Vietnam News Highlights for June 19, 2023
Check out the latest events around the country.
EVN to install undersea cable to power Con Dao Island
| The birdview of Con Dao Island. Photo: condao.baria-vungtau.gov.vn |
Prime Minister Tran Hong Ha has approved a 110-kilovolt undersea power project worth VND4.95 trillion (US$210.4 million) to connect Con Dao Island in the southern province of Ba Ria-Vung Tau to the national grid. Half of the investment will come from the State budget, and the rest will be financed by the State-owned Electricity of Vietnam (EVN).
Con Dao Island relies solely on a diesel-fired power plant, which can only meet the needs of domestic consumption, while industrial production, tourism, and services are barely met.
Vietnam reviews Grab's tax payments
Vietnam's General Department of Taxation will review and assess the tax obligations of Grab Co., Ltd. The move comes after the Ministry of Finance received some questions regarding the company's compliance with tax obligations.
Grab is a foreign-invested enterprise that has been operating in Vietnam for nine years, and its revenue has increased from VND1.5 trillion (US$63.9 million) in 2014 to over VND6 trillion (US$255.7 million) in 2022. However, the company has not paid any corporate income tax to Vietnam while transferring hundreds of billions of VND in copyright and management fees to two related foreign companies yearly.
Three platforms account for 90% of Vietnam's e-commerce market
Shopee, Lazada, and TikTok Shop dominate the e-commerce market in Vietnam, according to the E-commerce in Southeast Asia report by Momentum Works. The report states that three platforms accounted for 90% of the market share in total transaction value among the top five multi-category e-commerce platforms in Vietnam last year.
The total gross merchandise value (GMV) on Shopee, Lazada, Tiki, TikTok Shop, and Sendo was $9 billion in 2022.
Two highways officially opened to connect Nha Trang and Phan Thiet
The southern province of Khanh Hoa and the Ministry of Transport officially inaugurated two highways on June 18 after a month-long trial run. The highways are expected to boost inter-provincial travel and transportation and improve socio-economic conditions for local people.
The two stretches, Nha Trang-Cam Lam and Vinh Hao-Phan Thiet, connect Nha Trang City in Khanh Hoa Province to Phan Thiet City in Ba Ria-Vung Tau Province, totaling 150 km. The highways will bring the total built length of the North-South Expressway to 950 kilometers.
Cambodia hopes to finalize agreement on cross-border use of riel
Cambodian central bank will soon sign agreements with Vietnam to promote the use of Cambodian riel in cross-border transactions via technology payment applications. Travelers must scan QR codes or make bank transfers to pay for the products and services they purchase in Cambodian riel.
According to Chea Serey, deputy governor of the National Bank of Cambodia, the total amount of Cambodian riel in circulation will grow at an average annual rate of 16.6% to 14.4 trillion riels (US$3.42 billion) by 2022, nearly 10 times the amount in circulation in 1998.
Nearly 1,000 people attend yoga performance in Danang City
Nearly 1,000 yoga practitioners from the beach city of Danang and neighboring provinces joined a mass performance at East Sea Park in Son Tra District on June 18 to encourage people to exercise and improve their health and fitness.
The event was organized by the Vietnam Union of Friendship Organizations, the Vietnam-India Friendship Association and the Danang City Yoga Association in cooperation with the Embassy of India in Vietnam. The event commemorates the 51st anniversary of the establishment of diplomatic relations between Vietnam and India (1972-2023) and celebrates the 9th International Yoga Day.
