HCM City (VNA) –The Hoa Binh Construction & Real Estate Corporation (HBC) signed a cooperation agreement with HOT Engineering & Construction Company of Kuwait in Hanoi on May 19, as part of its strategy to expand into the Middle East. Accordingly, HOT Engineering & Construction will exclusively sponsor HBC in civil construction and infrastructure in Kuwait. The two companies will join biddings for the government and private sector’s projects in Kuwait as well as others that HOT won contracts. Following the signing ceremony, they will continue with detailed plans on procedures for concrete projects between now and the next five years and join the Kuwait government’s construction projects to materialise the 2035 Vision “Turning Kuwait into a financial and commercial centre in the region”. The Kuwait firm also stands ready to help HBC become a major bidder for its construction works. HOT Engineering & Construction is currently one of the … [Read more...]

Viet Nam News YÊN BÁI - Yên Bái Tourism Year kicked off with art performances and cultural activities on Friday night in the northern mountainous province. More than 300 professional artists including singer Trọng Tấn, Minh Tuyết, Đăng Dương and Tùng Dương joined the performance themed Lung Linh Sắc Màu Yên Bái (Glamourous Yên Bái). The event also features Inh Lả Ơi, a traditional folk melody of Thái ethnic minority in Yên Bái Province, performed by American singer Kyo York. Along with music and art, the characteristic images of Yên Bái - rice terraces, ban flower (orchid tree flower - the signature flower of the region) and stilt houses were also featured to bring audiences a sense of Yên Bái and the northwest region. The event also gathered Miss Tourism winners from previous years to showcase a fashion collection named Colours of Northwest of designer Việt Hùng. The collection depicts the unique beauty of 30 different ethnic minorities and the landscapes of northwestern parts of … [Read more...]

Viet Nam News HÀ NỘI - During his keynote address at yesterday's conference on the future of the Việt Nam - US commercial relationship, President Trần Đại Quang expressed his faith in the bilateral economic ties between Việt Nam and the United States. The conference, titled "The United States and Việt Nam in 2017 and Beyond" and jointly hosted by the American Chamber of Commerce in Hà Nội (AmCham) and the US Chamber of Commerce with cooperation from the Việt Nam Chamber of Commerce and Industry (VCCI), aimed to promote expanded trade and investment through dialogues between government and industry leaders from both countries. During his address, the President said that bilateral growth will be the basis for the comprehensive partnership between the two countries toward sustainability, stability, productivity and mutual benefits. Sharing in the President's belief, Ted Osius, current United States Ambassador to Việt Nam, stressed that US firms have significant interest in the … [Read more...]

Vietnam Medical Equipment Corporation (VINAMED) officially received the investment certificate to develop a high-quality medical services centre at Thanh Hoa General Hospital in the framework of Thanh Hoa Investment Promotion Conference 2017, which took place on May 18. Thanh Hoa enthusiastic over fated investments Nguyen Dinh Xung, Vice Secretary of the provincial Party Committee and Chairman of Thanh Hoa People’s Committee, seeks to promote the province as a top tier destination for investors. The project has a total investment value of VND739 billion ($32.55 million) by Thanh Hoa General Hospital and VINAMED. The project is a paramount item in the plan of restructuring and developing healthcare services in the central province of Thanh Hoa by 2020 with vision to 2030, and is in line with Vietnam's comprehensive planning for the healthcare sector by 2020 with vision to 2030. Pham Quang Huy, chairman of the VINAMED board of directors, said the investment in the … [Read more...]

Vietnam mulls local financing for cross-nation expressway Le Anh HCMC – Deputy Prime Minister Trinh Dinh Dung has told the ministries of transport, finance, and planning-investment to consider a central bank proposal to use domestic credit to fund the massive North-South Expressway project. These ministries should come up with solutions to arrange capital for the project and find ways to remove any barriers to public-private partnership investment. The 1,372-kilometer expressway will require a total of around VND314.1 trillion, according to a document which the Transport Ministry has sent to the Government. The Government has approved the use of VND55 trillion from the proceeds of G-bond sales in 2016-2020 to cover site clearance costs while the remaining capital will come from other sources like official development assistance loans and private sector investments. However, capital mobilization from the private sector might prove to be tough given the large number of … [Read more...]

Govt wants toll stations reviewed Le Anh HCMC - The Government has told the Ministry of Transport to work with other relevant agencies to review the way toll stations are located nationwide in order to ensure the rights and interests of nearby communities are protected. Document 5039 dated May 17 of the Office of the Government says many toll stations fail to meet the rule that requires the two nearest stations on the same road are 70 kilometers apart. Some stations are even located on other roads than those entitled to toll collection, which has recently sparked a public uproar. In August 2015, the Ministry of Transport reviewed toll stations across the country and found 33 stations failing to meet the 70-kilometer requirement. Later, the Government told the ministry to complete the planning for BOT road toll stations on national highways. While the planning awaits approval, no new toll stations can be set up if they do not meet the distance requirement. However, in mid-February … [Read more...]

Both sides agreed that economic-trade-investment link will continue to be the foundation for bilateral ties, and pledged to effectively implement the 2016-2020 Action Plan and soon finalize procedures to upgrade the ASEAN-China Free Trade Area towards elevating two-way trade to US$1 trillion and the total investment to US$50 billion by 2020. China was committed to supporting ASEAN’s central role and help the grouping carry out the ASEAN Community Vision 2025 and goals on narrowing development gap, building infrastructure, strengthening connectivity and regional integration, especially via effectively utilizing joint funds between ASEAN and China and funding from the Asian Infrastructure Investment Bank. Concerning the ASEAN-China strategic partnership, they underlined the need to enhance regional connectivity, including defining common priorities in China’s Belt and Road initiative and the Master Plan on ASEAN Connectivity. Accordingly, ASEAN asked China to continue … [Read more...]

The two sides agreed that economic-trade-investment link will continue to be the foundation for bilateral ties, and were committed to effectively carrying out the 2016-2020 Action Plan and soon completing procedures to upgrade the ASEAN-China Free Trade Area towards lifting two-way trade to 1 trillion USD and the total investment to 150 billion USD by 2020. China pledged to support ASEAN’s central role and help the grouping carry out the ASEAN Community Vision 2025 and goals on narrowing development gap, building infrastructure, strengthening connectivity and regional integration, especially via effectively utilising joint funds between ASEAN and China and funding from the Asian Infrastructure Investment Bank. About the ASEAN-China strategic partnership, countries underscored the need to strengthen regional connectivity, including defining common priorities in China’s Belt and Road initiative and the Master Plan on ASEAN Connectivity. Accordingly, ASEAN asked China to … [Read more...]

The Hanoitimes - Secretary of the Hanoi Party Committee Hoang Trung Hai and Secretary of the Lao Cai Province Party Committee Nguyen Van Vinh co-presided over a recent meeting, aiming to review coordination between two localities in the 2011-2016 period and promote comprehensive cooperation in the future. Hanoi leaders presented gift to Lao Cai province leaders The meeting attracted Permanent Vice Chairwoman of the Hanoi Party Committee Ngo Thi Thanh Hang, Chairman of Hanoi People’s Committee Nguyen Duc Chung, Chairwoman of Hanoi People’s Council Nguyen Thi Bich Ngoc, Chairman of the Lao Cai Province Party Committee and senior officials of the two localities. According to report on cooperation in the period of 2011 to 2016, Permanent Vice Chairman of Hanoi People’s Committee Nguyen Van Suu confirmed that Party units, local governments and people of Hanoi and Lao Cai created favorable conditions and supported cooperation programs in many fields, such as … [Read more...]

NINH BÌNH - Senior financial officials of the 21-nation Pacific Rim APEC grouping reviewed the progress of their recent co-operation activities and will submit the outcome of their talks to the Finance Ministers Meeting in October. The officials' two-day meeting which ends today in Ninh Bình focuses on the priorities initiated by Việt Nam and approved at the APEC Finance and Central Bank Deputies Meeting in Nha Trang City in February. The four co-operation priorities include long-term investment in infrastructure; disaster risk financing and insurance (DRFI); tax avoidance through base erosion and profit shifting (BEPS); and co-operation in the financial field. "This is an important mid-term meeting that reviews the progress of co-operation activities and proposes deliverables to the Finance Ministers Meeting in October," said Vũ Như Thăng, director of the International Co-operation Department under the Ministry of Finance, who is also Senior Financial Officials Meeting (SFOM) Chair … [Read more...]

Prime Minister Nguyen Xuan Phuc conveyed important messages in his speeches delivered at the 26th World Economic Forum on ASEAN (WEF ASEAN 2017) in Phnom Penh, Cambodia from May 11-12, 2017. He said that Vietnam is determined to boost comprehensive reforms and economic restructuring, improve the business climate and encourage start-ups, creativity and innovation. He also spoke about important initiatives to promote common development of the ASEAN bloc despite the unfavourable global situation. Addressing the sessions, Prime Minister Nguyen Xuan Phuc emphasised that the dynamic development of ASEAN has offered favourable opportunities for businesses, including Vietnam as a dynamic area with a GDP increasing 6% per year during the past 30 years and reached the average growth target of 6.5-7% from 2017 to 2020. As a member of ASEAN, he said that the nation has significant potential in creativity and innovation with a plentiful and young population with 60% under 35 years old and about … [Read more...]

Go May overpass opened to traffic Le Anh HCMC – Go May overpass on a National Highway 1A section in Binh Tan District, HCMC was opened to traffic on May 17, three months ahead of schedule. Developed by domestic infrastructure development firm IDICO at a total cost of VND511 billion, the overpass is 538 meters long and 24 meters wide. Faced with limited space and heavy traffic around the construction site, the company had to quicken work on the project. Therefore, a branch of the overpass was put into use in January to cut traffic congestion there. The project was originally expected to be up and running in August, meaning the construction duration was shortened by three months. Go May Intersection is where National Highway 1A and Nguyen Thi Tu and Le Trong Tan streets meet. The area has two large industrial parks, Tan Binh and Vinh Loc, so traffic is heavy there. Go May Intersection is part of a build-operate-transfer project to upgrade a 14-kilometer section of National … [Read more...]

Nguyen Dinh Xung, Vice Secretary of the provincial Party Committee and Chairman of Thanh Hoa People’s Committee, seeks to promote the province as a top tier destination for investors. The province aims to, by 2020, be among the localities taking the lead in three aspects: having a comprehensive infrastructure system to satisfy investors’ needs; giving investors most competitive land rental and labour cost; and always tackling investors’ proposals in a timely manner. This is the key message for investors and will be presented at the upcoming Thanh Hoa national investment promotion forum, the second of its kind, slated to take place late this week in the province. An attractive investor spot Thanh Hoa provides a gateway linking the northern and the central region. It is about 150 kilometres from Hanoi, and a key northern economic zone, featuring a 192 kilometre border line and 102km coastal stretch. With over 3.5 million residents and 27 administrative units … [Read more...]

Accordingly, the cultivation of commercial tra fish must satisfy the four following requirements: 1- Tra fish farms and areas should go with the land use planning of the provincial-level People’s Committees. 2- Infrastructure should meet the technical requirements for commercial tra fish farming, with separate water supply and drainage systems and disposal facilities of waste and sludge satisfying environmental protection and veterinary hygiene standards. 3- Conditions to ensure food safety must be satisfied in line with legal regulations on food safety. 4- Farming ponds must have identification codes in line with regulations. Conditions for exports of tra fish products The decree also stipulates the requirements for tra fish processing as follows: 1- Satisfy regulations on business requirements in Article 21 of Decree No. 66/2016/ND-CP dated July 1, 2016 of the Government stipulating requirements for investment in protection and quarantine of flora, plant varieties; common wild … [Read more...]

Viet Nam News HÀ NỘI - Shares picked up in both local markets yesterday as investor confidence turned positive after a meeting between the Prime Minister and local businesses. The benchmark VN Index gained 0.30 per cent to close at 727.20 points, rebounding from a two-day loss of 0.04 per cent. The HNX Index on the Hà Nội Stock Exchange closed up 0.69 per cent at 91.91 points, extending its gain for a fourth day with a total growth of 2.2 per cent. Market trading liquidity reduced from Tuesday. More than 269.2 million shares were exchanged on both local bourses, worth VNĐ5.37 trillion (US$238.7 million). Large-cap stocks performed well, with nearly two-thirds of the 30 largest companies by market capitalisation advancing. Among gainers, dairy producer Vinamilk (VNM) rose 2.4 per cent, HCM City Infrastructure Investment (CII) and DHG Pharmaceutical (DHG) jumped 3.3 per cent and 3.8 per cent, respectively. Other gaining stocks among the 30 largest listed firms gained between 0.2 … [Read more...]

According to the outlook, expansion of the ASEAN 5, consisting of Vietnam, Indonesia, Malaysia, the Philippines and Thailand will exceed 5% through 2022. Aging will clip the potential growth rates of all major North Asian economies in coming years, while those of Southeast Asian ones may accelerate, with the exception of Singapore’s, Nomura Holdings Inc. said. Infrastructure spending by the 10-member Association of Southeast Asian Nations will average US$110 billion a year through 2025, according to Ernst & Young LLP. Countries in Southeast Asia are also ramping up on ambitious large-scale infrastructure projects. The region’s strong growth outlook is luring companies such as Coca-Cola Co., which is expanding in Vietnam and in Myanmar. Heineken NV is competing with Anheuser-Busch InBev NV, Asahi Group Holdings Ltd. and Kirin Holdings Co. for a stake in Vietnam’s largest brewer SaiGon Beverages Joint-Stock Company. … [Read more...]

HCMC backs Tan Son Nhat airport expansion Van Nam HCMC - The government of HCMC on May 16 wrote to the Ministry of Transport throwing its weight behind a major plan to revise up the capacity of Tan Son Nhat International Airport to 45 million passengers a year. The city approved of construction of more taxiways, Terminal T4 with an annual capacity of 15 million passengers, more aircraft parking slots and a technical area north of the airport. As the current roads around the airport will not be able to meet a pickup in vehicle traffic which will be triggered by an increase in Tan Son Nhat’s passenger handling capacity, the city requested the Ministry of Transport to seek Government approval for an adjustment of the urban and traffic planning in the area around the airport. The revision will ensure that the airport would be efficiently operated, traffic congestion reduced and impacts on the existing residential areas minimized. The airport is currently designed to handle 25 … [Read more...]

The event was co-held by the Ministry of Finance, the World Bank (WB), the Organisation for Economic Cooperation and Development (OECD), and the Asian Development Bank (ADB). The seminar gave attendees an overview of long-term investment in infrastructure in the APEC economies; APEC’s infrastructure needs, financial capacity and roles of the private sectors; and proposals for infrastructure investment and outlined long-term changes in infrastructure investment of APEC member economies. The participants exchanged views on the Public-Private Partnership (PPP) as a feasible solution for infrastructure development projects in APEC and shared experience in attracting long-term funding for PPP development projects. They also discussed diversifying financing approaches for infrastructure and risk management instruments. The APEC Finance and Central Bank Deputies’ Meeting (FCBDM) in February approved an action plan to promote long-term investment in infrastructure this year. … [Read more...]

Tolling of 13 BOT road projects shortened by over 92 years Le Anh HCMC - The Ministry of Transport has shortened the tolling duration of 13 build-operate-transfer (BOT) road projects by a combined 92 years and three months. The toll collection time of the National Highway 1 bypass in Thanh Hoa City in northern Vietnam is reduced the most, by 20 years and one month, according to the ministry’s Public Private Partnership Investment Project Management Department. The VND822 billion project was originally permitted to collect tolls for a period of 27 years and eight months in its BOT contract. But after the final settlement, the definitive evaluation totals only VND718 billion and the tolling time is cut to seven years and seven months. Other projects whose tolling duration is significantly slashed are the National Highway 10 section between Tan De Bridge and La Uyen Bridge in Thai Binh Province (nine years and six months); New Dong Nai Bridge and its two access roads (eight … [Read more...]

Hanoi and Ho Chi Minh City are in need of billions if they want to keep up with economic growth. Hanoi and Ho Chi Minh City are seeking funds worth a combined VND105 trillion ($4.6 billion) to invest in roads and bridges in an attempt to ease traffic jams and protect the environment. Vietnam's infrastructure is struggling to keep up with economic growth of more than 6 percent a year, while its public debt has already exceeded a ceiling set by the country's legislative body. Hanoi is looking to borrow VND53 trillion ($2.3 billion) through the Asia Development Bank (ADB) and Japanese Official Development Assistance (ODA) to develop key metro lines, the city said in a proposal to the planning and investment ministry. Approval is still pending. The funds will pay for two metro lines which require a total investment of $2.7 billion, a large part of which will come from the ADB and Japanese aid, while the rest will be covered by the city's budget. Ho Chi Minh City is also looking for … [Read more...]