Vietnam’s economy set to thrive with new dynamics Vietnam reaped notable achievements in 2018, with economic growth hitting a record high of 7.08%, putting Vietnam on the list of Asia’s fastest-growing economies. New economic dynamics are expected to drive Vietnam forward in 2019 and help it achieve its 5-year plan targets by 2020. Vietnam risks lagging behind in the next decade if it can’t maintain its annual growth of more than 7%. In the government’s recent meeting, Prime Minister Nguyen Xuan Phuc said Vietnam is determined to create more breakthroughs across all fields this year in order to fulfill the 5 year-plan and 10-year strategy. One of the government’s biggest challenges will be helping economic hubs like Ho Chi Minh City and Da Nang revive their growth. Associate Professor Dr. Nguyen Duy Khuong of Singapore’s Lee Kwan Yew School of Public Policy told VOV "It’s important for Vietnam to create a firmer foundation of international … [Read more...] about BUSINESS NEWS IN BRIEF 15/2
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Government News 25/12
Laos pledges to facilitate Vietnamese firms’ investment in agriculture At the reception Lao Prime Minister Thongloun Sisoulith has pledged to create favourable conditions for Vietnamese firms to continue investing in agricultural development in Laos. At a reception in Vientiane on January 24 for Chairman of Truong Hai Auto Corporation (THACO) Tran Ba Duong and Chairman of Hoang Anh-Gia Lai Group Doan Nguyen Duc, the Lao PM appreciated the two companies’ strategy on sustainable investment in agriculture in Laos. He urged Hoang Anh Gia Lai and THACO to transfer technology to local people, helping Lao people to access modern agricultural production methods. He also praised the companies’ commitment to complete and hand over the Nongkhang airport in Houaphanh province on the occasion of Laos’ National Day on December 2 this year. The Hoang Anh-Gia Lai executive reported to the Lao PM that the group’s investment in Laos had been affected by … [Read more...] about Government News 25/12
BUSINESS NEWS IN BRIEF 18/1
Vietnam attends South Asia’s Leading Travel Show in India Visitors at Vietnamese booths Five Vietnamese travel companies are currently participating in the 26th edition of SATTE, South Asia’s leading travel show, in India’s Uttar Pradesh state from January 16-18. They include Victoria Tour, Indochina Charm Tour, Go Indochina Tours, Hello Vietnam, and Asiana Travel. The fair has the participation of over 1,000 enterprises from 50 countries and territories. First launched in 2014, SATTE is one of the largest tourism and travel fairs in South Asia, run annually by India’s leading exhibition organiser UBM, the Ministry of Culture, and travel associations. The event provides a platform for countries to promote their lands, people, and traditional cultures, as well as attract foreign investment in tourism. It is also an occasion for policymakers and managers in tourism, along with experts and businesses, to share experience in the field and seek business … [Read more...] about BUSINESS NEWS IN BRIEF 18/1
Social News 16/10
Quang Binh busts largest meth smuggling case Police seizes 308.6kg of crystal meth in the case Police of the central province of Quang Binh recently seized 308.6kg of crystal meth, the largest single amount confiscated in the province so far. On October 12, local police noticed a suspicious car on National Highway 1A in Le Thuy district of the province. When police asked the occupants to stop the car, they fled into a nearby forest. When examining the vehicle, police discovered 300 nylon bags of crystal meth weighing 308.6kg. The next morning, with the cooperation of local people, authorised forces arrested Xeng Vang, born in 1995 and residing in Bolikhamsai province of Laos, who was the car’s driver. He admitted he was hired to smuggle the drugs to Da Nang city for 10,000 USD. Local police are searching for other suspects. A day earlier, police in Nghe An province, also in the central part of Vietnam, arrested two drug traffickers, seizing 30 bricks of … [Read more...] about Social News 16/10
BUSINESS IN BRIEF 13/6
Da Nang sets economic goals towards 2030 The central city of Da Nang aims to have the GRDP growth of 9 – 11 percent and GRDP per capita ranging between 7,000 USD and 9,000 USD for 2018 – 2030. The goals were mentioned at a workshop held by the municipal People’s Committee on June 11 to discuss the city’s development by 2030 with a vision towards 2045. The workshop gathered urban planners, economists and policy makers both at home and abroad. These experts shared hands-on experience from a number of local and foreign cities to give leaders of Da Nang a broader view of the city’s advantages, competitiveness, capacity to expand urban spaces in tandem with development of public transport, and how to build policies and raise capital for infrastructure development and develop the city sustainably. To meet the achievements, Da Nang plans to achieve strong economic growth with breakthroughs by promoting Industry 4.0 and international integration; develop a … [Read more...] about BUSINESS IN BRIEF 13/6
Vietnam seeks logistics cooperation opportunities with OSJD members
Representatives of OSJD took a photo with the host Vietnam. (Photo: CPV)In 2017, OSJD mainly focused on completing and developing international railway passenger and freight transport, improving the competitive capacity of passenger and cargo transport in Europe-Asia, and enhancing legal framework to achieve the best efficiency in railway transport and meet the demand of its members. In his speech in front of nearly 120 delegates from 20 units of the OSJD country members, 7 joint ventures and 2 international organizations, Deputy Transport Minister Nguyen Ngoc Dong said that together with institution reform and human resources development, Vietnam considers infrastructure development as a strategic breakthrough. The Government and the Ministry of Transport have issued a number of policies to create a liberal legal corridor, especially the mechanism to attract both domestic and foreign investment, in an effort to mobilise resources from all economic components for infrastructure … [Read more...] about Vietnam seeks logistics cooperation opportunities with OSJD members
Two destinations in Vietnam rated among the best places in SEA
The northwest town of Sapa in Lao Cai province occupies sixth place on the list.According to the Rough Guides, Vietnam die-hards will know that this former hill station is where to come for a taste of heart-stirring Southeast Asian scenery.Established by the French in the 1920s as a summer escape from the north’s blistering heat, its popularity has ballooned in recent years, but the adventures remain time-honoured.Visitors can hike to the tiered rice terraces in the plunging Muong Hoa valley, before spending a night in mist-wrapped hills, or ascending Mount Fan Si Pan, the highest peak in Indochina and an unbeatable experience in the smoky light of dawn.Coming in at 10th place, the charming town of Hoi An in central Quang Nam province feels a world apart. Unlike Ho Chi Minh and Hanoi, which have an unholy obsession with the motorbike, Hoi An is lost in a Zen-like communion of days gone by, a legacy of the French, Portuguese, Japanese and Chinese who once traded here.From … [Read more...] about Two destinations in Vietnam rated among the best places in SEA
Two destinations in Vietnam rated among the best places in Southeast Asia
The northwest town of Sapa in Lao Cai province occupies sixth place on the list. According to the Rough Guides, Vietnam die-hards will know that this former hill station is where to come for a taste of heart-stirring Southeast Asian scenery. Established by the French in the 1920s as a summer escape from the north’s blistering heat, its popularity has ballooned in recent years, but the adventures remain time-honoured. Visitors can hike to the tiered rice terraces in the plunging Muong Hoa valley, before spending a night in mist-wrapped hills, or ascending Mount Fan Si Pan, the highest peak in Indochina and an unbeatable experience in the smoky light of dawn. Coming in at 10th place, the charming town of Hoi An in central Quang Nam province feels a world apart. Unlike Ho Chi Minh and Hanoi, which have an unholy obsession with the motorbike, Hoi An is lost in a Zen-like communion of days gone by, a legacy of the French, Portuguese, Japanese and Chinese who once traded here. From … [Read more...] about Two destinations in Vietnam rated among the best places in Southeast Asia
BUSINESS IN BRIEF 4/2
ADB helps urban infrastructure development in HCM CityVice Chairman of Ho Chi Minh City People’s Committee Tran Vinh Tuyen on February 1 received Eric Sidgwick, Asian Development Bank (ADB)’s Country Director for Vietnam.At the meeting, the municipal official affirmed that HCM City is committed to implementing cooperation deals with its partners, especially ADB. He added that the Vietnamese Government is revising projects using official development assistance (ODA) to ensure their effective implementation.Regarding the four major projects between HCM City and ADB, Tuyen noted that the city has asked the Ministry of Planning and Investment to allocate funding for the metro line No.2.It also approved the compensation plan for land clearance which the HCM City’s Management Authority for Urban Railway and ADB have agreed on. In addition, HCM City has worked on ADB’s recommendations on the first phase of the metro line No.5.For his part, Sidgwick affirmed to support … [Read more...] about BUSINESS IN BRIEF 4/2
BUSINESS IN BRIEF 15/1
Leather, footwear sector targets 20 bln USD in export earningsVietnam sets a target of earning between 19.5 - 20 billion USD from leather and footwear exports in 2018, up 10 percent from 2017, heard a conference in January 12.According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is expected to grow 5 percent from last year, with the localisation rate reaching 55 percent. Footwear and handbags will remain Vietnam’s top four and 10 exports, respectively.Addressing the event, LEFASO Vice President Phan Thi Thanh Xuan highlighted positive signs in the world’s economy and increasing consumption demand, saying that these create both favourable conditions and challenges to Vietnam in exports and investment.In order to help Vietnamese exporters realise the target, the association will actively participate in relevant policy making while luring foreign and domestic investment in support industry, thus increasing the … [Read more...] about BUSINESS IN BRIEF 15/1