Huainan mining industry group co ltd

VNA

Dinh Thi My Le, owner of a gaming cafe in District 3, said her business was forced to close down following a social distancing order in Ho Chi Minh City last week.

“At the same time, Bitcoin’s value was rising sharply, so my friends said I should switch to cryptocurrency mining as machines would encounter errors if they stay inactive for too long,” she said, adding her cafe was one of the first in HCMC to use the high-quality RTX 3080 graphic card.

“Whatever is dug is sold within the day. Profits depend on cryptocurrency values, but are much higher than my usual business,” Le said. A gaming cafe with 25 computers may bring in around VND3 million ($130) a day by mining cryptocurrency, instead of the usual VND2 million through normal gaming business. Computers using powerful graphic processing units may bring in even more profit, she added.

Computer parts industry insiders said the price of graphic cards rose dramatically during Tet , thanks to impacts of the pandemic and the ongoing Bitcoin fever around the globe. Right now, a RTX 3080 card could cost VND30 million, with supply still falling far short of demand.

Switching from gaming to mining cryptocurrency is also simple, requiring only extra software and nothing more, said Le.

“We sell cryptocurrency within the day, not saving it so the money could come in immediately and we could stop it anytime we want to. The machines are already available, so the main cost would be electricity. Wherever power’s cheap, there will be more profit,” Le said, adding her business has six branches in total.

The value of Bitcoins hit $52,000 on Wednesday, a record high for the cryptocurrency as analysts warned against the sustainability of such prices amid elevated volatility, Reuters reported.

Hanoi (VNA) – By now, the Vietnam Oil and Gas Group (PVN) has built a modern oil and gas manufacturing industry able to effectively meet the needs for exploration and exploitation in replacement of the products it previously had to import.

At a recent symposium on measures to boost the development of Vietnam’s mechanic sectors, Prime Minister Nguyen Xuan Phuc stressed that the Government will establish a market for mechanic firms to develop, including facilitating the sector to seek for domestic and overseas markets for the country’s oil and gas engineering sector’s products.

By now, the PVN has built a modern oil and gas manufacturing industry able to effectively meet the needs for exploration and exploitation in replacement of the products it previously had to import.

[PetroVietnam becomes most profitable corporation in Vietnam]

More than 30 years ago, the Vietnam – Russia joint venture Vietsopetro had to bring its rig platform from Baku (Azerbaijan) to Ba Ria – Vung Tau offshore for assembly in service of oil and gas exploration and exploitation in Bach Ho oilfield. But now the oil and gas sector has become able to manufacture, install and operate rigs for oil and gas exploration and exploitation on Vietnam’s continental shelf. Besides, many products of the oil and gas mechanic sector has been exported to the world, helping bring foreign hard currencies to the country.

After a process of forming and development, the manufacturing sector of the PVN has gradually mastered the technology to make the great development.

Marking the development is the successful manufacturing of self-elevating rigs Tam Dao 03 and Tam Dao 05 at a depth of over 90 metres. Since their commissioning, those rigs have been operating stably and safely. The manufacturing has brought Vietnam into the list of the very few countries that successfully produce modern rigs of international standards and, at the same time, affirmed the trademark of the engineering services of the oil and gas sector in replacement of the import of deep-water rigs. This is an engineering product with the application of high technology for the first time in Vietnam, with a localization rate of 35 percent.

Besides, the oil and gas engineering sector has grown into being able to meet the requirement for manufacturing and assembly of rigs for foreign oil and gas companies.

In 2014, the upper part of the rig of the HRD technology with a total weight of nearly 11,000 tons meeting international standards on technology was successfully produced by the PTSC M&C in 17 months, ahead of the schedule with absolute safety, and won high recognition by the Indian investor ONGC, partners and supervisors for its quality. The project is the biggest implemented by a Vietnamese firm for foreign customers after its winning of an international bidding against many competitors from India and the Middle East.

With the above-said achievements, the oil and gas engineering sector has been, according to the PVN, approaching, apply and mastering the technology on manufacturing and assembling oil and gas projects which require high precision and skills, as well as strict standards on quality and safety.

With the success of the Bien Dong 01 project, the miracle recorded by Vietnam’s oil and gas sector stands as the clearing evidence of the inner strength of the sector in general and of the oil and gas engineering industry in particular.

A PVN representative said the Bien Dong 01 project is considered the most complex of the oil and gas sector in every aspect. All of its detail designs, purchases and manufacturing on the shore were implemented in 30 months, a record not so many contractors in the world can reach. The successful manufacturing and installation of the 133m-underwater oil and gas rig for the Bien dong 01 project ahead of the schedule has affirmed the stuff and wisdom of experts, engineers and technicians of Vietnam’s oil and gas manufacturing industry, making important contributions to the oil and gas exploiting and processing industry and, at the same time, affirming and safeguarding the Motherland’s sacred sovereignty.

The PVN representative also revealed that in the time to come, oil and gas services in general and engineering in particular will continue to face with objective difficulties, challenges and impact, yet it will continue to reap new successes, thus affirming the stuff and aspiration of the Vietnamese people in the integration period./.

Car sales number 2019-20. Unit: thousand cars. Source: SSI

In spite of severe impacts from the Covid-19 pandemic, Vietnam’s automobile industry is set to grow by 16.3% year-on-year this year in terms of car sales number, according to a study from the SSI Securities Corporation, citing high demand from the domestic market for cars.

“Since the outbreak of the pandemic last year, demand for cars were heavily affected as people opted for staying at home,” noted the SSI.

However, once the situation is put under control, customers would quickly turn to cars to take advantage of sales promotion programs being offered by car dealership.

“The majority of customers looking to buy cars are of the middle to high income groups, so they are less affected by the pandemic compared to other lower income groups,” said the SSI.

According to the SSI, Vietnam’s income per capita is on the rise and set to grow at an average of 8-10% in the next decade.

“Compared to regional countries, the current income per capita is fast approaching to a point of bursting demand for cars,” asserted the SSI, adding cars would soon move from a luxury product with a passenger vehicle density of 34 per 1,000 to a more ordinary one with a density level comparable to countries in the region.

Meanwhile, car production capacity domestically is increasing rapidly to meet customers demand, a key step to lower car prices, noted the SSI.

With more cars manufacturing and assembling plants scheduled to complete in the 2022-23 period, the SSI expects a heating up car markets with steep discount policies to drive up domestic car demands.

Along with existing Vietnam’s support policies for the automobile industry, the National Assembly is currently discussing a possibility of reduce the excise tax rate for locally made cars, in which the specific reduced rate would be in line with the localization rate of each car, aiming to boost sales of affordable car models.

“The move, however, is unlikely at the current Covid-19 crisis, given the contribution of excise tax for cars making up 4.4% of state budget revenue,” said the SSI.

Domestic car market large enough for manufacturers to move in

The SSI also pointed to a key factor that the domestic car market is big enough for car manufacturers to shift from importing cars to assembling/manufacturing domestically.

At present, six major car manufacturers of Thaco, Huyndai, Toyota, Mitsubishi, Ford and Honda account for 90% of the market share in Vietnam with a combined production capacity of 30,000-60,000 units per year, exceeding the break-even point for domestically-produce cars of 30,000-40,000 cars per year for an assembling plant, or 10,000-20,000 units for each car model.

Over the past two years, four global car manufactures have announced their plans of investing in large-scale assembling/producing car plants in Vietnam.

“More assembling car plants in Vietnam would boost demand for auto parts and eventually the development of the car supporting industries,” stated the SSI, saying this would mean higher localization rate.

Hanoitimes