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PM wants HCMC to maintain leading economic position

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A view of downtown HCMC. The Prime Minister wants HCMC to maintain its leading economic position – PHOTO: THANH HOA

HCMC – With its potential and advantages, HCMC should maintain its position as the leading economic hub in the country and help stimulate the economic development of the southern region and the whole country, noted Prime Minister Nguyen Xuan Phuc.

At the 11th congress of the HCMC Party Committee on October 15, PM Phuc emphasized the role of HCMC, saying that the city’s economy has grown fast over the past five years. In the 2016-2019 period, the city posted an annual gross regional domestic product (GRDP) growth of 7.72% and made up over 22% of the country’s gross domestic product and 27% of the State budget revenue.

The quality of life of the local residents has also improved. HCMC is the first locality in the country to propose the smart city project, the local media reported.

It is also the largest innovative startup center nationwide.

However, the Government leader also pointed out the city’s shortcomings. Specifically, the city’s growth has yet to correspond with its potential and extremely important position. Moreover, new driving forces of the city’s growth have yet to be identified clearly and science-technology has not been an important part of its development.

Therefore, PM Phuc asked the city to fulfill new tasks while eliminating shortcomings. He highly evaluated the city for concretizing targets and the four development plans in the 2020-2025 period with a vision to 2030.

The city should enhance connections with other localities in the southeastern, Central Highlands and Mekong Delta regions and ensure harmony between socioeconomic development, environmental protection and climate change adaption so that the city can soon become a high-quality center of education, healthcare, culture and sports in the region and the world.

According to a report delivered by municipal chairman Nguyen Thanh Phong at the congress, based on its achievements over the past periods, the HCMC government has set a target for its annual GRDP per capita at some US$8,500-9,000 by 2025.

It is hoped the figure will reach US$13,000-14,000 by 2030 and US$40,000 by 2045.

In addition, the city expects to be a smart city and remain the leading economic center and the driving force of the southern key economic zone and the whole country.

By 2030, the city will become an economic, financial, commercial, scientific and technological center in Southeast Asia.

By 2045, the city seeks to become an economic and financial hub in Asia and an attractive destination with sustainable development, offering optimum living conditions for the residents. The city will also strive to be among the 60 happiest cities worldwide and the 100 cities with the highest quality of living.

Phong said HCMC, the country’s economic hub, always contributes the most to the State budget, with nearly VND1,500 trillion (US$66 billion) in the 2016-2010 period.

In 2020, the city expects to collect some VND405.8 trillion for the State budget. Meanwhile, the city’s spending in the 2016-2010 period was estimated at VND356.7 trillion.

Source: https://english.thesaigontimes.vn/78954/pm-wants-hcmc-to-maintain-leading-economic-position.html

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GE announces new contract with EVNGENCO 3

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GE and EVNGENCO 3 sign the new contract on October 26 – PHOTO: COURTESY OF GE

HCMC – GE on October 26 announced a new contract with Vietnamese state-owned power utility Power Generation Joint Stock Corporation 3 (EVNGENCO 3) to continue supplying parts and services for its Phu My 2.1 and 4 power plants.

The two plants are located in the 3,900-megawatt (MW) Phu My Power Generation Center in the southern part of the country and provide approximately 10% of the country’s energy needs.

The five-year service agreement includes the provision of new and reconditioning parts and on-site services for four GE GT13E2 gas turbines and STF-D200-combined cycle steam turbine units, helping to increase the safe and reliable operations and efficiency of EVNGENCO 3’s power plants.

“As the largest power generation center in Vietnam, we have a responsibility to ensure seamless operations and no down time of our facilities,” said Dinh Quoc Lam, chairman of the board of directors of Power Generation Corporation 3, in a statement.

He added that “choosing GE was the natural choice to help us utilize the full potential of our plant’s assets. We have benefitted from GE’s proven track record of providing high-quality technology and services. GE’s support has been exceptional throughout the Covid-19 pandemic, and with this service agreement, we trust in the company’s ability to continue to support us in achieving our business goals.”

GE’s GT13E2 Gas Turbines have been powering the two plants since 1997. GE upgraded the units to MXL2s over several years since 2016, resulting in an increased output of approximately 6% (from 440MW to 465MW) and improved efficiency levels from 51.8% to 53.7%.

“Vietnam has achieved impressive progress toward rapid economic development in the past few decades built on the backdrop of increasing access to electricity to power its people and businesses,” Pham Hong Son, CEO, GE Vietnam, said in the statement, adding, “We are honored to continue to provide EVNGENCO 3 with our safe, reliable and in-region support, and ultimately help Vietnam achieve its energy goals for its national economic growth.”

GE’s GT13E2 gas turbine offers industry-leading efficiency. Its installed base of over 170 units operating in 35 countries cumulates over 14 million operating hours and generates 400 GW/h per day. The turbine capability to operate in extreme conditions (from -50°C to +55°C) and its high utilization rate of some 5,000 operating hours per units per year on average demonstrates the engine’s success and reliability. GE has performed over 500 C-Inspections and installed 39 MXL2 upgrades on 13E2 machines.

During the ceremony, an MoU was signed with EVNGENCO 3 as part of GE’s commitment to support the growth of the country’s power sector and human capital development. The MoU envisages that GE will support training and capability building of EVNGENCO 3’s personnel to execute field services related to steam turbine and generator equipment maintenance. GE and EVNGENCO 3 will also work together to explore collaboration for service opportunities related to steam turbine and generator equipment owned by EVNGENCO 3 and other power generation companies.

Source: https://english.thesaigontimes.vn/79121/ge-announces-new-contract-with-evngenco-3-.html

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VN-Index takes nosedive due to selling pressure

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Customers transact at Bao Viet Securities Company. The indexes of the HCMC and Hanoi exchanges tumble today, June 27, due to sell-offs – PHOTO: VNA

HCMC – Strong selling pressure drove the local stock market down today, October 26, with the VN-Index of the Hochiminh Stock Exchange losing 10.46 points, or 1.09%.

With losing stocks outnumbering winners by 286 to 137, the benchmark index closed the day at 950.8 points.

Trade volume totaled 428.25 million shares worth nearly VND8.6 trillion, inching down 5.36% and 9.61%, respectively, over the previous session. Nearly 23.5 million shares valued at VND597.13 billion were traded in block deals.

In the VN30 basket, only seven stocks advanced, with consumer goods stock MSN adding 2.2% at VND87,900, and six others picking up some 1%.

Most bank stocks in the basket closed at their lowest prices of the day.

Specifically, BID lost 4.2% at VND41,000; CTG dropped 4.1% at VND30,500; STB plummeted 3.09% at VND14,100; and VPB plunged 4.44% at VND24,300.

Small and medium stocks, such as real estate firms FLC and HAG, agricultural firm HAI and industrial zone developer ITA, also closed deep in the red.

The HNX-Index of the Hanoi Stock Exchange also lost 1.88%, or 2.67 points, against the session earlier, at 139.03 points. There were 55.67 million shares worth VND776.33 billion changing hands on the northern bourse.

Many large-cap stocks tumbled. For example, lender ACB slid an astounding 3.1% at VND24,800, while construction firm VCG fell 4.1% at VND41,800. In addition, gas firm PVS slipped 2.9% at VND13,500.

ACB and PVS were the most traded stocks on this market, with 11.66 million and 6.8 million shares, respectively, matched.

Source: https://english.thesaigontimes.vn/79125/vn-index-takes-nosedive-due-to-selling-pressure.html

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Ultra-large container ship docks at Cai Mep terminal

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Margrethe Maersk, one of the world’s largest container ships, arrives at Cai Mep International Terminal in Ba Ria-Vung Tau Province on October 25 – PHOTO: PLO

HCMC – Margrethe Maersk, one of the world’s largest container ships, arrived at Cai Mep International Terminal (CMIT) in the southern province of Ba Ria-Vung Tau at 3 p.m. on Sunday, October 25.

The container vessel, operated by 2M Alliance, a container shipping industry alliance between Maersk Line and the Mediterranean Shipping Company, is able to carry over 18,000 twenty-foot containers at a time. It measures nearly 400 meters in length and 59 meters in width.

The ship’s port call has marked an important milestone in the maritime industry of Vietnam, making CMIT one of some 20 major ports worldwide capable of receiving vessels of this size.

The port’s eligibility to handle such huge container ships has demonstrated good management capacity and coordination among the competent agencies and port businesses, which have smoothed the way for the port to grow further.

Source: https://english.thesaigontimes.vn/79126/ultra-large-container-ship-docks-at-cai-mep-terminal.html

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