Con Dao island to power up with $103 million investment

By Minh Hue
Fri, January 19, 2024 | 10:14 am GMT+7

State utility Vietnam Electricity (EVN) will be allocated VND2.53 trillion ($102.8 million) to extend the power grid to Con Dao island off the southern province of Ba Ria-Vung Tau per a resolution passed by the National Assembly on Thursday.

Under the resolution, which was voted for in favor by more than 94% of lawmakers, the sum will be taken from the central budget provision of the medium-term public investment plan for 2021-2025, accounting for about 60% of this project’s total investment capital. The remaining will come from EVN as the investor.

A corner of Con Dao Island in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Hanoi Moi (New Hanoi) newspaper.

A corner of Con Dao Island in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Hanoi Moi (New Hanoi) newspaper.

According to the project's investment plan approved by the government in June 2023, the VND5 trillion ($203.6 million) project will include 23.1 kilometers of overhead transmission lines, over 73 kilometers of submarine cables, and 6.1 kilometers of underground cables on the island.

The demand for electricity in this island district is forecast to reach more than 24.5 megawatts by 2025 and 114.4 megawatts by 2045.

Also according to the resolution, the National Assembly, Vietnam's legislative body, agreed to allocate more than VND63.72 trillion ($2.6 billion) for public investment projects in areas such as transportation, national defense and security, state management, and science-technology.

Of which, 91% or VND57.73 trillion will be poured into 32 traffic projects to complete a synchronous and modern strategic infrastructure system that entails over 3,000 kilometers of expressways by 2025.

Con Dao is an island located in the southern part of the East Sea, belonging to Ba Ria-Vung Tau. It consists of 16 large and small islets, with a total land area of around 75 square kilometers and a marine area of roughly 140 square kilometers within Con Dao National Park.

The island, located around 230 kilometers southeast of Ho Chi Minh City, used to be known for a large prison established by the French and later used by the Americans during the Vietnam War. It is now a tourist attraction.

Comments (0)
  • Read More
How tech empowers insurance agents in Vietnam

How tech empowers insurance agents in Vietnam

Vietnam's insurance industry stands at the threshold of a transformative era, one marked by significant potential and rapid digital evolution, writes Tri Nguyen, country manager for Vietnam at Singapore-based insurance firm Igloo.

Consulting - Mon, April 29, 2024 | 7:00 am GMT+7

Hoiana golf tournament raises $473,000 for disadvantaged children in Quang Nam

Hoiana golf tournament raises $473,000 for disadvantaged children in Quang Nam

Hoiana Resort & Golf has raised over VND1.2 billion ($473,000) from holding a charity golf tournament to support disadvantaged children in the central province of Quang Nam.

Society - Sun, April 28, 2024 | 7:14 pm GMT+7

Dragon Capital-linked funds raise holding in retailer Mobile World to 6.25%

Dragon Capital-linked funds raise holding in retailer Mobile World to 6.25%

Six funds related to Dragon Capital, one of major fund management companies in Vietnam, have bought in a combined 4.66 million shares of leading Vietnamese retailer Mobile World Investment Corporation.

Companies - Sun, April 28, 2024 | 4:24 pm GMT+7

Vietnam real estate market can flourish again with shift in focus: experts

Vietnam real estate market can flourish again with shift in focus: experts

New policies, low interest rates, and projects serving real housing needs can see Vietnam’s real estate market recover by the end of 2025 and grow sustainably, experts said.

Real Estate - Sun, April 28, 2024 | 2:50 pm GMT+7

Real estate giant DIC Corp notches biggest quarterly loss since listing

Real estate giant DIC Corp notches biggest quarterly loss since listing

Development Investment Construction JSC (DIC Corp), among Vietnam’s top real estate developers, incurred a loss of VND117.2 billion ($4.62 million) in the first quarter of this year, marking its largest quarterly loss since floating shares in 2009.

Companies - Sun, April 28, 2024 | 2:30 pm GMT+7

Vietnam startup funding down 17% to $529 mln in 2023, 3rd in Southeast Asia

Vietnam startup funding down 17% to $529 mln in 2023, 3rd in Southeast Asia

Vietnamese startups secured $529 million in total funding in 2023, a 17% decline from the previous year, according to the 2024 Vietnam innovation and tech investment report released Friday.

Finance - Sun, April 28, 2024 | 10:04 am GMT+7

Vietnam’s Eximbank elects third chairperson in three years

Vietnam’s Eximbank elects third chairperson in three years

Ho Chi Minh City-based Eximbank has elected Nguyen Canh Anh as its chairman for the 2020-2025 term, the third one since early 2022, as the private lender manages to resettle its leadership.

Companies - Sun, April 28, 2024 | 9:38 am GMT+7

Central Vietnam province okays Swiss-invested $126 mln bamboo board factory

Central Vietnam province okays Swiss-invested $126 mln bamboo board factory

Vietnam’s central province of Thanh Hoa has given an in-principle nod for staBoo Thanh Hoa JSC to invest VND3,199 billion ($126 million) in a factory for manufacturing bamboo oriented strand board (bamboo OSB).

Industries - Sun, April 28, 2024 | 7:10 am GMT+7

Revisit A1 Hill: 'Mud, Blood, Flowers'

Revisit A1 Hill: 'Mud, Blood, Flowers'

As the nation approaches the 70th anniversary of the Dien Bien Phu Victory, all eyes are turning towards the westernmost part of the Fatherland – Dien Bien, with profound gratitude.

Travel - Sun, April 28, 2024 | 12:04 am GMT+7

Vietnamese dong to slide further 1% by year-end: Bank of America

Vietnamese dong to slide further 1% by year-end: Bank of America

The Vietnamese dong, the local currency, is projected to weaken by an additional 1% by the year-end after sliding sharply against the U.S. dollar since the start of this year, according to Bank of America.

Banking - Sat, April 27, 2024 | 10:39 pm GMT+7

Industrial park developer Idico targets 22% profit hike, 40% cash dividend

Industrial park developer Idico targets 22% profit hike, 40% cash dividend

Leading industrial park developer Idico Corporation has targeted revenues and pre-tax profit of VND8.46 trillion ($334 million) and VND2.5 trillion ($98.7 million) this year, up 13% and 22% year-on-year, respectively.

Companies - Sat, April 27, 2024 | 9:23 pm GMT+7

Indonesia’s coffee exports surpass imports

Indonesia’s coffee exports surpass imports

Indonesia’s coffee exports have surpassed imports for 47 consecutive months since May 2020, the Central Statistics Agency (BPS) reported.

Southeast Asia - Sat, April 27, 2024 | 8:53 pm GMT+7

Thai central bank intervenes to stabilise currency

Thai central bank intervenes to stabilise currency

The Bank of Thailand (BoT) said it has intervened in currency markets at times to ease any excessive moves in the THB, adding that the current policy rate is robust and conducive to economic recovery, reported the Bangkok Post.

Southeast Asia - Sat, April 27, 2024 | 8:52 pm GMT+7

Indonesia's first thermal power plant stops operating

Indonesia's first thermal power plant stops operating

Indonesia's Ministry of Maritime Affairs and Fisheries (MMAF) has held a press conference to inform about the country’s progress in the early decommissioning of the Cirebon-1 thermal power plant.

Southeast Asia - Sat, April 27, 2024 | 8:49 pm GMT+7

'Tunnel king' Deo Ca plans to invest over $3.7 bln in building roads

'Tunnel king' Deo Ca plans to invest over $3.7 bln in building roads

“Tunnel king” Deo Ca Group plans to build about 400 km of highways and ring roads with a total investment of more than VND94,000 billion ($3.7 billion) by 2030.

Companies - Sat, April 27, 2024 | 5:17 pm GMT+7

Real estate major DIC plans high-end medical centers for Vietnam expats

Real estate major DIC plans high-end medical centers for Vietnam expats

Real estate major DIC Corp has plans to build facilities offering advanced medical care for long-term expat residents in the central province of Thanh Hoa and the southern province of Ba Ria-Vung Tau.

Companies - Sat, April 27, 2024 | 4:40 pm GMT+7