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
Long term goals
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
The Hanoitimes - The COVID-19 pandemic has created opportunities for a fairer, more robust and more efficient tax revenue and spending system. Governments worldwide have responded to the COVID-19 crisis by ramping up public spending and rolling out emergency fiscal response measures in an effort to bolster healthcare systems, strengthen social protection, and boost the economy. By November 2020, more than $25 trillion in financial support was announced by Asian countries to combat the pandemic. At the same time, tax collections are declining everywhere. Even prior to the pandemic, tax revenues in many Asian developing countries were below the level needed to achieve the Sustainable Development Goals (SDGs). The COVID-19 pandemic has driven these revenues further down, and brought socio-economic hardship on a scale not seen before. This is expected to push tens of millions of people in the region into extreme poverty, sharpen pre-existing inequalities and roll back decades of … [Read more...] about How governments can use tax policy to speed economic recovery?
The Hanoitimes - Southeast Asian governments invest more as a share of total government expenditures than member countries of the OECD. Much of that spending goes for infrastructure. The delivery of services – such as clean water, reliable public transport, schools and hospitals – through economic and social infrastructure is among the most important functions of government. Resources must be well spent to ensure quality. People everywhere want good infrastructure, such as smooth and safe roads and timely and reliable trains that move passengers and freight across a wide range of destinations. They want clean water, reliable sanitation, easy-access broadband internet connectivity and electricity available 24/7. Well-managed and functional airports and seaports enable connection with the rest of the world, while schools and hospitals ensure well-being, including a healthy and well-equipped workforce. The delivery of services through economic and social infrastructure is among … [Read more...] about It’s not just about the financing. Infrastructure needs to be well built