Con Co Island to be connected to national power grid

The power supply for the Samsung complex in the northern province of Thai Nguyen will return to normal by August 10, 2017 at the earliest after the electrical substation that supplies electricity to the South Korean electronics giant complex caught fire three days ago. The incident may hurt Samsungs manufacturing operations. The fire at 110kV Yen Binh 2 electrical substation Northern Power Corporation, a subsidiary of state-run Electricity of Vietnam, confirmed the fire at 110kV Yen Binh 2 electrical substation in a press release. The cause of the unexpected fire that is disrupting the power supply for the complex is under investigation. The power supplier worked with Samsung and called them to use diesel to generate power while the substation is under repair. Using diesel to generate power is considered more expensive. Besides, the fire happened at a peak production time, as Samsung plans to reveal its Samsung Galaxy Note in August. Samsung Thai Nguyen employs about 62,000 workers. The factory, together with Samsung Bac Ninh complex, creates many mid- to high-end smartphone and tablet models for export to 78 countries and territories all over the world. Samsung has several huge manufacturing complexes in Vietnam, one in Bac Ninh (SEV), one in Thai Nguyen (SEVT), and one in Ho Chi Minh City (SEHC), with a total investment value of $9.5 billion. RELATED CONTENTS: Smartphone sales slip…... [read more]

Illustrative image (Source: VNA) Hanoi (VNA) – The Electricity of Vietnam’s Southern Power Corporation (EVN SPC) has conducting a number of projects to provide power services to island communes in the southern region. EVN SPC is working with Sun Group in implementing a project to connect Hon Thom commune in Phu Quoc district in Kien Giang province with a total investment of 283 billion VND (12.45 million USD). The project will build 9.27km underwater cable and 22kV transmission line to provide power for 97 households in Hon Roi and about 1,000 others in Hon Thom island commune, which is expected to complete in late 2017. At the same time, EVN SPC is carrying out another project in Kien Giang’s island communes with a total investment of 1.35 trillion VND (59.4 million USD), which is scheduled to complete by 2020. Meanwhile, the second 220kV Kien Binh-Phu Quoc transmission line in Kien Giang is scheduled to be launched this year. The 73km line has total investment of about 2.43 trillion VND (106.92 million USD). The EVN SPC is also reviewing the power network in Kien Giang, aiming to ensure safe and stable power supply to Phu Quoc in 2018 at a cost of 250 billion VND (11 million USD). Last year, the firm finished two project bringing electricity to 1,956 households in Lai Son island commune and over 500 households in Hon Nghe island commune of Kien Giang province. Earlier this…... [read more]

Illustrative photo (Source: ​thanhnien.vn) Hanoi (VNS/VNA) - Starting today, establishments that draw funds from the State budget will have to publicise their budget estimates and balance every quarter under a new Circular of the Ministry of Finance. Establishments can publicise the information at meetings, post the information at their headquarters or issue publications on their budget estimates and balance. Budget-related information can also be publicized through the media or on company websites.   Relevant ministries, agencies and People’s Committees at all levels are responsible to examine the publication of State budget estimates and balance of establishments within their jurisdiction. Violators will be punished in line with current regulations. The publication of information must be done no later than 15 days after the end of the quarter and the six-month period. In another regulation that will kick off on August 15, the Electricity of Vietnam will be allowed to adjust the average electricity retail price every six month under a decision issued by Prime Minister Nguyen Xuan Phuc. The price change must be done transparently, publicly and within the price framework regulated by the Prime Minister. If the electricity price is increased 10 percent higher than the current rate or affects the macro-economy, the Ministry of Industry and Trade will co-ordinate with the Ministry of Finance to inspect and review the price adjustment to submit to the PM for consideration. Also from August 15, monthly pensions, social insurance allowances and social allowances will increase…... [read more]

Representatives of the PetroVietnam Securities Incorporated (PSI) and the Vinacomin Power Holding Corporation told an investors’ conference on July 26 that they were encouraged by investors’ interest shown in purchasing Vinacomin shares. Vinacomin’s Cua Ong coal extraction rig in the northern province of Quang Ninh Ngo Tri Thinh, general director of Vinacomin Power Holding Corporation - a subsidiary of the Vietnam National Coal-Mineral Industries Holding Corporation Ltd (Vinacomin), told more than 100 potential investors that his company is well aware of the pressure and competitive nature of the energy sector, and it strives to meet investor expectations with more effective management and operation systems. The Vinacomin Power Holding Corporation became equitised in January 2016 with 6.8 trillion VND (302.4 million USD) in charter capital, under the stock code DTK on the Hanoi Stock Exchange’s (HNX) Unlisted Public Company Market (UPCoM). The company now has 680 million common stocks trading on the UPCoM at 14,000 VND (0.6 USD) per share, same as its preferential price in 2016. According to its 2016 financial report, the company finished with 354 billion VND (15.74 million USD) in post-tax income, down by 29.36 percent from its 2015 result. The Vinacomin Power Holding Corporation is operating seven thermo-electric plants across the country, generating more than nine billion kilowatts per year. The group is considered the third largest power supplier in the growing Vietnamese power market, following Electricity of Vietnam and the PetroVietnam. The need for thermo-electricity in the country will reach 245 billion kilowatts in 2020…... [read more]

Hanoi, July 28 (VNA) - Representatives of the PetroVietnam Securities Incorporated (PSI) and the Vinacomin Power Holding Corporation told an investors’ conference on July 26 that they were encouraged by investors’ interest shown in purchasing Vinacomin shares.  Ngo Tri Thinh, general director of Vinacomin Power Holding Corporation - a subsidiary of the Vietnam National Coal-Mineral Industries Holding Corporation Ltd (Vinacomin), told more than 100 potential investors that his company is well aware of the pressure and competitive nature of the energy sector, and it strives to meet investor expectations with more effective management and operation systems.  The Vinacomin Power Holding Corporation became equitised in January 2016 with 6.8 trillion VND (302.4 million USD) in charter capital, under the stock code DTK on the Hanoi Stock Exchange’s (HNX) Unlisted Public Company Market (UPCoM).  The company now has 680 million common stocks trading on the UPCoM at 14,000 VND (0.6 USD) per share, same as its preferential price in 2016. According to its 2016 financial report, the company finished with 354 billion VND (15.74 million USD) in post-tax income, down by 29.36 percent from its 2015 result.  The Vinacomin Power Holding Corporation is operating seven thermo-electric plants across the country, generating more than nine billion kilowatts per year. The group is considered the third largest power supplier in the growing Vietnamese power market, following Electricity of Vietnam and the PetroVietnam.  The need for thermo-electricity in the country will reach 245 billion kilowatts in 2020 and a staggering…... [read more]

Vinacomin’s Cua Ong coal extraction rig in the northern province of Quang Ninh (Photo: VNA)     Hanoi (VNA) - Representatives of the PetroVietnam Securities Incorporated (PSI) and the Vinacomin Power Holding Corporation told an investors’ conference on July 26 that they were encouraged by investors’ interest shown in purchasing Vinacomin shares. Ngo Tri Thinh, general director of Vinacomin Power Holding Corporation - a subsidiary of the Vietnam National Coal-Mineral Industries Holding Corporation Ltd (Vinacomin), told more than 100 potential investors that his company is well aware of the pressure and competitive nature of the energy sector, and it strives to meet investor expectations with more effective management and operation systems. The Vinacomin Power Holding Corporation became equitised in January 2016 with 6.8 trillion VND (302.4 million USD) in charter capital, under the stock code DTK on the Hanoi Stock Exchange’s (HNX) Unlisted Public Company Market (UPCoM). The company now has 680 million common stocks trading on the UPCoM at 14,000 VND (0.6 USD) per share, same as its preferential price in 2016. According to its 2016 financial report, the company finished with 354 billion VND (15.74 million USD) in post-tax income, down by 29.36 percent from its 2015 result. The Vinacomin Power Holding Corporation is operating seven thermo-electric plants across the country, generating more than nine billion kilowatts per year. The group is considered the third largest power supplier in the growing Vietnamese power market, following Electricity of Vietnam and the PetroVietnam. The need for…... [read more]

It is not by chance that US President George W. Bush called Vietnam a young tiger in Asia when he visited Vietnam last November. A New Year has begun and it is time for us to look back on Vietnam’s major achievements in 2006 – a year of bumper harvest figuratively and literally. Generally speaking, we have sown seeds, coped with erratic weather and reaped the best crops in more than 20 years. 2006 was a successful year for Vietnam as the country was admitted to the World Trade Organisation as the 150th member, marking its full integration into the world economy. The US Congress’ approval of permanent normal trade relations with Vietnam and the country’s successful organisation of the 14th APEC Economic Leaders’ Meeting helped elevate Vietnam’s position and prestige in the international arena. For the first time, Vietnam attracted US$10.2 billion worth of foreign direct investment in 2006, a record figure since 1987. Foreign donors at the recent Consultative Group Meeting pledged US$4.45 billion in official development assistance capital for the country – another record figure for a developing country like Vietnam. The country’s export value in 2006 also hit a record high of nearly US$40 billion. Notably, both crude oil and garment exports surpassed the US$5 billion mark. Proudly, Vietnam’s industrial products and traditional handicrafts are now available in almost all regional and global markets. In 2006, the establishment of the Vietnam Coal and Mining Industry Group, the Vietnam Garment and Textile Group, the Vietnam Post and…... [read more]

Order of Preference for IPO Professor, Dr. Nguyen Dang Nam, Chairman of the Financial Institutes Council said it is necessary to re-consider extending the time period for IPO auctions of prestigious enterprises, especially as they are thirsty for capital. Mr Nam said it is necessary to conduct the IPO auctions and the equitisation process of prestigious enterprises at the right time. More importantly, when enterprises select strategic investors and accurately evaluate the value of shares, investors will get involved. Moreover, enterprises should provide investors with clear information about their activities and have trust in their plans after the equitisation process. Mr Dao Van Hung, Chairman of the Management Board of the Electricity of Vietnam (EVN) said the group wants to have IPO auctions to increase its capital for production activities, as it is difficult for it to borrow capital from banks with the high interest rates. Currently, EVN is investing in building 25 power plants with a total funding of VND150,000 billion. The electricity sector has proposed the continued implementation of the equitisation process of power companies, as this will entice many investors to get more involved in the sector and improve transparency and the management efficiency. To meet the demands for IPO auctions by some enterprises, economic expert Le Dang Doanh also said that some national major power projects should be considered as top priorities and brought on to the trading floor of the securities market as the electricity sector is now in need of massive amounts of capital…... [read more]

In the context when the Vietnamese economy is deeply integrating into the world economy, domestic businesses must compete on an equal footing with multinational economic groups at home. Hence, it is essential to establish a number of powerful groups involved in the key economic sectors, which will serve as a driving force behind the development of the national economy. The concept of the economic group model is nothing new to the development of the global economy. Many major economic groups in the world are currently being restructured with the trend leaning towards merging and buying back stock. In 2006, the total value of mergers and takeovers of economic groups in the world amounted to more than US$3,600 billion while the figure in 2007 hit a record high of US$4,400 billion, up by 21 percent over 2006. This trend has begun to have a certain impact on Vietnam’s economic development as well as its businesses’ operations. At present, the establishment of economic groups in Vietnam in reality, means only a change in name and not in operation. Choosing this path, they will face unforeseeable difficulties if the criteria and the nature of the economic entity are not clearly defined. Meanwhile, the common model of a global economic group is based on the fact that affiliated companies have to complement each other in terms of production scale and types of products. This is also a good way of accumulating capital and raising the financial potential of groups. Over the past five years,…... [read more]

In the first half of this year, a number of major economic groups such as the Electricity of Vietnam (EVN) and the Vietnam Shipbuilding Industry Corporation (Vinashin) have loosened their management over the use of toxic waste. In a typical case, Vinashin’s Cuu Long Joint Stock Company imported 21 transformers from the Republic of Korea (RoK) with manufacture dates from 1960-1980. Of that number, three contained PBC waste oil (Poly Chlorinated Biphenyls) which is very harmful to people and the environment. The remainder were old and even deformed. Although the import of waste materials and wreckage from old ships has lessened since 2007, they continue to pass through ports in Hai Phong, Quanh Ninh and HCM City. Many organisations and individuals are granted permits for collecting and treating waste but violate waste management regulations when signing contracts with other businesses, which are not involved in waste treatment. The illegal disposal of construction waste has occurred frequently in major cities, particularly in Hanoi, causing anger among the population. At present, 70 percent of 192 industrial parks have no waste treatment system for solid and water waste and 31 out of 33 businesses face the same situation. Most industrial parks do not comply with requirements to assess the impact on the environment and also exploit underground water resources illegally. In addition, the number of violations in the protection of wild animals is on the rise along with raising wild animal without being supervised relevant agencies. The trade and transport of large numbers…... [read more]




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