by Joe Fotalattee
Vietnam’s State Utility EVN In The Red
Reuters is reporting Vietnam’s state utility EVN will experience losses of 64.9 trillion dong ($2.75 billion) this year.
According to a statement from the government, this will result in losses totaling 93.8 trillion dong for the nation’s leading electricity retailer over the past two years.
Vietnam earlier this month raised the average floor price for retail electricity by 13.69 percent, a move that is expected to pave the way for EVN to raise its prices.
Two Korean Businessmen Sentenced For Violating Immigration Laws
Lee Kwan Yuong, 55, and Seo Yuong Jin, 50, were found guilty of “organizing illegal entry into Vietnam” by a Da Nang court on Wednesday. ” and given a ten year jail sentence.
Two years ago they brought in 189 South Koreans to Da Nang illegally in violation of Covid safety regulations, Both have businesses and a home in the city. Lee serves as the association of South Koreans vice chairman in central Vietnam.
Between December 2020 and March 2021 Lee and Seo organized four flights to bring in South Koreans looking to enter Vietnam using their businesses. Seo took home VND85 million, while Lee made over 1 billion VND (US$42,400) from it.
Binh Duong A Top Location For Foreign Direct Investment
By the end of 2022, Binh Duong Province had attracted over 4,082 FDI projects with almost US$40 billion in registered funds, placing it second only to HCM City in terms of FDI attraction in the country.
With US$3.94 billion and US$3.14 billion, respectively, HCM City and Binh Duong were the top locations for FDI attraction in 2022.
In 2023, the southeast will still be the country’s main FDI magnet, according to the Foreign Investment Agency of the Ministry of Planning and Investment (MPI). The nation could bring in $36-38 billion in FDI this year.
Vietnam Names New Football Coach
French strategist Philippe Troussier will succeed Coach Park Hang Seo as head coach of the Vietnam team advancing the legacy left by the Korean professor.
The Vietnam team is being coached by 67-year-old Philippe Troussier, a World Cup-caliber coach. Troussier has worked in 11 nations and led 7 teams, among them in the Ivory Coast, Nigeria, Burkina Faso, South Africa, Japan, Qatar, and Morocco.