Day: September 27, 2022

The Vietnam Oil and Gas Group (PetroVietnam) still tops the PROFIT500 list which names the 500 most profitable enterprises in Vietnam in 2022.

 

This is the fifth year that the group has taken the leading position.

 

Other firms in the oil and gas sector also named in the list announced by Vietnam Report include PetroVietnam Gas Joint Stock Corporation (PV GAS) which is an affiliate of PetroVietnam, Binh Son Refining and Petrochemical Joint Stock Company (BSR), PetroVietnam Fertiliser and Chemicals Corporation ( PVFCCo), Vietnam-Russia oil and gas joint venture (Vietsovpetro),  PetroVietnam Power Corporation (PV Power), PetroVietnam Ca Mau Fertiliser Joint Stock Company (PVCFC), and PetroVietnam Insurance Corp (PVI).

 

This result affirmed PetroVietnam’s effective performance in recent years with its healthy financial position and flexible management capacity.

 

Crude oil exploitation by the group reached 900,000 tonnes in July, exceeding the plan by 19%. This brings the total figure in the first seven months to 6.38 million tonnes, surpassing the plan by 22% and equal to 73% of the yearly target.

 

Petroleum and nitrogen production exceeded the plan by 8% and 9%, respectively. The production and supply of gas, electricity and other energy products are all at a high level. This meets the market demand and contributes to stabilising the market and the macro-economy, ensuring national energy security and economic growth. Production and business in these fields both recorded positive results.

 

With efficient production and business activities, the group’s total revenue during January-July 2022 is estimated at 547.7 trillion VND (23.4 billion USD). The figure is 64% higher than the plan and 56% higher than the figure in the same period of 2021. In the period, PetroVietnam contributed 79.6 trillion VND to the budget, surpassing the plan by 74%, up 47% year-on-year.

 

According to Vietnam Report, after more than 30 years of operation, the PV GAS has turned into the pioneer enterprise in Vietnam’s gas industry and a strategic energy supplier for many industries.

 

PV GAS aims to become one of the leading players in the national economy, gradually reaching out to the international market, ranking high in the ASEAN region and being listed among the top gas brands of Asia.

 

A survey conducted by Vietnam Report in August also recorded a strong recovery of companies on PROFIT500. About two-thirds of them had their revenues surpassing the levels prior to the COVID-19 pandemic and only 6.2% fell short of their pre-pandemic profits./.

 

Source: Vietnam News Agency

 

In the time ahead, the northern province of Bac Giang will maximise the core role of the Ho Chi Minh Communist Youth Union (HCYU) chapters at different levels to promote digital transformation and the implementation of a plan on improving local youths’ digital skills, according to the provincial HCYU Committee.

 

The committee said its Standing Board identified the improvement of digital skills and the application of scientific, technical, and technological advances as an inclusive and consistent task in HCYU affairs and the youth movement in the 2022 – 2027 tenure.

 

This is also a key factor helping capitalise on the role of HCYU units in the context of the Fourth Industrial Revolution and Vietnam’s integration into the world, it noted.

 

In the time ahead, Bac Giang will step up communications to raise each HCYU cadre, member, and youngster’s awareness of digital transformation. To do that, it will combine the dissemination of knowledge about digital transformation, digital skills, and the HCYU’s role in digital transformation with activities of the HCYU and the Ho Chi Minh Vanguard Children Union.

 

HCYU chapters in the province are set to bring into play their pioneering role in implementing digital transformation solutions, reform their working methodology, improve the organisation capacity, and associate their activities with the performance of local socio-economic development tasks.

 

The province will continue boosting HCYU members and youngsters’ engagement in giving advice, conducting communications, implementing digital transformation tasks, and assisting local residents to access digital services and online public services, the HCYU Committee noted.

 

In the time ahead, Bac Giang will increase assistance for selling agricultural products, especially its typical ones, through e-commerce platforms. It will also conduct a survey of local farm produce, products of the “One Commune, One Product” (OCOP) programme, and farming households so as to work with relevant agencies to put products up for sale on e-commerce platforms.

 

The committee went on to say that communications will also be enhanced to encourage cashless payment among the HCYU members, youngsters, and residents.

 

Digital technology will be further applied at historical and cultural relic sites as well as tourist attractions so that the application will be completed at three special national historical relic sites in the province this year, the committee noted.

 

In the first half of 2022, the Standing Board of the provincial HCYU Committee coordinated with the provincial Department of Information and Communications and district-level People’s Committees to set up community-based digital technology groups with the participation of young people. It also opened training courses on digital skills for members and youngsters.

 

So far, 209 groups at the communal level and 1,891 others in villages have been formed with 9,950 members. The establishment of those groups was inspired by the community-based anti-COVID-19 groups, according to Deputy Director of the provincial Department of Information and Communications Nguyen Gia Phong.

 

In addition, the Standing Board signed a cooperation agreement with the Bac Giang branch of the Military Commercial Joint Stock Bank to promote cashless payment. It also inked a plan with the HCYU Committee of the Vietnam Post Corporation to facilitate the sale of lychee and other agricultural specialties on the firm’s e-commerce platform.

 

The provincial HCYU Committee worked with the province’s centre for employment services to organise two online job fairs for young people, especially those made jobless by the COVID-19 pandemic. As a result, nearly 1,000 youngsters were connected with employers at those fairs.

 

In particular, the committee finished the digitalisation of the special national relic sites of Vinh Nghiem Pagoda and the Xuong Giang Victory venue to help popularise local tourism online./.

 

Source: Vietnam News Agency

Vietnamese leaders on September 27 cabled messages of congratulations to their Turkmen counterparts on the occasion of the 31st Independence Day of Turkmenistan.

 

President Nguyen Xuan Phuc sent a congratulatory message to President Serdar Berdimuhamedov while National Assembly Chairman Vuong Dinh Hue cabled similar messages to President of the People’s Council Gurbanguly Berdimuhamedov and Chairwoman of the National Council Gulshat Mammedova.

 

The same day, Foreign Minister Bui Thanh Son also sent congratulations to his Turkmen counterpart Rashid Meredov./.

 

Source: Vietnam News Agency

Since becoming a signatory to UNCLOS 1982, Vietnam has remained a responsible member and has made significant efforts to endorse and implement its provisions, according to an article posted on Fulcrum.sg, a website of Singapore.

 

According to the article, when the UN Convention on the Law of the Sea (UNCLOS) was open for signature on December 10, 1982, Vietnam was among the first 117 countries to sign the Convention.

 

Furthermore, Vietnam has called upon other states in Southeast Asia to respect and comply with UNCLOS. In particular, during its chairmanship of ASEAN in 2020, Vietnam repeatedly stressed the relevance of UNCLOS in maintaining regional peace and resolving maritime disputes.

 

Most recently, together with Germany, Vietnam initiated the establishment of the UNCLOS Group of Friends to accelerate cooperation between like-minded countries on common maritime goals.

 

Mentioning the role of UNCLOS 1982, the article said known as the “Constitution of/for the oceans”, the Convention sets out a legal framework for regulating most sea-related activities and provides a platform for international cooperation on maritime-related issues. Furthermore, it stipulates binding mechanisms for settling disputes at sea.

 

UNCLOS standardises claims over maritime entitlements and sovereign rights of its signatories including Vietnam. Before UNCLOS, especially in the first half of the twentieth century, there were chaotic situations where countries argued over their maritime boundaries, leading to disputes. The adoption of UNCLOS has helped to reduce these kinds of disputes, as the Convention became a legal basis for the demarcation of overlapping territories.

 

The Convention has provided a framework for member states, including Vietnam, to cooperate with other states on various issues like crimes at sea, namely piracy and armed robbery against ships, protecting the environment, conducting scientific research, and managing resources.

 

The importance of UNCLOS to Vietnam has been proven over the past 40 years, especially in terms of legitimising the country’s maritime claims, enhancing its domestic law and management system, accelerating cooperation with other states, and settling maritime disputes./.

 

Source: Vietnam News Agency

 

A writing published by the London-based Financial Times on September 26 described Vietnam as one of the seven economic wonders of a worried world.

 

It noted in periods of gloom like this one, when commentators see nothing but faults in most countries, it is worth highlighting the few that defy the prevailing pessimism. The seven that stand out in a world tipping towards recession and higher inflation are Vietnam, Indonesia, India, Greece, Portugal, Saudi Arabia, and Japan.

 

They share some combination of relatively strong growth, moderate inflation or strong stock market returns – compared with other countries.

 

The writing said the least surprising name on the list is Vietnam, adding that by investing heavily in the infrastructure required of a manufacturing export power, and opening its doors, Vietnam is growing at nearly 7%, the fastest pace in the world.

 

For the remaining economies, the article also analysed factors that help them steer clear of a global economic recession.

 

It held that any of these economies could falter, but these nations are already among the top performing stock markets this year. Amid well-founded worry about global prospects, a new set of winners is emerging./.

 

Source: Vietnam News Agency