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PRESS WATCH

April 9

Released at: 10:30, 09/04/2018 PRESS WATCH

April 9

VET's daily round-up of news from Vietnamese media for April 9.

Binh Thuan gives in principle approval to solar power plant

The People’s Committee of south-central Binh Thuan province has given in principle approval for the construction of the Song Luy 1 solar power plant, invested by the Quang Dien Binh Thuan Investment JSC. Song Luy 1 is a large-scale solar power plant built in the form of build-own-operate (BOO). Total investment is VND875 billion ($38.4 million), with an operating span of 50 years. The power plant will have a capacity of 39 MW and will use polycrystalline silicon photovoltaic technology and a central inverter connected to the national power grid through the 110-kV connection line.


Q1 IPOs up 8-fold over 2017 total

Twelve companies in Vietnam booked a total of VND21.3 trillion ($938 million) in proceeds from initial public offerings (IPOs) in the first three months this year, nearly eight times than the amount in all of 2017, as the government seeks to boost the local stock market and encourage firms to publicly trade shares, according to data provided by StoxPlus. Among the biggest share sales, the Binh Son Refinery and Petrochemical Co. (BSR) - the owner and operator of the first oil refinery in the country - raised $245 million. PV Oil and PV Power, subsidiaries of State-owned energy giant PetroVietnam, fetched a respective $181 million and $308 million.


Half of all finance ministry requirements to go

Minister of Finance Dinh Tien Dung has proposed abolishing and simplifying more than half of the 370 business requirements under the Ministry as part of a government-wide effort to improve the business climate in Vietnam. Such measures will require the revision of five laws and eleven decrees, the finance ministry said.

Q1 garment and textile turnover up 13%

Export turnover in the garment and textile sector reached nearly $8 billion in the first quarter of 2018, a year-on-year increase of 13.3 per cent. The result is considered a good start for the industry in realizing its export target of $35 billion for the year. Garment and textile exports in 2018 are anticipated to be better than in 2017, maintaining double-digit growth.


Vietbank to acquire LIM II Tower in HCMC

Vietbank has plans to spend VND1.4 trillion ($61.4 million) on acquiring LIM II Tower in Ho Chi Minh City’s District 3 from the Hoa Lam Corporation, according to the bank’s documents prepared for its 2018 shareholders meeting. If the plan is approved, the deal between Vietbank and the Cho Dui Co. Ltd, a member of Hoa Lam Corporation and developer of LIM II Tower, will be concluded in the second half of the year, according to news website Vietnam Finance.

Da Nang’s Tien Sa Port to welcome tourism vessels

Authorities in central Da Nang city have urged its tourism department to begin a plan making Tien Sa Port capable of berthing tourism vessels. The city has also asked the department and other relevant agencies to draw up a plan to raise capacity at Danang International Airport, especially its domestic passenger terminal, thereby meeting the increasing travel demand among foreign and local tourists. The airport frequently struggles with passenger overload between April and September, especially on the occasion of the annual fireworks festival.


Network operator revenue down as promotions limited

The revenue of network operators in Vietnam suffered an uncharacteristic low in the first quarter of this year due to new legislation reducing top-up promotions for pre-paid subscribers from 50 per cent to 20 per cent. The reduction of the promotion came into force last month. The country’s three largest network operators reported their business results for the first quarter at a meeting held by the Ministry of Information and Communications last week.

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