Illustrative image (Source: VNA) Hanoi (VNA) – Following Vietnam’s ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), many Latin American countries have arrived in Vietnam to seek business opportunities. In a meeting with Latin American corporate executives recently held in Ho Chi Minh City, Deputy Minister of Industry and Trade Do Thang Hai said that economic and trade ties between Vietnam and Latin American countries are growing. Vietnam has now formed trade ties with all countries in the region, with two-way trade up nearly 20 times from 245 million USD in 2000, to 3.95 billion USD in 2010, and 13.49 billion USD in 2017. Vietnam has poured hundreds of millions USD into oil and gas exploration and exploitation in Peru, telecommunications networks in Haiti and Peru, and instant noodle production in Brazil. Meanwhile, Latin American investment in Vietnam remains modest, with four projects worth … [Read more...] about CPTPP to clear cooperation barriers with Latin America
Engineers operate equipment at Nhon Trach 2 thermal power plant, a member unit of PetroVietnam Power Corporation (PV Power). (Photo: VNA) Dong Nai (VNA) – The Nhon Trach 2 thermal power plant in the southern province of Dong Nai has generated 35 billion kWh for the national grid over just seven years of operation, announced the PetroVietnam Power Nhon Trach 2 company on November 20. With a designed capacity of 750 MW, the facility was estimated at needing around eight to nine years of commercial operation to reach that level of output. However, its automatic run at 80 percent of the total load on average has ensured the maximum mobilisation of power productivity. The outstanding productivity has greatly contributed to supplying electricity for key economic areas in the southern region, like Ho Chi Minh City, Dong Nai, and Ba Ria - Vung Tau. The plant, fueled by natural gas, began commercial operation in late 2011. With three turbines, it is designed to churn out … [Read more...] about Nhon Trach 2 thermal power plant produces 35 billion kWh in 7 years
The footwear industry is also one of the sectors which will benefit when Vietnam officially joins the CPTPP. (Photo: sggp.org.vn) HCM City (VNS/VNA) - Foreign-invested companies in the southern region are speeding up investments and preparing for opportunities as Vietnam is poised to join the Comprehensive and Progressive Agreement for Tran-Pacific Partnership (CPTPP). “North America and Japan have been our key export markets in recent years, accounting for 40 percent of export turnover. We have a huge opportunity in textiles and garments after Vietnam joined the CPTPP,” Nguyen Chi Thanh, deputy general director of the French group Scavi JSC, told Dau Tu (Vietnam Investment Review) newspaper. The company has proposed building the Phong Dien garment and textile supporting industrial zone in the central province of Thua Thien – Hue to attract investment. It opened its fourth factory earlier this year. “We have met with 30 domestic and foreign material … [Read more...] about FDI firms in south gear up for CPTPP
Da Nang Software Park (Source: VNA) Da Nang (VNA) - The information technology and communications industry of the central province of Da Nang earned 27.7 trillion VND (1.23 billion USD) in revenue last year, of which 68 percent was from information technology (IT) and electronics manufacturing. Director of the city’s information and communication department Nguyen Quang Thanh said the industry contributed 5.5 percent to Da Nang’s Gross Regional Domestic Product (GRDP) in the year. He said the city’s software exports grew in 2018 to 78 million USD, a 29 percent increase in comparison to 2017. Thanh said the industry has drawn nearly 900 businesses with 25,000 jobs, in which 43 percent are in software services and IT outsourcing. According to the department, Japan and the US were seen the two key markets of Da Nang’s software export, accounting 72 percent of export turnover in 2018. The city has been developing five software parks and IT parks, with four … [Read more...] about Da Nang earns 1.23 billion USD from IT and communications
Kymdan latex mattress exported to Australia has been approved as an Osteopathy Australia endorsed product, which can support treatment in the field of osteopathy (Photo: VNA) Sydney (VNA) – Kymdan latex mattress exported to Australia has been approved as an Osteopathy Australia endorsed product, which can support treatment in the field of osteopathy. It is the first and only brand of mattress of an Asian firm to earn the recognition. Chairman of the Vietnamese Businesses Association of Australia (VBAA) Tran Ba Phuc said Vietnam’s Kymdan nature latex mattress has met standards of the Australian market, and was nominated to receive endorsement of Osteopathy Australia. To receive the title, the product underwent a long period of test and evaluation, as Osteopathy Australia assessed Kymdan mattress’s support in treatment for osteopathic patients in many years. The Vietnamese product made its debut in the Australian market in 2000 and is recommended by … [Read more...] about Kymdan latex mattress endorsed by Osteopathy Australia
Only 11 State-owned enterprises (SOEs) were equitised in the first nine months of this year (Source: VNA) Hanoi (VNA) – Only 11 State-owned enterprises (SOEs) were equitised in the first nine months of this year, making the country’s target to complete the equitisation of at least 85 SOEs this year unlikely to reach, according to an official from the Ministry of Finance (MoF). The 11 SOEs have a total asset of approximately 29.75 trillion VND (1.28 billion USD), of which the State owned over 15.4 trillion VND (662.4 million USD), Dang Quyet Tien, Director General of the MoF’s Corporate Finance Department, told a press conference in Hanoi on November 19. The event was held by the MoF to update the media on the conference on renovating and improving the efficiency of the SOE operation slated for November 21. Under the initial plan, this year, HCM City had to equitise 39 enterprises, while the figure for Hanoi was 11, but not a single firm from either city … [Read more...] about SOE equitisation, divestment fall short of target: Ministry
Shrimp processing for export (Source: VNA) Ca Mau (VNA) – The Mekong Delta province of Ca Mau is exerting efforts to fulfil a target of 1.2 billion USD in export turnover in 2018. According to the provincial People’s Committee, from the beginning of this year, the locality’s export value surpassed 810 million USD, mainly from the export of frozen shrimp, equal to 67.6 percent of the yearly target. In October alone, Ca Mau earned 109 million USD from exports, representing a rise of 10.3 percent against that of the previous month. The Vietnam Association Seafood Exporters and Producers (VASEP) predicts bright prospects for export activities in the remaining months of this year. In addition, the price of shrimp materials has increased again, bringing about joy for shrimp farmers in the Mekong Delta province. From now until the end of this year, the province continues stepping up trade promotion, seeking and expanding export markets, and diversifying export markets, … [Read more...] about Ca Mau works to achieve 1.2 billion USD in exports