Economic damages

The Hanoitimes – The US state wishes to boost bilateral trade with Vietnam in the energy sector.

Representatives from the Vietnamese Ministry of Industry and Trade and the State of West Virginia (the US) on February 25 signed a memorandum of understanding to enhance cooperation in terms of economics, trade and energy.

An overview of the meeting between he Vietnamese Ministry of Industry and Trade and the State of West Virginia (the US) on February 25. Photo: Bnews

With the signing of this Memorandum of Understanding, the two sides set out the goal of establishing a comprehensive cooperation framework to facilitate trade and investment activities of businesses of the tso countries as well as formlinh a joint Working Group to promote cooperative activities.

Speaking at the signing ceremony, Vietnam Minister of Industry and Trade Tran Tuan Anh emphasized the special importance of Vietnam-US relations and highly appreciated the role and efforts of Carol Miller, the US House member representing West Virginia’s 3rd congressional district and US state’s Governor Jim Justice for promoting bilateral economic and commercial relations between the two sides.

Minister Tuan Anh also believed that this is a very appropriate time for the two sides to promote in-depth cooperation to jointly react to the Covid-19 pandemic and step up economic recovery.

“The US is an important and long-term partner of Vietnam in providing energy sources and technology as well as investment,” he said.

On her side, Carol Miller also wished to further promote trade cooperation, especially in the energy sector between the US state and Vietnam. “Reviving the economy after the pandemic is important, West Virginia and the US are ready to assist partners, especially in the renewable energy sector,” she said.

At an online talk with Miller last May, Minister Tuan Anh raised the initiative of signing an agreement between the ministrg and the US State to foster the collaboration.

Trade cooperation and investment between Vietnam and the US have been thriving, with two-way trade hitting US$90.8 billion in 2020, and are expected to reach US$100 billion this year.

Hanoi (VNA) – Party General Secretary and State President Nguyen Phu Trong has extended a message of congratulations to Japanese Emperor Naruhito on his 61st birthday on February 23.

Prime Minister Nguyen Xuan Phuc also sent a congratulatory message to his Japanese counterpart Suga Yoshihide.

On the occasion, Deputy PM and Minister of Foreign Affairs Pham Binh Minh congratulated Japanese Minister for Foreign Affairs Motegi Toshimitsu.

Naruhito became the 126th Emperor of Japan on May 1, 2019, starting the new imperial era of Reiwa.

After Vietnam and Japan established diplomatic ties on September 21, 1973, the bilateral relationship has experienced rapid development over the past years.

Japan has been a leading important economic partner of Vietnam, becoming the largest official development assistance (ODA) provider, second biggest investor, third largest tourism partner and fourth largest trade partner of the Southeast Asian country./.

VNA

Hanoi (VNA) – Public investment disbursement has been accelerated since the opening days of the year as it continues to be seen as an important driving force of economic growth this year, the Dau tu (Vietnam Investment Review) newspaper reported.

In a report to the Government in early February, Minister of Planning and Investment Nguyen Chi Dung said that an estimated 452.41 trillion VND (19.6 billion USD) in investment capital was disbursed last year from the State budget, equivalent to 96.13 percent of the target set by the Prime Minister. 2019 disbursement, meanwhile, was equal to just 73.7 percent and 76.75 percent of the figures targeted by the National Assembly and the Prime Minister.

The 2020 rate was the highest for many years, he said, describing it as the “sweet fruit” of breakthrough efforts by the Government, ministries, sectors, and localities to promote the disbursement of public funds .

Disbursed capital was about 15 trillion VND in January, or 3.25 percent of the 461.3 trillion VND planned for the year by the Prime Minister.

The disbursement pace was slower than expected but still much higher than the 0.95 percent recorded in January last year, according to the Ministry of Planning and Investment (MPI).

It noted that, to accelerate disbursement, the allocation of State budget-sourced investment capital has been promoted since late 2020.

As a result, over 412 trillion VND of planned capital had been assigned as of the end of January, equivalent to 89 percent of the PM’s target, the MPI said.

While this is considered a positive figure, MPI is still concerned that the sum unallocated is relatively large, at more than 101 trillion VND.

It pointed out that the 2021 public investment plan has been carried out while the medium-term public investment plan for 2021-2025 has yet to be approved.

Therefore, new projects with investment procedures completed after December 31, 2020, will be assigned capital at a later date, after the new National Assembly in the 15th tenure passes the 2021-2025 plan.

After the week-long Lunar New Year (Tet) holiday in mid-February, major projects, especially in the transport sector, have seen their progress and capital disbursement hastened.

At a recent meeting, Prime Minister Nguyen Xuan Phuc repeated his request for drastic action from the outset, to avoid disbursement pressure in the year-end period.

The newspaper cited Minister Dung as saying that it is necessary to prepare monthly and quarterly plans so as to disburse 90 percent of the sum planned for 2021 by the fourth quarter.

Specific organisations and individuals would then be held responsible for the implementation and disbursement progress of each project, he added.

The Government has also agreed on the establishment of a special working group for addressing obstacles to investment, production, and business projects, which is also believed to help with public investment disbursement and, subsequently, economic growth this year./.

VNA

New York (VNA) – Ambassador Dang Dinh Quy , Permanent Representative of Vietnam to the UN, on February 24 underscored the importance of international assistance in the conflict-affected Central African Republic at an UN Security Council (UNSC) videoconference, which discussed ongoing violence in the country.

Jean-Pierre Lacroix , UN Under-Secretary-General for Peace Operations, told the conference that the Central African Republic has continued to suffer from violence despite the announcement of the official result of the presidential election in December 2020.

Citing important progress in recent weeks in combating the armed coalition group known as Coalition des Patriotes pour le Changement, he said the United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA) is providing security to thousands of internally displaced persons, while also supporting efforts to safeguard the democratic order.

The Central African Republic has now become the most dangerous place for humanitarian work, with over 46 percent of worldwide incidents registered by international non-governmental organisations reported in the country.

In his speech, Quy said Vietnam backs the recent efforts of the UN as well as of regional and subregional organisations, including the African Union, the Economic Community of Central African States, and the International Conference on the Great Lakes Region, to support the Central African Republic.

He took the occasion to urge all concerned parties to resolve differences in a peaceful manner. This effort towards political stability and reconciliation must go hand in hand with the promotion of trust and confidence, he noted.

Calling for the sides involved to respect the election results and handle differences through dialogues, representatives from other UNSC members stressed the importance of implementing the 2019 peace agreement between the local government and armed groups to facilitate long-term political measures.

They supported the efforts made by the African Union and the MINUSCA in the matter./.

VNA

The Hanoitimes – The partnership is expected to develop a hub for LNG imported from the US.

US energy firm AES Corporation and Petrovietnam Gas JSC (PV Gas) on Wednesday signed a term sheet of the joint venture agreement for a liquefied natural gas (LNG) terminal with a US$1.4 billion investment in central Vietnam.

AES Corp. and PV Gas sign deal at IPBF at the presensence of Vietnam’s Deputy Prime Minister Pham Binh Minh and US Ambassador to Vietnam Daniel J. Kritenbrink. Photo: AES Vietnam

With the agreement signed during the 3rd Indo-Pacific Business Forum (IPBF) held in Hanoi on October 28-29, the joint venture is expected to speed up Son My LNG Terminal’s financial completion which is scheduled in 2022 and commercial operations in 2025.

The Son My LNG terminal complements AES’ investment in gas infrastructure around the country, with its previously announced US$1.8 billion 2,200 megawatts (MW) combined cycle gas turbine (CCGT) power plant.

Together, the plant and terminal will play a major role in shaping Vietnam’s energy future by diversifying the energy mix with imported LNG as well as meeting the country’s increasing demand for sustainable and affordable electricity.

“This is an important milestone for the development of the Son My LNG terminal and our CCGT power plant. With these two projects, AES is fully committed to the country’s growth in cleaner energy sources and offering the most reliable and affordable electricity to support the continued economic growth of Vietnam,” said President of AES Vietnam David Stone.

As part of the signing ceremony, AES also received a Letter of Interest from the US’ Eximbank and International Development Finance Corporation (DFC) to support the Son My LNG Terminal and Son My 2 CCGT projects with a loan amount of US$3.2 billion.

Making comments in pre-recorded remarks to a business conference hosted both online and in person in Hanoi, US State Secretary Mike Pompeo said Vietnam has approved the project and that it would “open the door to billions of dollars per year in US LNG exports to Vietnam. That’s a real win-win situation.”

Virginia-based AES Corp. and its Vietnamese partners have been gradually ramping up efforts to develop a hub for importing LNG from the US over the past several years.