Speaking at the Vietnam Circular Economy Forum 2022 last week in Hanoi, Caitlin Wiesen, resident representative of the United Nations Development Programme (UNDP) in Vietnam, suggested that the country needs to further promote renewable energy production. “We know that the cost of renewable energy has dropped dramatically, by 89 per cent over the past 10 years, and solar is currently the cheapest source of electricity,” she explained. In just five years, Vietnam has scaled up its solar capacity from virtually zero to over 16,000MW by 2022, far exceeding national targets, Wiesen added. “Vietnam also has rich wind power potential, especially offshore wind, with more than 3,200km of coastline,” she said. Meanwhile, over the past decades, the energy sector has been a fundamental enabler of inclusive economic development in Vietnam. The sector is well-positioned to lead the green growth ambitions of the country, Wiesen said, and can catalyse new investments, create new jobs, and … [Read more...] about Grand energy aims require direction
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Steven Jacob - Of counsel, Indochine Counsel The draft decree broadly applies to two types of technology: that used by credit organisations that act as banks according to the Law on Credit Institutions; and independently developed tech in the banking sector from financial institutions. While the draft applies to technology, there is a further restriction on which companies can participate in the sandbox, namely credit institutions and fintech companies that receive authorisation from the State Bank of Vietnam (SBV). Fintech in banking consists of innovative creations and current financial services on tech apps. Related companies are organisations that are not credit institutions, branches of foreign banks with authorisation to act in Vietnam, those which independently provide fintech or information cooperation with credit institutions, and foreign banks that provide fintech to the market. If a company is an eligible company as defined, it must also demonstrate that they … [Read more...] about Digesting fintech sandbox draft rules
Patrick Lenain - Former assistant director Organisation for Economic Co-operation and Development Schools and universities will need to adopt new technologies. Public transportation networks will need to be upgraded. Large-scale logistical hubs will be required to remain integrated in global supply chains. Old-age citizens will need welfare support. Electricity generation will need to decarbonise. Coastal cities will need to adapt to rising sea levels. Military spending will need to protect the country. And it is obvious that health spending remains a priority. Unfortunately, tax revenue is at present too limited to finance these large investments. Vietnam’s government collected tax revenue equivalent to 16 per cent of GDP last year, according to the International Monetary Fund. This is less than Malaysia (18.3 per cent), Singapore (18.5 per cent), India (19.7 per cent), Thailand (20.3 per cent), and China (27 per cent). This is also less than before the pandemic, reflecting … [Read more...] about Tax for development: Does Vietnam need tax reform?