Three PetroVietnam subsidiary IPOs in three monthsThree big companies of the Vietnam National Oil and Gas Group (PetroVietnam) will make their initial public offerings (IPOs) in the next three months, under equitisation plans approved by Deputy Prime Minister Vuong Dinh Hue late last week. ( Photo: dantri.com.vn)The three companies are: Binh Son Refining and Petrochemical Company (BSR); PetroVietnam Power Corporation (PV Power); and PetroVietnam Oil Corporation (PVOil), valued at 2 billion USD, 1.5 billion USD and 610 million USD, respectively. Founded in 2007 as a wholly-owned PetroVietnam subsidiary, PV Power now operates eight power plants, including four thermal power plants. Last year, the company reported revenues of 34 trillion VND and before-tax profits of 530 billion VND. This year, its revenue was expected to reach 55.5 trillion VND with before-tax profits of 520 billion VND, both exceeding annual targets.-VNA
December 12, 2017 05:26 UTC
NA Standing Committee approves spending on rice for national reserveThe National Assembly Standing Committee on December 12 passed a resolution approving the addition of 553 billion VND (24.2 million USD) to the budget estimates to buy rice for the national reserve. The approval followed a Government report delivered by Finance Minister Dinh Tien Dung at the NA Standing Committee’s 19th meeting. The report said that from April 1, 2016 to June 30, 2017, the Prime Minister had assigned the ministry to take 58,885 tonnes of rice worth about 553 billion VND (24.2 million USD) from the national reserve for the above-said purposes. To date the ministry has completed the distribution of this amount of rice. Therefore, the Government asked for the NA Standing Committee’s approval of extracting 553 billion VND from the State budget 2017 to make up for the used amount of rice.-VNA
December 12, 2017 05:26 UTC
Hanoi man in custody after physically abusing his sonVietNamNet Bridge – Ha Noi Police in Cau Giay District have arrested a man suspected of physically abusing his nine-year-old son, resulted in scaring and several injures on the boy’s body. A tool made from an iron hanger that Tran Hoai Nam used to hit his nine-year-old son with. According to the police, Nam used tools to injure his son over a long period of time and also regularly kicked him in the ribs, causing serious injures to the child. Nam said he had beaten his son because the boy was sassy and disobedient. Nguyen Bich Thuy, deputy principal of Ngoc Ha Primary School, said the school was ready to take the child back to school.
December 12, 2017 04:52 UTC
Vietnam affirms commitment to multilateral trading systemDeputy Minister of Industry and Trade Tran Quoc Khanh highlighted Vietnam’s commitment to promoting the multilateral trading system while addressing a plenary session of the 11th World Trade Organisation (WTO) Ministerial Conference in Argentina on December 11. However, the global trade and multilateral trading system is also facing potential risks due to the strong comeback of populism and trade protectionism, he noted, adding that shortcomings remain in the system. He warned that failure of negotiations at this conference would cause negative impacts on the multilateral trading system as well as the world’s economic recovery. Vietnam is willing to join other WTO members to address the organisation’s matters, he said. The 11th WTO Ministerial Conference opened in Buenos Aires on December 10 with the participation of more than 4,000 delegates from 164 member countries.
December 12, 2017 04:41 UTC
HCM City lacks capital for transport infrastructureVietNamNet Bridge – HCM City needs more investment capital for transport infrastructure development, according to the city’s transport department. In 2016-2020, demand for investment capital for transport infrastructure was estimated at about VND500 trillion (US$22 billion). It means the total capital the city has allocated for the 5-year period is VND61 trillion, about 10 per cent of demand. According to figures released by the department, some 22,300ha of land has been approved for transport infrastructure development, but only 7,800ha is being used currently. The total length of roads in the city was about 4,155km, equivalent to 1.98km of road per sq.km of city area.
Thirteen students hurt in balcony collapseVietNamNet Bridge – Thirteen students in Bac Ninh Province fell from the second floor and were wounded after a school balcony collapsed on Monday afternoon. Thirteen students in Bac Ninh Province fell from the second floor and were wounded after a school balcony collapsed on Monday afternoon.— Photo baogiaothong.vnThe incident occurred at Van Mon elementary school in Yen Phong District, when a pair of fifth-graders accidentally hit the degraded balcony railing during break time, causing it to fall apart. Thirteen students then fell to the ground along with debris from the balcony. Six with the most severe injuries were rushed to the Viet Nam-Germany Hospital in Hanoi, while five students were taken to the provincial Bac Ninh Hospital and another two to Yen Phong District Hospital. Local authorities and the school representatives visited the injured students at the hospitals and provided them VND89 million (US$3,950) in total to help with the treatment.
Mountainous district recovers from floodingVietNamNet Bridge – Signs of revival have brightened up Mu Cang Chai District in northern mountainous Yen Bai Province, three months after a historic flood swept through the area. -- File photoBy around 5.30 am on August 3, significant portions of the district had been submerged by floodwaters. Lau Thi Mu, a resident of Kim Noi Commune, recalled that the flood swept everything away, including her house and contents. The flood, triggered by prolonged torrential rains, swept away 26 houses, damaged 14 others and forced hundreds of households to be relocated. It will not be swept away by floods,” she said.
UK snow: Ice warning as commuter disruption expectedIcy conditions are expected to cause further disruption to road and rail travel in parts of the UK, following another night of sub-zero temperatures. The Met Office's yellow weather warning for snow and ice on Tuesday -- Photo: MET OFFICEThe Met Office has extended yellow warnings for snow and ice until 11:00 GMT and the AA warned driving could be "hazardous". Temperatures were forecast to hit -15C (5F) on Monday night, making it the coldest night of the year. More than 350 schools in the West Midlands and about 180 schools in Wales have said they will shut. Chiltern Railways, Arriva Trains Wales, Cross Country, East Midlands Trains, Great Western Railway, Thameslink, Virgin Trains and the West Midlands rail network were all affected.
VN coffee industry has huge potential: seminarThe Vietnamese coffee industry has great potential to develop considering the size of the global market and the country’s small share in it, according to the Ministry of Agricultural and Rural Development. Its exports of roasted and ground coffee and soluble coffee accounted for only 10 per cent last year, he said. But the coffee sector is facing several problems like small scale of production, ageing coffee trees, poor quality control, and outdated processing technologies. Ganesan Ampalavanar, managing director of Nestle Viet Nam, the biggest buyer of Vietnamese coffee, said Viet Nam has a role to play not just as a supplier of coffee but a supplier of good quality coffee. “Today Vietnamese coffee is known but its brand is not as strong it should be.
Stocks plummet on investor cautionVietnamese shares plunged on December 11 as investors turned cautious before exchange-traded funds (ETFs) started restructuring their portfolios. The stock market was dominated by declining stocks, which outnumbered gaining shares by 334 to 136 while 98 others ended flat. The trading figures were down about 1.1 percent in both trading value and volume compared to last week’s daily average numbers. The downfall of large-cap stocks, especially financial shares, was to blame for the market volatility on December 11. The VN30 Index that tracks the movement of the 30 largest stocks by market capitalisation ended down 2.36 percent to 908.29 points, with 25 of the 30 stocks in the basket declining.
Seafood turnover expected to hit $8.3bViet Nam’s seafood export turnover is expected to reach US$8.3 billion this year, posting an 18 per cent increase over 2016, according to the Viet Nam Association of Seafood Exporters and Producers (VASEP). The country’s seafood export turnover is estimated at more than $7.6 billion, representing an 18 per cent year-on-year increase. In November alone, export turnover rose by 11 per cent from the previous month to reach $733 million. Specifically, the shrimp export turnover was $3.5 billion in the January-November period, increasing 22 per cent from the corresponding period last year. The product’s turnover this year is expected to reach $1.8 billion, or a 4 per cent increase from last year.
Defence official affirms boosting ties with ChinaDeputy Minister of National Defence Nguyen Chi Vinh has reiterated Vietnam’s intention to develop defence cooperation with China. The Deputy Minister underlined that Vietnam gives the top priority to the ties with neighbouring countries sharing the border with Vietnam. He took note that the defence cooperation and border management between the two countries’ armies have been reinforced in recent years, thus promoting stability and prosperity in the two nations’ border areas. The two sides will coordinate to manage cross-border trade and promote twin ties between border stations and villages, the Chinese officer noted. He thanked the ambassadors and military attachés for their contributions to defence cooperation between Vietnam and other countries.
December 12, 2017 03:56 UTC
Vietnam: 90 percent of farm products exported in raw formThough Vietnam is among the world’s top exporters of farming produces, 90 percent of the products are exported in the raw form with quality and value lower than many foreign rivals, said Minister of Agriculture and Rural Development Nguyen Xuan Cuong in a recent meeting. Minister of Agriculture and Rural Development Nguyen Xuan Cuong speaks at the meeting. Vietnam has remained among the world’s top 15 agricultural suppliers with products shipped to 180 countries and territories. Meanwhile, World Bank Director Ousmane Dione believed food safety poses the biggest challenge to Vietnam. No single solution can ensure food safety but a comprehensive set of measures are needed and there should be more public investment in promotion of food safety, Dione said.
December 12, 2017 03:56 UTC
HCM City wants to up Gov't workers' salariesHo Chi Minh City wants to increase government workers’ salaries so that they match at least the minimum wage in the industrial sector. Deputy Prime Minister Vuong Dinh Hue speaks at a meeting with HCM City’s authorities on wage reform. According to the city People’s Committee, the existing wage structure applied for public employees is not enough to motivate them. City authorities said this basic salary structure prevents cities and provinces with rapid economic growth from increasing the incomes of their employees. Apart from calling for the base salary hike, the city also said there should be a law on minimum wage to ensure salaries are sufficient.
December 12, 2017 03:33 UTC
Urgent protection needed for Hanoi’s archaeological siteHanoi’s Culture and Sports Department has sent a letter urging the municipal People’s Committee to preserve an archaeological site dating back to 1,000 BC in the city’s western outskirts. The archaeological site is of Dong Dau culture, from about 3,000 years ago, and was first excavated in 1969. The objects found through excavations include stone, bronze and ceramic objects of Dong Dau culture. Dong Dau culture is one among four periods of Dong Son civilisation – from the early stages of the Bronze Age to the early stages of Metal Age. Dong Dau culture dates back to 1,500-1,000 BC.
December 12, 2017 03:00 UTC