Huge investment in power projects planned for 2009

The Vietnam Electricity Group (EVN) has reported that it is to invest almost 50 trillion VND in electricity generation sources during 2009, including nuclear power plants.

The State-run business revealed that it has raised 44.39 trillion VND so far and is actively seeking the remaining 5.6 trillion VND.

To make up the shortfall, the national group said that it would make full use of official development assistance (ODA) and preferential credit sources, seek commercial loans, and ensure the smooth progress of an approved plan to issue 4 trillion VND worth of bonds.

With the planned investment, EVN will strive to put into operation nine electricity plants with a combined capacity of 2,696 MW and commence construction of four thermal-electricity plants, capable of producing 3,800 MW in total, this year.

The group is also finalising reports regarding investments in two nuclear power projects, Ninh Thuan 1 and 2, to be submitted to the National Assembly before April this year.

First wholesale trade centre built in southeastern region

Germany ’s Metro Cash & Carry Group began construction of a 20 million USD wholesale trade centre in southern Dong Nai province on January 16.

This is Metro Cash & Carry’s 9 th wholesale trade centre in Vietnam and the first in the southeastern region.

Once operational in June 2009, the 50,000 sq.m centre is expected to provide a wide range of goods for local consumers, including food and agro-forestry products.

State President asks Binh Dinh to focus on development

State President Nguyen Minh Triet has asked central Binh Dinh province to make a concerted effort to boost its socio-economic development, with the aim of becoming one of the region’s most developed localities.

While visiting the province on Jan. 16, President Triet spoke highly of Binh Dinh’s work and socio-economic achievements during 2008.

Binh Dinh province will receive even more support to further encourage development in the future, he pledged.

Earlier, the President cut a ribbon to launch a new Hanoi-Phu Cat flight route.

During his working session in Binh Dinh, President Triet also visited the Air force Regiment No. 940 and Quang Trung-Tay Son museum.

Hotel group positive about Vietnam’s tourism sector

Even though tourists are shelving travel plans, Accor Asia Pacific Group is still optimistic about the long-term prospects for Vietnam’s tourism sector, Vice President of North East Asia Patrick Basset, said Wednesday. 

At a press briefing in Ho Chi Minh City, Basset told Thanh Nien Daily that Vietnam’s cultural diversity, natural beauty, security and political stability remained attractive to tourists.

However, he admitted Accor’s business in 16 Asia Pacific countries, including Vietnam, did not grow last year with the company experiencing a particularly tough final quarter in 2008 because of the global economic crisis.

Accor Asia Pacific has set the same business targets for 2009 as it did for 2008 in terms of revenue and profit but Basset refused to disclose the exact figures.

The Vietnamese government should increase its spending on promotional campaigns and infrastructure development this year in order for the country to remain on travelers’ radar, he said.

Basset also said the government should focus on stimulating domestic tourism, given its huge population of more than 86 million people.

Accor group last year opened two new properties, the 214-room Novotel Ha Long Bay and the 154- room Novotel Nha Trang.

In 2008, Vietnam attracted about 3.8 million foreign arrivals against the year's target of 5.5 million, but still up 1.1 percent compared to 2007.

SMEs get 30 percent tax exemption

The government has decided to reduce corporate income tax for small- and medium-sized enterprises (SMEs) by 30 percent from the fourth quarter of last year and through 2009. 

The Ministry of Finance on Tuesday said SMEs making agricultural produce, seafood, textiles and garments, footwear and electronic parts would be eligible for the tax break.

To qualify as SMEs, companies should have a chartered capital of not more than VND10 billion (US$574,000) or fewer than 300 employees.

By these measures, 96.5 percent of Vietnam’s 300,000 firms qualify as SMEs, annually contributing to 40 percent of the country’s gross domestic product and 17.46 percent of the budget revenues. They account for half the jobs in the economy.

Spring Trade Fair opens

Spring Trade Fair 2009 opens on January 16 at the Giang Vo Exhibition and Fair Centre.

The fair attracts nearly 500 enterprises all over the country. This is the biggest trade fair of the year, using all the areas of the Giang Vo centre.

Exhibitors offer all kinds of consumer products to meet the local people's demands for the upcoming Tet (lunar New Year) festival including confectionary, food, processed food, drinks, garments, jewelry, cosmetics, footwear, household appliances, interior decorations, etc,.

(Source: VNA, ND, TN)