Day: July 5, 2021

Industrial parks (IPs) and economic zones in the northern province of Quang Ninh have so far attracted over 22.4 trillion VND (Over 970 million USD) in the first six months of 2021.

Accordingly, Quang Ninh has granted new investment licences to five foreign-invested projects worth over 567.5 million USD or 13.1 trillion VND, and four domestic projects valued at over 8.6 trillion VND.

Meanwhile, over 425 billion VND were pumped into two existing FDI projects in the locality, including a photovoltaic cell technology project invested by Jinko Solar Technology Ltd of Hong Kong in the Song Khoai Industrial Park.

The project is in line with the goal of developing Quang Ninh into a modern industrial and service locality and one of the dynamic and comprehensive development centres in the northern region.

As scheduled, the project will officially become operational in late October this year. It is expected to earn nearly 1.3 billion USD in annual revenue and create over 2,000 jobs for labourers.

Other outstanding projects include a factory manufacturing household appliances, electric bicycles by Multi-Sunny Vietnam Co., Ltd (10 million USD), Lioncore Vietnam factory by Lioncore Vietnam Industry Co., Ltd (30 million USD), Haiyun Vietnam project of Hai Van Co., Ltd. (10 million USD), and a project of Jingsung Hitec Vina Co., Ltd (over 13 million USD).

The locality has planned to coordinate with DEEP C Joint Stock Company to co-host an investment promotion conference themed “Coastal economic zones – Sustainable investment opportunities in Quang Ninh” in Ho Chi Minh City.

An investment promotion conference in pharmaceutical industry and other promotion activities are expected to be held in the year, as part of Quang Ninh’s efforts to attract more investment to the locality.

The local authorities have also paid attention to accelerating infrastructure development in IPs and economic zones in a comprehensive and modern direction, promoting administrative reform, and training high-quality workforce serving the demand in IPs and economic zones.

Quang Ninh has planned to focus on developing green, clean and environmentally friendly industries, and increase the proportion of processing, manufacturing, high-tech and smart industries in the 2020-2025 period.

It will also set aside 58.7 trillion VND (2.53 billion USD) to develop modern and synchronous infrastructure during 2021-2025 to lure more investment.

Priority will be given to investment in strategic infrastructure such as transport, IT and telecommunications, as well as infrastructure in industrial parks, seaports, and port services.

Along with focusing on completing infrastructure at key seaports such as Con Ong – Hon Net, Hai Ha, Van Ninh and Nam Tien Phong, the province has outlined planning schemes to build international-standard marinas at Cua Luc Bay, while mobilising resources to complete construction of Van Don – Mong Cai highway and Ha Long – Cam Pha coastal road, Cua Luc 1 and 3 bridges in 2021, as well as road and bridge to Hon Net – Con Ong port in 2022.

During 2016-2021, the province disbursed more than 49 trillion VND in public capital. Total social investment in the period was estimated at nearly 345 trillion VND, or 1.6 times higher than the figure recorded during 2011 – 2015.

The gross regional domestic product (GRDP) of Quang Ninh was estimated at 10.05 percent in 2020 despite the adverse impact of COVID-19.

The province’s State budget collection is projected at 49.3 trillion VND (2.13 billion USD), surpassing the year’s target by 9.4 percent and up nearly 7 percent compared to the same period of 2019.

Budget collection from export-import activities surged by 29 percent against the estimates, while domestic collection fulfilled the set target with 37 trillion VND, rising 7 percent.

Source: Vietnam News Agency

The 13th Party Central Committee kicked off the third session in Hanoi on July 5 morning.

At the plenary sitting in the morning, Party General Secretary Nguyen Phu Trong chaired and delivered the opening speech of the meeting.

Vo Van Thuong, Politburo member and Permanent member of the Party Central Committee’s Secretariat, presented the Politburo’s proposal on the working plan of the Party Central Committee in the 13th tenure.

Pham Minh Chinh, Politburo member and Prime Minister, presented a report by the Government’s Party committee on the implementation of the medium-term plans for socio-economic development, national finance, and public investment during 2016 – 2020, along with the draft plans for 2021 – 2025.

After that, the Politburo submitted proposals on the draft working regulations of the Party Central Committee, the Politburo, and the Party Central Committee’s Secretariat in the 13th tenure; those of the Inspection Commission; the draft regulations on the implementation of the Party’s Statute; along with the draft rules on the Party’s inspection, supervision, and discipline work.

In the afternoon, members of the Party Central Committee held group discussion about the implementation of the medium-term plans on socio-economic development, national finance, and public investment during 2016 – 2020, and the draft plans for 2021 – 2025.

Source: Vietnam News Agency

The State Bank of Vietnam set the daily reference exchange rate at 23,190 VND per USD on July 5, up 6 VND from the last working day of previous week (July 2).

With the current trading band of +/- 3 percent, the ceiling rate applied to commercial bank during the day is 23,886 VND/USD and the floor rate 22,494 VND/USD.

On the contrary, the rates listed at major commercial banks all dropped.

At 8:30 am, Vietcombank listed the buying rate at 22,870 VND/USD and the selling rate at 23,100 VND/USD, both down 10 VND from the rates on July 2.

BIDV also cut 10 VND from both rates, listing the buying rate at 22,900 VND/USD and the selling rate at 23,100 VND/USD.

In the week from June 28 to July 2, the daily reference exchange rate was adjusted down on the first day of the week but then the trend reversed until the end of the week. The rate ended the week up 15 VND.

Source: Vietnam News Agency

The northern province of Thanh Hoa disbursed more than 5.13 trillion VND (222.92 million USD) in public investment in the first half of 2021, representing 54.4 percent of the yearly plan and a year-on-year increase of 9 percent, making it the country’s sixth best performer.

During the first six months of the year, the province’s Party Committee, People’s Council and People’s Committee have together taken various measures to speed up the public investment disbursement.

Capital disbursement plans have been assigned for 2021’s projects and programmes since the end of last year to help investors balance the financial needs of them and enable improved performances. Competent authorities have also cut 30 – 50 percent of time required for completing public administrative procedures during the pre-investment verification and appraisal process at the request of the chairman of the provincial People’s Committee.

The province has also set specific timelines for the investment disbursement of each type of project this year while investors must be committed to following the timelines. Periodic reviews have also been conducted to identify projects with slow investment disbursement so capital can be withdrawn from slow-moving projects and transferred to faster ones.

Additionally, every major, key projects must be kept under the supervision of one of provincial leaders. District-level People’s Committees must also pledge to ensure that progress of site clearance for each project is on schedule.

Thanks to such drastic efforts, 106 out of 125 investors of projects funded by public capital have fulfilled 50 percent and more of their disbursement plans. The best performers among them include the Department of Transport (56.5 percent), Department of Public Security (93.5 percent), People’s Committee of Nong Cong district (100 percent), and People’s Committee of Cam Thuy district (98.9 percent).

Keeping disbursement of public investment on schedule is of great importance to Thanh Hoa’s socio-economic development, particularly as the COVID-19 pandemic is wreaking havoc on the local economy, said Le Minh Nghia, Deputy Director of the provincial Department of Planning and Investment.

It will help create jobs for thousands of people, boost local economic growth and offset economic losses in pandemic-hit sectors, he said.

Nghia noted that the province reported a Gross Regional Domestic Product (GRDP) growth of 8.66 percent in the first half of 2021, setting the scene for the accomplishment of public investment plans in the remaining months.

Thanh Hoa has been among ten cities and provinces receiving the highest public investment (over 10 trillion VND) for years. The province has also remained in the Top 10 performers in terms of investment disbursement.

Early this year, Minister of Finance Dinh Tien Dung called for faster progress of public investment disbursement, saying hastening the disbursement speed from the start of this year was an important solution to accelerate economic recovery amid the COVID-19 pandemic.

He also requested that projects failing to meet planned progress should have their capital revoked.

According to the General Statistics Office, every increase by 1 percent in public investment disbursement would push GDP by 0.06 percentage points.

The disbursement rate of public investment capital in 2021 is expected to reach between 95-100 percent of the plan assigned by the Prime Minister, according to the Ministry of Planning and Investment.

As planned, the disbursement of public investment will reach at least 60 percent of the plan by the end of the third quarter of the year.

Latest statistics released by the General Statistics Office (GSO) show that total social investment in the first six months of 2021 increased 7.2 percent year-on-year to 1,170 trillion VND.

Of the figure, over 295.2 trillion VND was sourced from the state sector, up 7.3 percent; 660.1 trillion VND came from the non-state sector, rising by 7.4 percent; and 214.4 trillion VND was from the foreign direct investment sector, up 6.7 percent.

Source: Vietnam News Agency