Weak willed all that remains

Weak legal system may slow foreign investment (08-10-2005) HCM CITY — A weak legal system and poor enforcement of laws could slow the pace of foreign investment, said an Australian lawyer who spoke yesterday at an international trade conference in HCM City. "Despite wide-ranging economic reforms aimed at encouraging foreign investment, Viet Nam remains a difficult investment environment," said Robert Winter, chairman for international law at the Queensland Law Society in Australia. The conference was organised by the city Bar Association and the Law Association for Asia Pacific (Lawasia). About 300 lawyers, Government and corporate representatives are participating in the two-day event, the first such event held by Lawasia in Viet Nam. Attendees include 100 lawyers from 25 countries and territories, including Cambodia, Laos, China, Japan, Australia, the US and Viet Nam. Though the investment climate needs improvement, Winter said the economy has strong … [Read more...] about Weak legal system may slow foreign investment

Great unity will ensure VN achieves targets in 2009, PM (02-01-2009) Prime Minister Nguyen Tan Dung.—VNA/VNS Photo Duc Tam Ha Noi — In the course of implementing the Resolution of the 10th National Party Congress, 2008 was a pivotal year for the country’s five year socio-economic development plan (2006-2010), but the year witnessed very complicated and unlikely changes in Viet Nam and the world economy. In a New Year article summing up developments during 2008 and outlining tasks for this year, Prime Minister Nguyen Tan Dung said that early last year, the world was faced with a food crisis and threats to global energy supplies. Commodities prices rose and many countries around the word found themselves grappling with inflation. In September, the financial crisis emerged in the USA and quickly fanned out to other countries to become a global crisis which has yet to be resolved by the world . Due to the high inflation rate, the world faces … [Read more...] about Great unity will ensure VN achieves targets in 2009, PM

Local firms’ bank credit access remains low The Saigon Times Daily File photo of a teller holding a stack of Vietnamese banknotes. An overwhelming proportion of local firms are still unable to access loans offered by credit institutions - PHOTO: THANH HOA HCMC – Up to three-fouths of all enterprises in the country have failed to access bank credit, heard attendees at a conference on credit and promoting access to credit on June 18. Speaking at the conference held by the National Credit Information Center (CIC), Le Tuan Anh, director of the CIC’s Research Development Division, said that HCMC alone has seen 44.5% of local enterprises lacking access to bank credit, the local media reported. Even though the figure includes firms that do not need bank credit, most local firms are unable to access loans offered by credit institutions or have to borrow at high interest rates, he said. In addition, statistics from the Vietnam Chamber of Commerce and Industry (VCCI) cited … [Read more...] about Local firms’ bank credit access remains low

Prime Minister Nguyễn Xuân Phúc speaks at a meeting on dealing with complaints and petitions in Hà Nội on Saturday.— VNA/VNS Photo Thống Nhất HÀ NỘI — Prime Minister Nguyễn Xuân Phúc has asked leaders of ministries, sectors and localities to pinpoint the weaknesses in dealing with complaints. He made the request at a meeting on dealing with complaints and petitions in Hà Nội on Saturday. The PM recognised efforts of localities in settling complaints in the past. But he pointed out there remains many petitions involving large numbers of people as well as complaints that bypass the usual procedure, which is the reason the Government convened the meeting. He stress that Government leaders say management agencies must review their performance to see whether they have fulfilled their responsibility towards citizens. “In particularly, Secretaries of Party Committees and heads of provincial People’s Committees must question themselves as to whether they have spent adequate … [Read more...] about Localities asked to address weaknesses in complaint settlement

Vietnam’s economy remains resilient despite pandemic-triggered challenges: ADB By Hong Ngan Employees work at a manufacturing facility. Vietnam’s economy is expected to grow 1.8% this year amid the Covid-19 pandemic and bounce back to 6.3% in 2021 – PHOTO: VNA HCMC - Vietnam’s economy is expected to grow 1.8% this year amid the Covid-19 pandemic and bounce back to 6.3% next year, according to a new Asian Development Bank (ADB) report released today, September 15. In the Asian Development Outlook 2020 Update, ADB’s annual flagship economic publication, experts stated that the local economy will benefit from the continued diversion of production from China to Vietnam, the recovery in China’s economy and the implementation of a free trade agreement with the European Union. In addition, slower-than-normal growth would keep inflation subdued at 3.3% this year and 3.5% next year. Further, Vietnam’s economic outlook over the medium and long term remains positive. The … [Read more...] about Vietnam’s economy remains resilient despite pandemic-triggered challenges: ADB

Long-run prospects good but growth to slow in 2019: Capital Economics By Thanh Thom Workers process tra fish, a major export to the United States, at Can Tho Import and Export Seafood JSC in the Mekong Delta city of Can Tho. Vietnam’s economic growth is expected to remain strong thanks largely to its booming export sector – PHOTO: VNA HCMC – Growth in Vietnam will remain strong, as the country’s export sector continues to secure more orders while trade tensions between China and the United States are not yet over, according to Capital Economics, a London-based think tank. In its latest Emerging Asia Economic Outlook report, Capital Economics expects economic growth across the region to remain weak this year, with many countries, except for Vietnam, set to grow at their slowest pace in a decade. “China’s economy has stabilized in recent months, thanks in large part to a resilient property sector. But with headwinds from cooling global demand, and U.S. tariffs … [Read more...] about Long-run prospects good but growth to slow in 2019: Capital Economics

Transport minister proposes solutions to reduce traffic accidents The Saigon Times Daily A collision involving a container truck and a passenger car leaves 13 people dead and four badly injured in Quang Nam Province on July 30, 2018 - PHOTO: VNA HCMC – The Ministry of Transport will propose suspending the licenses of drivers who cause deadly traffic accidents and tightening control over inspection and training tasks and the granting of licenses to minimize traffic incidents, Nguoi Lao Dong newspaper reported, citing Transport Minister Nguyen Van The at a 2018 review conference on the transport sector held on January 11. Speaking at the conference, The said that the country had achieved only two targets for reducing the number of traffic accidents and injuries in 2018. The number of fatalities dropped by a mere 0.4%, well below the target. The leader of the Transport Ministry pointed out several causes of accidents such as speeding, running red lights, swerving, … [Read more...] about Transport minister proposes solutions to reduce traffic accidents

Manufacturing growth rates moderate in January By Phuong Thao Two workers are off-loading bags of cement from a conveyor. The headline Nikkei Vietnam Manufacturing Purchasing Managers’ Index (PMI) posted 51.9 in January, signaling a modest strengthening of business conditions in the sector - PHOTO: TL HCMC – The start of 2019 saw a moderation of growth in the Vietnamese manufacturing sector as rates of expansion in output, new orders and employment continued to ease from the recent highs seen in November last year, Nikkei said in a report launched today, February 1. Latest data of the report again signaled a lack of inflationary pressures in January. Input costs increased marginally, while output prices decreased for the fourth time in the past five months. The headline Nikkei Vietnam Manufacturing Purchasing Managers’ Index (PMI) posted 51.9 in January, thereby signaling a modest strengthening of business conditions in the sector. The reading was down from 53.8 … [Read more...] about Manufacturing growth rates moderate in January

NA faces questioning over oil refinery project, health (10-06-2005) HA NOI — The Government recently was plied with questions about the feasibility of the country’s first-ever oil refinery as the National Assembly opened a televised debate on the troubled Dung Quat project. Addressing the session, chaiman of the National Assembly (NA) Science, Technology and Environment Committee Ho Duc Viet admitted that inadequate research, failure to bring in money, and poor organisation had affected the project. The project has, as a result, been delayed for seven years, costing the country millions of dollars. The refinery, to be built in central Quang Ngai Province, was approved by the NA in 1997 and originally scheduled to go on stream in 2002. But it has been haunted by a series of mishaps ranging from the withdrawal of foreign partners, financial problems, the Asian financial crisis and other technical issues. Industry minister Hoang Trung Hai told the NA that the … [Read more...] about NA faces questioning over oil refinery project, health

Vietnam faces challenges over wood imports By Vu Dung Logs in a forest in Cambodia – PHOTO: CTV HANOI – Vietnam, which has pledged to eliminate illegal wood materials in its supply chain, will face increased risks if it continues importing logs and sawn timber from countries whose forest management is weak, heard attendees at a meeting held on February 21 to publicize a report on Vietnam’s wood imports and exports in 2018. Wood and woodwork exports have recently lit up the country’s wood industry, generating US$8.5 billion in revenue in 2018, up 14.5% against the figure seen in 2017. Wood pellets, wood chips and plywood led the export growth. The wood industry, however, is still facing risks from wood material imports from Cambodia, which has poor forest administration. The imports put Vietnam at risk in general and the wood sector in particular, even more so as the European Union and Vietnam are due to sign an agreement on wood origin management. “Vietnamese … [Read more...] about Vietnam faces challenges over wood imports