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December 2, 2016

Released at: 21:00, 02/12/2016 PRESS WATCH

December 2, 2016

Photo: Duc Anh

VET's daily round-up of news from Vietnamese media for December 2.

Wind power purchasing price to be raised

A scheme on wind power purchasing prices was submitted to the Prime Minister in mid-November. If approved, wind power purchasing prices will be raised in order to lure more investors and banks to join this sector. The prices of between 7.8 cents/kWh and 9.8 cents/kWh are applied to four wind power projects operating in the country, which are considered low as compared to prices in other countries.

VN seeks $1.2 billion in foreign loans for oil refinery expansion

Vietnam is seeking about $1.2 billion in overseas loans to expand the Dung Quat Oil Refinery in central Quang Ngai province before a share sale in 2017. Bloomberg quoted Nguyen Hoai Giang, Chairman of Binh Son Refining & PetroChemical Co., the refinery’s operator, as saying that when completed in 2021, the expanded refinery will be able to meet half of Vietnam’s fuel needs, rising from about one-third now with its current capacity of 148,000 barrels a day.

Vietnam sees high potential in digital banking

Digital banking service is promising in Vietnam, experts said at the Vietnam Retail Banking Forum 2016 in Hanoi on December 1, adding the country has a younger population compared to other nations in the region, with Internet penetration rate reaching 52 per cent of the population and customers using digital banking services standing at 44 per cent in a number of domestic banks.

Korean Nonghyup Bank opens Hanoi branch

Nonghyup, South Korea’s largest bank, opened a branch in Hanoi on December 1. Under the license issued by the State Bank of Vietnam on November 1st, Nonghyup Hanoi branch has an operational duration of 99 years and a charter capital of $35 million.

US oil giant asked to accelerate oil exploitation project

Deputy Prime Minister Trinh Dinh Dung on December 1 asked the US energy giant ExxonMobil, Vietnam’s Ministry of Trade and Industry, and PetroVietnam to accelerate the project on exploiting oil at the Ca Voi Xanh, the largest gas field found about 100km off the central coast to the east.

ASEAN members pour $2.45 billion in 11 months

In the first eleven months of this year, licenses were granted to 292 projects to be invested by businesses from other ASEAN countries with a combined registered capital of $2.45 billion, excluding 142 projects permitted to add $764 million to their investment.

Vietnam ratifies ASEAN protocol on air transport

The Vietnamese Government has approved the Protocol to Implement the Ninth Packet of Commitment on Air Transport Services under the ASEAN Framework Agreement of Services. The protocol was signed in Malaysia on November 6, 2015./.

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