Foreign funds

Mai Phan Loi at court (Photo: VNA) Hanoi (VNA) – The High-Level People’s Court of Hanoi has reduced the prison sentence handed down to Mai Phan Loi , Chairman of the Scientific Council of the Centre for Media in Educating Community (MEC), by three months in an appeal trial on August 11. Accordingly, Loi will spend 45 months in prison for tax evasion instead of 48 months in the first-instance verdict. His accomplice Bach Hung Duong, MEC Director, also received a revised sentence of 27 months, down from 30 months. MEC was founded in 2012 under a decision by the Vietnam Union of Science and Technology Associations. It is funded mostly by grants and donations from domestic and foreign organisations. As a stakeholder, Chairman of the Founding Board and Chairman of the Scientific Council of MEC, Loi directed MEC’s all activities. From 2012 to March 2021, MEC recorded funding of over 19 billion VND (826,000 USD), but whenever MEC received financial support, Loi … [Read more...] about Mai Phan Loi has jail term reduced by three months

Great opportunities Vietnam has climbed up the value chain over the years, becoming a key electronics manufacturing hub, attracting stable foreign direct investment with its sound macro fundamentals, preferential tax incentives and an abundance of relatively cheap and productive labor. Electronics, a major driving force of Vietnam’s export growth Vietnamese enterprises are increasingly integrating into the global production chain, as confirmed by international organizations, including the World Bank and the Hongkong and Shanghai Banking Corporation Limited (HSBC) in their reports. For decades an apparel and footwear exporter with a low value added, Vietnam has gradually become an important production center in the technology industry, according to HSBC. Ngo Dang Khoa, HSBC Vietnam’s Country Head of Markets and Securities, said Vietnam has become a production center of electronics and cell phone components, helping it lure an increasing number of foreign … [Read more...] about Vietnam’s star rises in global supply chains

How optimistic can you be in evaluating the trends of building smarter cities during this turbulent time in the global economy? Governments around the world are tapping into an arsenal of policy interventions and financing measures to support the transformation of sectors, especially energy and industry, improving energy efficiency, and tackling environmental pollution. Many are adopting a stick-and-carrot approach, including green taxes on harmful environmental activities, tighter regulations, and new environmental standards and certifications for energy performance, emissions, and pollution. Subsidies and tax rebates are used to boost demand for green products and services like electric vehicles (EVs), solar panels, and renewable energy. Loans and grants are also provided to promote green investments in sustainable agriculture, renewable or low-carbon energy sources, energy-efficient buildings, transport, and public infrastructure. There is a robust and wide array of green … [Read more...] about A phased approach to smart cities

Emulating the ambitions of Singapore’s high-tech vision, Photo: Le Toan Last week, Prime Minister Pham Minh Chinh urged Singaporean groups to increase their investment in Vietnam, notably in the fields of technology, strategic infrastructure development, logistics, and cutting-edge startups. According to PM Chinh, the Vietnam-Singapore strategic partnership is growing strongly and quickly in all areas, particularly the economy, trade, and investment. The two-way trade increased by over 23 per cent to reach $8.3 billion in 2021, and it reached $4.75 billion in the first half of 2022. He stressed that Vietnam wishes to strengthen its bilateral strategic alliance and learn from Singapore’s experience in establishing an independent, self-sufficient economy in parallel with intense and wide international integration. The PM suggested that the two countries should launch projects and events to commemorate the 50th anniversary of bilateral diplomatic relations and the 10th … [Read more...] about Emulating the ambitions of Singapore’s high-tech vision