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Danang calls for investment in 10 projects in next five years Tien Sa Port in Danang City. The city wants to call for investment in Lien Chieu Port and make the Tien Sa Port the cruise port Six of the projects have had their scales determined, with a combined investment capital of more than VND100 trillion, while the four remaining projects depend on proposals from investors. The project of building the city subway system will be the largest, with an amount up to VND54.5 trillion. The city wants to call for investment into this massive project under the Public - Private Partnership (PPP) mode. The system will follow two directions. One of them is on the East-West way, connecting the Nam O region in the Northwest, adjacent to Hai Van Pass, going through the downtown area to the An Hai Dong area (My Khe beach). Meanwhile, on the North-South way, the subway will start from the Son Tra Tinh Vien area (in Son Tra peninsula) to the vicinity of Danang airport. … [Read more...] about VIETNAM BUSINESS NEWS MARCH 6

With a low starting point and more than 70% of the population living in rural and mountainous areas, the completion of that task depends greatly on the effective application of scientific and technological achievements as well as the potentials ofeach region in order to restructure and promote the development of agriculture in the direction of commodity production, controlling the domestic market, and step by step reaching out to regional and international markets. The undertakings and policies of the Party and State all aim to affirm that the transfer of scientific and technological application in agricultural production is an especially important breakthrough in promoting agricultural production and rural economy. On October 13, 2015, the Prime Minister signed Decision No.1747/QD-TTg approving a programme on supporting the application and transfer of scientific and technological progress to promote socio-economic development in rural, mountainous and ethnic minority areas in the … [Read more...] about Science and technology contribute to help farmers escape poverty

Vietnam reports most impressive growth in financial services regionally, particularly in the banking sector Global equity investment shed 13.1 per cent in the total number of transactions and plunged 33.8 per cent in total transaction value in the first half last year, compared to the corresponding period in 2019. Within the ASEAN-5 and Vietnam, equity transactions were slowing down last year compared to a robust 2019. The number of transactions dropped from 230 cases in the second half of 2019 to 200 cases in the first six months of 2020, meanwhile, the transaction value was curtailed by more than half, from $9.15 billion to just $4.3 billion. Amid chaos and uncertainties due to the coronavirus pandemic, Vietnam’s equity investment market has set a record with 59 transactions valued at $1.14 billion, a slight increase compared to 2019. Technology has maintained its growth momentum setting a five-year record in the number of transactions. Investments have channelled into … [Read more...] about Equity investment in Vietnam reaches new peak

According to the Vietnam National Administration of Tourism (VNAT), the number of foreign visitors reached 3.7 million in 2020, a decrease of 79.5 percent compared to 2019, while the number of domestic travelers reached only 56 million, down 34.1 percent. Total tourism revenues declined 58.7 percent to about US$19 billion. The government adopted various remedies to confront the tourism decline and stagnation, including preferential electricity prices, land taxes and other fees for tourism firms. Authorities also closely coordinated with businesses on a series of domestic tourism stimulation programs’ launching campaigns in May 2020 and again in September. According to the VNAT, the domestic tourism stimulus programs led to a strong increase in domestic travel, especially to key tourist regions. In June and July 2020, Google searches for domestic tourist destinations skyrocketed, rising 66 percent over the same period in 2019. The capacity of travel accommodations also increased, … [Read more...] about Vietnam taps domestic tourism as vehicle to drive industry recovery

Vietnam has been one of the best-performing global economies for the past 10 years. Photo: Le Toan In December and January, when the country began to be hit by a resurgence of COVID-19, a team of specialists from the ASEAN+3 Macroeconomic Research Office (AMRO), a regional macroeconomic surveillance organisation based in Singapore, held a virtual annual consultation with Vietnamese authorities. The discussions focused on the impact of the pandemic on the Vietnamese economy and policy response in supporting recovery while maintaining stability. “Vietnam’s economic growth slowed to 2.91 per cent in 2020 due to the pandemic but is expected to rise to 7 per cent in 2021,” said AMRO lead specialist Seung Hyun Luke Hong. “The rebound is expected to be underpinned by a recovery in external demand, a resilient domestic economy, capital inflows, and increased production capacity.” According to AMRO, after a sharp drop in the second quarter, economic growth started to rebound in the … [Read more...] about Economy remains on upward track