Signs of failing fuel pump

/ February 25, 2021

VIETNAM BUSINESS NEWS FEB. 25

HCM City eyes 10 percent growth in export in 2021 Shrimps processed for export Ho Chi Minh City’s Department of Industry and Trade has set the target to export 48.19 billion USD worth of products in 2021, a year-on-year surge of 10 percent. Under its development plan for 2021 recently submitted to the municipal People’s Committee, the sector said import revenue is estimated at 56.47 billion USD for the whole year, up 11 percent against the previous year. Besides, it eyed to reel in more than 835.68 trillion VND (36.29 billion USD) from retail sales and services revenues in the year, up 10 percent year-on-year. The department said it will carry out necessary measures in a comprehensive fashion to branch out industry and trade, contributing to promoting economic recovery of the southern hub. Earlier, HCM City set a goal of boosting the export of its key products this year and beyond via trade promotion activities and assistance to enterprises. Head of the statistics office Huynh Van Hung said COVID-19 has been largely brought under control around Vietnam, resulting in the production sector exhibiting signs of recovery. Local enterprises, however, continue to face difficulties as many major trading nations are yet to open their markets. He noted that enterprises are in need of diverse and long-term support relating to information on importers of materials and fuel, new markets and partners, and domestic consumption stimulus measures. According to Nguyen Phuong Dong, Director of the municipal Department of Industry and Trade, despite facing myriad challenges, last year the city still saw five goods post export turnover in excess of 1 billion USD: computers-electronic products and components, with 17.8 billion USD; garment-textile 4.3 billion USD; footwear 2.2 billion USD; machinery-equipment-spare parts 2.2 billion USD; and other goods 6.9 billion USD. Together their export value accounted for 83.5 percent of the city’s total. Key export …

/ March 19, 2018

Trial on wrongdoings in PetroVietnam’s investment in OceanBank starts

Dinh La Thang was led to the court. (Source: VNA) Hanoi (VNA) – The Hanoi People’s Court on March 19 opened a trial for Dinh La Thang, former Chairman of the Member Council of the Vietnam National Oil and Gas Group (PetroVietnam), and six accomplices for their wrongdoings in investing PetroVietnam’s capital in Ocean Bank. The six other defendants are former officials of PetroVietnam , comprising former Deputy General Director Nguyen Xuan Son; former chief accountant and former head of the department of finance, accounting and auditing Ninh Van Quynh; along with four former members of the Member Council , namely Vu Khanh Truong, Nguyen Xuan Thang, Nguyen Thanh Liem, and Phan Dinh Duc. All the seven were charged with “deliberately violating State regulations on economic management causing serious consequences.” Ninh Van Quynh alone faced the additional charge of “abusing power to misappropriate State assets.” Their acts caused losses of 800 billion VND (35.2 million USD) to PetroVietnam and its shareholders. The judge panel of the court comprises five members. A total of 23 lawyers have registered to defend legitimate rights and interests of the defendants and others involving in the case, including five lawyers of Dinh La Thang . The Hanoi People’s Court has summoned many individuals and organisations concerned, including representatives of the Ocean Commercial Joint Stock Bank (Ocean Bank) and PetroVietnam. Ha Van Tham, former Chairman of the Board of Directors of Ocean Bank, is subpoenaed as a witness. Meanwhile, Nguyen Ngoc Su, former Deputy General Director of PetroVietnam, and Phung Dinh Thuc, former General Director of PetroVietnam, are present at the court as people having interests and obligations related to the case. [Infographics: Trial on wrongdoings in PetroVietnam’s investment in OceanBank] According to the indictment, after PetroVietnam failed to establish the Hong Viet Commercial Joint Stock Bank, Dinh La Thang, …

/ February 26, 2021

Young Vietnamese on the verge of becoming ‘lost generation’ amid pandemic

Nguyen Thanh Tung, 22, graduated from university in June 2020, and was thrilled to enter a new stage in life. But reality turned out to be harsher than he thought as he spent four months looking for a job in Hanoi and HCMC only to be repeatedly told "they will contact me when the Covid-19 pandemic is contained." He then decided to apply for a graduate course in the U.S. and was admitted, but the university has canceled on-campus classes meaning Tung cannot leave. "It is like someone has pressed the pause button on my life, and I do not know how to find my play button amid this pandemic." Millions of other young people share his plight as colleges are closed, jobs are hard to find and mental and financial issues grow. A man wears a protective mask as he drives past a banner promoting prevention against the Covid-19 pandemic in Hanoi, Vietnam July 31, 2020. Photo by Reuters/Kham. Many students have been unable to cope with virtual classes and the hiatus in extracurricular activities. "Sometimes I cannot keep track of the lessons, or just get bored of sitting in front of the computer for hours, and so feel like I have failed to prepare well enough for my final exams," Nguyen Ba Nghia, a sophomore at the Hanoi University of Science and Technology, said. Many young people have also been severely affected by the job market slump . The International Labor Organization (ILO) said last year the youth unemployment rate in Vietnam was 10.8 percent, compared to 6.9 percent in 2019. It defined youths as workers aged 15 to 24. In the third quarter the youth unemployment rate was 7.24 percent, 4.2 times the rate among people aged over 25. On Facebook groups for headhunters and applicants, many people, mostly those embarking on a career, complain about how difficult it is to find a job. "I spent five months looking for a job and got an internship, and then they told me they will not sign a contract because they want to cut their spending amid …