11:53 (GMT +7) - Monday 16/07/2018

PRESS WATCH

December 29

Released at: 14:00, 29/12/2017 PRESS WATCH

December 29

VET's round-up of news from Vietnamese media for December 29.


Viet Phat permitted to export 200,000 tons of limonite ore

The Ministry of Industry and Trade has permitted the Viet Phat Company in the northern province of Lao Cai to export 200,000 tons of limonite ore to ease the company’s financial burden. Earlier, the company signed a contract with Viet Trung Mineral and Metallurgical Company Limited to purchase 500,000 tons of limonite ore from its Quy Xa Mine. However, the Viet Phat Company sold only 300,000 tons to the Hoa Phat Steel Company in the 2017-18 period, creating an oversupply of 200,000 tons. The Viet Phat Company asked the ministry to allow it to export the oversupply to ensure stability in its financial situation. Limonite ore is a raw mineral the government places export limits on.

Russia and Vietnam to set up auto manufacturing companies

Russian auto makers will join hands with Vietnamese partners to set up manufacturing companies in Vietnam, as part of an amended protocol signed between the two governments in Hanoi. Minister of Industry and Trade Tran Tuan Anh and Russian Ambassador to Vietnam, H.E. Konstantin V.Vnukov, signed the pact, which facilitates auto production in Vietnam. The document stated that between 2018 and 2022, Vietnam will allow Vietnam-Russia joint ventures to import 2,550 completely-built-up motor cars and 13,500 sets of auto spare parts without tariffs. The imported cars will be sold for the purpose of studying market demand and taste. 


Cryptocurrency mining modules arriving in HCMC

More than 7,000 cryptocurrency mining modules have been imported into Ho Chi Minh City this year, according to the city’s customs department. In total, 7,005 mining modules were cleared for import into the southern hub as at mid-December, most of which originated in China. According to the customs department, only about 1,400 mining modules had been shipped to the city between January and October, including 1,310 machines specifically designed for mining bitcoin and 620 designed for mining litecoin, two of the most popular digital currencies on the market.


Workplace productivity up 6%

Workplace productivity at current prices in 2017 has been estimated at VND93.2 million ($4,160) per worker, according to the General Statistics Office. Calculated at a constant price in 2010, productivity increased 6 per cent against 2016. The average increase in the 2011-2017 period was 4.7 per cent per year. Workplace productivity in Vietnam remains quite low compared to many regional countries.


Two multi-level marketers fined

The Department of Competition and Consumer Protection at the Ministry of Industry and Trade has issued a decision sanctioning two multi-level marketing companies. Fines of VND220 million ($9,700) will be imposed on the BHIP Co., while the Everrichs JSC has been fined VND620 million ($27,800). Both have had their multi-level sales certificates revoked.


Petrolimex to only issue electronic invoices

From January 1, Petrolimex will officially issue electronic invoices instead of paper invoices to customers purchasing gasoline. The issuance of electronic invoices will proceed with caution in each period, in which the Group's parent company and the Ha Son Binh Petroleum Company will implement it from January 1, B12 Petrolimex and Petrolimex Can Tho will apply it from February 1, and it is expected that by April 1, Petrolimex will apply it at all remaining petroleum companies.

Ben Thanh Bus Station in HCMC opens

Ho Chi Minh City put the Ben Thanh Bus Station into operation on December 28, on Ham Nghi Street in District 1, with total capital of over VND8.5 billion ($374,000). The bus station will replace the old Ben Thanh bus interchange, and its construction was affected by the construction of the Ben Thanh - Suoi Tien urban railway station.

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