return icon

EVN flayed in inspection report

 VietNamNet Bridge – The Government Inspectorate last week announced numerous wrongdoings at the state-run Electricity of Vietnam, the country’s sole power distributor.

VietNamNet Bridge – The Government Inspectorate last week announced numerous wrongdoings at the state-run Electricity of Vietnam, the country’s sole power distributor.





According to the inspectorate, EVN invested VND121.8 trillion ($5.8 billion) in businesses out of EVN, much higher than its chartered capital of just VND76.7 trillion ($3.7 billion). Of the total, the group has poured nearly VND2 trillion ($95 million) into financing, banking, insurance and securities.

“EVN does not abide by the Ministry of Finance’s Circular 117/2010/TT–BTC and Decision 1876/QD–BTC. EVN’s investing in businesses out of EVN failed to show economic efficiency,” the inspectorate concluded.

In addition, EVN built up targets to define internal power selling prices for EVN SPC but lacked some receivables and expenses relevant to power distribution activities. The grant of VND3.2 billion ($150,333) from the basic depreciated capital source for EVN NPC to build a school for ethnic minority students in the northern province of Lai Chau’s Tan Uyen District was not in line with the purposes of using basic depreciated capital sources.

EVN wrongly transferred capital in 11 projects which have been completed and became operational, leading to power production costs increasing by an additional VND223.9 billion ($10.7 million) in 2011 in 11 projects. The group has not yet compiled regulations on salary payments, allowances, bonuses and other interests for its representatives.

EVN flouted Ministry of Finance restrictions when it bought two Toyota land cruisers worth VND3 billion ($142,857).

From 2005 to July 2012, EVN implemented 20 out of 42 projects lagging behind the schedule, causing power shortages and increasing input costs for the projects.

Furthermore, member companies of EVN also made many wrongdoings. For examples, EVN HCM invested VND141 billion ($6.7 million) in non-core businesses and lagging behind schedule at 66/113 projects, causing extra costs, or North Power Corporation injected VND52 billion ($2.5 million) into non-core areas.

Source: VIR


Re cakes: Phan Thiet’s specialty sweet treat

Re cake, a specialty of Phan Thiet City, Binh Thuan Province, tastes so delicious that no visitor can resist it.

A new move for open market operations

The State Bank of Vietnam (SBV) has recently made a new move regarding open market operations (OMO). Valuable papers are purchased at a competitive interest rate, instead of a fixed rate as before.

An insight into Vietnam’s indebtedness

National debt, or foreign debt, when reaching an excessive level, often leads to an economic crisis.

Nguyen eyes bigger competition after ASEAN Para Games wins

Tran Van Nguyen stands only 1.27m and has short arms and legs. But he has dominated the top podiums of many competitions.

Vietnam to have national marine spatial plan by 2030

A national marine spatial master plan is being developed, aiming to fuel the sustainable development of marine economic clusters and establish sea-based economic hubs by 2030.

Digital business lines developing well

Major tech companies are looking to expand in Vietnam, on the back of strong hardware export and IT figures for the country's telecom industry so far this year.

Vietnam targets launch of modern digital finance platform by 2025

Minister of Finance Ho Duc Phoc has signed a decision promulgating the Ministry of Finance's digital transformation plan to 2025, with vision to 2030.

Vietnam, Southeast Asia find ways to rise amid difficulties

Vietnam and the Southeast Asian region have managed to maintain economic stability and growth despite COVID-19 and the Russia-Ukraine conflict, according to experts.

CPI method of calculation is correct: economist

“Someone told me they had a feeling that the CPI is not correct. I asked them on what grounds. Scientifically, that cannot be proven,” said economist Vo Tri Thanh.

Real estate market is gaining balance: ministry

The real estate market of Vietnam showed signs of recovery and more balanced development in the second quarter of this year with increases in the number of successful transactions of apartments, houses and land.

What’s the future for the southeastern region?

Tran Dinh Thien, a respected economist, believes that if Vietnam can exploit its potential, it will be a big player in the world’s energy map in the future.

Experts warn of hot growth, oversupply of resort real estate

The massive development of resort real estate has led to an oversupply in the market.

Resorts infringing Phu Quoc Marine Protected Area forced to dismantle

Owners of dozens of illegal constructions of resorts and bungalows infringing Phu Quoc Marine Protected Area in Phu Quoc island in the Mekong Delta Province of Kien Giang will be forced to dismantle.

U.S. recommends adding birthplace info to Vietnam’s new passport

The U.S. is still reviewing Vietnam’s new passport and has asked visa applicants to submit their birthplace information.