Ninh Thuan greenlights tourism projects Ninh Thuan Province People’s Committee has granted principle approvals for two large-scale tourism projects, worth a total VND2.5 trillion (US$107.3 million). Financed by Royal Ninh Thuan development and investment joint stock company, the 87.5ha tourism complex will be developed at Phuoc Diem Commnue, Thuan Nam District. It will comprise a five-star hotel with 500 rooms, 100 high-end villas and a convention centre, restaurants and an entertainment area. The complex, worth VND2 trillion, is slated for completion in June, 2022. Meanwhile, the second project — invested by Ninh Thuan international tourism joint stock company — will cover 6.56ha at Khanh Hai Town, Ninh Hai District. Worth VND550 billion, the complex will include a five-star hotel providing between 200-300 rooms, villas and food streets. It is expected to be finished in December, 2021. Ninh Thuan is seeing rising interest from investors thanks to its potential for … [Read more...] about BUSINESS NEWS IN BRIEF 21/2
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Social News 29/8
Devastating flashfloods cause serious damage in Dien Bien Flashfloods triggered by overnight torrential rains from August 27 to the morning of August 28 left many roads blocked and inundated 80ha of paddy rice and 15ha of fish ponds in the district of Tua Chua in northern Dien Bien province with estimated losses of around VND2 billion. According to the preliminary report from Tua Chua district’s Board for Natural Disaster Prevention and Control and Search and Rescue, prolonged heavy rains caused landslides and flooding in many areas of Tua Chua town and in the communes of Muong Bang, Xa Nhe, Sinh Phinh and Muong Dun. Several routes linking communes and hamlets are impassible due to a number of landslides blocking the way. To Van Tuan, head of Tua Chua district’s Department of Agriculture and Rural Development, said the district responded quickly to the floods, urging communal People’s Committees to mobilize sources and support local people in taking action to deal … [Read more...] about Social News 29/8
Social News 23/11
Programme promotes family's role in domestic violence prevention The Ministry of Culture, Sports and Tourism and the Vietnam Women's Union agreed to implement a programme to enhance the role of families in preventing domestic violence. The deal was signed by Minister Nguyen Ngoc Thien and President of the Union Nguyen Thi Thu Ha in Hanoi on November 21. The programme will be piloted in six provinces and cities across the nation, namely Ha Giang, Yen Bai, Quang Binh, Dak Lak, Tien Giang and HCM City. It aims to enhance awareness of the role of the family in educating attitudes, lifestyles and behaviours among family members, thus preventing domestic violence. It is also expected to help reduce the number of cases and the seriousness of domestic violence in the localities while utilising the resources of the two sectors to build happy families. Under the programme, legal documents will be completed to help women build happy families, with a focus on domestic violence prevention and … [Read more...] about Social News 23/11
BUSINESS IN BRIEF 6/4
BOT investors hastily return projects to gov't Many BOT (Build - Operate - Transfer) investors have transferred their infrastructure projects back to the Ho Chi Minh City government after operating them for a short time, far sooner than originally planned, due to poor effectiveness. In a BOT contract, a private company builds an infrastructure project, operates it, and eventually transfers the ownership of the project to the government. But many investors have practically skipped the operate stage and quickly jumped to the last stage -- transfer, since they have simply failed to recoup their investment from operating the projects. One of these is the Phu My Construction Investment Corporation (PMC), which has recently demanded to return the Phu My Bridge, which connects Ho Chi Minh City's District 2 and 7, to the municipal government, instead of operating it for 26 years as earlier contracted. Inaugurated in September 2009, the 2.4-km Phu My Bridge, which spans the Saigon … [Read more...] about BUSINESS IN BRIEF 6/4
BUSINESS IN BRIEF 30/9
PetroVietnam Construction in strife financial crisis PetroVietnam Construction Co (PVX) is facing a number of financial problems due to unwise investment in subsidiaries and non-core businesses that caused huge losses in the first half of this year. Auditors raised PVX's first half loss from VND254 billion (US$12.1 million) to VND468 billion ($22.3 million) after the report review, while its shares were excluded from margin trading across the entire market. In addition, officials from a subsidiary were arrested for alleged economic violations. According to the firm's second quarter report, the main losses were caused by Petroleum Machine Executing Co (PVC-ME). PVC-ME lost nearly VND457 billion ($21.7 million) during the period, almost equal to its charter capital. Four officers from PVC-ME are also facing arrest for allegedly contravening State economic regulations. Since 2008, operations at PVX have been unstable. While it earned VND630 billion in 2010, profits dropped to … [Read more...] about BUSINESS IN BRIEF 30/9