|
BUSINESS
IN BRIEF 26/9
SBV
postpones gold auctions
The State Bank of
Viet Nam (SBV) is postponing gold auctions in the light of the large gap
between domestic and global prices of the precious metal.
"The price gap
is large but the demand for gold bullion is almost zero. The SBV has no plan
yet," Nguyen Ngoc Canh, the newly-appointed head of the Foreign Exchange
Management Department, told Vnexpress.
The SBV is the lone
provider of gold bullion to the domestic market. Yesterday afternoon, the Sai
Gon Jewellery Company (SJC) posted prices of VND35.89 million to VND36.01
million (US$1,684 to $1,690) per tael for gold on its website. At the same
time, the spot price for gold on Kitco.com was $1,221.70, down from $1,222.90
on Tuesday.
In an attempt to
fan market interest last year, the SBV held 76 auctions and sold a total of
1.82 million taels of gold. However, they have held off on gold auctions
since the beginning of this year.
Last Monday, and
for the first time since June, the SJC quoted a price that was VND5 million
($235) higher per tael than the current world price. One tael is equivalent
to 1.2 troy ounces. The gap has been attributed to significant changes in the
global market coupled with the slow movement of the domestic market.
"The current
prices are absolutely decided by the market," Le Xuan Tung, director of
Phu Quy Jewellery Company, told Vnexpress. "Nearly all people come to
buy and not to sell. That's why the price of gold remains high," quipped
the owner of Kim Hien Gold Shop in
Tung revealed that
the SVN actually invited Phu Quy to join in gold auctions, but his company
declined because of the dull picture for gold in the world market.
Experts said that
if the large gap remained, it would produce more pressure on foreign exchange
rates and encourage gold smuggling.
Household
dairy farms to be applied in Vietnam
Household dairy
farms should improve breeding skills to increase output and quality and
reduce cost price because domestic material milk price is VND4,000 higher
than the world price.
The delegates at a
seminar hosted by the
They warned of
challenges in dairy farming to households amid reduction trend of milk
material prices in the world, especially when the Trans-Pacific Partnership
agreement takes effect.
If this trend goes
on, milk processing plants will give priority to import of formula material
instead of developing local sources.
Last year, the
import turnover reached US$1 billion.
The Vietnam CEO
Forum 2014 ‘New Game – What Moves’ reinvigorated business strategies and
outlined the opportunities and risks of global integration, bringing together
chief executive officers, economists and policy-makers to brainstorm ideas.
Opened on September
24 in
As the ASEAN
Economic Community (AEC) - a common platform for the region’s business
circles - will be established in late 2015, Vietnamese firms are expected to
enhance their operations in a bid to become more competitive.
Global changes bear
opportunities and challenges, but what mattered was how to make the most out
of each trend, Chairman of the FPT Board of Directors Truong Gia Binh said.
Economists said the
birth of the AEC will deal a “strategic blow” to domestic enterprises,
forcing them to devise long-term and strategic business plans.
Deputy Prime
Minister Vu Duc Dam and economist Pham Chi Lan were amongst the key-note
speakers.
The annual event
was organised by the municipal Young Business People Association, Saigon
Entrepreneurs Club, 2030 Businessmen Club, Leading Business Club and the
Business Association of Vietnamese High-Quality Goods.
Vietnam
first enjoys trade surplus with Chile
The Vietnamese
Trade Office in
The Vietnam-Chile
Free Trade Agreement (VCFTA) has opened the door for Vietnamese products to
penetrate
Under the deal,
Chile will remove tariffs on 99.62% of tax lines for 10 years, 83.54% of
which (or 81.8% of Vietnam’s total export earnings to Chile) enjoy a zero tax
rate as soon as the agreement comes into effect.
Key products
benefitting from tax reductions are seafood, coffee, green tea, crude oil,
fresh fruit and vegetables, cattle meat, frozen and processed poultry
products, garments and footwear.
Meanwhile, 537 tax
lines (making up 6.96% of the total tax lines and 4.6% of
An additional 704
tax lines (making up 9.12% of the tax lines and 13.6% of the total exports
value) will be cut to zero over 10 years. Only 29 products are not subject to
tax reductions or exemptions.
Vietnamese
investment in
The Association of
Vietnam Investors in Laos (AVIL) will strive to raise Vietnamese investment
in
The ambitious
target was unveiled at a meeting between AVIL and Vietnamese investors in
A number of major
projects have been put into operation, contributing approximately US$150
million to the
As of August 2014,
two-way trade between
During the
eight-month period,
At the meeting,
delegates discussed ways to ease difficulties and promote investment in the
long term in
On the same day,
Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung had a working
session with Viraphonh Viravong, Vice Minister of the Lao Ministry of Energy
and Mines on the sidelines of the ongoing 32nd ASEAN Ministers on Energy Meeting
(AMEM) in
They agreed to
establish a working group for energy cooperation between two ministries. The
group will help both ministries keep abreast of the situation, handle work
quickly, exchange information on energy policy, and propose new cooperation
projects.
Quality
improvements could boost exports
Vietnamese
companies were urged to carefully study the European Union (EU)'s
requirements for imports to maximise opportunities arising from
The call was made
at a conference that the Viet Nam Trade Promotion Agency held yesterday to
seek ways for Vietnamese companies to optimise business advantages and expand
further into the EU market.
Negotiations for
the EU-Viet Nam FTA began in 2012 and are entering the final round. The
agreement, which creates opportunities for
A representative of
the European Chamber of Commerce in
The Eurocham
official said the EU followed strict sanitary, phyto-sanitary, environmental
and technical standards, and that consistency in the quality and safety of
Vietnamese products would lead to an increase in exports.
Martin Buckle, an
expert of the Centre for the Promotion of Imports from Developing Countries
under the Netherlands Ministry of Foreign Affairs, said at the conference
that EU importers were keen to develop business relationships with companies
that took the time and effort to invest in quality.
He pointed out that
increasingly stringent standards were applied to all food products being
exported into the EU, including the hazard control system (HACCP), the new
food safety management system (ISO 22000) and the European Union's new
pesticide residue levels.
According to the
Department of Processing and Trade for Agro-Forestry-Fisheries Products and
Salt Production, the EU is a large potential market for Vietnamese
agricultural products.
To tap the
potential, especially after the FTA is signed, Vietnamese companies must
carefully study the EU's strict quality requirements for imports, as well as
the tastes of each sub-market in the EU, to set up appropriate export
strategies.
Vietnamese
companies should also pay attention to social and environmental
responsibilities, the department added.
Official figures
showed that the total value of goods traded between
SBV
borrowers asked to report overcharging
The State Bank of
The local press had
reported that a penalty amounting to 8 to 9 per cent of the principal of the
loans, that had not been clearly stated in the loan contract or even verbally
conveyed by the credit officials, were being charged.
Pursuant to
Decision No 1627/2001/QD-NHN N dated on 31 December 2011, and Circular No
05/2011/TT-NHNN of March 10, 2011, creditors and borrowers are allowed to
negotiate the penalty if the borrowers repay the loans before the due date.
The penalty in practice is normally about 2 to 3 per cent.
However, Governor
Binh just received a document from a voter in An Giang Province asking the
central bank to cut the 5 per cent penalty to 2-3 per cent.
In a press release,
Binh said that the regulation was legally right but currently, the banking
system was assisting enterprises and sharing their financial constraints. The
central bank has already told the credit institutions to apply reasonable
fees on borrowers and to cut all fees that are irrelevant to the loans.
"Thus, the
application of high penalty on early repayments is not in line with
directions of the government and the State Bank of
Experts
urge closer links between SMEs and banks
Commercial banks
need to change their perception of small and medium-sized businesses to boost
lending for businesses, said head of the Central Institute for Economic
Management (CIEM) Vo Tri Thanh.
He added that many
banks are unwilling to provide loans to the small- and medium-sized business
(SME) community due to low profits and additional expenses. This perception
should change and SMEs should also reorganise their administrative affairs
and production, while improving their links with banks, reports Tin Tuc
newspaper.
Thanh affirmed that
SMEs outnumber big firms and can generate a large credit market. Therefore,
banks should pay more attention to SMEs because this will benefit the banks
too.
According to Thanh,
there are credit guarantee funds for SMEs across the world. However, some
work well, while some others do not. In
Cao Sy Kiem,
chairman of the Viet Nam Association of Small and Medium-Sized Enterprises,
said that it needs to strengthen the links between SMEs, and help them in all
aspects of cooperation, financial support, legal consultation and market
expansion to become a strong SMEs community with transparent activities to
increase their access to bank loans.
According to Tran
Quoc Hung, deputy director of the State Bank of Viet Nam's branch in Ha Noi,
over the past three months, around 23 commercial banks and branches of all
commercial banks have registered to participate in a programme to boost links
between banks and businesses, with a committed loan of VND17.8 trillion
(US$838 million).
Nguyen Hoang Minh,
deputy director of the State Bank's branch in HCM City, said that under this
programme, the amount of non-collateral loan given, as of July 10, was
VND15.6 trillion ($732 million), accounting for 17 to 18 per cent of the
total outstanding loans. A Vietinbank leader, who did not wish to be
identified, said that his bank has established an ad-hoc credit unit to help
SMEs get access to loans.
This unit will be
responsible for collecting reliable inform-ation about banking, finance,
production and the performance of businesses.
To promote trust in
lending, Deputy Governor of the central bank Nguyen Thi Hong said that banks
have their regulations for trust loans and commercial banks have their own
unique products.
Banks have to
assess the business plans, financial capability and the repayment capacity of
the borrowers.
In
Kiem said that in
this context, besides the support from the State, banks and enterprises must
work together to resolve the difficulties.
In addition,
businesses themselves have to use advanced administrative management methods
to utilise the bank loan effectively.
SSC builds legal framework to run derivatives market
A Vietnamese
derivatives market is expected to be put into operation in 2016. The State
Securities Commission (SSC) is stepping up the construction of a legal
framework to run this market safely and effectively, the Vietnam Economic
News reported.
Head of the SSC's
Market Development Department Nguyen Son said that a derivatives market is a
high-grade, complicated and potentially risky market as it accommodates
transactions of financial documents such as the right to buy shares, warrants
and call options. A Vietnamese derivatives market will be developed
cautiously from a low to a higher level to assure that it is managed. A legal
framework for this market is being prepared for the market’s short and
long-term development.
The SSC recently
called for suggestions for a draft government decree on derivatives and
derivatives market prior to its submission to the government. According to
the draft decree, derivatives must be standardized, listed and transacted on
and through stock exchanges and paid through a central counterparty (CCP) system
to avoid risks. The draft decree allows securities firms and commercial banks
meeting certain standards especially capital and financial security standards
to function as members of the derivatives market.
The Vietnamese
derivatives market will target large, strong financial institutions that are
capable enough of guaranteeing customer's transactions. The SSC is preparing
a legal framework for the future derivatives market in accordance with
international rules and foreign experiences. Building an effective legal
framework for the market is not simple at all as derivatives market
development is new in
The draft decree
requires securities companies to provide investors with information about
derivatives, modes of derivatives transactions and payments and deposits
before signing an account opening contract with investors. According to the
draft decree, securities companies must provide investors with documented
warnings about potential risks on the derivatives market while regularly
informing investors of transaction results and deposit balance.
Education
costs push September’s CPI up by 0.4%
During the first
nine months of the year, CPI increased by a mere 0.25% on average each month,
an all time low in the last decade, the General Statistics Office (GSO)
announced on September 24.
In September, nine
out of the 11 commodity groups recorded price hikes between 0.21% and 6.38%,
with the highest increase for education and the lowest for home equipment and
utensils.
Housing and
construction materials, and transportation services saw their prices drop
during that month.
The implementation
of the 2014-2015 tuition fee increase in some localities, rice price hikes in
southern provinces, and soaring prices for food and entertainment services
over the four-day Independence Day vacation were behind this month’s CPI
increase, Nguyen Duc Thang, Head of the GSO’s Price Statistics Department,
said.
Rising school fees
pushed the index in the country’s major cities of
Statisticians
forecast that October will see a similar CPI rise as prices for consumer
goods and food will increase slightly.
Helping
local businesses boost exports to US
A workshop was held
in
Bui Hoang Yen, an
official of the Ministry of Industry and Trade, said the
She said one of
Vietnamese businesses’ drawbacks in exporting their agro-forestry and seafood
products, food and pharmaceuticals to the
David Lennarz, Vice
President of the US Registrar Corp, said the US Food and Drugs Administration
(FDA) often seeks to investigate foreign food producers at risk, several
peculiar products refused to enter the US, and new businesses exporting
products in bulk. Goods at high risk include acidic food, seafood, fruits,
fresh vegetables and spices.
David warned that
Vietnamese exporters must inform the FDA before shipping products to the
Businesses should
be aware of labelling regulations, product ingredient clarification and
health notices, he suggested.
SeABank
funds
National flag
carrier Vietnam Airlines announced on September 23 the purchase of an Airbus
A321-200 aircraft financed by South East Asia Bank (SeABank).
This is the first
time Vietnam Airlines has teamed up with SeABank to purchase the aircraft.
SeABank is also the first local bank to finance the deal.
As part of its
fleet expansion plans to acquire a total of 26 aircraft during the period
2011-2015, this is the 22nd purchase by the airline from manufacturer Airbus.
Vietnam Airlines is
giving priority to Airbus A321 aircraft thanks to its technological
advantages, reduced noise, and lower fuel consumption and maintenance costs.
Pham Ngoc Minh,
General Director of Vietnam Airlines said the renovation of the fleet through
the purchase of world’s leading aircraft will help the airline meet the
travel demand of passengers, increase flight frequency and maintain service
quality.
Le Thu Thuy,
Standing Vice Chairman of SeABank Board of Directors, in turn said the bank’s
credit loans will help Vietnam Airlines enhance operational efficiency on domestic
and international air routes and transform into one of the premiere airlines
in the world.
Ho Chi Minh
City hosts Vietnam Fashion Fair
As many as 200
garment and textile companies are attending the Vietnam Fashion Fair 2014
(VIFF 2014) taking place at the Tan Binh Exhibition and Convention Centre
from September 24-29.
The event has drawn
the participation of famous brands such as Viet Tien, Nha Be, Duc Giang, May
10, Hoa Tho and Hanoisimex.
The exhibition’s
roughly 300 stalls are showcasing differing kinds of garments and textiles,
footwear, jewellery and other luxury products, as well as new collections for
the latest fashion season.
The annual fair
provides a golden occasion for companies to advertise their products to local
and foreign businesses and seek more market opportunities.
Within the
framework of the event, a wide range of activities including a fashion show,
an exchange, and a music performance are planned.
EU-Vietnam
free trade pact could boost GDP 15%
The potential
payoff from the EU-Vietnam Free Trade Agreement (EVFTA) that could be
concluded and ratified as early as 2014 is an estimated 10-15% boost in GDP
along with a concurrent expansion of Vietnamese exports by 30-40%.
The information was
unveiled by Maylis Labayle, Advocacy Manger of European Chamber of Commerce
(Eurocham) at a seminar in
She said two-way
trade volume between
Last year,
Ms Labayle added
another advantage for Vietnamese businesses is that their employees will
receive further training support and transfer of technologies from the EU
subsequent to the FTA coming into effect.
She noted the EVFTA
will also provide a fresh impetus for the signing of the Trans-Pacific
Agreement (TPP) in the not so distant future.
However, the expert
cautioned Vietnamese exports to the demanding market should obey principles of
transparency and protection of consumer rights through trade protection
measures.
Ta Hoang Linh,
Deputy Head of the Vietnam Trade Promotion Agency (VIETRADE) under the
Ministry of Industry and Trade said the EU is now
At present, just
42% of Vietnamese goods enjoy the EU's Generalized scheme of preferences
(GSP). However, if the EFTA is signed, at least 90% of Vietnamese goods would
be exempt from tariffs.
Therefore,
Vietnamese businesses should seize every opportunity to improve their
competitiveness and obey regulations on standards, technical requirements to
penetrate the market.
Especially,
businesses should update information on the FTA negotiations, regulations on
certificates of origin, and devise plans to join the regional supply chain.
In addition, they should learn more about technical standards and consumer
habit to fully tap export opportunities.
As of the end of
2013, the EU had 1,402 projects in
The final
negotiation round of the VEFTA are set to take place in Danang on September
25-26. Experts predict that the agreement will be signed late this year.
“Meet
More than 30
Vietnamese businesses and their French 100 counterparts examined ways to spur
broader cooperation in the areas of
Addressing the
forum, French Agency for International Business Development (UBIFRANCE) CEO
Muriel Penicaud cited
Deputy Minister of
Industry and Trade Ho Thi Kim Thoa said the forum aims to help the business
community and investors of both countries meet bilateral and multilateral
trade mechanisms
"We are paying
heed to further upgrading transport infrastructure in
With 70% of the
agricultural labor force, we are desirous of boosting cooperation with French
investors in agricultural product processing for exports to the European
market and imports of footwear and garments from
She also expressed
hope that the forum will open up a new chapter in the Vietnam-France economic
relations.
Vietnam Ambassador
to France Duong Chi Dung was also bullish on new directions of cooperation in
the areas that are in Vietnam’s demand and France are experienced like
renewable energy, services, pharmaceutical industry and agricultural product
processing.
Responding to a
Paris-based Radio Voice of Vietnam (VOV) correspondent about France’s
strengths to meet Vietnam’s requirements for development, Muriel Penicaud
said, "The energy sector and infrastructure development play an
important role in France’s development and our world leading groups in this
field, including small and medium companies have partnered with foreign
countries in the form of partnerships and technological transfer.
Muriel Penicaud
urged Vietnamese businesses to heavily invest in
Having many years
of UBIFRANCE management experience in Hanoi and Ho Chi Minh City, UBIFRANCE
Vietnam Chief Representative Marc Cagnard stated, "There are wealthy of
opportunity for Vietnamese and French businesses to invest in the areas of
their particular strengths-transport infrastructure, energy and the
environment and agriculture, telecommunications, and communication.”
According to
Dasault Systemes Group Vice President Philippe Forestier who has accumulated
a great deal of successful business experience in
Dasault Systemes Group
Vice President Philippe Forestier .
Talking to a VOV
reporter, Forestier emphasized, "
The "Meet
Vietnam" forum is instrumental in helping
VN slashes
tax procedures to save time
Chairwoman of the
Viet Nam Tax Consultancy Association (VTCA), Nguyen Thi Cuc, said this in the
central city of
Cuc, who is former
Deputy Director General of the General Department of Taxation, said
Vietnamese taxation agencies, ministries and departments must reduce the
hours taken to complete tax procedures from about 171, similar to the ASEAN 6
(
She said this would
improve
"
She added that
taxation procedure reform would boost transparency and competitiveness as
well as create more favourable conditions for business.
Cuc said there was
still many obstructions in the tax system and much overlapping by taxation
and public security agencies, adding that digital tax had yet to be widely
embraced.
Director of legal,
regulatory and competition matters under the USAID's Governance for Inclusive
Growth Programme Phan Vinh Quang, said the Government's Resolution 19 and the
Finance Ministry's circular 119 (119/2014/TT-BTC) had a good impact on
boosting the competitiveness for businesses.
"A survey of
400 businesses showed that the Finance Ministry's circular 119 helped
enterprises save VND3 trillion (US$143 million) by streamlining
administrative procedures and reducing tax barriers," Quang said.
"But
Resolution 19, which will reduce the time to complete and pay tax each year
down to 171 hours, would save VND11 trillion ($524 million)," he added.
He said the World Bank suggested
DHG decides
not to invest in
Can Tho-based Hau
Giang Pharmaceutical (DHG) will not acquire stakes in the Anh Sao Viet
Pharmacy Joint Stock Company (ASV Pharma Viet
In July, DHG had
planned to acquire a 72.86 per cent stake in ASV Pharma Viet
It was expected
that the new drug factory in
A representative
from Hau Giang Pharma told the Doi Song Phap Luat (Life and Laws news online)
that regardless of the withdrawal of investment, DHG will continue to do
market research to expand its distribution network in
As many as 17
registered pharmaceutical products of DHG are in circulation in
By the end of
August, DHG had gained VND2,315 billion (US$110 million) in net sales, an
increase of 15.4 per cent year on year.
Figures from the
Viet Nam Food Association also showed that the price of five-per cent broken
rice grains from the country was worth $445 per tonne last September 19. This
is $5 lower than that of the previous week and $10 lower than that of last
month but $85 higher than that of the same period last year.
Ben Tre
coconut exports soar by 45% YOY
The southern
province's export turnover of coconuts and coconut-based products in the
first nine months of this year soared by 45 per cent over that of the same
period last year.
Ho Vinh Sang,
president of the Ben Tre Coconut Association, attributed the increase mainly
to the increase in world prices. Currently, the province's coconuts and
coconut-based products are exported to 65 countries and territories around
the world, and the province has allocated nearly 65,000ha of land to
coconuts.
Ha Noi
loans grow by 4% in September
Total outstanding
loans in the capital city reached VND975.20 trillion (US$46.44 billion) in
September, according to figures from the city's Department of Statistics.
The amount
represents a four-per cent increase over that of August and a 3.2-per cent
increase over that of the end of 2013.
Short-term loans
grew by 5.9 per cent over that of August and 0.2 per cent over that of end of
last yeas while medium- to long-term loans expanded by 0.2 per cent over that
of August and 9.7 per cent over that of end of 2013.
A retail network
comprising over 1,000 supermarkets and shopping centres is to be built in
Accordingly, under
the trade development programme, 988 supermarkets and 64 shopping centres of
various kinds will be built in the capital by 2020, funded by foreign
capital, domestic funds and government capital.
Lan said the
basements and ground floors of existing buildings can be converted into trade
centres, stating that supermarkets and shopping centres would not be built on
entirely new plots of land in the inner-city areas of
The city would
develop traditional markets into shopping centres, she added.
The project is part
of
The department will
reassess the city’s infrastructure after two years of implementation to have
a clearer overview of future development needs.
The Mekong Delta
has harvested 20.6 million tonnes of rice, planted during the winter-spring
and summer-autumn sowing seasons, accounting for more than 82 percent of the
region’s target, the Mekong Delta Rice Research Institute reported.
The region recorded
a 9.6 million tonnes harvest of rice in the summer-autumn crop alone, up by
200,000 tonnes compared to the same period last year.
This is
attributable to the use of disease-resistant and high-yield varieties, the
institute said.
Farmers in Tien
Giang, Long An, Ben Tre, Tra Vinh, Soc Trang, Bac Lieu, Ca Mau, Kien Giang
and Hau Giang received over 100tonnes of drought-resistant and salt-tolerant
rice seeds.
They also improved
dykes and irrigation infrastructure to ensure a sufficient supply of
freshwater for around 700,000ha of summer-autumn crops.
Nearly 300 billion
VND (14.2 million USD) was provided to farmers in the form of loans to help
them buy seedlings and equipment, and access advanced technology.
Following a
government decree, Vietnamese authorities have developed a blueprint for the
implementation of the country’s law on quarantine.
The plan specifies
the responsibilities and tasks of relevant agencies, issues practical
guidelines, and sets out an effective coordinating mechanism.
It aims to limit
the damage caused by harmful organisms, develop sustainable agricultural
production and boost the export of agricultural exports.
According to the
blueprint, central and local administrative units are to develop clear and
informative documents on plant quarantine, and hold workshops and conferences
to promote and implement the law.
VIB
effectively uses IBM cloud computing solutions
IBM last week
announced that the bank (VIB) had been using its cloud computing solutions
effectively for months, for maximising all of its resources and enhancing its
operational capacity.
VIB has cooperated
with IBM and IBM’s partners to deploy these virtual solutions based on IBM’s
systems of PureFlex System Express and System Storage, and software IBM SmartCloud
Entry.
This cloud can be
expanded based on VIB’s demand. After four months of using these solutions,
VIB has been able to cut down 76 per cent of costs for electricity and shrink
its server’s rack areas by 81 per cent. Time for processing data batches has
also been halved, from 180 minutes to 90 minutes, every day.
The IBM PureFlex
System Express embraces computing nodes IBM Flex System x240 and IBM Flex
System p260 with software VMware.
VIB has also used a
set of software named VMware vSphere Site Recovery Manager to support an IBM
Storwize V7000 disk system. This is to deal with possible risks and incidents
rapidly.
VIB is one of
“The deployment of
cloud computing solutions has been an important part in VIB’s technological
renewal strategy,” said VIB vice general director Tran Nhat Minh.
“Over the past
recent years, these solutions have become a strategic need of organisations
and enterprises,” said Tran Mai Huong, director of IBM Vietnam’s northern
region customer section. “IBM cloud computing solutions can support banks in
operational capacity and competitiveness.”
IBM has also been
cooperating with
Currently IBM has
more than 100 cloud computing software solutions, with a network of 40 data
centres around the world.
GE turbines
selected for
GE and HBRE Wind
Power Company Ltd. (HBRE) yesterday signed a memorandum of understanding for
cooperation in developing the Tay Nguyen wind farm in the Central Highlands’
The MoU signing
ceremony was held during the visit of GE’s vice chairman and president &
CEO of GE Global Growth and Operations John G. Rice to
The agreement
between GE and HBRE on the Tay Nguyen wind power project will utilise GE
technology in a joint effort to develop economic and renewable energy in
GE will also
provide wind turbine generators for the site conditions. Additionally, GE
will support HBRE in developing electrical design concepts and facilitating
discussions on financial arrangements, as well as working with relevant
agencies to move the project forward. GE is committed to the long-term
maintenance of the wind turbines and a full service agreement is also part of
the agreement.
The Tay Nguyen
project is located in Ea H’Leo district, which has a high potential for wind
energy, with an average wind speed of 7.6 metres per second. The project’s
investor HBRE is a real estate company and is responsible for the design,
construction and operation of the wind farm at Dile Yang.
“The cooperation
with HBRE on the Tay Nguyen project builds from our accomplishment of
providing 52 wind turbines to the Bac Lieu wind power plant last December,”
said CEO of GE Vietnam and Cambodia Nguyen My Lan at the signing ceremony.
“This is a clear demonstration of our continuous commitment to support the
development of the local community as well as to contribute to the
development of renewable energy in
“We are delighted
to cooperate with GE on this project and believe this collaboration will be
successful,” Ho Ta Tin, chairman of HBRE Company said. “This project will
contribute to the improvement of social and economic conditions in Daklak by
creating hundreds of jobs that require technical and industrial skills, while
contributing additional power to the national grid. We also hope this project
will help attract further investment to Dak Lak and provide momentum to move
forward with wind power development in the region and in
GE provides
technology support for a variety of power generation projects across the
country. With an installed capacity of more than 2,000 megawatts in
In 2009, GE opened
a factory to support its wind division in the northern port city of
Projects
lay idle on golden HCMC properties
A number of
projects on high-value properties in
One such project is
the Sai Gon Diamond Corporation’s $137 million
Another is the
Kenton Residences project in the bustling Nam Sai Gon area, invested in by
the Tai Nguyen Construction-Production-Trading Company. The project plans to
build nine towers of 15-35 stories each that will contain a total 1,640
high-end apartments and a 20,000 sq.m mall. Construction started in June 2009
but has since stopped.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
|
Thứ Năm, 25 tháng 9, 2014
Đăng ký:
Đăng Nhận xét (Atom)
Không có nhận xét nào:
Đăng nhận xét