(VEN) - In 2018, Vietnam achieved significant results in economic development, paving the way for further successes in 2019. However, the way ahead is not easy. Growth drivers At the Vietnam Economic Conference 2019 that took place recently in Ho Chi Minh City, economists and managers shared the opinion that 2018 was a successful year for the Vietnamese economy with various record results. Economic growth was maintained; the macroeconomic situation was stable; inflation was well controlled; and major balances were ensured, creating new impetus for development in 2019. Regarding the driving force of economic growth in 2019, Associate Professor, Dr. Hoang Van Cuong, member of the National Assembly Committee for Financial and Budgetary Affairs, said the potential of supply and demand in the Vietnamese economy is great. This, he explained, is because Vietnam has a large domestic goods market that has grown on a stable basis over years, while the demand in the global market tends to … [Read more...] about Vietnam”s economic growth targets deemed feasible
Deemed feasible
PetroVietnam risks losing hundreds of millions of dollars invested abroad
A recent report prepared by the Ministry of Industry and Trade on the state-run oil and gas group (PVN) says most of the 11 projects were implemented in the 2009-2012 period. In particular, PVN’s Junin 2 oil exploration and extraction project, operated by subsidiary PetroVietnam Exploration and Production Corporation (PVEP), is on the verge of losing all of its invested capital. PVEP was then led by Nguyen Vu Truong Son, who has just submitted his resignation as general director of PVN. Project Junin 2 in Venezuela was granted investment certificate in 2010 to extract 200,000 barrels of oil a day on a 247.8 km2 area. The total investment for the project was estimated at $12.4 billion, 60 percent of which would be raised through loans, 20 percent from PVN, and 20 percent from a Venezuelan state-owned oil and gas corporation. By 2013, PVEP had disbursed $65.5 million in this project, but in December the same year, the Vietnamese Prime Minister suspended the … [Read more...] about PetroVietnam risks losing hundreds of millions of dollars invested abroad
BUSINESS NEWS IN BRIEF 31/10
Vietnamese food introduced in Hong Kong Visitors to the seventh Hong Kong Food Carnival, which is underway in Kwai Tsing district, Hong Kong (China), have shown interest in Vietnamese food. Products such as dried rice vermicelli, fish sauce, cashew nuts, dried longan and coffee have been introduced by Hanoi Trade Corporation (Hapro) and Hello-5 JSC. Of note, King Cashew Nut Ltd., Co. which represents Hapro in Hong Kong, has worked with the Vietnamese association in Hong Kong to open a booth featuring Vietnamese dishes at the event. Apart from Vietnam, the Southeast Asia section within the carnival also includes booths set up by Thailand and Malaysia. During the carnival, from October 27 to November 4, participating countries and territories are also putting on traditional art performances. Previously a biennially event, from this year on the Hong Kong Food Carnival will be held annually due to its increasing popularity. SCG's Q3 revenue in Vietnam up 18% … [Read more...] about BUSINESS NEWS IN BRIEF 31/10
BUSINESS NEWS IN BRIEF 19/10
Norwegian solar companies seek cooperation opportunity in Vietnam A group of Norway’s leading solar companies attended a Norwegian Solar Seminar in Hanoi on October 15 to look for cooperation opportunities with local partners in the solar energy sector. The event is co-organized by Royal Norwegian Embassy and Power Engineering Consulting Joint Stock Company 1 (PECC1), under the Electricity of Vietnam (EVN) with the attendance of Norweiginan Ambassador designate, Ms Grete Lochen, Commercial Counsellor Mr Harald Naevdal, General Director of EVN PECC1 Mr Pham Nguyen Hung, representatives from the Ministry of Industry and Trade, and over 70 participants from the EVN and its subsidiaries, independent power plant owners, construction companies, private investors from Vietnam and Laos, suppliers and consultants and other stakeholders. At the seminar, an energy consultant of the World Bank presents an overview of Vietnam’s solar energy, highlighting the achievements of … [Read more...] about BUSINESS NEWS IN BRIEF 19/10
Calls for removal of energy obstructions
Vietnam is among those hardest-hit by climate change, but renewables investment is slow Last Wednesday, Hanoi hosted an event of high significance: the launch of the “Special Report on Global Warming of 1.5 degrees Celsius” by the Intergovernmental Panel on Climate Change (IPCC). The report was approved only a few days prior, and Vietnam was selected as the first country to share this important research. According to the IPCC, the event was important for Vietnam, as the country is one of the countries in the world to be hit hardest by climate change. It also remains at a slow pace in reducing greenhouse gas emissions and enabling private investors to invest heavily into renewable energy (RE) projects. It is acknowledged the country can attract more of this type of investment if it removes obstructions against investors. Caitlin Weisen, United Nations Development Programme (UNDP) country director in Vietnam, said that the country has great potential for RE. Vietnam can … [Read more...] about Calls for removal of energy obstructions