Headlines january 2020

Deputy Prime Minister Le Minh Khai (first on the left) is investigating the construction site of Provincial Road No.910 in Can Tho City. (Photo: SGGP) The Transport Ministry reported that the land compensation step in the first stage of the mega North-South Expressway project has finished. However, some technical infrastructure has not been fully moved. The total expense for construction until now has reached VND20,087 billion ($867 million), accounting for 35.4 percent of the contract value, and 0.7 percent later than the planned one. The disbursement volume for the four projects to be completed this year is 53.4 percent of the contract value, which is 2.6 percent later than expected. In the Southern region, the 21-kilometer coastal road project from Rach Gia City to Hon Dat District of Kien Giang Province has the total investment of VND600 billion ($26 million), and is planned to complete two years after its commencement date of January 2020. Since the construction work is … [Read more...] about VN determinedly stops slow public investment projects

For coach Park Hang-seo, it was a repetition of the streak he had initiated with the U23 team after winning the previous SEA Games gold medal. The U23 team had gone 12 games unbeaten from March 2019 until January 2020, winning nine and drawing three while scoring 35 goals and conceding four. After losing 1-2 to North Korea at the 2020 U23 Asian Cup, Vietnam started another unbeaten streak from October 2021 until the SEA Games final on May 22 this year. In this streak, Vietnam won 11, drew one and scored 19 goals without conceding any. However, the two unbeaten streaks are still not a record in Southeast Asia. U23 Thailand went unbeaten for 19 games from 2003 to 2006, including 17 victories that helped them win the SEA Games gold in 2003 and 2005. The unique record for the U23 Vietnam team is that they kept a clean sheet in all their 12 unbeaten games, a feat that no other U23 team in Southeast Asia have achieved. Vietnam also became the first team since 1979 to win the SEA Games … [Read more...] about Vietnam U23 team repeat feat of unbeaten streak

Minister of Finance Ho Duc Phoc speaks at the 15th NA's thỉd session on May 23 (Photo: VNA) Hanoi (VNA) – The State budget overspending in 2020 stood at over 216.4 trillion VND (9.3 million USD), equivalent to 3.44 percent of GDP, statistics showed. It was 18.39 trillion VND and 151.89 trillion VND lower than the initial estimate and the permissible level set by the National Assembly , respectively. Minister of Finance Ho Duc Phoc revealed the figures while reporting on the 2020 State budget balance to the 15th National Assembly at the third session that opened on May 23. It comprised nearly 213.09 trillion VND in the central budget overspending and 3.32 trillion VND in local budget overspending. Phoc added more than 1.51 quadrillion VND was collected for the State budget in 2020, down 1.9 percent from the target. Meanwhile, over 1.7 quadrillion VND was spent, equivalent to 96.4 percent of the estimate. During 2015 - 2020, the State budget revenue was … [Read more...] about State budget overspending equivalent to 3.44 percent of GDP in 2020

Yonhap News Agency described head coach Park Hang-seo as a magic man helping Vietnam beat Thailand to become the champions of the regional Games for two consecutive times. After its first SEA Games title claimed in 2019, U23 Vietnam competed in this year’s Games right on their home soil with huge expectations and pressures. Coach Park has led the Vietnamese players to the SEA Games’ final match, which was also the last SEA Games for the Korean coach before new coach Gong Oh-kyun takes over. Yonhap said the Games remained quite balanced with the two teams playing out a 0-0 draw in the first half. Nham Manh Dung headed the ball into Thailand’s net in the 83rd minute to open the score. The goal into the far left corner sent the home crowd wild and Vietnam held on to its narrow lead until the end of the match. U23 Vietnam triumphed at SEA Games for two consecutive times under Park Hang-seo’s leadership, Chosun Ilbo reported. Previously at SEA Games 2019 in the Philippines, … [Read more...] about Vietnam’s SEA Games men’s football championship makes RoK headlines

“The NA will consider and decide many important issues with significant impacts on the national socioeconomic development,” stated NA Chairman Vuong Dinh Hue at the opening ceremony. The National Assembly will discuss and adopt many laws and issues during its third session The session will debate and adopt five draft laws and three draft resolutions, and look into six other laws. The draft laws to be passed include the Law on Mobile Police, the revised Law on Cinematography, the Law on Insurance Business (amended), the Law on Emulation and Reward (amended), and the law amending articles of the Law on Intellectual Property. The draft laws to be advanced for discussions include the Oil and Gas Law (amended), the Law on Domestic Prevention and Control (amended), the Law on Inspection (amended), the Law on the Implementation of Democracy at Grassroots Levels, the law amending and supplementing articles of the Law on Radio Frequencies, and the Law on Medical Examination … [Read more...] about National Assembly to debate issues crucial to socioeconomic development

Illustrative image (Source: VNA) Hanoi (VNA) - The retail prices of oil and petrol continued to rise from May 23 following the latest adjustment by the Ministry of Industry and Trade and Ministry of Finance . Accordingly, from 3pm, the price of RON95 bio-fuel RON95 was raised by 670 VND per litre to 30,650 VND (1.32 USD) per litre, while that of E5 RON92 rose by 680 VND per litre to 29,630 VND (1.28 USD) per litre. Meanwhile, the price of diesel oil was down by 1,100 VND per litre to 25,550 VND (1.1 USD) per litre. A decrease of 660 VND per litre was also seen in the price of kerosene to 24,400 VND (1.05 USD). Since the beginning of this year, the retail prices of petrol have been adjusted up nine times and down for only three times. According to the General Statistics Office (GSO), the hike in petrol prices is the major factor pushing up CPI in the first four months of this year. Domestic petrol prices surged 48.84 percent year on year, which led to a 1.76 … [Read more...] about Petrol prices adjusted up over 600 VND per litre

The targets set for 2022, including the growth target of 6-6.5 percent, remain a huge challenge given the domestic and international situation, Deputy Prime Minister Le Van Thanh said at the third session of the 15th National Assembly in Hanoi on May 23. Deputy Prime Minister Le Van Thanh addresses the 15th NA's third session on May 23. (Photo: VNA) The Deputy PM reported that the macro economy has been maintained, major economic balances ensured, and inflation brought under control, with the consumer price index (CPI) in the first four months of this year up 2.1 percent. The monetary market and interest rates have also remained stable, he said, adding that the credit balance by the end of April has increased by 7.18 percent compared to late 2021. In the four-month period, State budget revenue hit 657.4 trillion VND (28.37 billion USD), equivalent to 46.6 percent of the estimate and up 15.4 percent year-on-year. Export turnover reached 122.4 … [Read more...] about Growth target of 6.5 percent remains big challenge: Deputy PM

Inside a factory of PetroVietnam Ca Mau Fertiliser JSC (DCM). DCM's net revenue reached VND4.07 trillion in Q1, 2 times higher than the same period last year. — VNA/VNS Photo Huynh Anh The fertiliser industry's gross profit margin may decrease after peaking in the first quarter of 2022, but the fertiliser sector still sees positive prospects in the near future, thanks to export growth. According to KIS Vietnam Securities Joint Stock Company (KIS), the revenue of the fertiliser industry in the first quarter of 2022 reached VND30.93 trillion (US$1.3 billion), up 71.2 per cent over the same period last year, while profit after tax reached VND6.8 trillion, 7.9 times higher than the previous year. Leaders in the growth of profit after tax in the first quarter of 2022 are Petrovietnam Fertiliser & Chemicals Corporation (DPM) and PetroVietnam Ca Mau Fertiliser JSC (DCM). Petrovietnam Fertiliser & Chemicals Corporation (DPM) reported a profit after tax of VND2.12 trillion, up … [Read more...] about Fertiliser industry’s gross profit margin may decrease after peaking in Q1

An overview of 15th National Assembly's third session (Photo: VNA) Hanoi (VNA) – The 15th-tenure National Assembly (NA) convened the third session in Hanoi on May 23. The opening session is broadcast live on Radio the Voice of Vietnam (VOV1), the Vietnam Television (VTV), and the NA's TV channel. Before the opening, leaders of the Party, State and Vietnam Fatherland Front and NA deputies laid wreaths in tribute to President Ho Chi Minh at his Mausoleum. During the 19-day session – the longest since the beginning of this tenure, the legislative body will consider and approve five draft laws and three draft resolutions, which are designed to continue implementing the policy of safe, flexible adaptation to and effective control of the COVID-19 pandemic so as to recover the economy and support people and labourers in the new normal. Leaders and formers leaders attend 15th National Assembly's third session (Photo: VNA) After the opening remarks delivered by NA … [Read more...] about National Assembly’s third session opens

According to the draft, private placement corporate bond issuers must meet the following conditions: profitable business results in the previous year; total outstanding debt of bonds does not exceed three times of equity; having collateral if the total outstanding debt exceeds the equity. “Many people say that the corporate bond market poses risks and needs to be tightened. However, perfecting the legal system does not mean tightening it. Instead, it is necessary to ensure that information reaches the market in an open, transparent, and accurate manner," lawyer Truong Thanh Duc, Director of Law ANVI Firm, said. According to him, it is important now to focus on perfecting the credit rating regulations. In the immediate future, it is possible to follow regulations in a trade-off way. For example, a business with credit rating results will not need, or will need one or two more conditions for issuance because credit rating has covered many audit conditions. If there is no credit rating, … [Read more...] about Tight regulations for corporate bond market must not cause market collapse