Market Newsletter on 2/7/2023

The $19 million project of former Facebook Vietnam CEO Le Diep Kieu Trang ceased operations

Arevo Vietnam’s 3D printer production and software services, product manufacturing services on 3D printers using carbon fiber polymer materials of Arevo Vietnam, Arevo Vietnam Co., Ltd. ceased operations invested in the High-Tech Park of Ho Chi Minh City. Ho Chi Minh City (SHTP).

The Management Board of the High-Tech Park of Ho Chi Minh City. Ho Chi Minh City has recorded the termination of the operation of Arevo Vietnam Co., Ltd.’s 3D printer manufacturing investment project and software services, product manufacturing services on 3D printers using carbon fiber polymer materials. on the national information system on foreign investment.

The reason for the termination of Arevo Vietnam is that the investor has not been able to produce carbon materials, leading to an increase in costs, creating finished products that cannot compete in the market, and due to the epidemic, the company is no longer able to sustain the operation. Maintain research and development team.

Previously, on January 27, 2021, SHTP Management Board held a conference to meet businesses in early 2021, thereby awarding an investment registration certificate for a project of 3D printer manufacturing and software services. , the service of manufacturing products on 3D printers using carbon fiber polymer materials of Arevo Vietnam.

This project has a total investment capital of 19.5 million USD. The project at that time was quite attractive, especially the project of manufacturing bicycles with 3D printing technology of Arevo Company, founded by former Vietnam Facebook CEO Le Diep Kieu Trang and her husband, Mr. Sonny Vu.

The project is promoted, with 3D printing technology, ultra-light carbon fiber material, a car of just 1.3 kg named SuperStrata is designed and manufactured according to the needs of users.

However, after the first shipment, many customers complained about the quality of SuperStrata cars, even many cars were not safe. The world and Vietnamese SuperStrata bike communities have voiced their complaints to the manufacturer, and even discussed directly with the project investor…

Not only was the reaction about the SuperStrata bike, recently, another fundraising project of Mr. Sonny Vu ​​on the Idiegogo page was also strongly condemned by the online community. This campaign, starting around May 2021, also involves 3D printing of carbon and this time a scooter instead of a bicycle, has more than half a million USD supported by the project…

However, Idiegogo is currently locked to verify the allegations from users.

Before being put into “frozen”, the project raised more than 610,000 USD from 301 contributors, equivalent to an increase of 595% compared to the plan set by the manufacturer ($100,000).

On the first day of the week, gasoline price adjustment, waiting for a new reductio

Retail gasoline price at the operating period tomorrow (July 3) is likely to decrease while oil increases slightly. According to forecasts, the price of gasoline may decrease by 110-310 VND/liter, diesel oil is likely to increase by 110 VND/liter.

Because July 1 falls on a Saturday as a holiday, according to the provisions of Decree 95/2021/ND-CP on petroleum trading, the price management period will be postponed to Monday (July 3). .

World oil prices last week recorded a slight increase. For the whole week, the price of Brent oil and WTI oil both increased by more than 1 USD.

At the end of the week, Brent oil price traded at 75.41 USD/barrel, while WTI oil price was at 70.64 USD/barrel.

According to leaders of a number of petroleum enterprises, over the past time, the average price of finished gasoline on the Singapore market has tended to decrease compared to the previous period. But the adjustment is not significant.

Therefore, in the operating period tomorrow (July 3), domestic gasoline prices may be adjusted down slightly according to imported gasoline prices, while oil prices increase slightly.

If the regulator does not affect the Stabilization Fund, in the operating period on July 3, domestic gasoline E5 RON 92 and RON 95 may decrease by 110-310 VND/liter, while diesel oil may increase by 110 VND. /liter.

In case the Inter-Ministry of Industry, Trade and Finance deducts the stabilization fund, gasoline prices may continue to remain the same or even increase slightly.

In case the reduction forecast is correct, the domestic gasoline price will have the first adjustment session after 2 remaining sessions.

From the beginning of the year until now, gasoline prices have undergone 18 adjustments, of which 9 times increased, 6 times decreased and 3 times remained unchanged.

At the most recent adjustment period (June 21), the Ministry of Finance – Industry and Trade kept the gasoline price unchanged, while the oil price increased slightly.

Specifically, the price of RON 95 gasoline is 22,010 VND/liter. E5 RON 92 gasoline price is at 20,870 VND/liter.

Meanwhile, diesel oil price increased by 150 VND, selling price was 18,170 VND/liter. The price of kerosene increased by 130 VND/liter, not higher than 17,956 VND/liter; fuel oil decreased by 130 VND/kg, not higher than 14,587 VND/kg.

At this operating period, the inter-Ministry of Industry, Trade and Finance decided to set up the Price Stabilization Fund for E5 RON 92 gasoline at 191 VND/liter, down compared to the previous period (228 VND/liter), RON95 gasoline. at 139 VND/liter (previous period 180 VND/liter); oils at 100 VND/kg (previous period 200 VND/kg). At the same time, do not spend the Price Stabilization Fund for all gasoline and oil products

After the lack of electricity, the lack of water threatens India and China

Besides electricity shortage, water scarcity also has a significant impact on major Asian economies, especially India and China.

Speaking to CNCB, Arunabha Ghosh, Executive Director of the Energy, Environment and Water Council said Asia needs an abundant amount of water when it is an industrial center with the fastest urbanization rate. world.

“Not only old industries like steelmaking but also newer ones like semiconductor chip manufacturing and clean energy production need huge amounts of water,” he said.

Global demand for fresh water is expected to outstrip supply by 40% to 50% by 2030. Water scarcity is not simply an industry problem, it has an impact on the economy as a whole. . “Asian economies need to act to mitigate water scarcity risks to avert economic shocks,” Arunabha Ghosh said.

India – the world’s most populous country will be hit hard as water scarcity worsens. According to the World Bank, despite having 18% of the world’s population, India only has enough water for 4% of the population. Climate change causes floods and droughts making India the most water-scarce country in the world.

Lack of water is not just an Indian story. About 80% to 90% of China’s groundwater is unfit for use, while half of the country’s aquifers are also too polluted for industrial and agricultural use. 50% of China’s river water is also unfit for drinking, and half of it is also unsafe for agriculture.

Although the world’s second-largest economy has made great progress in producing clean energy, China’s electricity system is still largely dependent on coal. And without water, coal power plants would not be able to function.

Taiwan, home to Asia’s largest semiconductor industry, is also facing water shortages. Less than two years ago, Taiwan was battling its worst drought in a century. Taiwan needs huge amounts of water to power factories and produce semiconductors.

“Taiwan is a country that relies heavily on hydroelectricity and it always faces the dilemma of whether to store water for the semiconductor industry or to discharge water for hydroelectricity. Droughts and floods are both big problems for Taiwan,” said Shanshan Wang, a leader at Arup Sustainability Consulting.

Economies that rely heavily on agriculture are also seeing the threat of water shortages. A significant decrease in agricultural production puts food security at greater risk.

According to Australia’s Department of Agriculture, Fisheries and Forestry, the value of agricultural production is expected to drop 14% to $79 billion by 2023-2024. This is due to drought conditions that last longer than expected. expected to reduce crop yields by a record between 2022 and 2023.

The United Nations warns that the task of storing rainwater and recycling wastewater is becoming more urgent than ever. In addition, countries also need to pay more attention to investing in renewable energy systems such as solar and wind energy to reduce dependence on water sources as well as reduce water demand.