Day: July 1, 2022

Petrol prices were adjusted down from 3pm on July 1 by the Ministries of Industry and Trade, and Finance, after seven consecutive increases.

The retail price of RON95 dropped by 110 VND to a maximum of 32,763 VND (1.41 USD) per litre, while that of E5RON92 bio-fuel was down 411 VND to 30,891 VND per litre.

Meanwhile, the prices of diesel 0.05S and kerosene decreased by 404 VND and 432 VND to 29,615 VND and 28,353 VND per litre, respectively.

The two ministries also decided to use the petrol price stabilisation fund at a rate of 100-800 VND per litre./.

Source: Vietnam News Agency

Vietnamese airlines are suffering losses amounting to hundreds of billions of dong each month due to a surge in fuel prices, according to the director of the Civil Aviation Authority of Vietnam (CAAV) Dinh Viet Thang.

At a conference of the transport ministry reviewing its work in the first half of the year earlier this week, Thang said that fuel costs accounted for 40-50% of operation costs, and revenue increases were insufficient to compensate for high fuel prices.

He said domestic aviation transport had recovered with higher growth than in the pre-pandemic period. However, Vietnamese carriers had not fully escaped difficulties due to the slow recovery of the international market.

It was estimated that domestic carriers suffered a loss of nearly 100 billion VND per month on skyrocketing jet fuel prices.

Tran Thanh Hien, chief accountant at Vietnam Airlines, said Jet A1 prices averaged 72 USD per barrel in 2021, and carriers developed the scenario where the average jet fuel price was 110 USD for 2022. However, the fuel price reached 162 USD, two times higher than last year.

If fuel prices keep increasing and are maintained at a high level for a long time, no carriers will earn a profit, Hien said.

As domestic airlines were struggling with high fuel prices, the CAAV proposed the Ministry of Transport consider reducing the environmental tax on fuel together with gradually loosening caps on domestic ticket prices so that airlines could be more flexible.

Le Hong Ha, general director of Vietnam Airlines, said that loosening the air ticket ceiling would reflect competition in the air transport market. This would help airlines to collect surcharges on customers who could afford it and be an opportunity for the carriers to widen the price fluctuation range.

Bui Doan Ne, Vice President of the Vietnam Aviation Business Association, said high fuel prices were a real challenge as domestic airlines had just gone through more than two years of difficulty due to the pandemic and had not yet recovered.

It was reported at the conference that in the first half of the year, the number of monthly international air passengers had increased from 103,500 in January to 127,000 in February, 224,600 in March, and 445,700 in April, 650,000 in May and an estimated 826,000 in June.

At the end of June, more than 30 foreign and four Vietnamese airlines were operating 96 international routes between Vietnam and 21 countries and territories. Vietnamese carriers were using 68 international routes to 16 countries and regions.

In the domestic market, six Vietnamese carriers were operating 55-60 routes connecting Hanoi, Da Nang and HCM City with 19 local airports. The lifting of pandemic-related restrictions, along with booming demand, was bringing about a fast recovery of domestic aviation transport, with the number of domestic passengers growing from 10-15% each month in the second quarter.

The number of air passengers going through Vietnamese airports was expected to reach 70-80 million this year, including 8-10 million international travellers./.

Source: Vietnam News Agency

Vice Chairman of the People’s Council of Ho Chi Minh City Nguyen Van Dung and Vice Chairman of the Standing Committee of China’s Shanghai Municipal People Congress Chen Jing had an online meeting on June 30 to discuss orientations to promote the partnership between their elected agencies.

Dung affirmed that the meeting shows HCM City’s determination and hope to maintain the friendly and cooperative partnership between the two cities.

Briefing the Chinese official on the socio-economic situation of the city, Dung said he hopes Shanghai will continue to organise short-term training courses for HCM City officials and share experience in areas of mutual interest.

He briefed the Chinese official on major activities of the HCM City People’s Council, especially measures to speed up the socio-economic recovery and development after COVID-19, and expressed his hope to learn legislative experience from China in various fields.

For his part, Chen noted that the partnership between Shanghai and HCM City, which was set up in 1994, has developed soundly in many areas.

He lauded the potential of HCM City and the strong growth of Vietnam and the city in particular, and said he hopes to promote bilateral cooperation on a win-win spirit.

The two sides agreed that Shanghai and HCM City share many similarities during their development. The Shanghai Municipal People Congress wishes to continue to foster cooperation and share its experience with the People’s Council of HCM City, contributing to promoting bilateral socio-economic and investment partnership and fostering trade between the two cities, said Chen./.

Source: Vietnam News Agency

Climate change has become one of the great challenges facing humanity, affecting all aspects of economy, politics, diplomacy as well as global security, Nguyen Tuan Quang, Deputy Director of the Climate Change Department under the Ministry of Natural Resources and Environment (MONRE), has said.

He made the statement at a seminar on “Accelerating Business Engagement in the Pathway of Vietnam’s Nationally Determined Contributions and Net Zero Emissions” held in Ho Chi Minh City on June 30 by the Japan International Cooperation Agency (JICA) in cooperation with the Climate Change Department and the Vietnam Chamber of Commerce and Industry (VCCI).

It aimed to share information and experience in greenhouse gas emission reduction between public agencies and the private sector while disseminating policies related to climate change and emission reduction.

The Climate Assessment Report 2022 of the Vietnamese Government has pointed out that socio-economic development activities were the main cause of excessive greenhouse gas emissions. Thus, he said the engagement of enterprises is extremely important not only because they are directly involved in these activities but also because they can contribute greatly in terms of financial and technological resources.

Nguyen Tien Huy, Director of the Office for Business Sustainable Development at VCCI, said that Vietnam is one of the countries most vulnerable to climate change and will suffer huge ecological, economic and social losses if the average temperature increases by 2 degrees Celsius.

According to the Ministry of Planning and Investment, the private sector accounts for 70% of the total 21 billion USD investment needed to adapt to climate change in Vietnam.

It is necessary for businesses in Vietnam to take stronger actions to accelerate the process of reducing emissions such as providing and putting into use sustainable, carbon-free energy sources at a more affordable price; optimise the use of resources to meet society’s needs as well as build financial mechanisms to improve transparency and efficiency in corporate reporting, he said.

To facilitate private sector engagement in National Determined Contributions (NDC), MONRE has collaborated with JICA in the implementation of the project “Support for Planning and Implementation of the Nationally Determined Contributions in Vietnam (SPI-NDC”), Huy said.

The project will help promote the participation of the private sector by improving technical capacities of enterprises that are subject to facility GHG reporting systems being developed with support from Japanese experts.

Murooka Naomichi, Senior Representative of JICA Vietnam, affirmed that through the SPI-NDC project, JICA will continue to provide opportunities for both capacity building and dialogue among key actors to consolidate the partnership./.

Source: Vietnam News Agency

Lieutenant General Phung Si Tan, Deputy Chief of the General Staff of the Vietnam People’s Army, attended security and defence exhibition SEDEC 2022 in Ankara from June 28 – 30.

The SEDEC, one of the largest of its kind in Western Asia, is held biennially under the patronage of the Turkish Presidency of Defence Industries (SSB).

This year’s event brought together more than 300 exhibitors in defence and security industries from 51 countries. It featured not only exhibitions but also symposiums in domestic security, border security, information and cyber security as well as business meetings.

On his trip, Tan met with SSB head Ismail Demir and head of SEDEC 2022 organising committee Hilal Unal to learn Turkey’s experience in holding international defence expo and invited Turkish exhibitors to the Vietnam Defence 2022, the first international defence exhibition held in Vietnam in December./.

Source: Vietnam News Agency

Top leaders of Vietnam on July 1 sent messages of congratulations to Canadian leaders on the 155th Canada Day (National Day) (July 1).

President Nguyen Xuan Phuc sent a message of congratulations to Governor General Mary Simon, while Prime Minister Pham Minh Chinh cabled a congratulatory message to his Canadian counterpart Justin Trudeau, and Chairman of the National Assembly Vuong Dinh Hue extended greetings to Speaker of the Senate George Furey and Speaker of the House of Commons Anthony Rota.

On this occasion, Minister of Foreign Affairs Bui Thanh Son also congratulated his Canadian counterpart Mélanie Joly./.

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh on July 1 stressed the need for the Central Highlands region to improve the quality of human resources, especially those belonging to ethnic minority groups, and consider the task one of the breakthroughs for rapid and sustainable development.

Chairing a conference reviewing the implementation of the Politburo’s Resolution 10 dated January 18, 2002 and Conclusion 12 dated October 24, 2011 on socio-economic development and assurance of national defence and security in the Central Highlands, he hailed positive achievements the region has gained after the implementation of the two documents.

As the Central Highlands is a strategic region, its rapid and sustainable development is the responsibility of all levels, sectors and the whole political system, the Government leader noted. Attention should be paid to the building and rectification of the Party and political system, the improvement of leadship capacity and Party organisations’ combat strength, and the fight against corruption and negative phenomena, stated Chinh.

The Government leader also required the region to complete institutions and policies on regional connectivity, develop socio-economic infrastructure, and step up digital transformation.

He also highlighted the importance of applying science and technology to agricultural production, increasing the development potential of clean and renewable energies and tourism, and improving the material and spiritual lives of local people.

The region comprises Kon Tum, Gia Lai, Dak Lak, Dak Nong and Lam Dong./.

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh on July 1 visited the Military Command of Dak Lak, during which he asked military forces in the Central Highlands province to keep a close watch on the situation and maintain their combat readiness.

He also urged the forces to contribute to the implementation of the 9th Politburo’s Resolution No.10-NQ/TW dated January 18, 2002 and Conclusion No.12-NQ/TW dated October 24, 2011 on socio-economic development in the Central Highlands.

On this occasion, the PM also visited the local police force, asking them to provide more consultancy for all-level authorities, and further contribute to the fight against corruption and other negative phenomenon.

The leader presented gifts to 97-year-old Heroic Vietnamese Mother Vo Thi Hong in Tan Hoa ward, and 73-year-old war invalid Nguyen Quynh in Tan Loi ward, Buon Ma Thuot city, on the occasion of War Invalids and Martyrs Day (July 27).

Later the same day, he made a field trip to the final section of Khanh Hoa-Buon Ma Thuot expressway, which, he said, is of significance as it connects the Central Highlands and the south-central coastal region.

PM Chinh asked consulting units and relevant sides to work around the clock to ensure the progress of the project, and localities to push ahead with site clearance and coordinate with relevant units during the construction.

With total investment of 21.93 trillion VND (940.59 million USD), the construction of the 117.5km expressway is projected to be put in use in 2027./.

Source: Vietnam News Agency