The government of Vietnam is seeking approval from the National Assembly to use more bond proceeds to fund public projects not included in the original priority list submitted to the legislative body. The Ministry of Planning and Investment on Friday announced a plan to invest VND5.5 trillion of proceeds from government bonds issued in 2012-2015 on irrigation projects, news website VnExpress reported. The spending had been greenlighted by the legislature earlier. However, in a surprise move, the ministry also asked for approval to use another VND4.47 trillion for five new projects, including two bridges, a university dormitory and an oncology hospital. Minister of Planning and Investment Bui Quang Vinh said these projects were added because they are urgent and should be funded. While most members of the National Assembly Standing Committee recognized the importance of the projects, they were concerned about overspending even as the government has announced plans to reduce public … [Read more...] about Vietnam plans more spending on public projects
Greenlight project
Quang Ninh greenlights Van Don airport feasibility report
Authorities in the northern province of Quang Ninh have approved the feasibility report of the Quang Ninh airport project that will be built on a build-operate-transfer basis. The sketch of Van Don Island District's Economic Zone. As planned, the airport will be built on 248.6ha in the Van Don Island District's Economic Zone, with an estimated investment capital of VND7.49 trillion (US$351.6 million), including the costs for site clearance. The district is required to complete the site clearance process before March 30 this year, in order to begin construction of the airport in April, right after the investor is selected. The project is a joint venture of the Korea Airport Corporation, Joinus Viet Nam Joint Stock Company and Posco E&C Joint – Stock Company. It's estimated that the investors will need 45 years from the time the airport becomes operational to recoup their investment capital, the longest time needed by an infrastructure project. Earlier, a primary … [Read more...] about Quang Ninh greenlights Van Don airport feasibility report
Construction begins on Ha Noi’s Dolphin Plaza project
In Briefs (20-11-2008) Construction begins on Ha Noi's Dolphin Plaza project HA NOI — Construction started on a high-grade apartment and office complex - Dolphin Plaza - in Ha Noi on Tuesday. The project has investment from TID Joint Stock Co, PetroVietnam Finance Corporation (PVFC) and PetroVietnam Finance Real Estate Co (PVFC Land) worth VND600 billion (US$35.7 million). The complex includes two 25-storey towers and a trade centre. Dolphin Plaza is expected to be completed in 2011. PG Bank gets greenlight to launch international payment services HA NOI - The State Bank of Viet Nam has given approval to Petrolimex Group Commercial Joint Stock Bank (PG Bank) to launch international payment services and offer foreign currency transactions in foreign markets. Kien Giang Province targets $500m in export turnover KIEN GIANG — Kien Giang authorities hope the province will earn US$500 million in export turnover this year. To achieve the target the province will have to export a … [Read more...] about Construction begins on Ha Noi’s Dolphin Plaza project
NA greenlights State budget allocation
Lawmakers yesterday passed the State budget allocation resolution with an 89.45 per cent approval. The resolution defines the allowable timeline for the Government to distribute budget allocations to ministries, centrally-managed agencies and cities and provincial authorities. It must also report its progress to the National Assembly (NA). The resolution eyes budget revenues for 2009 at an estimated VND404 trillion (US$24.2 billion) and overall spending of VND360.441 trillion ($21.6 billion). It orders ministries, central agencies and local authorities to seriously maintain thrift in spending and cut down on unnecessary costs. They have been asked specifically to hold back on seminars, festivals and unnecessary trips abroad. The Government is being asked to scrutinise capital allotment for infrastructure projects and to prioritise capital for essential construction projects that could be operational by 2009 or early 2010. It was also ordered not to disburse funds to projects whose … [Read more...] about NA greenlights State budget allocation
Vietnam gov’t greenlights first pilot site-clearance company
The government has approved in principle the establishment of a company to clear land for investment projects in a bid to hasten the land acquisition process. The government hopes site clearance work will move more quickly following the setting up of Duc Khai Corporation … [Read more...] about Vietnam gov’t greenlights first pilot site-clearance company