Vietnam continues to slowly but steadily develop and will be Asia-Pacific’s next emerging market over the next five to ten years, according to the latest report from Cushman & Wakefield entitled “Betting on Asia Pacific’s Next Core Cities”. Cushman & Wakefield's "Betting on Asia Pacific's Next Core Cities" report tags Vietnam as next emerging market in region. Cushman & Wakefield selected the next core and emerging markets in the region that will remain relevant and dominant over the next five to ten years. As an emerging market, Vietnam displays many of the characteristics of its Asia-Pacific neighbors but perhaps is not as well understood.  Factors such as legal titles in the form of 50-year land leases granted by the State, a regulatory and tax environment that facilitates the placement of foreign capital, a real estate market cycle that is now at a stage of controlled … [Read more...]

NDO – A national videoconference was held in Hanoi on June 29 to promote a thorough understanding of the resolutions of the fifth plenum of the 12th Party Central Committee (PCC) among senior officials nationwide. The conference focused on disseminating three resolutions on economics, including the resolution on developing the private economic sector into an important motivation of the socialist-oriented market economy; the resolution on continually restructuring, reforming and enhancing the operational efficiency of State-owned enterprises (SOEs) and the resolution on finalsing socialist-oriented market economy institutions. Addressing the event, Prime Minister Nguyen Xuan Phuc stressed the significance of thorough perception, clear mindset, strong determination, relevant methods and drastic actions in the effective implementation of the PCC’s resolutions. He emphasised that the core contents of these resolutions are big innovative orientations on the … [Read more...]

NDO – The provinces and localities in the southwestern region should focus on promoting agricultural production as well as tourism and services, thus contributing to achieving the growth target of the country. The remark was made by Politburo member and Deputy Prime Minister Vuong Dinh Hue, who is also Head of the Steering Committee for the Southwestern Region, at a conference to review the committee’s operation during the first six months and to implement its tasks for the second half of the year in Can Tho City on June 29. During the first half of this year, the region’s total budget revenue reached 51.7% of the estimate; total social investment capital increased by 13.5% compared to the same period last year. As many as 4,275 enterprises were established, up 10.2%, with registered capital down 22.7%. In addition, the healthcare and educational sectors continued to gain positive results while policies related to ethnic and religious work were fully … [Read more...]

NDO - The 50th anniversary of the establishment of Vietnam-Cambodia diplomatic relations (June 24, 1967) was celebrated with a grand ceremony in Ho Chi Minh City on June 29. Organised by the Ho Chi Minh City People’s Committee, the ceremony saw the attendance of Nguyen Thanh Phong, member of the Party Central Committee, Deputy Secretary of the Ho Chi Minh City Party Committee and Chairman of the city People’s Committee; and Cambodian Consul General Im Hen. Speaking at the ceremony, Chairman Phong underlined that Vietnam and Cambodia are neighbouring countries with long-standing relations. Despite countless difficulties and challenges faced over the past five decades, the solidarity, traditional friendship and comprehensive cooperation between Vietnam and Cambodia have continually been reinforced and developed, which is a priceless, sacred and sustainable asset of the two nations. As the country’s biggest economic hub, Ho Chi Minh City has exerted efforts … [Read more...]

Senior Economist Dr. Vo Tri Thanh talks about the government’s work on macroeconomic policy during its first year. ■ What is your view of the government’s macroeconomic efforts since last year? There have been three main points in the government’s macroeconomic policy over the past year. Firstly, the spirit of policy and reform.  This is a problem that began in 2011, when Vietnam faced a decline in growth quality and some macroeconomic instability.  2011 can therefore be seen as a turning point in policy reform.  Vietnam needs to focus on macroeconomic stability and structural reforms, especially in banking and finance, public investment, and State-owned enterprises (SOEs).  It also needs efforts in integration. Since 2014 and 2015, thanks to improved macroeconomic stability, the country’s economy has undergone a gradual recovery. Secondly, there have been new developments since the start of the new government’s … [Read more...]

NDO – The 10th meeting of Ho Chi Minh City Party Committee tenth tenure came to a close on June 28 after two working days. >>> HCM City Party Committee’s meeting discusses local socio-economic issues The sitting discussed a range of important issues related to the city’s socio-economic development in the first six months of 2017 and the medium-term public investment plan for 2016-2020, as well as re-evaluating the implementation of synchronous infrastructure in the city, administrative reforms and Party resolutions regarding Party building work. Speaking at the closing session, Nguyen Thien Nhan, Politburo member cum Secretary of the HCMC Party Committee, highly appreciated the city's efforts in socio-economic development in the first six months of 2017, which delivered outstanding results, such as economic growth at 7.76%, higher than the same period last year, with foreign investment doubling over the same period in 2016. In terms of … [Read more...]

NDO - President Tran Dai Quang has arrived in Moscow, beginning his official visit to the Russian Federation at the invitation of President Vladimir Putin, marking his first Russia visit since the 12th Congress of the Communist Party of Vietnam. This is a highly significant political event, providing impetus for further strengthening the time-honoured friendly relationship and comprehensive strategic partnership between the two countries. The Vietnamese people are pleased to share the achievements that Russia has recorded in recent years. Despite facing difficulties due to economic sanctions imposed by the West, Russia is striving to radically reform its economy in order to reduce reliance on fuel exports and build a resilient economy that can withstand external vulnerabilities. As a permanent member of the UN Security Council and member of many regional and international organisations, Russia has continued to play an important role in addressing international … [Read more...]

NDO/VNA – President Tran Dai Quang asserted that Vietnam always treasures and prioritises developing its comprehensive strategic partnership with Russia at a meeting with Speaker of the Federation Council Valentina Matviyenko in Moscow on June 28. The Vietnamese leader spoke highly of the outcomes of the Speaker’s visit to Vietnam in February 2017, especially the organisation of a seminar on local collaboration. President Quang expressed his hope that the Federation Council will continue supporting Russian localities to tighten ties with Vietnamese provinces and cities, in accordance with both sides’ potential and demand. He also believed that Speaker Matviyenko will further contribute to intensifying and enhancing relations between the Federation Council and the Vietnamese National Assembly as well as between Russia and Vietnam in general. Speaker Matviyenko said the President’s visit to Russia is of significance to bilateral relations as its … [Read more...]

MINSK - Việt Nam’s President Trần Đại Quang and Belarus’ President Alexander Lukashenko signed a joint statement on developing comprehensively and intensively the bilateral partnership, after their talks in Minsk on Tuesday. President Trần Đại Quang and President Lukashenko witness the signing of co-operative documents. Việt Nam, Belarus issue joint statement to develop all-around partnership. - VNA/VNS Photo Nhan Sáng The joint statement reflects the two countries’ similar viewpoints on bilateral relations and international issues as well as affirms their consistent policy of reinforcing and developing the traditional friendship between Việt Nam and Belarus. The leaders expressed their satisfaction at the continuous, dynamic and constructive development … [Read more...]

Grigory Trofimchuk, head of the expert council of the Eurasian ideas foundation at the interview (Source: VNA) Moscow (VNA) – Vietnam and Russia hold great potential for bilateral cooperation based on time-honoured relations, said Grigory Trofimchuk, head of the expert council of the Eurasian ideas foundation. He made the statement during an interview with the Vietnam News Agency on the occasion of President Tran Dai Quang’s official visit to Russia from June 28-July 1. The two countries have elevated their relations to comprehensive strategic partnership, he noted, adding that the free trade agreement between Vietnam and the Eurasian Economic Union (EAEU), which took effect in last October, has helped accelerate Vietnam - Russia trade and investment ties. According to Trofimchuk, boosting bilateral trade must be a cooperation priority between the two countries. … [Read more...]

Nguyen The Hung, Deputy Director of the HCM City branch of the Vietnam Chamber of Commerce and Industry (VCCI-HCM) highlighted the fruitful economic and trade ties between Vietnam and China over the past years. China is currently the biggest trade partner of Vietnam with bilateral trade reaching US$71.6 billion last year, including nearly US$22 billion from Vietnam’s exports. HCM City is a strategic economic hub of Vietnam and an attractive destination for foreign businesses, including those from China. With dynamism and a big population, the city is also a potential consumption market, Hung noted. Vietnam primarily exports crude oil, coal, computers and components, rubber, rice, vegetables, fruits and aquatic products to China, while importing machinery, equipment, spare parts, apparel and footwear materials, steel and fertilizer from the country. The VCCI-HCM and the administration of Shandong’s Qingdao city also inked a memorandum of understanding on … [Read more...]

NDO – Vietnam and China are important economic partners with huge potential for increasing their two-way trade revenues and facilitating investment cooperation in various spheres, as assessed by experts at a Vietnam-China trade exchange, held in Ho Chi Minh City (HCM City) on June 28. The event was jointly held by the HCM City branch of the Vietnam Chamber of Commerce and Industry (VCCI-HCM) and the Chinese People’s Political Consultative Conference (CPPCC) committee of Shandong province. According to VCCI-HCM Deputy Director Nguyen The Hung, Vietnam-China economic and trade relations have been developing strongly over the past few years, with China currently being Vietnam’s largest trade partner. Two-way trade reached US$71.6 billion in 2016, with Vietnam exporting approximately US$22 billion worth of commodities to China and importing roughly US$50 billion of goods from the country. Vietnam’s key export items include crude oil, coal, computers … [Read more...]

Vietnam and Belarus have agreed to create new breakthroughs in their economic cooperation during Vietnamese State President Tran Dai Quang’s visit to Minsk from June 26 to 28. President Quang joined talks with President Aleksandr Grigoryevich Lukashenko after a welcome ceremony in the Belarusian capital on Tuesday morning. During their conversation, the Vietnamese head of state believed that the positive development in the Vietnam-Belarus ties will be the foundation to bring their relationship to the next level. He hoped that the two nations’ economic cooperation would be as strong as their political relations. Vietnam will always respect the enhancement of its traditional friendship and multi-faceted collaboration with Belarus, Quang asserted. Both sides should focus on realizing the free trade agreements between Vietnam and the Eurasian Economic Union to seek breakthroughs in the two … [Read more...]

Hanoi-based Dong Phat Joint Stock Company's factory produces cotton fibre for export to China (Photo: VNA) HCM City (VNA) – A seminar was held in Ho Chi Minh City on June 28 to seek ways to further boost trade between Vietnam and China, including between HCM City and Shandong province, which are said to have great potential for stronger cooperation. Nguyen The Hung, Deputy Director of the HCM City branch of the Vietnam Chamber of Commerce and Industry (VCCI-HCM), said economic and trade ties between the two countries have grown fruitfully over the past years and China is currently the biggest trade partner of Vietnam. Bilateral trade reached 71.6 billion USD in 2016, including nearly 22 billion USD of Vietnam’s exports. Vietnam mainly ships crude oil, coal, computers and components, rubber, rice, vegetables, fruits and aquatic products to China, while importing … [Read more...]

After the ceremony, the two leaders and high- ranking delegations of the countries had a talk. • Meeting to boost bilateral benefits Vietnamese President Tran Dai Quang and Belarusian President Alexander Lukashenko received press agencies to announce about result of the talk.  On the spirit of friendship between the two nations, Belarus always considers Vietnam as a long- term cooperative partner; the nations had common awareness for cementing the bilateral cooperation.  President Alexander Lukashenko appreciated that the two- way economic and commercial cooperation achieved good results, in particular, Vietnam- Eurasian Economic Union (EAEU) Free Trade Agreement is considered as a foundation to create new development, contributing to increase the two- way trade turnover.  The leaders agreed to increase the two- way trade turnover up to US$ 500 million. Both sides will expand export of … [Read more...]

After the ceremony, the two leaders and high- ranking delegations of the countries had a talk. • Meeting to boost bilateral benefits Vietnamese President Tran Dai Quang and Belarusian President Alexander Lukashenko received press agencies to announce about result of the talk.  On the spirit of friendship between the two nations, Belarus always considers Vietnam as a long- term cooperative partner; the nations had common awareness for cementing the bilateral cooperation.  President Alexander Lukashenko appreciated that the two- way economic and commercial cooperation achieved good results, in particular, Vietnam- Eurasian Economic Union (EAEU) Free Trade Agreement is considered as a foundation to create new development, contributing to increase the two- way trade turnover.  The leaders agreed to increase the two- way trade turnover up to US$ 500 million. Both sides will expand export of … [Read more...]

Moscow, June 28 (VNA) – A roundtable discussion on “The Free Trade Area between the Eurasian Economic Union (EAEU) and Vietnam: New Opportunities for Business” took place in Moscow on June 27, inspired by the upcoming visit of President Tran Dai Quang to Russia.  The event was organised by the Russian Chamber of Commerce, the Workshop for Eurasian Ideas Fund and the NGO “Business People”.  It was attended by more than 100 diplomats, policymakers, economists, analysts and experts in the field of Eurasian economic integration and representatives from authorities and commercial companies from Vietnam and Russia.  The roundtable discussed economic cooperation between Vietnam and Russia as well as Vietnam and the EAEU. Delegates proposed ways to solve problems, including new bilateral cooperation models, which can help bring up Vietnam-Russia trade to 10 billion USD by … [Read more...]

The event was organised by the Russian Chamber of Commerce, the Workshop for Eurasian Ideas Fund and the NGO “Business People”. It was attended by more than 100 diplomats, policymakers, economists, analysts and experts in the field of Eurasian economic integration and representatives from authorities and commercial companies from Vietnam and Russia. The roundtable discussed economic cooperation between Vietnam and Russia as well as Vietnam and the EAEU. Delegates proposed ways to solve problems, including new bilateral cooperation models, which can help bring up Vietnam-Russia trade to US$10 billion by 2020. In his opening remarks, Chairman of the expert council of the Workshop for Eurasian Ideas Grigory Trofimchuk said taking place ahead the of President Quang’s visit, the event has political significance and drives the development of cooperation … [Read more...]

Cambodian Prime Minister and CPP President Hun Sen speaks at the ceremony (Source: AFP/​VNA) Phnom Penh (VNA) – The Cambodian People’s Party (CPP) held a ceremony on Koh Pich island in Phnom Penh on June 28 to mark its 66th founding anniversary (June 28, 1951). The event brought together about 2,000 CPP members and residents from Phnom Penh and its neighbouring provinces. Vietnamese Ambassador to Cambodia Thach Du attended the ceremony and presented a basket of flowers from Party General Secretary Nguyen Phu Trong to Cambodian Prime Minister and CPP President Hun Sen and National Assembly President and CPP Honourary President Heng Samrin. In his remarks, Hun Sen affirmed that the CPP stands side by side with Cambodian people in any circumstances and strives to overcome all obstacles for a Cambodia of independence, peace, freedom, democracy, neutrality and … [Read more...]

NDO - The Vietnam General Confederation of Labour (VGCL), and trade unions at all levels, need to pay more attention to improving knowledge and training new vocations for workers, in line with the current situation of the fourth industrial revolution. The statement was made by Prime Minister Nguyen Xuan Phuc while working with the VGCL’s Presidium in Hanoi on June 28. Addressing the working session, the PM noted that over the recent years, the VGCL has promoted numerous practical activities for employees and workers around the country, particularly in terms of protecting their rights. He also praised the effective and close coordination between the Government and the VGCL, affirming that the Government and the PM always pay special attention to ensuring material conditions for workers, as well as building cultural institutions at industrial zones and manufacturing areas. PM Phuc asked the VGCL and trade unions at all levels to actively participate in developing … [Read more...]