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The project, to be located in Ba Ria – Vung Tau Province, will be developed in two phases, with 70 percent of funding needed in the first, the state-owned company said in a proposal. If approved, this will be the third oil refinery in Vietnam. Vietnam is set to record a shortage of 19.5 million tons of fuel annually from 2030 and 49 million from 2045, Petrovietnam forecast. Domestic consumption is now at 18 million tons a year and will reach 33 million by 2030, but two existing refineries, Dung Quat and Nghi Son, will only be able to produce at most 13.5 million tons by 2025, it said. Vietnam's current fuel reserve is as low as 5-7 days of consumption, which means it must be dependent on imports, it added. As the country has been spending billions of U.S. dollars annually to import fuel, an additional oil refinery and storage complex is necessary, Petrovietnam said. Ba Ria – Vung Tau is suggested because the southern region consumes the most fuel in the nation at 45 percent … [Read more...] about Petrovietnam eyes $18.5 bln refinery

Hanoi (VNA) - The following is a list of selected news summaries last night by the Vietnam News Agency. - Party General Secretary Nguyen Phu Trong has called for work to be accelerated to perfect the Party and political systems, socio-economic management, and the fight against corruption and negative behaviours. Party General Secretary Nguyen Phu Trong speaks at the meeting. (Photo: VNA) Chairing the 22nd meeting of the central steering committee for corruption and behaviour prevention and control in Hanoi on August 17, Trong also requested the submission of regulations regarding power control to the Politburo for approval towards fighting corruption in inspection, supervision, Party discipline enforcement, audit, investigation, prosecution, trial and enforcement of judgments, law-building, use and management of public finances and assets, and press and media activities. Read full story - President Nguyen Xuan Phuc has said that Vietnam wants to cooperate with Israel in … [Read more...] about ☀️ Morning digest on August 18

The credit quality of real estate firms is at a good level with financial leverage below 1.5x. During the first seven months of 2022, over VND420 trillion (US$18 billion) was pumped into the real estate market. The figure could be raised to VND800 trillion ($34 billion) by the end of the year in case of favorable conditions. Investors looking at a real estate project in Me Linh District, Hanoi. Photo: Pham Hung Economist Can Van Luc, a member of the National Financial and Monetary Advisory Council, shared the view at a real estate forum held on August 17, noting the figure is huge compared to total investment capital for the economy. According to Luc, while transaction activities have been subdued in recent months, this would pose a golden opportunity to restructure the market for more sustainable growth. “In the past, real estate was widely seen as the first option when people explore fields to invest in, and that is a huge risk to the economy,” Luc said. … [Read more...] about Over US$34 billion set to pour into Vietnam’s real estate market this year

At the event. (Photo: VNA) Ninh Binh (VNA) – Representatives of the Association of Japanese in love with Vietnam visited and presented gifts to 10 poor Agent Orange victims, each worth 2.5 million VND (108 USD) and 5kg of rice, in the northern province of Ninh Binh on August 18. It was the 11th year the association has stood by the side of local AO victims. On the occasion, the charity group RevivAll from the United Nation International School of Hanoi (UNIS) granted 45 million VND to disadvantaged families of AO victims for house repair in the locality. Since 2002, the association has organised 1-2 trips to Vietnam each year to learn about the consequences of the chemical war staged by the US forces and share sympathies with AO victims living in need. Ninh Binh now has 7,073 AO victims, over 5,200 of them enjoy monthly State allowances. On the occasion of the 61st anniversary of the AO disaster in Vietnam and the Day for AO Victims (August 10), the … [Read more...] about Japanese association presents gifts to AO victims in Ninh Binh

Mr. Vu Van Thang, General Manager for Herbalife Vietnam and Cambodia said: “We’re proud and happy to see the continued expansion of the Casa Herbalife Vietnam Program , which is aligned with our long-term corporate social responsibility agenda and Herbalife Nutrition Foundation’s mission to help needy communities around the globe. Following this launch, we will work closely with the Viet Tri Orphans and Disabled Children Protection Center to help the children under this shelter to access nutritious meals on a daily basis and adopt active lives to grow healthily and reach their full potential.” Ms. Nguyen Thi Nghia, President of Viet Tri Orphans and Disabled Children Protection Center said: “We’re impressed with the valuable support that the Casa Herbalife Vietnam Program has brought to disadvantaged children in Vietnam over the past several years . Therefore , we’re very delighted that this meaningful program has been introduced to Viet Tri Orphans and Disabled … [Read more...] about Herbalife Vietnam Brings Good Nutrition to Needy Children

Hanoi will play a key role in connecting visitors to tourist destinations in Vietnam. The Vietnamese Ministry of Culture, Sports and Tourism needs to actively support major tourism businesses to build routes linking localities, and restart heritage digitalization with the participation of travel companies to create new tourism products. Deputy Prime Minister Vu Duc Dam speaks at the meeting. Photo: VGP This is one of the requirements made by Deputy Prime Minister Vu Duc Dam on August 17 at the meeting on removing difficulties and promoting tourism recovery so that the industry would become a key economic sector. The Deputy Prime Minister requested the Ministry of Industry and Commerce to urgently submit to the Prime Minister the adjustment of electricity prices so that accommodation establishments would be entitled to energy rates equal to those of manufacturing facilities. The Ministry of Culture, Sports and Tourism, associations, and tourism businesses … [Read more...] about Vietnam deploys diverse solutions to revive tourism industry