Economic growth

An export shrimp processing line in Vietnam (Photo: VNA) Hanoi (VNA) – Vietnamese agro-forestry-fishery products are now available in 180 countries and territories thanks to Vietnam’s increasing global economic integration and implementation of free trade agreements. Economic integration has helped Vietnamese agri-products overcome tariff barriers, especially staples such as rice and aquatic and wood products. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created excellent opportunities for Vietnamese agri-products to join global supply chains, according to deputy head of the Agro Processing Market Development Authority (AgroTrade) Tran Van Cong. It also creates a driver as well as pressure on domestic businesses to increase exports of processed products with high added values, he added. According to Nguyen Ton Quyen, Vice Chairman of the Vietnam Timber and Forest Product Association, other members of the CPTPP are potential … [Read more...] about Global economic integration helps Vietnam expand agri-products markets

Following the signing of the overall USD45 million loan agreement with the Ministry of Finance, the Asian Development Bank (ADB) and the Provincial People’s Committees of Hoa Binh, Nghe An, Quang Binh, Quang Tri and Thua Thien-Hue on Thursday signed the specific project agreements for the Second Greater Mekong Subregion (GMS) Tourism Infrastructure for Inclusive Growth Project. At the signing ceremony. Photo by the ADB The project aims to transform secondary towns along the GMS eastern corridor into economically inclusive, competitive tourism destinations by improving transport infrastructure, urban services, and capacity to sustainably manage tourism growth. Speaking at the signing ceremony, ADB Country Director for Vietnam, Eric Sidgwick, said that in the past years, the Government has effectively used ADB’s support to improve infrastructure, strengthen environmental management in tourism destinations, promote tourism-related enterprise development, and … [Read more...] about ADB tourism infrastructure project to boost inclusive growth in Vietnam’s secondary towns

Illustrative image (Source: VNA) Hanoi (VNA) - Remittance to Ho Chi Minh City in the first quarter of 2018 increased by 4.5 percent against the same period last year to reach 1.12 billion USD, a central bank official said. According to Nguyen Hoang Minh, Deputy Director of State Bank of Vietnam (SBV)’s HCM City branch, most of the remittance is invested in production and business instead of being poured into real estate, securities or savings as previously. Roughly half of the remittance to the city came from the United States, Canada and Australia, he said. The remittance to HCM City has been rising in recent years, Minh said, predicting that the capital source to the city will continue to be positive this year. HCM City remained the largest recipient of remittances in Vietnam last year, with an inflow of 5.2 billion USD, a 4.5 percent year-on-year increase. Last year’s remittance hike was a contrast to many predictions that the remittance to Vietnam would reduce due … [Read more...] about Remittance to HCM City increases to 1.12 billion USD

The year 2019 is about to end, so would you provide some insights into the province’s economic development over the last 12 months? Nguyen Thanh Binh, Chairman of An Giang People’s Committee An Giang has posted significant achievements across the board, reaching all 13 development criteria assigned by the provincial People’s Council and even surpassing set levels. Along with this, the local economy continues to be stable. The regional GDP (RGDP) has grown by 7.02 per cent compared to 2018, hitting a five-year record. The province raked in an estimated budget revenue of VND6.7 trillion ($291.3 million), equal to 110 per cent of the projection and up 11.8 per cent compared to 2018. Total investment in the province reached VND31.9 trillion ($1.38 billion), up VND1.7 trillion ($74.2 million) against 2018. Export value is about $890 million, up 5.95 per cent on-year. The provincial economic structure has been transforming in a positive direction. Local investment … [Read more...] about An Giang sets five-year record in regional GDP growth

Additionally , provincial authorities should have mechanism to encourage travel agents to launch more unique tours, said HCMC Party Chief Nguyen Thien Nhan. Chairman of the People’s Committee in Bac Lieu Duong Thanh Trung said the Mekong delta tourism has not developed as expectation as the region falls short of specific destinations, tourist entertainment and strategies as well as mechanism to boost tourism. Sharing the same opinion, Deputy Chairman of the People’s Committee in Dong Thap Doan Tan Buu said that linkage between Ho Chi Minh City and 13 Mekong delta provinces and city for tourism growth is indispensable; however, the cooperation has not worked effectively for years. Determination to make breakthrough in tourism cooperation between Ho Chi Minh City and the Mekong delta region was manifested at the seminar organized in Ho Chi Minh before. Dong Thap leader believed the seminar as significant landmark for not only tourism development but also traffic … [Read more...] about HCMC, Mekong delta link to make breakthrough in tourism