The Vietnam-Russia Oil and Gas Joint Venture, Vietsovpetro, set a goal to reduce more than 2,200 workers in Block 09-1 from 2016-2020 as an effort to step up its restructuring.
Oil rigs of Vietsovpetro in the Bach Ho oil field (Photo: VNA)
Hanoi (VNA) – The Vietnam-RussiaOil and Gas Joint Venture, Vietsovpetro, set a goal to reduce more than 2,200workers in Block 09-1 from 2016-2020 as an effort to step up its restructuring.
The layoff has started since 2014 to improve thefirm’s competitiveness and operational efficiency in the wake of continueddecline of global oil prices, said head of Vietsovpetro’s Trade Union NguyenQuoc Dat at a meeting on May 3.
The firm’s restructuring has been assistedby the US management consulting firm McKinsey to make sure the process iscarried out in accordance with international standards.
Vietsovpetro will merge a number of units anddivisions with similar functions. It will also dissolve several units anddivisions due to reduced workload and outsource manual workers to cut costs.
According to this plan, Vietsovpetro will reduce thenumber of employees by more than 2,200 by 2020. Between 2014 and 2017, thecompany has ended contracts with nearly 2,000 workers.
The joint venture aims to generate 1.55 billion USD inrevenue, and profit for the Vietnamese side is expected at 115 million USD andthat for Russia is nearly 111 million USD.
In 2017, the company exploited over 4.73 million tonnes of oil and condensateand 234 million cubic metres of natural gas, or 95 percent and 124 percent ofthe yearly plan, respectively. It pocketed 1.97 billion USD in revenue, 3.5percent higher than the yearly goal.
The success was partly thanks to the venture’s efforts to apply advancedsolutions and internal services to save costs.-VNA
Vietsovpetro, a joint Vietnamese-Russian oil and gas enterprise on May 7 began operating the Tho Trang 03 oil rig (White Rabbit) at well 37P offshore of the southern province of Ba Ria-Vung Tau.
The production of Vietsovpetro, the oil and gas joint venture between Vietnam – Russia, reached 50 billion cu.m of gas on October 1 after 30 years of operation.
The Vietnam – Russia oil and gas exploration joint venture Vietsovpetro is expected to earn 1.98 billion USD this year, exceeding its target by 4 percent.
By December 14, the Vietnam-Russia oil and gas exploration joint venture Vietsovpetro has earned over 1.89 billion USD, exceeding its target of 1.88 billion USD set for 2017.
The Vietnam-Russia Oil and Gas Joint Venture Vietsovpetro has set targets for 2018 of pumping 4 million tonnes of oil and condensate and 126.5 million cubic metres of natural gas.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Oil rigs of Vietsovpetro in the Bach Ho oil field (Photo: VNA) 
