Workers from Vietnam Electricity (EVN) instruct a business owner in Hà Nội's Thanh Oai District on how to use power economically and efficiently. — VNA/VNS Photo HÀ NỘI — The World Bank, acting on behalf of the Green Climate Fund (GCF), has signed a grant worth US$11.3 million with the State Bank of Việt Nam to support the development of a commercial financing market for industrial energy efficiency investments. The total financing from the GCF also includes a $75 million guarantee. Out of the grant, $8.3 million will be used to build capacities for the private sector to identify, appraise and execute energy efficiency projects. It will also provide technical assistance to the Ministry of Industry and Trade and authorities to strengthen policy frameworks and regulations and create an enabling environment to accelerate the energy efficiency market in Việt Nam. The remaining grant funds and the guarantee will be used to establish a risk-sharing facility to provide partial credit guarantees to support local banks who may risk potential defaults on loans for energy efficiency projects. By reducing lending risks, the facility is expected to mobilise about $250 million of commercial financing to be provided to industrial enterprises and energy service companies at competitive terms and with low collateral requirements. Carolyn Turk, Country Director for the World Bank in Việt Nam, said: “Scaling up energy efficiency is the single best and lowest cost option to achieve multiple goals at once: meeting energy demand, preventing pollution and reducing greenhouses emission while also increasing industry competitiveness.” “Against the context of limited public financing for energy, the risk-sharing facility is an innovative financial instrument to crowd in private sector investment financing for a greater uptake of industry-wide energy efficiency measures,” she added. The grant and guarantee are executed under the 'Việt Nam Scaling up Energy Efficiency …
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Book on VN-Russia relationship launched in Moscow
The book compiled by Vietnamese ambassador to Russia Ngô Đức Mạnh was launched last weekend in Moscow. VNA/VNS Photo Trần Hiếu HÀ NỘI — A book on the 70 years of Việt Nam-Russia relations was launched in Moscow recently. The book consists of five parts including 700 images and documents classified into diplomatic events and co-operation activities between the two countries in politics, economy, defence-security, culture, education, science, and people-to-people diplomacy. The book was compiled by Vietnamese Ambassador to Russia Ngô Đức Mạnh to promote relations between the two countries. “In my new position, I have favourable conditions to turn my wish into reality. I have collected, systematised and compiled the book," said the ambassador at the book launching ceremony last weekend in Moscow. Attending the ceremony were representatives of the Russian Ministry of Foreign Affairs, Federation Council, State Duma, administrations of Moscow, Saint Petersburg, and other localities, as well as local scholars, people and Vietnamese expatriates. Speaking at the event, ambassador Mạnh said the book is a gift of gratitude for leaders, people, and readers of the two countries, which, he said, shared a traditional friendship of closeness, trust, mutual understanding and support during the wartime and in the current national construction cause. The 624-page book gives an overview of the Việt Nam-Russia ties and introduces Vietnamese President Hồ Chí Minh’s activities in Russia, who set the foundation for bilateral relations. In the book’s introduction, Vietnamese Deputy Prime Minister and Minister of Foreign Affair Phạm Bình Minh wrote today's Việt Nam-Russia relations have inherited from the Việt Nam-Soviet Union relationship with the precious assets of sincere affection, and mutual support and assistance, forging a strong and loyal friendship between the two nations. Russia was the first country that Việt Nam established a strategic partnership in 2001 and a …
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Shares cut early gains to end lower as bank stocks decline
A customer carries out a transaction at a branch of Asia Commercial Bank (ACB) in Hà Nội. ACB lost 2 per cent on Monday. Photo courtesy of ACB HÀ NỘI — Vietnamese shares trimmed early gains on Monday with the VN-Index closing lower as banking stocks came under selling pressure towards the final minutes of trading. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange edged down 0.04 per cent to close at 1,168.27 points. It had risen 0.02 per cent last week. More than 652.7 million shares were traded on the southern bourse, worth VNĐ15.6 trillion (US$673.9 million). Market breadth was positive with 274 gaining stocks and 183 losers. After the lunch break, the market fluctuated in a quite negative direction as many banking stocks dropped sharply and pushed the VN-Index down to the reference level. Asia Commercial Bank (ACB) fell 2 per cent to VNĐ31,800 per share, VPBank (VPB) lost by 1.1 per cent to VNĐ41,350 per share, Vietcombank (VCB) declined by 1.5 per cent to VNĐ95,200 per share and Techcombank (TCB) dropped by 0.9 per cent to VNĐ38,850 per share. On the opposite side, the oil and gas sector increased, becoming one of the best-performing sectors in Việt Nam on Monday, data on vietstock.vn showed. Vietnamese oil and gas stocks grew well, including PetroVietnam Gas JSC (GAS), Viet Nam National Petroleum Group (PLX), PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Power Corp (POW), and PetroVietnam Technical Services (PVS). “The market was moving sideways around 1,168 points. Liquidity increased slightly from the previous session and market breadth was positive, showing that investment cash flow is spreading,” said BIDV Securities Co. “Foreigners were net sellers on both HoSE and HNX. The VN-Index is likely to consolidate in the range of 1,160-1,200 points in the coming sessions,” said the company. Foreign investors net sold VNĐ1.25 trillion on HOSE, including PVPower (POW) (VNĐ212.8 billion), Vinamilk (VNM) …
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