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The Hanoitimes - Taking into account the size of the Vietnamese economy, a large proportion of the state budget allocated for infrastructure development would affect the balance of payment and the economy. Vietnam is currently struggling to mobilize funds for infrastructure development, evidenced by the country’s state budget allocation of 5.7% of the GDP for such projects, the highest ratio in Southeast Asia, according to Lynn Tho, representative of Ernst & Young. Overview of the conference. Source: VGP. As funding from state budget remains limited, mobilizing private funds for infrastructure projects is a viable option for Vietnam, said Tho at a conference discussing the public-private partnership (PPP) mechanism in Vietnam’s context on January 15, the governmental portal reported. According to the Global Competitiveness Report 2017 – 2018 of the World Economic Forum, Vietnam ranked 79 th out of 137 countries and territories in terms of quality of … [Read more...] about Vietnam faces difficulty in raising funds for infrastructure

Growing tomatoes via smartphones and sitting on the top of mountain selling vegetables to the US from a distance are what some Vietnamese farmers are doing today. “People may think that farming means being completely wrapped up in working in the fields or orchards from morning to evening. But they are wrong,” said Nguyen Duc Huy, who runs a tomato and hydroponic vegetable farm in Da Lat City. Huy said the major work of modern farmers is operating smartphones. With an internet-connected smartphone, he can control the development of his tomatoes and hydroponic vegetables at any time, no matter where he is. After sensors analyze soil conditions and suggest the farming process, Huy just needs to press a button on his smartphone to activate the system which can automatically take care of plants in accordance with set programs. Huy just needs to use a small number of workers to supervise the operation of the machines in the farm. He began growing beef and picota tomatoes in 2013, … [Read more...] about Digital transformation – future of Vietnam’s agriculture

MPI proposes a draft decree on procurement bidding under CPTTP MPI proposes a draft decree on procurement bidding under CPTTP The Ministry of Planning and Investment (MPI) has summited to the Government a draft decree on amending Decree 95/2020/ND-CP providing guidelines on procurement bidding under the Comprehensive and Progressive Trans-pacific Partnership Agreement (CPTTP). According to the MPI, the draft decree will amend and supplement some articles of Decree No 95. It aims to guide State companies to execute bidding packages under the CPTTP agreement and EU-Việt Nam Free Trade Agreement (EVFTA). However, per the Government's Resolution No 190/NQ-CP on the provisional application of the UK-Việt Nam FTA (UKVFTA), Việt Nam agreed to temporarily apply the UKVFTA from January 1, 2021. The agreement was negotiated based on the principle of inheriting commitments in the EVFTA with necessary adjustments to ensure compliance with the bilateral trade framework between Việt Nam … [Read more...] about VIETNAM BUSINESS NEWS FEB. 27

Vietnam needs over US$128 billion for power investment next 10 years A drone is used to inspect a power transmission system in Vietnam. The country will need an estimated US$128.3 billion for developing the power system in the next decade The Institute of Energy, under the Ministry of Industry and Trade, on February 22 continued to collect feedback over the plan from the relevant agencies. According to the plan, during the 10-year period, Vietnam will need to pour some US$12.8 billion on average into the power sector per year. The total investment for the following 15 years from 2031 to 2045 will be some US$192 billion, including some US$140 billion for power sources and US$52 billion for the grid. The draft zoning plan also revealed that Vietnam will continue to import electricity from China, Laos and Cambodia in the next 10 years. The State-run Vietnam Electricity Group is purchasing electricity from China through two 220kV power lines, with 1.5 billion kWh of … [Read more...] about VIETNAM BUSINESS NEWS FEB. 26

The Hanoitimes - Leaders of Hanoi capital urged the Ministry of Transport to speed up the US$3.5 billion expansion plan of the Noi Bai International Airport to meet rising demands in the next years. During a recent meeting with Transport Minister Nguyen Van The, the People’s Committee of Hanoi capital asked the ministry to early complete the airport’s planning and demarcation to report it to the Prime Minister so that the capital can get the PM’s approval for deploying the site clearance. Noi Bai Airport could soon be overloaded if no expansion plans are in place Earlier, the detailed expansion plan of the Noi Bai International Airport was approved by the Prime Minister under Decision 590/QD-TTg in 2008. Accordingly, the upgrade and expansion of the airport’s terminals and Runway No.3 to the South will need some VND80 trillion ($3.5 billion). Under the plan, the airport will be able to accommodate as many as 25 million passengers per year starting in 2020 … [Read more...] about Noi Bai International Airport needs $3.5 billion for expansion