The private sector currently contributes over 40 percent of the total GDP (Photo: VNA) Hanoi (VNA) – Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc has emphasised the need to attach due importance to the role of business households so as to fuel economic growth with greater strength. He told Vietnam News Agency that the private sector has been mentioned with increasing frequency in many resolutions of the Party Central Committee. Recent statistics show that it contributes over 40 percent of the total gross domestic product (GDP), even higher than contributions by state-owned and foreign-invested enterprises. Most countries around the world divide economic sectors into private and public ones, and the private sector consists of both domestic- and foreign-invested companies. Accordingly, the private sector now makes up over 60 percent of Vietnam’s GDP. Therefore, it’s time to redefine the private business sector, which should be … [Read more...] about Business households need to receive due respect: VCCI chairman
Business sector definition
BUSINESS NEWS IN BRIEF 24/10
Festival to help Ninh Binh promote tourism potential The picturesque Trang An Complex in Ninh Binh province (Photo: vietnamtourism.gov.vn) The northern province of Ninh Binh will have opportunities to promote its tourism potential as a cultural, sport and tourism festival will be held in the locality later this month. Held by the Ministry of Culture, Sports and Tourism, the event is part of the programmes organised to mark 1,050th anniversary of Dai Co Viet, the first feudal state of Vietnam. A wide range of cultural activities are scheduled such as photo exhibitions, amateur cheo (traditional opera) performances, and various culture and sport activities. Local Trang An Landscape Complex, recognised by the UNESCO as a World Heritage site in 2014, together with other renowned heritages like Ha Long Bay, Phong Nha Ke Bang National Park, and gong cultural space in the Central Highlands, among others, will be nudged closer to the visitors at the festival through the “Going through … [Read more...] about BUSINESS NEWS IN BRIEF 24/10
BUSINESS NEWS IN BRIEF 21/8
Digital transformation imperative for Viet Nam and its neighbours “Digital transformation or lose?” is a key message raised during the second-day of the Cambodia, Laos, Myanmar, Viet Nam, and Thailand (CLMVT) Forum 2018, held in Bangkok from August 16 to 17. The session features senior policy makers and representatives from some of the most remarkable tech startups and successful SMEs from CLMVT and non-CLMVT countries who share their experiences on how to successfully integrate new technologies into their businesses and production networks. Digital transformation is an inevitable trend that start-ups and small-and-medium enterprises (SMEs) in the CLMVT region have to embrace sooner rather than later to remain in the race, said Oudet Souvannavong, President of Lao National Chamber of Commerce and Industry. “If business are not linked to technology, they will definitely lose,” Souvannavong said, adding that digital transformation is the key for business to move … [Read more...] about BUSINESS NEWS IN BRIEF 21/8
BUSINESS NEWS IN BRIEF 16/8
Vietnam firms join Tamil Nadu food expo in India Seven Vietnamese enterprises are showcasing their products at Vibrant Tamil Nadu - Global Expo & Summit 2018 in the Indian state of Tamil Nadu, which runs from August 12-15. The food and beverage expo also features nearly 200 Indian firms and representatives from 29 other nations. Several workshops on food, processed food and beverages and measures to boost the sector’s development have been held at the event, along with meetings between participating firms and state authorities. The Vietnamese enterprises discussed the possibility of signing some memoranda of understanding on cooperation in food production and processing and on investment in industrial zones with Indian partners. Bui Trung Thuong, Chief of the Vietnam Trade Office in India, briefed Indian partners on Vietnam-India economic and trade ties, the prospects of the Vietnamese food sector and opportunities for the two countries’ businesses. India ranks 27th … [Read more...] about BUSINESS NEWS IN BRIEF 16/8
Trump says firms doing business in Iran to be barred from U.S. as sanctions hit
Trump says firms doing business in Iran to be barred from U.S. as sanctions hitThe Saigon Times Daily U.S. President Donald Trump holds a Make America Great Again rally in Olentangy Orange High School in Lewis Center, OH, U.S., August 4, 2018 – PHOTO: REUTERS BEIRUT/LONDON (REUTERS) - Companies doing business with Iran will be barred from the United States, President Donald Trump said on Tuesday, as new U.S. sanctions took effect despite pleas from Washington’s allies. Iran dismissed a last-minute offer from the Trump administration for talks, saying it could not negotiate while Washington had reneged on a 2015 deal to lift sanctions in return for curbs on Iran’s nuclear program. Trump decided this year to pull out of the agreement, ignoring pleas from the other world powers that had co-sponsored the deal, including Washington’s main European allies Britain, France and Germany, as well as Russia and China. European countries, hoping to persuade Tehran … [Read more...] about Trump says firms doing business in Iran to be barred from U.S. as sanctions hit