Vietnam National Petroleum Corporation (Petrolimex) will cut three-fourth of its wholesalers to 6-8 units from current 28 units to increase scale and create competition, the local newspaper Tuoi Tre (Youth) reported. Petrolimex will focus on restructuring 3 sectors: administration, human resource and finance, the corporation confirmed on Feb 23, adding that it will establish yearly [...]
Monopoly will be scrapped from the insurance industry within the next 3 years as highlighted in a development strategy for the 2011-2020 period. The insurance market development strategy issued last week partially reflects the Government’s goal of restructuring the financial and insurance sectors. According to the strategy, to enhance the insurance system’s ability to meet [...]
Feb 24 2012 | Posted in
Insurance |
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The National Power Transmission (NPT) said it has invested 9.3 trillion dong to build a 500kV electric grid connecting five provinces and HCM City. It will also boost power connectivity within the country and throughout Vietnam, Laos and Cambodia after 2015, the company, which is a subsidiary of Electricity of Vietnam, said. Meanwhile, the Project [...]
Feb 24 2012 | Posted in
Energy |
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Following a number of mysterious burning bike cases, in which adulterated gasoline is the main suspect, the Vietnamese Ministry of Industry and Trade has demanded that fuel wholesalers be held responsible for the quality of fuel distributed under their systems. The ministry also asked the wholesalers to strengthen checkups and supervision over the dealers, as [...]
The Vietnam National Coal and Mineral Industries (Vinacomin) Group proposed again yesterday that the Government approve higher prices for coal used in electricity production. Last year, the group sought an increase of 10-15 per cent but an increase of just 5 per cent was approved. Meanwhile, effective March 1, electrical rates will increase by an [...]
Feb 24 2012 | Posted in
Mining & Metal |
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Vietnam Airlines Corp. has clinched a deal with Australia’s Qantas Group to turn the loss-making Jetstar Pacific Airlines into a strong carrier with domestic and international services. The partnership was announced on Tuesday when Vietnam Airlines officially took over a 69.93% stake at Jetstar Pacific from State Capital Investment Corp. (SCIC) as approved by the [...]
Feb 24 2012 | Posted in
Aviation |
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Despite getting a licence to change itself into S-Telecom Company Limited with $452.3 million in total registered capital, S-Fone’s leaders have yet to unveil who will be the key strategic partner. At its seven-year foundation anniversary in July 2010, S-Fone once declared it had 7.5 million subscribers and was the fourth largest player in local [...]
The Vietnam National Coal and Mineral Industries Corporation, or Vinacomin, has recently divested nearly VND220 billion ($10.56 million) from four enterprises, a move under its restructuring plan as ordered by the Prime Minister. Under the operation plan for this year, Vinacomin said it will only maintain capital investment in businesses working in the coal and [...]
Feb 24 2012 | Posted in
Mining & Metal |
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The People’s Committee in Hanoi has completed a draft plan for development of the industrial sector until 2020, with a vision outlook till 2030, with main focus and target at turning it into a high technology sector. Accordingly, the city will spend a total of VND238.757 trillion ($11.3 trillion) during the period 2011-2020 into developing [...]
Electronic Equipment Production Center, a subsidiary of the military-run telecom group (Viettel), will produce a tablet computer costing under $200 as a trial in the second quarter this year. Director of the centre Nguyen Vu Luu revealed the news on the sidelines of a seminar on scientific research held in Hanoi on February 23. The [...]
Feb 24 2012 | Posted in
Technology |
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