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| Overseas remittances to HCMC reaches nearly 5.2 billion USD (Photo: vneconomy.vn) |
In the second quarter of this year alone, remittances totalled over 2.3 billion USD, a fall of 19.5% compared to the previous quarter, but an increase of 4.2% from the same period last year. The capital flow from Asia continued to dominate, comprising 56.1% of the total and up 48.5% year-on-year.
Lenh explained that factors regarding human resources and labour market continued to positively impact the amount of remittances to the southern largest economic hub in the six months.
Besides, improvements in payment services from banks and remittance companies contributed to the sharp increase in the remittance flow into the city, he said, adding support policies and mechanisms rolled out by the Government and the central bank have also played a vital role in attracting remittances to the city over the past time.
The influx of remittances into HCM City and Vietnam as a whole is expected to see an upward trend in the time ahead, particularly with the amended Land Law, the amended Housing Law and the amended Law on Real Easte Business to come into force.
Overseas remittances to the city in 2023 hit a six-year record high of around 8.9 billion USD, marking a 35% increase year-on-year.
The municipal People's Committee has approved the 2025-2030 overseas remittance attraction plan, targeting an average annual growth rate of over 10%. The initiative aims to channel these resources primarily into local production and business, focusing on non-administrative interventions in remittance transfer and allocation.
PV Power proposes 4-billion-USD clean energy complex in Ninh Thuan
The Petrovietnam Power Corporation (PV Power) has proposed the implementation of the Lam Son Clean Energy Production Complex project, with an investment of nearly 4 billion USD in Ninh Thuan province, according to the Vietnam News Agency.
The complex will consist of three components: a 1,440 MW pumped-storage hydropower plant with six units; a 3,500 MWp solar power project; and a 350 MW Battery Energy Storage System (BESS).
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| Symbol of PV Power (Photo: pvpower.vn) |
The total electricity output is expected to reach 5.87 billion kWh per year. The total investment is estimated at 3.98 billion USD, with a land use requirement of approximately 184.2 hectares for the pumped-storage hydropower plant and 2,000 hectares for the solar power project.
The project is set to commence in 2026 and is expected to be operational by the end of 2030. It will utilise advanced storage battery and pumped-storage hydropower technologies to convert the less stable solar power into a reliable and flexible electricity supply, thereby realising the model of “self-production, self-consumption” solar power in Ninh Thuan. This aims to harness development potential and meet the goal of making Ninh Thuan a central hub for energy and renewable energy in the country.
The Ninh Thuan provincial leadership agreed and expressed their willingness to facilitate PV Power's preparation of the project documentation. They also urged PV Power to proactively implement the investment procedures early and work closely with relevant departments and local authorities to prepare and submit the project proposal for approval by central ministries, aiming for operation in the investment phase of 2026 - 2030.
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A worker operates equipment at a PV Power plant. (Photo: VNA)
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With eight power plants currently in operation, totaling 4,205 MW of generation capacity, PV Power is the second largest listed company in terms of maximum capacity, only after the 7,000 MW capacity of Power Generation Corporation 3 (GENCO3, stock code PGV). PV Power's total generating capacity is equivalent to about 5.4% of Vietnam’s total designed generation capacity.
According to a report at the recent mid-year business review conference, PV Power’s leadership stated that the total revenue of the corporation in the first six months of the year was estimated at 16.169 trillion VND, reaching 97% of the plan and equivalent to 100% of the same period last year. It is estimated that in the second quarter of 2024, PV Power achieved nearly 10 trillion VND in revenue.
Vietnamese import and export turnover exceeds US$400 billion by mid-July
Vietnam’s total import and export turnover by mid-July reached nearly US$403 billion, racking up a trade surplus of US$11.88 billion, Radio the Voice of Vietnam quoted the latest statistics released by the General Department of Vietnam Customs.
Most notably, Vietnam grossed US$16.26 billion from exports during the first half of July , with four categories of commodities posting a turnover of over US$1 billion, including computers, electronic products, and components; phones and components; machinery, equipment, tools, and spare parts along with garments and textiles.
The positive signs seen in exports between July 1 and July 15 raised total export turnover since the beginning of the year to US$207.25 billion, an increase of 15.19% on-year.
Meanwhile, the country spent US$195.37 billion on importing goods throughout the reviewed period, up 17.7% against the same period from last year.
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| Vietnamese import and export turnover exceeds US$400 billion by mid-July (Photo: VOV) |
According to details given by experts, with sanguine signs in import-export activities since the beginning of the year, the country is projected to fetch US$377 billion in export turnover this year, up about 6% on-year and record a trade surplus of approximately US$15 billion.
Businesses are required to closely monitor market developments, diversify export markets, strive to fully tap into Free Trade Agreements (FTAs), develop logistics services, and support firms looking to shift to bolster exports via official channels in association with brand building.
Vietnam rise up latest FIFA rankings
The Vietnamese national men’s football team climbed one place to 115th position in FIFA’s world rankings for July, Radio the Voice of Vietnam reported.
The latest increase can be attributed to other teams ranked above Vietnam losing points and subsequently enduring a drop in their own rankings.
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| Vietnamese national men’s football team ranks 115th position in FIFA’s world rankings. (Photo: VFF) |
Thailand, who are currently ranked as the best team in Southeast Asia, also slipped out of the top 100 in the latest FIFA rankings. Meanwhile, Indonesia jumped one place to rank 133rd in the world.
Japan is currently the best team in Asia, followed by Iran, the Republic of Korea, Australia, Qatar, and Iraq.
Argentina topped in world rankings thanks to their latest Copa America win. Elsewhere, following Spain’s win at EURO 2024 they also moved up five places to rank third in the world./.