A part of the Ô Môn III thermal power project in southern Cần Thơ Province. EVN Photo

The Ministry of Industry and Trade (MoIT) has reported to the central government several complications in the implementation of the Ô Môn III thermal power plant in southern Cần Thơ Province, one of the country's largest thermal power projects with a capacity of 1,050MW.

If such complications cannot be resolved, "the entire project may not be able to go ahead", according to the ministry. 

The thermal power project has a total investment of VNĐ25.2 trillion, of which VNĐ17.6 trillion is to come from Official Development Assistance from Japan.

It has run into a roadblock with the Ministry of Finance and the Committee for Management of State Capital at Enterprises having different views on financing the reciprocal capital, estimated at over VNĐ7.5 trillion. 

The committee has proposed a risk-free credit approach for the loan, while the ministry has taken the opposite side, claiming the project must be held financially responsible. 

According to reports by the committee and Electricity Vietnam (EVN), no commercial bank in the country has the credit to authorise a loan large enough to cover Japan's ODA. While two commercial banks can provide such a loan, it is not in line with the Japanese government's disbursement protocols. 

"As this roadblock has not been resolved, the Ministry of Planning and Investment (MPI) has not been able to bring the final project proposal to the central government for approval," the MoIT said. 

According to the MoIT, to reduce the country's carbon footprint and to reach its carbon-neutrality goal in 2050, Việt Nam must rely heavily on building additional thermal power plants as a transitory phase in the energy shift.

The thermal power project will also use the country's gas output.  

The ministry proposed the central government prioritise the thermal power project and allow for a risk-free credit scheme based on the country's 2017 Law on Public Debt Management.

MoIT also called for the MPI to speed up the valuation process.

The Ô Môn III thermal power project is among nine energy projects started by EVN that have been given priority in administrative procedures to ensure Việt Nam's energy supply in the coming decades. 

It includes several natural gas projects with a total output of more than 5 billion cubic metres annually, which will be fed into the thermal power plants with a total capacity, once completed, of 3,810MW.

Vietnamese farm produce introduced at largest agri-food fair in Northern Ireland

Vietnamese agricultural products have been introduced at Balmoral Show 2023, Northern Ireland's largest annual agri-food fair that took place from May 10-13 at Balmoral Park of Lisburn city.

The Vietnamese booth featured famous local food brands such as Ong Cua ST25 rice, Huong Sen food, Seahorse King frozen food, Saigon Lager beer, Golden Roast HaiFong coffee, L’amant coffee, and Hon Me Hau Loc shrimp paste.

Balmoral Show is a 154-year-old traditional trade fair of the UK's Northern Ireland region.

This year's fair displayed different kinds of goods and services, from local agricultural specialties and animal feed to technology, machinery, and agricultural materials.

According to Vietnamese Trade Counselor in the UK Nguyen Canh Cuong, the Balmoral Show 2023 drew more than 100,000 visitors, providing a good chance for Vietnamese firms to introduce their products to local consumers.

It was also an opportunity for Vietnamese agriculture and food businesses to explore the consumption trend of Northern Ireland, and seek potential customers, he said.

Cuong said that earlier, Vietnam also joined the UK Food & Drink Shows, the largest of its kind in the UK in late April, helping popularise Vietnamese agricultural products in Northern Ireland and the UK in general.

Within the framework of the fair, a meeting was held between Vietnam and Northern Ireland representatives to discuss bilateral cooperation potential, especially in agriculture and food trading.

The two sides also discussed a plan to form and send a trade mission of Northern Ireland to Vietnam later this year to put forth bilateral cooperation.

Japfa Vietnam inaugurates animal feed mill and slaughterhouse in Binh Phuoc

Japfa Comfeed Vietnam has inaugurated a new animal feed mill and slaughterhouse in Minh Hung Sikico Industrial Park in Hon Quan district of southern Binh Phuoc province.

The new facility marks a new milestone in the company’s “Feed-Farm-Food” model and underscores its unwavering commitment to sustainable development in the Vietnamese market.

With an investment of nearly 400 billion VND, Japfa Vietnam's animal feed factory in phase 1 has a capacity of 240,000 tonnes annually. In Phase 2, the factory’s capacity will increase to 480,000 tonnes per year, serving the needs of the country’s Southeast and Central Highlands markets.

Equipped with modern technology, the feed mill features a cold storage system designed to preserve essential vitamins and seasonings at 20-25 degrees Celsius. This meticulous attention to quality control ensures a reliable supply of high-quality animal feed that meets the standards of discerning customers.

As environmental sustainability also is a top priority for Japfa Vietnam, the feed mill is provided with a wastewater treatment system capable of processing up to 100 cubic metres per day and a boiler exhaust gas treatment technology that underscores the company's commitment to minimising its carbon footprint.

Japfa has also invested more than 400 billion VND in the construction of a slaughterhouse in Binh Phuoc province. Spanning nearly 15 hectares, the facility boasts a capacity of 60,000 chickens per day and is equipped with cutting-edge infrastructure imported from the EU.

The facility meets high standards, including GMP, HACCP, ISO 22000, and FSSC 22000, ensuring that customers receive only the highest quality products.

In 2022, Japfa also invested more than 160 billion VND in building an aqua feed mill in Long An province. The company has made significant strides in developing aquatic feed for popular species, such as pangasius, tilapia, anabas, and frogs, under the STP brand.

With a design capacity of 60,000 tonnes of products per year, the facility's first phase has already achieved 30,000 tonnes.

Measures sought to make HCM City more attractive to foreign investors

Experts and economists gathered at a seminar in Ho Chi Minh City on May 12 to discuss measures to help the southern largest economic hub enhance its attractiveness to foreign investors amid its standstill situation in drawing foreign direct investment (FDI).

Mai Phong Lan, an official from the municipal Department of Planning and Investment, said that last year, the city drew only 4.33 billion USD in FDI, equivalent to 60.29% of the figure in 2021.

So far, the city has hosted 11,220 FDI projects worth 56 billion USD, she said, underlining the FDI projects' positive impacts on the economic transformation of the city as well as the development of many sectors and human resources training.

However, Lan said that FDI has still focused on particular districts and sectors with limited influences in the improvement of technologies and supply chains for domestic businesses.

Along with increasing the number and values of FDI projects, the city aims to raise the ratio of registered capital in total FDI in the city by over 70% in the 2023-2025 period and 75% in the 2026-2030 period.

In the short and middle terms, HCM City will prioritise projects in areas of digital economy, microelectronics, semiconductor and information technology, automation, precision mechanics, new materials, pharmaceuticals, biological industry, high-tech agriculture, environmental technology and clean energy.

At the same time, it will step up the attraction of FDI in research, innovation, and start-up, while paying greater attention to expanding its infrastructure and high-quality services, the official said.

Ngo Nghi Cuong, CEO of C Consult, held that the city, which used to be the strongest FDI magnet, has experienced a downturn in attractiveness.

Cuong clarified that in the first four months of this year, the city saw a fall in both FDI project number and value. He advised the city to re-define its strengths in the new period where investors are not merely interested in benefits but also the investment environment, supply capacity, and the living conditions for investors and experts.

Pham Phu Truong, Presisent of the Young Businesspeople Association of HCM City (YBA-HCM), said that despite its strategic location, HCM City has faced many disadvantages such as regular flooding, traffic jams, and air pollution, making it less attractive to investors and experts.

He held that the city should re-evaluate potential investors that it wants to draw, especially strategic investors.

Meanwhile, Cao Thi Phi Van, Vice Director of the HCM City Centre for Trade and Investment Promotion, said that in the past, tax policy played the key role in attracting investment and was an advantage of the city.

However, with the implementation of the global minimum tax regulations, that advantage no longer exists, she said, adding that investors today need a transparent business and investment environment, clear and stable policies, high quality human resources and smooth technical infrastructure, to which the city should pay greater attention.

Second batch of VinFast VF 8 vehicles arrive in US

VinFast, a subordinate automaker of private conglomerate Vingroup, announced the arrival of its second shipment of electric vehicles, consisting of 1,879 VF 8 vehicles, at the Port of Benicia in California, the US.

The VF 8 has a certificated EPA range of 264 miles for the Eco trim and 243 miles for the Plus trim, per full charge. VinFast expects to begin delivering these VF 8 vehicles to US customers in June 2023.

The second batch contains all VF 8 vehicles, which have a longer battery range than the initial batch of 999 VF 8 City Edition vehicles imported to the US last year. The VF 8 has an EPA-rated range of 264 miles for the Eco trim and 243 miles for the Plus trim per full charge.

The VF 8 Eco and Plus model pricing will start at 46,000 USD and 51,800 USD, respectively (battery inclusive), and have both lease and loan options.

Qualified customers can lease the VF 8 with a minimum term of 36 months, and monthly payments start at 479 USD/month for the Eco trim and 614 USD/month for the Plus trim.

With the loan option, qualified customers may choose a minimum term of 60 months with monthly payments. VinFast Pioneer customers may also be eligible for further incentives.

The VF 8 comes with a 10-year warranty/125,000 miles for the vehicle, a 10-year warranty for the battery (unlimited mileage), Mobile Services and 24/7 emergency roadside assistance during the vehicle warranty period. 

VinFast will initially deliver 1,098 of the VF 8 vehicles to the US market and then deliver the remaining 781 VF 8 vehicles to Canada, which are expected to arrive by mid-May 2023.

Artificial reef placement proves useful in Ca Mau province

After more than three years, a project on placing artificial reefs to protect and enrich fishery resources in combination with tourism development off the southernmost province of Ca Mau has recorded initial encouraging results.

From 2019 to 2021, with support from the Thai Government, Ca Mau placed 500 concrete blocks to its western sea area to accommodate marine species. Following initial successes, it added another 400 structures to the sea under a programme on fishery resources protection and development.

Nguyen Viet Trieu, deputy head of the province’s sub-department for fisheries, said the work has created living and breeding sites for marine animals and helped them avoid destructive fishing methods, thus contributing to fishery resources recovery.

A survey of the 1.88 sq.km area where the 900 blocks are placed shows that the inshore maritime ecosystem, including small fish and the species with high economic or biotope values, has been protected from negative impacts of some fishing activit.

Another important result is the improved environment in this area and its vicinity, he said, elaborating that there are now 97 commercial species, including 62 fish, 15 crustacean, and 20 mollusc species, up from only 40 commercial species (25 fish, eight crustacean, and seven mollusk ones) before the reefs were put.

Surveys conducted before and after the placement also indicated a considerable improvement in local fishermen’s income. The average catch and profit from gillnetting have increased by 15.4% and 6.5 million VND (277 USD) each trip. Meanwhile, the catch from fish traps rose 27.4% and from squid fishing 16.1% each trip.

Besides, the presence of predatory fish such as cobia, mackerel, doublespotted queenfish, and barracuda also proves the recovery of the natural food chain in this area, Trieu went on.

The placement of man-made reefs has also helped provide more livelihoods for local residents, he noted, adding that new jobs have been created such as supplying diving and recreational fishing services while public awareness of fishery resources protection improved

Chau Cong Bang, Deputy Director of the Ca Mau Department of Agriculture and Rural Development, said such results give the province a basis to expand the existing area of artificial reefs and apply the model to other zones with similar conditions. The move promises high effectiveness in conserving fishery resources and developing the sector sustainably.

Localities work to build civilised and attractive tourism environment

Many localities nationwide seek to build a healthy and attractive tourism environment with diversified amenities and improve the quality of products in order to increase experiences and tourist appeal, thus contributing to sustainable tourism development.

Ba Ria - Vung Tau is home to numerous attractive landscapes, national historical and cultural relics, and traditional cultural festivals. With its advantage of being the only locality in the southeastern region with a long coastline with sandy beaches and clear water, qualified for high-quality tourism development, Ba Ria - Vung Tau has become a tourist attraction for domestic and international holidaymakers.

The provincial authorities are promoting the implementation of a product development strategy so that Ba Ria - Vung Tau will be turned into a high-end and world-class tourism hub.

It has paid special attention to building and developing clean and beautiful images in local urban areas, contributing to promoting high-quality tourism development.

The provincial People's Committee has just issued a plan for urban improvements with many specific activities, to be carried out synchronously from April 2023 to June 2025.

Vu Hong Thuan, Vice Chairman of the People's Committee of Vung Tau city, said the city is particularly interested in preserving and ensuring a healthy tourism environment, and clean and beautiful landscape, worthy of the title of "ASEAN clean tourist city".

The municipal People's Committee has implemented a series of solutions to protect the marine environment, ensure public order and environmental sanitation, and create a healthy business environment at tourist attractions and beaches.

As one of the vibrant tourist centres in the country that attracts a huge number of visitors, Ho Chi Minh City is also determined to overcome shortcomings to better the quality of tourism services and products.

Along with developing new tourism products, the southern largest economic hub has also concentrated on developing a system of public toilets to create maximum convenience for tourists and people, contributing to building a well organised and modern city.

Binh Thuan province - the host of Visit Vietnam Year 2023 - has also focused on implementing synchronous measures to develop products associated with ensuring a burgeoning tourism environment.

According to Director of the provincial Department of Culture, Sports and Tourism Bui The Nhan, management boards of tourist attractions and travel firms in the province have stepped up the implementation of solutions to ensure security, order and safety for tourists.

PM suggests Boeing provide incentives to Vietnam's airline industry

Prime Minister Pham Minh Chinh called on Boeing to offer incentives to Vietnam, at his reception for Brendan Nelson, Vice President of The Boeing Company and President of Boeing International, in Hanoi on May 12.

Recalling his meeting with leaders of The Boeing Company in Washington D.C. in May 2022 when he attended the ASEAN-US Special Summit, and their recent working sessions in Vietnam, Chinh spoke highly of the US aerospace company’s plans for long-term cooperation in Vietnam and the opening of its representative office in the Southeast Asian nation.

Vietnam always considers the US a leading important partner, he said, lauding US support for a strong, independent, self-resilient and prosperous Vietnam.

The PM went on to affirm that Vietnam wishes to promote its comprehensive partnership with the US in a more substantive, stable, and intensive fashion on the basis of respecting each other’s independence, sovereignty, territorial integrity and political institutions, elevating the bilateral relationship to a new height.

Economic and trade ties should be the pillar and momentum of the comprehensive partnership, he stressed.

For his part, Nelson, emphasised Vietnam’s important position in the Association of Southeast Asian Nations (ASEAN), as well as its outstanding economic growth, saying the country holds an important position in Boeing’s business strategy.

Boeing will further expand its cooperation and investment in the country, thus contributing to the Vietnam-US economic cooperation, he noted.

PM Chinh also affirmed that Vietnam always listens to opinions of foreign enterprises, including those from the US, making it easier for them to expand operations in the country.

Vietnam regards Boeing as an important, long-term partner in the development of the domestic civil aviation industry, he said, commending Boeing’s flexible approaches to maintain aircraft supply agreements with Vietnamese air carriers amid the COVID-19 pandemic and uncertainties of the global aviation sector.

According to the PM, Vietnam is building airports in many cities and provinces to support socioeconomic development, which will create a foundation and favourable conditions for the domestic aviation industry to grow further.

The host also suggested Boeing to continue its support to Vietnamese airlines in devising fleet development plans for both short-and long-terms, as well as its assistance in aviation safety, and flight and airport management, among other relevant fields.

Nelson agreed with the PM’s proposals and committed to long-term investment in Vietnam, contributing to the development of the domestic aviation sector.

Vietnam, Cuba see ample room for trade-investment cooperation

There is lots of room available for Vietnam and Cuba to step up commerce and investment cooperation, especially in farming and food processing, heard a forum promoting trade between the two countries held in Ho Chi Minh City on May 12.

Vietnam is currently Cuba’s second biggest trade partner and biggest foreign investor in Asia. Bilateral trade value ranged between 250 and 350 million USD in the 2015-2020 period, with Vietnam running five projects in Cuba. Meanwhile, the Caribbean country has conducted a project on producing bio-products in Vietnam.

Duong Anh Duc, Vice Chairman of the HCM City People’s Committee, said boosting the economic relationship to be on par with the political and diplomatic ties is a key mission agreed by leaders.

Regular trade-investment promotion programmes and exchanges of business delegations will enhance mutual trust and connectivity and help Vietnamese firms seek investment opportunities in the Cuban market, he noted.

Deputy Minister of Agriculture Maury Hechavarria Bermudez said Vietnamese and Cuban leaders’ agreement on increasing economic cooperation has so far been translated into specific actions, particularly the promotion of new investment projects in Cuba’s farm produce and food production sectors.

Cuba wishes to strengthen joint work with Vietnam in producing rice and coffee products, manufacturing machinery for agricultural production, expanding export markets, attracting financial investment, and promoting research and development of new energy, the official stated.

He affirmed that Cuba is committed to assisting investors with special tax incentives, human resources, infrastructure, and technology.

At the forum, the Cuban Ministry of Agriculture introduced 54 priority projects to attract investment, with Cuban businesses calling on able investors to supply seed materials, fertilizers, pesticides, and agricultural machinery serving cooperation in production and productivity improvement.

HCM City, Cuba partner in agricultural development

Ho Chi Minh City and Cuba have vowed to enhance agricultural cooperation, especially in sharing experience in hi-tech agricultural production and farm produce processing.

The consensus was reached by Vice Chairman of the municipal People’s Committee Duong Anh Duc and Cuban Deputy Minister of Agriculture Maury Hechavarria Bermhudez at their meeting in Ho Chi Minh City on May 12.

Duc said Cuba holds great potential for agricultural development while there remains huge room for Vietnam and Cuba to extend collaboration, especially in rice and coffee production.

Ho Chi Minh City is ready to cooperate with and support the transfer of advanced agricultural production technologies to Cuba, he said, adding that with strengths in food processing, packaging, export-import and high-tech agricultural production, the city hopes that specific joint projects will contribute to ensuring Cuba’s food security.

Bermhudez, for his part, said Vietnam's rice cultivation project in Cuba is now in its fifth phase with positive results, especially in terms of crop varieties. In addition, the project on developing coffee in Cuba using Vietnam's robusta seeds has resulted in a ten-fold increase in yield compared to Cuba's previous varieties.

Cuba wants to continue partnering with Vietnamese enterprises, including Ho Chi Minh City, in these areas to help the Caribbean country achieve its food security goal, he said.

The Deputy Minister said Cuba is calling for investment in animal husbandry and building supply chains between breeding and meat processing which is of Vietnam’s strength, therefore, Cuba believes in cooperation potential in this field with Vietnamese enterprises, including those in Ho Chi Minh City.

Cuba expects to create the best conditions for Vietnamese companies to invest in the Latin American country and make profit based on mutually beneficial arrangements, he said.

The same day, Bermhudez attended and delivered a speech at a trade and investment promotion forum between Ho Chi Minh City and Cuba. The forum provided an opportunity for businesses from both sides to connect with each other, learn about business environment and discuss cooperation opportunities.

Second shipment of VinFast VF8 vehicles reaches US port

The second shipment of VinFast’s 1,879 VF8 electric vehicles reached Benicia port in the US state of California on May 12 (local time), according to VinFast, the leading EV manufacturer in Vietnam.

Of the total, 1,098 EVs will be delivered to US customers, and the remaining 781 EVs will continue to be shipped to Canada in the following days.

All the VF8s this time are said to have a higher driving range than 999 VF8s in the first run delivered in late 2022. Accordingly, the Eco and Plus models boast the rages at 264 miles and 243 miles per charge respectively.

The Eco might boast the longest driving range but the Plus model delivers the most luxury features, including a panoramic glass roof, leather upholstery, and second-row captain's chairs.

With regard to the after-sales programme, VinFast says it will provide 10-year/125,000-mile warranty coverage or 10-year/unlimited mileage for the vehicle, along with mobile repair and 24/7 rescue service during the warranty period.

According to VinFast, all of its VF8s have passed tests in accordance with the regulations of the National Highway Traffic Safety Administration of the US.

The firm has also completed the procedure to market its VF8s in the US. It is expected that the firm will hand over the VF8s to customers from June 2023.

VinFast, a member of the Vietnamese private business conglomerate Vingroup, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution.

The firm manufactures and exports a full portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe. it operates a state-of-the-art automotive manufacturing complex in Hai Phong city that boasts up to 90% manufacturing automation and annual production capacity of up to 300,000 units in phase 1.

VinFast is committed to its mission of creating a sustainable future for everyone. It converted into a fully EV manufacturer in 2022, and has delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date.

VinFast recently crossed an important milestone on the journey to becoming a recognised global EV brand with the first VF8s exported to North America earlier this year.

The firm on May 12 entered into a business combination agreement with US firm Black Spade Acquisition Co (Black Spade). After the transaction, VinFast will have an equity value of over US$23 billion and be listed in the New York Stock Exchange (NYSE).

Black Spade, listed on the NYSE as BSAQ, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.

HCM City seeks to revive industrial growth

HCM City needs to review its industrial production to identify shortcomings and barriers, according to experts.

The city leads the country in many areas like industrialisation – modernisation and innovation, but the contribution of industry to its economy is decreasing, and the industry is losing its leading position in the south-east, they told a conference held in HCM City early this week.

Statistics from the Department of Industry and Trade show that the sector only makes up 18 per cent of the economy, significantly down from 10 years ago.

This is due to its limited land availability for industries and enterprises shifting production to neighbouring localities.

Many enterprises still use outdated technologies that consumes a lot of resource or are labour-intensive, yielding low value, and this should be changed through technology and innovation, the seminar heard.

The department reported that the index of industrial production rose by 8.1 per cent year-on-year in April and 1.4 per cent in the first four months.

Despite this positive sign, businesses continue to face difficulties due to a lack of orders and pressure to repay bank loans.

Speaking at a recent seminar, Vo Van Hoan, vice chairman of the city People’s Committee, said the economic structure is being transformed towards services, but the municipal administration continues to pay attention to industry to ensure balanced development.

Bui Ta Hoang Vu, director of the Department of Industry and Trade, said the city still had certain advantages that other localities could not match.

It would focus on comprehensively developing the hi-tech sector, supporting industries and its four key industrial sectors (electronics, pharmaceutical chemicals-rubber-plastic, mechanical engineering, and food and beverage processing), he said.

It would pay greater attention to key industrial products and those with development potential, and encourage and help enterprises with enhancing digital transformation and green production, he said.

According to experts, the city should add to its four key new industries such as bio-technology, medical and renewable energy equipment manufacture and automation.

It should also focus on six service industries (tourism, finance and insurance, e-commerce, healthcare, transportation and logistics, and educational technology) to complete the industrial eco-system, they said.

Assoc. Prof. Lai Quoc Dat of the HCM City University of Technology said the four key industries also need extensive reforms.

The mechanical engineering industry should focus on mould technologies, robotics, and the Internet of Things, and the rubber and plastic industry on making products for the healthcare and auto parts sectors, he said.

Nguyen Thi Kim Ngoc, deputy director of the city Department of Industry and Trade, advised local firms to upgrade their technologies, workers’ skills and infrastructure to meet the requirements of the supply chains.

She added that her department is co-ordinating with others to spell out industrial development plans for the city until 2030, restructure industry and promote scientific research and innovation.

Housing prices fall as moving to suburbs no longer trendy

As the pandemic-induced trend of "moving to the suburbs" is dying off, homeowners are rushing to liquidate their real estate in the outskirts to cut losses.

The trend started in 2021 as the pandemic has made people become more health-conscious. Well-off families were willing to spend billions of VND on a house away from the city centre to enjoy a healthy outdoor life.

The growing demand for suburban housing has attracted scores of flippers aiming to get in on the ground floor and then make a quick resale to gain profits. However, their strategy worked for a while but no longer because of the downturn in the realty sector.

Mr. Khang, a real estate agent in Hoa Binh Province, said the demand for suburban housing was at its peak between 2020-2021, during which he sold nearly 10 houses monthly.

The situation began to change in mid-2022 as living away from the city was no longer appealing to homebuyers. The weakening demand left flippers with no choice but to slash prices to quickly move out of the unprofitable sector.

"Houses in suburbs sell poorly now as the market has come to a standstill. Certain houses take me more than four months to sell," said Khang.

Mrs. Thu living in Ha Noi spent VND2 billion (US$85,219) on a land plot in Hoa Binh Province in 2021 to build a house for weekend getaways. The house came into use later that year with a construction cost of VND900 million.

She initially visited the house once per week but later with far less frequency because of losing interest. Fewer and fewer visits have gradually pushed the house into disuse.

"I visited the house once since late 2022. It is going to pot, so I've put it up for sale to recoup its costs," said Thu.

Thu is selling both the land and the house for VND2 billion, about VND900 million lower than the initial outlay, but no deal has been reached for the past month.

Another homeowner said he paid VND2.3 billion to buy a land plot in Ba Vi District and an additional VND1 billion to build a house on the land in 2020.

As the house hasn't been used since its inauguration, its condition is deteriorating quickly. He has wasted no time in selling both the house and the land for VND2.2 billion before housing prices could fall further.

"I have gone so far as to accept a loss margin of 30 per cent to liquidate the real estate," said the homeowner.

With a loss margin of 30 per cent, his situation was better than most homeowners in the same district. For instance, land plots in Yen Bai Commune are selling for about VND2.5 million per sqm, against VND4.5 million per sqm last year.

In Tan Linh and Ba Trai Communes, real estate prices fell from about VND4 million per sqm to VND2 million per sqm.

"Prices are falling because the trend of moving to the suburbs is over," said a real estate agent. 

Meeting plans out how EVN will lead Viet Nam's energy development

Deputy Prime Minister Le Minh Khai on Thursday called for more support for Viet Nam Electricity (EVN) at a meeting with ministries on the EVN’s restructuring project for 2021-25.

Ho Sy Hung, deputy chairman of the Commission for the Management of State Capital at Enterprises (CMSC), said that the overall objective was to develop EVN into a strong economic group with a sustainable, efficient and profitable business, preserve and develop state equity invested in EVN and capital invested by EVN in other enterprises.

EVN will be the core for the country's electricity industry to develop quickly and sustainably, compete and integrate into the international economy, and develop the electricity market based on the roadmap the government prescribes.

Deputy Chairwoman of the Government Office Mai Thi Thu Van said that the project was elaborately built. Its content was updated according to the Prime Minister’s Decision No 360/QD-TTg.

EVN has fully explained the ministries’ opinions in the submission dossier.

In the project, EVN sets targets to improve governance capacity and focuses on three main solutions, including perfecting management methods; improving management tools; standardise the quality of human resources and remuneration policies for employees.

EVN sets up solutions to ensure financial balance in the 2021-25 period, including optimising costs, increasing electricity production and supply revenue, saving costs in each production stage, and closely monitoring economic-technical indicators that affect the cost for production, power transmission and distribution.

Deputy PM Khai said electricity was related to many businesses, such as oil, gas and coal-mineral groups, and greatly affected macroeconomic management.

EVN should have appropriate and timely solutions to ensure the group’s operation while ensuring macroeconomic stability and curbing inflation.

Appreciating the group’s efforts to set up the project, Deputy PM Khai noted that EVN was one of the large corporations, and equalising and divesting subsidiary capital depended on many factors, so it should set appropriate goals to be able to achieve.

Commenting on the project's objectives, the Deputy PM requested the EVN to serve power source for economic development and the needs of the people and support people in poor, remote areas.

He emphasised that the CMSC and the EVN must fully collect comments at the meeting and ensure the project would be effective, feasible, and suitable for the actual situation.

Based on current legal regulations, EVN should be designed in a large enterprise model.

Deputy PM Khai agreed with the project’s solutions on consolidating the management organisation, improving human resource efficiency, promoting digital transformation and applying science and technology.

He proposed to clarify these contents in the project. 

Improving product quality, infrastructure critical to promote cross-border official trade with China

Improving product quality coupled with infrastructure was critical to promoting cross-border trade via official channels with China.

Deputy Director of the Import – Export Department under the Ministry of Industry and Trade Tran Thanh Hai said that a project on Viet Nam – China cross-border trade was being developed.

He said that China was no longer an easy market with import management measures in place, urging enterprises to take action to grab opportunities and increase exports to his huge market. Enterprises must meet requirements from production to processing with a focus on ensuring quality, he added.

The first thing was to increase the awareness of both local authorities and enterprises about the official trade with China so that enterprises could have a correct and sufficient assessment of the Chinese market and change their thinking in a more positive way, Nong Duc Lai, Trade Counselor of Viet Nam to China said.

Lai said that there was significant room to increase export to China, citing statistics that Viet Nam’s export of vegetables and fruits to China accounted for just 9 per cent of this country’s annual import of these products. However, China was tightening control over food hygiene and safety.

Localities should have long-term planning to orient enterprises to switch to official export and promote sustainable export with China, he said. He urged enterprises to improve their understanding of the market and carefully study the market before exporting goods to China.

Relevant ministries and agencies must cooperate with Chinese authorities to speed up the process of completing procedures of opening markets for key agricultural products, he said, adding that the investment should focus on processing to increase the added value of agricultural products.

Lai said that switching to official export was a top priority to minimise the risk of congestion at land border gates and also an optimal direction in promoting sustainable exports with China.

Minister of Industry and Trade Nguyen Hong Dien said that Viet Nam had a significant opportunity to increase exports to China, especially when this country with huge consumption demand reopened its borders after the COVID-19 pandemic.

Still, Dien pointed out that the competition would be harsh when Viet Nam remained heavily dependent on raw materials from China.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that besides providing support to enterprises so that they could meet Chinese requirements, it was necessary to improve the information system to provide market information to enterprises and promote trade of agricultural products via e-commerce channels.

Tien said that the opportunities were there, but enterprises and cooperatives must prepare carefully in terms of market demand, investment in production, improving quality, ensuring food safety as well as reducing costs to increase competitiveness.

Chairman of Lang Son Province People’s Committee Ho Tien Thieu said that the infrastructure system at border gates had not fully met the demand for import and export activities, especially the warehouse system, parking stations and logistics infrastructure.

Thieu said that with the growing demand for import and export activities, the amount of goods concentrated at the border gates was huge. In addition, China was applying new requirements for labels, quality and origin traceability.

Thus, it was necessary to implement digital border gate platforms to improve customs clearance efficiency.

Thieu said that a digital border gate platform would help reduce the time for customs declaration from 30 minutes for a truck to 3-5 minutes.

Nguyen Anh Tai, Deputy Director of Lang Son Province Department of Customs, said that it’s important to invest in improving the infrastructure for the border gates and applying digital technologies in management.

Tai also urged negotiations to be accelerated for an agreement on mutual recognition of quarantine which would help prevent congestion and make it easier for the export of Vietnamese farm produces to China via border gates.

The Ministry of Industry and Trade’s statistics showed that the total import and export revenue of goods between Viet Nam and China reached $175.56 billion in 2022, presenting a rise of 5.47 per cent against 2021.

Entering 2023, China was the only trade partner of Viet Nam with a trade revenue hitting $10 billion.

Two-way trade hit $11.9 billion in the first quarter of this year, a drop of 11.3 per cent against the same period last year but the decrease was slowing down compared to 24.33 per cent in January and 18.72 per cent in February – a positive signal. The ministry forecast that the export to China would improve in the second quarter.

Viet Nam borders China in the north with a total terrestrial border length of more than 1,449 km where there are seven international border gates, six bilateral gates and 21 sub-gates. 

Central Highlands farmers cut down cashew trees due to low prices

Many households in the Central Highlands province of Gia Lai have cut down cashew trees because of falling prices.

Ha Van Mung from Chu Prong District’s Lung Van Village has cleared half of his family’s three-hectare cashew garden. He said that over the past three years, cashew nut prices have dropped by nearly half.  

Mung’s family previously earned some VND200 million (USD8,510) from their cashew garden. However, cashew nut prices have been on the decrease, so they decided to reduce their cultivation area. Instead, they have considered growing rice.

The widespread move has massively affected Gia Lai’s border communes of Ia Lau, Ia Ga and Ia Pior. In Ia Pior Commune alone, since late 2022, around 300 hectares of cashew trees have been removed to give way to the plantation of other crops such as rice and corn.

Bui Van Tien, chairman of Ia Pior Commune, said that the locality had not yet worked out a specific orientation for farmers in terms of cultivating other crops. Growing short-term plants is just a temporary solution.

Gia Lai farmers have also cleared rubber, pepper and coffee trees in the past.

Malaysian group looking to build oil refinery in Phu Yen

Malaysia’s PETMAL Oil Holdings has proposed building a modern oil refinery complex in south-central Phu Yen province with estimated investment of $5 billion, according to local authorities.

Provincial authorities held a working session with investors on May 10 to discuss investment plans.

On an area of 500 ha at the Hoa Tam Industrial Park, the refinery is designed to have a crude oil processing capacity of 8 million tons a year.

It will employ around 1,200 workers directly at the plant while generating indirect jobs for 5,000 others.

Meanwhile, the Hoa Phat Group has proposed building four projects at the Hoa Tam Industrial Park, including the Hoa Tam Industrial Park Infrastructure Trading project, the Bai Goc Port project, the Hoa Phat Iron and Steel Complex, and a trade and service area. Total investment is estimated at VND120 trillion ($5.06 billion).

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes