ECONOMIC HIGHLIGHTS: MINIMUM WAGE TO INCREASE NEXT YEAR

Minimum wage to increase by 12.4% from next year

The National Salary Council (NSC) on September 3 agreed to a 12.4% increase in minimum wage for 2016. The wage floor will be submitted to the Government for approval in October 2015.

Earlier, the NSC held two meetings to discuss the minimum wage for 2016 without success as the  Viet Nam General Confederation of Labour (VGCL) and the Viet Nam Chamber of Commerce and Industry (VCCI) failed to reach an agreement.

The VGCL, which represents labourers, proposed a 16.8% increase while the VCCI, which is on behalf of businesses, was only prepared to accept a paltry 10% rise.

With this increase, the wage in Region I - Ha Noi and HCMC will be raised by VND400,000 (US$17.75) to VND3.5 million (US$155) a month; in Region II - Can Tho, Da Nang, Hai Phong and on the outskirts of Ha Noi and HCMC by VND350,000 (US$15.5) to VND 3.1 million (US$137); in Region III - Bac Ninh, Bac Giang, Hai Duong and Vinh Phuc provinces and provincial cities - by VND300,000 (US$13.3) to VND2.7 million (US$119.5) and Region IV - in the remaining locations it will increase by VND250,000 (US$11) to VND2.4 million (US$106.2).

Petrol prices cut by nearly 1,200 VND per liter

The retail prices of RON 92 and E5 petrol were reduced by VND1,198 (US$0.05) per liter as of 3 pm on September 3, marking the 15th price adjustment this year.

According to the Ministries of Industry & Trade and Finance, RON 92 petro will cost no more than VND17,338 (US$0.77) per liter while bio-petrol E5 is to stand at a maximum ofVND16,843 (US$0.75) per liter.

Prices of diesel and kerosene went down VND111 and VND123per litre, respectively, while fuel oil (FO) fell by VND785 per kilogram.

With the 5th successive reduction in recent time, the petrol and diesel prices have dropped by VND550 and VND3,670 per litre, respectively, against those from earlier this year.

Ground broken for two large-scale projects on Phu Quoc Island

The first project is on a resort complex on Hon Thom Island and a cable car line linking it with Phu Quoc Island.

According to the investor - the Sun Group, the three-track cable car line is 8 kilometers in length, connecting An Thoi town in Phu Quoc district and Hon Thom Island.

 Once completed, it is expected to be the world’s longest cable car line, even longer than the Mt. Fansipan 1.5-kilometre cable which currently holds the world record.

The Hon Thom complex will be built into a world-class resort with a marina, hydro plane service, marine and cuisine villages alongside an entertainment park featuring adventurous games and scuba diving.

The Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV) inked an agreement in principle to provide capital and banking services for Vinpearl Phu Quoc, a five-star resort complex in Phu Quoc Island to build 500 villas for selling and leasing.

On September 5, an inauguration ceremony for the upgrade of Pleiku airport in the Central Highlands province of Gia Lai was held.

Source: VNEP