Proposal to invest in a 40 million USD waste treatment project; nearly 1.5 billion USD to upgrade Dung Quat Oil Refinery

Asia New Generation proposes to invest in a 40 million USD waste treatment project in Dong Nai ; Dung Quat Oil Refinery: Nearly 1.5 billion USD for upgrading and expanding…

Those were two of the notable investment news stories of the past week.

Asia New Generation proposes to invest in a 40 million USD waste treatment project in Dong Nai

On the afternoon of March 29, Vice Chairman of Dong Nai Provincial People's Committee Vo Van Phi worked with Asia New Generation Company on the investment proposal for the Waste Treatment Power Generation Project in Xuan Loc District.

Waste treatment site at Cu Lao Xanh Waste Treatment Complex, Xuan Tam Commune, Xuan Loc District, Dong Nai.

At the meeting, Mr. Willy Andreas Kirsch, Chairman of the Board of Directors of Asia New Generation Company, said that after researching the locations, the company proposed to invest in a waste-to-electricity treatment project at the Cu Lao Xanh Waste Treatment Complex in Xuan Tam Commune, Xuan Loc District.

The company said that when investing, it will use German pyrolysis waste treatment technology. With this technology, waste does not need to be sorted or burned directly, but is treated by gasification, which limits emissions and can generate 1.2-1.8 MWh of electricity per ton of waste.

In the first phase, the company plans to invest 40 million USD to build a factory with a capacity to process 400 tons of waste per day. The next phase can increase to 1,000 tons per day.

To take the next steps, Asia New Generation Company proposed that Dong Nai province guide legal procedures and propose adding the project to Power Plan VIII.

On behalf of Dong Nai Provincial People's Committee, Vice Chairman of the Provincial People's Committee Vo Van Phi supported the investment in projects with new technology, contributing to environmental protection.

Mr. Phi suggested that the enterprise carry out the procedures for project transfer; adjusting investment policies, adjusting planning; assessing environmental impacts, and appraising technology. When the enterprise has complete documents, the departments and branches of Dong Nai province will support and guide the investment procedures.

Currently, waste-to-electricity treatment projects in Dong Nai are receiving attention from many investors.

In addition to the project proposed by Asia New Generation Company in Xuan Loc district, Dong Nai province has signed an agreement with the consortium of Ecotech Vietnam Technology Investment and Trading Joint Stock Company and Le Delta Joint Stock Company to prepare a feasibility study report for the waste-to-energy plant project in Vinh Tan commune, Vinh Cuu district.

This project is invested in the form of public-private partnership (PPP) with a total investment of VND 2,286 billion from equity and mobilized capital, not using budget capital.

When phase 1 is completed, the capacity to process 800 tons of waste/day and generate 20 MW of electricity. In phase 2, the capacity to process waste will increase to 1,200 tons/day and generate 30 MW of electricity.

According to the original plan, the project would start in 2023, with a construction period of about 3 years. However, so far, progress has been slow.

Ba Ria - Vung Tau grants investment certificates to 15 projects

On March 30, within the framework of the Conference on implementing the Provincial Planning for the period 2021-2030, with a vision to 2050 and investment promotion, the People's Committee of Ba Ria - Vung Tau province awarded investment certificates to 15 enterprises.

Of these, there are 10 domestic investment projects investing in the fields of real estate, wood processing, and mechanics.

Some projects have large investment capital up to thousands of billions of VND such as: Eco Pearl City Group Joint Stock Company invested in An Dien Ecological Housing Project in Long Dien town, total investment capital of 4,269 billion VND; Nam Kim Phu My Steel Company Limited invested in Nam Kim Phu My Steel Sheet Factory project in My Xuan B1 Industrial Park - Dai Duong, total investment capital of 4,500 billion VND.

In particular, the Phu My Polypropylene Plastic Granule Factory Project in Cai Mep Industrial Park of Phu My Plastic Production Joint Stock Company adjusted the total investment capital to increase by VND 11,390 billion, bringing the total investment capital of the entire project to VND 24,855 billion.

For the 5 FDI projects granted investment certificates, Hyosung Vina Chemical Company Limited invested in a Polypropylene (PP) production plant and an underground storage facility for liquefied petroleum gas (LPG) at Cai Mep Industrial Park, with a total investment capital increase of 49 million USD, increasing the total project investment to 1.6 billion USD.

BOE Vietnam Audio Visual Electronics Co., Ltd. invested in the BOE Vietnam smart terminal project phase 2 at Phu My 3 specialized industrial park, with a total investment of 277.5 million USD.

Speaking to Investment Newspaper reporters, Lee Sang-Woon, Vice President of Hyosung Group, said that the group decided to invest in Ba Ria - Vung Tau because the province has geographical advantages as a maritime gateway, an abundant and highly qualified workforce, good infrastructure and attractive incentive policies.

“Hyosung Group considers Ba Ria - Vung Tau province to play an extremely important role in Hyosung's investment strategy in Vietnam,” said Mr. Lee Sang-Woon.

According to statistics from the People's Committee of Ba Ria-Vung Tau province, in the first quarter of 2024, the province attracted more than 1.5 billion USD in FDI capital and 25,000 billion VND in domestic investment capital.

Investment projects in Ba Ria-Vung Tau are selected with advanced, modern technology, less labor-intensive, high productivity, and environmentally friendly.

Ninh Thuan calls for investment in 55 projects

Mr. Truong Van Tien, Director of the Center for Investment, Trade and Tourism Promotion of Ninh Thuan province, said that the Provincial People's Committee has just approved a list of priority projects calling for investment in Ninh Thuan province.

Ninh Thuan calls for investment in Ca Na Dry Port Project Phase 2. In photo: Ca Na Dry Port Phase 1

Ninh Thuan calls for investment in Ca Na Dry Port Project Phase 2. In photo: Ca Na General Port Phase 1. Photo: Trung Nam Group.

Accordingly, Ninh Thuan province has 55 priority projects calling for investment with a total area of 3,435.882 hectares. Of which, 18 projects are in the fields of trade - services, tourism (317.26 hectares); 14 projects are in the fields of construction and real estate business (745.152 hectares); 9 projects are in the fields of energy, renewable energy (528.95 hectares); 9 projects are in the fields of processing and manufacturing industry (412.62 hectares); 5 projects are in the fields of agriculture (1,431.9 hectares).

In the field of trade - services and tourism, there are a number of large-scale projects such as Vinh Hy Eco-tourism Project (79.55 ha); Ca Na Logistics Center Project and Ca Na Dry Port Project (both 60 ha); High-class Tourism Project (in the egg rock area, 35.36 ha); Mui Dinh Resort Project (30.43 ha) ...

The energy and renewable energy sector has projects such as Ca Na LNG Power Project (1,500 MW, VND 51,793 billion); Phuoc Hoa Pumped Storage Hydropower Project (1,200 MW, VND 22,865 billion); Tri Hai Wind Power Project (79.5 MW, VND 2,760 billion); Dam Nai 4 Wind Power Project (27.6 MW, VND 1,649 billion)...

Some projects in the field of processing and manufacturing industry include the Green Technology and Post-salt Chemical Complex Project (101 hectares); Ca Na General Seaport Project (phase 2, 49.62 hectares); Phuoc Nam Industrial Cluster Technical Infrastructure Project 1, 2, 3, 4, 5 (all 50 hectares in scale)...

The People's Committee of Ninh Thuan province assigned the Center for Investment, Trade and Tourism Promotion to preside over and coordinate with the Department of Planning and Investment and inter-organizational agencies to call for and guide investors to register to implement projects according to regulations.

Quang Nam: Dien Ban Town has 64 construction investment projects behind schedule

Dien Ban Town People's Committee has reported to Quang Nam Provincial People's Committee on the situation of projects that are behind schedule in the town. Accordingly, Dien Ban Town currently has 64 projects that have been implemented to invest in housing construction that are behind schedule compared to the project implementation commitment.

Currently, the locality finds that the biggest difficulty related to this content is that the time to carry out procedures to extend project implementation progress overlaps with the land use plan for project implementation.

Dozens of projects in Dien Ban town, Quang Nam province are behind schedule compared to their implementation commitments.

According to regulations, projects that have expired are not included in the annual land use plan. However, when the procedure for extending the progress is completed, the project is not included in the land use plan, and the investor must continue to carry out this procedure (while the extension period is not more than 24 months according to regulations).

While the project's delay is largely due to problems with site clearance, it is not entirely the investor's fault.

Dien Ban Town People's Committee said that the delay in the project's progress was due to various subjective and objective reasons, but mainly due to problems in compensation and site clearance.

Therefore, in order to create favorable conditions for the investor to continue to complete the project, the Town People's Committee proposed that the Provincial People's Committee direct relevant departments and branches to consider and pay attention to the solution; at the same time, there should be a unified plan between the Department of Natural Resources and Environment and the Planning and Investment Department so that the implementation of procedures for extending the progress and registering the annual land use plan can be synchronized in terms of time.

Dien Ban Town is the place where a large number of projects are being implemented in Quang Nam Province, especially in Dien Nam - Dien Ngoc New Urban Area. Specifically, in Dien Nam - Dien Ngoc New Urban Area, there are currently more than 82 housing projects. Of which, 58 projects are being implemented and are completing legal documents to prepare for construction; 5 projects have been handed over and 6 projects have basically completed and are preparing for handover.

At the same time, there are also 13 projects that the People's Committee of Quang Nam province has recovered and transferred to the People's Committee of Dien Ban to continue implementing as directed.

For the area outside Dien Nam - Dien Ngoc New Urban Area, Quang Nam Provincial People's Committee has assigned investors to 28 projects to invest in building commercial housing outside urban areas, of which 5 projects have been basically completed and handed over for use; 23 are completing legal procedures and are implementing construction works. According to Dien Ban Town People's Committee, currently, investors are continuing to invest in project construction to complete the project according to the committed schedule.

In addition, in the coastal area of Dien Ban town (from the east bank of Co Co River to the East Sea), there are a total of 27 projects, of which 18 are tourism, trade - service projects and 09 investment projects for housing construction and resettlement.

Most of the above projects were implemented before 2016 and were implemented according to the Master Coastal Planning approved by the People's Committee of Quang Nam province.

Assigning budget and investment plan of 6,458 billion VND to implement 3 important national expressway projects

Deputy Prime Minister Le Minh Khai has just signed a Decision to assign the central budget capital investment plan and estimates for 2024 to 1 Ministry and 8 localities.

Deputy Prime Minister Le Minh Khai signed Decision No. 258/QD-TTg on assigning the central budget capital investment plan and estimate for 2024 from increased revenue, reduction and savings of central budget expenditure in 2021 to the Ministry of Transport and 8 localities to implement 3 important national expressway projects according to Resolution No. 58/2022/QH15, Resolution No. 59/2022/QH15 and Resolution No. 60/2022/QH15.

Illustration photo. (Source: Internet)

Specifically, the Deputy Prime Minister assigned to supplement the central budget capital investment plan and estimate in 2024 from increased revenue, reduction and savings in central budget expenditure in 2021 to the Ministry of Transport of VND 2,571 billion and the People's Committees of 8 provinces and centrally run cities: Khanh Hoa, Dak Lak, Dong Nai, Ba Ria - Vung Tau, An Giang, Can Tho, Hau Giang, Soc Trang with a total capital of VND 3,887 billion to implement 03 important national expressway projects according to Resolution No. 58/2022/QH15, Resolution No. 59/2022/QH15 and Resolution No. 60/2022/QH15.

Deputy Prime Minister assigned The Minister of Transport and the Chairmen of the People's Committees of 8 provinces and centrally run cities: Khanh Hoa, Dak Lak, Dong Nai, Ba Ria - Vung Tau, An Giang, Can Tho, Hau Giang, Soc Trang, based on the estimates and plans for central budget capital investment in 2024, are assigned to decide on the detailed assignment of the central budget capital investment plan in 2024 to affiliated agencies and units, ensuring compliance with the provisions of the law on public investment, the Resolutions of the National Assembly, for the right purpose and effectively.

The time for disbursement of additional capital is implemented according to the provisions of law on state budget and public investment.

The Ministry of Transport and the above 8 localities are responsible to the Prime Minister, inspection, examination and auditing agencies and relevant agencies for the accuracy of the contents, reported data, project list and capital allocation for each project to ensure compliance with legal regulations; and implement the reporting regime according to current regulations.

The Ministries of Planning and Investment and Finance, based on their assigned functions and tasks regarding state management of public investment, shall be responsible to the Prime Minister, inspection, examination and auditing agencies and relevant agencies for the accuracy of the contents and data of reports, ensuring compliance with legal provisions; and monitor and inspect the implementation of this Decision.

The government plans to borrow a maximum of VND676,057 billion in 2024.

Deputy Prime Minister Le Minh Khai has just signed Decision No. 260/QD-TTg approving the Public Debt Borrowing and Repayment Plan for 2024 and the 3-year Public Debt Management Program for the 2024-2026 period.

The government plans to borrow a maximum of VND676,057 billion in 2024.

The 2024 public debt borrowing and repayment plan and the 3-year public debt management program for the 2024-2026 period aim to ensure resources to fully and timely repay public debts without affecting the national credit rating; continue to restructure the government bond debt portfolio in accordance with market conditions and implementation needs.

At the same time, ensure the task of mobilizing loans through diversifying capital sources and methods of borrowing domestically and internationally to meet the needs of balancing the state budget and developing the economy and society with appropriate levels of cost and risk, focusing on prioritizing foreign capital mobilization for large and important projects that are of a situation-changing and status-changing nature.

In addition, strictly control debt safety indicators within the ceiling and warning threshold approved by competent authorities; promote the development of domestic capital markets; and make the most of foreign preferential loans.

Public debt borrowing and repayment plan in 2024

The decision clearly states that the Government's borrowing plan is a maximum of VND 676,057 billion, including: Borrowing for balancing the central budget is a maximum of VND 659,934 billion, of which borrowing to offset the central budget deficit is a maximum of VND 372,900 billion, borrowing to repay principal is no more than VND 287,034 billion; borrowing for re-lending: about VND 16,123 billion.

Flexible mobilization of resources from the following tools: (i) issuing government bonds; (ii) borrowing ODA and foreign preferential loans; and (iii) if necessary, borrowing from other legal financial sources.

Government debt repayment is about 453,990 billion VND, of which direct debt repayment of the Government is not more than 395,874 billion VND, debt repayment of re-lending projects is about 58,116 billion VND.

About Government Guaranteed Loans

The decision clearly states that the bond issuance guarantee level for the Vietnam Development Bank is a maximum of VND 1,160 billion, equal to the principal repayment of government-guaranteed bonds due in 2024. For the Vietnam Bank for Social Policies: No government-guaranteed bonds will be issued in 2024.

The specific bond issuance guarantee level for the Vietnam Development Bank is determined based on the Ministry of Finance's appraisal of the application for issuance of bonds guaranteed by the Government in accordance with the provisions of Decree No. 91/2018/ND-CP dated June 26, 2018 of the Government on the issuance and management of Government guarantees.

For guarantees for domestic and foreign loans for enterprises, there is no Government guarantee limit in 2024 because the projects do not need to withdraw capital, only repay debt.

Local government borrowing and debt repayment plan

The decision clearly states that the loan from the Government's foreign loan re-borrowing source and other loan sources is about 30,619 billion VND.

Local government debt repayment is about 6,993 billion VND, including principal payment of about 4,119 billion VND and interest payment of about 2,874 billion VND.

Foreign commercial loans of enterprises not guaranteed by the Government in 2024: The limit of medium- and long-term foreign commercial loans of enterprises and credit institutions by self-borrowing and self-repayment method is about 6,599 million USD; the growth rate of short-term foreign debt is about 18 - 20% compared to the outstanding debt as of December 31, 2023. (**)

The Decision clearly states that the 2024 borrowing and debt repayment plan is implemented within the maximum levels stated in (*) and (**); in case of arising demand exceeding the above maximum levels, the Ministry of Finance shall submit to the Prime Minister for adjustment of the plan.

3-year public debt management program for the period 2024 - 2026

According to the Decision, on borrowing and debt repayment of the Government, the total borrowing of the Government in the period of 2024 - 2026 is a maximum of about 1,862.2 trillion VND, of which borrowing for the central budget is about 1,818.3 trillion VND, borrowing for re-lending is about 43.9 trillion VND.

The total debt repayment of the Government in the period of 2024 - 2026 is a maximum of 1,102.8 trillion VND, of which direct debt repayment is about 976.4 trillion VND, and re-loan debt repayment is about 126.4 trillion VND.

Proactively arrange resources to fully fulfill the Government's debt repayment obligations, avoid overdue debt, and prevent it from affecting the Government's international commitments.

About Government guarantee limit

The decision clearly states that, for the guarantee for the two policy banks issuing bonds: the guarantee level for the Vietnam Development Bank in the period of 2024 - 2026 is a maximum of VND 8,620 billion, the guarantee level for the Vietnam Bank for Social Policies in the period of 2024 - 2026 is a maximum of VND 11,590 billion; equal to the obligation to repay the principal of the Government-guaranteed bonds due in the period of 2024 - 2026.

Thoroughly implement the goal of strictly controlling the issuance of Government guarantees for loans within the guarantee limit approved by competent authorities; the withdrawal level must not exceed the principal repayment obligation in the year.

Regarding borrowing and debt repayment of local governments, the Decision clearly states that local governments' deficit and debt limits must be controlled according to the provisions of the State Budget Law, Resolutions of the National Assembly on piloting a number of specific mechanisms and policies of a number of localities and Resolution No. 23/2021/QH15 dated July 28, 2021 of the National Assembly on the National Financial Plan and borrowing and debt repayment for the 5-year period 2021 - 2025.

Tight control of budget deficit

The Prime Minister assigned the Ministry of Finance to strictly control the state budget deficit, local budget deficit, local budget debt level, and the Government's debt repayment obligation ratio.

The Ministry of Finance is studying new methods of mobilizing loans, ensuring sufficient loans for development investment, meeting major projects on transport infrastructure, combating climate change, committing to zero net emissions, digital transformation, and controlling public debt and national foreign debt within the ceiling limit and warning threshold for the 2021-2025 period and the following period.

In addition, the Ministry of Finance proactively manages the volume of government bond issuance according to the market's demand and absorption capacity, ensuring that the central budget's capital needs are met with interest rates appropriate to market conditions. Issue a variety of government bond maturities, ensuring the average government bond issuance maturities according to the National Assembly's targets.

The Ministry of Finance submits to the Prime Minister for approval the specific level of government-guaranteed bond issuance guarantee for the Vietnam Development Bank in 2024 based on the provisions of Decree No. 91/2018/ND-CP dated June 26, 2018 of the Government on the issuance and management of government guarantees, this Decision and the project of issuing government-guaranteed bonds of the Vietnam Development Bank. Strengthen inspection and supervision of the use of loans and debt repayment.

The State Bank of Vietnam strictly controls the implementation of the self-borrowing and self-repayment foreign debt limit of enterprises not guaranteed or secured by the Government within the approved limit; presides over the management of foreign debt of the private sector and presides over and coordinates with the Ministry of Finance to report to the Prime Minister in case of negative developments.

Quang Nam has allocated more than 6,300 billion VND of public investment capital.

On April 2, providing information on the disbursement of public investment capital in 2024, Mr. Nguyen Hung - Deputy Director of the Department of Planning and Investment of Quang Nam province said that the province has allocated more than 90% of public investment capital in detail.

The adjusted public investment capital plan for 2024 in Quang Nam province is more than 7,056 billion VND, equal to 82.5% of the 2023 plan. Of which, the central budget is more than 2,194 billion VND and the local budget is 4,861 billion VND.

According to Mr. Hung, up to now, Quang Nam province has allocated more than 6,394 billion VND in detail to sectors and localities, reaching 90.6%.

Of which, the central budget is 2,088 billion VND, reaching 95.1%; the provincial budget is 4,306.5 billion VND, reaching 88.6%. The remaining unallocated capital plan is 662.2 billion VND, including the central budget is 106.9 billion VND and the provincial budget is 555.3 billion VND.

As of March 26, Quang Nam province's 2024 capital plan had disbursed more than VND 629.7 billion, reaching 8.9%.

Mr. Nguyen Hung also said that investment attraction in the first quarter of 2024 in Quang Nam was better than the same period.

Accordingly, Quang Nam province has newly granted 7 foreign investment projects with a total registered capital of 124.24 million USD and newly granted 11 domestic investment projects with a registered capital of 4,112 billion VND, and revoked 2 domestic projects.

Up to now, Quang Nam province has 200 valid foreign investment projects with a total investment capital of 6.2 billion USD and 1,147 domestic investment projects with a total capital of nearly 230,000 billion VND.

In addition, the number of newly established enterprises in the first quarter of 2024 was 301 with registered capital reaching 1,643 billion VND, an increase of 2.3% in the number of enterprises and a decrease of 24.7% in registered capital. The total number of enterprises entering and re-entering the market was 516, an increase of 5.74%.

However, the total number of enterprises registered to temporarily suspend business, wait for dissolution procedures and dissolve is 721, an increase of 14.26% ...

According to Mr. Hung, in the first 3 months of the year, businesses in the province have not really recovered and are facing pressures such as lack of orders, high production costs, etc.

Mr. Nguyen Hung affirmed that the production and business situation of enterprises in the province is still facing many difficulties. Therefore, Quang Nam province will focus on removing difficulties and obstacles for enterprises, especially real estate enterprises...

Quang Nam province will handle and remove obstacles in a specific and practical manner, accompanying the business community, especially key economic sectors...

Quang Nam province will also demonstrate high determination in disbursing public investment capital, considering this a top and consistent political task in 2024, striving for a disbursement target of 100%; in which, by the end of June 30, disbursement will reach over 40% ...

Khanh Hoa starts construction of office building worth over 544 billion VND

On the morning of April 2, Khanh Hoa Provincial People's Committee held the groundbreaking ceremony for the project to build the headquarters of the Provincial Party Committee, the National Assembly Delegation, the People's Council and the People's Committee of Khanh Hoa province.

Attending the groundbreaking ceremony were Mr. Tran Thanh Man, Politburo member, Permanent Vice Chairman of the National Assembly; Mr. Tran Hong Ha, Party Central Committee member, Deputy Prime Minister.

Delegates performed the groundbreaking ceremony.

The Project of Building the Office of the Provincial Party Committee, the Delegation of National Assembly Deputies, the Provincial People's Council, and the Provincial People's Committee has a total investment of more than 544.6 billion VND, inspired by the bird of peace spreading its wings towards the ocean and the sky; the design axis of the project is determined from the center point of the land towards the sovereignty landmark on Truong Sa Lon Island, towards the sacred sea and islands of the Fatherland, expressing the desire to master the ocean and get rich from the sea and islands of the homeland.

The project will meet the requirements for a new workplace for officials, civil servants and public employees; a place to receive citizens and delegations from the Central to local levels and international friends to visit, work and work, creating connections between agencies, shaping a concentrated working area of the central agencies of Khanh Hoa province.

The project, once completed, will become a highlight for the coastal city of Nha Trang, in line with the development orientation of Khanh Hoa province according to Resolution No. 09/NQ-TW of the Politburo on building and developing Khanh Hoa province to 2030, with a vision to 2045. The project is expected to be completed and put into use before September 2025 to welcome the 19th Khanh Hoa Provincial Party Congress, term 2025 - 2030.

Dung Quat Oil Refinery: Nearly 1.5 billion USD for upgrading and expansion

The Ministry of Industry and Trade has just announced the results of the appraisal of the adjusted Investment Feasibility Study Report on the Dung Quat Oil Refinery Upgrade and Expansion Project submitted by Binh Son Refining and Petrochemical Joint Stock Company (BSR).

As a Group A, Level I project, belonging to a project that greatly affects safety and community benefits using other capital, the appraisal of the adjusted Feasibility Study Report is carried out in accordance with Clause 15, Article 1, Construction Law No. 62/2020/QH14 and Article 58, Construction Law No. 50/2014/QH13.

After upgrading and expanding, Dung Quat Oil Refinery will have a processing capacity of 171,000 barrels/day. Photo: DM

Regarding compliance with legal regulations on construction investment project preparation, basic design; construction capacity conditions of organizations and individuals practicing construction, the Appraisal Report stated that organizations, individuals or contractors involved in this stage all have sufficient capacity conditions according to legal regulations.

The basic design of the Project is also consistent with the approved plans of competent authorities such as the Detailed Plan for the Construction of the Eastern Dung Quat Industrial Park, the General Plan for the Construction of the Dung Quat Economic Zone to 2045. The investment in the construction of the project is consistent with the orientation/direction in the Politburo's resolutions on the development of the oil and gas industry; Vietnam's National Energy Development Strategy to 2030, with a vision to 2045...

The objectives and scale of the Project are considered by the Ministry of Industry and Trade to be consistent with the investment policy approved by the Prime Minister in Decision 482/QD-TTg dated May 5, 2023.

However, the Ministry of Industry and Trade said that the total investment of the Project is 36,397 billion VND (equivalent to 1.489 billion USD), an increase of 18.55% compared to the total investment in Decision No. 482/QD-TTg dated May 5, 2023 (31,240 billion VND, equivalent to 1.257 billion USD).

However, the Appraisal Report stated that the Project does not fall under the category of requiring investment policy adjustment.

The Ministry of Industry and Trade also concluded that the investor is responsible for the accuracy and honesty of the reported data, and is fully responsible for the investment efficiency of the Project; the Design Consultants and Appraisal Consultants are responsible for the data in the adjusted Construction Investment Feasibility Study Report and the Appraisal Report. At the same time, the investor is required to clearly explain to the competent state agencies the selection of optimal technology for the project; research solutions to optimize investment costs, improve the economic efficiency of the Project; have solutions to strictly control and manage investment costs, ensuring optimization and economic efficiency.

On March 29, 2024, BSR announced information about the Decision approving the adjustment of the Dung Quat Oil Refinery Upgrading and Expansion Project at the Hanoi Stock Exchange.

Accordingly, Dung Quat Oil Refinery will be invested to increase its processing capacity from 148,000 barrels/day to 171,000 barrels/day; products will meet Euro V standards; meet environmental standards according to the Government's mandatory roadmap, while increasing flexibility in selecting crude oil, ensuring a long-term and effective supply of crude oil for the factory.

To meet these objectives, a series of new technology workshops will be invested in or adjusted and converted. The time to implement this investment in upgrading and expanding is 37 months from the date of signing the EPC contract and the goal is to put the Project into operation in 2028.

To arrange capital, BSR said the equity/loan structure is 40/60, but will also be considered and adjusted to suit the actual ability to balance resources.

BSR hired consultants to arrange capital in the form of export credit and loans from domestic and foreign commercial banks.

Previously, when reporting to request adjustment of investment policy, BSR said that the project uses equity capital arranged from the Company's internal sources, from annual retained after-tax profits (2020-2025), after deducting funds and distributing dividends, depreciation sources after paying long-term loans and issuing shares to existing shareholders and new shareholders in case the above sources are not sufficient.

About 660 million USD in capital arrangement plan was proposed by BSR before approving the Investment Policy Adjustment in Decision 428/QD-TTg, along with information about credit institutions expressing interest. They are KooKmin Bank (100 million USD), BIDV (200-300 million USD), Bangkok Bank (200 million USD), OCBC Bank (75 million USD).

According to the Ministry of Finance, if the banks' requirements are met and the banks fulfill their commitments, BSR can borrow 575 - 675 million USD, not to mention a number of other banks that have expressed interest and will be considered at a later stage.

Thus, 10 years have passed since BSR was approved for the Dung Quat Oil Refinery Upgrade and Expansion Investment Project, with the processing target of 192,000 barrels/day, products meeting Euro V standards in December 2014. Now, with a lower target of 171,000 barrels/day, the opportunity for Dung Quat Oil Refinery to carry out the upgrade and expansion is closer.

Proposal to cut 2024 capital plan for ministries, branches and localities that have not yet allocated details

According to the report of the Ministry of Planning and Investment, as of March 31, 2024, out of the total of nearly 657,349 billion VND of planned capital for 2024 assigned by the Prime Minister, ministries, branches and localities have allocated 625,300 billion VND in detail, reaching 95.1% of the plan assigned by the Prime Minister. Of which, the central budget capital is 215,500 billion VND, and the local budget capital is 409,800 billion VND.

Thus, the remaining capital that has not been allocated in detail is 32,000 billion VND, including: central budget capital of 9,500 billion VND of 21/44 ministries, agencies and 24/63 localities, local budget balance capital of 22,500 billion VND of 25/63 localities.

The Government is making efforts to promote the allocation and disbursement of public investment capital in 2024.

According to the Ministry of Planning and Investment, implementing the Government's direction, the Ministry of Planning and Investment is coordinating with the Ministry of Finance to report to the Prime Minister and the Government to submit to competent authorities to cut the central budget investment plan for 2024 for units that have not yet allocated in detail.

The Ministry of Planning and Investment said that the reason why ministries, branches and localities have not yet allocated 100% of the state budget investment plan from the central budget in 2024 is mainly because of newly started projects that have not completed investment procedures according to regulations to be eligible for annual capital plan allocation.

In addition, there are a number of other reasons, such as transitional projects that need to report to the Prime Minister for permission to extend the capital allocation period as prescribed in Article 52 of the Law on Public Investment; capital allocated to projects under the 3 national target programs that are facing difficulties in the implementation process; capital allocated to projects that are being synthesized and submitted to competent authorities for approval to adjust the medium-term public investment plan for the period 2021 - 2025; or projects that are reviewing and adjusting investment content as prescribed; projects under the Socio-Economic Recovery and Development Program that no longer need to arrange a capital plan for 2024, because capital has been allocated from the 2023 plan source extended to 2024 according to Resolution No. 110/2023/QH15 of the National Assembly...

Meanwhile, foreign capital is not fully allocated because investment procedures have not been completed according to regulations; the project agreement is being submitted to competent authorities for permission to extend; or there are problems in equipment price appraisal, project bidding mechanism...

Regarding disbursed capital, citing data from the Ministry of Finance, the Ministry of Planning and Investment said that as of March 31, 2024, it is estimated to reach VND 89,874,751 billion, equal to 13.67% of the plan assigned by the Prime Minister, higher than the same period in 2023 in both relative terms (last year it reached 10.35%) and absolute terms (VND 16,500 billion higher).

Of which, domestic capital is 89,342,002 billion VND (reaching 14.02% of the plan assigned by the Prime Minister), foreign capital is 532,749 billion VND (reaching 2.66% of the plan assigned by the Prime Minister).

In terms of disbursement rate, the Ministry of Planning and Investment said that there are 4 ministries, central agencies and 23 localities with high disbursement rates (over 20% of the plan assigned by the Prime Minister).

However, there are still 38 ministries, central agencies and 26 localities with public investment disbursement rates in the first 3 months of 2024 below the national average. In particular, 15 ministries and central agencies have not yet disbursed the 2024 state budget investment plan assigned by the Prime Minister (disbursement rate is 0%).

According to Minister Nguyen Chi Dung, ministries, branches and localities must promote the allocation and disbursement of public investment capital, identifying this as a key political task to promote economic growth.

“It is necessary to promptly handle difficulties and problems regarding the supply of sand and stone... to speed up the progress of key and important national projects, airports, seaports, highways, inter-regional and inter-provincial projects, and energy infrastructure,” Minister Nguyen Chi Dung emphasized.

Quang Nam has 53 valid coastal tourism projects.

Regarding coastal tourism projects in the province, Mr. Nguyen Hung, Deputy Director of the Department of Planning and Investment (DPI) of Quang Nam province, said that up to now, Quang Nam province has 58 coastal tourism projects. The province has revoked 5 projects and only 53 projects are valid enough to continue implementation.

Coastal tourism projects have made great contributions to the tourism industry of Quang Nam province.

According to Mr. Nguyen Hung, coastal tourism projects that have been invested in and put into operation not only promote the development of the tourism industry, but also contribute greatly to the socio-economic development of the province.

Currently, Quang Nam has 26 coastal tourism projects in operation, contributing greatly to attracting tourists to the province. The average room occupancy rate of coastal tourism facilities is over 80% on weekends and over 60% during the week...

However, there are still some coastal tourism projects that are not being implemented on schedule due to problems with compensation; lengthy procedures for project investment implementation, difficulties in production and business, etc.

According to Mr. Hung, the province has issued directives to resolve slow-progressing projects, including coastal tourism projects.

It is known that in 2023, the People's Committee of Quang Nam province issued an Official Dispatch directing the removal and resolution of each group of issues of slow-progressing projects; striving to handle and completely resolve slow-progressing projects before December 31, 2024.

The Provincial People's Committee requests to strengthen responsibility in performing the state management function for investment projects in the province; regularly inspect and supervise investment activities.

In addition, resolutely advise and propose the Provincial People's Committee to thoroughly handle slow-progressing projects, not allowing more slow-progressing projects to arise in the area; at the same time, organize reviews and clarify the responsibilities of relevant collectives and individuals in state management work leading to slow progress in implementing investment projects and existing problems, obstacles, prolongation, and arising...

Many Vietnamese businesses plan to invest more in ASEAN markets.

The results of HSBC's "ASEAN Enterprise Survey" show that about 9/10 Vietnamese enterprises plan to invest more in ASEAN markets.

The survey was compiled by HSBC with 600 responses from businesses with annual revenue of at least US$150 million. The number of participants was divided equally among the six largest ASEAN markets: Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. The chart data refers to companies operating in Vietnam.

ASEAN is Vietnam's third largest import market in the first quarter of 2024, according to the General Statistics Office.

According to the results of a survey conducted by HSBC with people who play a decisive role in corporate finance in the six largest economies in the region. In most ASEAN markets, more than half of the survey participants expressed their desire to choose Vietnam as a new market to expand their business.

The survey also found that domestic technological capabilities and supply chain challenges are the top barriers for businesses in Vietnam looking to expand into new ASEAN markets, highlighting the need to plan carefully and seek professional advice when investing abroad.

Product development is the top priority for businesses in Vietnam, followed by expansion into ASEAN. 94% of respondents expect their intra-ASEAN trade to increase in 2024, with 27% expecting an increase of more than 30%.

Enterprises plan to invest in expanding new markets in ASEAN, technology and digitalization. Areas expected to expand in ASEAN. ASEAN markets are confident in business growth. The percentage of Vietnamese enterprises very confident in their ability to develop business in each market...

ASEAN is a dynamic trading bloc with the fastest growth rate in the world. The region’s combined GDP is US$3 trillion. It is also the fastest growing Internet market and has the highest level of digital connectivity in the world. With these advantages, ASEAN is undoubtedly one of HSBC’s top priority markets.

Mr. Ahmed Yeganeh, Country Head of Commercial Banking, HSBC Vietnam, said that ASEAN is one of the most dynamic and fastest growing trade blocs in the world. As a member of ASEAN, Vietnam is proud to have 16 FTAs signed with many countries and territories, a strong consumer market, an impressive FDI story and a growing digital economy.

“Our survey data shows that businesses operating in Vietnam are not only focused on domestic growth, but also aim to expand into new markets in ASEAN, as well as grow their business through investments in technology and digitalization, to meet the development of the digital economy here,” said Mr. Ahmed.

In March 2024, HSBC announced the $1 billion ASEAN Growth Fund, which aims to help the region's digital platform businesses achieve economies of scale, develop their asset portfolios, and grow throughout their business lifecycle.

The HSBC ASEAN Growth Fund provides loans to businesses that are scaling through digital platforms across Southeast Asia. The fund supports new economy enterprises, more established businesses and non-bank financial institutions by assessing performance indicators related to their cash-generating asset portfolios, rather than relying solely on traditional financial metrics.

Da Nang grants 15 new FDI projects, total capital of over 22 million USD

According to the Da Nang City Statistics Office, as of March 15, the City has granted investment certificates to 2 projects with domestic capital with a total newly registered capital of 1,228 billion VND. Of which, 1 project is located outside the industrial park with a registered capital of 1,168 billion VND; 1 project is located inside the industrial park with a registered capital of 60 billion VND.

Regarding attracting foreign direct investment (FDI), as of March 15, Da Nang city has granted 15 new projects with newly registered capital of 22.148 million USD.

In January 2024, KP AERO INDUSTRIES CO., LTD (Korea) invested in the project to build KP VINA Aviation Components Factory in Da Nang.

The Da Nang City Statistics Office also said that the total social investment capital is estimated to reach 6,201 billion VND in the first quarter of 2024.

Of which, the state sector's investment capital in the first quarter of 2024 continued to maintain a stable growth rate of 5.0% over the same period in 2023 with a total capital estimated at VND 1,675 billion. Centrally managed capital is estimated at VND 334 billion; locally managed capital is estimated at VND 1,341 billion.

Some state-owned enterprises have high investment in the first quarter of 2024, such as Da Nang Rubber Joint Stock Company with the project to invest in expanding the Radial truck tire factory to increase capacity to 1 million tires/year; Da Nang Port Joint Stock Company with the project to invest in the yard behind bridge 4.5 Tien Sa Port; Da Nang Electricity One Member Co., Ltd. ...

In the non-state sector, the value of realized investment capital of this sector in the first quarter of 2024 is estimated at 3,597 billion VND.

Some major projects to be implemented in 2024, expected to bring high implementation value in the city, include: CT3-CT7 Da Nang Times Square Tower project of Kim Long Nam Joint Stock Company; The Filmore apartment project of Filmore Real Estate Development Joint Stock Company; office combined with tourist apartments of Danapha Pharmaceutical Joint Stock Company; New Town High-class Commercial and Sports Service Urban Area project of New Town Development Company Limited; Fcomplex 3 building of FPT Urban Da Nang Joint Stock Company, etc.

For the foreign direct investment (FDI) sector, the realized investment capital of the FDI sector in the first quarter of 2024 is estimated at VND929 billion, an increase of 11.6% over the same period last year. Some enterprises with large investment values in the quarter include: Ngu Hanh Son Sea Tourism Joint Stock Company; Fujikura Automotive Vietnam Co., Ltd.; Nam Phat Hotel and Villa Co., Ltd.; Universal Alloy Corporation Vietnam Co., Ltd....

Regarding the business situation, in the first 3 months of 2024, Da Nang city issued new business registration certificates to 824 enterprises, branches and representative offices, with a total registered charter capital of more than VND 2,904 billion.

However, since the beginning of the year, 160 enterprises and affiliated units have completed dissolution procedures; 2,669 enterprises, branches and representative offices have temporarily suspended operations.

However, according to the Da Nang City Statistics Office, the optimistic signal is that the number of enterprises and affiliated units resuming operations increased by 17.8% compared to the same period in 2023. Up to now, in Da Nang city, there are 40,223 enterprises, branches and representative offices in operation...

Quang Ngai removes obstacles for 3,500 billion VND traffic project

According to the Management Board of Quang Ngai Province Traffic Construction Investment Project, up to now, the land and property inventory for the main route has been completed, covering 163.21/164.51 hectares, reaching 99.2% of the total planned area; 100% of the inventory of 4,856 affected graves has been completed; and land recovery notices have been issued for 90.69/164.51 hectares, reaching 55.1% of the total planned area.

Regarding the work of preparing and approving compensation plans and supporting site clearance, the People's Committees of districts and cities have approved 14 compensation plans for 6.15/164.51 hectares, reaching 3.7% and 2,891/4,856 graves, reaching 59.3%.

The project has an end point connecting to Hoang Sa road at the Tra Khuc dam bridgehead.

The handover of construction site has reached 15.5%, with 25.54/164.51 ha handed over to construction contractors; the approval of detailed planning at scale 1/500 for 10/10 resettlement areas has been completed; investment procedures are being carried out to organize the construction of the Grave Reburial Area.

The leaders of this Project Management Board said that there are still many difficulties, especially in determining specific land prices to calculate compensation in 2024.

Specifically, currently, the dossiers submitted to determine specific land prices to calculate compensation in 2024 by the Organizations in charge of compensation submitted after Decree No. 12/2024/ND-CP dated February 5, 2024 of the Government took effect have not yet conducted the investigation, survey, and collection of information on land prices for land use rights auctions or land prices successfully transferred on the market and selected organizations with the function of consulting on land price determination according to the provisions of law on bidding. To fully implement these procedures, the implementation time will be prolonged, not ensuring the progress of site clearance of the project. Therefore, the advisory agencies are still confused and have not submitted to the People's Committees of Binh Son, Son Tinh districts and Quang Ngai city for approval of specific land prices.

Therefore, the Management Board requests the People's Committee of Quang Ngai province to direct the Department of Natural Resources and Environment to study and issue documents guiding the People's Committees of districts and cities to organize the implementation to ensure the prescribed procedures and the shortest time to complete the procedures.

In addition, the project passes through a large proportion of rice-growing land in the planning area (37.5%), but up to now, the Prime Minister has not allowed the change of land use purpose, so it is not eligible to issue a land recovery notice as a basis for implementing site clearance work.

Therefore, to speed up the progress of site clearance of the project, the Project Management Board requests the People's Committee of Quang Ngai province to continue to direct the Department of Natural Resources and Environment to urgently explain and edit and complete some contents of the dossier as requested by the Appraisal Council before submitting to the Prime Minister (the Provincial People's Committee assigned the task to the Department of Natural Resources and Environment for consultation in Official Dispatch No. 1295/UBND-KTN dated March 14, 2024, but has not yet been completed).

Regarding this project, Vice Chairman of Quang Ngai Provincial People's Committee Tran Phuoc Hien requested the Project Management Board to focus on coordinating with localities to speed up the progress of compensation and site clearance according to plan; local authorities in the project area must actively and proactively coordinate with the investor in the process of compensation and site clearance, in order to promptly remove obstacles and hand over the site on schedule.

The Vice Chairman of the Provincial People's Committee requested the Project Management Board to develop and make a plan to implement the project with specific contents for each part of the work, including urgently completing the dossier to submit to the Prime Minister for permission to change the purpose of using rice land for the project in April 2024.

Preliminary review of the 128.8 km Gia Nghia - Chon Thanh Expressway Project

On the afternoon of April 3, the Standing Committee of the National Assembly's Economic Committee held an expanded session to review the Government's submission on the pre-feasibility study report on the investment project to build the North-South Expressway in the West, Gia Nghia, Dak Nong province - Chon Thanh, Binh Phuoc province, according to the National Assembly's electronic information portal.

The report of the Ministry of Transport stated that the Gia Nghia - Chon Thanh expressway starts at the intersection with Ho Chi Minh road (National Highway 14) at km1,915 + 900, in Dak R'Lap district, Dak Nong province; the end point connects with Ho Chi Minh road, Chon Thanh - Duc Hoa section, in Chon Thanh town, Binh Phuoc province.

According to the plan, Gia Nghia - Chon Thanh Expressway has a scale of 6 lanes with a total route length of about 128.8 km. Of which, the length of the expressway is about 126.8 km; the length of the connecting section from the intersection with Ho Chi Minh City - Chon Thanh Expressway to Ho Chi Minh Road, Chon Thanh - Duc Hoa section is about 2 km. The project has 27.8 km through Dak Nong province, the remaining 101 km through Binh Phuoc province. Investing in phase 1, the project will have a scale of 4 complete lanes; site clearance will be carried out at once according to the planned scale of 6 lanes.

The preliminary total investment of the project is 25,540 billion VND, including 12,770 billion VND of state capital and 12,770 billion VND of capital mobilized by investors.

The Government proposed dividing the North-South Expressway Construction Investment Project, Western section, Gia Nghia (Dak Nong) - Chon Thanh (Binh Phuoc) into 5 component projects (including 1 component project invested under the PPP method and 4 public investment component projects).

Regarding the expected progress, the Project will prepare for investment from 2023, implement the Project from 2024, and strive to complete the Project in 2026.

Opinions at the meeting basically agreed with the necessity of investing in the Project, stating that after completion, the Gia Nghia - Chon Thanh Expressway will form an important connecting axis, creating a new space to promote socio-economic development, ensuring national defense and security in the Central Highlands and Southeast regions.

According to Chairman of the Economic Committee Vu Hong Thanh, investing in projects under the PPP method will help take advantage of technology, experience, management capacity and capital of private investors, as well as meet the requirements of current reality, because the demand for public investment in the coming years is very large. On the other hand, experience from implementing the Hai Phong - Hanoi expressway, as well as some expressway sections on other expressway projects shows that when there is a connection between expressways in an area, traffic volume will increase rapidly, ensuring the financial plan of the investor.

The Chairman of the Economic Committee also requested the Government and the Ministry of Transport to promptly complete the dossier and related documents so that the National Assembly Standing Committee can comment at the upcoming 32nd Session.

Preliminary review of the 128.8 km Gia Nghia - Chon Thanh Expressway Project

The preliminary total investment of the project is 25,540 billion VND, including 12,770 billion VND of state capital and 12,770 billion VND of capital mobilized by investors.

Regarding the expected progress, the Project will prepare for investment from 2023, implement the Project from 2024, and strive to complete the Project in 2026.

Quang Binh invests 100 billion VND to overcome coastal erosion

Quang Binh Provincial People's Committee said that Chairman of Quang Binh Provincial People's Committee Tran Thang has just signed a decision to allocate funds from the 2023 central budget reserve to overcome the consequences of natural disasters and landslides for the Emergency Coastal Erosion Repair Project in Quang Phuc Ward, Ba Don Town with a budget of 100 billion VND.

Accordingly, this project is assigned to the Management Board of Investment and Construction Projects of the Agriculture and Rural Development Sector (Department of Agriculture and Rural Development of Quang Binh) as the investor. The project implementation period and capital disbursement plan are until December 31, 2024. After this period, the capital that is not fully disbursed will be canceled according to regulations.

Quang Binh Provincial People's Committee requests the project investor to be responsible for implementing the next steps to ensure the process and procedures in accordance with the current law on public investment and the guidance of the Central Ministries and branches; at the same time, disburse capital according to the prescribed schedule, and take full responsibility before the Provincial Party Committee, Provincial People's Council, and Provincial People's Committee if the allocated capital is not fully implemented and disbursed, or is reduced or revoked. And must arrange capital from the budget to implement the reduced volume.

It is known that in recent years, the coastal area in Tan My residential group, Quang Phuc ward, Ba Don town has been severely eroded by the sea.

In addition, due to the impact of storms combined with the northeast monsoon and high tides, strong sea waves have caused more serious erosion on the coast of Tan My residential area, with an estimated length of about 2 km.

According to the leaders of Ba Don town, the strong waves have caused landslides deep into the alluvial land, pushing sand onto the road, making it impossible for vehicles to pass. The landslide phenomenon along the coast has also affected the lives of 10 households with 40 people in Tan My residential group. In the face of this situation, the People's Committee of Ba Don town and the People's Committee of Quang Phuc ward have also proposed that the People's Committee of Quang Binh province consider allocating funds to invest in the construction of this sea dike.

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