Secretary of the city’s Party Committee Nguyen Thien Nhan hailed the development of the FDI sector in the city, which has become one of the growth drivers for the city. He reported that $1.55 billion had been poured into HCMC in the first three months of 2019, up 20.4 percent from the same period last year. The official said the new trend of technological development and globalisation has required the city’s administration to reform its management in order to create a favourable environment for business activities and innovation. Chairwoman of the American Chamber of Commerce in Vietnam (AmCham) Amanda Rasmussen said at the meeting that HCMC has made progress in facilitating business activities and goods circulation. However, she said the frequent change of laws and regulations, including taxation policies and tax rates, is causing difficulties to foreign investors, as it affects their business and investment plans. Vice Chairman of … [Read more...] about FDI firms contribute ideas to promote growth in HCMC
Growth drivers
FDI firms contribute ideas to promote growth in HCM City
An FDI firm in Ho Chi Minh City (Photo: VNA) HCM City (VNA) – Representatives from foreign-invested (FDI) enterprises in Ho Chi Minh City contributed their ideas and recommendations to spur growth in the city at a meeting with municipal leaders on March 23. Secretary of the city’s Party Committee Nguyen Thien Nhan hailed the development of the FDI sector in the city, which has become one of the growth drivers for the city. He reported that 1.55 billion USD had been poured into HCM City in the first three months of 2019, up 20.4 percent from the same period last year. The official said the new trend of technological development and globalisation has required the city’s administration to reform its management in order to create a favourable environment for business activities and innovation. Chairwoman of the American Chamber of Commerce in Vietnam (AmCham) Amanda Rasmussen said at the meeting that HCM City has made progress in facilitating … [Read more...] about FDI firms contribute ideas to promote growth in HCM City
Economic conference seeks to optimise growth drivers
An electronic component factory of the Japanese-invested INOAC Vietnam Co. Ltd in Quang Minh Industrial Park, Hanoi (Photo: VNA) HCM City (VNA) – How to capitalise on the advantages and opportunities created by economic integration and make breakthrough from growth drivers were the main themes of an economic conference held in Ho Chi Minh City on March 12. Participants said the intensive integration into the global economy has helped Vietnam perfect institutions and align them with international norms. Opportunities and challenges posed by the participation in global supply chains have required Vietnam to adapt to the increasingly fierce competition in a world of free trade. Deputy Minister of Planning and Investment Nguyen Van Hieu said the country will have to step up reforming FDI attraction orientations and create a more favourable investment climate. Aside from efforts by the Government, ministries and sectors, businesses should also actively improve their … [Read more...] about Economic conference seeks to optimise growth drivers
Vietnam to see slower growth in 2019: forecasts
Fitch Solutions, an arm of Fitch Ratings, said in a report released Wednesday it expects Vietnam’s GDP growth to slow to 6.5 percent in 2019 in line with a wider trend of slowing global growth, but added the country would remain one of the fastest growing economies in Southeast Asia. The economy grew by 7.1 percent last year, the fastest rate of expansion in 11 years, according to official data. This was well above the 6.5-6.7 percent target set by the National Assembly. "Its increasing openness and reliance on foreign investment suggests that it is unlikely to be spared from the global growth slowdown arising from rising trade protectionism and tighter financial conditions. "Although we believe that Vietnam’s manufacturing sector and economy will continue to outperform the region over the coming quarters, growth is likely to face headwinds stemming from rising global trade disruptions and tightening financial conditions, which will negatively impact global economic growth … [Read more...] about Vietnam to see slower growth in 2019: forecasts
Standard Chartered lowers growth forecast for Malaysia
A view of Kuala Lumpur capital city of Malaysia (Photo: AFP) Kuala Lumpur (VNA) - Malaysia could be one of the three countries in Asia which are the most negatively affected by the trade war between the US and China if the dispute continue to worsen, according to Standard Chartered. Edward Lee, the bank’s chief economist for the Association of Southeast Asian Nations (ASEAN) and South Asia, warned that the trade dispute between the US and China could further weaken Malaysia’s economic performance, which has already been moderating in recent times. According to the economist, Malaysia’s gross domestic product (GDP) grew weaker than expected at 4.9 percent in the first half of 2018 due to supply-side disruptions, apart from the technical “high base” effect. If the US goes ahead with the 25 percent tariff on the next 200 billion USD worth of Chinese imports plus the previous 25 percent on 50 billion USD worth of imports from China, the potential impact on … [Read more...] about Standard Chartered lowers growth forecast for Malaysia
PM asks Tien Giang to boost growth based on farming, tourism, logistics
(Photo: VNA) Tien Giang (VNA) – Prime Minister Nguyen Xuan Phuc recommended the Mekong Delta province of Tien Giang develop its economy based on agriculture, tourism and logistics at a meeting with local authorities on August 9. At the working session, PM Phuc suggested Tien Giang steer its growth along applying technologies in farming and making clean fruit part of the high-end segment in the market, and carrying out research to turn the local Xoai Rap deep-water port into a logistics centre serving the demand in the region. He also pointed to farm produce processing and eco-tourism as other key growth drivers. Lauding the province’s economic achievements, Phuc said Tien Giang, together with Long An, Can Tho and Kien Giang, has favourable conditions to thrive in the delta. Tien Giang is reported to grow 8 percent on average in the past two years. It now accounts for 9.2 percent of the Mekong Delta’s gross regional domestic product and 1.5 percent of the … [Read more...] about PM asks Tien Giang to boost growth based on farming, tourism, logistics
Growth drivers need to be upheld: PM
Driving forces for Viet Nam’s economic growth need to be maintained not only in 2018, but beyond, Prime Minister Nguyễn Xuân Phúc said at a Government meeting yesterday. — VNA/VNS Thống Nhất HÀ NỘI – Driving forces for Viet Nam’s economic growth need to be maintained not only in 2018, but beyond, Prime Minister Nguyễn Xuân Phúc said at a Government meeting yesterday. “We should continue working to create market confidence and win trust of enterprises so as to branch out business and production”, he stressed. Regarding the country’s socio-economic development, PM Phúc noted that four macroeconomic targets have been ensured, including sound growth of gross domestic production (GDP), price stability, reduction of unemployment rate and net export turnover. The nation’s unemployment index fell 2.2 per cent for the first time. Thanks to institutional reform, the … [Read more...] about Growth drivers need to be upheld: PM
Vietnam targets sustainable growth
(VEN) - Despite positive results in 2017 and the beginning months of 2018, Vietnam’s economic performance requires a concerted effort by the government, ministries, departments and localities to achieve sustainable growth. Impressive results Gross domestic product (GDP) growth in the first quarter of 2018 reached 7.38 percent, the highest growth rate for the first quarter over the past decade. The industry and construction sectors posted a 9.7 percent growth rate, with the manufacturing and processing industry contributing a 13.6 percent growth to this surge. The agro-forestry-fishery sector increased by 4.05 percent, while the service industry climbed 6.7 percent in the January-March period. Foreign direct investment (FDI) projects in Vietnam disbursed US$5.1 billion during the first four months, a year-on-year increase of 6.3 percent. Trade value reached US$144.13 billion for the first four months of the year, a year-on-year rise of 14.4 percent, with exports accounting … [Read more...] about Vietnam targets sustainable growth
Economic growth projected at 6.85% in 2018-2020
Economic growth projected at 6.85% in 2018-2020 Vu Viet Ngoan, head of the Prime Minister’s economic advisory team, speaks at a meeting with PM Nguyen Xuan Phuc in Hanoi last week - PHOTO: VGP HCMC – The Prime Minister’s economic advisory team has projected average economic growth at 6.85% between now and 2020. Speaking at a meeting between the Prime Minister and members of the team on April 20, Vu Viet Ngoan, head of the advisory group, said reform efforts and drastic measures had helped significantly improve the investment and business environment. The policy that recognizes the private sector as a major driving force of economic development have paid off, he noted. According to experts in the advisory team, it is hard to maintain the current growth momentum. Creating new growth drivers and promoting labor productivity should be seen as a vital way to boost growth, improve the quality of growth, achieve sustainable development, attain the five-year growth … [Read more...] about Economic growth projected at 6.85% in 2018-2020
FDI – Economic Growth Driver of Vinh Phuc Province
Vinh Phuc province was re-established on January 1, 1997. At that time when the province embarked on building an independent administrative system with a lot of hardships like a small natural area - mainly midland and mountains, a big population, poor mineral resources, agriculture-based economy, undeveloped industry and service, a few enterprises using backward technologies and having low economic performance, weak infrastructure (six communes had no access to electricity; a third of provincial roads met standards, only 10 km of district roads were asphalted, etc.) However, with its dynamic and creative attitude to investment attraction, Vinh Phuc province has basically become a modern industrial province with many socioeconomic indicators ranked high in the country. And, Vinh Phuc has become a prime example of success in attracting many world-leading corporations to locate their projects in the province like Toyota, Honda (Japan), Piaggio (Italy) and many other big investors from … [Read more...] about FDI – Economic Growth Driver of Vinh Phuc Province