Their meeting took place in Sydney on March 16 (local time) within Prime Minister Nguyen Xuan Phuc’s trip to Australia to attend the ASEAN-Australia Special Summit. Vietnamese dragon fruits have been exported to Australia. For his part, Minister Anh highly values potential of the Australian market, especially New South Wales, as well as prospects and opportunities for stronger collaboration in economy, trade and investment between Vietnam and the state. The two ministers introduced a number of leading businesses which want to seek business opportunities in their respective countries such as the Vietnam National Oil and Gas Group (PetroVietnam), the Electricity of Vietnam (EVN), the Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin), the Vietnam National Shipping Lines, Sovico Holdings and VietJet Aviation JSC to the Vietnamese side, and Sunrise Group to the New South Wales side. Stressing the state’s cooperation potential in … [Read more...] about Vietnam, Australia forge cooperation in economy, trade, investment
Economy
Vietnamese thirst for overseas travel grows in tandem with expanding economy: Visa
Vietnamese people are expected to take more trips abroad and increase their spending while overseas thanks to smooth economic expansion, according to a new study by global payments firm Visa. The Visa Global Travel Intentions (GTI) Study, which analyzed international travel trends and the behavior of more than 15,000 global travelers from more than 27 countries and territories, shows that Vietnamese travelers are expected to take on average nearly five trips abroad in the next two years, up from 3.5 trips in the last two years. Vietnamese travelers are also expected to spend more on their trips overseas. Each traveler is expected to spend an average of $1,100 per trip, up from $880. Up to 74 percent of travelers use credit or debit cards while booking their trips, but the majority prefer to carry foreign currency when they arrive at their destinations, according to Visa. The average time spent overseas by Vietnamese travelers was four nights per trip over the past two years, much … [Read more...] about Vietnamese thirst for overseas travel grows in tandem with expanding economy: Visa
Can Tho enhances collective economy
Can Tho Co-operative Alliance aims to further enhance the development of co-operatives as well as the city’s collective economy in both scale and quality this year. — Photo hoinongdan.org.vn Can Tho Co-operative Alliance aims to further enhance the development of co-operatives as well as the city’s collective economy in both scale and quality this year. Specifically, it plans to establish at least 100 new co-operative groups and 35 co-operatives, unions of co-operatives and form at least 15 co-operative models that have sustainable value chains. It also aims to raise the number of co-operative members by at least 10 per cent compared to last year, the ratio of co-operatives that have high operation efficiency by 50 per cent and increase the charter capital of the Co-operative Assistance Fund to reach at least VND20 billion (US$879,000). To achieve the above objectives, the Can Tho Co-operative Alliance will coordinate with the People’s Committee of the … [Read more...] about Can Tho enhances collective economy
Nghe An asked to double economy by 2025
Prime Minister Nguyen Xuan Phuc speaks at the 10th annual meeting of investors conference in Nghe An on Saturday.— VNA/VNS Photo Thong Nhat Prime Minister Nguyen Xuan Phuc has asked the central province of Nghe An to work harder to double its economic revenues by 2025, to ensure its becoming a locality generating high incomes throughout the region. The Government leader made the request while addressing the 10th annual meeting of investors conference in Nghe An on Saturday, which drew a large number of domestic firms and foreign businesses from various countries, including Thailand, Japan, the Republic of Korea and Australia. Lauding the local government’s efforts and strong determination to attract investment, the Prime Minister said that Nghe An’s experience is also helpful for other localities in promoting investments. He noted that the determination of both the local government and investors has made Nghe An an attractive destination for businesses with large … [Read more...] about Nghe An asked to double economy by 2025
Pacific trade deal to boost Vietnam’s economy, drive reforms: World Bank
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) signed by Vietnam and 10 other countries on Thursday will yield robust economic gains for Vietnam, a new World Bank report says. According to analysts, multilateral trade agreements such as the CPTPP are expected to boost Vietnam’s investment and export driven growth model. The CPTPP will reduce tariffs in countries that together amount to more than 13 percent of the global economy - a total of $10 trillion in gross domestic product. With the United States, it would have represented 40 percent. Even without the United States, the deal will span a market of nearly 500 million people, making it one of the world's largest trade agreements, according to Chilean and Canadian trade statistics. The CPTPP will increase Vietnam’s GDP by 1.1 percent by 2030, according to the report. “Assuming a modest boost to productivity, the estimated increase of GDP would amount to 3.5 percent from the … [Read more...] about Pacific trade deal to boost Vietnam’s economy, drive reforms: World Bank