Ministry of trade and industry

At the Vietnam-Cambodia trade forum . (Photo: VNA) Phnom Penh (VNA) - The Vietnamese Embassy in Cambodia in coordination with the Ministry of Industry and Trade (MoIT)'s Asia–Africa Market Department held a trade forum in Phnom Penh on June 7, which brought together more than 100 businesses of the two countries. In his remarks, Ambassador Nguyen Huy Tang noted that economic cooperation has received the attention of the two countries’ high-ranking leaders, saying it is necessary to foster the economic, trade and investment links to maximise potential and advantages of the two neighbouring countries. The forum offers an opportunity for Vietnamese and Cambodian businesses to exchange information, seek partners, stay updated on new economic policies of the two countries, and speak of obstacles to their operations and propose solutions to them, he said. Ho Siv Yong, from the Cambodian Ministry of Commerce, highlighted trade opportunities in Cambodia, saying the … [Read more...] about Vietnam steps up trade promotion in Cambodia

Containers stacked at the Gemalink international port in Ba Ria-Vung Tau province. (Photo: VNA) Hanoi (VNS/VNA) - Digital transformation has become a crucial aspect for logistics firms to stay ahead of the curve amid the fast-paced business world. Phan Van Chinh, Director-General of the Agency for Foreign Trade under the Ministry of Industry and Trade, viewed digital transformation as a game-changer for logistics firms in this time of rapid change. He said logistics was picked as one of the eight priority industries in the National Digital Transformation Programme by 2025. The follow-up Decision No.221 laid down a course of action to improve its competitive advantages, which involves 'research and technology transfers to accelerate digital transformation '. According to the Vietnam Logistics Business Association (VLBA), Vietnam's logistics industry grew by around 14-16% annually in recent years. It is comprised of about 3,000 domestic firms and 30 transnational … [Read more...] about Digital transformation viewed as game-changer in logistics industry

Illustrative image (Source: VNA) Hanoi (VNA) – The northern region is facing the risk of power shortage at almost every point of time each day, according to Tran Viet Hoa, head of the Electricity Regulatory Authority of Vietnam under the Ministry of Industry and Trade (MoIT). Hoa told the press on June 7 that as of June 6, most of the major hydroelectric reservoirs in the north, including Lai Chau, Son La, Tuyen Quang, Ban Chat, Hua Na and Thac Ba, had reached the “dead water level” or even below that. Only the Hoa Binh reservoir can ensure its plant to generate electricity until June 12-13, he said, adding that once its water level hits the “dead  point”, a total of 5,000MW or even up to 7,000MW would be lost in the region. As of June 6, the combined capacity of the hydroelectric plants stood at 3,110MW, only 23.7% of their designed capacity. Over the past time, thanks to efforts in supplying coal for thermal power plants, turbines have been running at full … [Read more...] about Northern region facing risk of daily power shortage: official

The construction ministry has raised two reasons for the non-disbursement of the credit package of VND120 trillion (US$5.14 billion) launched by the government about two months ago for developing projects to build social houses and houses for workers, and upgrade deteriorated apartment buildings. In a recent report to the Prime Minister in relation to the credit package, the ministry said around 100 projects for building social houses and houses for workers have been licensed for construction but local authorities have yet to publicly announce lists of specific projects. Therefore, banks related to this package have not been able to provide loans sourced from this package to investors and buyers in such projects, the ministry said. The second reason that blocked the disbursement of the package is that most of these projects have yet to be ready for implementation as they remain in the completion stage for investment procedures. Earlier, at a recent conference on building one … [Read more...] about Construction ministry explains why $5.14bn credit package yet to be disbursed

The Investment and Trade Promotion Center of Ho Chi Minh City (ITPC) and Ho Chi Minh City Association of Mechanical–Electrical Enterprises are jointly organizing the “Ho Chi Minh City Products Week 2023 - Mechanical and Electrical Devices and Digital Technology” which attracts the participation of over 40 businesses. Exhibitors are showcasing machinery, electrical equipment, digital technology services and solutions, logistics services supporting the mechanical engineering and electrical equipment manufacturing industry, and warehouse storage solutions. According to Tran Phu Lu, ITPC Deputy Director, the products selected by businesses to showcase in the exhibition are reputable and high-quality items with beautiful designs and advanced technology, which also incorporate digital technology and automation in their applications. The expo, to go on until June 7, is part of a city trade promotion campaign to help mechanical and electrical businesses promote their brands and products. … [Read more...] about Ho Chi Minh City seeks to promote export of mechanical products

In a dispatch sent to the Minister of Industry and Trade, the Chairperson of the Committee for Management of State Capital at Enterprises (CMSC), the Chairpersons of the People’s Committees of centrally-run cities and provinces, and leaders of Vietnam Electricity (EVN), Vietnam Oil and Gas Group (Petrovietnam) and Vietnam National Coal and Mineral Industries Group (Vinacomin), the Prime Minister pointed to problems in power supply in the Northern region. He noted that the severe heat and impacts from El Nino phenomena have led to a surge in power demand, coupled with drought in many Northern localities causing extremely low water level in hydropower reservoirs, thus greatly affecting the supply of electricity in the dry season of 2023. Despite efforts of relevant parties, there are still factors negatively affecting the supply of electricity in the time to come, especially in the Northern region. Amid this situation, the Government leader asked the Ministry of Industry and Trade … [Read more...] about Prime Minister orders solutions to ensure power supply in dry season

The plan introduces several key takeaways for investors and financiers interested in the Vietnamese power sector. One notable aspect is the encouragement of rooftop solar and other renewable energy projects for self-consumption, without the need to connect to the national grid. This presents a favourable environment for investors keen on renewable energy opportunities. Chan Hong and Vi Nguyen Lawyers, Dentons LuatViet In addition, the Ministry of Industry and Trade (MoIT) has been tasked to prepare and submit to the government and National Assembly in 2024 the draft of the amended Law on Electricity, which will reflect and actualise objectives and planning under the PDP8 and the draft of the Law on Renewable Energy. These amendments will address key aspects such as the mechanism of auctions and bidding for the selection of investors and determination of tariffs. Investors shall be prepared and be alerted that the power sector in Vietnam would be entering into a … [Read more...] about Power plan a leap in the right direction for 2050 ambitions