Tiền Giang develops hi-tech agricultural park

Hanoi (VNA) – The FLC Group wants to develop a smart urban complex in the centre of northern Thai Binh city, Trinh Van Quyet, the group’s chairman of the management board, has said. Speaking at a recent meeting with the provincial People’s Committee and representatives from related agencies and authorities in Hanoi, Quyet said the complex would cover an area of 300-500ha, with an artificial beach, golf course, entertainment park and shopping mall, as well as apartments, townhouses and villas. Nguyen Hong Dien, Chairman of the provincial People’s Committee, introduced the FLC Group’s delegation to the location, geography and other advantages of the area, as well as investment policies in agriculture, service and tourism. He also talked about the current master plan and land use under the new administrative centre, Kien Giang River, Vu Thu and Vu Dong communes. These locations have a beautiful landscape and convenient traffic connections. They were introduced to the FLC Group for consideration and selection for effective investment. Dien emphasised that This Binh has over 5,000 businesses but not many are large enough. To create motivation for local socio-economic development, Thai Binh needed private enterprises with experience and financial prowess such as FLC. Quyet said early development of such a project would require very strong commitment from local officials, who would need to work hard on land acquisition, administrative procedures and support policies for investors. This is the second time in two months that the FLC Group’s directors have surveyed potential development sites in the province,…... [read more]

VietNamNet Bridge – In the southeast region, a curious phenomenon of foreign direct investment firms ‘recommending’ long-time employees to resign has cropped up. In return, these employees receive a hefty one-time payment. Workers assemble small-sized electric motors at the Japan-owned Mabuchi Motor Viet Nam at the Bien Hoa II Industrial Park in Dong Nai Province. — Photo: VNA/VNS  The companies don’t force the workers to resign but merely recommend it, and the workers consent, making the practice perfectly legal. However, workers might not be aware that by doing so, they relinquish many of their rights, and some are urging authorities to get involved. Nguyen Thi Sen, 51, from Bien Hoa City of Dong Nai Province, worked at Pouchen Viet Nam – a manufacturing factory of the Taiwan-based sportswear company – for nearly 18 years. At the end of last year, the company announced that workers with tenure of 15 years or longer may receive a lump sum equal to 12 months of salary if they quit. Sen is still four years from retirement age, and under the company’s policy, she would receive one-month salary as a bonus every year. However, thinking the one-time payment was a generous amount, Sen agreed to end her contract and social security, and received VND 140 million (US$6,160). “Now I regret my decision. Previously, my monthly salary plus bonus was VND 10 million ($440), so my annual income would total VND 150 million ($6,600), including the New Year bonus,” Sen told Vietnam News Agency. “The…... [read more]

Meeting between property developer FLC Group and the provincial People's Committee. — Photo bizlive.vn FLC Group has expressed its desire to develop a smart urban complex in the centre of northern Thai Binh City, Trinh van Quyet, group’s chairman of the management board, said. Speaking at a meeting with the provincial People’s Committee and representatives from related agencies and authorities in Ha Noi this week, Quyet said the complex would cover an area of 300-500ha, with an artificial beach, golf course, entertainment park and shopping mall, as well as apartments, townhouses and villas. Nguyen Hong Dien, chairman of the committee, introduced FLC Group’s delegation to the location, geography and other advantages of the area, as well as investment policies in agriculture, service and tourism. He also talked about the current master plan and land use under the new administrative centre, southern Kien Giang River, Vu Thu and Vu Dong communes. These locations have a beautiful landscape and convenient traffic connections. They were introduced to FLC Group for consideration and selection for effective investment. Dien emphasised that Thai Binh has over 5,000 businesses but not many are large enough. To create motivation for local socio-economic development, Thai Binh needed private enterprises with experience and financial prowess such as FLC. Quyet said early development of such a project would require very strong commitment from local officials, who would need to work hard on land acquisition, administrative procedures and support policies for investors. …... [read more]

State Capital Investment Corporation (SCIC) has published the plan to put a 3.33 per cent stake, equaling 48.3 million shares, in Vietnam Dairy Products Joint Stock Company (Vinamilk) on sale in October.  SCIC will continue with the Vinamilk divestment It was announced by SCIC chairman Nguyen Duc Chi at a press conference held in Hanoi on August 4 on the corporation’s divestment plans. According to Chi, this is part of the 3.6 per cent charter capital remaining from the offering in late 2016 when it planned to sell 9 per cent of the stakes. Chi added that both foreign and domestic enterprises who meet the management board’s criteria can join Vinamilk’s share acquisition. SCIC will publish the specific information on the divestment in the shortest time. SCIC expects to earn between VND6.5-7 trillion ($287.1-309.1 million) from this divestment. In early July, Singapore-based F&N Dairy Investments Pte., Ltd., a 100 per cent-owned subsidiary of Fraser & Neave Ltd. (F&N), expressed interest in increasing its holdings in Vinamilk via registering to buy an additional 14.5 million shares. The transaction is expected to take place between July 24 and August 22. If successful, F&N Dairy Investments Pte., Ltd. will increase its holdings in Vinamilk from 16.04 to 17.04 per cent, equalling 247 million shares.  In December 2016, F&N Dairy Investment Pte., Ltd. and F&N Beverages Manufacturing Sdn., Bhd., another 100 per cent-owned subsidiary of F&N,…... [read more]

The two kilometer stretch of inter communal road 80 in Binh Tan and Binh Chanh districts is dense with pot-holes. Mr. Tran Tien, whose house is near Road 80-Nguyen Thi Tu street crossroads, says that the road is repaired every year but pot holes reappear after a few months. Traffic accidents continuously occur in the road. Road 80 links up many industrial parks in three districts but the road face is too small with a single lane each side and heavily damaged with thousands of trucks travelling a day. Nguyen Thi Dinh street in District 2 from Cat Lai seaport to My Thuy Intersection receives about 20,000 trucks and containers trucks a day. The street has two auto lanes which have seriously downgraded and one motorbike lane. Many stretches have been sinking by 20 centimeters in the shape of truck wheels. Drivers must slowed speed to avoid accidents, said container truck driver Nguyen Thanh Vinh. Local residents say that the street has been repaired many times but it is unable to suffer a huge volume of heavy trucks regularly getting in and out from the seaport. Similarly, old Highway 13 in Hiep Binh Phuoc ward, Thu Duc district has been impaired with overloaded trucks deliberately traveling in the road instead of detouring in Binh Phuoc bridge. Narrow Le Duc Tho street in Go Vap has seen expanding pot holes and regular traffic jam. Local man Nguyen Thanh Tung says that the street is mended every few months…... [read more]

Former and current officials at a Vietnamese chemical corporation are under review for a series of violations at various loss-making projects. The Vietnam National Chemical Group (Vinachem) has been operating four unsuccessful projects in provinces throughout the country, causing combined losses worth trillions of dong (VND1 trillion = US$44.1 million). Following an inspection by the Central Inspection Committee, several Vinachem leaders, including company president Nguyen Anh Dung, former company president Do Quang Chieu, erstwhile chairman of the management board Nguyen Quoc Tuan, and former general director Do Duy Phi, were found responsible for myriad offenses. According to a probe by Tuoi Tre (Youth) newspaper, the four Vinachem projects in question cost VND28 trillion ($1.23 billion) in capital investment. Among them, the Ninh Binh Fertilizer Plant, located in the namesake northern Vietnamese province, took the heaviest hit, racking up some VND3.2 trillion ($141.2 million) in losses as of 2016. Immense pressure from bank debt and a lackluster performance has resulted in ineffective operations at the factory, the Ministry of Industry and Trade assessed. Only VND4 trillion ($176.5 million) of the more than VND11 trillion ($485.4 million) owed by the factory has been paid. At the Ha Bac Fertilizer Factory in the northern province of Bac Giang, Ministry of Construction inspectors identified several violations in the implementation of the project, including an inaccurate calculation of the building cost, a lack of building permits, and the recruitment of incompetent officials. Administrative fines of up to VND100 billion…... [read more]

The Ninh Bình People’s Committee has imposed an administrative fine of VNĐ400 million (US$17,700) on the investor of the Ninh Bình Obstetrics and Paediatrics Hospital. The Ninh Bình Obstetrics and Paediatrics Hospital lacks environmental impact report, and construction work on it is temporarily halted due to a shortage of funds. - Photo dantri.com.vn The hospital investor has been fined for not having the environmental impact report for the past eight years. The investor of the project is the management board of the Ninh Bình Civil and Industrial Investment and Construction Project. Construction work on the hospital started in 2010; however, the investor did not have the environmental impact report as regulated by the Ministry of Natural Resources and Environment. Inspectors from the Ninh Bình Department of Natural Resources and Environment on June 26 this year checked and proposed that the provincial People’s Committee impose an administrative fine on the investor of the hospital. Nguyễn Ngọc Thạch, deputy director of the provincial People’s Committee, signed the decision on the administrative fine, in which he temporarily suspended construction work on the hospital for 60 days. The management board of the Ninh Bình Civil and Industrial Investment and Construction Project was requested to complete all legal procedures related to environment protection to submit to the Ministry of Natural Resources and Environment. The Ninh Bình Obstetrics and Paediatrics Hospital has total investment of VNĐ2.7 trillion (US$120 million). At…... [read more]

An oxygen tank blast at the construction site of a hydroelectric dam in Laos has resulted in the death of six Vietnamese workers. Tran Anh Duc, chairman of the management board of Song Da 5 JSC, told Tuoi Tre (Youth) newspaper on Saturday that the explosion had occurred at the construction site of the Nam Nghiep 1 hydropower plant in Bolikhamsay Province on Friday night. The facility is designed to have a capacity of 29 megawatts and developed by the Laos Electricity Corporation. Japan’s Obayashi Corporation was selected as the main contractor, while Song Da 5 JSC is the project’s sub-contractor. The construction is planned to run from 2014 to 2018. Six Vietnamese workers were killed and two others injured in the blast, all of whom were employees of Song Da 5 JSC. The accident was first reported by family members of the victims on Friday, who had received information regarding an oxygen tank blast at the construction site. On Saturday morning, Trinh Van Nha, vice-chairman of the People’s Committee in Thanh Chuong District, located in the north-central province of Nghe An, confirmed three deceased victims, namely Tran Van Sang, 29, Ha Cao Ky, 24, Nguyen Van Phuong, 26, all of whom were from Thanh Chuong. Vietnamese authorities stated that three other workers, Ha Huu Nai, 25, who hailed from the northern province of Phu Tho, Gia Ba Lau, 32, and Va Xai Co, 34, both from Nghe An, were also killed…... [read more]

NDO – Developing tourism at national tourist sites has brought about positive results in local socio-economic growth, but on the other hand, it has also posed concerning negative impacts on the environment, heard delegates at a conference held in Ninh Binh province, on July 28. The seminar was organised by the Ministry of Culture, Sports and Tourism (MOCST) under the theme ‘Protecting the environment at national tourist sites’. Addressing the event, Tu Manh Luong, Head of MOCST’s Department of Science, Technology and Environment, outlined Vietnam’s master plan for tourism development by 2020, with a vision towards 2030, with priority placed on advertising 46 national tourist sites across the country. However, one of the huge challenges facing tourist sites in Vietnam is environmental protection. At many tourist attractions, the discharge of solid waste, a lack of water closets and out-dated facilities pose a high risk of environment pollution. Therefore, he stressed that protecting the environment and ecological diversity must be key tasks at tourist sites in order to attain sustainable development and green growth in the tourism sector. Regarding the solutions to the issue, Nguyen Thi Thanh Huong, Deputy Head of Vietnam National Administration of Tourism, said that it is necessary to compete the legal system and regulations on environmental protection at tourist sites, to tighten the management over tourist activities which have created certain impacts on the environment, increase the inspection of environmental situations at tourist attractions and strengthen international cooperation on sustainable tourism development. …... [read more]

A new decree will help improve the quality of corporate governance in public companies and benefit small, individual investors, a senior official said yesterday.— Photo ssc.gov.vn A new decree will help improve the quality of corporate governance in public companies and benefit small, individual investors, a senior official said yesterday. Corporate governance has become an urgent issue for public companies as it affects a firm’s sustainability when its size and scale develops at a fast speed, Pham Hong Son, vice chairman of the State Securities Commission (SSC), said at a conference. According to the SSC, Viet Nam’s stock market has developed strongly since the beginning of the year. The benchmark VN Index on the HCM Stock Exchange jumped nearly 17 per cent during this period to close on Friday at 777.09 points and the HNX Index on the Ha Noi Stock Exchange has gained 25.5 per cent to end at 100.55 points. Market capitalisation has increased by 30.5 per cent. Son said that listed companies on both local exchanges have improved the quality of corporate governance and are aware of its essential importance. “The better corporate governance is, the more benefits small individual investors will get,” Son said. “The Government’s Decree 71/2017/ND-CP (Decree 71) enumerating the principles of corporate governance for public companies will help them manage their businesses better.” Decree 71, an upgrade of Circular 121/2012/TT_BTC (Circular 121) issued by the Finance Ministry on July 26, 2012, will take effect on…... [read more]




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