Vietnam’s rubber export value is expected to reach between 3.3-3.5 billion USD by the end of the year, forecast the Vietnam Rubber Association.
Over the past four months, the country shipped 499,000 tonnes of rubber for 743 million USD, up 6.4% in volume and 14% in value. In the first quarter alone, the export price of Vietnamese rubber increased by 5.3% to 1,466 USD per tonne.
China remained the largest consumer of Vietnamese rubber during this time, accounting for 80% of the country's total export volume, followed by India.
The association said that with the recovery of the global automobile and tyre industries (especially in China), Vietnam’s rubber exports will likely enjoy favourable conditions and are expected to surge in the second quarter.
At the same time, Mirae Asset Securities Co. has also delivered a positive forecast about the business performance of the Vietnam Rubber Group Joint Stock Company (VRG) — the leading rubber producer in the country, vnbusiness.vn reported.
VRG's revenue and after-tax profit in 2024 are expected to reach over 25.68 trillion VND and 4.9 trillion VND, up 16% and 45%, respectively.
This positive assessment is due to the significant rebound of rubber prices this year as demand from the global tyre industry grows, the online newspaper cited the Mirae Asset Securities Co. as saying.
Meanwhile, Phu Hung Securities Co. has said in a recent report on Vietnam’s natural rubber industry that rubber prices will continue to increase in the 2024-25 fiscal year. The prices of TSR 20 rubber will likely reach 1.6-1.8 USD per kilo, up 10 to 20% year-on-year.
According to the company, the growth prospects for businesses in the rubber industry are still positive in both the short and medium term.
The driving force will come from core business activities, and local rubber businesses will continue to benefit from the trend of increasing selling prices and the ability to increase export market share when other markets face supply shortages in the 2024-25 period.
General Secretary of the VRA Vo Hoang An said there remained room for Vietnam to increase its exports of rubber materials, as the country can produce 1.3 million tonnes of rubber latex annually but the local rubber processing sector only needs over 300,000 tonnes.
Under a strategy to develop plant cultivation through 2030, rubber yield will be raised to 1.8-2 tonnes per hectare.
Last year, Vietnam exported 2.14 million tonnes of rubber, earning 2.89 billion USD, according to figures from the General Department of Customs.
The figures represented a year-on-year increase of 0.04% in volume but a decline of 12.7% in value.
China remained Vietnam’s largest market, accounting for 79.22% of the country’s total export volume and 78.08% of value. It was followed by India, with 5.34% and 5.49%, respectively./.
Hai Duong lychees sold on Australian supermarket shelves
The first batch of Hai Duong province’s Thanh Ha lychees exported to Australia by air this year has officially appeared on Australian supermarket shelves.
Talking to VietNamNet online newspaper on, Hoang Thi Thuy Ha, Vice Chairwoman of the Thanh Ha district People's Committee, reported that Thanh Hà lychees are being sold at the Australian Market Place supermarket. The fruit is sold at 34.99 AUD (23.3 USD) per kg.
Last year, Vietnamese lychees imported by air into Australia were sold for about 400,000 VND (16.3 USD) - 500,000 VND per kg. Meanwhile, lychees shipped by sea were sold at about 260,000 VND per kg.
Red Dragon Co., Ltd. exported the first batch of Thanh Ha lychees to the Australian market via air on May 14.
Mai Xuan Thin, director of the company, said that the exported lychees were purchased from a number of farms in the Ha Dong area of the district. The products meet VietGAP and GlobalGAP standards, he added.
After the first batch, the business plans to continue to purchase 10-15 tonnes per day for export during the harvest season.
The district’s lychees are also being exported to China, said Ha./.
EU emerges as bright spot among Vietnamese shrimp export markets
Vietnam’s shrimp exports in April witnessed an upward trajectory, with exports to the EU market soaring by 28% year on year to US$38 million, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Most notably, shrimp exports to the main single markets in the EU bloc in April recorded double digit growth, with exports to Germany, the Netherlands, Belgium and Denmark all increasing by 29%, 37%, 39%, and 88%, respectively.
During the four-month period, the country raked in US$119 million from exporting shrimp, equivalent to the same period last year.
Vietnamese shrimp exports to the US throughout the reviewed period reached US$168 million, up 5% year on year.
Elsewhere, shrimp exports to China and Hong Kong (China) also rose 41% to US$192 million, while exports to the Republic of Korea edged up by 10% to US$95 million.
Experts pointed out that amid numerous challenges, the Vietnamese shrimp industry is required to promote the production of value-added goods and focus on the farming procedures as a means of increasing productivity, reducing costs, and enhancing competitiveness to achieve higher export turnover this year.
Finance ministry works with S&P on sovereign credit rating
The Ministry of Finance on Tuesday worked with credit rating agency S&P Global Ratings to assess the creditworthiness of Việt Nam in 2024.
Deputy Minister of Finance Nguyễn Đức Chi said that despite global uncertainties, Việt Nam’s macroeconomy remains stable, with robust recovery of production, export and foreign direct investment.
Việt Nam registered a total trade value of US$238.88 billion in the first four months of this year, up 15.2 per cent over the same period last year. The country also ran a trade surplus of $8.4 billion in the same period.
The FDI influx rose 4.5 per cent to more than $9.27 billion.
Meanwhile, GDP growth reached 5.66 per cent in the first quarter of this year and is poised to fulfill the target set for the full year at 6-6.5 per cent.
Budget collection to date is estimated to reach up to 48 per cent of the plan for the full year with a healthy increase in domestic collection, showing a strong recovery in domestic production and business.
The information from the Ministry of Finance will help S&P to assess the creditworthiness of Việt Nam accurately.
S&P Global Ratings will continue to work with other Government agencies on the rating this year.
In mid-2022, S&P Global Ratings upgraded Việt Nam’s sovereign credit ratings to ‘BB+’ with a stable outlook on improvements in the government's administrative processes and robust economic prospects after the pandemic.
Lào Cai wants to be allowed to pilot a cross-border e-commerce zone
Lào Cai has proposed a pilot of a cross-border e-commerce zone or a free trade zone in the northern mountainous province to bridge Việt Nam and other ASEAN countries with the Chinese market.
In a proposal to the Ministry of Industry and Trade (MoIT), the provincial Department of Industry and Trade urged the early submission of the project to create a commercial hub connecting economic and trade with the Southwest region of China for approval.
Lào Cai is also looking for Government’s approval to develop a regional ASEAN-China logistics centre in the province.
The MoIT said that it has already discussed with the Chinese side how to operate models such as a free trade zone and a cross-border e-commerce zone and will be reporting back to Lào Cai Province.
The ministry also urged Lào Cai to learn from the experience of building a smart border gate of Lạng Sơn Province.
Lào Cai Province Department of Industry and Trade said that China is developing an e-commerce zone with a total investment of US$525 million in Hekou to promote trade and logistics.
VN urged to review FDI enterprises and align investment incentives with Global Minimum Tax regulations
Experts have raised the importance of reviewing affected FDI enterprises, assessing tax collection capacity and aligning investment incentives with Global Minimum Tax regulations.
During the recent international conference on "Applying Global Minimum Tax in Việt Nam" Professor Nguyễn Mại, Chairman of the Việt Nam Association of Foreign Investment Enterprises (VAFIE), emphasised the need for careful consideration when promulgating new policies and mechanisms.
The aim is to ensure fairness for businesses, consistency with regulations safeguarding investors' rights, and compliance with Việt Nam's international commitments.
He said: "Việt Nam attracts foreign direct investment (FDI) to achieve its socio-economic development goals. Foreign investors primarily come to Việt Nam with profit motives.
"In the face of intense competition for FDI, the Vietnamese Government must establish institutions and create an attractive investment environment that aligns the country's interests with those of investors, thereby attracting more FDI."
In late November 2023, the National Assembly approved a resolution to implement additional corporate income tax in accordance with the Global Anti-Base Erosion Rules (Global Minimum Tax). Effective from January 1, 2024, it imposes a global minimum tax rate of 15 per cent on multinational enterprises (MNEs) with annual revenues exceeding 750 million euros (approximately US$800 million) in two of the four consecutive years.
Around 113 MNEs in Việt Nam are estimated to be affected by the Global Minimum Tax.
International organisations, investors and FDI enterprises impacted by the Global Minimum Tax acknowledge Government's capacity to issue economic policies related to global changes like the Global Minimum Tax rules. They also expect Government to ensure the principle of harmonising interests during its implementation in Việt Nam, Mại said.
Jonathan Pemberton, a senior expert at the International Tax and Investment Center (ITIC) and a former expert at the British tax authorities HMRC and OECD, noted that South Korea was one of the first countries to incorporate a global minimum tax rate into its laws.
Việt Nam followed suit in November 2023 when the Vietnamese National Assembly issued a resolution to implement the Global Minimum Tax. The goal was to finalise the drafting of detailed regulations by the end of May and implement them from October 2024.
This proactive approach will assist multinational companies, as significant taxpayers, in understanding their compliance obligations, the tax payment system, and the specific regulations that will be in effect by the end of 2024.
In relation to the development of decrees, Mại provided recommendations for the quick review of FDI enterprises affected by the Global Minimum Tax.
"This review should assess the potential for collecting additional taxes and the level of impact on the investment environment. Furthermore, all existing regulations on investment incentive policies should be reviewed to eliminate policies that no longer align with the regulations of the Global Minimum Tax. Only by fully understanding the extent of the impact can appropriate solutions be identified," he said.
Additionally, Mại suggested that the Government urgently research and apply the Qualified Domestic Minimum Top-Up Tax (QDMTT) mechanism in line with OECD standards starting from 2024.
E-invoices - solution to ensure transparent gold market: insiders
Generation of e-invoices for all gold transaction will ensure transparency for the gold market, which has gone volatile over the past time, according to experts.
Gold price at one time reached an all-time high of 92.4 million VND (over 3,600 USD) per tael (about 37.5 grams), while the gap between local and global prices reached 20 million VND per tael, posing high risk of smuggling.
Prime Minister Pham Minh Chinh has recently ordered gold firms to implement e-invoices before June 15 or else their business licences will be revoked.
According to financial specialist Nguyen Tri Hieu, without e-invoices, it could be hard for management agencies to control the number of traded gold bars, resulting in tax evasion, smuggling and speculation.
The General Department of Taxation said the e-invoice system has been carried out since July 1, 2022, with all of the gold business tapping on the platform.
As e-invoices generated from cash registers (ECR) make tax collection more efficient and manageable, the tax authority has made it a common practice among retailers and service providers from December 15, 2022. After one year of implementation, 5,835 gold businesses registered as ECR issuers, with more than 1 million e-bills generated.
The department suggested close coordination between localities, banks and competent agencies and branches to better control gold transactions. It also suggested the State Bank of Vietnam study and propose regulations on making non-cash payments compulsory for gold transactions together with a control mechanism to improve transparency of the market.
Meanwhile, the People’s Committees of provinces and cities must direct organisations, branches, sectors and localities to examine the maintenance of the ECR implementation at gold businesses, and mete out punishment on any that do not generate invoices for buyers, it said./.
Over 12,000 OCOP products rated at least three stars nationwide
As many as 12,075 products under the One Commune - One Product (OCOP) programme across Vietnam have been rated three stars or higher, according to the Central Coordination Office for New-style Rural Area Development.
Among the products, 73.9% achieved the three-star status, 24.7% got four stars, and 42 products five stars while the remainders are potential five stars.
There are 6,542 OCOP producers, 32.5% of which are cooperatives, 22% enterprises, 40.3% production establishments and business households, and cooperative groups make up the rest.
According to the office, all 63 provinces and centrally-run cities nationwide have developed and issued plans to implement the OCOP programme in the 2021-2025 period.
The OCOP programme, approved by the Prime Minister in 2018, aims to develop forms of production and business, help with economic restructuring to improve people's income and living standards, and contribute to the industrialisation and modernisation of agriculture and rural areas.
Hanoi continues to maintain its leading position with the largest number of OCOP brands winning three stars or more by the end of last month.
Since 2019, it has evaluated and classified 2,711 products, accounting for 89% of the target until 2025.
Hanoi has six products rated five stars, 12 others that are potential five stars, 1,473 with four stars, and 1,220 with three stars, statistics show./.
Disbursement of foreign development funds remains slow - MoF
The first few months of 2024, disbursement of Việt Nam's public investment using foreign funds reached just over 8.5 per cent, said Võ Hưu Hiền, deputy director of the Ministry of Finance's (MoF) debt management department, during a conference yesterday in Hà Nội.
According to data from the TABMIS-Treasury And Budget Management Information System, as of May 15, the Ministry of Transport (MoT) and the Ministry of Agriculture and Rural Development (MARD) reported they have allocated over 10 per cent of the annual target. Meanwhile, eight other governmental ministries and agencies said they have not been able to keep up with this year's disbursement target.
According to the MoF, it was expected that by the end of next month, the disbursement rate by governmental ministries and agencies could reach as high as 15-17 per cent, in line with the pace from the same period during 2021-23.
The ministry said the disbursement of public investment funds remains important, contributing to promoting socio-economic growth and ensuring the development of mid-term public investment plans for 2021-2025.
Measures have been taken to speed up the process, with governmental ministries and agencies urging investors to report monthly. Meanwhile, local governments have set up steering committees with leaders assigned to the direct supervision and implementation of projects. Inspections have also increased in frequency with local leaders taking a proactive approach to help investors address ongoing issues and concerns.
Key factors contributing to hampering the process included a lack of finished works due to delays in land clearance and resettlement, slow approval of project designs and sluggish bidding and contract completion. In addition, various projects have been told to make adjustments to policies, loan agreements and financial plans, according to the MoF.
Nguyễn Thanh Tuấn, director of the World Bank's project management office in Hanoi University, said the office has finished feeding capital estimates for 2024 into the TABMIS with a budget of VNĐ645.7 million.
Tuấn said the university has been having difficulties in gaining approval, an important step to complete before the project can be implemented, which requires the donor to agree to the overall project plan, annual plan, project operation handbook, bidding plan for packages, terms of reference for consulting firms, bidding invitations and contractor selection. As a result, the process slowed due to continuous updates and adjustments.
In addition, it was further complicated by the fact the university must complete numerous dossiers, which must be reviewed by the State Treasury and the MoF. As a result, the possibility of projects being cancelled and the risk of unused budget funds for the year remains high.
Nguyễn Anh Dũng, deputy head of the MoT's investment planning department said the ministry has received VNĐ4.36 trillion in funding this year. The largest obstacle, according to the ministry, is land clearance as many infrastructure projects run through forests. The lengthy administrative procedures to change the lands' purposes could take up to a year and a half, often adding significantly to the overall cost of the projects.
At the conference, governmental ministries and agencies discussed and identified issues that may hinder the disbursement process, including those land clearance delays, bidding and technical designs. Projects also have to go through procedures to adjust investment policies, adjust projects, loan agreements and may experience delays in obtaining approval from donors.
The MoF said the ministry has been working alongside other ministries and agencies to monitor and implement solutions to accelerate the disbursement of public investment capital to achieve a disbursement of 95 per cent target set in Resolution 01/NQ-CP on tasks and key solutions to implement the socio-economic development plan and state budget for 2024.
Đồng Nai aims to become one of Việt Nam's largest economic centres by 2030
Đồng Nai, a southern province, aims to become one of Việt Nam's three largest economic centres, after Hà Nội and HCM City, according to the province's development goals for 2030.
The province has ambitions to become a centre for international trade, tourism and services, with a world-class urban area based on smart models, with an additional focus on developing the green economy.
According to the vice chairwoman of the Provincial People's Committee Nguyễn Thị Hoàng, Đồng Nai has many opportunities to take a lead in forming and developing the three main economic axes of the Southern region, including the Southeast, the Southwest and a maritime economic corridor.
To achieve those targets, Đồng Nai will focus on improving the business and investment environment to create favourable conditions for businesses, with a special emphasis on becoming an ideal and safe destination for investors.
The province is offering many other solutions to attract investors and quickly deploy transport projects with a system connecting it to other locations in Southeast region and other economic regions, including Long Thành airport and Đồng Nai airport.
Đồng Nai plans to build green industrial parks, innovation centres and centralised information technology parks. Projects will include developing an airport urban area, a Long Thành airport ecological urban area and Đồng Nai riverside urban chains, with priority given for Biên Hoà City, Long Thành District and Nhơn Trạch District.
Đồng Nai wants to exploit Long Thành International Airport and Phước An Port to form a smart, synchronous and effective logistics centre.
In the largest investment project in the country to date, the Long Thành airport's first phase is expected to be put into operation in 2026.
Secretary of the provincial Party Committee Nguyễn Hồng Lĩnh said that when infrastructure projects come into operation, including Long Thành Airport, Biên Hòa Airport, ring roads three and four, Bến Lức - Long Thành and Biên Hòa - Vũng Tàu expressways and the Cát Lái bridge, those will be new driving forces for development of Đồng Nai, as well as localities in the Southeast region.
The province has outlined solutions to create resources for carrying out the planning, including mobilisation of investment capital, human resource development, application of science and technology, building of linkage mechanisms between the province and other parts of the economic regions and control of urban and rural development.
Đồng Nai is located in the southern key economic region and is a gateway connecting the Southeast region with many other economic areas of Việt Nam. The province's economic growth in the period 2021-23 reached around 7 per cent, while its GDP per capita was nearly VNĐ140 million (US$5714), 1.6 times higher than that in the rest of the country.
In particular, the industrial sector is a driver of the province's economic growth with most of the 32 industrial parks (IZs) operating with an occupancy rate of over 86 per cent.
Đồng Nai is one of the top localities in attracting domestic and foreign investment in Việt Nam with 2,100 projects, including 1,456 foreign-invested projects with a total investment of nearly $30 billion and 652 domestic projects, amounting to VNĐ79 trillion.
New 'Vietnam 2045' report aligns with the country's extended vision
Việt Nam has set its sights even higher, aiming to become a high-income country by 2045 and a decarbonised economy by 2050 — ambitious goals that demand innovation and strategic visions.
That was a remark by Florian Feyerabend, Resident Representative of the Konrad Adenauer Stiftung Vietnam, at the conference 'Vietnam 2045 Report: Global Economic Trends and Policy Implications for Việt Nam' on Tuesday.
He said the Vietnam 2035 Report contained valuable assessments and policy recommendations that has guided Vietnamese policymakers in shaping the country's trajectory over the past few years.
However, shifts in geopolitics, technology and global trends have reshaped the reality of the country's path towards economic growth, exposing the need for a new report aligning with its extended visions.
"The Vietnam 2045 Report will serve as a compass for Việt Nam's train," said Feyerabend.
Trần Toàn Thắng, Head of the International Issues Department at Vietnam Institute for Development Strategies (VIDS) under the Ministry of Planning and Investment, underlined several global trends that would have a big impact on Việt Nam in the coming years, including competition between the US and China as well as a transition to renewable energy.
Technology development, he said, also plays a role in shaping Việt Nam's digital landscape in the next decade. Under his estimation, Việt Nam is on par with China and the US in terms of vision and data availability.
"However, Việt Nam still lags behind the two superpowers in terms of technology maturity, adaptability, human capital and innovation capacity," said Thắng.
Nguyễn Quốc Trường, Vice President of VIDS, said Việt Nam needs a new report in place of the Vietnam 2035 Report to capture recent changes in global and domestic context.
He said the Vietnam 2045 Report is under development and will consist of nine chapters: Review development path and targets; New context and trends, new visions; Science and technology, innovation, autonomy; Global value chains upgrading, private sector development; Spatial transition, growth dynamic poles, connectivity; Human resource and labour shifting; Green and climate change responses; Social transition; and Institution for development.
Science, technology, innovation play increasing role in agricultural growth
Science, technology and innovation play an increasingly important role in agricultural growth, according to Phung Duc Tien, Deputy Mminister of Agriculture and Rural Development.
Research showed that technological innovation can contribute significantly to the growth of the agriculture, forestry and fisheries sectors, helping achieve target increases of more than 50%, Tien said at a conference on ccientific and technological development and innovation in agriculture and rural development held by the Ministry of Agriculture and Rural Development (MARD) on May 20 in Hanoi.
He said this shows that Vietnamese agriculture is shifting from a breadth-based model to an in-depth growth model based on science, technology and innovation.
Innovation has helped improve livestock breeds and increase crop and livestock productivity.
The scientific community has recently recognised 529 new types of crops and livestock, including 393 crop varieties as well as 12 aquatic breeds, 82 forestry varieties and 42 livestock breeds.
The work of selecting, breeding and producing seed has been highly effective, contributing significantly to the productivity and quality of agriculture.
New technology has also helped to promote mechanisation and labour productivity in agriculture and related industries.
Scientific applications have had a large impact on key goods at both the national and provincial levels, including seed production, farming, and processing of marine products like shrimp and catfish.
Many large-scale Vietnamese enterprises are already using advanced global technology. These include TH dairy company, Dabaco in livestock, Nafoods fruit growing and processing company, and Masan Group in the meat processing industry.
However, there are limitations in the field of science and technology, such as the slow commercialisation and application of research results, lack of a strong scientific research workforce, and poor equipment and facilities for research, the deputy minister said.
At the conference, delegates from research institutes, the School of Agriculture and Rural Development Personnel Management, the Centre for Digital Transformation and Agricultural Statistics, and the National Agricultural Extension Centre discussed innovative thinking and policies for the development of technological innovation in the agricultural and rural development sector until 2030. Other topics of discussion included training human resources and using science and technology in agricultural extension work./.
Premium foreign brands expand presence in Vietnamese market
A slew of premium foreign brands, from toys to fashion and mother and baby products, have entered the Vietnamese market to tap into rising incomes.
Pop Mart, a leading Chinese maker of collectible toys, launched its first official store in Crescent Mall, District 7, Ho Chi Minh City, on May 18. The move marks a new milestone in the brand's development strategy in the Southeast Asian market.
Jeremy Lee, a go-to-market director of Pop Mart, said, "The grand opening of the first store not only marks Pop Mart's expansion but also affirms our commitment to the Vietnamese market, which is full of potential and diverse in cultural heritage. The store is the beginning of our long-term strategy for Vietnam."
Following the launch of the first official store, Pop Mart will open another store in Ba Na Hills theme park in the beach city of Danang this summer.
Likewise, Motherswork, a premium mother and baby retailer based in Singapore, also penetrated the Vietnamese market with the opening of an offline store in Ho Chi Minh City late last month. Motherswork specialises in selling premium mother, baby, and kids’ products, with two stores in Singapore, eight in China, and now one in Vietnam.
Sharon Wong, founder and CEO of Motherswork, said, "This launch marks a significant step in our mission to empower mothers not just in Vietnam but across Asia with the tools, knowledge, and community they need to care for their children confidently.”
In March, Cartier also launched its flagship boutique at the Union Square Shopping Mall in Ho Chi Minh City. The new store, which is one of the largest brands in the Southeast Asian market, features the complete product range, from watches to jewellery, accessories, eyewear, and bags.
The rising affluent class is one of the main factors behind the expansion of premium foreign brands. A report by New World Wealth reveals that Vietnam is forecast to see a 125 per cent increase in wealth over the next 10 years. Vietnam is home to 19,400 millionaires, with 58 centimillionaires, and is seen as a relatively safe nation compared with others in Asia Pacific.
According to the Wealth Report 2024 compiled by property consultants Knight Frank, Vietnam’s ultra-high net worth individuals (UHNWI) population stood at 752 in 2023 compared with 734 in 2022, meaning 18 people joined the ranks of the “ultra-wealthy” last year. Knight Frank predicts the number of wealthy individuals in Vietnam to rise by 30 per cent during the five years to 2028, bringing the total number of UHNWIs to 978.
Excise tax payment extension proposed for locally-made cars
The Ministry of Finance has proposed extending the deadline for excise tax payments for domestically manufactured or assembled automobiles, amounting to VND8,560 billion.
In a draft Government decree, the Ministry of Finance proposed a deferred payment of special consumption tax (SCT) arising from the tax periods of June, July, August, and September this year for domestically manufactured or assembled cars. The payments should be made no later than November 20 this year.
According to the ministry, the tax payment deferral aligns with Government Decree 36/2023. As of May 2, 2024, a total of 14 enterprises have requested a deferment of excise tax payment, totaling VND8,082 billion. This amount has been fully paid into the state budget.
In the first three months of this year, 14 businesses have requested deferment of excise tax payments with a total amount of VND5,186 billion. So far, VND5,043 billion has been paid, with VND142 billion still outstanding.
The ministry emphasized the necessity to support domestic automobile manufacturing and assembly businesses, as the initiative is expected to ease pressure on these businesses amid the negative impacts of economic uncertainties and global geopolitical conflicts on the automotive industry.
Sand undersupply hits HCMC Beltway 3
HCMC is urging Mekong Delta provinces to accelerate the licensing of sand mine operations so that sand supply for the HCMC Beltway No. 3 project can be sped up.
HCMC Beltway No. 3, a 76.34-km road that connects HCMC with three neighboring provinces – Dong Nai, Binh Duong and Long An, requires 7.1 million cubic meters of sand for its component 1, with approximately 4.7 million cubic meters needed in 2024.
Deputy Prime Minister Tran Hong Ha has met with relevant ministries and leaders of HCMC, Ba Ria-Vung Tau, Dong Nai, Binh Duong, Long An, Vinh Long, Tien Giang, Ben Tre, Tra Vinh, Dong Thap, and An Giang provinces, urging these provinces to expedite procedures for extending sand mining licenses and approve sand supply for HCMC Beltway No. 3.
Out of 44 mines surveyed so far, 28 meet the quality requirements, with reserves totaling around 37 million cubic meters. Despite the efforts of contractors in searching for sand supply, the sand mobilized to the construction site has not met the project’s need.
While Vinh Long, Tien Giang, and Ben Tre provinces have approved policies to provide sand for the HCMC Beltway No. 3 project, the biggest obstacles lie in accelerating the implementation progress and completing related procedures so that localities can supply sand promptly.
According to these provinces, all relevant procedures could not be completed until June this year. Meanwhile, it will take additional time to finish surveying the Cambodian sand sources.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes