PetroVietnam to complete divestment by 2020

Prime Minister Nguyen Xuan Phuc addresses the "Viet Nam - Thailand Economic Cooperation Forum" held in Bangkok on Friday. — VNA Photo Thong Nhat Prime Minister Nguyen Xuan Phuc expressed his hope that Thai businesses would make the most of co-operation and investment opportunities in Viet Nam, especially in the context of Viet Nam promoting mergers and acquisitions along with the equitisation of State-owned enterprises (SOEs). He made the remarks while addressing the “Viet Nam – Thailand Economic Co-operation Forum” held in Bangkok on Friday. PM Phuc was attending the event as part of his three-day visit to Thailand from August 17-19 at the invitation of Thai Prime Minister Prayut Chan-o-cha. The forum, hosted by the Thai Business Association in Viet Nam, Thailand’s Kasikornbank (KBank) in co-operation with the Ministry of Planning and Investment of Viet Nam and the Vietnamese Embassy in Thailand, featured some 500 firms from both Thailand and Viet Nam. Phuc said Viet Nam was stepping up merger and acquisition (M&A) activities in combination with equitisation of State enterprises in transport, infrastructure, food, agriculture, telecommunication, trade, services, tourism and construction. The Vietnamese Government leader invited Thai businesses to become shareholders of Viet Nam’s State-owned groups and corporations. According to the PM, since the two countries established a strategic partnership in 2013, co-operation between Viet Nam and Thailand has flourished, with bilateral trade turnover increasing from US$5.78 billion in 2009 to $12.5 billion in 2016. Thailand now has…... [read more]

PetroVietnam to complete divestment by 2020

Workers at the Dinh Vu Petroleum Service Port in Hai Phong City under the management of the Vietnam Oil and Gas Group (PVN). – VNA/VNS Huy Hung Deputy Prime Minister Vuong Dinh Hue has released a list of State-owned enterprises from which the Vietnam Oil and Gas Group (PetroVietnam, or PVN) must reduce its ownership between 2017 and 2020. By 2020, PetroVietnam must reduce its stakes in the following three companies to at least 51 per cent, including PetroVietnam Fertiliser and Chemicals Corporation (DPM), PetroVietnam Ca Mau Fertiliser JSC (DCM) and PetroVietnam Gas JSC. More specifically, PVN must reduce its stakes in DPM and DCM to 51 per cent each from the current 61.3 per cent and 75.5 per cent, respectively, by the end of 2018. The State-owned oil and gas group must sell shares to cut its ownership from nearly 97 per cent to 65 per cent in PetroVietnam Gas Joint Stock Company between 2018 and 2019. PetroVietnam must lower its share percentage in PetroVietnam Transportation Corporation to 36 per cent from the current 51 per cent if it successfully reaches an agreement with CitiBank to amend the previous deal on PVN’s ownership signed between the two companies. The other three companies in which PVN must reduce its ownership to below 50 per cent of charter capital are PetroVietnam Oil Corporation (PV Oil), Binh Son Refining and Petrochemical Co Ltd (BSR) and PetroVietnam Power Corporation (PV Power). PVN currently…... [read more]

The 9 coastal provinces from Quang Binh to Khanh Hoa and the 5 Central Highlands provinces of Kon Tum, Gia Lai, Dak Lak, Dak Nong, and Lam Dong enjoy great tourism advantages. Professor Doctor Tran Dinh Thien of the Central Economic Institute says this area attracts tourists and needs to improve services and diversify tours. Mr Thien said, "The central region has favorable conditions for tourism development. We need to improve local tourism infrastructure and boost international cooperation." In recent years, central provinces have increased their cooperation in tapping local tourism resources and prolonging tourists’ stay. But there is room for greater cooperation among travel agencies, restaurants, and hotels and more investment is needed in infrastructure connecting tourist destinations. Deputy Prime Minister Vu Duc Dam has urged localities to mobilize more resources and engage big investors in tourism development. Mr. Dam said the government and local authorities will create incentives to boost tourism growth. “A Politburo resolution asks local administrations to focus on tourism development and take specific actions to develop tourism into a spearhead economic sector. To this end, we need to enhance connectivity. Each locality has its own advantages in term of natural conditions, culture, and society and so on and they need to exploit their potential”, said Mr Dam. ... [read more]

NDO - Politburo member and Deputy Prime Minister Vuong Dinh Hue had working session with leaders of the northern province of Hoa Binh on August 18. At the meeting, the Deputy PM expressed his appreciation for the efforts and achievements of Hoa Binh province, such as developing fruit trees, purple sugarcane, safe vegetables and highly effective economic models, in addition to their industrial development and developing services and tourism. In the first six months of 2017, the province’s economic indices were high when compared to the rest of the country. The locality has attracted many investment projects, contributing significantly to the development of the province. However, the Deputy PM also noted that the rate of poor and near poor households in the province is high in comparison to the national average. The province’s competitiveness index is also limited and the number of enterprises per capita remains low (approx. 315 people / business). He called on the province to focus on fulfilling its economic and budgetary obligations in 2017, whilst, at the same time, it is necessary to soon implement the recovery plan in 2018, with more effective solutions, in addition to strengthening the political system, streamlining staffing and consolidating the grassroots government system. The province should also continue to improve the business investment environment, improve competitiveness, develop more businesses, restructure the agricultural sector, apply science and technology to agricultural production and focus on villages to develop new countryside. On the same day, Deputy Prime Minister…... [read more]

Prime Minister Nguyễn Xuân Phúc expressed his hope that Thai businesses would make the most of co-operation and investment opportunities in Việt Nam, especially in the context of Việt Nam promoting mergers and acquisitions along with the equitisation of State-owned enterprises (SOEs). Prime Minister Nguyễn Xuân Phúc addresses the “Việt Nam – Thailand Economic Cooperation Forum” held in Bangkok on Friday. - VNA Photo He made the remarks while addressing the “Việt Nam – Thailand Economic Co-operation Forum” held in Bangkok on Friday. PM Phúc was attending the event as part of his three-day visit to Thailand from August 17-19 at the invitation of Thai Prime Minister Prayut Chan-o-cha. The forum, hosted by the Thai Business Association in Việt Nam, Thailand’s Kasikornbank (KBank) in co-operation with the Ministry of Planning and Investment of Việt Nam and the Vietnamese Embassy in Thailand, featured some 500 firms from both Thailand and Việt Nam. Phúc said Việt Nam was stepping up merger and acquisition (M&A) activities in combination with equitisation of State enterprises in transport, infrastructure, food, agriculture, telecommunication, trade, services, tourism and construction. The Vietnamese Government leader invited Thai businesses to become shareholders of Việt Nam’s State-owned groups and corporations. According to the PM, since the two countries established a strategic partnership in 2013, co-operation between Việt Nam and Thailand has flourished, with bilateral trade turnover increasing from US$5.78 billion in 2009 to $12.5 billion…... [read more]

NDO/VNA – President Tran Dai Quang and Prime Minister Nguyen Xuan Phuc, on August 18, sent messages of condolences to Spanish King Felipe VI and Prime Minister Mariano Rajoy, over the terror attack in Barcelona on August 17 that killed and injured dozens of people. The same day, Deputy Prime Minister and Foreign Minister Pham Binh Minh also extended his sympathy to Spanish Minister of Foreign Affairs and Cooperation Alfonso Dartis. The attack happened at a busy street in Barcelona, killing 14 people and injuring approximately 100 others. Also on August 18, Foreign Ministry’s spokesperson Le Thi Thu Hang expressed his deepest sympathy to the State, Government and people of Spain and families of the victims. “Vietnam strongly condemns the act of terrorism in any form,” Hang said, stressing that such acts must be strictly punished in conformity with the law. She revealed that the Vietnamese Embassy in Spain reported that there has been no report on any Vietnamese victims in the attack, adding that the embassy is keeping a close watch on the development of the case in order to timely roll out the necessary measures in case there are Vietnamese citizens among the victims. The Embassy has opened a hotline in Spain at 0034 633185582, which operates in parallel with another line in Vietnam at 0084 981848484, to receive relevant information, she said. ... [read more]

NDO/VNA – President Tran Dai Quang and Prime Minister Nguyen Xuan Phuc, on August 18, sent messages of condolences to Spanish King Felipe VI and Prime Minister Mariano Rajoy, over the terror attack in Barcelona on August 17 that killed and injured dozens of people. The same day, Deputy Prime Minister and Foreign Minister Pham Binh Minh also extended his sympathy to Spanish Minister of Foreign Affairs and Cooperation Alfonso Dartis. The attack happened at a busy street in Barcelona, killing 14 people and injuring approximately 100 others. Also on August 18, Foreign Ministry’s spokesperson Le Thi Thu Hang expressed his deepest sympathy to the State, Government and people of Spain and families of the victims. “Vietnam strongly condemns the act of terrorism in any form,” Hang said, stressing that such acts must be strictly punished in conformity with the law. She revealed that the Vietnamese Embassy in Spain reported that there has been no report on any Vietnamese victims in the attack, adding that the embassy is keeping a close watch on the development of the case in order to timely roll out the necessary measures in case there are Vietnamese citizens among the victims. The Embassy has opened a hotline in Spain at 0034 633185582, which operates in parallel with another line in Vietnam at 0084 981848484, to receive relevant information, she said. ... [read more]

Deputy Prime Minister and Foreign Minister Pham Binh Minh (R) and Gabriela Cuevas Barron, Chairwoman of the Mexican Senate’s Foreign Relations Committee (Photo: VNA) Hanoi (VNA) – Cooperation between Vietnamese and Mexican legislative bodies has contributed to overall development of bilateral relations, said Deputy Prime Minister and Foreign Minister Pham Binh Minh. He made the remark when receiving Gabriela Cuevas Barron, Chair of the Mexican Senate’s Foreign Affairs Committee, in Hanoi on August 18. Minh said the Vietnamese Government offers full support for increasing parliamentary affiliations with Mexico. He asked law-making agencies from both sides to continue backing the two governments’ measures to enhance their partnership, particularly in completing and implementing relevant legal frameworks and cooperation mechanisms. Praising robust growth of Vietnam – Mexico relations in politics, trade and cooperation at international organisations and multilateral forums, the Deputy PM asked Mexico to help with expanding the ties, which would contribute to the success of the APEC Year 2017 and Economic Leaders' Week in Vietnam. For her part, Gabriela Cuevas Barron expressed her admiration for Vietnam’s reform achievements in the past three decades. She stressed that Mexican leaders and the Senate value and want to bolster comprehensive cooperation with Vietnam. Host and guest discussed in details measures to boost bilateral ties at international organisations and multilateral forums, Vietnam’s candidacy for the position of UNESCO director general for the 2017-2021 tenure, and Mexico’s bid to become IPU’s President for 2017-2020.-VNA... [read more]

Deputy Prime Minister Vuong Dinh Hue and Executive Vice President and Senior Executive Officer of Kirin, Keisuke Nishimura, at the meeting. — VNA/VNS Photo An Dang Japan’s Kirin Holdings Co. Ltd expects to make a long-term strategic investment in Sài Gòn Beer-Alcohol-Beverages Joint Stock Corporation (Sabeco), Viet Nam’s leading beer producer. Speaking at a meeting with Deputy Prime Minister Vuong Dinh Hue in Ha Noi on Thursday, Executive Vice President and Senior Executive Officer of the group Keisuke Nishimura said he hoped to co-operate with Sabeco in studying the development of fresh fruit juice in the future. Hue has hailed Kirin Holdings Co. Ltd’s investment expansion in Viet Nam as the right decision since the country’s beer and beverage market boasts huge potential. Hue said the Vietnamese Government is sparing no effort in improving the business environment and increasing competitiveness, as well as creating the most favourable conditions for both domestic and foreign enterprises, he said. It is also stepping up the equitisation and divestment of State-owned enterprises, he said, adding that major brands such as Habeco, Sabeco and Vinamilk are part of the equitisation plan from now until 2020. Hue hopes that Kirin will expand its investment in the field of beverages, especially those made from fresh Vietnamese fruit. The Vietnamese Government encourages the sale and consumption of non-alcoholic and non-carbonated drinks. In Viet Nam, Kirin has co-operated with Interfood to develop the Wonderfarm brand name. As far as beverages…... [read more]

VietNamNet Bridge – The Ministry of Natural Resources and Environment has decided to use one million cubic metres of sludge from the Vinh Tan 1 Thermal Power Plant to reclaim land from the sea for building the Vinh Tan General Port in the central province of Binh Thuan. The Ministry of Natural Resources and Environment has decided to use one million cubic metres of sludge from the Vinh Tan 1 Thermal Power Plant to reclaim land from the sea for building the Vinh Tan General Port in the central province of Binh Thuan. — Photo zing.vn The port will spread over 141 hectares, including 51 hectares of reclaimed land. Vinh Tan, to become one of the key national seaports, is expected to cost VND2.3 trillion (US$100 million). The ministry will work closely with the Binh Thuan People’s Committee and the ministries of Agriculture and Rural Development, and Industry and Trade to monitor the project. Deputy Prime Minister Trinh Dinh Dung has instructed the ministries of Natural Resources and Environment, Agriculture and Rural Development, and Industry and Trade, the Viet Nam Academy of Science and Technology, and the People’s Committee to study how to effectively use sludge for land reclamation and preventing landslides in threatened areas but without compromising on environmental protection. The sludge from the thermal power plant was originally planned to be dumped very near the Hon Cau Marine Protected Area (MPA), which has coral reefs and sea grass and a large number of marine creatures. Besides, the waters…... [read more]


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