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Vietnam needs over US$128 billion for power investment next 10 years

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A drone is used to inspect a power transmission system in Vietnam. The country will need an estimated US$128.3 billion for developing the power system in the next decade – PHOTO: VNA

HCMC – The total amount of investment for developing the power system in Vietnam in the next decade is an estimated US$128.3 billion, with US$95.4 billion needed for investing in electricity generation and the remaining for the power grid, as unveiled in a draft zoning plan for developing the national power system in the 2021-2030 period, with a vision toward 2045.

The Institute of Energy, under the Ministry of Industry and Trade, on February 22 continued to collect feedback over the plan from the relevant agencies.

According to the plan, during the 10-year period, Vietnam will need to pour some US$12.8 billion on average into the power sector per year. The total investment for the following 15 years from 2031 to 2045 will be some US$192 billion, including some US$140 billion for power sources and US$52 billion for the grid.

The draft zoning plan also revealed that Vietnam will continue to import electricity from China, Laos and Cambodia in the next 10 years.

The State-run Vietnam Electricity Group is purchasing electricity from China through two 220kV power lines, with 1.5 billion kWh of power being bought annually during the 2016-2020 period. This northern neighboring market can sell up to 3,000 MW of electricity or more to Vietnam from now until 2030.

Source: https://english.thesaigontimes.vn/80648/vietnam-needs-over-us%24128-billion-for-power-investment-next-10-years.html

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Kiên Giang keen to become sea-based economic powerhouse by 2025

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Fishing boats are at anchor near Thổ Chu Island, Phú Quốc District in Kiên Giang Province. The southern province is striving to branch out its maritime sector and become a sea-based economic powerhouse by 2025. — VNA/ Photo Lê Huy Hải

KIÊN GIANG — Boasting 200km of coastline and 143 islands, the Mekong Delta province of Kiên Giang is striving to branch out its maritime sector and become a sea-based economic powerhouse by 2025.

The move aims to contribute to realising the ‘Strategy for Sustainable Development of Việt Nam’s Marine Economy by 2030 with a Vision to 2045’.

According to Permanent Deputy Secretary of the provincial Party Committee Mai Van Huỳnh, the province is prioritising building its maritime sector to boost economic development while protecting the environment and strengthening national defence at sea and on islands.

Major investments have been made in several key industries, such as seafood, tourism-marine services, energy, and the maritime industry, among others, helping the province rank second among the 13 Mekong Delta localities in terms of maritime economic development in 2020.

The sea-based economy accounted for 79.75 per cent of the local gross regional domestic product (GRDP) in the year, he added.

High-capacity fishing vessels have been built to bolster offshore fishing, contributing to sustainable fisheries and the protection of the nation’s sovereignty over sea and islands.

With vast fishing grounds and a strong fleet, the province’s annual seafood output tops 500,000 tonnes and its aquaculture yield was estimated at more than 264,100 tonnes in 2020.

Kiên Giang is working to secure a total seafood catch and aquaculture output of 800,000 tonnes by 2025.

According to the provincial Department of Agriculture and Rural Development, farming areas in Phú Quốc City, Kiên Hải island district, the island commune of Tiên Hải in Hà Tiên City, and Sơn Hải and Hòn Nghệ in Kiên Lương District will focus on farming groupers, cobias, yellow-fin pompanos, and seabass, as well as blue lobster, mantis shrimp, crab, and oysters for pearl farming.

Meanwhile, coastal areas in Hà Tiên City and the districts of Kiên Lương, Hòn Đất, An Minh, and An Biên will develop zones for farming molluscs such as blood cockles, saltwater mussels, green mussels, and oysters.

Attention will be paid to high-tech aquaculture, the development of quality staples with high economic value, and measures to prevent illegal fishing.

Local maritime tourism has helped drive the tourism sector thanks to renowned destinations like Phú Quốc Island. A huge amount of capital has been injected into Phú Quốc City for years, most of which comes from strategic investors such as Vingroup, Sun Group, BIM Group, and CEO Group.

According to the provincial Department of Tourism, the province welcomed more than 5.2 million visitors in 2020, accounting for 55.8 per cent of the goal but down 40.7 per cent year-on-year. Revenue from tourism services was at more than VNĐ7.8 trillion (US$339.8), or 39.3 per cent of the target, and down 57.7 per cent compared to 2019.

Local tourism is seeing a sound recovery thanks to stimulus measures.

The province will sharpen its focus on tourism infrastructure at key attractions, including Phú Quốc Island.

Vice Director of the Department of Tourism Bùi Quốc Thái said the province encourages all economic sectors to build and diversify local tourism products, as well as join in efforts to form a major tourism centre.

Regarding energy development, the province prioritises investment in wind power, electrification, solar power, and many other sources of renewable energy.

It also plans to build coastal roads and improve logistics services, while working to preserve ocean biodiversity and restore ocean ecosystems, protecting mangrove forests in tandem with the effective and sustainable exploitation of marine resources. —

Source: https://vietnamnews.vn/economy/891251/kien-giang-keen-to-become-sea-based-economic-powerhouse-by-2025.html

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Digital strategies to the fore as e-commerce assumes increasing importance: experts

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A logistic centre in HCM City. Companies are expected to implement digital strategies to continue to reach customers. — Photo Courtesy of Shopee Vietnam

HCM CITY — Companies are expected to implement digital strategies to continue to reach customers, experts said while alluding to trends in the e-commerce market this year.

Shopee, a leading e-commerce player in the country, in a note predicting trends this year, said: “The pandemic pushed businesses, from premium brands to micro-entrepreneurs, to quickly adopt digital strategies if they sought to reach customers amidst the lockdowns.”

As online selling becomes a growing revenue channel for brands and sellers, e-commerce platforms need to work with them to help engage their customers in a differentiated manner and grow their online presence, it said.

It cited its own example of working with POND’s to integrate its AI-powered beauty tech solution, Skin Advisor Live into the online shopping experience, offering shoppers free personalised skincare analysis online to help them make a more informed buying decision. 

POND’s was also able to tap into Shopee’s engagement tools such as livestreaming to interact with its target audience.

There are more than 20,000 global and local brands on Shopee Mall, offering a wide selection of products ranging from everyday to premium items.

The company works closely with these brands to create new and unique shopping experiences. 

The e-commerce market is expected to see more changes this year as the COVID-19 pandemic has brought about a broad, deep and irreversible shift to online for businesses and consumers. 

Trần Tuấn Anh, managing director, Shopee Vietnam, said: “2020 was an especially transformative year for e-commerce. As consumers adhered to social distancing measures and stayed home, they turned to online platforms not just for their daily needs but also for entertainment and interaction.

“This led to online shopping evolving from a purely transactional experience to a more social experience, with e-commerce platforms integrating more interactive elements such as games and livestreaming to engage users. With advancements in technology, increasing internet penetration and a fast-growing population of young, tech-savvy youths and middle-income families, we expect e-commerce to play an integral role in the way we live, connect and do business.”

This year adoption of digital payments is expected to increase.

Digital payment is the preferred mode online, and as more people become accustomed to e-commerce, it will also drive the offline cashless movement. 

While local governments’ have been moving towards a cashless society, the pandemic has greatly accelerated this need in a region where the majority of consumer transactions are made in cash. In line with movement restrictions and continued social distancing efforts, consumers and businesses have increasingly embraced digital payments for greater convenience and security. 

For example, in addition to greater usage of AirPay in-app, the number of offline merchants in Viet Nam using AirPay also doubled in 2020, including like 7-Eleven, MyKingdom and Guardian. 

The logistics sector is also expected to see changes.

Shopee predicted logistics would become even more important as consumers increasingly rely on e-commerce and have greater expectation of efficient delivery.

The increase in demand is particularly significant in the case of daily necessities and household essentials.

In Việt Nam, Shopee, which operates in several countries, saw a two-fold increase in food, health and home-related items shipped from the warehouse.

Brands and sellers need to make use of technology to ensure that parcels are delivered in a timely and cost-effective manner, and one way to achieve this could be to tap into the extensive and integrated networks of e-commerce platforms. 

Shopee said it saw more brands tapping its logistics infrastructure with the result that the branded items shipped from its warehouses tripled last year. —

 

 

 

Source: https://vietnamnews.vn/economy/891240/digital-strategies-to-the-fore-as-e-commerce-assumes-increasing-importance-experts.html

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Mộc Châu Milk target highest ever profit and revenue

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Nguyễn Thạch Lỏi, an employee of Mộc Châu Milk, takes care of cows. Mộc Châu Milk plans to achieve revenue of VNĐ3 trillion this year, an increase of 8.6 per cent year-on-year. Photo Mộc Châu Milk

HÀ NỘI — Mộc Châu Dairy Cattle Breeding Joint Stock Company (Mộc Châu Milk) plans to achieve revenue of VNĐ3 trillion this year, an increase of 8.6 per cent year-on-year, the company announced.

After-tax profit is set at VNĐ318.5 billion, up 13.5 per cent compared to 2020. With this goal, Mộc Châu Milk is expected to bring 2021 business results towards a new record.

With the profit plan, the company is expected to pay dividend of 20 per cent, 5 per cent lower than 2020.

As for the results of 2020, the company earned revenue of VNĐ2.8 trillion and after-tax profit of VNĐ280.7 billion, up by 10.3 per cent and 68.2 per cent respectively compared to 2019.

It had submitted to shareholders a plan to adjust business lines to meet the conditions allowing foreign investors to own up to 100 per cent of the charter capital, at the same time, abolishing the business lines that the company is not currently involved in.

The enterprise will submit to shareholders the plan to cut the business lines in the import and export of raw materials, animal feed, equipment and machinery, spare parts, flavourings and dairy products, and packaging of animal husbandry and processing, trading electronic scales, tea growing activity and short-stay services.

The company’s 2021 General Meeting of Shareholders is scheduled to be held on March 20, 2021.

As of the end of last year, Mộc Châu Milk’s total assets increased by 14 per cent to VNĐ1.2 trillion, in which assets, mainly money and short-term financial investments, reached VNĐ632.6 billion, accounting for 51.7 per cent of total assets.

Inventories reached VNĐ204.5 billion, accounting for 16.7 per cent of total assets. Short-term receivables reached VNĐ145.4 billion, accounting for 11.9 per cent of total assets. —

Source: https://vietnamnews.vn/economy/891264/moc-chau-milk-target-highest-ever-profit-and-revenue.html

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