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Vietsovpetro discovers new oil well offshore Vietnam
August 30, 2014 by vovnews Leave a Comment
(VOV) – The Vietnam-Russia Oil and Gas Joint Venture Enterprise (Vietsovpetro) has announced it discovered oil from Oligocene sediments at Sturgeon well of Lot 09-3/12 off Vietnam’s continental shelf.

The first oil flow was discovered on August 2, and approximately 2,000 barrels have been since pumped up from the well every day.

This is an initial result of the first search-exploration phase under a Lot 09-3/12 contract between the consortium of contractors PetroVietnam (55%), PVEP (30%) and Bitexco (15%), and the Vietnam National Oil and Gas Group (Petrovietnam).


Lot 09-3/12, at a depth of 60m below sea level, is about 160 km off Vung Tau coast and near Vietsovpetro’s existing oil and gas fields, making it easier for the joint venture to exploit the new well in the future.

Vietsovpetro is making an assessment of the new well’s reserves to work out an exploitation scheme.
 
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Workers and businesses alike warn against Vietnam's planned minimum wage hike | Business | Thanh Nien Daily

A proposed minimum wage hike has drawn criticism from those who fear it will accelerate inflation and raise the cost of doing business in Vietnam, where entrepreneurs say times remain tough.
The National Wage Council has recommended the government increase Vietnam's minimum monthly salary by 15.1 percent to VND2.42-VND3.1 million ($114-146) starting 2015.
Each worker's precise wage will be determined (within that range) by the cost of living in his or her location.
Nguyen Thi Hanh, an employee at a machinery production firm in Hanoi's Quang Minh Industrial Park said the new hike would only bring her an extra VND300,000-400,000 per month.
“That's not nearly enough for workers like me to be able to afford a life in this city,” she said while preparing dinner in the tiny rented room that serves as her kitchen, living room and bedroom.
“What's worse, it could trigger a rise in the price of consumer goods making life even more difficult.”
For decades, Vietnam has failed to establish a minimum wage that comes close to covering the basic cost of living here. Even with the proposed rise, the new minimum wage will only cover 75 percent of the cost of a worker's basic needs, said Dang Quang Dieu, from the Vietnam General Confederation of Labor.
"In order to survive, many workers will have to do extra jobs to increase their income," he said.
Many other laborers say they aren't interested in the minimum wage increase, since most of their income comes from allowances and bonuses which are often calculated based on their employers' business.
Hanh’s roommate Le Thi Ha, a worker at a garment company, said the hike would not significantly her raise her monthly income as nearly half of her money (a little over VND6 million a month) comes from special bonuses, overtime, incentives, etc.
The salaries that many firms pay their workers are higher than the minimum wage set by the government. So they won't increase wages following the government's minimum wage hike.
One economist said some firms are considering increasing baseline salaries and cutting ancillary payments. "If that's the case, worker incomes won't change and their living conditions won't improve despite the wage hike."
While the wage hike has failed to spark any enthusiasm among workers, it has raised big concerns among local producers, who are already struggling because of low purchasing demand in the domestic market and fierce competition from abroad.
Cao Tien Vi, general director of the Saigon Paper Corporation, said the wage hike would coincide with a lull in business. Every firm wants to raise salaries to ensure they hire and keep the most qualified laborers, he said, noting that they can only expect to do so when business is good.
The government should focus on addressing macroeconomic problems to ensure that businesses can absorb the costs of the hike.
Truong Anh Tu, director of Hanh’s company, said the wage hike will raise his company's personnel costs by VND1 billion each year and could render his products non-competitive. At that point, he'd have to start cutting staff.
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said that if the minimum wage increases by some 15 percent, salary and insurance costs will rise by more than 20 percent, placing further pressure on many enterprises already struggling through hard times.
Social insurance premiums are calculated as 26 percent of a given laborer’s monthly salary, of which the employee contributes 8 percent and the employer the rest.
The government should consider each enterprise's ability to survive such hikes before forging ahead with the plan given that 33,000 firms shut down in the first half of 2014
The trend is expected to continue in the rest of this year, Loc said.
Bui Sy Loi, vice chairman of the National Assembly’s Committee on Social Affairs, said the salary hike will fail to improve laborers’ living standards if inflation isn't controlled and economic growth doesn't happen.

The government hopes to report economic growth of 5.8 percent this year; the World Bank has already undershot that estimate by 0.4 percent.
Meanwhile, the General Statistics Office expects Vietnam's inflation to be 5 percent this year.
Increase productivity
Some economists say Vietnam’s decision to increase minimum wage without raising productivity will come back to bite it in the end.
Vietnam is one of a few countries where laborers enjoy salaries higher the productivity they generate, Cao Sy Kiem, chairman of the Vietnam Association of Small and Medium-Sized Enterprises was quoted as saying in a report released by the International Labor Organization (ILO).
Vietnam's main rivals in FDI attraction include Malaysia, Thailand and Indonesia -- all countries where wages dwarf productivity, he said.
A survey conducted last year by the organization found that productivity in Vietnam was equivalent to one-fifth of Malaysia's, two-fifths of Thailand's, and one-fifteenth of Singapore's.
To make matters worse, the ILO identified a recent slowdown in Vietnam’s productivity growth. From 2002-2007, productivity increased by 5.2 percent on average every year -- among the fastest growth rates in the region. Since 2008, however, that rate has fallen to 3.3 percent.
Vietnamese labor productivity was described as 61.4 percent of the region’s average and down near the bottom of the list with Myanmar and Cambodia.
Wage hikes should be carefully considered to ensure they don't hamper Vietnam's job creation efforts, FDI flows or competitiveness, Kiem said.
Hiking wages for a poorly qualified workforce in a country with an underdeveloped network of supporting industries and infrastructure could discourage foreign investment in Vietnam or even inspire those who are already here to leave the country, Kiem said.
An official from the labor ministry said wages always reflect productivity in developed countries. However, productivity is only one of factor under consideration now given that Vietnam's economy continues to develop very slowly.
The minimum wage will be calculated based on productivity when the wage meets the cost of laborers’ basic needs, he said.

-------------------------
 
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Workers and businesses alike warn against Vietnam's planned minimum wage hike | Business | Thanh Nien Daily

A proposed minimum wage hike has drawn criticism from those who fear it will accelerate inflation and raise the cost of doing business in Vietnam, where entrepreneurs say times remain tough.
The National Wage Council has recommended the government increase Vietnam's minimum monthly salary by 15.1 percent to VND2.42-VND3.1 million ($114-146) starting 2015.
Each worker's precise wage will be determined (within that range) by the cost of living in his or her location.
Nguyen Thi Hanh, an employee at a machinery production firm in Hanoi's Quang Minh Industrial Park said the new hike would only bring her an extra VND300,000-400,000 per month.
“That's not nearly enough for workers like me to be able to afford a life in this city,” she said while preparing dinner in the tiny rented room that serves as her kitchen, living room and bedroom.
“What's worse, it could trigger a rise in the price of consumer goods making life even more difficult.”
For decades, Vietnam has failed to establish a minimum wage that comes close to covering the basic cost of living here. Even with the proposed rise, the new minimum wage will only cover 75 percent of the cost of a worker's basic needs, said Dang Quang Dieu, from the Vietnam General Confederation of Labor.
"In order to survive, many workers will have to do extra jobs to increase their income," he said.
Many other laborers say they aren't interested in the minimum wage increase, since most of their income comes from allowances and bonuses which are often calculated based on their employers' business.
Hanh’s roommate Le Thi Ha, a worker at a garment company, said the hike would not significantly her raise her monthly income as nearly half of her money (a little over VND6 million a month) comes from special bonuses, overtime, incentives, etc.
The salaries that many firms pay their workers are higher than the minimum wage set by the government. So they won't increase wages following the government's minimum wage hike.
One economist said some firms are considering increasing baseline salaries and cutting ancillary payments. "If that's the case, worker incomes won't change and their living conditions won't improve despite the wage hike."
While the wage hike has failed to spark any enthusiasm among workers, it has raised big concerns among local producers, who are already struggling because of low purchasing demand in the domestic market and fierce competition from abroad.
Cao Tien Vi, general director of the Saigon Paper Corporation, said the wage hike would coincide with a lull in business. Every firm wants to raise salaries to ensure they hire and keep the most qualified laborers, he said, noting that they can only expect to do so when business is good.
The government should focus on addressing macroeconomic problems to ensure that businesses can absorb the costs of the hike.
Truong Anh Tu, director of Hanh’s company, said the wage hike will raise his company's personnel costs by VND1 billion each year and could render his products non-competitive. At that point, he'd have to start cutting staff.
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said that if the minimum wage increases by some 15 percent, salary and insurance costs will rise by more than 20 percent, placing further pressure on many enterprises already struggling through hard times.
Social insurance premiums are calculated as 26 percent of a given laborer’s monthly salary, of which the employee contributes 8 percent and the employer the rest.
The government should consider each enterprise's ability to survive such hikes before forging ahead with the plan given that 33,000 firms shut down in the first half of 2014
The trend is expected to continue in the rest of this year, Loc said.
Bui Sy Loi, vice chairman of the National Assembly’s Committee on Social Affairs, said the salary hike will fail to improve laborers’ living standards if inflation isn't controlled and economic growth doesn't happen.

The government hopes to report economic growth of 5.8 percent this year; the World Bank has already undershot that estimate by 0.4 percent.
Meanwhile, the General Statistics Office expects Vietnam's inflation to be 5 percent this year.
Increase productivity
Some economists say Vietnam’s decision to increase minimum wage without raising productivity will come back to bite it in the end.
Vietnam is one of a few countries where laborers enjoy salaries higher the productivity they generate, Cao Sy Kiem, chairman of the Vietnam Association of Small and Medium-Sized Enterprises was quoted as saying in a report released by the International Labor Organization (ILO).
Vietnam's main rivals in FDI attraction include Malaysia, Thailand and Indonesia -- all countries where wages dwarf productivity, he said.
A survey conducted last year by the organization found that productivity in Vietnam was equivalent to one-fifth of Malaysia's, two-fifths of Thailand's, and one-fifteenth of Singapore's.
To make matters worse, the ILO identified a recent slowdown in Vietnam’s productivity growth. From 2002-2007, productivity increased by 5.2 percent on average every year -- among the fastest growth rates in the region. Since 2008, however, that rate has fallen to 3.3 percent.
Vietnamese labor productivity was described as 61.4 percent of the region’s average and down near the bottom of the list with Myanmar and Cambodia.
Wage hikes should be carefully considered to ensure they don't hamper Vietnam's job creation efforts, FDI flows or competitiveness, Kiem said.
Hiking wages for a poorly qualified workforce in a country with an underdeveloped network of supporting industries and infrastructure could discourage foreign investment in Vietnam or even inspire those who are already here to leave the country, Kiem said.
An official from the labor ministry said wages always reflect productivity in developed countries. However, productivity is only one of factor under consideration now given that Vietnam's economy continues to develop very slowly.
The minimum wage will be calculated based on productivity when the wage meets the cost of laborers’ basic needs, he said.

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We raise our minimum wage bcz there will be more investment flowing to VN plus more high tech will be transferred ,too.

We expect that in 2020, our GDP per capita will reach to 5,000 USD>
 
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We raise our minimum wage bcz there will be more investment flowing to VN plus more high tech will be transferred ,too.

We expect that in 2020, our GDP per capita will reach to 5,000 USD>
LOL. Higher cost equals less foreign investment. Quit pulling crap out of thin air. I'm not your fellow countryman.
:lol:
 
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LOL. Higher cost equals less foreign investment. Quit pulling crap out of thin air. I'm not your fellow countryman.
:lol:
Unlike a country with full of sand storm-smog-useless location like China, VN have a very important location in the region, thats why US-JP r raising investment in VN and Frace-JP r willing to transfer more high tech to us ,too. They will help VN economy to break out the middle income trap :pop:
 
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More bad News for Vietnam

VIETNAM PRESS-Banks in Vietnam worry about bad debt - Vietnam Economic Times| Reuters

As much as 76 percent of banks in Vietnam said they were concerned over bad debt in the system while 94 percent of the surveyed banks expected improved financial results, the Vietnam Economic Times newspaper reports.

A quarter of the banks that were part of the survey conducted by Ernst & Young Vietnam Co said bad debt was the most important issue faced by the economy, the report said. Seventeen banks and more than 800 clients were part of the survey.
 
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More bad News for Vietnam

VIETNAM PRESS-Banks in Vietnam worry about bad debt - Vietnam Economic Times| Reuters

As much as 76 percent of banks in Vietnam said they were concerned over bad debt in the system while 94 percent of the surveyed banks expected improved financial results, the Vietnam Economic Times newspaper reports.

A quarter of the banks that were part of the survey conducted by Ernst & Young Vietnam Co said bad debt was the most important issue faced by the economy, the report said. Seventeen banks and more than 800 clients were part of the survey.
The stock of VN banks went up last week after long time staying in idle, too. Seem like JP-US bank r coming to rescue ours , Im thinking abt buying stock of banks next week:pop:
 
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OTT apps to thrive when Vietnam deploys 4G

VietNamNet Bridge – Voice call and SMS services will be provided free of charge when Vietnamese mobile network operators join hands with OTT (over the top) app developers to earn money from data services.

Mobile network operators and OTT app developers have finally found a way to co-exist.

According to Harald Preiss, a senior executive of Nokia Networks, in the countries which have been utilizing 4G technology like Japan, mobile network operators now provide free voice call and SMS service as a part of the monthly data package service, and they only charge fees for data services.

As such, when customers use OTT services, mobile network operators can earn money, while users will be more satisfied because they can use high-quality services.

And OTT services still can exist even when mobile network operators do not collect fees on voice calls and SMS, because users still like OTT services.

This is a “win-win-win” solution for all the OTT service providers, mobile network operators and users.

OTT service providers can provide services in the “open air” and they do not have to scramble for customers with mobile network operators.

Meanwhile, telcos do not care about the revenue from voice calls and SMS, because they will collect money from data services.

Analysts have also predicted that when deploying 4G technology, Vietnamese mobile network operators are likely to apply the business model, which means that users would be able to use free voice call and SMS service, while the confrontation between mobile network operators and OTT service providers would enter a new stage of co-existence and co-development.

However, an expert from Nokia Networks noted that things would depend on the countries’ conditions and network operators’ strategies.

OTT services will still exist, no matter if the network operators utilize 4G technology. OTT services have been existing on the 3G network and they have been favored by users.

Therefore, it is necessary a solution which allows all the parties related to OTT service, including users, network operators and OTT service providers, feel satisfied. And 4G is believed to be a good option.

There has been no perfect solution to the co-existence of OTT service providers and network operators. Meanwhile, the number of OTT app users has been increasing steadily.

It is estimated that there are 12 million Viber users in Vietnam, 4 million Line and 10 million Zalo users. Vietnam expects to have 30 million OTT app users by the end of the year.

Regarding the time of 4G deployment, the Ministry of Information and Technology (MIC) said the technology would be utilized in Vietnam in 2015.

However, market demand and users’ readiness will determine when 4G can be put into use. MIC has advised mobile network operators to make hectic preparations for 4G.

According to Claudio Frascoli from Nokia Networks, one of the Vietnamese biggest network operators has seen a 100 percent growth rate in data service. This is good news, which reflects the high demand for data services from smartphone subscribers.

Buu Dien
 
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More Bad news for Vietnam

Microsoft's plan to shift all Nokia production to Vietnam hits snag | Business | Thanh Nien Daily

Microsoft’s plan to consolidate all of Nokia's factories under one roof in Vietnam is being challenged by new restrictions on the importation of old machinery that go into effect this month.
Many parts for the mega assembly line that Microsoft wants to build from equipment currently being used in Hungary, Mexico and mostly China don't meet the standards laid out by the Vietnamese Ministry of Science and Technology.
The ministry requires that 80 percent of an imported assembly line be new or less than five years old.
Earlier this month, Microsoft sent a statement to the ministry and the government of Bac Ninh Province insisting that it had no plans to dump garbage equipment in Vietnam, news website VnExpress reported.
The technology giant, which picked up Nokia’s phone business in a US$7.2 billion deal last April, is shutting down the cell phone brand's former handset factories in Hungary, Mexico and China.
Nokia’s plant in the northern province of Bac Ninh, which began operating last June, was scheduled to cover all global production.
Microsoft said it planned to install the old equipment in its Bac Ninh plant to scale up production.
The company asked the ministry and the provincial government to render a decision by September 1, when the mechanical restrictions take effect.
The ministry responded by requesting a detailed list of the machines and their condition before rendering a judgement.
Do Hoai Nam, director of the ministry's Technology Inspection Department, told VnExpress they need to know the specific age and quality of each device before deciding whether or not Microsoft will have to refurbish them before importing them to Vietnam.
“The ministry has asked Microsoft to produce extra documents and details. Generally, we want to provide the best conditions for their expansion in Vietnam.”
The technology transfer, if approved, will take until next February and expand the Bac Ninh plant from 6 assembly linesto 39.
The $300 million factory produced 10.8 million cell phone products valued at an estimated $193 million last year.
If the expansion plan goes ahead, it will raise the Bac Ninh plant's annual output threefold and expand its portfolio of products to include more complicated devices.
Microsoft says the expanded factory will require a larger workforce before it can meet its annual export target of 76.4 million products worth $1.86 billion.

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Who does Vietnam think they are? Beggars can't be choosers. In the end, the VMST will give in. :coffee:
 
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More Bad news for Vietnam


The ministry requires that 80 percent of an imported assembly line be new or less than five years old.
........................
Who does Vietnam think they are? Beggars can't be choosers. In the end, the VMST will give in. :coffee:
The new rule can be change again. JP machines maybe reduce to 70 % be new and less than 10 years old when China machines will remain the requirement.:pop:
 
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The new rule can be change again. JP machines maybe reduce to 70 % be new and less than 10 years old when China machines will remain the requirement.:pop:

Congratulations on allowing your people to be further exploited with lower quality machinery just to spite Chinese. I guess that's an achievement. I don't think anyone will really care though. Just like you happily accept discrimination just to spite Chinese, just like how you accept poverty just to spite Chinese, I guess you'll accept being exploited in your own country, just to spite Chinese. But hey, I guess you "got them this time!"
 
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Congratulations on allowing your people to be further exploited with lower quality machinery just to spite Chinese. I guess that's an achievement. I don't think anyone will really care though. Just like you happily accept discrimination just to spite Chinese, just like how you accept poverty just to spite Chinese, I guess you'll accept being exploited in your own country, just to spite Chinese. But hey, I guess you "got them this time!"
Pls read the article, then u will understand why VN may lower requirement for JP-US but not for China:pop:

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Phan Van Tuc, an overseas Vietnamese in Japan, said his company in Vietnam usually imports offset printers. In Japan, offset printers used within five years from the production date are too expensive for Vietnamese enterprises to buy.

Japanese printers that have been used for over five years still have high quality and work well. If we don’t import the products, we will by accident help Chinese products flow into the country, and Chinese new printers may be not as good as Japanese second-hand products,” Tuc said.

Do Hoang, an overseas Vietnamese in the United States, said the circular will also tighten regulations on allowing the Vietnamese people returning from overseas to the country to import automobiles as movable assets.

The circular requires that these vehicles should have been registered in the country of residence for at least six months and have run on the road at least 10,000 kilometers by the time of their arrival at Vietnamese ports.

Hoang questioned that why the 10,000-kilometer rule is applied besides the rule on six-month registration.

Nguyen Quoc Toan, deputy head of the import-export tax office under the Customs Department of HCMC, admitted that it is difficult to evaluate the remaining quality of used machines and production lines imported. But, customs offices have to implement regulations stipulated by the ministry.

The HCMC Customs Department will take note of suggestions by enterprises and overseas Vietnamese to report to the ministry and related agencies to help businesses cope with the difficulties presented, Toan said
OV bemoan rules on used machine import — TalkVietnam

China machinery simply have very poor quality, can not compare with US-JP's ones, so we can not lower the requirement to them
 
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Flappy Bird Creator Launches New Game Called Swing Copters
swing-copters-game.jpg
 
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I guess, congratulations on having a low tech flash game style phone app. We poor Chinese will have to be content with spaceflight, quantum computing and next generation materials. But hey, flappy birds right?
 
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