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Representatives of the Ministry of Industry and Trade and AES Corporation (AES) sign a Memorandum of Understanding (MOU) on the implementation of the Son My 2 combined cycle gas turbine (CCGT) power plant in Viet Nam. – Photo courtesy of AES Representatives of the Ministry of Industry and Trade and US-based AES Corporation (AES) signed a Memorandum of Understanding (MOU) on the implementation of the Son My 2 combined cycle gas turbine (CCGT) power plant in Viet Nam on November 8. The signing ceremony was attended by Prime Minister Nguyen Xuan Phuc, Minister of Industry and Trade (MOIT) Tran Tuan Anh, US Commerce Secretary Wilbur Ross and US Ambassador to Viet Nam Daniel Kritenbrink. The Son My 2 CCGT power plant has a total capacity of 2.2GW and will be located in Binh Thuan Province with total investment of US$1.7 billion. “LNG will be the key for Viet Nam’s growing energy demand, by offering a cleaner, more reliable and more affordable energy solution,” said … [Read more...] about AES, MoIT ink deal on Son My 2 power plant in Viet Nam

A corner of the Old Quarter walking street in downtown Hanoi is seen from above. (Photo: VNA) Hanoi (VNA) – Hanoi led Vietnam in foreign direct investment (FDI) inflow in the first nine months of 2018 with more than 6.26 billion USD, a 5.4-fold rise from the same period last year, according to a local official. Some 162.7 trillion VND (over 6.95 billion USD) in non-state investment was injected into 70 projects in the capital, with local investment for development estimated at 219.44 trillion VND (9.38 billion USD), up 10.3 percent, Director of the municipal Department of Planning and Investment Nguyen Manh Quyen told the 15th meeting of Hanoi’s 16th Party Committee on October 1. The meeting, chaired by Secretary of the city’s Party Committee Hoang Trung Hai, was held to review socio-economic development in the first three quarters of the year and tasks for the remaining months. The nine-month Gross Regional Domestic Product (GRDP) rose by 7.17 percent as … [Read more...] about Hanoi leads FDI injection in first three quarters

Vietnamese banks are expected to deliver 15 per cent to 21 per cent return on equity over the next two years. — Photo VCB The Vietnamese banking sector is an attractive investment opportunity because it is generating a lot of capital and growing fast, according to a senior banker at JP Morgan. It is a rare combination where Vietnamese banks are growing fast and are quite profitable, Harsh Modi, co-head of Asia ex-Japan for financials research at the investment bank, told CNBC. As such, they are able to sustain high growth without needing too much capital for long periods of time “The return on equity that they’re generating is quite high. The return is higher than balance sheet growth,” Modi said. "What that implies is Vietnamese banks theoretically do not need to raise capital to fund current growth, but they do so, anyway, for purposes like having higher capital ratios and satisfying regulatory requirements." As a result, without putting in a lot of money, … [Read more...] about JP Morgan bullish on Vietnamese banks thanks to high growth, profitability

A favourite venue for international luxury wedding events, Sheraton Grand Danang Resort is firmly marked on the destination map for Vietnamese resort tourism The wedding, organised for two super-rich Indian families, required particular security features as all information was kept secret and the media barred. The wedding was the biggest in Danang in terms of guests, with 700 people from India’s higher class staying at Sheraton Grand Danang resort, 180 people on hand to serve as the wedding’s event team and F&B team, 45 Indian artists, and the 300 resort staff serving the festivities over the three days. With flexible and thoughtful organisation, Sheraton Grand Danang Resort delivered the wedding flawlessly, while demonstrating that Danang and Vietnam as a whole are capable of pleasing any guest in the world. The three-day wedding consisted of a total of 10 main and sub parties. Parties were staged featuring impressive ideas and unique decoration, with the Vietnamese … [Read more...] about Mysterious wedding of super-rich held at Sheraton Grand Danang Resort

Hundreds of artists take part in a music and dance performance during a ceremony that kicked off the national Hoa Ban Festival in Dien Bien City. — VNS Photo Doan Tung by Nguyễn Mỹ Hà Điện Biên Phủ Tourism seeks to boost economy ĐIỆN BIÊN CITY (VNS) — The signature spring festival of Điện Biên, or Hoa Ban Festival, began yesterday here in Điện Biên City with hundreds of local performers and international visitors in attendance. Named after the most beautiful flower in the region, hoa ban, or the orchid trees, the festival resembles the ethnic Thai groups in Điện Biên Province, where the Thai makes up 38 per cent, the Mông 30 per cent and the Kinh, major Viêt ethnic group, 20 per cent of the population. Thousands of local residents from 19 ethnic groups, and tourists from across the country, have come to the world-famous Điện Biên … [Read more...] about Điện Biên Phủ Tourism seeks to boost economy