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At a food fair in Vientiane, Laos (Photo: Xinhua/VNA) Vientiane (VNA) – The Lao Government is considering imposing limits on a number of imported goods in an attempt to minimize or cut the use of foreign currency on non-essential items amid dwindling foreign currency reserves, Lao Prime Minister Phankham Viphavanh said. Responding to National Assembly deputies’ questions at the third session of the 9th legislature, the PM said vehicles, alcoholic beverages and other imported luxury items are among goods to be considered for the import curb. Laos is suffering from a shortage of foreign currency, so the government is struggling to purchase and import sufficient essential items, notably fuel. Meanwhile, the Vientiane Times reported that the Lao Government is considering engaging an international consulting firm to determine the value of state assets, particularly those pertaining to natural resources. According to the newspaper, the idea was put forward at the National … [Read more...] about Laos considers curbing imports to save foreign currency

Making his remarks in a virtual meeting with the Vietnam News Agency's correspondent in the U.K. ahead of the top legislator’s trip from June 28-30, David said the visit is important not only symbolically, but in a very practical sense as well, because during the visit, the two sides will be talking about different issues important to both countries. According to the APPG Chair, Hue will be meeting not only the Speaker of Commons and the Speaker of Lords, members of all political parties and the APPG, but also members of the government, including the Deputy Prime Minister and the Home Secretary. Therefore, the visit is not only official but also practical. According to David, for a number of years, there has been relations between the National Assembly of Vietnam and the British Parliament, but this relationship has seen a formalization over last few years, particularly with the British Inter-parliamentary union's visit to Vietnam in October 2018. He said the visit, led by … [Read more...] about Top legislator’s U.K. visit comes in opportune and important time: APPG Chair

The input price of imported liquefied natural gas (LNG) fluctuates between 15-20 cents/kW while the saleable electricity price is currently 6-7 cents/kW only. This will be an obstacle in the future because Electricity of Vietnam (EVN) will have to buy high and sell low. Despite the mandatory use of the standard form wholesale market power purchase agreement (PPA), complete with untenable fuel cost pass-through clauses being imposed on would-be LNG project sponsors, the market will never accept the proposition. Prime Minister Pham Minh Chinh questioned why the latest draft of the Power Development Plan VIII (PDP8) seeks to effectively block any new solar power projects until 2030, since “solar power costs are getting cheaper and cheaper, and energy storage battery technology is becoming more advanced at more acceptable pricing”. The LNG gas power project is scheduled to start construction in the second quarter of 2022 According to calculations by the Ministry of … [Read more...] about Developers expect smoother LNG policy planning

Inadequacies in salary are causing a shift of workers among foreign-invested enterprises. Taiwanese-backed Foxconn, the world’s largest iPhone contract manufacturer, is complaining about a battle to attract more affordable labour with its Chinese rivals in Vietnam. Young Liu, CEO and chairman of Foxconn, this month accused the company’s Chinese competitors of setting up campuses near its base in Vietnam to get closer to its workers. Foxconn’s campus, located in the northern province of Bac Ninh, currently employs around 60,000 workers, and the company has plans to increase that number over the next two years. Once the battle for workers becomes more serious, the company may face the risk of employee shortages. While the Foxconn CEO would not disclose the names of the competitors involved, the current crop of 31 companies – employing around 160,000 workers – that produce Apple products in Vietnam include major names such as Luxshare ICT, Pegatron Vietnam, and BYD Electronics … [Read more...] about Foreign groups battle to retain their workers

In the framework of the conference, investors raised many questions about the procedures for receiving investment licences, investment opportunities, and solutions to deal with difficulties, and all of them received satisfactory answers. The organising board also organised two press corners to clarify more information about the strengths of the provinces and the efforts to reform policies. Speaking at the conference, Hoang Thi Thuy Lan, Secretary of Vinh Phuc Party Committee said that direct investment projects and projects from Japanese investors contributed an important role in fostering the province’s socioeconomic growth, simultaneously laying the foundation for tightening the relationship between the two countries. “The investments of Toyota and Honda in Vinh Phuc, which were two of the first Japanese investors, established a solid foundation for the economic cooperation between the province and Japan. The two parties expanded the cooperation to other sectors, such as trade, … [Read more...] about Vinh Phuc attracted 700 delegates to conference on Vietnam-Japan ties

The president of the Korean Chamber of Commerce in Vietnam (KOCHAM) has asked the Ho Chi Minh City government to assist South Korean enterprises in alleviating their cost burden in the current difficult period. KOCHAM President Shon Young Il made the request at a dialogue session between the city government and South Korean enterprises, held on Friday by local authorities in coordination with the Consulate General of South Korea in the southern metropolis. Speaking at the event, chaired by the municipal People’s Committee chairman Phan Van Mai, the KOCHAM leader said Korean businesses are facing a lot of pressure while trying to recover from the COVID-19 pandemic and cope with impacts caused by the ongoing Russian-Ukraine military conflict and the inflation risk. Therefore, he hopes that the Ho Chi Minh City administration can support Korean businesses in reducing their cost burden in this tough period. Specifically, local authorities should assist Korean businesses in solving … [Read more...] about S. Korean firms in Ho Chi Minh City seek help to ease rising cost burden