Day: September 13, 2022

The Vietnam Oil and Gas Group (PetroVietnam) has fulfilled three main targets of the year ahead of schedule thanks to a series of effective solutions.

Those targets are total revenue, consolidated pre-tax profit and contribution to the State budget.

PetroVietnam achieved the impressive results in the context of a declining trend in the world economy with the global PMI in August further dropping to 50.3, a 26-month low. OPEC forecast a 3.1% growth for the world economy this year, down from the 3.5% forecast in May.

In the country, the domestic economy is suffering from the impacts of rising inflation in the world and the disruption of global supply chains. Besides, energy prices continue to undergo unpredictable changes, demand for fertilizer dropped and gas exploitation for electricity generation continued to be lower than planned, thus affecting PetroVietnam’s operation.

To counter the unfavourable factors, the group has applied synchronous technical solutions and maintain exploitation activities at high level, resulting in a 23% increase in crude oil output over the eight-month target.

The group produced 4.56 million tonnes of petrol and oil (excluding the output of Nghi Son refinery), exceeding the 8-month plan by 8% and up 5% year on year, meeting domestic demand.

PetroVietnam also produced 1.22 million tonnes of urea fertilizer for the domestic market, exceeding the 8-month plan by 10% and up 9% year on year.

It paid 90.6 trillion VND (3.85 billion USD at current exchange rate) to the State coffer, surpassing the yearly plan by 40%. In 2021, the group contributed 112.5 trillion VND (nearly 4.8 billion USD) to the State budget, up 80% from the year’s target and equivalent to 36% of the 2020 figure.

In August, the group also implemented other business and production activities on schedule, while promoting cooperation with domestic and international organisations and businesses like banks and energy groups. Addressing a regular meeting for September, PetroVietnam Chairman Hoang Quoc Vuong again underlined that the group has an important mission of ensuring energy security for national development, thus contributing to building an independent and self-reliant economy.

He instructed affiliates to give priority to tackling most urgent issues in the remaining months of 202 and remaining years in the five-year plan for 2021-2025.

Based on the group’s strength in renewable energy, especially off-shore renewables, relevant units should build strategies along with specific plans of action in this field, Vuong said.

Meanwhile, Director General Le Manh Hung stressed that the group must work hard to ensure sufficient supply of energy, especially petrol and gas, for the country in line with the Prime Minister’s requirement. He also directed the group to actively work with related agencies in building institutions, mechanisms and policies for the development of the oil and gas industry, particularly in the drafting of the revised law on oil and gas.

The Director General warned that the situation on the world market will worsen in the last months of 2022 and in 2023 as a consequence of instability, depression and shrinking production, which will affect PetroVietnam’s production and business.

He required the group’s units to closely monitoring trends on the market, develop scenarios for production and business depending on inflation and exchange rate as well as impacts of monetary and fiscal policies, and reshuffle investment portfolio to cope with the effect of inflation.

The group should build plans to cope with the risk of disruption in supply chains, roll out connectivity chains in production, business and investment, and promote long-term scientific research programmes, especially a research project on dioxide carbon, to serve investment planning and market expansion, Hung said./.

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh and President of the Cambodian National Assembly (NA) Samdech Heng Samrin expressed their satisfaction of the stable development of the two countries’ ties during their meeting in Hanoi on September 13.

They noted that leaders of Vietnam and Cambodia have maintained frequent meetings and discussions while bilateral cooperation mechanisms have continued to prove effective, helping sustain cooperation momentum in various fields.

Notably, despite the COVID-19 pandemic’s impacts over the last two years, economic partnership has generated encouraging outcomes. Bilateral trade approximated 10 billion USD in 2021 and surpassed 7 billion USD in the first seven months of 2022, up 17.8% year on year. Vietnam currently has 188 valid investment projects worth 2.8 billion USD in Cambodia, ranking first among members of the Association of Southeast Asian Nations (ASEAN) and fifth among all foreign direct investors in there.

Both host and guest highly valued the coordination to successfully organise many meaningful activities in the Vietnam – Cambodia Friendship Year 2022, especially the June 20 ceremony chaired by the two PMs marking 45 years since the start of Samdech Techo Hun Sen’s journey to topple the Pol Pot genocidal regime and the celebration of the 55th anniversary of the countries’ diplomatic ties on June 24.

They agreed to maintain frequent high-level meetings via all channels to unceasingly promote the trustworthy political relationship. Meanwhile, legislative and executive bodies of Vietnam and Cambodia will continue bringing into play their role in fostering bilateral relations, particularly in creating favourable legal corridors for all-faceted cooperation, and monitoring and promoting ministries, sectors, localities, and businesses’ implementation of signed agreements.

The two sides also agreed to work together to effectively carry out the deals and plans on defence – security cooperation, prevent cross-border crimes, and conduct border demarcation and marker planting on the remaining 16% of their borderline so as to build a land border of peace, friendship, cooperation, and development.

They underscored the importance of enhancing economic connectivity, especially in transport, telecommunications, and finance – banking, to create a new impulse for partnerships in other spheres like trade, investment, energy, tourism, education – training, and locality-to-locality ties.

At the meeting, PM Chinh thanked and called on the Cambodian parliament and Government to continue creating conditions for Vietnamese-origin people to settle down, integrate into the local society, and act as a bridge linking the two countries. He also called for optimal conditions for Vietnamese enterprises to operate stably in Cambodia in the long term.

He took this occasion to appreciate Cambodian authorities’ effective coordination with Vietnam to rescue many Vietnamese citizens lured to forced labour in some business establishments of foreigners in Cambodia. He asked the two sides to keep close cooperation to rescue and assist victims, and thoroughly deal with this issue.

Regarding multilateral cooperation, the two leaders concurred that their countries will keep coordination and mutual support at international and regional forums.

PM Chinh affirmed that Vietnam supports and believes Cambodia will successfully perform the chairmanship of ASEAN and the ASEAN Inter-Parliamentary Assembly (AIPA) in 2022.

He also asked the two countries to join other ASEAN members to exert efforts to maintain the bloc’s solidarity, unanimity, and centrality in strategic issues of the region, including the East Sea issue./.

Source: Vietnam News Agency

Party General Secretary Nguyen Phu Trong affirmed that the Vietnamese Party, State and people always support the cause of national construction and development of Cambodia during a reception in Hanoi on September 13 for President of the Cambodian National Assembly Samdech Heng Samrin.

The Party leader thanked Cambodia for the valuable support that the country has given to Vietnam, and highlighted the traditional relations of Vietnam and Cambodia as two close neighbours and brothers who have stood side by side in the cause of national liberation and reunification in the past as well as in national construction and development today.

Trong also underscored the importance of the relationship between Vietnam, Laos and Cambodia. He wished that the three countries work together to preserve and foster the development of their relationship for the prosperity of each country, and for peace, stability, cooperation and development in the region and the world.

Heng Samrin, for his part, said that Cambodia will work with Vietnam to preserve and develop the relationship between the two countries to new heights and pass it down to future generations.

He informed the host about the recent situation in Cambodia, especially the successful organisation of the local election for fifth tenure, and the CPP’s great victory in the election.

The Cambodian NA President also briefed General Secretary Trong on the results of the talks between him and Vietnamese National Assembly Chairman Vuong Dinh Hue within the framework of the visit./.

Source: Vietnam News Agency

President of the Cambodian National Assembly Samdech Heng Samrin met a delegation of the Vietnam-Cambodia Friendship Association (VCFA), headed by its president Nguyen Thi Thanh, in Hanoi on September 13.

The Cambodian official appreciated the role and contributions of the VCFA and Cambodia-Vietnam Friendship Association, saying that they act as a bridge to further promote cooperation and people-to-people exchange of both countries.

Heng Samrin expressed his pleasure at the growing traditional ties and collaboration, and congratulated the Party, State and people of Vietnam on their achievements in the cause of national construction and development.

According to Heng Samrin, in the context that the world has faced crises and instability, the role of the two friendship associations is increasingly important in promoting solidarity and mutual support to jointly address the challenges that will leave an impact on the socio-economic development of each country.

He affirmed that Cambodia’s parliament will always support cooperation and mutual assistance activities between the two friendship associations, contributing to the socio-economic development of the two countries, as well as further promoting their ties.

For her part, VCFA President Thanh, who is also head of the National Assembly Standing Committee’s Board for Deputy Affairs, said the VCFA will make efforts together with the Cambodia-Vietnam Friendship Association to successfully carry out the bilateral cooperation agreement for the 2022-2027 period.

She also briefed the guest about the association’s activities, including the dissemination of information on the traditional friendship between the two countries, the organisation of ctivities celebrating the Vietnam-Cambodia Friendship Year as well as preparation for people-to-people exchange in November./.

Source: Vietnam News Agency

The French Embassy in Vietnam on September 12 held a press conference to provide the media with information on a project named “Share and protect Vietnam’s heritage” and the component to be carried out in the central province of Thua Thien-Hue.

The project, initiated by the French Embassy in Vietnam and sponsored by the French Foreign Ministry, has a funding of 18 billion VND (784,300 USD) for activities during 2022-2024 from the French Government and partners such as museums, localities and universities.

Frédérique Horn, Attaché for Cooperation and Cultural Activities of the French Consulate General in Ho Chi Minh City, said the project focuses on training for museum staffs, building training programmes on museum-related professions for Vietnamese universities, and helping develop pilot projects on heritage conservation in three regions of Vietnam.

Specifically, the project will renovate the Tourist Centre of Cuc Phuong National Park in the northern province of Ninh Binh, support the Environmental Education and Communication Centre in Cu Lao Cham Marine Protected Area in the central province of Quang Nam, and design and implement “Story Boxes” for museums in Ho Chi Minh City in the south. In Thua Thien-Hue, training courses will be held for staff members of local museums to enhance their professional skills in communicating with the public, managing and preserving collections. Three officials will be invited to a one-week field trip in France./.

Source: Vietnam News Agency