Day: August 3, 2021

Russian Ambassador to Vietnam Gennady Bezdetko has published an article on the occasion of the Vietnam – Russia oil and gas joint venture Vietsovpetro celebrating its 40th founding anniversary and 35 years since it began oil and gas exploitation, praising the firm’s significant contributions to the nations’ comprehensive strategic partnership.

The article emphasised that the establishment of joint actions between Russia and Vietnam in the oil and gas field was one of the glorious pages in the history of their bilateral relations. It affirmed during the past four decades, the joint venture has led Vietnam – Russia cooperation in the energy sector, contributing greatly to strengthening the countries’ economic and trade ties.

In 1988, Vietsovpetro pumped up the first tonnes of crude oil from the basement on the continental shelf in Bach Ho field, which was a milestone for the development of Vietnam’s oil and gas sector.

The Russian diplomat reviewed the joint venture’s key activities in the past time, stating that it has contributed to ensuring Vietnam’s energy security and budget revenue, creating jobs, and promoting the growth of supporting industries and scientific areas.

The article affirmed that in terms of economic efficiency, Vietsovpetro is holding a deserving position not only in the Vietnamese market but also in the world. Over the past 35 years, the firm has exploited more than 240 million tonnes of oil and gas. As of March this year, its revenue from oil and gas sales amounted to 86.7 billion USD, with 52.6 billion USD contributed to the State budget.

Its efficient management and smooth production process have allowed Vietsovpetro to operate sustainably even in the midst of the COVID-19 pandemic. In 2020, its volume of oil extracted stood at 3.4 million tonnes, 9 percent higher than the yearly target. About 1.2 billion cu.m of gas has been brought ashore, reeling in 1.14 billion USD in revenue.

The joint venture with a workforce of about 8,000 now is still among the most important in the Vietnam – Russia coordination and is making great contributions to strengthening their comprehensive strategic partnership, Bezdetko said.

Its achievements are a clear affirmation of meticulous and selfless works by Russian and Vietnamese experts as well as of the friendship and mutually beneficial cooperation between the two nations, concluded the diplomat./.

The Vietnam – Russia oil and gas joint venture Vietsovpetro sets to exploit nearly 3 million tonnes of oil equivalent and condensate in 2021, according to Director General Nguyen Quynh Lam.

The company also aims to contribute 519.4 million USD to the State budget and generate around 157 million USD in profit this year, Lam said.

The firm expects to put the platform BK-18A into operation on October 15, 2021 and BK-19, a month later, he noted, adding that it will also work to improve its capacity as a service provider to offshore wind power projects.

In 2020, the joint venture’s oil and gas output reached 3.42 million tonnes, surpassing the set target by nearly 300,000 tonnes.

It said the oil production target was met one month earlier than the plan, while the natural gas output target was fulfilled 44 days ahead of schedule.

As part of solutions to difficulties posed by the COVID-19 pandemic, the company has made efforts to cut production cost and spending. As a result, it has reduced spending by over 105 million USD, and its production costs decreased by 17 percent compared to the plan.

Oil sales totalled only about 1.11 billion USD last year, or 81.1 percent of the plan. It contributed nearly 745 million USD to the State budget. Its revenue from outside services and other activities amounted over 213 million USD, while after tax profit hit more than 49 million USD.

Source: Vietnam News Agency

The Ministry of Finance has issued a circular providing guidelines on obligations of organisations and individuals in foreign investment activities on the Vietnamese securities market.

Under Circular No. 51/2021/TT-BTC issued on June 30, 2021, foreign investors and representatives of foreign investors must ensure investment transactions on the Vietnamese stock market and those performed by related persons and groups of related foreign investors are not intended to create unreal supply and demand, manipulate securities prices, together with other prohibited trading acts as prescribed by law.

Foreign investors and foreign depository certificate issuers shall be obliged to declare, pay and settle taxes, fees, charges, and service prices related to securities activities in Vietnam in line with the provisions of Vietnamese law.

In addition, foreign investors and groups of related foreign investors must fulfill the obligation to report ownership and disclose information about securities transactions according to the law on information disclosure on the stock market.

Besides, the circular clearly stipulates obligations in providing services for foreign investors. Accordingly, securities companies, securities investment fund management companies, branches of foreign fund management companies in Vietnam, economic organisations with foreign investors holding more than 50 percent of charter capital, when providing services for foreign investors, must ensure full compliance with legal regulations on securities and stock market.

When providing services and participating in securities auctions as authorised by foreign investors, securities companies, securities investment fund management companies, branches of foreign fund management companies in Vietnam must separate trading orders and investment instructions of foreign investors from trading orders and investment instructions of domestic investors (if any) and their own, ensure compliance with legal regulations on the rate of foreign ownership in Vietnamese enterprises, and take responsible for a fair and reasonable allocation of assets to each customer following the signed contract.

The circular will take effect on August 16, 2021.

Source: Vietnam News Agency

Tan Cang – Cat Lai Port in Ho Chi Minh City’s newly created Thu Duc city will temporarily stop accepting imports by businesses that have suspended production so that it can clear a huge backlog of containers that have piled up.

In an announcement, the Tan Cang Sai Gon Corporation said the pileup has been caused by firms reducing or suspending production since the city’s lockdown began.

In the period, starting July 9, the number of trucks coming to the port to pick up cargo has declined sharply, and the number of containers stuck has climbed to nearly 100 percent of capacity.

The port is also facing a shortage of employees, with the number halving to 250, exacerbating the pileup.

Nguyen Phuong Nam, the corporation’s deputy general director, said customers who have suspended production should stop importing goods through the port for the time being, though it would still receive them if the goods are already en route.

As for exports, oversized and excessively heavy goods and refrigerated cargo will also not be accepted until at least August 16.

Shipping companies have been told to persuade their customers to change the destination to Tan Cang – Hiep Phuoc Port in the city’s Nha Be district or to Tan Cang – Cai Mep International Terminal or Tan Cang – Cai Mep Thi Vai Terminal in neighbouring Ba Ria – Vung Tau province.

The corporation has called on shippers to provide the estimated number of containers with imports and empty brought by vessels docked at its port in the next two weeks so that it can proactively rearrange space.

If the number of containers stockpiled reaches the port’s maximum capacity, the port will have to stop receiving cargo.

The corporation has called on the city’s Department of Customs to seek the General Department of Vietnam Customs’ instructions for dealing with the backlog at the port.

Nguyen Xuan Sang, General Director of the Vietnam Maritime Administration, said his agency has proposed solutions to the Ministry of Transport to resolve the urgent problems at the port.

VMA had opened a hotline at 0903 772 683 to receive calls so that it could support import-export companies and goods owners with loading and unloading of goods at the port.

It has also set up a command centre under the VMA, HCM City branch, to co-ordinate with port operators, shipping operators and other relevant agencies to quickly handle problems and ensure smooth operation of all ports.

It has instructed port authorities across the country to make plans to receive goods to prevent a similar situation.

Ports handle about 40 per cent of the country’s imports and exports.

Source: Vietnam News Agency

The World Bank (WB) in Vietnam on August 3 published a final report of Road Safety Data Assessment in Vietnam for the establishment of a National Road Safety Observatory (NRSO).

The report is part of a strategic partnership programme between the Australian Government and the WB on a series of analytical reports on Vietnam’s transport industry.

According to the report, the WB has been assisting the Government of Vietnam, through the National Traffic Safety Committee (NTSC), in improving its road accident data system, establish a NRSO and update the National Road Safety Strategy and Action Plan for Vietnam.

With financial support from the WB during the 2005-2012 period, a National Road Traffic Accident Database System (NRADS) has been developed, which includes data from 63 provinces and cities across the country, managed by the Traffic Police Department under the Ministry of Public Security.

The report’s findings highlighted the need to strengthen state management and restructure road traffic safety data systems.

Despite many efforts has been paid, thousands of deaths are recorded every year due to road traffic accidents, it said.

According to the Traffic Police Department, in the first six months of the year, there were 6,340 traffic accidents nationwide which killed 3,192 people and injured 4,475 others. Most of the accidents occurred on roads with 6,278 cases resulting in 3,147 deaths and 4,465 injuries.

To improve the situation, the WB recommended that Vietnam establish a specialised agency to manage road traffic safety and build a comprehensive database on road safety.

According to the WB, the development of a database on traffic accidents by the Ministry of Public Security is a great step forward, but it needs to be integrated with the road database of the Ministry of Transport.

It is necessary for the Ministry of Health to build a database on traffic accident injuries, which is linked to the above databases.

The WB estimates that it takes four years with a budget of nearly 2 million USD to build and put into operation the NRSO and the National Road Traffic Safety Portal.

Source: Vietnam News Agency

All Vietnamese candidates at the 53rd International Chemistry Olympiad (IChO 2021) won medals, which consisted of three gold and one silver medals.

According to the Ministry of Education and Training, the three gold medalists were 12th graders Nguyen Duy Anh and Nguyen Le Thao Anh of the Hanoi – Amsterdam High School for the Gifted and Pham Duc Nam Phuong from Hai Duong province’s Nguyen Trai High School for the Gifted.

The silver medal went to another 12th grader, Nguyen Hoang Duong of the Hanoi University of Science (HUS) High School for Gifted Students under the Hanoi National University.

The IChO 2021, virtually hosted by Japan from July 25 to August 2, attracted contestants from 79 countries and territories worldwide.

Overall, all 37 Vietnamese students have brought home medals from this year’s Olympiads in different spheres, including 12 gold, 13 silver, 10 bronze medals, and two certificates of merit.

Source: Vietnam News Agency

President of the National Assembly (NA) of Cambodia Samdech Akka Moha Ponhea Chakrei Heng Samrin on August 3 sent a letter of congratulations to Vuong Dinh Hue on his election as Chairman of the 15th NA of Vietnam.

In the letter, Heng Samrin expressed his belief that under the sound leadership of NA Chairman Vuong Dinh Hue in the new tenure, the traditional friendship, good neighbourliness, comprehensive and long-term cooperation between the two legislatures and two nations will continue growing more strongly in the near future, for the benefit of the their people.

On the occasion, the top Cambodian legislator expressed his profound thanks to Vietnam for providing hundreds of thousands of masks for Cambodia to help it cope with the spread of COVID-19 as the pandemic has been developing complicatedly in many countries worldwide.

He also lauded the efforts of the two governments in curbing the pandemic via close cooperation activities and mutual medical support.

Source: Vietnam News Agency