Usd brl projections

A solar/wind farm in the central province of Ninh Thuan. (Photo: VNA) Hanoi (VNS/VNA) - Investors of numerous renewable energy projects have urged solutions to resolve pricing issues in a meeting with Vietnam Electricity (EVN). EVN's director-general Tran Dinh Nhan said EVN welcomes feedback from the investors and its partners and that the company has been working around the clock to resolve said issues following a guideline set by the Ministry of Industry and Trade (MoIT). Nguyen Thi Thanh Binh, deputy director-general from T&T Group, said investors and businesses are especially concerned over a MoIT's decision to bring down prices to 1,185-1,508 VND per kWh for solar and 1,587-1,816 VND per kWh for wind, a 20-30% reduction in comparison to the previous feed-in tariff, which was set 20 years ago. She also raised several issues with the current legal framework and said investors and businesses have not been consulted about how price calculation is being done. … [Read more...] about Investors voice concerns over unresolved pricing for renewable projects

At the signing ceremony between VPBank and SMBC (Photo: VNA) Hanoi (VNA) – Vietnamese lender VPBank on March 27 signed an agreement to sell its 15% stake to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) through a private placement. With this deal, SMBC, a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG), has officially become a foreign strategic investor of the Vietnamese bank. The investment from SMBC will help VPBank raise 35.9 trillion VND (approximately 1.5 billion USD) of Tier 1 capital (equal to 30,160 VND per share), increasing its equity to approximately 140 trillion VND from 103.5 trillion VND. Following the investment, VPBank will become Vietnam’s second largest bank in terms of equity, which allows it to serve a wide range of customer needs in various segments, including retail banking, corporate banking and SMEs. The robust capital stance will also back VPBank in serving large-scale enterprises, particularly the FDI and multi-national … [Read more...] about VPBank sells 15% stake to Japan’s SMBC for 1.5 bln USD

Illustrative image. (Photo: Hanoi Traffic Construction Investment Project Management Board) Hanoi (VNA) – The Hanoi People’s Council has approved, in principle, the construction of Thuong Cat bridge across the Red River, connecting Bac Tu Liem and Dong Anh districts. The bridge, which has a length of 820m and a width of 33m, is expected to ease traffic congestion and boost the socio-economic development of the capital city. With a total estimated cost of nearly 8.3 trillion VND (351 million USD), the construction is scheduled to be done in four years, from 2023 to 2027. To ensure a well-coordinated traffic system, the council has also approved the construction of a belt road connecting Thuong Cat Bridge to National Highway No 32 with a total investment of 1.5 trillion VND. The road is expected to open to traffic in 2026. Thuong Cat is one of the 10 new bridges spanning the Red River under Hanoi’s transport plan for the 2015-2030 period./. VNA … [Read more...] about Hanoi to build 351 million USD bridge over Red River

Indonesian Finance Ministry Isa Rachmatarwata (Photo: antaranews.com) Jakarta (VNA) - The Indonesian Finance Ministry is mulling adding around 8 trillion IDR (531 million USD), to this year’s budget plan for Indonesia ’s new capital megaproject Nusantara. Speaking at a recent press briefing, director-general for budgeting at the Finance Ministry Isa Rachmatarwata said the extra money is because President Joko Widodo has asked the ministry to prepare the land for the investors. Earlier, the government has allotted 23 trillion IDR in the original 2023 budget plan for the Nusantara project. According to Isa, the Public Housing Ministry has asked for an extra 7 trillion IDR  or 8 trillion IDR for the budget plan. However, there is still a possibility that the Finance Ministry might add even more money to cover other needs for the city’s construction. In early March, President Joko Widodo approved a new regulation that offers incentives to businesses investing in … [Read more...] about Indonesia considers another 500 million USD for new capital megaproject

The ground-breaking ceremony for the project on December 19 (Photo: VNA) Vientiane (VNA) – Work on construction of a bauxite-alumina mining industrial complex , one of Vietnam’s largest projects in Lao, began in Dakcheung district, the southern Lao province of Sekong, on December 19. bauxite mine worth 1 billion USD has an annual capacity of 1 million tonnes. It is expected to operate for 30 years and could be extended to 50 years. Viet Phuong Group Phuong Minh Hue pledged to bring success to the project, contributing to socio-economic development in remote and disadvantaged areas of Sekong province and bilateral economic ties between the two nations, especially in the Vietnam – Laos – Cambodia development triangle. VNA … [Read more...] about Work starts on Vietnam’s biggest project in Lao province

Representatives from the Ministry of Public Security and Nghe An authorities hand over a model house to a poor household in Tam Hop commune, Tuong Duong district, on March 22. (Photo: VNA) Nghe An (VNA) – The Ministry of Public Security and the authorities of Nghe An jointly held a ceremony on March 22 to hand over model houses and funding for the construction of more than 2,400 homes for the poor and people with housing difficulties in the central province. Responding to a programme on housing support for the poor and people with housing difficulty in Nghe An province in the 2023-2025 period and implementing the provincial Police’s project on building drug-free border communes, the Ministry of Public Security decided to build 1,420 houses for poor households in 27 border communes. Speaking at the ceremony, Deputy Minister of Public Security Sen. Lieut. Gen. Luong Tam Quang said that by implementing the policies of the Party, State, and government, the ministry has focused … [Read more...] about Over 2,400 houses to be built for the poor in Nghe An’s border communes

Costing nearly 53 billion VND (2.2 million USD), the project is due to be completed in August. It aims to encourage travel companies to offer tour packages for local and foreign visitors. This pier is being constructed in Thủy Biểu ward, near the centre of Hue imperial city and known for its immense fruit orchards. Visitors can now easily explore the fruit-laden orchards and enjoy the peace and serenity. Thua Thien-Hue has a lot of potential to develop river tourism . It is home to the poetic Huong River , and the largest brackish water lagoon in Southeast Asia, Tam Giang. On the Huong River are about 130 dragon boats carrying passengers out to admire the scenery and enjoy Hue royal court music. The building of new piers is also expected to attract more investment in upgrading means of transport, for example replacing the outdated dragon boats to offer more comfortable tours to visitors./. VNA … [Read more...] about Thua Thien-Hue developing river tourism

A factory in Dong Nai province's Giang Dien Industrial Zone. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam attracted nearly 5.45 billion USD worth of foreign investment in the first quarter of the year, down 39% year-on-year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment . Of the three-month figure, over 3 billion USD came from 522 newly-licensed projects, up 62% in a number of projects but down 6% in the amount of capital compared to the same period last year. Some 1.2 billion USD was added to 228 existing ones, representing a yearly hike of 3% in a number of projects and a yearly decline of 70.3% in the capital. However, foreign investors' capital contribution and share purchases rose 4% year-on-year to 798 million USD, the FIA said. Along with the contraction in fresh capital, the disbursed capital also slightly plunged 2.2% from a year earlier to 4.3 billion USD, it noted. The most significant proportion of the … [Read more...] about Vietnam’s foreign investment plunges 39% in Q1

Da Nang aims to attract 7 billion USD of FDI by 2030 (Photo: VNA) Da Nang (VNA) – The central beach city of Da Nang is taking measures to revive the foreign direct investment (FDI) flow with a view to attracting 7 billion USD in this capital by 2030. In the first two months of this year, Da Nang licenced 16 new FDI projects with a total registered capital of 2.55 million USD, a decrease of 53.6% in value year-on-year. To date, the city has lured 965 FDI projects with a total registered capital of over 4.065 billion USD, mostly in industry and real estate. Japan is the city’s biggest investor with more than 900 million USD, followed by Singapore, the US and the Republic of Korea. However, the FDI inflow into the city has experienced a downward trend in recent time due to the impact of COVID-19 pandemic. Particularly, during 2020-2021, most FDI enterprises in the locality suffered losses and were forced to lay off employees. Notably, 57 FDI projects were terminated from … [Read more...] about Da Nang revives FDI inflow

The design of Lego factory in Binh Duong (Photo: VNA) Binh Duong (VNA) – The southern industrial hub of Binh Duong has seen a positive change in foreign direct investment (FDI) inflows with higher number of projects meeting the locality’s criteria of high technology, high economic values, environmentally friendlỉness, and less labour-intensiveness, according to the provincial Department of Planning and Investment. Outstanding FDI projects satisfying Binh Duong’s green economic development criteria include an over-1-billion-USD factory of Lego Group , which is scheduled to become operational in 2024. Preben Elef, Vice President of Lego Group, said that the factory is Lego's first carbon-neutral project developed towards green, sustainable and environmentally friendly direction. The factory has no carbon emissions, using electricity from renewable sources provided from the solar farm next to the facility, he said, adding that it is built to Leed Gold standard - a globally … [Read more...] about Binh Duong sees increasing green FDI inflows