Vietnam aims to quicken electricity sector restructuring

Prime Minister Nguyen Xuan Phuc has approved a project on restructuring the electricity industry from 2016-2020, with a vision to 2025, to increase transparency and fair competition in the field.
Vietnam aims to quicken electricity sector restructuring ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has approved a project on restructuringthe electricity industry from 2016-2020, with a vision to 2025, to increasetransparency and fair competition in the field.

From 2016-2018, power generating corporations under the Electricity of Vietnam(EVN), the Vietnam Oil and Gas Group (PVN) andthe Vietnam National Coal – Mineral Industries Holding Corporation Limited(Vinacomin) will be equitised in linewith the plans ratified by the PM. EVN, PVN and Vinacomin will continue managing power generating corporations and hold at least 51 percent of stake in them.

Power generating corporations will be responsible forimplementing new investment projects in accordance with the National PowerDevelopment Plan for 2011-2020, with a vision towards 2030.

They will work to carry out projects to improve the efficiency of corporatemanagement, maintain competitiveness, ensure profitable production andbusiness, and increase the ratio of equity capital for investment anddevelopment as required by financial institutions.

Renewableenergy plants are encouraged to join in the pilot electricity wholesale market.

Regardingelectricity supply and retail, electricity companies will maintain theorganisation as one-member limited companies, with 100 percent of their chartercapital owned by EVN.

Regulatory mechanisms will be built among power companies to meet requirements ofthe power wholesale market.

The National Load Dispatch Centre ofVietnam (NLDC) will be responsible foroperating power systems and the power market, and building a plan to transform theNLDC into a one-member limited company with independent accounting.

Renovationwill be also carried out in the electricity regulatory department under the Ministry of Industry and Tradeto satisfy management and supervision of requirements for the competitivewholesale market.

As from 1019, Capital divestment will be accelerated in power generating corporationsto reduce State owned stakes to below controlling level. Those corporations arescheduled to be separated from EVN, PVN and Vinacomin after two years of equitisation.

Build-operate-transferpower plants will be encouraged to join the competitive wholesale market./.
VNA

See more

The Vietnamese section of the Monsoon – Thanh My 500kV transmission line project (Photo: VNA)

500kV transmission line from Laos energised

The Monsoon – Thanh My 500kV transmission line project is designed to import electricity from Laos’ Monsoon wind power plant to Vietnam, adding 600 MW to the national power grid during the 2024–2025 period.​

The entrance gate to Hanoi’s Ciputra Urban Area, where banks are selling apartments and villas. (Photo: cafef.vn)

Banks selling mortgaged assets to recover bad debts

The Viet Dragon Securities Company (VDSC) said that bad debts might continue to increase slightly this year, after a circular allowing banks to reschedule debt repayment periods and maintain the debt group for certain sectors expired at the end of 2024.

Vietnamese Ambassador to Argentina Bui Van Nghi (th fourth from the fright) in the meeting with Governor of Brazil's Espirito Santo state Renato Casagrande. (Photo: VNA)

Vietnam seeks to set up cooperation with Brazilian locality

In his meeting with Governor of Brazil's Espirito Santo Renato Casagrande, Ambassador to Argentina Bui Van Nghi Bui Van Nghi valued the potential for cooperation between the two sides, particularly in priority areas such as tourism, information technology, hi-tech agriculture, and seaport.

Remittances to Vietnam in 2024 are estimated at about 16 billion USD, maintaining the record-high levels seen in 2023. (Photo: VNA)

Remittances surge as Tet approaches

According to the State Bank of Vietnam’s Ho Chi Minh City branch, 9.6 billion USD, or 60% of the total remittances, flew through financial institutions, representing a 140 million USD increase from the previous year.

Bank lending in HCM City achieves high growth last year. (Photo courtesy of ABBANK)

Banks' credit up 11.3% in HCM City in 2024

Total outstanding loans of credit institutions in Ho Chi Minh City as of the end of last year were worth over 3.9 quadrillion VND (153.3 billion USD), a 11.3% increase for the year, according to the central bank.

Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year. (Photo: https://doanhnhansaigon.vn)

Remittances to HCM City surge ahead of Tet

Ho Chi Minh City received nearly 493 million USD in remittances in the first 20 days of this year, according to Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam's HCM City branch.

Illustrative photo (Photo: VNA)

Retail petrol prices down in latest adjustment

The price of E5RON92 bio-fuel was priced at 20,592 VND (0.82 USD) per litre, representing a 158 VND decrease from the previous baseline, while RON95-III decreased to 21,142 VND per litre, down 78 VND.