Economy

Vietnam emerges as growing, resilient economy: minister By Thuy Dung Minister of Planning and Investment, Nguyen Chi Dung, is at a talk on the 2019 visions in Hanoi City on January 30 – PHOTO: THUY DUNG HANOI – Despite numerous fast and complicated changes in the global economy in 2018, Vietnam reached an impressive gross domestic product (GDP) growth rate of 7.08%, which indicated the better resilience of the national economy, according to Minister of Planning and Investment, Nguyen Chi Dung, at a talk on the 2019 visions in Hanoi City on January 30. The Government official said that the national economy has maintained a fairly good growth performance for a long time. Between 1989 and 2018, the GDP growth rate had achieved an average 6.8%, which could be seen as a high level compared with other countries in the Association of Southeast Asian Nations. He ascribed the high growth rate to the better resilience of the economy, which indicated the better economic … [Read more...] about Vietnam emerges as growing, resilient economy: minister

Vietnam seeks IMF help to assess non-observed economy The Saigon Times Daily Prime Minister Nguyen Xuan Phuc greets IMF Resident Representative in Vietnam Jonathan Dunn in Hanoi - PHOTO: VNA HCMC - Vietnam is seeking support from the International Monetary Fund (IMF) in assessing and measuring its non-observed economy, which accounts for a large proportion of the country’s gross domestic product (GDP). Speaking at a meeting with IMF Resident Representative in Vietnam Jonathan Dunn in Hanoi today, February 13, Prime Minister Nguyen Xuan Phuc said that IMF’s experience would help Vietnam measure its non-observed economy accurately and reliably in the context of clouds over the global economy becoming “darker by the day,” as described by IMF Managing Director Christine Lagarde. Dunn spoke highly of Vietnam’s development and economic policies in recent years, especially its improved resilience to economic shocks. The IMF representative noted that he would convey the … [Read more...] about Vietnam seeks IMF help to assess non-observed economy

Deputies suggest tax changes to help invigorate economy (11-11-2005) HA NOI — Changes to both the Special Consumption Tax and the Value Added Tax were suggested by deputies in the National Assembly yesterday as a way of eliminating discrimination between domestic goods and imports. The changes would also bring Viet Nam closer to World Trade Organisation rules, they argued. Most agreed that the laws, both effective from last year, had made a significant contribution to the economy by boosting exports and shaping consumer behaviour. But many, including Tao Huu Phung, northern Ha Tay Province, argued that tax rates for the automobile industry should be made more compliant with WTO requirements. This would enhance investment, increase budget revenue, reduce protection, encourage domestic auto makers to rearrange their production, raise productivity, increase the use of local materials and create jobs, he said. He agreed on the suggested single special … [Read more...] about Deputies suggest tax changes to help invigorate economy

Chairman An urges Nam Dinh to boost economy (23-11-2005) NA Chairman Nguyen Van An meets with delegates from the Nam Dinh Party Congress. — VNA/VNS Photo Tri Dung NAM DINH — National Assembly Chairman Nguyen Van An has asked the northern province of Nam Dinh to take drastic steps to boost the local economy. He was speaking at Nam Dinh’s 17th Party Congress which opened yesterday with the participation of over 300 delegates from both provincial and Central-level agencies. Nam Dinh was a poor province with low per-capita income of around US$350, An said. The province hadn’t fully tapped its potential for further development. An also said some Party units and authorities hadn’t fulfilled their duties and responsibilities. An urged the province to develop the local maritime economy, including shipbuilding, handicraft production and traditional craft villages, in order to drastically change the area’s economic structure and achieve Party goals of … [Read more...] about Chairman An urges Nam Dinh to boost economy

Deputies seek 30% more for agriculture and rural economy (25-11-2005) Greenhouse technology will bring increased productivity. — VNA/VNS Photo Dinh Na HA NOI — National Assembly deputies have called for Government investment in agriculture and the rural economy to be increased to more than 30 per cent. This followed the Government decision to earmark 25 to 30 per cent, double from the previous period, of the State budget for the sector in the next five years (2006-10). Investment in the sector during the past five years accounted for a mere 15-17 per cent of the budget according to a Government report. Deputies called for rapid and synchronous development of rural infrastructure projects for yielding better and quick returns. While Dinh Thi Thao, from the northern mountainous Hoa Binh Province, proposed the creation of a co-operative mechanism for using infrastructure facilities in rural areas, Nguyen Van Tuyet, from the northern Yen Bai Province, … [Read more...] about Deputies seek 30% more for agriculture and rural economy

President advises Binh Thuan to boost economy (08-12-2005) President Tran Duc Luong speaks at Binh Thuan Province’s 11th Party Congress. — VNA/VNS Photo Huu Thanh BINH THUAN — President Tran Duc Luong said the central province of Binh Thuan’s economic development still had not reached the province’s potential, saying that the province’s economic growth was unstable and uncompetitive. He made the statement yesterday at the province’s 11th Party Congress. Although praising the provincial Party organi-sation’s achievements, Luong said the provincial economy was still underdeveloped, ineffective and small-scale. Key sectors and products were slow to develop, technologies remained outdated, and infrastructure development was weak and uncoordinated. Both production and aquaculture were still not stable and not consistent with Binh Thuan’s potential and natural advantages. Land and forest management were also poor, Luong said. He said the provincial … [Read more...] about President advises Binh Thuan to boost economy

WB urges Vietnam for regulatory environment conducive to digital economy By Thuy Dung World Bank Country Director for Vietnam Ousmane Dione speaks at the workshop in Hanoi on March 7 – PHOTO: WORLD BANK IN VIETNAM HANOI – In the digital economy, Vietnam needs to put into place an appropriate environment to encourage innovation and competitiveness while protecting the consumer through better regulation and coordination among government agencies, said a World Bank (WB) official at a workshop in Hanoi today, March 7. Co-organized by the Ministry of Industry and Trade and the WB in Vietnam, the workshop, called “Policy Aspects for Vietnam Digital Economy Development,” was aimed at seeking ways to accelerate the development of the digital economy and maximize its benefits. Deputy Minister of Industry and Trade Cao Quoc Hung stated that the Fourth Industrial Revolution has significantly contributed to the global transition of the digital economy, which refers to a broad … [Read more...] about WB urges Vietnam for regulatory environment conducive to digital economy

Economies of Russia, VN complementary: PM (16-02-2006) Russian Prime Minister Mikhail Ephimovich Fradkov HA NOI — Russian Prime Minister Mikhail Ephimovich Fradkov arrives in Ha Noi today for his official visit to Viet Nam at the invitation of Prime Minister Phan Van Khai. On the occasion of PM Fradkov’s visit, PM Khai was interviewed by two Russian news agencies, Ria Novosti and Itar-Tass. PM Khai said the economies of Russia and Viet Nam complemented each other very well. He said PM Fradkov’s visit was of great significance to the Viet Nam-Russian relationship, and that the two countries had a long-lasting and close friendship. In the recent past, the two sides had developed a strategic partnership, he added. On the occasion of this visit, they would have a chance to exchange views in order to tighten their traditional relations in economics, trade and investment, and particularly in traditional fields of cooperation such as oil and energy. Russia … [Read more...] about Economies of Russia, VN complementary: PM

Nation’s market economy needs ITC support: Khoan (01-03-2006) HA NOI — The International Trade Centre (ITC) should continue supporting and sharing information with Viet Nam as the country makes a huge effort to move towards a market economy system and integrate into the international economy, said Deputy Prime Minister Vu Khoan. Deputy PM Khoan made those comments at a meeting with a delegation from the ITC, under the United Nations Conference on Trade and Development (UNCTAD), led by director Jean-Denis Belisle in Ha Noi yesterday. The deputy PM said he highly appreciated the ITC’s valuable help in aiding Viet Nam build a trade promotion system, trade development strategy and improve its human resources policies. Khoan underlined the importance of trade in Viet Nam’s economy with exports accounting for 67 per cent of the gross domestic product. However, Viet Nam still lacks experience in international trade, especially promoting trade, he said. ITC’s … [Read more...] about Nation’s market economy needs ITC support: Khoan

Perfecting institutions needed to rev up economy: experts By Ngo Kiem Experts during a panel discussion at the 12th Vietnam Economic Conference in HCMC on March 12 – PHOTO: NGO KIEM HCMC – Pushing through institutional reforms is desperately needed to achieve breakthroughs in the nation’s economic growth, especially during its path toward global economic integration, according to experts at a conference in HCMC on Tuesday. The Vietnam Economic Times, in cooperation with some ministries and agencies, held the annual Vietnam Economic Conference, called “Breakthrough from Growth Drivers” for the 12th time. It gathered executives from more than 300 local and foreign firms. Participants said the intensive integration into the global economy has enabled Vietnam to perfect institutions and align them with international norms. The participation in global supply chains has brought about both opportunities and challenges, which require the country to adapt to the … [Read more...] about Perfecting institutions needed to rev up economy: experts