Business

Nearly 20% of Ho Chi Minh City fuel stations face short supply

Published

5 months ago

November 2, 2022

As many as 108 of 550 fuel stations in Ho Chi Minh City, or nearly 20 percent of the total, are facing an inventory shortage, Bui Ta Hoang Vu, director of the municipal industry and trade department, said during a meeting on Tuesday afternoon.

The shortage is more severe in outer districts like Cu Chi, Hoc Mon, Binh Chanh, Binh Tan, and District 12, where many filling stations are family businesses and are not part of a big chain, according to Vu.

The case where Xuyen Viet Oil, a major southern supplier, had its license revoked for failing to meet official infrastructure requirements is also one of the reasons for the decline in supply, Vu said.

This company provided 100,000 cubic meters of fuel a month for the Ho Chi Minh City market, which consumes 204,000 cubic meters of fuel monthly.

Another challenge is that retailers are still getting low commissions and are thus suffering losses, the director added.

Around 75 percent of suppliers in Ho Chi Minh City are private companies and the rest are state-owned, which is in contrast with other localities in the same region where state-owned suppliers account for the majority.

Vu’s meeting took place at the same time as the Ministry of Finance and the Ministry of Industry and Trade’s periodic fuel price adjustment.

The two ministries increased the RON95 gasoline price by VND410 to VND22,750 (US$0.91) per liter and RON92 price by VND380 to VND21,870 on Tuesday afternoon, marking the third hike since October 11.

Diesel prices went up by VND290 to VND25,000 and kerosene prices rose by VND120 to VND23,780 per liter.

Mazut oil, often used in power plants, now costs VND14,000 per kilogram, a rise of VND190.

The ministries also decided to use the petrol price stabilization fund at a rate of VND200-300 per liter for gasoline products and VND500 per kilogram for mazut oil.

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Source: https://tuoitrenews.vn/news/business/20221102/nearly-20-of-ho-chi-minh-city-fuel-stations-face-short-supply/69853.html

Business

PM orders close coordination to remove obstables to property market

Prime Minister Pham Minh Chinh has just signed a document requesting more efforts to promote the development of and remove obstacles to the real estate market.

Published

2 hours ago

March 31, 2023

TienphongNews

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He asked ministries, agencies and People’s Committees of provinces and centrally-run cities to strictly follow the Government’s resolution dated March 11, 2023 on several measures to solve difficulties for and promote the safe, healthy and sustainable development of the market.

The Ministry of Construction (MoC), the Ministry of Finance (MoF), and the State Bank of Vietnam (SBV) must coordinate closely with each other and with relevant agencies to help businesses overcome difficulties and make the market revive.

Real estate enterprises must adjust the product structure and market segments as well as offer more reasonable prices; pay special attention to the development of social housing and houses for workers that are suitable to people’s income. Competent authorities need to review housing and real estate projects to work with enterprises on measures to handle legal problems, especially in projects with corporate bonds and bank loans, and capital mobilised from buyers, the Government leader stressed.

He also urged the MoC to soon complete a project on building at least one million social housing apartments for low-income earners and workers in industrial parks in the 2021-2030 period.

The MoF was asked to carry out harmonious, reasonable and effective measures to support enterprises to restructure bond debts, interest rates, payment terms and conditions in accordance with regulations.

PM Chinh also urged the central bank to soon implement the credit programme worth around 120 trillion VND (5.1 billion USD) to assist commercial banks in providing perferential loans for investors and buyers of projects building social housing and houses for workers, and reconstructing old apartment buildings.

Local People’s Committees were required to soon approve master plans, as well as land use plans and housing development plans and programmes for five years and annually; and organise meetings with each enterprise to help them deal with difficulties.

Source: Nhân Dân

Source: https://e.nhipcaudautu.vn/real-estate/pm-orders-close-coordination-to-remove-obstables-to-property-market-3351578/

Business

Masan Group draws down first tranche of its $650 mln syndicated loan

Masan Group has announced the successful disbursement of its $375 million, the underwritten tranche of its $650 million syndicated loan signed in February 2023.

Published

3 hours ago

March 31, 2023

TienphongNews

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The Vietnamese conglomerate aims to fully utilize the 2023 Syndicated Loan via a greenshoe option of $275 million later in the year. The transaction was arranged and underwritten by BNP Paribas, Credit Suisse, HSBC, Standard Chartered Bank, and United Overseas Bank.

Despite recent volatility in the global banking market, Masan was able to fully draw down the underwritten portion of the 2023 Syndicated Loan, ensuring a healthy financial profile. The loan is priced at 3.5% over the U.S Dollar Secured Overnight Financing Rate, or approximately 8.0% per annum.

With a 5-year tenor, the 2023 Syndicated Loan will extend Masan’s debt maturity profile and strengthen Masan’s liquidity ratios. As interest rates decline and the capital market stabilizes, management will continue to optimize Masan’s balance sheet, reduce interest expense, and deleverage via strategic corporate actions.

In a challenging macro environment, the ability to generate stable cash flows from the manufacturing and retailing consumer staple products (such as groceries, instant noodles, seasonings, etc.) businesses and proven track record of accessing multiple capital markets will allow the Company to win market share and invest in future growth.

With its cash position, Masan is well positioned to continue investing in new innovations as well as expanding the consumer-retail platform while maintaining a healthy balance sheet.

Source: https://e.nhipcaudautu.vn/companies/masan-group-draws-down-first-tranche-of-its-650-mln-syndicated-loan-3351607/

Business

VSIP joins hands with 9 Vietnamese provinces to develop smart IPs

Published

6 hours ago

March 30, 2023

TienphongNews

Vietnam – Singapore Industrial Park J.V. Co. (VSIP) on Saturday signed memoranda of understanding (MOU) with nine Vietnamese provinces to develop smart and sustainable industrial parks (IPs).

VSIP is a joint venture between Becamex IDC Corporation, under the People’s Committee of Binh Duong, just outside Ho Chi Minh City, and Sembcorp Development Ltd., a wholly-owned subsidiary of Singapore’s Sembcorp Industries, a leading energy and urban solution provider.

The signing ceremony was part of the ‘Binh Duong: Initiation – Connection – New Development’ program, attended by Deputy Prime Minister Le Minh Khai, leaders of ministries, agencies and localities, and hundreds of investors.

It was also an expansion of a broader MOU between Becamex and Sembcorp Development inked during Vietnamese Prime Minister Pham Minh Chinh’s state visit to Singapore early last month.

Smart and sustainable IPs will be considered in nine provinces, including Binh Phuoc, Tay Ninh, Binh Thuan, Khanh Hoa, Thua Thien-Hue, Ha Tinh, Thanh Hoa, Thai Binh, and Nam Dinh, based on the VSIP model in Binh Duong.

Deputy PM Khai hailed the green industrial park model, the association of industrial development with urban areas and services, and the synchronicity of traffic and social infrastructure in Binh Duong Province.

This helps Binh Duong, together with Ho Chi Minh City and Dong Nai and Ba Ria – Vung Tau Provinces, become key pillars of the southern key economic zone and contribute significantly to the state budget and Vietnam’s development.

The deputy prime minister asked the nine provinces to learn from Binh Duong’s experience in developing Vietnam-Singapore Industrial Parks in the coming time, especially in site clearance to prevent complaints and lawsuits and ensure benefits for enterprises, the state, and local residents.

Vo Van Minh, chairman of the Binh Duong People’s Committee, said the province would cooperate closely with the nine provinces and accompany investors and enterprises to develop industrial park projects soon.

They will jointly mull over the conversion from IPs in association with urban areas and services to smart service urban areas, enhance the application of science and technology to increase the added values of products, and bring practical benefits to enterprises and residents.

Leaders of Binh Duong Province and nine other provinces and Singaporean partners sign memoranda of understanding to develop more VSIPs in Vietnam. Photo: Ba Son / Tuoi Tre

Leaders of Binh Duong Province and nine other provinces and Singaporean partners sign memoranda of understanding to develop more VSIPs in Vietnam. Photo: Ba Son / Tuoi Tre

Earlier on the same day, Deputy PM Khai and his governmental delegation visited the VSIP 1 in Thuan An City, Binh Duong Province. This is the first VSIP which was developed in 1996 and covers an area of 500 hectares.

VSIP last month obtained approval from the Vietnamese government to set up its second IP in the north-central province of Nghe An, or its 13th IP in Vietnam.

Among the 12 operating VSIPs, three are located in Binh Duong and the remaining facilities are in Hai Phong, Hai Duong, Bac Ninh, Quang Ngai, and Can Tho, among others.

These industrial parks, with a total area of more than 10,000 hectares, have attracted about US$18.4 billion in investment from 882 investors from 30 countries and territories, and created jobs for around 288,000 workers.

Vietnamese Deputy Prime Minister Le Minh Khai (first row, L) and delegates listen to an introduction of the first VSIP in Thuan An City, Binh Duong Province on March 25, 2023. Photo: Q.T. / Tuoi Tre

Vietnamese Deputy Prime Minister Le Minh Khai (first row, L) and delegates listen to an introduction on the first VSIP in Thuan An City, Binh Duong Province on March 25, 2023. Photo: Q.T. / Tuoi Tre

The Binh Duong People’s Committee on Saturday also handed over investment certificates to enterprises.

In the year to March 15, the province attracted $437 million in foreign direct investment, raising the total foreign investment so far in the province to $39.7 billion, poured into nearly 4,100 projects.

The province also concluded cooperation agreements with large domestic firms, such as Deo Ca, Sungroup and FPT, to develop infrastructure, hospitality tourism, and digital transformation.