Last week Viet Nam saw the commencement of the construction of the country's largest petrochemical project on 400 ha in the southern coastal Ba Ria-Vung Tau Province. With a total investment of almost US$4 billion to be contributed by two domestic partners, PetroVietnam and Vinachem, and two Thai partners, Vina SCG Chemicals and Thai Plastics and Chemicals companies, this mega Long Son Petrochemical Complex project is expected to begin operational in the first phase in late 2012 and be fully operational in 2014. It then will be the only domestic manufacturer of PE resin and VCM material for PVC production. The project will produce high-quality plastic resins to substitute imported products considerable valued at up to US$2 billion annually. The complex will also have support facilities including a port, warehouse and power plant. It is of great importance as it will further create sustainable development of petrochemical industries within the country, while contributing to the rapid … [Read more...] about Domestic oil production gets massive lift
Oil production is still increasing but it
Vietnam plans to cancel state subsidies on all oil products, projected at nearly $1 billion this year, by end-2008 as it moves to liberalize the fuel market in line with WTO commitments. The removal of subsidies would be done gradually, starting with diesel next year, the Vietnam Net reported on Thursday, quoting Deputy Finance Minister Tran Van Ta. "From the end of 2008 all gasoline and diesel products will be traded under market mechanism, ending financial aid to oil product traders at the end of 2008 at the latest," Ta said. Despite the increase in retail oil product price of up to 9 percent from Wednesday, the government would still have to pay VND12.9 trillion ($808 million) this year, to cover losses incurred by state-run oil products importers. The fuel subsidy is equivalent to around 1.4 percent of the country's gross domestic product of around $57 billion expected this year. The government usually uses funds from its crude oil exports, which totalled $4.92 … [Read more...] about Vietnam to scrap oil product subsidies by end-2008
Vietnamâ€™s efforts to reverse an oil output slump gained a boost as Salamander Energy Plc announced exploration plans on Tuesday and Soco International Plc cited a 2011 date for expanding production in the country. â€œA number of new blocks are being awarded,â€ Phil MacLaurin, country manager for Premier Oil Plc, which plans to begin Vietnamese production by 2011, said Wednesday. â€œAt every step of the oil industry food chain, Vietnam is still active.â€ Output from Vietnam has slipped since 2005 as the Russian-invested Bach Ho field ages after two decades. In 2007 Prime Minister Nguyen Tan Dung recommended state-owned Vietnam Oil & Gas Group â€œurgentlyâ€ bring new fields into production, and JPMorgan Chase & Co. predicted last year that Vietnamâ€™s four-year oil production slump would end in 2009. Salamander said Tuesday it had won approval to take a 60 percent stake of more than 5,000 square kilometers of an area known as Block 31, adjacent to a territory … [Read more...] about Oil production outlook gets boost from Salamander, Soco
VietNamNet Bridge - The dollar price on the black market has been increasing for the last several years. However, there have been few transactions. Meanwhile, bankers have affirmed that they cannot see any pressure on the exchange rate. In Hanoi, since June 16, when commercial banks began raising the dollar purchase prices, the dollar prices on the black market have also increasing significantly. The owner of a gold and foreign currency shop on Ha Trung said the dollar prices on June 16 were 20,600-20,650 dong per dollar (sale and purchase prices). The price levels represented the increase of 40 dong per dollar in comparison with the previous days. On the same day, the dollar prices quoted by Vietcombank were 20,600-20,700 dong per dollar. Foreign currency traders continued raising the dollar prices on June 18. A gold shop on Hang Bac street in Hanoi quoted the dollar prices at 20,650-20,700 dong per dollar. The shop's owner said that the prices were just 20,630-20,680 dong … [Read more...] about Dollar prices increase, but no pressure on exchange rate found
Your say (28-11-2008) A woman's work is never done, but at what age should she retire? Last week, Viet Nam News asked its readers for their opinions on the average retirement age for women. Should it be 50, 55-60 or over 60? Here are some responses: Lawry Beetinyeo, Singaporean, HCM City: There has been a common saying that 'a woman's place is at home' and this is still being said today. I do not know how many women would agree to it nowadays. Today, women have equal opportunities to receive a higher education if they are keen and their family can afford it or through scholarships. Getting a complete education is like having a passport to good employment and better living standards in the future. I believe women should also work as long as they like working, and be up-to-date in their knowledge of activities around the country. Besides bringing additional income to her family, she is also keeping herself physically and mentally fit. Government services have set rules, and … [Read more...] about A woman’s work is never done, but at what age should she retire?