State-owned oil and gas group PetroVietnam (PVN) is intending to channel its money into assisting 12 failed projects in the industry and trade sector, whose debts total about VND20 trillion (US$879.8 million). A meeting was organized in Hanoi on Monday to discuss solutions for delayed and loss-making projects of the industry and trade sector, which was chaired by Deputy Prime Minister Vuong Dinh Hue. Speaking at the gathering, PVN chairman Tran Sy Thanh asserted that money should be invested to save 12 of these projects. “We have to treat these projects like patients in critical conditions, who are in need of emergency treatment. Special measures are very necessary,” Thanh remarked. “In order to do that, we need money to pay up the debts, hire contract dispute lawyers, and solve other problems,” the chairman continued. One of the biggest challenges for this effort is the current regulations, which do not allow the state budget to be exerted for dealing with loss-making projects, he stressed. “PetroVietnam has the money to do so, but are not allowed to, as the group’s assets belong to the state,” Thanh said. Deputy Prime Minister Vuong Dinh Hue remarks at the gathering. Photo: Tuoi Tre He asked the central government to reconsider the regulations, asserting that the projects will soon develop if the correct investment is made. Meanwhile, Deputy PM Hue affirmed that such rules must be strictly complied with, adding that the solutions to the loss-making projects should be made via specific plans, which are decided during… [Read full story]
Ministry requests credit for selected property projects By Ngoc Lan - The Saigon Times Daily HANOI - The Ministry of Construction has put forward to the Government solutions to monitor the local property market and a credit request for some selected property projects. Deputy Minister of Construction Nguyen Tran Nam, speaking at a press conference after the regular monthly Cabinet meeting, said the ministry did not petition the Government to loosen the current credit tightening policy to the whole market, but that certain projects should receive backing. Nam said that the Government’s credit tightening policy resulted in outstanding loans for…... [read more]
PANO - State Bank of Vietnam Governor Nguyen Van Giau and Asian Development Bank (ADB) President Haruhiko Kuroda, on May 5th, signed a $1.38 billion financial assistance package to enhance Vietnam's nationwide clean water access, conserve threatened forests, and ease urban gridlock. Vietnam Prime Minister Nguyen Tan Dung witnessed the signing. "ADB's assistance will help ensure that more people in Vietnam have access to clean water, more livable cities, and biologically diverse forests that will be preserved for future generations," said Mr. Kuroda. In many of Vietnam's largest cities, 30% to 40% of treated water is lost before it reaches…... [read more]
CPV: In the financial year 2005-2006, the Australian Embassy in Hanoi successfully completed 11 projects that were partially-funded under the embassy's Direct Aid Programme (DAP). The projects were located in provinces across northern and central Vietnam including Hanoi, Hai Phong, Phu Tho, Hai Duong, Hung Yen, Lao Cai, Quang Tri and Thua Thien-Hue. The DAP aims to reduce poverty and improve the living standards and conditions of poor people and minorities in Vietnam, through the funding of small-scale projects at the community level. Many of the projects concentrate on the improvement of essential infrastructure, including upgrading primary schools, commune clinics,…... [read more]
VGP - Denmark's Global Competition Fund (GCF) will offer Việt Nam's private firms VND 210 billion in the 2011-2013 period to sharpen their competitive edges. Mr. Amarnath Reddy, GCF's Senior Advisor, said the money will help export-oriented firms operating in agriculture and farm product processing, aquaculture, handicrafts, horticulture, fruits, medicinal plants, tea, wood processing, and tourism. Localities benefiting from the GCF assistance include Nghệ An, Thanh Hóa, Khánh Hòa, Phú Yên, Đắk Lắk, Lâm Đồng, An Giang and Cần Thơ City. Since 2006, GCF has financially assisted 96 projects in Việt Nam to the tune of VND135 billion. They include…... [read more]
VGP - The Japan Bank for International Cooperation (JBIC) prioritizes investment in Asia, including Việt Nam, and will continue to provide the country with financial assistance, its Executive Director Fumio Hoshi said on April 27. The bank also wants to facilitate commercial investment and help Việt Nam develop its capital market. JBIC has recently financed to the construction of some power and cement plants here. Mr. Ninh said that Japan's continued capital assistance is useful for Việt Nam's development projects. By Ngọc Vân... [read more]
