Business

Street petrol vendors mushroom as fuel stations close in Hanoi

Published

5 months ago

November 4, 2022

Street vendors selling petrol contained in bottles along many roads in Hanoi have cashed in on an inventory shortage in recent days, when numerous fuel stations in the Vietnamese capital city have closed or limited sales, citing tight supplies and loss-making operations.

Tuoi Tre (Youth) newspaper caught sight of about 20 street petrol vendors on just 1.7 kilometers of Nguyen Thai Hoc Street in Ba Dinh District on Thursday morning.

These vendors placed a plastic bottle containing petrol and a sign that reads “Petrol for sale” at the edge of the sidewalk.

“In the past few days, it was quite difficult to buy gasoline, but I did not expect to see sidewalk petrol sales all over many roads like this,” said Nguyen Quang Hop, a commuter.

A plastic bottle of gasoline is placed on the sidewalk of Nguyen Thai Hoc Street in Ba Dinh District, Hanoi, November 3, 2022. Photo: Nguyen Bao / Tuoi Tre

The many roads Hop said include those across Ba Dinh, Dong Da, and Tay Ho Districts.

The street vendors sell a liter of gasoline for VND25,000-30,000 (US$1-1.21) and a bottle of 1.5 liters of gasoline for VND50,000 ($2).

According to a decision issued by the Ministry of Finance and the Ministry of Industry and Trade on Tuesday, the RON95 gasoline and RON92 currently sell for VND22,750 ($0.91) and VND21,870 per liter at filling stations, respectively.

A street vendor pours a bottle of two liters of gasoline into a man’s motorbike tank for VND60,000 (US$2.41) on a street in Hanoi, November 3, 2022. Photo: Nguyen Bao / Tuoi Tre

As motorbike riders failed to refill their vehicles at several popular fuel stations, they had no choice but to buy gasoline from these street vendors despite knowing that the gasoline’s quality and quantity are questionable.

The street vendors have not only been operating on the sidewalks but also have taken to the entrances of some fuel stations to lure customers.

Among those, a group of sellers offered a half-filled bottle of 1.5 liters of petrol at VND55,000 ($2.21) to motorcyclists, who sought to fill up their tanks at Cong Vi filling station in Ba Dinh District, at 4:00 pm on Thursday.

Two plastic bottles of gasoline are placed on the sidewalk of Nguyen Thai Hoc Street in Ba Dinh District, Hanoi, November 3, 2022. Photo: Nguyen Bao / Tuoi Tre

Another woman also cried “VND50,000 for two liters [of petrol]” in front of a Petrolimex fuel station on Hang Bun Street in Ba Dinh District on the same afternoon, the third consecutive day she has run her business there.

When a customer asked the woman if the bottle genuinely contained two full liters of petrol, she did not answer.

Pregnant Pham Hong Trang was among a few people who purchased gasoline from that woman on Thursday afternoon.

A street vendor prepares plastic bottles of gasoline for sale on the sidewalk of Nghi Tam Street in Tay Ho District, Hanoi, November 3, 2022. Photo: Nguyen Bao / Tuoi Tre

“Due to my pregnancy, I can’t stand waiting for a long time, so I opted to buy gasoline from the vendor just outside this fuel station,” Trang said after traveling for five kilometers without a single petrol station willing to serve her.

“I paid VND50,000 for a bottle that was said to contain two liters of petrol, turning a blind eye to the quality of the substance and the real capacity of the bottle,” she added.

A woman pours gasoline from a large bottle to smaller ones to prepare for sale on the sidewalk of Hang Bun Street in Ba Dinh District, Hanoi, November 3, 2022. Photo: Nguyen Bao / Tuoi Tre

Nearly 110 out of 550 gas stations in Ho Chi Minh City are experiencing inventory shortage, followed by those in Hanoi and other parts of the country.

Minister of Industry and Trade Nguyen Hong Dien last week attributed the situation to fluctuations in the foreign exchange rate and difficulties faced by some fuel importers in accessing bank loans.

A sign of petrol sale is put up in front of a bicycle repair shop on Nguyen Khuyen Street in Ba Dinh District, Hanoi, November 3, 2022. Photo: Nguyen Bao / Tuoi Tre

Fuel retailers said low profit margins, and even losses, are discouraging them from maintaining their business.

Therefore, numerous fuel stations have shut down or reduced sales.

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Source: https://tuoitrenews.vn/news/business/20221104/street-petrol-vendors-mushroom-as-fuel-stations-close-in-hanoi/69880.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

59 mins 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

2 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

5 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.