PetroVietnam's oil rig in Đại Hùng oil field. Photo pvn.vn HÀ NỘI — The Export-Import Bank of Korea said on Sunday that it has agreed to open a US$2 billion credit line to Việt Nam’s State-owned Vietnam Oil and Gas Group (PetroVietnam) in a bid to help more South Korean companies venture into the fast-growing economy. Yonhap news agency cited the Korean bank that the deal would help South Korean companies win more deals for Việt Nam's massive infrastructure-building projects. The deal followed the first dialogue on economic cooperation at deputy prime minister level between the Republic of Korea (RoK) and Việt Nam in Seoul last week, where Deputy Prime Minister Vương Đình Huệ and RoK’s Deputy Prime Minister Hong Nam Ki agreed to expand co-operation in oil and gas and power production. At the dialogue, the two sides agreed on a number of co-operation initiatives and contents in … [Read more...] about Korea Exim Bank opens $2 billion credit line to PetroVietnam
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Billions of dollars needed to clear all bombs, mines left from wars
Việt Nam wants to tackle the consequences left over from years of war in the next few decades, a Government official said on Tuesday.— VNA/VNS Photo HÀ NỘI — Việt Nam wants to tackle the consequences left over from years of war in the next few decades, a Government official said on Tuesday. At a press conference on the country’s ordnance cleanup programmes ahead of the International Day for Mine Awareness and Assistance in Mine Action that falls on April 4, chief secretariat of the office of Labour, Invalid and Social Affairs Ministry Nguyễn Bá Hoan said that Việt Nam’s Government and people as well as the international community were working together to speed up the process. According to the Ministry of Defence, about 800,000 tonnes of unexploded bombs and mines left over from wartime remain buried over 6.13 million hectares, accounting for 18.82 per cent of the country. At the current rate of clearance, it would … [Read more...] about Billions of dollars needed to clear all bombs, mines left from wars
Vietnam’s trade turnover reaches 100 billion USD
Vietnam’s total trade turnover reached 100 billion USD between the start of the year and March 19 (Photo: cafef.vn) Hanoi (VNS/VNA) - Vietnam’s total trade turnover reached 100 billion USD between the start of the year and March 19, according to the General Department of Vietnam Customs. Recently released statistics show the country had a trade turnover of 21.3 billion USD during the first half of March, up 18.6 percent against the second half of February. This result helped to bring the country’s total trade turnover to 93.6 billion USD by March 15, edging up to 100 billion USD by March 19 – a surge of 6.3 percent on year. The total value of exported goods was 10.95 billion during the first half of March, an increase of 13.6 percent compared to the second half of February. A number of export products recorded strong rises in value during the March 1-15 period compared to the second half of February, including telephones and components (up 15.7 … [Read more...] about Vietnam’s trade turnover reaches 100 billion USD
Billions of dollars worth of car parts exported but not from Vietnamese manufacturers
Billions of dollars worth of car parts exported but not from Vietnamese manufacturers VietNamNet Bridge - Vietnam spends billions of dollars to import car parts each year for domestic assembling, but it also exports billions of dollars worth of vehicle parts. However, the exporters are mostly from foreign invested enterprises (FIEs). Vietnam needs to import car parts for domestic assembling Toyota Vietnam reported that it exported $34 million worth of car parts in the first half of the year, an increase of 13 percent compared with the same period last year. A report of the General Department of Customs (GDC) showed that the export turnover of transport vehicles and spare parts in 2017 nearly reached the $7 billion threshold, an increase of 15.4 percent over the year before. A report of the General Department of Customs (GDC) showed that the export turnover of transport vehicles and spare parts in 2017 nearly reached the $7 billion threshold, an increase of 15.4 … [Read more...] about Billions of dollars worth of car parts exported but not from Vietnamese manufacturers
FIEs contribute billions of dollars to state budget
For the first time, foreign invested enterprises’ revenue and specific contributions to Vietnam’s state budget have been revealed, with the electronics and garment-textile industries being their biggest earners. FIEs contribute billions of dollars to state budget, illustration photo The Department of Corporate Finance (DCF) under the Ministry of Finance last week released a report on foreign-invested enterprises’ (FIEs) business and production for the 2012-2016 period conducted a few months ago. Results showed that FIEs’ contributions to state coffers rose from $3.7 billion in 2012 to $4.94 billion in 2013, $5.5 billion in 2014, $6.26 billion in 2015, and $7.18 billion in 2016 (excluding contributions from crude oil exports). Tran Tu Quynh, Chairman the Bac Ninh People’s Committee, reported that South Korean giant Samsung, with its Samsung Electronics and Samsung Display facilities based in the province, has been contributing the most to the … [Read more...] about FIEs contribute billions of dollars to state budget