(VEN) - Thanks to practical support policies, Ho Chi Minh City’s support industries have yielded good results, making positive contributions to local economic growth. Pham Thanh Kien, director of the Ho Chi Minh City Department of Industry and Trade, said the department has worked hard to develop support industries by issuing regulations on stimulating investment in support industries during the 2018-2020 period. The department has also implemented financial assistance for support industry businesses, providing up to VND200 billion in loans for each eligible project. In 2018, the department provided support for more than 30 businesses wishing to participate in investment stimulus programs. The city’s interdisciplinary team received 16 project documents and appraised nine of them with total investment capital of VND943.184 billion. Ho Chi Minh City eventually approved two projects worth more than VND221 billion. Ho Chi Minh City has also organized meetings between … [Read more...] about HCMC focuses on developing support industries
INDUSTRY
PetroVietnam – giant SOE and notorious loss-making business
The Hanoitimes - PetroVietnam has dozens of loss-making projects abroad and many senior officials in jail. PetroVietnam officials prosecuted for influence peddling PetroVietnam urged to speed up multi-billion oil & gas projects Vietnam National Oil and Gas Group (PetroVietnam-PVN), one of the biggest state-owned enterprises in the country of nearly 100 million people, is known for both contributions to the economy and notorious loss-making operations. Oil and gas exploitation is PetroVietnam's core business. Photo: PVN According to the government’s Decree 07/2018/ND-CP, PVN specializes in (1) searching, exploring, and exploiting oil and gas; (2) gas industry; (3) power industry; (4) processing, storage, and distribution of petroleum products; (5) petroleum services, petrochemical development, and refinery to be a dynamic and strong financial enterprise with high competitiveness, contributing to national development and defense. PVN has a … [Read more...] about PetroVietnam – giant SOE and notorious loss-making business
Vietnam’s industrial production falls sharply in February
Vietnam’s index of industrial production (IIP) in February fell by 16.8% against the previous month due to the impact of the Lunar New Year holiday. Nghi Son oil refinery complex - Photo: PTSC Thanh Hoa But the index rose 10.3% in comparison with the same month of 2018, according to the General Statistics Office (GSO). Compared with a year ago, the IIP in manufacturing went up 12.8%, power generation and distribution up 10.9% and water supply and waste treatment up 7.2%, while the mining sector declined by 5%. In the first two months of 2019, the IIP increased by an estimated 9.2% against the same period of 2018, lower than the 13.7% growth recorded last year. A breakdown of sectors showed manufacturing climbed 11.5%, power generation and distribution increased 9.5% and water supply and waste treatment rose by 7.9%. Mining was the only sector to post a drop in the January-February period, down 4.7%. Among the 63 provinces and centrally-governed cities, Thanh Hoa … [Read more...] about Vietnam’s industrial production falls sharply in February
Vietnam carriers VietJet, Bamboo sign US$15.6B deals with Boeing in Trump’s visit
The Hanoitimes - Vietnam’s airlines are expanding their fleets and demand for air travel in Vietnam is also expected to climb. Vietnam’s carriers VietJet and Bamboo Airways signed agreements worth total US$15.6 billion with US aircraft manufacturer Boeing on February 27 during US President Donald Trump’s visit to Hanoi. VietJet President and CEO Nguyen Thi Phuong Thao and Boeing President & CEO Kevin McAllister at the signing ceremony with the presence of the presidents. Photo: VietJet On the sidelines of the Trump-Kim summit, VietJet Aviation JSC signed agreements worth US$12.7 billion for 100 new 737 MAX planes at the Presidential Palace in Hanoi in the presence of the US President Donald Trump and his Vietnamese counterpart Nguyen Phu Trong. Speaking at the signing ceremony, Boeing Commercial Airplanes President & CEO Kevin McAllister said that the economic expansion in Hanoi and across Vietnam is impressive. "VietJet and the … [Read more...] about Vietnam carriers VietJet, Bamboo sign US$15.6B deals with Boeing in Trump’s visit
Vietnam airlines allowed to fly to US for first time
The Hanoitimes - Besides Vietnam Airlines, VietJet Air and Bamboo Airways have plans to open direct flights to the US. Vietnam qualified to launch direct flight to US US to soon grant Vietnamese airlines direct flight permission Vietnam’s Bamboo Airways acquires certificate to operate commercial flights Vietnamese airlines now can operate direct air service to the United State as Vietnam complies with International Civil Aviation Organization (ICAO) safety standards and has been granted a Category 1 rating by the US Department of Transportation’s Federal Aviation Administration (FAA). US Ambassador to Vietnam Daniel J. Kritenbrink delivers letter from FAA to Director General of Civil Aviation Authority of Vietnam Dinh Viet Thang. Photo: US Embassy US Ambassador Daniel J. Kritenbrink today delivered the letter from FAA to Director General of Civil Aviation Authority of Vietnam Dinh Viet Thang and congratulates Vietnam on achieving a Category 1 … [Read more...] about Vietnam airlines allowed to fly to US for first time