January 19-25: Sharp fall continues in petrol prices

The retail price of petrol continued to fall sharply with a VND1,900 per litre cut as of 4pm on January 21.

The reduction brought the price of A92 petrol down to VND15,670 per litre from the previous VND17,570 per litre. A litre of diesel and kerosene were also cut by VND1,460 and VND1,500 to VND15,170 and VND15,610 respectively while mazut saw a decrease of VND1,080.

This was the second cut in retail petrol prices since the beginning of 2015. Earlier on January 6, the retail price saw the year’s first cut, slashed by VND310 per litre.

2. Vietnam, EU conclude last FTA talk round

Vietnam and the EU concluded the 11th and final round of free trade agreement negotiations in Brussels, the capital of Belgium, on January 23 after five days of sitting.

During the talks, which focused on the Market Opening Package, both sides were able to reach common ground on outstanding issues left over from previous talks involving services, investment and public procurement.

Vietnam also asked the EU to agree with its proposals regarding potential goods for exports in the coming time.

3. Consumer prices decline 0.2% in January

The General Statistics Office on January 24 announced that consumer prices in January went down by 0.2%, thanks to large reductions in petrol prices.

Compared with the same month in 2013, prices rose by 0.94%, easing from 1.84% in December last year.

4. Trang An receives World Cultural and Natural Heritage certificate

A ceremony took place in Ninh Binh on January 23 to receive a certificate from UNESCO recognising Trang An Landscape Complex as a World Cultural and Natural Heritage.

Covering an area of more than 6,100 hectares, Trang An consists of three sites: the Hoa Lu ancient citadel, Trang An-Tam Coc-Bich Dong natural scenic site, and the Hoa Lu primeval forest. The complex is often called Vietnam’s Ha Long Bay on land.

Trang An Landscape Complex is the first site in Southeast Asia recognised by UNESCO as a mixed natural and cultural heritage.

5. NA Standing Committee convenes 34th session

The National Assembly Standing Committee held its 34th session in Hanoi from January 19 to 21 under the chair of NA Chairman Nguyen Sinh Hung.

During the two-day session, the NASC considered a number of bills in order to continue the implementation of the 2013 revised Constitution, and give opinions on the 132nd Assembly of the Inter-Parliamentary Union (IPU–132), due to be held in Hanoi in March, 2015.

6. ADB offers two loans for education and infrastructure improvement

The Asian Development Bank and the Government of Vietnam on January 23 signed a loan agreement in which the ADB will provide two loans totaling US$165 million to help Vietnam improve education and rural infrastructure in poor provinces.

The first US$80 million will be used to support the second phase of a project to improve lower secondary education of poor ethnic minorities in several disadvantaged areas and typhoon-hit coastal areas.

The second loan of US$85 million will be used as additional finance to an integrated rural development infrastructure project, which was approved by the ADB in 2007.

7. Deputy PM attends key World Economic Forum sessions

Deputy Prime Minister Pham Binh Minh meets with US Trade Representative Michael Froman.

Deputy Prime Minister Pham Binh Minh delivered remarks at several key sessions during the 45th World Economic Forum annual meeting in Davos, Switzerland, from January 21 to 24.

He was active during the discussions on ‘ASEAN Agenda’ and ‘Global Geopolitical Prospects 2015’.

Minh also had bilateral meetings on the sidelines of the event, including meetings with Queen Maxima of the Netherlands, Deputy PM and US Trade Representative Michael Froman, Thai Deputy PM Devacula Pridyathorn, Heineken Company’s Financial Director Hooft Graafland and President of the US UPS Company James Barber.

6. Uruguay top legislator visits Vietnam

Speaker of the Chamber of Representatives of Uruguay Anibal Pereyra made a visit to Vietnam from January 18 to 22 to deepen bilateral relations between the two countries.

National Assembly Chairman Nguyen Sinh Hung held talks with the Uruguayan Speaker in Hanoi on January 19, during which a co-operation agreement between the two legislative bodies was inked.

Chairman Hung suggested the two sides actively co-ordinate to effectively implement the signed co-operation agreements, increase all-levels of delegation exchanges, and support each other at regional and international forums, especially the Inter-Parliamentary Union.

The guest also met with Deputy Prime Minister Pham Binh Minh the same day.

9. Construction starts on urban infrastructure development in northern mountains

Work commenced on January 21 in Thai Nguyen on works under the first phase of the Northern Mountains Urban Programme, aiming to improve urban infrastructure, sanitation and living standards for people in Vietnam’s northern mountainous region.

Proposed and financed by the World Bank, the project was approved by the Prime Minister in early 2014 and will be implemented in the urban areas of seven northern mountainous provinces — Thai Nguyen, Bac Kan, Cao Bang, Tuyen Quang, Dien Bien, Hoa Binh and Yen Bai — at a total of US$301.8 million, of which US$250 million comes from the ODA source and the rest is covered by the Vietnamese Government.

10. European enterprises’ confidence in Vietnam on the rise

The results of the Business Climate Index survey conducted by the European Chamber of Commerce in Vietnam for the fourth quarter of 2014 was announced on January 22, indicating that business confidence, outlooks and expectations for the future among European businesses in Vietnam continued to rise from the previous quarter.

The BCI increased from 74 points to 78 points in the fourth quarter of 2014 which was close to the highest results recorded in early 2011.

The number of European businesses affirming their business situation as positive continued to increase with 5% of European businesses viewing the situation as ‘excellent’, 52% reporting ‘good’ and 33% reporting ‘neutral’.

In addition, the majority of European enterprises viewed their business outlook as ‘positive’ with 62% of them expecting ‘good’ business conditions.

January 19-25: Sharp fall continues in petrol prices Related image(s)