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The Government has reported to the National Assembly about the implementation of EVFTA (EU-Vietnam FTA) over the last year. The report shows that after one year of implementing EVFTA, trade exchange and investment between Vietnam and the EU have obtained encouraging results despite difficulties caused by Covid-19. Vietnam-EU total import and export turnover reached $54.6 billion, an increase of 11.9 percent over the same period last year. Of this, Vietnam’s export turnover to the EU was $38.5 billion, up by 11.3 percent, while its import turnover from the EU was $16.2 billion, up by 12.4 percent. In the first seven months of 2021, the import and export turnover between Vietnam and the EU was $32.4 billion, an increase of 18 percent compared with the same period last year. If considering export turnover alone, the figure was $22.81 billion, an increase of 17 percent. As of September 2021, the EU had 2,242 valid investment projects in Vietnam, an increase of 164 projects … [Read more...] about One-year EVFTA: major European investors pour billions of dollars into Vietnam

Transmission line s are installed to connect renewable energy plants in Thuan Nam District, Binh Thuan Province. (Photo: VNA) Hanoi (VNS/VNA) - The demand for investment capital for the development of power sources and grids will average 10-11.5 billion USD per year by 2030. This is stated in the draft national electricity development planning for 2021-2030, with a vision to 2045 (power planning VIII) that has just been submitted to the Government by the Ministry of Industry and Trade after many revisions and reviews. According to the draft, the total investment capital required to implement the electricity development programme will be about 99 - 116 billion USD in the 2021-2030 period, equivalent to 10-11.5 billion USD per year. In which, the average capital for power source development is 8.57-10.15 billion USD per year; while the capital for the transmission grid is about 1.36-1.44 billion USD a year. The power planning this time is developed with the aim of ensuring … [Read more...] about Over 10 billion USD per year to develop power sources and grids in 2021-2030

Flood-prevention projects in HCM City will require an additional expenditure of at least VND 72 trillion (USD 3.22 billion) over the next five years, according to a report from the city’s Department of Planning and Investment. The city has already received capital of VND 23 trillion (USD 1.03 billion) for flood-prevention projects under construction. The projects under construction are the Binh Hung wastewater treatment plant, the Nhieu Loc-Thi Nghr wastewater treatment plant and the Tham Luong-Ben Cat wastewater treatment plant. A street in HCM City flooded by high tide For upcoming flood-prevention projects, the city needs more funds, which are expected to come from Official Development Assistance (ODA), the State budget, the State Capital Investment Corporation and the business community. The city said it could only allocate VND 6.96 trillion (USD 312 million) from its budget for upcoming flood-prevention projects. For other funds, the city … [Read more...] about HCM City seeks USD 3.22 billion for anti-flood projects

At the ground-breaking of the factory (Source: http://baohatinh.vn) HCM City (VNA) – The construction of a 170.8 billion VND (7.5 million USD) factory manufacturing mechanical products, machinery and spare parts started at Phu Vinh industrial park inside Vung Ang economic zone in Ky Anh town, the central province of Ha Tinh on March 23. Covering 25,880 square metres, the factory is designed to produce 1,800 steel mills and rollers each year, along with 100 products of conveyer belt rollers, 500 tonnes of wear-resistant plates, and 800 tonnes of mechanic products per year. The factory will cooperate with Formosa Ha Tinh to create a production chain in steel industry . This is the second project built in Phu Vinh after the park completed its infrastructure system. Currently, the park is hosting four FDI projects with total investment of over 23.3 million USD, mostly in steel industry and mechanics.-VNA VNA … [Read more...] about Work starts on 7.5 million USD factory in Vung Ang EZ

Jakarta(VNA) – Nineteen operating Special Economic Zones (SEZ) in Indonesia have attracted a combined investment of 64.4 trillion rupiah (4.53 billion USD) and provided jobs for 23,000 workers, according to Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto. Hartarto was quoted by Antara news agency at the groundbreaking of PT Freeport Indonesia 's smelter at Gresik SEZ, East Java, on October 12 as saying that 150 companies in the SEZs have earned 3.8 trillion rupiah from exports since the beginning of the year. Established on June 28, 2021, the 2,167-hectare Gresik SEZ is expected to absorb an investment of 71 trillion rupiah in the first five years of its operation, the minister said. The Gresik SEZ includes companies from the metal (smelter), electronics, chemical, energy and logistics industries, he added. He said that the Indonesian Government will continue to support the expansion of the Gresik SEZ. In order to promote the development of … [Read more...] about Indonesia’s special economic zones attract over 4.5 billion USD

The research outcomes were transferred to the Ministry of Transport of Vietnam on May 3 (Source: Ministry of Transport) Hanoi (VNA) – More than 5 billion USD is needed to build a railway linking the Lao capital of Vientiane with Vung Ang seaport in Vietnam, according to research conducted under a technical support project for the railway’s feasibility study. Consultants from the Korea International Cooperation Agency (KOICA), which funded the project, estimated that Vietnam would need more than 1.5 billion USD. The research outcomes were transferred to the Ministry of Transport of Vietnam on May 3. The Vientiane -Vung Ang railway is a key infrastructure project in the Association of Southeast Asian Nations (ASEAN), which connects Vietnam and Laos and also intersecting at a point with the Singapore – Kunming (China) railway. The railway route has a total length of 554.72 km, with 102.7 km in Vietnam, running from Vung Ang seaport in central Ha Tinh province … [Read more...] about Vientiane – Vung Ang railway needs over 5 billion USD