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Ensuring balanced national development, improving living standards, and narrowing the gap between urban and rural regions are a consistent priority of the Vietnamese government. MPI Minister Nguyen Chi Dung and head of Presidential Committee for Balanced National Development of South Korea Song Jae-ho Minister of Planning and Investment Nguyen Chi Dung and head of the Presidential Committee on Balanced National Development of the Republic of Korea Song Jae-ho signed a memorandum of understanding (MoU) for the years 2019 through 2024. The MoU sets the foundation for the relationship between the Ministry of Planning and Investment (MPI) and the Presidential Committee for Balanced National Development to strengthen information exchange about the successful policies of the two governments and their implications, as well as organise conferences and forums for sharing experiences related to policymaking. Minister Dung confirmed that Vietnam always strives to ensure balanced … [Read more...] about Towards balanced national development

Investing in research and development (R&D) and introducing innovative solutions that suit Vietnam’s disease patterns and ensuring that patients have better access to essential medicines and vaccines have been part of GSK’s tireless efforts in Vietnam. Dan Millard, Chief representative of GSK Pte. in Vietnam, talked to VIR’s Hoang Anh about GSK’s 25-year journey of accompanying Vietnamese healthcare professionals in the prevention and treatment of diseases in Vietnam, helping Vietnamese people to do more, feel better, and live longer. GSK supporting Vietnamese healthcare for 25 years How do you see GSK’s role and mission to improve quality for Vietnamese people over the past 25 years? We are honoured to be part of Vietnam’s healthcare sector and to have contributed to the industry’s development in the past 25 years. We are proud to be a trusted partner of the Vietnamese Ministry of Health, embassies, non-governmental organisations … [Read more...] about GSK supporting Vietnamese healthcare for 25 years

Each e-commerce platform needs to spend millions of US dollars to gain a single per cent of market share from competitors, showing just how serious the competition is. E-commerce platforms are playing a game of chicken, throwing millions of dollars around to remain the last one standing According to the latest statistics of security company VNDIRECT, each e-commerce company has to suffer a loss of VND124 billion ($5.4 million) to gain 1 per cent of market share from any competitor. This raises concerns whether newcomers like Viettel Post have the finances to challenge the current kings of the hill Lazada, Tiki, and Shopee. E-commerce in Vietnam is still a new sector, so businesses have to pour tremendous amounts of capital into advertisements, personnel, and warehouse infrastructure toset a solid foothold on the market. One evidence for the fierce competition is their race in promotions, which originated in Lazada’s 95 per cent discount promotion last year titled … [Read more...] about E commerce: exorbitant losses for a single per cent

The event, which was jointly organised by the Ministry of Industry and Trade (MoIT) and the Haiphong People’s Committee, once again affirmed the importance of logistics in economic growth. “Logistics will become a driving force for economic growth in Haiphong and the region. The ministry will work closely with Haiphong to solve the barriers to promote the development of the logistics industry,” said Minister of Industry and Trade Tran Tuan Anh. According to Nguyen Van Tung, Chairman of Haiphong People’s Committee, in recent years, Haiphong was one of the bright spots in the country's social-economic development picture. The city’s annual gross regional domestic product (GRDP) grew by 14-16 per cent, a 2.5-fold increase against the country’s average, while the industrial development index, export-import, and total social investment increased by 20-25 per cent. Haiphong now has huge potential to develop its logistics industry. Nguyen Duy Minh, general … [Read more...] about Haiphong seeks to develop into international logistics hub

Once the government approves the National Wage Council’s proposal, the regional minimum wage will increase by 5.5 per cent in 2020, lower than the last two revisions. Regional minimum wage may increase by 5.5 per cent in 2020 Accordingly, the increase stands between VND150,000 ($6.52) and VND240,000 ($10.4) in 2020 (See chart below). Region Minimum wage in 2019 (million VND) Minimum wage from early 2020 (million VND) Region 1 4.18 4.42 Region 2 3.71 3.92 Region 3 3.25 3.43 Region 4 2.92 3.07 Le Dinh Quang, deputy head of the Labour Relations Department at the Vietnam General Confederation of Labour (VGCL) said that while the increase is not as high as expected by the VGCL, it will meet the minimum living standard of workers. “The annual hike of the regional minimum wage will put pressure on enterprises, however, it will also motivate workers to increase productivity, leading to the general development of … [Read more...] about Regional minimum wage may increase by 5.5 per cent in 2020

Vietnam’s Ministry of Planning and Investment and the Swiss Department of Economic Affairs, Education and Research have just signed a memorandum of understanding over eco-industrial park development in Vietnam. Switzerland supports Vietnam to develop eco-industrial park Yesterday afternoon (July 11, 2019), at the headquarters of the Ministry of Planning and Investment (MPI), Minister Nguyen Chi Dung had a meeting with Swiss Federal Councillor, Department of Economic Affairs, Education and Research Guy Parmelin and the visiting Swiss delegation. Minister Dung highlighted the developing relationship between Vietnam and Switzerland, and expressed his appreciation for the non-refundable aid from Switzerland to Vietnam over the last years, supporting Vietnam to overcome challenges in socio-economic development. The MPI highlighted the assistance of the Swiss government via the three projects of improving institutions on business registration, foreign investment, and … [Read more...] about Switzerland supports Vietnam to develop eco industrial parks

As usual, at the annual meeting of the National Wage Council next year's changes to the regional minimum wage were discussed. The VGCL's highest proposal was 8.18 per cent, while other bodies proposed 3 and 5.2 per cent, leaving large room for negotiations According to Le Dinh Quang, deputy head of the Labour Relations Department at the Vietnam General Federation of Labour (VGCL), at the first negotiation in mid-June the VGCL proposed three plans. The first plan would increase minimum wages by 8.18 per cent (VND180,000-380,000), the second one by 7.6 per cent (VND160,000-330,000), and the third one by 6.52 per cent (VND120,000-320,000), applicable to all four regions. These figures were calculated based on price fluctuations, the growth of labour productivity, and the difference between the minimum wage and the minimum living needs. Previously, at the first round of negotiations, the VGCL also proposed three plans with the largest increase of 8.18 per cent while the Vietnam … [Read more...] about Debate on 2020 regional minimum wage continues

This is the first time that the White Book on Vietnamese Enterprises has been composed, outlining the overall picture of the various enterprise forms and their implications for the socioeconomic development of the country. The launching event of the White Book on Vietnamese Enterprises In order to meet the requirements of managers and researchers in looking for information to craft strategies and plans for business development, in accordance with the direction of the government, the Ministry of Planning and Investment (MPI) has published the White Book on Vietnamese Enterprises. This is the first time the book was published to disseminate including basic information on businesses across the country, with a specific view on each locality during 2016-2018. The book consists of four parts: (1) Situation of enterprise development in 2018; (2) Overall development in 2018 and 2016-2018; (3) Measures for enterprise development; (4) Criteria for national enterprise development in … [Read more...] about White Book on Vietnamese Enterprises launched for first time

Charoen Pokphand Foods (CP Foods) will invest nearly $1 billion in overseas plants as well as research and development this year, accelerating its pursuit of growth outside Thailand. CP Foods will turn its Vietnamese facilities into an export hub Vietnamese facilities that previously processed poultry for local buyers will be upgraded to start shipping chicken to customers elsewhere under plans unveiled last week by CP Foods CEO Prasit Boondoungprasert. In addition, food-processing facilities in China will be expanded, according to Nikkei Asian Review. Exports from the Vietnamese facilities were previously limited to shrimp and other seafood. The Charoen Pokphand Group member plans to convert them into an export hub. CP Foods expects to begin exports from Vietnam in a year and a half, Prasit said. One anticipated destination is Japan, with CP Foods-arranged meetings already held between executives from such Japanese trading houses as Itochu and Sumitomo Corp. and Vietnamese … [Read more...] about CP Foods doubles investment in facilities in Vietnam and China

The EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Promotion Agreement (EVIPA) will help promote the comprehensive partnership and trade relations between Vietnam and the EU. Prime Minister Nguyen Xuan Phuc and European Parliament President Antonio Tajani Tomorrow afternoon (June 30, 2019) in Hanoi, the EVFTA will be signed by Minister of Industry and Trade Tran Tuan Anh and the EVIPA will be inked by Minister of Planning and Investment Nguyen Chi Dung, marking the end of nine years of negotiations. The EVFTA and the EVIPA are ambitious trade deals between the EU and a developing nation based on regulations. Under the EVFTA, 99 per cent of tariff lines will be removed, and many other non-tariff barriers will be reduced for both sides, while the EVIPA helps protect and enhance EU investments in Vietnam, making the Southeast Asian country a proactive trade and investment hub of EU firms in the region. The EVFTA and EVIPA will help EU enterprises to access … [Read more...] about EVFTA and EVIPA to be signed tomorrow