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36 face charges for involvement in expressway’s deterioration

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A section of the Danang-Quang Ngai Expressway in Phu Ninh District of Quang Nam Province is seen having potholes and cracks after a short period of use – PHOTO: VNA

HCMC – Investigators at the Ministry of Public Security have proposed the Supreme People’s Procuracy indict 36 people for their alleged involvement in the deterioration of the newly built Danang-Quang Ngai Expressway.

They were all accused of violating regulations on construction, causing serious consequences, the local media reported.

The investigative police agency has completed an investigation into violations at the Vietnam Expressway Corporation (VEC), the management board of the Danang-Quang Ngai Expressway project and the relevant agencies.

Of the accused, 35 people are Vietnamese, including former VEC deputy general directors Nguyen Manh Hung and Le Quang Hao, and Hoang Viet Hung, former director of the project’s management board. The 32 others are employees and technicians of the project’s management board.

In addition, a Japanese person, Takao Inami, chief consultant and head of an office for consulting of the project and supervision of its execution, was proposed to be indicted.

According to the results of the investigation, the Danang-Quang Ngai Expressway project, whose investor is VEC, has a total length of nearly 140 kilometers. In the first phase, a 65-kilometer section from Danang City to Tam Ky City of Quang Nam Province was developed. The remaining 74-kilometer section was built in the second phase. 

The project, which required more than VND34.5 trillion in investment, is a national key project. Work on the project started in 2013. The first section was put into service in 2017, while the second section was opened to traffic the following year.

However, just weeks later, many sections were riddled with potholes, sparking public concern, so the Investigative Police Agency launched an investigation.

During the execution of the project, the investor, contractors, consultants and other relevant agencies failed to comply with the regulations on construction, according to investigators.

They also failed to meet the technical standards and design requirements, resulting in the severe deterioration of the road.

On the 65-kilometer section in the first phase, there are up to 380 potholes and cracks, or six potholes and cracks on average per kilometer of the expressway.

Besides proposing the indictment against the 36 people, the Investigative Police Agency has transferred documents on two packages to the Criminal Investigation Office of the Ministry of National Defense for further investigation.

Mai Tuan Anh, general director of VEC between 2011 and 2017 and chairman of the board of VEC in 2017-2020, has also been found irresponsible while performing his duties, affecting the project’s quality.

The Investigative Police Agency will address the violations of Anh and some other foreigners in the second phase of the investigation later.

Violations in the second phase of the project have also been separated for handling at a later stage.

Source: https://english.thesaigontimes.vn/80770/36-face-charges-for-involvement-in-expressway%e2%80%99s-deterioration.html

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Vietnam’s Bamboo Airways plans to raise $200 million in U.S. IPO: chairman

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HANOI — Vietnam’s Bamboo Airways plans to raise up to $200 million in an initial public offering in the United States, potentially securing a market capitalisation of up to $4 billion, its chairman Trinh Van Quyet said on Wednesday.

Bamboo Airways, owned by property and leisure company FLC Group, plans to offer a 5%-7% stake in the IPO, which it expects in the third quarter of this year, Quyet told Reuters in an interview.

“The IPO will be part of our efforts to expand our services globally,” Quyet said, adding that Bamboo Airways has been working with an international auditing firm for the potential offering on the New York Stock Exchange.

The company said last month it planned to list its shares on a local stock exchange in the third quarter, but Quyet said on Wednesday that was now “a backup plan, depending on market conditions”.

Quyet said the airline will increase its fleet to 40 aircraft by the end of this year, from the current 30, adding two Boeing 787-9 Dreamliners would be among the new planes.

He said the airline wanted to launch flights to new destinations including the U.S., Australia, Germany, Japan and the United Kingdom this year if the COVID-19 pandemic situation improved.

“We will start conducting chartered flights to the U.S. in July and target the launch of non-stop commercial flights between Ho Chi Minh City and San Francisco in September, with an initial frequency of three flights per week,” Quyet said.

Bamboo Airways, which made its maiden flight in January 2019, is targeting a 25% rise in pretax profit to 500 billion dong this year he added.

Source: https://tuoitrenews.vn/news/business/20210415/exclusive-vietnam-s-bamboo-airways-plans-to-raise-200-million-in-us-ipo-chairman/60370.html

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Efforts to stimulate domestic consumer market continue as pandemic threatens exports

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Consumers shop at Co.opmart supermarket on HCM City’s Nguyễn Đình Chiểu street. Cities and provinces across the country are seeking ways to promote domestic consumption of goods and services. VNA/ Photo Mỹ Phương

HCM CITY – Many provinces and cities have launched programmes this year to promote local consumer demand to support businesses as the COVID-19 pandemic continues to affect exports.

The Ministry of Industry and Trade will organise conferences to connect producers, suppliers and retailers, and events for producers and traders, especially small traders, to help take goods to residential areas, industrial parks and rural and mountainous regions, the Sài Gòn Giải Phóng (Liberated Sài Gòn) newspaper reported.

It will help encourage consumption by fostering the evening economy and holding fairs and exhibitions of products and services. It continues to implement the ‘Vietnamese people give priority to using Vietnamese goods’ programme.

It will also promote the adoption of IT and foster e-commerce.

The Hà Nội Department of Industry and Trade will organise five Vietnamese Goods Weeks this year to stimulate demand.

To be held in the districts of Hà Đông, Hai Bà Trưng, Nam Từ Liêm, Quốc Oai, and Ba Vì, they will have around 100 standard booths each.

Companies and co-operatives will exhibit food products, textiles, footwear, consumer goods from One Product One Commune programmes from Hà Nội and other cities and provinces.

The department will subsidise booth costs by 50 per cent.

The city will also support localities and businesses in Hà Nội and elsewhere in selling agricultural and aquatic produce that face difficulties in selling due to the pandemic.

It will strengthen communications and promotions, create the best conditions for businesses to reach consumers and expand their market.

Products displayed and sold at the events will all be Vietnamese products with quality, food safety and traceability guaranteed.

To effectively implement the programme, the department has called on people’s committees of districts and towns to review all businesses and co-operatives to participate in the 2021 Vietnamese Goods Week of Hà Nội, especially agricultural produce that are difficult to sell and the One Product One Commune programme.

According to the newspaper, the Cần Thơ City Department of Industry and Trade also plans to organise a promotional month programme, possibly from April 10 to May 10.

It will seek the participation of businesses, supermarkets, commercial centers, convenience stores, restaurants, hotels and entertainment venues.

HCM City plans to focus on digitisation of industry and promotion of domestic tourism.

Deputy director of the city Department of Tourism, Bùi Thị Ngọc Hiếu, said her agency is stepping up digitisation, and the sector would continue its efforts to boost domestic tourism to drive the recovery of the industry.

Tourism co-operation and linkages between HCM City and the north-east, north-west and the central regions would also serve to boost domestic travel, she added. –

 

 

Source: https://vietnamnews.vn/economy/926004/efforts-to-stimulate-domestic-consumer-market-continue-as-pandemic-threatens-exports.html

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​Bamboo Airways plans US IPO in Q3

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​Bamboo Airways plans US IPO in Q3

A Bamboo Airways aircraft lands at Da Nang International Airport in March. Photo by Shutterstock/Jeffry Surianto.


Private carrier Bamboo Airways is considering an initial public offering of shares in the U.S. this year to raise $200 million.

The IPO is expected to take place in the third quarter, with the company likely to offer a 5-7 percent stake to secure a market capitalization of up to $4 billion, Reuters quoted its chairman, Trinh Van Quyet, as saying on Wednesday.

It is preparing for the issuance together with an international auditing firm and plans to list on the New York Stock Exchange.

Last month, Quyet had announced the airlines plans to list 105 million shares on either the Ho Chi Minh Stock Exchange or Hanoi Stock Exchange at an initial price of VND60,000 ($2.61), but on Wednesday he said that has now become “a backup plan”.

“The US IPO will be part of our efforts to expand our services globally.”

It expected to operate charter flights to the U.S. from July this year and thrice-weekly commercial flights from HCMC to San Francisco from September.

The airline has received a permit from the U.S. Department of Transportation to carry passengers and cargo to that country.

This year it also plans to expand its fleet from 30 aircraft to 40, and launch flights to other new destinations like Australia, Germany, Japan, and the U.K. if the Covid-19 pandemic is under control.

It currently flies on 60 domestic routes.

Last year, it carried over seven million passengers to account for a 20 percent market share, and hopes to increase it to 30 percent this year.

Source: https://e.vnexpress.net/news/business/companies/bamboo-airways-plans-us-ipo-in-q3-4263154.html

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