. … [Read more...] about PV Gas’s Jan-May revenue surpasses goal despite pandemic