Exxonmobil Facilitated to Operate Cooperative Programs, Projects in Vietnam

Prime Minister Nguyen Xuan Phuc (R)receives Jon Gibbs, ExxonMobil Vice President of Asia Pacific and Middle East.— VNA/VNS Photo Thong Nhat The Government of Viet Nam will create favourable conditions for ExxonMobil to implement projects in the country, Prime Minister Nguyen Xuan Phuc has said. During a reception yesterday for Jon Gibbs, ExxonMobil Vice President of Asia Pacific and Middle East, PM Phuc applauded the US oil and gas group’s investment projects in Viet Nam, particularly projects undertaken in cooperation with the Vietnam National Oil and Gas Group (PetroVietnam). For his part, Gibbs expressed his hope that the PM and the Vietnamese Government would facilitate the group’s projects with PetroVietnam so that they could be implemented soon, benefiting both sides. He also suggested the Vietnamese Government complete its plans to build power plants in Viet Nam in order to shorten the implementation time. PM Phuc said the Government had approved the planning scheme for the Gas Treatment and Power Centre in the central region, including projects in Quang Nam and Quang Ngai provinces, in which environmental protection and welfare of the people are the biggest requirements for approval. He also urged ExxonMobil to continue working closely with the Electricity of Vietnam (EVN) Group, PetroVietnam and the Ministry of Industry and Trade to ensure the progress of the projects. Established in 1859, ExxonMobil is a multinational oil and gas corporation headquartered in Irving, Texas. ExxonMobil is the largest refiner in the world,…... [read more]

PM Nguyen Xuan Phuc (R) receives Jon Gibbs, ExxonMobil Vice President of Asia Pacific and Middle East (Source: VNA) Hanoi (VNA) – The Government of Vietnam will create favourable conditions for the US oil and gas group ExxonMobil to successfully implement cooperation programmes and projects in Vietnam, Prime Minister Nguyen Xuan Phuc has said. During a reception in Hanoi on August 29 for Jon Gibbs, ExxonMobil Vice President of Asia Pacific and Middle East, PM Phuc applauded investment projects of ExxonMobil in Vietnam, particularly cooperation projects with the Vietnam National Oil and Gas Group (PetroVietnam). For his part, Gibbs expressed his hope that the PM and the Government of Vietnam will facilitate the group’s cooperation projects with PetroVietnam so that they could be soon implemented, benefiting both sides. He also suggested the Vietnamese Government support its projects to build power plants in Vietnam in order to shorten the implementation time. PM Phuc said the Government has approved the planning scheme for the Gas Treatment and Power Centre in the central region, including projects in Quang Nam and Quang Ngai provinces, in which environmental protection and welfare of the people are the biggest requirements. He also urged ExxonMobil to continue working closely with the Electricity of Vietnam (EVN) Group, PetroVietnam and the Ministry of Industry and Trade to ensure the progress of the projects. Established in 1859, ExxonMobil is a multinational oil and gas corporation headquartered in Irving, Texas. ExxonMobil is the largest refiner in the world,…... [read more]

At a meeting on August 16 with the MPI, the Ministries of Finance and Justice, as well as the Government Steering Committee on Corporate Renovation and Development, Deputy PM Hue asked the MPI to submit the list of SOEs to be divested by 2020 to Prime Minister Nguyen Xuan Phuc for approval. He also assigned the Ministry of Finance to review and calculate the number of SOEs and State capital needed to be divested by 2020 and report it to the PM. Hue said that the PM will issue a separate decision on equitisation and divestment of State capital at large SOEs such as Habeco, Sabeco, State Capital Investment Corporation (SCIC), Petro Vietnam, Electricity of Vietnam and Airports Corporation of Vietnam (ACV). But for the remaining SOEs, it is necessary to fully aggregate them in a list to make public to ease investors. According to the PM’s instruction, the MPI has begun asking for recommendations from relevant ministries, agencies and localities about the list since early this year and has so far finalised the draft. Hue agreed with the draft list which regulates the rate of divested capital each year (the minimum rate), but not fixing the rate and encouraging ministries and localities to increase the rate to speed up the divestment according to the market situation. "The list and the annual State capital divestment rate from now to 2020 is aimed at making a concrete assessment and binding heads of ministries and localities with…... [read more]

Deputy Prime Minister Vuong Dinh Hue has urged the Ministry of Planning and Investment (MPI) to quickly finalise the list of State-owned enterprises (SOEs) that needed to be divested. (Photo: baodautu.vn) Hanoi (VNA) - Deputy Prime Minister Vuong Dinh Hue has urged the Ministry of Planning and Investment (MPI) to quickly finalise the list of State-owned enterprises (SOEs) that needed to be divested. At a meeting on August 16 with the MPI, the Ministries of Finance and Justice, as well as the Government Steering Committee on Corporate Renovation and Development, Deputy PM Hue asked the MPI to submit the list of SOEs to be divested by 2020 to Prime Minister Nguyen Xuan Phuc for approval. He also assigned the Ministry of Finance to review and calculate the number of SOEs and State capital needed to be divested by 2020 and report it to the PM. Hue said that the PM will issue a separate decision on equitisation and divestment of State capital at large SOEs such as Habeco, Sabeco, State Capital Investment Corporation (SCIC), Petro Vietnam, Electricity of Vietnam and Airports Corporation of Vietnam (ACV). But for the remaining SOEs, it is necessary to fully aggregate them in a list to make public to ease investors. According to the PM’s instruction, the MPI has begun asking for recommendations from relevant ministries, agencies and localities about the list since early this year and has so far finalised the draft. Hue agreed with the draft list …... [read more]

The list of State-owned enterprises that needed to be divested in the 2017-20 period will be made public soon. — Photo vietbao.vn Deputy Prime Minister Vuong Dinh Hue on Wednesday urged the Ministry of Planning and Investment (MPI) to quickly finalise the list of State-owned enterprises (SOEs) that needed to be divested. At the meeting with MPI, ministries of Finance and Justice, as well as the Government Steering Committee on Corporate Renovation and Development, Hue asked the MPI to submit the list of SOEs to be divested by 2020 to Prime Minister Nguyen Xuan Phuc for approval. He also assigned the Ministry of Finance to review and calculate the number of SOEs and State capital needed to be divested by 2020 and report it to the Prime Minister (PM). Hue said that the PM will issue a separate decision on equitisation and divestment of State capital at large SOEs such as Habeco, Sabeco, State Capital Investment Corporation (SCIC), Petro Vietnam, Electricity of Vietnam and Airports Corporation of Vietnam (ACV). But for the remaining SOEs, it is necessary to fully aggregate them in a list to make public to ease investors. According to the PM’s instruction, the MPI has begun asking for recommendations from relevant ministries, agencies and localities about the list since early this year and has so far finalised the draft. Hue agreed with the draft list which regulates the rate of divested capital each year (the minimum rate), but…... [read more]

In late August, Vietnam Posts and Telecommunications Group (VNPT) and Electricity of Vietnam (EVN) will divest their capital in three major companies with a total charter capital amount of VND1 trillion ($44 million). RELATED CONTENTS: EVN banned from investing in property, banking sectors VNPT to divest capital from Maritime Bank Free wifi at festival spots in major cities SK Telecom to lose rights to coveted bandwidth PM tells VNPT to get ready for equitisation EVN divests from non-core businesses Saigon Postel Corporation On August 29, VNPT will sell all 10.26 million of its shares, equal to 8.53 per cent of all outstanding shares in Saigon Postel Corporation (SPT), at the starting price of VND12.487 ($0.55) per share. SPT was founded in 1995 and operates mainly in telephone, internet, and postal services. SPT’s direct business units includes Saigon South Telephone Centre (SST), S-Telecom, and Saigon Post (SGP), among others. SPT’s charter capital is currently VND1.2 trillion ($52.8 million), with seven major stakeholders controlling 77.08 per cent of the total stakes. Reports showed that SPT has made profit in recent years, however debts from the S-Fone mobile network project (which ceased operations in 2012) has kept the company short on capital for operation as well as expansion. By the end of…... [read more]

Illustrative photo (Photo: VNA)   Hanoi (VNA) – Vietnam posted a trade surplus of nearly 430 million USD in the second half of July, after many consecutive months of deficit. According to the General Department of Customs, from July 16-31, the country’s total export turnover reached 9.41 billion USD, up 14.1 percent compared to the first half of this month. Meanwhile, total imports were valued at 8.98 billion USD, a rise of 6.5 percent compared with the figure in the month’s first half. Taking into account the trade surplus in the second half of July, Vietnam ran a trade deficit of 2.53 billion USD in the first seven months of 2017, equal to 2.2 percent of the total export turnover. Deputy Minister of Industry and Trade Do Thang Hai said trade deficit was high in the first months of the year as major businesses such as Samsung, Electricity of Vietnam (EVN), and Viettel Group imported machinery, equipment and materials to expand their operations. After that, when the projects finish disbursement, trade deficit is seeing a downtrend, Hai added. According to him, the latest trade surplus was the result of efforts Vietnam made to step up export. Growth was seen in almost all markets and leading commodities. Vietnam is likely to gross a total export turnover of 200 billion USD for the whole year, surging over 13 percent from last year and exceeding the set target, Hai stated in a recent press conference. …... [read more]

Son La Dam of the Son La hydroelectric power station at the Muong La District, Son La Province under the management of the Electricity of Vietnam (EVN) Company. — Photo songda.vn According to Government-issued Decree 94/2017/ND-CP, to take effect from October 1 this year, up to 20 types of public goods will be traded and monitored solely under State monopoly with clear direction from the Prime Minister’s Office. Decree 94 on the State monopoly of goods, services and commercial territory applies to essential goods and services related to national defence, security and welfare, in which other economic factors are not interested or capable of participating. Government authorities now have sole monopoly power over the 20 types of goods and services listed in Decree 94, albeit through direct purchase or assigning other organisations or individuals to do so in their stead. The State monopoly on trade is only in essential goods and services, such as defence and security to which the State would have exclusive rights. All monopolised sales of these goods and services must be under the surveillance and direct orders from the PM through official documents and the appropriate legal state authorities. According to the Ministry of Industry and Trade, Decree 94 aims to implement the 2005 Commercial Law which permits State monopolies with no time limit on commercial operations for a number of goods and services of national interest. The Decree states that all ministries, municipal governments and agencies…... [read more]

VietNamNet Bridge - Legal obstacles are hindering the construction of smart cities in Vietnam. About 250 cities worldwide are developing smart cities, according to Smart City Tracker Q1/2017. Centralized management in smart cities allows municipal authorities to adjust policies to best serve citizens.  Nguyen Thanh Hung, Deputy Minister of Information and Communication, said that Vietnam still doesn’t have comprehensive standards on smart cities. The world is just in the early stage of developing smart cities. ISO has just begun cooperating with IEC to issue standards directly related to smart urban areas in 2017. With a desire to have standards on smart cities, Hung, speaking at the second Vietnam Private Sector Forum in 2017, called for close coordination among all enterprises. The Ministry of Information and Communication is going to build up the standards related to information & communication technology in smart city development.  “The Ministry of Information and Communication is going to build up the standards related to information & communication technology in smart city development. We hope that enterprises will join forces with the state management agency to build standards,” he said. Meanwhile, businesses have pointed out many obstacles in the state’s policies which are hindering the development of smart cities.  Bui Quang Ngoc, CEO of FPT, the largest Vietnamese IT conglomerate, said the major problem lies in the inequality between state-owned and private enterprises. Ngoc complained that enterprises now have to pay too much for public utility telecommunications, and have to allocate huge capital for the internet line. …... [read more]

  Illustrative image (Source: VNA)  Hanoi (VNA) - The Electricity of Vietnam (EVN) said its total electricity output in January-July increased by 7.3 percent year on year to reach 112.6 billion kWh. The amount of commercial electricity output in the period was estimated at 98.1 billion kWh, up 8.55 percent year on year, including 15.1 billion kWh in July. In July, EVN ensured sufficient power supply for socio-economic development nationwide and private consumption. The corporation has worked closely with the Central Steering Committee for Natural Disaster Prevention and Control and the Ministry of Agriculture and Rural Development in regulating water release from major reservoirs in the north to ensure safety for downstream areas. The group’s units have quickly resumed electricity supply for clients following natural disasters in Nam Dinh, Ninh Binh, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh and Quang Tri provinces. In July, EVN put two turbines with a combined capacity of 675 MW into operation at the expanded Thac Mo hydropower plant and the Vinh Tan 4 thermo power plant, bringing the number of operational turbine in the 7-month period to seven with a combined capacity of 1,235 MW.   The group started construction on 103 transmission works and completed 117 others to improve the capacity of the national grid. According to EVN, the daily power consumption in August is estimated at 573 million kWh. The group plans to put on trial run the first turbine of the…... [read more]




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