Vietnam reforms and economic growth

An overview of the meeting (Photo: VNA) Hanoi (VNA) – The impressive economic growth in the first seven months of this year reflects the efficiency of the policies that have been applied recently, stated Minister of Planning and Investment Nguyen Chi Dung at the meeting between the Prime Minister and businesses that opened in Hanoi on August 11. The minister said that international organisations have shown optimism about the Vietnamese economy, rating the country’s long-term credit as "stable" and "positive". Many economists held that the Vietnamese economic resilience is relatively good currently, he added. The official cited a recent survey as showing that in the second quarter of this year, 70-80% of total businesses highly valued the effectiveness of the Government’s support to businesses amid the COVID-19 pandemic , especially those in taxation. As of the end of July, the country had 871,000 companies, up nearly 13% over 2019. In July alone, more than 130,000 … [Read more...] about Government’s economic stimulation policies prove effective: Minister

In February, Vietnamese State President Nguyen Xuan Phuc paid a state visit to Singapore, with both nations vowing to continue cementing economic ties. How has this cooperation been implemented so far? Singaporean Ambassador to Vietnam Jaya Ratnam Singapore and Vietnam’s strong economic, trade, and investment ties are underpinned by decades of consistent and meaningful engagement between our governments and peoples. During President Nguyen Xuan Phuc’s state visit to Singapore earlier this year, he and President Halimah Yacob reaffirmed these ties and committed to further collaboration. Our leaders also oversaw the signing of an MoU on economic and trade cooperation between our two countries. We are starting from a very strong base. Singapore has been the leading source of foreign direct investment into Vietnam for the past two years. Singapore is now Vietnam’s second largest foreign investor, with total registered capital of nearly $70 billion. This demonstrates the … [Read more...] about Singapore and Vietnam commit to further strong collaborations

Foreign tourists visit the Independence Palace in HCM City on August 8. (Photo: VNA) HCM City (VNS/VNA) - Strict visa policies and a shortage of human resources and infrastructure in the tourism sector have stymied recovery of the travel industry, and the target of five million international arrivals this year could be out of reach, industry players have warned. Domestic travel has seen a strong rebound whereas international tourism, with a target of five million arrivals this year, remains in a slump, said Vu The Binh, Chairman of the Vietnam Tourism Association. Domestic visitor numbers topped 71.1 million in just the first seven months of this year against a full-year target of 60 million, he said. In the same period there were only 733,000 international visitors, or 8% of pre-pandemic numbers, he told a two-day programme titled ‘Lien Ket Suc Manh Du Lich Vietnam Nam 2022’ (Power of Vietnam Tourism Linkages) that ended in Ho Chi Minh City on August 9. Though … [Read more...] about Vietnam mulls ways to boost inbound travel

The capital city is committed to accompanying the business community in promoting industrial products using advanced and environmentally friendly technologies with high-added value. Hanoi is pushing for the development of industrial infrastructure and key industrial products, seen as the driving force for the capital city’s sustainable economic growth. Thang Long Industrial Park in Dong Anh District, Hanoi. File photo During the first six months of 2022, the municipal Department of Industry and Trade started the construction of six industrial parks and is working on accelerating 38 other projects in the city. For the 2021-2025 period, Hanoi aims for supporting industries to make up 30% of the total value of industrial production, an increase of 5% from the current level; raise the value of key industrial products to 40-45% of total industrial production, and expects 10% of businesses in Hanoi to stay among Vietnam’s top 500 companies. To realize this goal, … [Read more...] about Hanoi promotes industrial infrastructure development for sustainable growth

The strategic framework signing ceremony in Hanoi on August 11 (Photo: Ministry of Planning and Investment) Hanoi (VNA) – A Strategic Framework for Sustainable Development Cooperation (CF) between the Government of Vietnam and all UN resident and non-resident agencies in Vietnam for the 2022-2026 period was signed in Hanoi on August 11. Minister of Planning and Investment Nguyen Chi Dung , as assigned by Vietnamese Prime Minister Pham Minh Chinh, and UN Resident Coordinator in Vietnam Pauline Tamesis signed the document. The Strategic Framework for Sustainable Development Cooperation 2022 - 2026 guides and steers the Government of Vietnam and the UN’s collaboration on accelerating progress to achieve the Sustainable Development Goals (SDGs). It highlights the joint commitment to deliver sustainable development for all. Speaking at the signing ceremony, Dung said that the CF will be implemented at a time when Vietnam has strengthened its post-pandemic economic … [Read more...] about Vietnam, UN sign strategic framework for sustainable development cooperation

Presided over by Prime Minister Pham Minh Chinh, the hybrid event brought together cabinet members, representatives from Party and National Assembly’s committees, local administrations, industry leaders, and businesses. It is also an opportunity for the two sides to discuss how the global uncertainties are impacting the country’s socio-economic growth, and chalk out ways to boost production for a faster and more sustainable economic recovery and development. Addressing the event, the PM said thanks to tireless efforts over the last two years, Vietnam has managed to contain the COVID-19 pandemic, with stable macro-economy, inflation under control and positive economic growth, and others. The conference is held for the Government to learn about private enterprises’ losses and challenges facing them during the two years of the pandemic and honor the business community for having made contributions to the country at the time of hardship, Chinh said. Urging for the development of an … [Read more...] about G2B conference looks to boost economic recovery

Currently, Vietnam's export products are available in most markets in the EU and have recorded good growth, focusing strongly on products such as textiles, footwear, coffee, seafood, vegetables and fruits, black pepper, and rice. Among these, coffee posted the strongest growth, with an increase of 75.2 percent, followed by seafood and black pepper, with 42.1 percent and 43.9 percent, respectively, over the same period last year. According to experts, the EU-Vietnam Free Trade Agreement (EVFTA), which took effect from August 2020, has created leverage to promote two-way trade between Vietnam and the EU, significantly helping Vietnamese goods improve competitiveness and expand market share in the EU market. On August 11, the Vietnam Chamber of Commerce and Industry - Ho Chi Minh City Branch (VCCI-HCM) coordinated with Polish departments in HCMC to organize the Vietnam - Poland Trade Exchange. A representative of VCCI-HCM said that in 2021, the two-way trade turnover between Vietnam … [Read more...] about Vietnam’s exports to EU increase robustly

Steel pipe s produced in Vietnam (Photo: VNA) Hanoi (VNA) – Vietnam is ready to keep frequent contact with the US to deal with emerging issues, an official from the Ministry of Foreign Affairs said on August 11 regarding an official US launch of an anti-circumvention investigation into steel pipe imported from Vietnam. Speaking at the ministry’s regular press briefing, Spokeswoman Le Thi Thu Hang noted the Vietnam - US comprehensive partnership has recorded progress in all areas in the recent past, including economy, trade and investment. Vietnam is the leading Southeast Asian trade partner of the US, which in turn is the second biggest trade partner of Vietnam. Bilateral trade surpassed 110 billion USD in 2021. She stressed that Vietnam highly welcomes the policy of promoting economic, trade, and investment ties with the US on the basis of freedom, equality, mutual benefit, and conformity with bilateral agreements and WTO regulations. Vietnam is ready to maintain … [Read more...] about Vietnam ready to discuss economic issues with US: spokeswoman

Vietnamese Ambassador to Russia Dang Minh Khoi (fifth from the left) poses for a photo with leaders of Krasnodar  City. (Photo: VNA) Moscow (VNA) – Vietnamese Ambassador to Russia Dang Minh Khoi visited the host country's southern federal region of Krasnodar from August 9 -11, where he met local leaders to discuss the possibility of enhancing bilateral cooperation. Khoi had meetings with Alexander Ruppel, Deputy Governor of Krasnodar Region, and Maxim Slyusarev, deputy mayor of its capital Krasnodar City, during which the two sides talked about potential for stronger economic partnership . Both sides agreed to double efforts to boost cooperation, with a more practical and effective approach, in the fields of agriculture, food production, textile and garment and wood processing. The Vietnamese diplomat said he stands ready to host business-to-business meetings, both in-person and virtually, for Vietnamese and Russian enterprises to explore each other’s strengths. … [Read more...] about Ambassador seeks enhanced economic ties with Russian region

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