Vietnam needs over US$128 billion for power investment next 10 years A drone is used to inspect a power transmission system in Vietnam. The country will need an estimated US$128.3 billion for developing the power system in the next decade The Institute of Energy, under the Ministry of Industry and Trade, on February 22 continued to collect feedback over the plan from the relevant agencies. According to the plan, during the 10-year period, Vietnam will need to pour some US$12.8 billion on average into the power sector per year. The total investment for the following 15 years from 2031 to 2045 will be some US$192 billion, including some US$140 billion for power sources and US$52 billion for the grid. The draft zoning plan also revealed that Vietnam will continue to import electricity from China, Laos and Cambodia in the next 10 years. The State-run Vietnam Electricity Group is purchasing electricity from China through two 220kV power lines, with 1.5 billion kWh of power being bought annually during the 2016-2020 period. This northern neighboring market can sell up to 3,000 MW of electricity or more to Vietnam from now until 2030. Petrol prices rise under latest adjustment The Ministries of Industry and Trade and Finance revised petrol prices upwards as of 3pm on February 25, marking the first increase since the traditional Lunar New Year (Tet) holiday. The retail price of E5RON92 bio-fuel rose nearly 700 VND to 17,031 VND (0.74 USD) per litre at a maximum, while that of RON 95 increased over 700 VND to 18,084 VND per litre. Diesel 0.05S and kerosene, meanwhile, are now no more than 13,843 VND and 12,610 VND per litre, up by around 800 VND and 700 VND, respectively. According to the two ministries, the prices of petrol and oil in the global market have been rising strongly for 15 days, hence the adjustment. The two review fuel prices every 15 days to ensure domestic prices are in keeping with the global market./. Aquatic product …
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From saving hunger to world’s best rice title
Great power comes from a small grain of rice On January 26, Vinaseed's shipment of 60 tonnes of premium fragrant rice, imported by Longdan in the UK, hit the shelves of the supermarket chain with a retail price of up to £15.5 (VND465,000) per 10 kg. Longdan is the first enterprise to import rice from Vietnam after the UK - Vietnam Free Trade Agreement (UKVFTA) took effect. In the near future, there will be many enterprises importing Vietnamese rice under the agreement. Previously, on January 13, the first batch of 1,600 tonnes of rice, opening the 2021 export season of the Trung An Hi-tech Farming Joint Stock Company, was sent to Singapore and Malaysia at a price that could not be better, of up to US$750 per tonne. Pham Thai Binh, Director General of Trung An Hi-Tech Farming JSC, said the two types of rice exported in the shipment were Jasmine 85 fragrant rice and Huong Lai fragrant rice; of which, 450 tonnes of Jasmine 85 went to Singapore at US$680 per tonne and 1,150 tonnes of Huong Lai fragrant rice delivered to customers in Malaysia for US$750 a tonne. In addition to the above shipment, Trung An JSC also had an order of more than 2,000 tonnes exported to Germany, continuing to make effective use of the EU-Vietnam Free Trade Agreement that took effect last year. Those are the two shipments that successfully opened the new year for Vietnamese rice, with an expectation of more miracles in 2021 than the previous year. Rice exports in 2020 reached about 6.15 million tonnes, worth US$3.07 billion. Although rice exports decreased by about 3.5% compared to 2019, mainly to ensure national food security, export value increased by 9.3%. The average export price for the whole year is estimated to have been US$499 a tonne, an increase of 13.3% compared to 2019. Vietnamese rice prices have surpassed Thailand, rice has become a prized agricultural commodity with positive growth and is constantly being prioritised in the world market. Looking at the achievements …
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EU-Vietnam trade, investment deals – important to both sides: diplomat
In his interview granted to the press on the occasion of the European Council’s June 25 decision to entrust the European Commission to sign the two deals with Vietnam in Hanoi on June 30, the diplomat said that they are the first new-generation trade and investment deals that the EU has reached with a middle-income country. The deals, once signed and ratified, will bring about huge benefits to both sides, as their economic products do not compete, but complement each other. With 99 percent of tariff lines to be removed, the EVFTA will create favorable conditions for Vietnam’s goods to access the 512-million-consumer EU market. Two-way trade hit USD 55 billion in 2018 and will surely surge in the time ahead, Quang said, adding that European enterprises will also intensify investment in Vietnam, especially in the fields the EU has strength such as high technology, clean energy, finance-banking, transportation and logistics, thus helping Vietnam in economic restructuring and growth model shifting in an inclusive and sustainable manner. Quang, who is also Vietnamese Ambassador to Belgium, said that on June 25 last year, the two sides had reached a high consensus on all contents of the two agreements. In the past year, Vietnam has exerted efforts to canvass the EU to speed up internal procedures of the deals. The canvass work has been conducted in not only Hanoi, but also capital cities of EU member states and at international conferences at all levels. As a result, the two deals were adopted by the European Commission on October 17, 2018 and by all EU member states at the council’s meeting on June 25, 2019. Regarding the ratification process, the diplomat stated that after the signing ceremony, both sides will conduct procedures for their parliaments’ ratification. For the Vietnamese side, relevant committees of the National Assembly will study and contribute ideas to submit the two documents to the legislature for approval in line with the ratification …
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