Delta’s 3,200MW Bac Lieu liquefied natural gas-to-power project has completed about 95 per cent legal requirements of the preparation phase. However, there are nine outstanding issues. Two involve the appraisal of feasibility reports by the Ministry of Industry and Trade, and approval of state assurances for project implementation as stipulated in the Law on Investment 2020 and Decree No.31/2021/ND-CP. The latter will enable the negotiation and signing of a power purchase agreement, allowing the project to meet all bankability requirements of international lenders.

Ian Nguyen – Co-founder and managing director, Delta Offshore Energy

These issues have been recently discussed between Bac Lieu People’s Committee and a special task force established in July. The task force will submit a report to the prime minister for final decision and Delta looks forward to receiving continued support from the government for this important national infrastructure project.

(Excerpt from Vietnam Net Global Article from October, 10th 2021) The second session of the 15th National Assembly kicked off today, with a major focus to be placed on discussing solutions to further support businesses hurt by the health crisis, and ensuring foreign investment growth continues in a positive direction in the long term.

Foreign investors still see the many advantages of placing funding in Vietnam. VIR Photo: Dung Minh
Foreign investors still see the many advantages of placing funding in Vietnam. VIR Photo: Dung Minh

Never before has the World Bank had to continuously revise down Vietnam’s economic growth forecast for a year, and last week it released its lowest projection yet.

“Vietnam’s GDP contracted by 6.2 percent on-year in Q3/2021, the sharpest drop since quarterly data were compiled in the country. Given this, and depending on the strength of the economic rebound in Q4, GDP growth for 2021 is now estimated to be in the 2-2.5 percent range, well below our August forecast of 4.8 percent,” the bank said in its monthly Vietnam Macro Monitoring. The bank had previously projected that the rate would be 6.8 percent.

As the number of new COVID-19 infections starts to fall, Hanoi and several provinces have eased stringent restrictions so that mobility, industrial production index, and retail sales can recover, although they remain lower than a year ago.

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