VietMedical provides training for nearly 100 nurses in Hanoi

State-owned oil and gas group PetroVietnam is preparing to declare a shipyard it controls bankrupt after reporting more than a combined $460 million in debt and losses at the end of last year. In a report filed to the trade ministry, the energy giant asked for permission to sell Dung Quat Shipyard in the central province of Quang Ngai. If no buyer can be found, it will hold a bankruptcy sale, it said. PetroVietnam took over the shipyard from the debt-ridden shipbuilder Vinashin in 2010 as part of the government’s efforts to rescue the latter. Vinashin, which had piled up $4.5 billion in debt, was restructured into the Shipbuilding Industry Corporation in 2013. Dung Quat owed nearly VND7.5 trillion ($330 million) at the time, almost twice its registered capital, and the financial woes have never been solved. PetroVietnam said it has pumped VND5.1 trillion ($224 million) into trying to keep the business afloat, but with little success. By the end of last year, losses at Dung Quat had escalated to VND3.72 trillion ($163.6 million), besides VND6.9 trillion ($304 million) in debts. The shipyard employs more than 1,200 workers, according to local media reports. No plans have been revealed on the compensation or support they will receive if the proposal is approved.... [read more]

Vietnam Urban Development Technology Seminar for government authorities and Vietnamese businesses has shared innovative technologies and experiences in urban development, and acted as an important milestone of strengthening Vietnamese-Korean bilateral relationships. The seminar saw widescale participation from delegates and urban development experts of Vietnamese authorities Vietnam Urban Development Technology Seminar was co-organised by the Korea Trade-Investment Promotion Agency (KOTRA) and Heerim Architects & Planners Co., Ltd. (Heerim) on August 28, 2017. The seminar attracted the participation of delegates and urban development experts of Vietnamese government authorities, relevant universities and businesses, including Hanoi Department of Planning and Architecture, National University of Civil Engineering, and Housing and Urban Development Corporation (HUD Group), among others. Professor Yu Jai Deuk, Representative of ILLO Architecture Company and Professor of Satellite Cities Faculty at South Korea Hongik University Especially, the presentation of Professor Yu Jai Deuk, representative of ILLO Architecture Company and Professor of Satellite Cities Faculty at South Korea Hongik University, and Kim Young Hoon, senior vice president of Urban and Landscape Design Studio of Heerim, provided valuable knowledge and shared experiences of transportation, housing, open space, and housing planning in the cities of Korea. Besides, the seminar also introduced a wide range of innovative technologies that have been applied throughout Korea’s urban development. This new and useful knowledge is expected to contribute to the technical advancement in urban development…... [read more]

Since its inception in 2003, the ASEAN Business Advisory Council (ASEAN BAC) has been actively engaged in promoting the public-private partnership model and consulting integration in the ASEAN Community. The ASEAN Business Awards (ABA), held annually since 2007, aim to honour ASEAN businesses making significant contributions to the overall prosperity of the ASEAN economy. The ABA Awards is designed not only to honour outstanding companies in the region but also serve as an effective ASEAN Economic Community (AEC) communication channel. Furthermore, joining ABA 2017 will be an opportunity for Vietnamese businesses to promote their image in the region and in the international arena. The award will be presented by ASEAN leaders at the ASEAN Business and Investment Summit (ASEAN BIS) on the sidelines of the 50th ASEAN Summit in the Philippines in September. Registering for ABA 2017 entries are free of charge. ABA Awards 2017 consists of 12 Sector Awards for outstanding businesses in 12 priority ASEAN integration sectors (agriculture, automotive, aviation, e-commerce, electronics, fisheries, health, logistics, rubber, garment and textile, tourism and wood), SME Excellence Award (based on such criteria as growth, employment, innovation, corporate social responsibility). In addition, ABA Awards 2017 also include awards for young entrepreneurs, women entrepreneurs and foreign entrepreneurs with ASEAN partners. At the first ABA Awards in 2007, Vietnam had three companies in the final round: Hoa Tho Textile & Garment Joint Stock Corporation, Asia Commercial Bank and Saigon Paper Corporation. In 2008, Vietnam had only one representative, Saigon Morin Hue…... [read more]

In the past time, effective investment promotion and business support have contributed to increasing the appeal of the investment environment and, more importantly, attracting many investors to Soc Trang province. The following interview with Ms Huynh Thi Ngoc Huong, Director of the Soc Trang Investment Promotion and Business Support Centre, will shed light on this issue. Hoang Lam reports. Soc Trang province possesses numerous advantages to attract investors. What are those advantages? Apart from the potential for agricultural development, industry and service are also the province’s strengths in investment attraction. Many big projects have been licensed into the province, including Long Phu 1 thermal power plant invested by Vietnam National Oil and Gas Group (PetroVietnam), Lac Hoa wind power plant (first phase) invested by Technology Development Construction Joint Stock Company (TDC), garment and textile projects invested by Tuntex Company, Best Way Company and Youngone Nam Dinh Co., Ltd. They have actively contributed to local Socio-economic development and created jobs for tens of thousands of workers. Besides, many other companies and investors are applying for investment projects in the province, for example Long Phu 2 thermal power plant invested by TATA Power Group (India), a wind power plant invested by Phu Cuong Group, Cong Ly wind power plant invested by Cong Ly - Construction - Trading - Tourism Co., Ltd. Furthermore, trade and tourism are also huge potential of Soc Trang to attract domestic and foreign investors. In addition to diverse resources for economic development, the Provincial Party…... [read more]

Assigned to manage, operate and utilise technical infrastructure works in environment, drainage, green space and public lighting, Soc Trang Public Works One Member Limited Company always fulfils its roles and responsibility and to shape clean, lovely and green urban areas for Soc Trang province. Well-decorated streets, roadside trees, and busy parks all create a lively picture of modern, dynamic and lively Soc Trang City - are the outcomes of a continuous urbanisation process of Soc Trang province. This is a continuous process of Soc Trang province in planning and embellishing urban areas and infrastructure works. This is a great source of motivation for economic growth and public service. A significant contribution has been made by Soc Trang Public Works One Member Limited Company, which always tries its best to improve the urban space for Soc Trang City, the capital of Soc Trang province. As a manager, operator and user of technical infrastructure works in environment, drainage, greenery and public lighting, the corporation always completes its assigned tasks by carrying out important urbanisation investment projects in Soc Trang City. Particularly, Soc Trang City water drainage and treatment system construction investment project restored and upgraded 11.5km of sewers in Soc Trang City and built a wastewater treatment plant with a daily capacity of 13,180 cubic metres. Operated since 2013, the first-phase cost some EUR6 million from official development assistance (ODA), funded by KfW Development Bank (Germany) and domestic counterpart sources. Besides, the company was assigned to…... [read more]

Cuu Long Petro Urban Development and Investment Corporation (PVCL), set up in in 2007, specialises in housing construction, civil, industrial and traffic construction, real estate business, construction material trading, construction consulting, design and supervision and other businesses. Currently, PVCL is the owner of 5A Urban Area, the most modern of its kind in Soc Trang province. When completed and put into use, the new urban area will form a new urban complex which is large enough to accommodate 20,000 people and give a helping hand to Soc Trang City to reach the second-grade urban city. Confident to assert the brand name After 10 years of construction and development, with its dynamism and daring investment approach, PVCL has confirmed its strong position in the construction industry in Soc Trang province in particular and the Mekong Delta region in general. Director Nguyen Trieu Dong said, “It is the first step that counts. The more we think of our first challenging days, the more we treasure the help of all levels of authorities in Soc Trang province. In addition, the sharpness and insightfulness of the PVCL leadership and the unity and resolution of the entire staff enable PVCL to live through the tough time, effectively utilise its own competitive advantages in the market.” This strength plus financial capacity, and skilled and experienced employees, have sent PVCL’s business performance to the trajectory of sustainable development in the era of international integration. PVCL's current success is built on the foundation of prestige and…... [read more]

Officially put into operation in early 2008, after nearly 10 years of construction and development, VNPT Soc Trang has quickly affirmed its position as a leading provider of telecom - information technology products and services in Soc Trang province. With its ongoing efforts to deploy new products, services and technologies, improve the quality of services and customer care, and maintain market share, VNPT Soc Trang is always a trusted address to bring a “true life” to customers. Imprints in restructuring In addition to meeting information and communication demands in urban areas, VNPT Soc Trang always focuses on investing for industrial parks, key economic hubs, commercial and residential areas and remote areas. VNPT Soc Trang is the only enterprise in the province to cover all communes, wards, townships and isolated areas, thus giving a very helpful hand to the province's new rural development programme. 2014 was the first year VNPT Soc Trang together with the Vietnam Posts and Telecommunications Group (VNPT) started corporate restructuring. In 2016, growth was raised to 7.7 per cent, higher than the average of 6.4 per cent in 2010 - 2013. This impressive achievement enabled VNPT Soc Trang to affirm its position as a key player in telecom - information technology infrastructure development and a leading provider of telecom - information technology services in Soc Trang province. Strength from human resources In addition, VNPT Soc Trang has synchronously and vigorously carried out staffing stages such as personnel assessment, planning, training, retraining, rotation,…... [read more]

The Military-run telecom group, Viettel is expected to offer the world’s first 4G Only network in Myanmar in the first quarter of 2018, marking its first steps in the country. The Military-run telecom group, Viettel is expected to offer the world’s first 4G Only network in Myanmar in the first quarter of 2018, marking its first steps in the country. The joint venture –  was granted a licence at the beginning of the year. However, Viettel has pursued the market since 2002. Viettel planned to make a big investment into Myanmar which is the country with the largest population (55 million) among its 10 foreign markets. Myanmar’s telecom market has been dominated by three network providers including MPT with 42 per cent market share, Telenor (Norway) at 35 per cent and Ooredoo (Qatar) at 23 per cent. MyTel is the fourth telecom provider in the country. MyTel would not develop 2G and 3G services in Myanmar but move directly to 4G. When officially inaugurated, MyTel will have the largest infrastructure system with almost 7,200 base transceiver stations (BTS) covering 90 per cent of Myanmar’s population and 33,000 kilometres of fibre cable – double that of its biggest rival in the country. With its fast progress, MyTel plans to quickly build infrastructure and begin operations in 10 overseas markets. MyTel has branches in Myanmar nationwide, and around 2,000 employees. Vietnamese Party General Secretary Nguyen Phu Trong and Myanmar Vice President U Myint…... [read more]

After being put on sale, if investors ignore Dung Quat Shipbuilding Co., Ltd., it will go bankrupt.   PetroVietnam is willing to let Dung Quat Shipbuilding Co., Ltd. fall without recovering its $221 million investment On July 25, PetroVietnam, the owner of Dung Quat Shipbuilding, submitted plans to deal with the ailing company to the government and the Ministry of Industry and Trade (MoIT). Notably, first, PetroVietnam will put the company on sale. In case the company proves unmarketable, the company will be permitted to go bankrupt and then the company’s assets will be sold through competitive bidding. PetroVietnam also asked MoIT to propose the prime minister to assign the State Audit of Vietnam to audit the dossiers of a 104,000 DWT tanker to determine its value in order to complete the handover between PetroVietnam and Vietnam Shipbuilding Industry Corporation (SBIC). PetroVietnam has been waiting for the authorities’ answer. Previously, Phan Tu Giang, director of Dung Quat Shipbuilding, said that the company has not stopped operating yet and the losses are accumulating. However, Nguyen Vu Truong Son, general director of PetroVietnam, said that going bankrupt is the best solution for Dung Quat Shipbuilding, although PetroVietnam will continue to bear Dung Quat Shipbuilding’s debt afterwards. However, if the company closes, the asset value that it acquires from bidding will still be lower than its debt, thus PetroVietnam will not recover its investment…... [read more]

In the context of more and more fashion brands entering the Vietnamese market and gaining significant market share, domestic firms in the fashion industry have to draw up solutions to regain market share and seize back their position. Popular brand K&K Fashion has been wisely utilising technology to boost sales Massive surge of international fashion brands According to newswire Vietnamnet, there are nearly 200 foreign fashion brands in Vietnam, which hold up to 60 per cent of the market share. Many of them are affordable fashion brands, luring in customers by their diverse fashion products at reasonable prices, such as Mango, which has been present in Vietnam since 2004, the UK brand Topshop, which entered Vietnam in 2013, and the famous affordable brand Zara with its debut in 2016, and recently, Hennes & Mauritz AB (H&M) from Sweden announced launching its first store in Ho Chi Minh City on September 9 this year. The images of long queues of fans in front of fashion shops show the great potential of the Vietnamese market. Thus, some domestic fashion brands may worry about being dominated by these famous brands, as Vietnamese youth prefer foreign labels to catch up with the latest trends in the world. However, the price is still a barrier for these famous brands, as “affordable” in developed countries may not be really “affordable” in a developing country like Vietnam, although people’s incomes are gradually enhanced, increasing the demand for clothing. Therefore, there is still room for…... [read more]

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