Danang aims to attract Russian touristsThe central coastal city of Danang is striving to lure more Russian and European tourists in a bid to diversify international visitors, but it is facing some difficulties with weather conditions and air routes, which should be addressed to meet the target.The leader of the Danang government, who is on a visit to Europe, is working with Russian travel firm ANEX Tour in Moscow City to discuss a plan on tourism promotion. The tour is scheduled to conclude on August 21.Tourism experts noted that it is necessary to increase the number of Russian and European visitors to Danang City to diversify tourist sources, adding that certain factors, such as weather, may affect these efforts.Russian tourists tend to travel to Danang City between October and February to avoid freezing weather in their country, but unfortunately, this is also the storm season in the city.According to Nguyen Duc Quynh, deputy general director of Furama Resort Danang, many tour … [Read more...] about BUSINESS NEWS IN BRIEF 18/8
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BUSINESS NEWS IN BRIEF 2/8
Can Tho invites investors to investment promotion conferenceThe Mekong Delta city of Can Tho will hold an investment promotion conference on August 10, inviting investors for 54 projects worth nearly 124 trillion VND (5.44 billion USD). At a press conference on the conference on August 1, Chairman of the municipal People’s Committee Vo Thanh Thong said investors have already expressed interest in 44 out of the 54 projects on offer, and some are ready to start work immediately on 22 projects. He added that some projects attracted two or more investors, so the city will set criteria to select the best among them. Among the 54 projects, 21 are in real estate, 9 in culture-sports and tourism, 9 in agricultural and industrial infrastructure, 8 in transport, 4 in logistics and power, 2 in cultural-sport and health care infrastructure and 1 in information technology. Prime Minister Nguyen Xuan Phuc is expected to deliver a keynote speech and chair the conference, … [Read more...] about BUSINESS NEWS IN BRIEF 2/8
FiT rates heat up solar power interest
Favourable feed-in tariff rates have created an investment frenzy in the solar industry, however long-term, stable policies are needed for sustainable growth in the sector, Photo: Le Toan Some people are calling it a ‘gold rush’. From Thailand to the United Arab Emirates, global players with experience in solar energy generation are sending representatives to Vietnam in search of the huge energy boom. “Solar power in Vietnam has become hotter than ever,” remarked Rainer Brohm of the German development agency GIZ at the recent Renewable Energy Week, adding that the boom started when the Vietnamese government’s Decree No.11/2017/QD-TTg on mechanisms for encouraging the development of solar power in Vietnam was released. Much registration, less progress The Ministry of Industry and Trade (MoIT) recently released impressive figures, as the total output of solar power projects approved to be added to the Power Development Plan VII is quite large. The … [Read more...] about FiT rates heat up solar power interest
Solar power attracting billions dollars investments
In recent years, the solar power industry has become a lucrative and sustainable field for investors. Solar energy attracting investment After years of waiting, the solar power market has just received exciting news: the prime minister has signed Decision No.11/2017/QD-TTg on the mechanism for encouraging the development of solar power projects in Vietnam. Decision 11 is exciting news for domestic and foreign investors interested in the Vietnamese electricity market, especially since it requires Electricity of Vietnam (EVN) to purchase all electricity produced by grid-connected projects at 9.35 cent per kWh. Many solar power investors were said to start spending billions of dollars on theỉ projects in Vietnam Source: Institute of Energy Vietnam Thanh Thanh Cong Corporation (TTC) has … [Read more...] about Solar power attracting billions dollars investments
FDI: A double edged sword for Vietnam
Reliance on FDI could lead Vietnam straight into the middle-income trap. Vietnam has become an attractive destination for foreign direct investment with many international corporations establishing new facilities in the country, known as greenfield investment. The country topped the emerging markets index for greenfield FDI in 2014 and 2015, surpassing 13 other countries in the annual study by fDi Intelligence at the FT data division, which looked at inbound greenfield investment relative to the size of each country’s economy. Last year, Vietnam scored 6.45 in the index, meaning the country attracted almost 6.5 times the amount of greenfield FDI that was expected given the size of its economy; leaving behind runners-ups Hungary and Romania and other ASEAN peers such as Malaysia and Thailand. Vietnam is emerging as a major manufacturing hub in electronics, standing fourth in Asia-Pacific in terms of FDI behind India, China and Indonesia. The four countries combined account for … [Read more...] about FDI: A double edged sword for Vietnam