Vietnam fatherland front

Vietnam to prepare for solar power boom

March 4, 2021 by vietnamnet.vn

The proportion of solar and wind power projects in the entire national electricity system is expected to increase, requiring thorough preparation because of the instability of these power sources, experts have said.

Vietnam to prepare for solar power boom

The draft of the eighth national power development plan shows majir changes in power source development from now to 2030 compared with the seventh plan.

Under the draft, Vietnam will develop wind and solar power on a large scale, with the capacity of wind power increasing by three times and solar power by two times compared with the adjusted seventh plan.

Vietnam will only continue the projects under construction or under investment promotion, to be operational in the 2021-2025 period.

The coal-fired thermopower proportion will decrease gradually from 34 percent in 2020 to 27 percent by 2030.

The Ministry of Investment and Trade wants to strongly develop gas-fired power with capacity increasing from 7GW in 2020 to 13.5GW by 2025 and 28-33GW by 2030 and the proportion of gas-fired power increasing from 15 percent in 2020 to 21-23 percent by 2030.

The wind power capacity would rise from 600MW in 2020 to 11,000-12,000MW by 2025 and 18,000-19,000MW by 2030. Wind power would account for 11 percent of total installation capacity by 2025 and 13 percent by 2030.

As for solar power, the capacity would increase from 17,000MW in 2020-2025 to 19,000-20,000MW by 2030. The proportion of solar power would be 17 percent of total installation capacity by 2025 and 14 percent by 2030.

Wind and solar power would also be strongly developed in 2031-2045, accounting for 42 percent by 2045.

However, because of the high uncertainty, the strong development of these power sources will have a major impact on the national electricity system.

The ministry believes that as the electricity generation capacity of the sources of power can change rapidly, wind power will cause considerable fluctuations to the electricity system when the wind changes or stops.

If other sources of power cannot replace wind power at that time, or existing power sources cannot be adjusted quickly to offset the capacity decrease, the electricity system will fall into imbalance in terms of supply sources and additional charges will occur. In the worst scenario, this may cause electricity outageon a large scale.

Warning of the problem, the ministry said it is necessary to develop other backup power sources which will be mobilized when wind and solar power sources fail. The capacity of the sources to be used needs to be nearly equal to the total capacity of wind and solar power sources which provide electricity to the national grid.

The ministry said it wants to encourage the development of rooftop solar power systems rather than large-scale solar power farms with the capacity of tens or hundreds of MW.

Luong Bang

Facebook, Google, YouTube likely obliged to pay taxes in Vietnam

March 4, 2021 by en.qdnd.vn

Crafted by the Ministry of Finance, the draft circular guides the implementation of the 2019 Law on Tax Administration and Decree No 126/2020/ND-CP dated October 19, 2020 of the Government providing further guidance on its execution.

Overseas suppliers who have no permanent establishment but conduct e-commerce or digital-based business activities and derive income from individuals and organisations in Vietnam shall still be treated as permanent entities in the country.

They shall be obliged to make online tax registrations and declarations on the General Department of Taxation’s official portal, and be allowed to open more than one bank account for making tax payments but have one email only to receive tax notifications.

The draft circular also stipulates the obligation of banks and payment intermediary service companies to define transaction accounts of foreign suppliers who have no permanent establishment in Vietnam to withhold taxes.

Source: VNA

Vietnam in fifth place in happy planet index rankings

March 4, 2021 by vov.vn

According to the Happy Planet Index (HPI) as announced by UK-headquartered New Economics Foundation (NEF), the country, which is home to an array of mountains and tropical forests, has a strikingly low Ecological Footprint and economic output per head, almost 24 times smaller than that of Hong Kong (China). Indeed, it is one of just three countries to mark the top 10 of the Happy Planet Index rankings with an Ecological Footprint that is small enough to be considered environmentally sustainable.

The report also notes that, “While wellbeing in Vietnam is more modest than in other countries in the top 10 HPI rankings, its average wellbeing score is still higher than Hong Kong’s – despite the Vietnamese economy being significantly smaller and Vietnam’s Ecological Footprint being less than a fifth of the size of Hong Kong’s.”

“Vietnam has an impressive average life expectancy. Both Vietnam and the Gambia have similar sized economies with similar levels of GDP per capita, yet on average, people from Vietnam live more than 17 years longer.”

Vietnam’s inequality of outcomes rating, which measures inequality in wellbeing and life expectancy scores within the country, is better than that of HPI’s first-placed country Costa Rica – a likely testament to Vietnam’s robust public service provision. School enrolment is among the highest in the world at 98% in 2012, and the number of colleges and universities continues to grow rapidly.

Vietnam is on a steep development trajectory. The country has been hailed as a global poster child for poverty reduction – the number of people living in poverty fell from 58% in 1993 to 10.7% in 2010,” the report outlines.

Costa Rica tops the overall list with 44.7 points. Making up the rest of the top five are Mexico with 40.7 points, Colombia with 40.7 points, Vanuatu with 40.6 points, followed with the nation fifth on 40.3 points.

Other Southeast Asian countries also have high places in the rankings, including the Philippines at 14th, Indonesia in 16th, Laos at 19th, Malaysia at 33rd, Myanmar in 39th, Thailand at 41st, Singapore in 49th, and Cambodia at 80th.

Typically, wealthy countries have modest places in the rankings, such as Italy in 69th, France in 71st, the UK in 74th, Japan in 75th, Canada in 89th, Australia in 102nd, with the United States languishing down in 108th.

At the bottom of the list is Chad at 140th, with an HPI of 12.8.

The HPI aims to measure what matters, namely sustainable wellbeing for all. It therefore informs readers about how well nations are doing in achieving long, happy, and sustainable lives.

Hundreds of Vietnamese repatriated from Myanmar amid political instability

March 4, 2021 by e.vnexpress.net

Two flights, organized by the Ministry of Foreign Affairs, the Vietnamese Embassy in Myanmar and Vietnam Airlines, brought the Vietnamese citizens from Myanmar to central Da Nang City.

A Thursday press release by the foreign ministry said repatriated citizens include those below 18 years of age, the elderly, those with underlying conditions and others in dire circumstances.

Covid-19 prevention measures, including medical declarations, body temperature checks and wearing protective equipment were deployed throughout the flight to prevent coronavirus infection.

After landing in Da Nang, citizens were quarantined at centralized quarantine zones run by the military in Da Nang and central Quang Nam Province, the Da Nang Center for Disease Control (CDC) said.

Myanmar is experiencing a period of political instability after its army seized power and detained government leader Aung San Suu Kyi and much of her party leadership last month. Protests have broke out nationwide and at least 50 people have been killed.

Hotspot Hai Duong records six more Covid-19 cases

March 4, 2021 by e.vnexpress.net

All the new patients, numbered 2843 to 2488, are those who had been in either quarantine zones or locked-down areas since March 2. They are now being treated at a field hospital of the northern province.

Also on Thursday, 22 Covid-19 patients have been announced recovered from the disease.

Since a new Covid-19 wave, that has been sweeping through 13 cities and provinces, began on Jan. 28, 879 community transmission cases have been confirmed. Northern Hai Duong Province is the epicenter with 695 cases.

Vietnam has recorded 2,488 Covid-19 cases so far, with 35 deaths.

Private investments reach new peak

March 4, 2021 by en.vietnamplus.vn

Private investment s in Vietnam have reached a new peak in contrast to the trend towards decline around the world and in the ASEAN region . (Photo: baoquocte.vn)

Hanoi (VNA) – Private investments in Vietnam have reached a new peak in contrast to the trend towards decline around the world and in the ASEAN region due to the impact of COVID-19 .

Thanks to its success in containing the pandemic, Vietnam has emerged as a bright spot, with economic growth reaching 2.91 percent in 2020 – a positive rate given the gloomy global picture.

The International Monetary Fund (IMF) forecast that its GDP will grow 6.7 percent this year. Goldman Sachs and HSBC are even more optimistic about the economy, which, they said, will expand 8.1 percent in 2021.

Vietnam’s middle and upper class is expected to grow substantially, from 25 percent of the national population in 2017 to 45 percent in 2030.

Moreover, free trade agreements to which Vietnam is a signatory have benefited the country regarding tariffs and exports, especially smartphones and electronic products, garments and textiles, footwear, and agricultural products.

Adjustments to the Law on Enterprises and the Law on Investment have also played a part in the country’s positive outlook.

In private investment, a total of 59 transactions worth 1.14 billion USD were conducted in 2020, with technology retaining its leading role over the last five years.

Local retail and service firms associated with technological solutions have caught the eye of investors, with notable investments including 100 million USD by Warburg Pincus in Momo e-wallet and the Northstar Group’s 130 million USD in Tiki – one of the three leading e-commerce platforms in the country.

Conglomerate Vingroup posted a record in this regard after GIC injected 500 million USD into Vincommerce in 2019 and KKR funnelled 650 million USD in Temasek and Vinhomes in 2020.

Investments in healthcare have also increased rapidly, as Mekong Capital and VinaCapital have poured 31.8 million USD into Pharmacity and 26.7 million USD into Thu Cuc Hospital, respectively.

Sectors such as transportation, education, healthcare, and technology are expected to become magnets for investors this year./.

VNA