The Hanoitimes - PetroVietnam has dozens of loss-making projects abroad and many senior officials in jail. PetroVietnam officials prosecuted for influence peddling PetroVietnam urged to speed up multi-billion oil & gas projects Vietnam National Oil and Gas Group (PetroVietnam-PVN), one of the biggest state-owned enterprises in the country of nearly 100 million people, is known for both contributions to the economy and notorious loss-making operations. Oil and gas exploitation is PetroVietnam's core business. Photo: PVN According to the government’s Decree 07/2018/ND-CP, PVN specializes in (1) searching, exploring, and exploiting oil and gas; (2) gas industry; (3) power industry; (4) processing, storage, and distribution of petroleum products; (5) petroleum services, petrochemical development, and refinery to be a dynamic and strong financial enterprise with high competitiveness, contributing to national development and defense. PVN has a … [Read more...] about PetroVietnam – giant SOE and notorious loss-making business
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Vietnam-Germany ties on even keel again
On Friday, the German Festival returned to Vietnam after a three-year hiatius. Themed “German experiences in Hanoi,” the two-day festival was held near the Hoan Kiem (Sword) Lake in Hanoi. At the launch of the event, German Ambassador to Vietnam Christian Berger said its activities reflect the diverse cooperation between the two countries. There are up to 40 organizations, agencies and companies from Germany attending the event to present their services and products, aside from exhibitions on the relations between Vietnam and Germany, and meetings that gather Vietnamese alumni that return from courses in Germany, he said. At a meeting in Germany with Vietnamese Deputy Minister of Foreign Affairs Bui Thanh Son, State Secretary of the Federal Foreign Office of Germany, Andreas Michaelis, said he highly appreciates Vietnam's achievements in socio-economic development and international integration. He said that the two nations have effectively cooperated at international and … [Read more...] about Vietnam-Germany ties on even keel again
Germany and Qatar eye deeper economic ties
"We are aware of the strength of the German economy, and therefore are prepared to make investments of €10 billion [US$15 billion] here over the next five years," said Qatar's emir, Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, in his opening remarks for the Qatar-Germany Business and Investment Forum. Qatari investment is set to flow to the manufacturing sector, energy, and Germany's Mittelstand — the country's powerful sector of small and mid-sized companies (SMEs).That, he said, would add to the €25 billion worth of Qatari investment already in the country. Apart from holding the second biggest stake in the country's biggest lender, Deutsche Bank, Qatari investors also have shareholdings in carmaker Volkswagen, engineering firm Siemens, the Hochtief construction firm and panel maker Solarworld. But it's energy investment is a key priority of Chancellor Angela Merkel, especially given that Qatar is the world's largest exporter of liquefied natural gas. "From my … [Read more...] about Germany and Qatar eye deeper economic ties
BUSINESS NEWS IN BRIEF 31/8
Mitsubishi plans to make electric cars in Viet Nam Japan’s Mitsubishi Corporation plans to invest in an electric automobile manufacturing factory in Viet Nam, said Executive Vice President Hiroshi Sakuma during a meeting with Vietnamese Deputy Prime Minister Vuong Dinh Hue in Ha Noi on Wednesday. At the meeting, Sakuma said his firm was evaluating the feasibility of the project and look forward to new regulations on environmental protection taxes to promote investment in the country. Hue said Viet Nam’s National Assembly would soon discuss and pass the Law on Environmental Protection Tax. There would be incentives commensurate with environmentally friendly products. The Mitsubishi Corporation is currently investing in two BOT (Build-Operate-Transfer) projects in Viet Nam, namely the Vung Ang 2 Thermal Power Plant (1,200 MW) and Vinh Tan 3 (1,980 MW) Power Plant. The corporation and Viet Nam’s Ministry of Industry and Trade signed an investment … [Read more...] about BUSINESS NEWS IN BRIEF 31/8
BUSSINESS NEWS IN BRIEF 25/8
RoK technology ventures seek opportunities in Vietnam An event connecting technology ventures of Vietnam and the Republic of Korea (RoK) was held in Ho Chi Minh City on August 22 to strengthen cooperation and trade activities between businesses of the two countries. It was organised by Vuccess Co., Ltd of the RoK, with support from the State Agency for Technology Innovation of the Ministry of Science and Technology, the Vietnam Trade Promotion Agency (Vietrade) of the Ministry of Industry and Trade, along with the Korea Institute of Science and Technology and Korea Techno-Ventures Foundation. At the event, Vietnamese firms were updated on latest technology and cooperation opportunities through 11 leading businesses of the RoK in various fields, including information technology, communications, power-electronics, garment-textile, chemistry, construction, energy and environment. Bui Hoang Yen from the Vietrade said that since Vietnam and the RoK established diplomatic relations in … [Read more...] about BUSSINESS NEWS IN BRIEF 25/8