Nov. 27 – Vietnam’s National Assembly has approved plans to build two nuclear power plants in the south-central province of Ninh Thuan scheduled to be finished by 2020.
The nuclear plants will be located in Thuan Nam District’s Phuoc Dinh Commune and Ninh Hai District’s Vinh Hai Commune with a combined power capacity of 2,000 megawatts. Construction will cost an estimated VND200 trillion. Read the rest of this entry »
Aug. 31 – Russia’s oldest oil and gas company, Zarubezhneft Joint Stock Company and Vietnam Oil and Gas Group have inked two deals to explore Vietnamese and Cuban waters for oil, according to a company statement.
The first deal will allow Zarubezhneft and Vietnam Oil and Gas to developed offshore oil blocks in southern Vietnamese waters while in the second deal, the Russian company and the subsidiary, PetroVietnam Exploration and Production Corporation (PVEP) will partner in looking for oil and gas exploration in offshore blocks in Cuba.
Aug. 20 – Vietnam is raising its investment in the Dung Quat oil refinery from US$2.5 billion to more than US$3 million due to additional construction costs and the resettlement of villagers.
According to a government statement, the additional cost will be taken from the net income of crude oil sales used by state-owned Vietnam Oil & Gas Group. Vietnam has been dependent on imported oil products. When the Dung Quat oil refinery is finished, its annual capacity of 6.5 million cubic tons of crude oil should provide a third of the country’s fuel needs.
An estimated US$2.48 billion of the refinery budget will be allocated for engineering, procurement and construction contracts while the rest will be used for working capital and resettlement.
The Dung Quat oil refinery is the first oil refinery in the country located at the Dung Quat Bay in the central province of Quang Ngai. It began its first commercial batch of products in February.
Feb. 17 – Today marks the 30th anniversary of the Sino-Vietnamese War that erupted on February 17, 1979 when Chinese military forces launched a brief invasion of Northern Vietnam.
China, under the leadership of Deng Xiaoping, sent 200,000 troops along with 200 tanks across the border. Two days earlier, China had publicly said that they intended to attack Vietnam for their invasion of Cambodia. It would be the first time that China struck against a Soviet ally after the 1950 Sino-Soviet Treaty of Friendship and Alliance expired that same year. Read the rest of this entry »
Nov. 25 – Vietnam's tax department will release the personal tax numbers of three million people by early next year when the Law on Personal Income Tax is implemented beginning January 1.
In the first three months of 2009, 15 million people are expected to register for tax numbers, not including organizations and other people who already have the numbers.
The public is instructed to bring a photocopy of your identity card or passport to register.Tax official, Tran Ngoc Van, told The Vietnam News Agency that the new law will regulate all tax levels for those eligible to pay tax, as well as dependants, such as children, parents, and wives and husbands, who are also required to get their own personal tax numbers.
Oct. 31 – Vietnam is set to host the third Ayeyawadi-Chao Phraya-Mekong Economic Cooperation Summit (ACMECS) and the fourth Cambodia-Laos-Myanmar-Vietnam Summit (CLMV) from Nov. 4 to 7.
The event is expected to attract foreign leaders and officials from relevant ministries of member countries to discuss solutions to improve cooperation agreements reached at previous summits.
Four hundred businessmen from regional countries, plus representatives from international organizations, and investors from Japan, the Republic of Korea, the US and European Union are also expected to attend.
Sept. 1 – Ericsson signed the largest single contract in Vietnam—amounting to US$450 million—to develop and modernize Hanoi Telecom's nationwide mobile network today an industry journal reported.
The strategic partnership will also see Ericsson managing and operating the network under a full-scope managed services contract. Under the three-year managed services agreement, Ericsson will be responsible for the management, operation and network design of Hanoi Telecom's mobile network, including field operations and support services. Ericsson will also provide a comprehensive range of professional services, such as network deployment and systems integration. Read the rest of this entry »
Aug. 21 – Indian power equipment company, Bharat Heavy Electricals Limited (BHEL) has bagged a US$50 million contract to build a 200-megawatt (MW) hydroelectric power plant in Vietnam.
The Nam Chien Hydro Power project aims to meet the country’s growing energy demand and join its rapidly growing power sector that is expected to expand by 16 percent annually. The project will be financed through a US$45 million line of credit given by the Indian government and managed by the Export Import Bank of India.
Aug. 8 – Vietnam has surpassed India to move to second behind China in apparel exports to the United States, shipping garments worth US$4.76 billion in May this year against India's exports of US$3.14 billion.
Out of the total US$73 billion dollars annual imports by the US till May-end, Vietnam managed to capture 6.55 per cent share while China remained the largest exporter to the American market with 30.6 per cent share, according to data released by the U.S. Department of Commerce. Read the rest of this entry »
May 5 – Although America is in a de facto recession, sending both trade and stocks into a slump from Germany to Jakarta, international businesses seem as eager as ever to pour investment capital into Vietnam.
No doubt some of the influx comes courtesy of ongoing government efforts to accelerate FDI disbursements. The government hopes to attract US$22 billion in FDI for 2008, and disburse more than $10 billion. With $8 billion of FDI in the first four months of this year alone, Vietnam seems well on its way to hitting its 2008 target.
Recent FDI projects are representative of the breadth and scope of international business that sees Vietnam as a profitable frontier for international expansion.
UK real estate investors Protego will have a fund worth some half billion U.S. dollars established in Vietnam by late June. The fund will focus on upscale apartments, luxury estates, and branded resorts in suburban and coastal areas of Vietnam. Domestic developer Qudos Asia and HBP Group will partner on the massive project. Read the rest of this entry »
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