Why infrastructure development is important for economic development

Cargoes at Tan Cang – Cat Lai warehouse are being loaded into containers. (Photo: SGGP) Adding to difficulties from possible logistics chain disruption and increasing fuel prices is the challenge to approach capital amounts. Thanks to the stable political and social status of the country plus the well-controlled pandemic, Vietnam is a preferred choice of many foreign investors. 17 trade agreements have been successfully signed in the first 6 months of 2022, bringing about a direct foreign investment of over US$10 billion in the country, a rise of nearly 9 percent compared to this time last year. Vice CEO in charge of global supply sources of Techonic Industries (TTI) Nate Easter informed that his company chose to start a new manufacturing plant in Saigon Hi-tech Park in HCMC, worth $650 million. This is the second largest among 12 plants of TTI in the world to earn a revenue of $2.5 billion a year. TTI needs to build a supply chain of domestic support industry products for 80 … [Read more...] about Vietnam becoming attractive destination for foreign capital

At the mid-term review meeting (Photo: MPI) Hanoi (VNA) – The Vietnamese Ministry of Planning and Investment (MPI), in coordination with the Japanese Embassy in Vietnam and the Japan-Vietnam Economic Committee under the Japan Business Federation (KEIDANREN), held a mid-term review meeting for the Vietnam-Japan Joint Initiative (eighth phase) in Hanoi on July 5. It was reported at the meeting that 47 out of the total 80 sub-items in the joint initiative have been well implemented as scheduled so far, 15 are underway, six make no progress, and work will start on 12 others in the time ahead. Do Nhat Hoang, head of the Foreign Investment Agency under the MPI, said Vietnamese ministries and agencies have coordinated with the Japanese side to implement commitments in the action plan of the initiative. Vietnam’s commitment to materialising the joint initiative manifests the government’s resolve to improve the domestic investment environment, he said. Many legal documents … [Read more...] about Vietnam, Japan review joint initiative

PM Pham Minh Chinh (right) holds phone talks with his Korean counterpart Han Duck-soo (Photo: VNA) Hanoi (VNA) – Vietnamese Prime Minister Pham Minh Chinh talked over the phone with his counterpart from the Republic of Korea (RoK) Han Duck-soo on July 5, during which the two leaders compared notes on measures to boost the bilateral relations. This was the first phone talk by the RoK’s PM with a foreign leader since he took office. Congratulating Han on his appointment as the RoK's PM, Chinh said despite global and regional uncertainties, including COVID-19 impacts, the relationship between Vietnam and the RoK has maintained its stable development pace, and the two countries have become leading important partners of each other, especially in economy, trade and investment. He affirmed Vietnam’s consistent foreign policy of independence, self-reliance, multilateralisation and diversification of relations, and being a friend, a reliable partner and an active, responsible … [Read more...] about Vietnamese, Korean Prime Ministers hold phone talks

A factory of a mechanical engineering enterprise in Quang Ninh Province's Ha Long City. — Photo cokhitienmanh.vn Domestic mechanical engineering enterprises should strengthen cooperation to improve competitiveness and gain more market share, industry experts have suggested. Nguyen Quang Hieu, general director of PetroVietnam Marine Shipyard JSC (PV Shipyard), told Nhan Dan (The People) newspaper that there were enormous opportunities for mechanical engineering firms to tap into the lucrative local market with a scale of up to billions of dollars. Hieu cited offshore wind power projects as a good example. He said Vietnamese enterprises could produce offshore wind turbine foundations. Even a small-scale wind power project comprises about 30-40 turbines, and its turbine foundation system would need an estimated 300,000 tonnes of equipment. With each tonne equivalent to US$4,000, including the cost of materials, on average, there would be about $1.2 billion worth of market share … [Read more...] about Mechanical engineering firms urged to enhance cooperation