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Providing a fresh perspective on how the transition could be executed effectively, the US Embassy shared its experiences in developing policy regarding transformation and potential support. The US is willing to share its technology, capital, and policy/technical expertise to help Vietnam in energy transition, Sean M. Lawlor, an energy officer at Econ-ESTH Section from the US Embassy in Vietnam said at a conference held in Hanoi this week. The conference themed “Strategies & Partnerships to accelerate Vietnam’s energy transition” was jointly organized by Cong Thuong Newspaper and GE Vietnam, one of the first American companies opening representative office in Hanoi in 1993, even before the US embargo was lifted. “The US initiated the energy switch more than a decade ago and has reported a drop in the use of coal by half, a jump of natural gas to 38% in the country’s energy mix, and clean energy solutions as favored by the government," Sean M. Lawlor said. He added that … [Read more...] about US willing to share technology to help Vietnam in energy transition

Hanoi motorbike tour and Hoi An cooking class have been selected by readers of US travel site Tripadvisor as two of the 25 best travel experiences in Asia. The Hanoi motorbike tour takes more than four hours. (Photo: Tripadvisor) The half-day guided motorbike tour in Hanoi allows tourists to explore Vietnam’s capital city’s famous landmarks like Long Bien Bridge, Hai Ba Trung Temple, the Presidential Palace Historical Site and try some of the city's best street foods. As part of the tour, visitors will have an opportunity to explore "Train Street", formed by railway tracks running alongside Dien Bien Phu and Phung Hung streets in the heart of Hanoi's Old Quarter, with residential buildings just a few feet away on either side. Meanwhile, the five-hour cooking class, organised by Hoi An Eco Tours Discovery, is considered a fun and interesting way to experience the rural life in Hoi An, a popular tourist destination in Vietnam’s central Quang Nam … [Read more...] about Hanoi motorbike tour, Hoi An cooking class among top travel experiences in Asia

Revenues were VND54.56 trillion, equivalent to over two-thirds of its business plan. The profits and revenues were 59 and 34 percent higher than last year, respectively. GAS management attributed growth to rising oil and LPG prices, and market development and cost-reduction plans. Viet Capital Securities forecast the Brent crude oil price to rise by 20 percent this year to the highest of $85 a barrel. Prices would also rise on the Organization of the Petroleum Exporting Countries’ (OPEC) production cut and lower supply from the U.S. VnDirect Securities expected GAS’ dry gas production to rally on rising demand in the second half of this year. GAS produced over one million tons of liquefied petroleum gas (LPG), accounting for 70 percent of domestic share. Meanwhile, gas condensate production rose by 85 percent year-on-year. … [Read more...] about Petrovietnam Gas nears annual profit target in first six months

State President Nguyễn Xuân Phúc presents President Hồ Chí Minh's portraits as gifts to officials and workers in the oil and gas sector with outstanding performance in a meeting held on Saturday in Hà Nội. — VNA/VNS Photo Thống Nhất HÀ NỘI — State President Nguyễn Xuân Phúc on Saturday met 70 officials and workers in the oil and gas sector who stood out in the good and creative labour emulation movement in the 2017-22 period. Despite numerous difficulties in the period, the State-owned Việt Nam National Oil and Gas Group (PetroVietnam) has had over 2,800 initiatives and solutions applied in reality, which have produced a total estimated profit of over US$500 million. The leader said the group, with its over 60,000 workers, has become an economic-technological spearhead that helps ensure sufficient supply of fuel to economic sectors and plays an important role in realising the sea strategy and safeguarding national sovereignty at sea. Affirming that the participants at … [Read more...] about State leader praises outstanding workers in oil, gas sector

The HCMC-based Viet A Technology Corporation (Viet A Corp) took advantage of the pandemic to seek illegal profit and earned up to VND4, 000 billion ($171.7 million) illicitly. The unit price for the rapid coronavirus test kits imported by the company from China was VND21, 000, then inflated the price of a Covid-19 test kit by 45 percent and gave huge bribes of VND800 billion to corporate partners and leaders of provincial and city centers for disease control nationwide, asking them to distribute and use Covid-19 test kits provided by his company. According to the report, the wrongdoings by the Viet A Technologies JSC were serious. The Investigation Agency under the Ministry of Public Security on December 18, 2021 issued a temporary arrest warrant and a decision to prosecute Phan Quoc Viet, founder and CEO of Viet A Corp, Viet A ’s deputy general director Vu Dinh Hiep, and the company’s cashier Ho Thi Thanh Thao. As of present, more than 60 persons have also been prosecuted, … [Read more...] about Grant of third-class Labor Medal to Viet A canceled

Senior Colonel Tao Duc Thang, Chairman and General Director of the Military Industry-Telecoms Group (Viettel) attended the event. Addressing the ceremony, Lieutenant Colonel Pham Van Hung, Director of Viettel Commerce recalled the glorious traditions of the company. Over the past 25 years, the company has constantly researched and innovated operation methods to improve the efficiency of production and business activities, contributing to accomplishing military-defense missions and developing a giant Viettel as it is today. At present, with more than 300 Viettel Store supermarkets throughout the country, Viettel Commerce has become one of the three largest retail chains of mobile phones and telecommunications services. Therefore, the material and spiritual life of its staff has gradually improved. Speaking at the event, Senior Colonel Tao Duc Thang affirmed that the order reflects the Party’s and State’s recognition of the company’s outstanding achievements and active … [Read more...] about Viettel Commerce receives first-class Labor Order

The input price of imported liquefied natural gas (LNG) fluctuates between 15-20 cents/kW while the saleable electricity price is currently 6-7 cents/kW only. This will be an obstacle in the future because Electricity of Vietnam (EVN) will have to buy high and sell low. Despite the mandatory use of the standard form wholesale market power purchase agreement (PPA), complete with untenable fuel cost pass-through clauses being imposed on would-be LNG project sponsors, the market will never accept the proposition. Prime Minister Pham Minh Chinh questioned why the latest draft of the Power Development Plan VIII (PDP8) seeks to effectively block any new solar power projects until 2030, since “solar power costs are getting cheaper and cheaper, and energy storage battery technology is becoming more advanced at more acceptable pricing”. The LNG gas power project is scheduled to start construction in the second quarter of 2022 According to calculations by the Ministry of … [Read more...] about Developers expect smoother LNG policy planning

Matthew Powell, director of Savills Hanoi How does Savills assess the trends and demand for office real estate going forward? Matthew Powell: It's really positive that the demand has been so strong post-pandemic. For the most part, many companies have survived well and on return to the office, everything has gone smoothly – especially in sectors such as technologies, IT, insurance, and manufacturing. Foreign direct investment has been a big demand driver for office space, so we've been very pleasantly surprised to see that. All the new office space we're working on has been expanding into nicer offices or been from new companies opening for the first time in Vietnam. Vietnamese corporates are expanding, so on the demand side, it's been very encouraging. For example, we're expanding our office this year and moving to a hybrid working style as well, so there has been a change in the way offices are used. How do you see the movement of office real estate and its … [Read more...] about Rising demand for green-certified office spaces and hybrid working: Expert perspectives

Headquarter of Viettel Group in Hanoi. Vietnam should have a strategy to promote the development of green buildings, a vital part of achieving the country's environmental goals. - Photo kinhtedothi.vn The energy used by high-rise buildings in Vietnam accounts for around 35-40 per cent of the country’s total energy consumption. A survey by real estate service firm Cushman & Wakefield (CWK) showed that around 40 per cent of gas emissions came from real estate. According to the Vietnam Green Building Council, there are about 200 green buildings across the country. At the United Nations Climate Change Conference in 2021 (COP26), Vietnam committed to achieving net-zero carbon emissions by 2050. To achieve the environmental goals, Vietnam needs to develop more energy-saving buildings that are high quality to reduce the negative impact on the environment, and save maintenance and repair costs and future energy use. According to CWK, the urban ecosystem development, … [Read more...] about Energy-efficient buildings on the rise in Vietnam

Before the trading session, investors received positive information from the global stock market, especially the US stock market. The stock market of the world-leading economy rallied in the first trading session of a new week after dropping at the end of last week in the context that investors' concerns about the Fed's decision to raise interest rates were higher than the forecast and risks of economic depression. Specifically, the Dow Jones Industrial Average jumped 641.47 points, or 2.15 percent, to 30,530.25 points. The S&P 500 also rose by 2.45 percent to 3,764.79 points. Both indexes recorded the strongest increase in June. The Nasdaq Composite alone surged 2.51 percent to 11,069.30 points. The prosperity of the US stock market is the motivation for investors to jump in and catch the bottom right from the first minutes of the morning trading session. Although the VN-Index suffered the selling pressure from large-cap stocks and sometimes retreated sharply to 1,160 points, … [Read more...] about VN-Index declines for five straight days despite support from banking stocks