The Ministry of Industry and Trade (MOIT) is unable to pull the plug on the two thermal power plants due to concern it might embroil the government in a dispute with private firm Tan Tao Energy (TEC), which claims to have already spent a massive amount of money. In a report recently sent to the government, the ministry quoted the Kien Giang Province People’s committee as saying TEC had spent VND77.2 billion ($3.3 million) in 2009-2013 on land clearance for the Kien Luong Power Plants 1 and 2. But TEC had earlier reported to the prime minister it had spent more than VND6.3 trillion ($270 million) on carrying out 146 legal procedures from the central to local levels, surveys, a feasibility study, land clearance, and installing technical infrastructure. TEC received government thumbs-up for its investment plans in 2008. It said it was ready to build the plants, arrange finance and coal supply and invite tenders from international EPC contractors. The gap between the figures reported … [Read more...] about Controversy shrouds proposed Kien Giang Province power plants
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Vietnam banknote-printing plant reports 6-month profit up 46%
The Hanoitimes - The six-month figure is higher than the target set for the whole 2018 at VND54.24 billion (US$2.34 million) and slightly lower than that of 2017 at VND67.75 billion (US$2.92 million). Vietnam's state-run National Banknote-Printing Plant reported a pre-tax profit in the first six months of 2018 at VND66.7 billion (US$2.88 million), up 46% year-on-year, the company's financial statement showed. Illustrative photo. The six-month figure is higher than the target for the whole year of 2018 at VND54.24 billion (US$2.34 million) and slightly lower than that of 2017 at VND67.75 billion (US$2.92 million). During the January - June period, the plant's revenue stood at VND997.5 billion (US$43.07 million), up 28% year-on-year. However, as cost of goods sold remained high at VND910.7 billion (US$39.32 million), the company's gross profit stood at VND86.8 billion (US$3.74 million). Income from financial activities in the first half of 2018 … [Read more...] about Vietnam banknote-printing plant reports 6-month profit up 46%
Homes crack by hydropower plant construction
Many locals in Dak Nong Province are complaining about the huge cracks in their houses which seem to have been caused by explosions at nearby hydropower plant construction in adjacent Dak Lak Province. On-going construction in Dak Lak Province According to dozens of households in Phu Thuan Village, Quang Phu Commune, since early 2018, explosions have been carried out to build Chu Pong Krong Hydropower Plant and install a turbine on Krong No River, which is on the border of Dak Lak and Dak Nong provinces. Since then they have been living in fear as more and more cracks have appeared on the walls and the houses look like they could collapse anytime. They have reported the problem to the investors to no avail. Le Thi Thuan whose house is 200 metres away from the river said her house was built in 2016. However, many cracks have appeared and half of her kitchen subsided. "My house rocked whenever the explosions were carried out. The picture frames on the wall and the parts of the … [Read more...] about Homes crack by hydropower plant construction
$60 million stainless steel plant is to be constructed in Quảng Trị
View of a corner in the Quảng Trị South East Industrial Park. — Photo baodautu.vnViet Nam News QUẢNG TRỊ — The central province of Quảng Trị has licensed domestic firm Việt Quang Limited Company to build a stainless steel plant with total investment of US$60 million. Late last week, local authorities investigated a site in the province’s South East Industrial Park and granted the land plot to Việt Quang. The plant will occupy 31ha of land in the industrial park located in Hải Lăng District. Local authorities asked the company to finalise their plans to issue a report soon for the construction planned to commence in the first quarter of the year 2019. Local departments of environment and natural resources, and agriculture and rural development will work closely with the company to identify the total amount of agricultural and forest land that will be lost for the plant’s construction, as well as the … [Read more...] about $60 million stainless steel plant is to be constructed in Quảng Trị
Forests sold within four to six years after planting
VietNamNet Bridge - Experts have voiced concern about the short life cycle of forests which are sold four to six years after planting. Vietnam has 3 million hectares of production forests Vietnam has three million hectares of production forests, 90 percent of which are acacia forests which provide materials to the woodwork industry. With such an export price, woodchip exporters can only pay VND1-1.2 million for each ton of acacia timber they collect from farmers to make profit. After paying the import tax of 2 percent, exporters pocket the profit of 1-2 percent. RELATED NEWS Protecting forests by purging forest ranger staff, converting illegal loggers Forests logging continues despite PM’s order on forest closure Mai Nam … [Read more...] about Forests sold within four to six years after planting