Following the transport ministry’s refrain over the past month that it plans to privatize infrastructure, including seaports and airports, economists have said local investors should be its first choice. Vietnamese businesses, many of whom have proved to be capable, can help the economy grow and at the same time allay concerns about national security when it comes to projects in “sensitive” locations, they said. The economists voiced their support amid growing interest among local businesses in seaports and airport terminals being offered by the transport ministry. Low-cost Vietjet Air, for instance, wants to buy operating rights for a domestic terminal at Hanoi’s Noi Bai Airport, while Jetstar Pacific, another budget carrier, targets a terminal in Da Nang airport. T&T Group, a real estate company based in Hanoi, is interested in the sole airport in Phu Quoc island. Property giant Vingroup has offered to take over Saigon and Hai Phong seaports, two of the … [Read more...] about Vietnam government urged to sell infrastructure to local investors
Vietnam government
Vietnam government to sell its stakes in 10 major companies
The government has announced it will sell out its stakes in 10 companies including dairy giant Vinamilk and information technology leader FPT. Sovereign fund State Capital Investment Corporation (SCIC) will draft detailed plans for the disinvestment, including the time frame involved, and submit them to the government for approval. The stakes are estimated to be worth at least US$4 billion, more than half of it in Vinamilk alone, of which the SCIC owns 45.1 percent. Of the other nine companies, the fund’s stake is the smallest -- 6 percent -- in FPT, though it owns 50.2 percent of shares in subsidiary FPT Telecom. The stake is biggest in insurer Bao Minh Group at 50.7 percent. The stakes range from 37.1 to 49.9 percent in the rest -- Binh Minh Plastic Joint-stock Company, Ha Giang Mineral Mechanics Joint-stock Company, Sa Giang Import and Export Corporation, Tien Phong Plastic Joint-stock Company, Vietnam Infrastructure Investment & Development Joint-stock Company, and … [Read more...] about Vietnam government to sell its stakes in 10 major companies
Vietnam government facilitates operations of the Protestant Church
(VOVworld) – The Chairman of the Vietnam Fatherland Front and Deputy Prime Minister Nguyen Thien Nhan has said that the government of Vietnam always tries to create the best possible conditions for the Vietnam protestant Church, the northern region. Nhan worked with head of the church, Pastor Nguyen Huu Mac on the occasion of its 34th General Assembly, scheduled for early next month. Pastor Mac congratulated Nhan on his election as Chairman of the Vietnam Fatherland Front and pledged the Protestant Church’s contribution to the Front’s movements and charity programs. He said that at its 34th General Assembly the Protestant Church will discuss unifying its northern and southern branches. Nhan praised the Vietnam Protestant Church, the northern region’s contributions in recent years and said that the government and the Vietnam Fatherland front always try to facilitate its operations and ensure that all protestants lead a good religious and secular life. The … [Read more...] about Vietnam government facilitates operations of the Protestant Church
Vietnam government welcomes freeing up of business registration
Firms can do any business that is not illegal under the amendments being drafted by the Central Institute for Economic Management and to be presented to the National Assembly this year or next. Current regulations, effective since 2005, require firms to spell out their business areas when registering and doing any other business is punishable. Deputy Minister of Investment and Planning Nguyen Chi Dung said at a conference that the law over the past nine years has constrained business freedom since setting up one is complicated and unnecessarily costly. “That is why Vietnam’s business environment gets low rankings,” he said. He said firms complain that the requirement to spell out their areas of business increases risks and cost. Nguyen Dinh Cung, head of the institute, was quoted by Tuoi Tre newspaper as saying: “Sometimes a company sees a new business opportunity, but has to wait to change its registration. "However, by the time that is done, the chance might … [Read more...] about Vietnam government welcomes freeing up of business registration
Vietnam government urged to tighten belt amid falling revenues
Many legislators have urged the government to cut administrative spending amid forecasts that revenue flows will remain weak next year. Speaking at a legislature session last week Cao Sy Kiem, a legislator from the northern province of Thai Binh, criticized the government for failing to downsize as promised at the beginning of its office term in 2011. "The government system, in fact, has been swelling." Ho Chi Minh City legislator Tran Du Lich agreed, saying that since it is getting bigger and bigger, thus needing more money to function, the government would have no money left to do other management jobs. The government also needs to "strongly" cut down on its spending on activities such as conferences and ceremonies, he said. "We need to stop turning field trips into leisure trips at the government's expense." 'Extremely strained' At the same meeting, Minister of Planning and Investment Bui Quang Vinh expressed doubts about the finance ministry's positive forecast about next … [Read more...] about Vietnam government urged to tighten belt amid falling revenues