Economic rights

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.

Japanese Emperor Naruhito (Photo: AFP/VNA)

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./.

The Hanoitimes – China Coast Guard vessel has tracked to approach the oil platform within Vietnam’s exclusive economic zone.

Vietnam said its authorities keep a close eye on all movements in the East Sea [referring to the South China Sea] to protect its sovereignty and jurisdiction rights in Vietnamese waters.

Spokesperson Le Thi Thu Hang of Vietnam’s Ministry of Foreign Affairs. Photo: VGP

Spokesperson Le Thi Thu Hang of the Ministry of Foreign Affairs made the statement in response to a question on the approach to Vietnam’s waters earlier this month by Chinese Coast Guard ships.

“All countries in the East Sea need to ensure its activities to be in line with international laws and respect sovereignty and jurisdiction rights of littoral countries as stated in the United Nations Convention on the Law of the Sea (UNCLOS), contributing to peace, stability, and cooperation in the sea,” Hang said at a press conference on February 25.

International ship-tracking data showed that on February 22, China Coast Guard (CCG) 5304 approached Hai Thach Production & Quarters Platform (PQP-HT) in block 5-02 of Vietnam platform after sailing out from China-occupied Subi Reef at Spratly Islands.

The harassment on February 22 was not the first time. Ship-tracking data show CCG 5304 “disappeared” at Fiery Cross Reef on February 04 after sailing out from Sanya on January 31.

From 2019, China Coast Guard vessels have repeatedly appeared in Vietnam’s exclusive economic zone (EEZ), troubling oil operations of joint ventures between Vietnamese companies and foreign partners.

The typical case happened to oil operations partly invested by Russia’s Rosneft in Bai Tu Chinh (Vanguard Bank) within Vietnam’s territorial waters.

The disbursed public investment capital last year was equivalent to 96.13 percent of the target set by the Prime Minister (Photo: 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./.

Dinh La Thang was led to the court. (Source: VNA)

Hanoi (VNA) – The Hanoi People’s Court on March 19 opened a trial for Dinh La Thang, former Chairman of the Member Council of the Vietnam National Oil and Gas Group (PetroVietnam), and six accomplices for their wrongdoings in investing PetroVietnam’s capital in Ocean Bank.

The six other defendants are former officials of PetroVietnam , comprising former Deputy General Director Nguyen Xuan Son; former chief accountant and former head of the department of finance, accounting and auditing Ninh Van Quynh; along with four former members of the Member Council , namely Vu Khanh Truong, Nguyen Xuan Thang, Nguyen Thanh Liem, and Phan Dinh Duc.

All the seven were charged with “deliberately violating State regulations on economic management causing serious consequences.” Ninh Van Quynh alone faced the additional charge of “abusing power to misappropriate State assets.” Their acts caused losses of 800 billion VND (35.2 million USD) to PetroVietnam and its shareholders.

The judge panel of the court comprises five members. A total of 23 lawyers have registered to defend legitimate rights and interests of the defendants and others involving in the case, including five lawyers of Dinh La Thang .

The Hanoi People’s Court has summoned many individuals and organisations concerned, including representatives of the Ocean Commercial Joint Stock Bank (Ocean Bank) and PetroVietnam.

Ha Van Tham, former Chairman of the Board of Directors of Ocean Bank, is subpoenaed as a witness. Meanwhile, Nguyen Ngoc Su, former Deputy General Director of PetroVietnam, and Phung Dinh Thuc, former General Director of PetroVietnam, are present at the court as people having interests and obligations related to the case.

[Infographics: Trial on wrongdoings in PetroVietnam’s investment in OceanBank]

According to the indictment, after PetroVietnam failed to establish the Hong Viet Commercial Joint Stock Bank, Dinh La Thang, who was Chairman of the Member Council of PetroVietnam, instructed Nguyen Xuan Son and Nguyen Ngoc Su to have working sessions with a number of credit organisations on investment contribution, including Ocean Bank.

In September 2008, Nguyen Xuan Son and Ha Van Tham agreed to turn PetroVietnam into OceanBank’s strategic shareholder.

Accordingly, from October 1, 2008 to May 16, 2011, PetroVietnam contributed a total of 800 billion VND to OceanBank for three times to maintain its 20 percent of capital in the bank.

The Law on Credit Institutions, which came into force on January 1, 2011, stipulates that an institutional shareholder may not own more than 15 percent of the charter capital of a credit institution.

Meanwhile, Dinh La Thang took no actions to withdraw PetroVietnam’s money in Ocean Bank to ensure the rate, but continued to sign a decision appointing another person as a representative of the 20 percent stake.

His violations enabled Nguyen Xuan Thang, Nguyen Thanh Liem, Vu Khanh Truong, Nguyen Xuan Son and Ninh Van Quynh to continue with illegal capital contributions of 100 billion VND (4.4 million USD) to Ocean Bank.

As a result, PetroVietnam lost 800 billion VND after Ocean Bank fell into the red and was acquired by the State Bank of Vietnam (SBV) at zero VND.-VNA