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Deputy Prime Minister Vương Đình Huệ speaks at a meeting with the ministry yesterday on mid-term public investment. — VNA/VNS Photo HÀ NỘI — Poor coordination between the Ministry of Planning and Investment and other ministries and localities is to blame for the late disbursement of public investment, said Deputy Prime Minister Vương Đình Huệ. At a meeting with the ministry yesterday on mid-term public investment, the Deputy PM also pointed out that there were shortcomings in legal documents on public investment, including the Law on Public Investment and a number of the Government’s decrees on implementing it. He asked the ministry to cooperate with related State bodies to review these documents in order to mend problems that need to be revised before May, when the National Assembly convenes its next session. Slow administrative reforms and a lack of efforts to improve management and leadership capacity were another reason, he said, admitting that the Government’s target of … [Read more...] about Deputy PM slams MPI for poor allocation of investment capital

National Assembly Chairwoman Nguyễn Thị Kim Ngân (standing) chaired the 31st meeting of the National Assembly Standing Committee held on Thursday in Hà Nội. — VNA/VNS Photo Trọng Đức Viet Nam News HÀ NỘI — National Assembly Chairwoman Nguyễn Thị Kim Ngân on Thursday said the various issues afflicting State projects were not entirely due to shortcomings in current laws. “I think that many seem to blame the Law on Public Investment,” the top legislator said, adding that erroneous operation and organisation were the leading causes in many cases. In National Assembly Standing Committee’s 31st meeting held on Thursday in Hà Nội where lawmakers reviewed issues related to the draft of the revised public investment law, Ngân said there should not be expectations of extensive revamp of the law. The drafting committee of the revised public investment law submitted proposals to amend 80 articles out of the law’s total 108. “When a project fails to commence one year after the … [Read more...] about Don’t blame the law for issues with public investment projects: NA Chair

The assembly line at a FDI car manufacturer in Vietnam. Risks of friction would increase along with the benefits the country could reap from foreign investment. — VNA/VNS Photo Trần Việt Viet Nam News HÀ NỘI — Việt Nam should not be too “scared or concerned” of legal disputes between the State and foreign investors, but the judicial system should be prepared to deal with such situations. The remark was made by Vũ Thị Châu Quỳnh, deputy director general of the Department of Legislation, under the Ministry of Planning and Investment (MPI) at a workshop on dispute settlement between foreign investors and recipient countries held on Friday. Amongst the concluded cases during 1987-2017, 37 per cent of cases were ruled in favour of the State and only 28 per cent in favour of the investor, she said, with the remaining either undecided or discontinued, citing the statistics by the United Nations Conference on Trade and Development (UNCTAD) and the Investor-State Dispute Settlement … [Read more...] about Việt Nam courts should be more prepared to handle foreign investor v. State investment disputes

Hong Kong, Japanese firms seek to invest US$3 billion in Ha Tinh The Saigon Times Daily A view of the meeting between the Ha Tinh government and Lee & Man and Hokuetsu - PHOTO: BAOHATINH.VN HCMC - A consortium of Hong Kong’s Lee & Man Paper Manufacturing Limited and Japan’s Hokuetsu Group has proposed developing a complex with a deepwater seaport, a logistics center and a paper mill worth US$3 billion in Vung Ang Economic Zone in the north-central coastal province of Ha Tinh. The proposal, however, raised concern on environmental protection and vast land area needed. At a meeting with the Ha Tinh government on September 10, leaders of the two firms said they wished to develop a deepwater seaport with six wharfs that can handle vessels of up to 300,000 tons. The logistics center, when in place, will help receive and distribute dried goods between Vietnam, Laos and Cambodia, the local media reported. Meanwhile, the tissue paper mill will have an annual … [Read more...] about Hong Kong, Japanese firms seek to invest US$3 billion in Ha Tinh

Temperature scanners, face masks for foreign investment By Dr Phan Huu Thang (*) Foreign investment in Vietnam has been on the rise. From 2016 to the end of the first quarter of 2020, when the socio-economic plan for 2016-2020 was carried out, the volume of registered capital was US$147.75 billion, the volume of disbursed capital was US$76.63 billion and the volume of capital not yet disbursed was US$71.12 billion - PHOTO: MINH DUY Vietnam’s experience and initial success in combating Covid-19 should be considered and applied to other tasks to ensure economic growth in the current context. It is important to set clear targets and implement policies comprehensively, with a consensus across different groups of people, especially those in charge. On May 22, at a regular government meeting on foreign direct investment (FDI), the Prime Minister agreed to set up a special task force to boost capital inflows, one of the five growth engines in response to the economic … [Read more...] about Temperature scanners, face masks for foreign investment

Law overlaps hinder multiple localities from attracting investment By Le Anh This file photo features a bird’s eye view of the city. Many project plans in HCMC have had to be revised several times to avoid overlaps with other projects – PHOTO: LE ANH HCMC – The overlaps and contradictions of prevailing laws on investment, land and planning have confused officials in many localities across the country and detered investment, heard an online conference held today, January 16, to review 2018 and introduce tasks for this year for the Ministry of Planning and Investment. The execution of plans was the most challenging issue, according to many attendees. Dang Quoc Khanh, chairman of Ha Tinh Province, noted that the Law on Planning had taken effect on January 1, but to date, there are no decrees or guidelines on the execution of the law, leaving many provincial officials in the dark. Khanh proposed that the ministry issue guidelines on integrated planning and combined … [Read more...] about Law overlaps hinder multiple localities from attracting investment

Danang to promote investment in hi-tech sectors The Saigon Times Daily Employees work at an automobile assembly and manufacturing plant in Danang’s Hoa Khanh Industrial Park in this file photo. Danang’s enterprises are being urged to suggest ideas for attracting investment in hi-tech sectors at an upcoming conference, scheduled for March 1 – PHOTO: VGP HCMC - The central coastal city of Danang has urged local firms to pose ideas at an upcoming conference, scheduled for March 1, for attracting foreign direct investment (FDI) in sectors leveraging hi-tech applications in the 4.0 era, the Government portal chinhphu.vn reported, citing the municipal People’s Committee. The municipal government on February 20 stated that the city will prioritize receiving FDI capital for the field of hi-tech agriculture to achieve sustainable growth, alongside other hi-tech-deploying sectors. It will also prepare feasible projects to attract investors from Japan, South Korea and the … [Read more...] about Danang to promote investment in hi-tech sectors

Deputy PM calls for acceleration of public investment disbursement The Saigon Times Daily Deputy Prime Minister Vuong Dinh Hue speaks at a meeting on public investment disbursement on August 19 - PHOTO: VGP HCMC - Deputy Prime Minister Vuong Dinh Hue has urged the relevant agencies to speed up public investment disbursements, which have been slow in recent years. At a meeting with several ministries and agencies and leaders of HCMC and Hanoi to discuss the issue on August 19, Hue said the lower-than-expected public investment disbursement has put pressure on the Government, the Government news website reported. Despite two resolutions being released by the Government, multiple directives being issued by the prime minister and meetings on the issues, the pace of public investment disbursement in the January-July period this year was even slower than in the same period of previous years, the deputy prime minister noted. The country disbursed VND134.5 trillion … [Read more...] about Deputy PM calls for acceleration of public investment disbursement

Trucks transporting goods pass through the Lao Bảo Border Gate of the central Quảng Trị Province or the Lao Den Savanh Border Gate to export goods to countries along the East-West Corridor.— VNA/VNS Photo Trần Việt Viet Nam News - QUẢNG TRỊ — The central province of Quảng Trị needs to make greater efforts in improving its investment climate and better facilitate businesses critical to boosting the national and local economies, said Prime Minister Nguyễn Xuân Phúc during an investment and tourism promotion conference that took place in the locality on Sunday. The large-scale event witnessed the participation of many economists, investors, and representatives from trade promotion agencies, and domestic and foreign businesses. The PM asked Quảng Trị to enhance inter-regional connectivity, develop hi-quality personnel resources and accelerate scientific and technological applications. Ministries and central agencies should continue to support the province to make it … [Read more...] about Quảng Trị needs to improve its future investment climate: PM

Medium-term plans needed to quicken disbursement of public investments: minister The Saigon Times Daily The Ministry of Finance organizes a teleconference to seek ways to speed the disbursement of official development assistance (ODA) loans and foreign soft loans – PHOTO: VGP HCMC – The lower-than-expected disbursement of public investment capital is largely attributable to the slow formulation of medium-term public investment plans for ministries and localities, said Minister of Finance Dinh Tien Dung during a Friday teleconference. Held by the Ministry of Finance, the teleconference was aimed at seeking ways to speed up the disbursement of official development assistance (ODA) loans and foreign soft loans, reported the Vietnam News Agency. The event gathered representatives of the five ministries with the largest ODA and foreign soft loan allocation plans, including the ministries of transport, agriculture and rural development, education and training, natural … [Read more...] about Medium-term plans needed to quicken disbursement of public investments: minister