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Ministry rejects import-export tax changes

At an earlier working session between the two ministries, the Ministry of Industry and Trade (MoIT) requested the Ministry of Finance (MoF) to hike import tariffs on NPK fertiliser from the current 6 per cent to 6.5 per cent; delay imposition of a 3-per-cent export tax on steel ingots and finished steel; and slash the export tax on coal from 20 per cent to 10 per cent.

National Women’s Football Championship 2011 opens

The tournament drew the participation of six teams including Phong Phu Ha Nam, Thai Nguyen Iron and Steel, Vietnam Coal and Mineral, HCM City, and Hanoi Trang An 1 and 2.

Inspectors haul up coal company for wrongdoings

Vinacomin, as the company is known, owes back taxes of nearly 202 billion dong (US$9.6 million) it should have paid over the last several years in the form of resources tax, income tax, value‐added tax, and export tax.

Rise in coal prices causes pressure on cement industry

On March 31, Vietnam Cement Association confirmed the above information. Nguyen Van Thien, the association president said “Associates were noticed about the price increase. Accordingly, Vinacomin’s coal suppliers required cement makers to sign extra contract appendix on a 40% rise in coal prices but this has not been written in official document”.

Construction of thermal power plant begins in Thanh Hoa

Construction of Cong Thanh coal-fueled power plant kicked off on Mar. 5 at the Industrial Park No. 2, Nghi Son Economic Zone, northern central province of Thanh Hoa.

Unfavourable time forces firms to postpone International bond issuance

Dinh La Thang, PVN’s President said the group has officially stopped the issuance of international bonds in US market in the fourth quarter of 2010. Thang said the reason was the unfavourable time, adding that in deed, some corporations of Vietnam also failed to do so, referring to the names such as Vietnam Coal-Mineral Industries Group (TKV) and Electricity of Vietnam (EVN). Both those corporations and PVN planned to mobilise capital on international bond market in 2010, with offering value ranging from $500 million to $1 billion.

Producers shouldn’t be allowed to raise prices as much as they want

The beginning of the year is the time when coal and electricity price producers discuss the pricing mechanism. Both the producers have proposed that the Government raises the retail prices, saying that if the proposal is not approved, they will continue incurring losses and will not have money for re-investment.

Vinacomin to cut coal production

Last November, Vinacomin sought the Government’s approval to increase coal prices for these four leading coal consumers to levels 10 per cent lower than export prices. The Prime Minister and the Ministry of Finance issued an instruction that prices of coal sold to these sectors should increase gradually until consistent with market prices.

Nuclear future poses challenges

Viet Nam Atomic Energy Institute director Vuong Huu Tan said nuclear power could compete with power produced from imported coal, oil or gas. In the long run, the advantage of nuclear power was the expenditure for operation and maintenance was low, less than 25 per cent of the cost of power compared to 60-70 per cent for thermal power.

Vietnam: EVN mulls $1b corporate bond

While oil and gas group PetroVietnam and coal miner Vinacomin shelved international bond issues in recent weeks, EVN, Vietnam’s cash-strapped state-owned power utility, is persevering with an oft-delayed overseas fund-raising plan.

Private thermo-power plant built in Quang Ninh

The 645 million USD plant with two turbines and a total capacity of 600MW will be installed with advanced EFB technology from France that allows the plant to use low-quality coal and minimise the emission of greenhouse gases.

HCM City industrial output rises

The machinery sector saw the highest growth, with metal products output rising by 21.9 per cent, machinery and equipment by 28.9 per cent, and electrical products by 32.4 per cent. Leather and footwear, rubber, plastic, electricity, food and beverages, textile and garment, chemicals, and building materials also saw high growth rates. Automobile assembly and electronics, which could not compete with imports, achieved the smallest growth rates. Coal mining, office equipment, and vehicle repair actually declined in value.

VN, S Korea signs energy agreements

Deputy Prime Minister Hoang Trung Hai welcomed the RoK delegation to Viet Nam and highly appreciated the outcome of the meeting between the delegation and the Ministry of Industry and Trade, the Viet Nam Oil and Gas Group, Viet Nam National Coal and Mineral Industries Group and co-operation agreements signed at the Viet Nam-South Korea Business Forum held yesterday.

Vietnam-RoK cooperation sub-committee holds seventh meeting

The Vietnam-RoK Sub-Committee for Energy and Mineral Cooperation was set up in 2001 to share annual information about plans and the development policies of their respective countries concerning electricity, coal, oil and gas and minerals. Since 2003, both sides have discussed the development of nuclear power and plans to increase the proportion of locally-made equipment in nuclear power plants in Vietnam.

 

Coal prices, electric rates to stay stable, vows ministry

The ministry had taken the decision because prices of these two utilities often had a knock-on effect on other goods and services, which could lead to an unwanted general price rise, said the Ministry of Finance (MoF) Price Management Department, Nguyen Tien Thoa at a press conference on Friday.


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