Latest news with #Chinh
The Star
6 days ago
- Business
- The Star
Vietnamese PM Chinh urges Petrovietnam to strive for regional top five ranking
HANOI: Prime Minister Pham Minh Chinh has called on the Vietnam National Industry-Energy Group (Petrovietnam) to aim for a place among the top seven, or even top five, leading enterprises in the region in the near future. The Prime Minister made the request on Sunday at the 4th Congress of the Party Committee of Petrovietnam for the 2025–30 term. He acknowledged the ambitious nature of the target but stressed that it must be pursued with determination. 'It's a difficult goal, but no matter how difficult, we must strive to achieve it,' he said. The congress gathered 238 official delegates representing nearly 14,000 Party members of the group. Participants reviewed the outcomes of the 2020–25 term, set new strategic directions, and contributed feedback to key draft documents for the upcoming 14th National Party Congress. According to the congress's report, the 2020–25 term was an exceptionally successful period for Petrovietnam's Party Committee. Total revenue grew by an average of 14.5 per cent annually, 383 per cent higher than the initial target. Pre-tax profit rose by 32.7 per cent per year, exceeding the plan by over 1,500 per cent, while State budget contributions surpassed expectations by 64 per cent. In 2024, Petrovietnam surpassed the VNĐ1 quadrillion (US$40 billion) revenue mark for the first time, affirming its strength, resilience and pivotal role as a financial pillar of the national economy. The group currently supplies over 75 per cent of the country's gasoline demand, more than 73 per cent of domestic fertiliser needs, over 75 per cent of the Liquefied Petroleum Gas market share, and 10 per cent of total national electricity output, underscoring its central role in Vietnam's essential energy supply chain. Social responsibility remains a key focus, with Petrovietnam contributing over VNĐ3.5 trillion to social welfare programmes, building 10,262 houses, planting 1.2 million trees, and donating 25,700 units of blood, demonstrating its commitment as a national enterprise to the community and the country. Looking ahead to the 2025–30 term, the Party Committee has set out a vision to develop a robust group with modern governance, strong competitiveness and leadership in energy transition and sustainable green growth. The congress adopted 13 key tasks and solutions, including 11 specific performance targets. Among them, modern corporate governance is identified as a core solution; science, technology, innovation, and digital transformation as breakthrough drivers; and the integrated development of three strategic pillars of energy, industry and high-quality technical services as the overarching objective. Petrovietnam is expected to build a comprehensive industrial–energy ecosystem that leads the market and plays a central role in Việt Nam's energy transition. PM Chinh praised Petrovietnam's contributions to energy security, food security, economic security, social welfare and the protection of national sovereignty over maritime territories. He commended the group's proactive efforts in reforming and improving policies for the oil and gas sector, modernising its governance model, and advancing science, technology, and innovation. He also noted Petrovietnam's successful transformation from a national oil and gas company to a comprehensive national industrial–energy group. The Prime Minister instructed the group to lead by example in innovation, scientific application, and digital transformation across all three of its pillars, including energy, industry and services. He called for proactive global integration, in line with Politburo Resolution No 59, and contributions to private sector development under Resolution No 68. Petrovietnam must deploy smart, modern, and synchronised governance solutions, optimise production efficiency, adapt flexibly to market fluctuations and seize opportunities from the restructuring of global supply chains to sustain double-digit growth in the years to come, he stressed. - Vietnam News/ANN
The Star
01-08-2025
- Business
- The Star
Vietnamese PM calls for completion of 3,000 km of expressways by end-2025
HANOI: Vietnamese Prime Minister Pham Minh Chinh on Thursday (July 31) reaffirmed the government's determination to complete 3,000 kilometres of expressways nationwide by the end of 2025, Vietnam News Agency reported. Chairing the 19th meeting of the State Steering Committee for Key National Transport Projects, Chinh stressed the strategic importance of infrastructure in boosting economic growth and regional connectivity, the report said. He called on ministries, agencies and localities to accelerate progress, overcome obstacles and act more boldly to meet the expressway target as part of the national 500-day emulation campaign, according to the report. Chinh also urged local authorities to resolve issues related to site clearance, construction materials and administrative procedures to ensure smooth project execution and help achieve the country's 2025 socio-economic goals. - Xinhua
Mint
13-07-2025
- Business
- Mint
Vietnam Urges US Business Group to Help in Tariff Talks: Media
Vietnamese Prime Minister Pham Minh Chinh called on a US business group to continue supporting his country's attempt to secure a final tariff agreement with the Trump administration after the two countries basically reached a consensus on the deal's framework, local media reported. Chinh made the request during a Friday meeting in Hanoi with the U.S.-Asean Business Council, The Investor website reported, citing the Vietnamese government's news portal. The group represents companies such as Apple Inc., Boeing Co. and Inc., according to its website. Leaders of the Southeast Asian nation were caught off guard by President Donald Trump's announcement last week that they had agreed to a 20% tariff, Bloomberg News reported. Vietnam seeks to lower the rate, people familiar with the matter said. Read More Vietnam Surprised by Trump Tariff Decision, Seeks Lower Rate Vietnam, which last year had the world's third-biggest trade surplus with the US, was the second country after the UK with which Trump announced a trade agreement. The US president has been issuing tariff letters to dozens of trading partners since then, slapping on duties as high as 50% ahead of an Aug. 1 deadline. Chinh said the two countries had basically reached a consensus on the deal's framework, but he called on the US business group to help Vietnam obtain a reasonable and detailed tariff agreement for individual products and for some groups of goods, The Investor reported. The prime minister urged council representatives to oppose the use of trade defense measures against Vietnamese exports and actions that would undermine bilateral ties between the two countries, according to the report. He also asked companies to push the US to recognize Vietnam as a market economy. This article was generated from an automated news agency feed without modifications to text.
The Star
06-07-2025
- Business
- The Star
Vietnamese Prime Minister pays floral tribute to President Ho Chi Minh in Brazil
Prime Minister Pham Minh Chinh lays flowers at the plaque in commemoration of President Ho Chi Minh in Rio de Janeiro city, Brazil, on July 5, 2025. - Photo: VNA RIO DE JANEIRO: Vietnamese Prime Minister Pham Minh Chinh and his spouse laid flowers at the plaque in commemoration of President Ho Chi Minh on Saturday (July 5) in Brazil's Rio de Janeiro City, where the late leader once stayed during his journey seeking ways for national salvation. The event was part of PM Chinh's ongoing trip to the Latin American nation to attend the expanded BRICS Summit and engage in bilateral activities. The PM expressed deep appreciation for the affection the Brazilian people and nation have extended to President Ho Chi Minh and Vietnam. Chinh noted his belief that building on the strong ties between Vietnam and Brazil, the present and future generations of both countries would continue to carry forward the values and legacy left by President Ho Chi Minh and previous generations. He also hoped for shared determination to elevate the bilateral relations to new heights, for peace and development cooperation, aiming to bring prosperity and happiness to the people of each country and region, and the world at large, as envisioned by President Ho Chi Minh. Prime Minister Pham Minh Chinh and his spouse lay flowers at the plaque commemorating President Ho Chi Minh in Brazil's Rio de Janeiro City on July 5, 2025. - Photo: VNA In November 2024, PM Chính attended the inauguration of the plaque as part of his trip to Brazil for the G20 Summit and bilateral activities. In 1912, during his journey in search of a path to national salvation, President Ho Chi Minh worked aboard a French ship and fell ill, prompting him to disembark at the port of Rio de Janeiro for medical treatment. While there, President Ho Chi Minh established close ties with the workers' movement of the Porto trade union, laying the foundation for friendship and cooperation between the two nations at the beginning of the 20th century. PM Chính, his spouse, and the delegation of Vietnam set foot at Galeao Airport in Rio de Janeiro City earlier on the day. Representing Vietnam at the BRICS Summit 2025 as a partner country – the 10th partner country of BRICS, PM Chinh is scheduled to attend and speak at the summit's high-level sessions on topics such as strengthening multilateralism, economic and financial issues, artificial intelligence, environment, climate change, global health. On this occasion, he will have bilateral meetings with leaders of the participating countries and organisations, thereby affirming Vietnam's role, wish, and responsible contributions to this multilateral mechanism while further deepening Vietnam's cooperation with BRICS members and international organisations. This is also the third time in three consecutive years that PM Chinh has come to Brazil. Aside from the expanded BRICS Summit, he will also engage in bilateral activities in Brazil, aiming to promote multifaceted cooperation, especially in economic affairs. - Vietnam News/ANN
Business Times
02-07-2025
- Business
- Business Times
US wants Vietnam to pay higher tariff based on foreign content: sources
[HANOI] Vietnam and the US are said to be close to a trade framework that will see goods given a scaled range of tariffs depending on the percentage of foreign content, according to people familiar with the talks. Exports to the US that contain the highest proportion of foreign components would be charged at the top end of the range, around 20 per cent or above, the people said, asking not to be identified as the talks are confidential. Products that contain a lower percentage of foreign components would be set a slightly reduced rate, while those entirely from Vietnam would face the lowest rate – potentially the existing universal 10 per cent levy, the people said. The details continue to be discussed and could still change. Vietnam has been engaged in weeks of intense diplomacy with the US, its largest export market, during which the US has pressured Hanoi to get tougher on trade fraud and do more to prevent Chinese goods being rerouted and repackaged through Vietnam to skirt higher tariffs. Prime Minister Pham Minh Chinh said last week he expects to see 'positive results' from the negotiations with the US sooner than the Jul 9 deadline, when the so-called reciprocal tariff rate of 46 per cent is due to come into effect. Chinh also said the nation needs to balance relations with the US and China, its two most important trading partners, underscoring the challenge facing the country's leadership. Even a more moderate levy will create significant challenges for exporters, including navigating tighter trade protection requirements and investigations into rules of origin, according to Can Van Luc, a member of the National Financial and Monetary Policy Advisory Council. 'If tariffs are 10 to 15 per cent, then there would be roughly US$25 billion additional tax to be paid, but it would likely have minimal impact,' Luc said. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Vietnam is heavily reliant on China for the raw materials essential to maintain its manufacturing-driven growth. China accounted for approximately 38 per cent of Vietnam's total imports last year, according to customs data. In the first five months of the year, imports from China reached US$69.4 billion, making it the nation's biggest source for items such computer and electrical components, machinery and fabrics. Vietnam's Ministry of Foreign Affairs did not immediately respond to a request for comment. The nation has offered to remove all tariffs and repeatedly promised to purchase more American goods. Senior Vietnamese officials have flown to the US to rally support and sign billion-US dollar deals. The trade minister wooed executives from Nike, Gap and others, for which Vietnam provides a critical hub, producing goods ranging from T-shirts to basketball shoes. The industrial shift from China to Vietnam over the past decade, which saw brands rush to relocate as trade tensions rose, also helped build the kind of massive trade gap that made it a prime tariff target. Last year Vietnam's trade surplus with the US was the third-largest globally on a country basis behind only China and Mexico. In a sign of how much hinges on a pact, Communist Party chief To Lam is preparing to travel to the US in coming weeks with a delegation of Vietnamese officials and business executives, as the nation looks to seal more deals to buy additional American goods. BLOOMBERG
