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Tag Archive for ‘EVN’

Increasing cases of power theft in Vietnam raise public concern

HA NOI (VNS)- As many as 2,355 cases of power theft in northern provinces and cities were reported so far this year, alarming authorities who take responsibility for ensuring the safety of citizens and public property, according to Northern Power Corporation (EVN NPC). These thefts were generally conducted by installing spare meters or metal straps or switching meters, rather than tapping the grid for power as was common 10 years ago, according to EVN NPC. In An Duong District in the northern port city Hai Phong, someone placed metal straps on the electronic meters…

Who receives highest pay in Vietnam?

VietNamNet Bridge – Hundreds of millions of dong are paid to the CEOs who work in the “hot business fields” such as finance and banking, power and oil and gas. CEOs in state owned conglomerates receive tens of millions of dong How much the CEOs of Petrolimex (petroleum importer and distributor) and EVN (the Electricity of Vietnam) receive for their jobs every month is the thing that most people are interested in. EVN’s General Director Pham Le Thanh once revealed that the average pay to EVN’s workers in 2009 was 7.3 million dong, saying that this was a modest pay level. In…

Vietnam State Owned Economic Groups Repeatedly Beg For State’s Support

VietNamNet Bridge – State owned economic groups, considered the motive force of the national economy, have also complained about difficulties, while repeatedly begging for the preferences from the State. Conglomerates will live only with the State’s support In the latest document sent to the Ministry of Finance (MOF), the national oil and gas group PetroVietnam asked for the permission to exempt the personal income tax (PIT) for the group’s officers who go abroad on business. If MOF does not accept the proposal, PetroVietnam wishes to come forward to pay the tax for the officers. However, the expenses would be counted…

Everpia Vietnam JSC to run new factory from Nov 12

Everpia Vietnam JSC (coded EVE) on November 12 put its third factory in Hung Yen province in operation. The factory covers an area of 17,670 square metres area with an investment of 160 billion dong and estimated capacity of one million products of blankets per year and 210,000 cushions per year. The operation of the new factory would increase the total capacity of three factories to 1.5 million products per year. As expected, in the next five years, EVE may reach two trillion dong revenue and 250 billion dong after tax profit. EVE representative said that beside the traditional products, EVE will concentrate on developing products…

EVN issues bonds to repay for debts

As announced by the government office, Electricity of Vietnam Group (EVN) will have two plans of issuing bonds which will need to be finished soon in the near future. Accordingly, the first is to issue corporate bonds worth 10 trillion dong and the second is to issue bonds to repay for its debts for electricity […]

Vietnam’s Banking Problems Reflect Turbulence in the Economy

Scale of debt in banking sector and bloated state firms lays bare pernicious influences of cronyism in Asian tiger economy Vietnam’s stuttering economy, once a darling of the World Bank and a rising tiger of south-east Asia, received a further blow this week with the bailout of the crisis-struck state-owned Sacombank. The State Bank of […]

Groups continue seeking Vietnam government support amid limited budget

State-owned economic groups have continued asking the government for financial support, putting more pressure on the state budget. In a document recently sent to Finance Minister Vuong Dinh Hue, PetroVietnam said that it offered special terms and conditions for staff that had been sent abroad to work. These staff received financial assistance for accommodation, excess baggage and study fees for their children. State-owned economic groups have continued asking the government for financial support, putting more pressure on the state budget. PetroVietnam has proposed that the Ministry of Finance exempt personal income tax for these staff. If the recommendation…

Vietnam’s Three Big Conglomerates Report Losses, Blaming Each Other

VietNamNet Bridge – While Vinacomin and PetroVietnam complain that they incur loss because they have to sell coal and gas at low prices to the Electricity of Vietnam (EVN), the power group complains that it incurs loss because of having sell electricity at the prices lower than the production costs. Coal producer blames loss on EVN According to the Vietnam Energy Association (VEA), inspectors have found from a fact-finding trip to the Cao Ngan, Na Duong I, Cam Pha I, Cam Pha II and Mao Khe thermopower plants a lot of problems existing over the last four months, since…

EVN expects to issue 5tr dong worth of bond

A source from the local Newswire Bao dau tu (Vietnam Investment Review-VIR) said that Electricity of Vietnam Group (EVN) is planning to issue 10 trillion dong worth of corporate bonds in 2012 in the local market. However, by this time, the group’s expected goal is to issue five trillion dong worth of corporate bonds in […]

EVN Repays Part Of Debts To PVN, Vinacomin

Vietnam Electricity Group (EVN) has paid back over VND2 trillion of overdue debts to Vietnam Oil and Gas Group (PVN) and Vietnam National Coal and Mineral Industries Group (Vinacomin). “After many proposals to the Ministry of Industry and Trade for intervention, EVN has committed to pay off the remaining debt of nearly VND13 trillion to […]