Big Oil Took a Big Hit from the Coronavirus, Earnings Reports Show

insideclimatenews.org

Companies report billions in losses and decreased value of assets, but still plan to expand oil and gas production going forward.

Vietnam to post world’s fifth-highest economic growth: WB

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31/07/2020    14:33 GMT+7 vietnamnet

Vietnam is projected to be the fifth highest-growing economy in the world this year and the country has a unique opportunity to increase its footprint in the global economy in both trade and investment, 

Stefanie Stallmeister, World Bank Acting Country Director for Vietnam, has said. 

Vietnam to post world’s fifth-highest economic growth: WB
Vietnamese goods face tough road to foreign markets due to trade remedies

She made the remarks during the unveiling of the WB’s report “What will be the new normal for Vietnam? The economic impact of COVID-19” on July 30.

Tiếp tục đọc “Vietnam to post world’s fifth-highest economic growth: WB”

Measures sought to resolve difficulties faced by HCM City housing industry

Update: June, 27/2020 – 08:29|A housing project in HCM City. — VNA/VNS Photo

 HCM CITY — The property industry in HCM City, and in fact the country in general, faces several problems that need urgent solutions, especially with regard to legal provisions.

Nguyễn Trọng Ninh, director of the Ministry of Construction’s housing and real estate market management department, admitted these regulations were not consistent because they were found in multiple laws.

Tiếp tục đọc “Measures sought to resolve difficulties faced by HCM City housing industry”

Trade surplus reaches record of $5.46 billion

Update: July, 18/2020 – 07:18|VNSWorkers of Foster Electric Vietnam Co Ltd on a production line. The total import-export value of the whole country in June reached US$43.28 billion, up 15.8 per cent over May. — VNA/VNS Photo Thống Nhất

HÀ NỘI — Việt Nam recorded a trade surplus of US$5.46 billion in the first half of this year, the highest six-month surplus ever recorded, data of the General Department of Customs this week showed.

Việt Nam’s import and export activities recovered strongly in June, signalling a more optimistic outlook for the country’s foreign trade in the latter half of this year, especially as many countries have started easing COVID-19 control measures and are accelerating the recovery process.

Tiếp tục đọc “Trade surplus reaches record of $5.46 billion”

Vietnam transport ministry launches call for tender for North-South Expressway

Ngoc Thuy

The Hanoitimes – All five sub-projects under the North-South Expressway project would be operated under the PPP mechanism, scheduled to commence in early 2021.

Vietnam’s Ministry of Transport (MoT) today [July 16] issued bidding documents for five sub-components under the North-South Expressway project, local media reported.

 Vietnam transport ministry launches call for tender for North-South Expressway.

Vice Minister of Transport Nguyen Nhat said bidders would have two months to prepare for their tenders and submit the documents in September, adding the evaluation process is scheduled to complete by December.

Additionally, bidders would have six months to mobilize capital for these projects worth a combined VND22.35 trillion (US$961.28 million), which is a condition for contract award if their bids are accepted, stated Nhat.

Tiếp tục đọc “Vietnam transport ministry launches call for tender for North-South Expressway”

Toạ đàm “Phụ nữ trong lĩnh vực STEM – Khoa học, công nghệ, kỹ thuật, toán học” ngày 24.07.2020

★ Registration link: https://goo.gl/cNznmy 

VUSAC Hanoi and The American Center in Hanoi (U.S. Embassy in Hanoi) jointly organize the Women in STEM panel discusison. Come join us.

In this event, speakers will share their personal experiences of being successful women working in STEM fields and lead the discussion on social barriers and gender equality issues in STEM fields. They will also talk about challenges to balance work and family and opportunities for women in STEM careers.

You will have an opportunity to listen to the stories of our inspiring speakers:

✔️ Ms. Pamnella Devolder, Public Affairs Section, U.S. Embassy Hanoi
✔️ Ms. Doan Thi Thai Yen, Institute of Environmental Science and Technology, Hanoi University of Science and Technology
✔️ Ms. Trinh Thi Hoa, VEF Alumni, Consultant at World Bank and International Financial Institution

★ Time: 15:30 – 17:00, July 24
★ Venue: American Center, 170 Ngoc Khanh Street
★ Registration link: https://goo.gl/cNznmy 

 

 

 

Vietnam poised for highest GDP growth in Southeast Asia

By Dang Khoa   June 19, 2020 | 06:30 pm GMT+7 VNExpress

Vietnam poised for highest GDP growth in Southeast Asia

Farmers harvest rice in a paddy field in the southern province of Soc Trang, March 10, 2020. Photo by VnExpress/Nguyet Nhi.

The Asian Development Bank (ADB) has forecast the highest 2020 GDP growth rate in Southeast Asia for Vietnam at 4.1 percent.

The regional bank has placed Myanmar in second place with an estimated growth rate of 1.8 percent while Brunei in third place with 1.4 percent. Thailand is at the bottom of the list at -6.5 percent, behind Singapore (-6 percent) and Cambodia (-5.5 percent).

Southeast Asia’s average GDP growth is estimated to contract by -2.7 percent this year and expected to rebound to 5.2 percent next year.

Tiếp tục đọc “Vietnam poised for highest GDP growth in Southeast Asia”

Cao tốc ngàn tỉ Bến Lức – Long Thành, bao giờ dân được đi?

21/07/2020 05:24 GMT+7

TTO – Cao tốc Bến Lức – Long Thành kết nối các tỉnh miền Đông và miền Tây Nam Bộ vẫn chưa thôi lận đận sau 2 năm trễ hạn. Vốn vay không kịp nhận hết, dự án phát sinh nhiều khiếu nại, nợ nần và đường chưa biết bao giờ mới xong!

Cao tốc ngàn tỉ Bến Lức - Long Thành, bao giờ dân được đi? - Ảnh 1.

Dự án cao tốc Bến Lức – Long Thành đã 2 lần gia hạn thời gian hoàn thành. Ngân hàng Phát triển châu Á – ADB cho vay 636 triệu USD làm dự án này. Hiệp định vay lần 1 trị giá 350 triệu USD đã hết hạn vay vào ngày 30-6-2019, dự án đã mất khoản tiền vay trị giá khoảng 170 triệu USD chưa kịp nhận. Tiếp tục đọc “Cao tốc ngàn tỉ Bến Lức – Long Thành, bao giờ dân được đi?”

15 Japanese firms to move China production lines to Vietnam

Vietnam is expected to attract 15 Japanese firms of different sizes that will receive Japanese government’s subsidies to shift manufacturing plants out of China to diversify its supply chain.

15 Japanese firms to move China production lines to Vietnam
Manufacturing semiconductors at MTEX – a Japanese invested company in Vietnam (Photo: Cao Thang)

The Japanese Ministry of Economy, Trade and Industry (METI) has recently unveiled a list of 87 firms that will receive JPY 70 billion (US$653 million) to implement the scheme, according to Nikkei Asian Review. Tiếp tục đọc “15 Japanese firms to move China production lines to Vietnam”

VN Trade surplus reaches record of $5.46 billion

Update: July, 18/2020 – 07:18 VNS

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Workers of Foster Electric Vietnam Co Ltd on a production line. The total import-export value of the whole country in June reached US$43.28 billion, up 15.8 per cent over May. — VNA/VNS Photo Thống Nhất

HÀ NỘI — Việt Nam recorded a trade surplus of US$5.46 billion in the first half of this year, the highest six-month surplus ever recorded, data of the General Department of Customs this week showed.

Việt Nam’s import and export activities recovered strongly in June, signalling a more optimistic outlook for the country’s foreign trade in the latter half of this year, especially as many countries have started easing COVID-19 control measures and are accelerating the recovery process.

The total import-export value of the country in June reached $43.28 billion, up 15.8 per cent over May, of which export value rose 17.6 per cent month-on-month and import value leapt 14 per cent.

The results in June helped increase the total value in the first six months to $240.12 billion, down slightly 1.4 per cent year-on-year, of which export value reached $122.79 billion, up 0.2 per cent year-on-year, while import value decreased 2.9 per cent to $117.33 billion.

In June, exports of many key commodities witnessed strong growth compared to the previous month, such as computers, electronic products and components fetching $3.95 billion, up 16.2 per cent; phones and components, $3.65 billion, up 24.5 per cent; textiles and garments, $2.6 billion, up 39.4 per cent; footwear, $1.44 billion, up 9.8 per cent; and fishery, $720 million, up 12.1 per cent.

Three groups of products had import turnover of $1 billion in June, including machines, equipment and spare parts; phones and accessories; and all kinds of fabric.

Ending June, there were 22 items with an export turnover of more than $1 billion, accounting for 86.2 per cent of total export turnover.

Phones and components topped the list with $21.5 billion and computers, down 8.4 per cent. The export value of computers, electronic product and components reached $19.3 billion, up 24.2 per cent and textiles and garments $12.8 billion, down 15.5 per cent.

According to the Ministry of Industry and Trade, exports are gradually growing and Việt Nam’s import and export activities are expected to grow more robustly in the last six months when countries open their economies and push the recovery process.

Meanwhile, exports of domestic enterprises increased 11.7 per cent over the same period last year, showing their resilience to negative external impacts. Their growth momentum is no longer dependent on agricultural and aquatic products as in the past. This trend has started in the last two years, especially being clearer in 2019, when exports of agricultural and fishery products faced difficulties.

In addition, the trade agreement between Việt Nam and the European Union (EU), set to take effect from August 2020, will open greater opportunities for Vietnamese enterprises to access the world’s second-largest import market with a population of more than 508 million people and combined GDP of about $18 trillion. — VNS

Lo nợ xấu, VietinBank, BIDV… ồ ạt rao bán đất cầm cố

ĐẦU TƯ Thứ Sáu, 17/07/2020 08:10:30 +07:00

(VTC News) – VietinBank, BIDV, Techcombank, Sacombank… liên tục thông báo bán nhiều bất động sản bảo đảm với giá từ vài tỷ đến cả trăm tỷ đồng.

Ngân hàng TMCP Công Thương Việt Nam (ViettinBank, mã CTG) vừa thông báo bán nhiều tài sản bảo đảm với giá cao nhất lên gần 200 tỷ đồng. Theo đó, ngày 1/7, VietinBank thông báo bán đấu giá tài sản thế chấp là quyền sử dụng đất, quyền sở hữu nhà ở và tài sản khác gắn liền với đất tại Trung tâm thương mại phức hợp Cần Thơ Center 3,23 ha, với giá khởi điểm là 190 tỷ đồng. Tiếp tục đọc “Lo nợ xấu, VietinBank, BIDV… ồ ạt rao bán đất cầm cố”

What VN needs to do to attract quality FDI after Covid-19

 

Update: July, 14/2020 – 08:00 VNS Share facebookChia sẻ bài viết lên TwitterShare google+|

 

A factory belonging to a foreign company in Hải Dương.  There are several things Việt Nam could do to become more attractive to foreign investors.—  VNA/VNS Photo Trần Việt

HCM CITY — Speeding up infrastructure development and improving ease of doing business and vocational training are among things Việt Nam can do to make itself more attractive to foreign investors post-Covid-19, according to investment fund VinaCapital.

Don Lam, the fund’s co-founder and CEO, said, “Consultants expect  20 per cent of China’s manufacturing sector to move out the country in the coming years. Tiếp tục đọc “What VN needs to do to attract quality FDI after Covid-19”

Allow foreign ownership in fuel distribution, ministry proposes

By Anh Minh   July 14, 2020 | 09:12 am GMT+7 VNExpress

Allow foreign ownership in fuel distribution, ministry proposes

An employee holds a fuel nozzle at a fuel station in District 1, Ho Chi Minh City. Photo by VnExpress/Quynh Tran.

The Ministry of Industry and Trade has proposed that fuel distributors be allowed to sell a maximum of 35 percent of their stake to foreign investors.

The ministry rationalized that several exceptions the government has allowed so far, such as 20 percent foreign ownership in Petrolimex and 35 percent in Petrovietnam Oil, have considerably improved the performance, competitiveness and value of these fuel distributors.

Vietnam joined the World Trade Organization in 2007 but did not open the market to foreign investors in order to allow local companies to grow and secure key positions in fuel distribution, the ministry said.

Now, after 13 years, local companies have achieved the target and need more capital to invest in storage and port infrastructure to improve production to meet domestic demand, and for this, they need foreign investment, it said.

The ministry added that the 35 percent cap will keep foreign investors from taking complete control of the sector, which is key to the nation’s economy.

Petrolimex and Petrovietnam Oil are the two main fuel distributors in Vietnam and the government holds a majority stake in both companies. Japan’s Idemitsu Q8 is the only foreign-owned petrol chain in Vietnam with four outlets since entering the market in 2017.

Idemitsu Kosan Co., Ltd is one of the four investors behind the Nghi Son Refinery and Petrochemical LLC in the central province of Thanh Hoa.

Officials had said earlier that 70-75 percent of fuel consumed in Vietnam is being produced locally and the rest imported from several countries including South Korea, Malaysia and Singapore.

Vietnam poised for quick recovery once the global economy reopens

 14 July 2020 Consultancy.asia

Although Covid-19 threw a spanner in the works for Vietnam’s thriving economic growth story, McKinsey & Company suggests that the country could resume pre-crisis growth levels by next year.

Two factors have combined to cushion the blow of Covid-19 on Vietnam’s economy, at least in comparison to other economies across Asia and the world. For one, the country was successful in containing the virus. In fact, reports highlight that the last report of community transmission of Covid-19 in Vietnam was two months ago. Tiếp tục đọc “Vietnam poised for quick recovery once the global economy reopens”

Is the supply chain shifting to Vietnam in a post-COVID-19 world?

Rumour has it that Vietnam is poised to be one of the biggest winners of all – let us dive a little into it

Trade tensions between the US and China have been the talk of the town since the year 2018. With the two world powers undergoing a lengthy trade dispute, there are unending speculations on the impacts on both nations, and also the probable spillover effects on the Southeast Asian (SEA) countries. Tiếp tục đọc “Is the supply chain shifting to Vietnam in a post-COVID-19 world?”