Vietnam economics news

(VEN) - The Republic of Korea (RoK) and Vietnam aim to reach US$100 billion in bilateral trade by 2020. RoK Ambassador to Vietnam Kim Do Hyon discussed the ties between the two countries with Vietnam Economic News’ Thanh Tam. RoK Ambassador to Vietnam Kim Do Hyon How do you assess economic cooperation prospects between the two countries? Many RoK enterprises have invested in Vietnam and achieved success. Effective investment benefits the RoK and helps Vietnam become a global production base. However, to achieve the goal, cooperation with RoK enterprises in support industries must be strengthened, and merger and acquisition (M&A) deals must be completed to enable technology transfer from the RoK to Vietnam, facilitating the development of support industry enterprises in Vietnam. In my opinion, it is very important to contribute to the development of Vietnam’s manufacturing sector and support industries. The RoK government is committed to helping … [Read more...] about Support industries: The flaw and promise in RoK Vietnam economic cooperation

(VEN) - International organizations, foreign business associations and diplomatic missions in Vietnam look back at the past year with satisfaction and eye 2019 with optimism. Vietnam Economic News heard their praise along with recommendations to help Vietnam promote sustainable economic growth and international integration.  Konaka Tetsuo, Chief Representative of the Japan International Cooperation Agency (JICA) in Vietnam Konaka Tetsuo, Chief Representative of the Japan International Cooperation Agency (JICA) in Vietnam: Avoiding the middle-income trap. Vietnam has maintained its high economic growth averaging more than six percent annually over the past decade. To achieve sustainable growth and become a modern industrial nation, Vietnam needs to accelerate institutional reform, develop human resources, upgrade infrastructure, increase productivity and enhance national competitiveness. To make the most of its potential and escape the middle-income trap, Vietnam … [Read more...] about Vietnam’s economic prospects through foreign eyes

(VEN) - Ousmane Dione, Country Director for the World Bank (WB) in Vietnam, shared his views on the Vietnamese economy with Vietnam Economic News’ Nguyen Huong. He said he was impressed by Vietnam’s economic development and believes the country would achieve even greater success if it accelerated reforms. Ousmane Dione, Country Director for the World Bank (WB) in Vietnam In a recent semiannual report on Vietnam’s economic development, the WB forecast Vietnam could realize its economic growth target of 6.8 percent for 2018. What impresses you about the growth of the Vietnamese economy? The results Vietnam achieved in 2018 were impressive in the context of hard-to-predict changes in the global economy. In our semiannual report on the Vietnamese economy in the first half of 2018, our growth forecast for Vietnam was 6.3 percent. However, we had raised this forecast to 6.8 percent, while maintaining our forecast for new emerging economies in East Asia and … [Read more...] about World Bank rep lauds Vietnam’s economic stability

(VEN) - Yun Won Sok, Executive Vice President of the Korea Trade-Investment Promotion Agency (KOTRA), tells Vietnam Economic News’ Nguyen Huong and Nhat Quang that the free trade agreement between Vietnam and the Republic of Korea (KVFTA) has had positive impacts on bilateral trade and investment, and is expected to boost e-commerce trade between the two countries.  How has bilateral trade, especially Vietnamese exports to the RoK, changed since the KVFTA signed in May 2015 took effect in December 2015? Since the KVFTA was signed, bilateral trade has more than doubled, from US$30.4 billion in 2014 to US$37.6 billion in 2015 and US$64 billion in 2017. Vietnamese exports to the RoK have also doubled, from US$8 billion in 2014 to US$9.8 billion in 2015 and US$16.2 billion in 2017. In the past, major Vietnamese exports to the RoK included agricultural and aquatic products, textiles, garments and footwear. Today, electronic products have been added to the export list. In … [Read more...] about Trade pact augurs Vietnam Korea e commerce growth

(VEN) - Vietnam Economic News’ My Phung spoke with Khaled Falah Al-Mutairi,  Kuwaiti Consul General in Ho Chi Minh City, about achievements in bilateral cooperation especially in economic ties between Kuwait and Vietnam, after 42 years of diplomatic relations. What are major achievements in bilateral cooperation between Kuwait and Vietnam after more than four decades of diplomatic relations? Kuwait and Vietnam established diplomatic relations in 1976 and we were one of the first countries to establish the relationship with your country after the unification. Since then, our bilateral relationship has been unceasingly developed and continued to make progress and boom at all levels. We are proud that Kuwait is the first country in the Gulf Region where Vietnam established its embassy in 2003. Kuwait also opened its Embassy in Hanoi and the Consulate General in Ho Chi Minh City in 2007. In May 2016, His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah … [Read more...] about Vietnam, Kuwait enhance economic cooperation

(VEN) - Vietnam Economic News’ Thanh Ngoc spoke with Fujita Yasuo, Chief Representative of the JICA Vietnam Office. How has the Japan International Cooperation Agency (JICA) contributed to the realization/development of strategic partnership for peace and wealth between Vietnam and Japan? The Extensive Strategic Partnership for Peace and Prosperity in Asia agreed in March 2014 covers a variety of areas - politics, economy, society, culture, etc. JICA has been contributing to the realization and development of this relation through implementing Japan’s Official Development Assistance (ODA) to Vietnam. JICA has been supporting Vietnam in achieving sustainable growth with its national target to be a “modern industrialized nation” in line with the Socio-Economic Development Strategy (2011- 2020) and the Five Year Plan (2016- 2020) of Vietnam. The current development assistance strategy of the Japanese government for Vietnam stipulates the following three … [Read more...] about Vietnam Japan strategic partnership for peace and wealth

(VEN) - Vietnam Economic News’ Ngoc Thao talked with Nadav Eshcar, Israeli Ambassador to Vietnam about 2018 when Vietnam and Israel will mark the 25th anniversary of diplomatic relations. Could you tell us about the highlights of the Israeli-Vietnam relationship in 2017? I think the number 1 highlight was the historical visit by the Israeli Head of State- President Reuven Rivlin. This is the second time an Israeli President visited Vietnam, which demonstrates our respect and admiration to Vietnam, as well as the importance of the relations between two countries. The visit lasted for over a week - quite long and it was the opportunity to witness the signing of quite a few significant agreements in the fields of science and technology, business, defense, education, etc. Off course we are very happy about that, I think it gave a considerable boost for our already very good and active relations. Also both sides have many action plans in the near future that we are very eager to … [Read more...] about Vietnam, Israel appreciate 25 years of diplomatic relations