Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade BTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL BTCUSD | View BTCUSD News & Updates

Buy Sell BTCUSD, Bitcoin and Cryptocurrencies

Vietnam Commissary Project   2010-09-11 - VNS, TN, SGGP

Airfare prices increase


Certain economy class airfare prices ceilings increased from VND2.1 million (US$132) to VND2.5 million ($128) on Thursday, according to the Ministry of Finance and the Ministry of Transport.


Flights between Ha Noi and Phu Quoc now have the highest rates at VND2.5 million as it is the longest domestic route, a distance of 1,575km and a 2-hour-and -20- minute flight time. This fare will be greater than that of flights between Ha Noi and HCM City, which are capped at VND2.1 million per ticket, according to the Viet Nam National Aviation Administration.


Air Mekong, which will be the first airline to offer direct flights between Ha Noi and Phu Quoc starting October 10, proposed a ceiling price of VND2.6 million ($ 133) for economy class tickets.


It is also scheduled to run flights from both Ha Noi and HCM City to Da Nang, Nha Trang and Da Lat. The airlines has already asked for the administration’s permission to offer flights from HCM City to Con Dao, Buon Ma Thuot, Hai Phong and Vinh.


Mekong rattan firms investigate global market at trade fair


Producers from Viet Nam, Laos and Cambodia showcased their sustainable rattan products at the Spoga International trade fair that ended this week in Cologne, Germany.


"This [exhibition] is very important for us because we are now jointly promoting sustainable rattan products in the international market," Nguyen Truong Thien, director of the central province of Quang Nam-based Au Co Rattan - Bamboo Export Enterprise, said.


The company is a pioneer in using clean production technologies to process rattan.


The Spoga International Trade Fair for Sport, Camping and Garden Lifestyle was held from September 5 to 7, and attracted more than 2,500 exhibitors and 45,000 visitors.


For the last two years the World Wide Fund for Nature (WWF) has been working with local communities, rattan companies and national and local authorities in Viet Nam, Laos and Cambodia to promote clean production along the rattan supply chain.


Its aim is to improve livelihoods, promote responsible forest management and certification, clean up the rattan production system, and link local rattan products with the global market.


"The trade fair is a fantastic opportunity for the Mekong rattan industry to see first-hand how investing in sustainable and clean production systems can give them access to new markets," Thibault Ledecq, WWF’s Rattan Programme Manager, said.


"Rattan companies need to be ready for a big leap in terms of developing environmentally friendly production systems and product designs if they are to attract international buyers," he added.


"Establishing a Sustainable Production System for Rattan Products in Viet Nam, Laos and Cambodia" is a project co-funded by the EU, international home-products retailer IKEA, and the German development finance institution.


Investment in power surges to $10.4b


The amount of investment capital for construction of the biggest-ever power plant projects in Viet Nam totalled VND202.1 trillion (US$10.4 billion) from 2006-2010, according to Electricity of Viet Nam.


Over the last five years, the EVN has built and put into operation 21 power-generating projects, supplementing 6,280 MW to the national grid network, inclusive of 770MW electricity bought from China.


Ten of the 21 projects were put into operation this year.


Currently, the facility is building another 15 power-generating projects with total designed capacity of 10,518MW.


Seven of those have a total capacity of 5,356MW.


They are the hydroelectric plants of Nghi Son 1, Mong Duong 1, Vinh Tan 2, Duyen Hai 1, Duyen Hai 3, and the thermoelectric plants of Song Bung 4 and Lai Chau.


Eleven new projects with a total designed capacity of 7,285MW are in the preparation stage for capital investment.


It is expected that in the 2011–15 period, the EVN will kick off construction of another five power plants.


They include the Ninh Thuan 1 & 2 nuclear power plants with designed capacity of 4,000MW, and pumped storage power plants of Bac Aùi, Ham Thuan Bac, and Moc Chau with total capacity of 3,600MW.


During the 2006-10 period, the EVN worked on power-grid projects nationwide, including 110-500KV power-grid projects with total length of 3,900km, a medium-voltage network of 35KV and an overhead 0.4KV line with length of 58,100km.


The total capacity of intermediary transformer stations has reached 29,100MVA .


By the end of this year, the total capacity of Viet Nam’s power industry will be 20,900MW, of which 10,400MW was provided by EVN from 2006-10. This is 1.98 times the amount in 2005.


The average growth rate of residential electricity purchases from 2006-10 was 13.7 per cent, double the GDP growth rate.


The electricity commodity amount is expected to reach 981KWH per capita per year by the end of this year, 1.8 times higher than that in 2005.


Vietnam bans steel projects using old technology 


The government has announced it will stop licensing steel projects using outdated technology, following complaints of inordinate power consumption by local steel producers.


Some provinces have approved steel projects that use energy inefficient and environmentally harmful technologies, and this is one of the reasons behind the country’s high power consumption, the government said in a statement on its website Tuesday, citing Industry and Trade Minister Vu Huy Hoang.


Hoang said such projects as well as others outside the government’s plan for the industry are banned with immediate effect.


According to the development plan set for the industry, it was to have an output of 15-18 million tons of steel products by 2020. However, with aggressive and haphazard licensing, the combined capacity of existing projects has already reached 60 million tons per year.


National power utility Electricity of Vietnam (EVN) last week said part of the responsibility for power shortages in the country lay with steel producers, many of whom were using outdated technology that consumes a large amount of power.


EVN requested the government to tighten controls over the production technology used at steel plants. Large steel producers should be compelled to build their own power plants, it said.


Mekong Delta sees sudden drop in rice prices 


The current freefall in rice prices in Mekong Delta after a wave of price hikes last week, which has caused severe concern to farmers, is just temporary, prices would bounce back and become stable soon, the general secretary of the Vietnam Food Association (VFA) has said.


Merchants rushed to An Giang, Dong Thap and Vinh Long provinces to scramble for rice to supply to exporters when prices skyrocketed last week.


But prices have suddenly declined during the past two days and exporters have limited purchasing rice.


On September 9, a kilogram of normal-quality unhusked rice went for VND4,900-5,000, a kilogram of long-seed unhusked rice cost VND5,300, and sweet-smelling unhusked rice was traded at VND6,100-6,200 per kilogram, down VND300-400 per kilogram over a week ago.


Meanwhile, rice prices decreased by VND200-400 per kilogram, with normal-quality rice fetching VND6,800 per kilogram, long-seed rice costing VND6,900-7,000 per kilogram, and sweet-smelling rice going for VND7,500-7,600 per kilogram.


Nguyen Thanh Lam, a broker from Dong Thap Province’s Lai Vung District, said it’s impossible to predict rice prices now as they have being “danced”.


He said rice sold well in late August and early September, but traders have unexpectedly stopped buying rice and rice prices have dropped during the last few days.


Rice prices and purchase power have reduced too at rice markets in Sa Dec, Dong Thap Province and Cai Be, Tien Giang Province.


Tran Van Phuong, a broker from Dong Thap Province’s Lap Vo District, said he has just sold 10 tons of rice at breakeven price to exporters, so now he doesn’t want to venture to purchase further rice amid falling prices.


Pham Thanh Thuan, head of the Industry and Trade Department of Hon Dat District, Kien Giang Province, said merchants came in a rush to the district to buy summer-autumn unhusked rice just last week, and many even paid in advance, but now only few merchants come.


Tran Quang Cui, Deputy Director of the Kien Giang Agriculture and Rural Development Department, said relative agencies need to take measures to keep prices of summer-autumn and autumn-winter unhusked rice at VND5,000 per kilogram to ensure profits for farmers.


According to VFA, rice prices soared sharply thanks to the Government’s flexible management in exportation of rice.


The association said local exporters delivered the highest ever volume of over 800,000 tons of rice in August, while they had delivered an average of 400,000-500,000 tons per month in previous months.


Exporters are expected to continue to deliver about 800,000 tons this month, therefore, prices would rise again, VFA said.


VFA general secretary Hue said the association would do its utmost to manage exportation of rice to keep unhusked rice price at VND5,000 per kilogram on average until the end of 2010.


VFA forecast the global demand for rice would increase in last months of the year due to natural disasters and poor crops. Therefore, local farmers shouldn’t bargain away their crops at low prices, he added.

Other news

Credit card growth sluggish despite incentives   2010-09-11

Counting the costs of not playing with a straight bat   2010-09-11

Free flow of goods by 2015 for ASEAN community   2010-09-11

Is the FDI glass half full or empty?   2010-09-11

BUSINESS IN BRIEF 10/9   2010-09-10

MPI forecasts 7-7.5% growth and a balance of payments surplus in 2011   2010-09-10

Big banks lose with card services?   2010-09-10

SBV to review capital rules   2010-09-10

PetroVietnam inks deals with three foreign banks   2010-09-10

Unique design key to Japanese market   2010-09-10

Officials fail to stub cigarette smuggling   2010-09-10

Big banks lose with card services?   2010-09-10

Import car market sinking fast   2010-09-10

Banks complain they cannot find mid-level managers   2010-09-10