On the theme “Maintaining Economic Growth,” the second Vietnam Economic Forum opened in Hanoi on September 19. At the forum, deputy Prime Minister Nguyen Sinh Hung emphasised that following the success of the first forum held in Ho Chi Minh City on April 2007, organising the second forum shows the strong determination of the Government and investors to overcome difficulties to achieve rapid and sustainable growth in the medium-and long-term. Mr Hung said the world economic slowdown and oil and food price rises affect the growth rates of regional countries, including Vietnam. To limit negative impacts on the economy, the Vietnamese Government gave priority to curbing inflation and maintaining the macro-economy with a view to achieving rapid and sustainable growth in both medium and long-term. The Government has implemented many measures to manage monetary policy, control the trade deficit, cut public expense and ensure social security for the poor. These measures have been … [Read more...] about Second Vietnam Economic Forum opens
Vietnam economic problems
A slice of Vietnam’s economic structure
VietNamNet would like to introduce an article by Dr. Tran Dinh Thien, Rector of the Vietnam Economics Institute, about Vietnam’s economic portrait, with initial figure of its structure. Vietnam has over 100 banks and foreign bank branches. Vietnam’s gross domestic product (GDP) is only US$100 billion a year. To produce that $100 billion, the economy has over 100 banks and foreign bank branches. On average, each bank serves to make less than $1 billion in GDP. In addition, there are hundreds of financial and stock companies. Vietnam has also 100 seaports (depending on classification methods, the figure may rise to 260 or fall to 70 ports). If we temporarily take the number 100, each seaport also serves the production of $1 billion only. There are 18 coastal economic zones, nearly 30 border-gate economic zones, 260 industrial zones and around 650 industrial groups. In the balance with the GDP, Vietnam’s industrial organization is tattered, in which … [Read more...] about A slice of Vietnam’s economic structure
Vietnam’s economic highlights in first half of 2013
(VOVworld) – Inflation continues to be curbed, market prices are stable and government measures to remove difficulties for businesses are paying off. These results have provided momentum for further economic growth in the remaining months of this year. According to the General Statistics Office, Vietnam’s economic performance improved in the first half of this year. Measures set out by the government resolutions, including Resolution No2 on removing obstacles facing businesses, supporting the market, resolving bad debts, stimulating demands and reducing inventories, have helped in a stabilized macro-economy and sustainable development. In the first half of this year, the GDP stood at 4.9%, and the Consumer Price Index (CPI) increased by only 2.4%, the smallest increase in the last 10 years. Nguyen Duc Thanh, Director of the Price Department of the General Statistics Office, told VOV: “The CPI in the first 2 months of this year increased remarkably but was stable … [Read more...] about Vietnam’s economic highlights in first half of 2013
Draft Circular Instructing Investment Activities in Vietnam: Many Problems in Related Documents Must be Tackled
Draft Circular Instructing Investment Activities in Vietnam: Many Problems in Related Documents Must be Tackled The VCCI has recently cooperated with the Ministry of Planning and Investment (MPI) and Star Vietnam to organise a conference to seek delegates’ opinions for the draft circular instructing several contents of investment activities in Vietnam. The circular aims to deal with in the current Investment Law and document related to investment activities. A representative from the compiling board, Do Nhat Hoang, Vice Head of the MPI’s Legislation Department, said despite the two-year application of the Investment Law, many contents of which need to be revised. "Some 20 contents should be revised”, he said. According to the compiling board’s statistics, up to more than 100 problems of investment activities need to be dealt with. These problems appear not only in the Investment Law but also in laws and decrees of concerned ministries and agencies. … [Read more...] about Draft Circular Instructing Investment Activities in Vietnam: Many Problems in Related Documents Must be Tackled
Bauxite projects pose environmental and economic problems
Nguyen Thanh Son, Director of the Song Hong Power Company under Vietnam National Coal and Mineral Industries Group (Vinacomin), said that the bauxite projects in Central Highlands region have a harmful effect on the environment and have become an economic burden. Area for red mud in Lam Dong Province Son has urged the management of Vinacomin to seek the Prime Minister’s approval to halt the Nhan Co pilot project after his survey of the mine at Tan Rai. According to Son, these projects pose a range of risks to their surrounding areas because they use outdated technology and equipment. The processing technology for red mud is old and the coal gasification technology is from the 1960s. He added that there were also economic problems. Tan Rai was completed nearly two years behind schedule, adding VND1.1 trillion (USD53 milion) to the total cost. A profit of VND2.2 trillion will have to be earned in order to realise any return on … [Read more...] about Bauxite projects pose environmental and economic problems