At the conference (Photo: baochinhphu.vn) CIEM Vice President Phan Duc Hieu stated that although administrative reform has brought back positive results to the country in recent years, there should be specific criteria to evaluate its impact on businesses like time and cost savings. The evaluation must be carried out by an independent organisation, he noted. Nguyen Minh Thao, head of the CIEM’s Business Environment and Competitiveness Department, underlined that the Government’s drastic measures to slash down the number of administrative procedures and amend regulations on management and inspection have made contributions to the enterprises’ business performance. However, the achievements are still below the Government’s target to elevate Vietnamese business environment to ASEAN’s top four, she noted, adding that improvement in business climate have been uneven across ministries, branches and localities. Experts at the event stressed that the … [Read more...] about Measurement of admin procedure reform needed: Experts
The escalating US-China trade war has made Vietnam’s trade gap with China widen to 29.5 billion USD in the first 10 months of 2019. (Photo: baodautu.vn) Hanoi (VNA) – The escalating US-China trade war has made Vietnam’s trade gap with China widen to 29.5 billion USD in the first 10 months of 2019, up 47.9 percent from the same time last year, according to insiders. A report from the Ministry of Planning and Investment showed that Vietnam exported 32.5 billion USD worth of products to China in the ten-month period, a year-on-year fall of 2.9 percent, while its spending on Chinese products surged 16.1 percent to 62 billion USD. China is the country’s largest trade partner, and Vietnam often witnesses a trade deficit with its northern neighbour, but this year it has been growing at lightning speed. Former Deputy Director of the Central Institute for Economic Management (CIEM) Vo Tri Thanh, and Head of the Ho Chi Minh City Institute for Development Studies Tran … [Read more...] about Vietnam’s trade gap with China elevated due to US-China trade war
While some economists warned of the possibility of Vietnam lagging further behind regional countries, others believe that Vietnam will still perform well. Vietnam’s GDP growth rate was impressive in the first quarter of the year, 6.79 percent, the highest in the world. Analysts were more impressed by the way the growth was obtained. Vietnam did not rely on credit growth and natural resources exploitation to gain the high growth rate, but on reforms and business environment improvement which affected production fields, especially manufacturing. The growth bears special significance if noting that while other export countries had minus growth rates, Vietnam kept its positive growth trend and trade surplus. However, some economists have warned of the risk of Vietnam lagging behind other countries in the coming years. They even think that Vietnam may even lose to Laos and Cambodia despite high economic growth rates. The GDP growth rate is believed to be dependent on Formosa and … [Read more...] about How is Vietnam’s economy performing without the push from Formosa and Samsung?
Property Firms bemoan legal conflicts, delays in construction investments By Le Hoang Saturday, Sep 7, 2019,16:40 (GMT+7) Firms bemoan legal conflicts, delays in construction investmentsBy Le Hoang Condo buildings in HCMC - PHOTO: LE ANH HCMC - Complex procedures and overlapping regulations have caused construction projects, including housing developments, to progress slowly, according to speakers at a seminar held on September 6. At the seminar on legal conflicts in construction investment, chairman of the HCMC Real Estate Association (HoREA) Le Hoang Chau mentioned procedures which normally take investors some three years before obtaining the rights to use land and clear sites. According to HoREA, investors need roughly two more years to carry out procedures preparing for construction, such as investment approval, approval of 1:500 scale planning, land recall decisions and transfers, design assessments and … [Read more...] about Firms bemoan legal conflicts, delays in construction investments
Researchers of the Central Institute of Economic Management (CIEM) have proposed the Government levy special consumption tax rate for bio-fuel equal to half of the rate for gasoline. Traffic congestion in Hanoi The recommendation was part of a CIEM survey, which was announced at the seminar on using tax policies to regulate the economy towards green growth and sustainable development held in Hanoi yesterday. Head of the CIEM’s Social Affairs Department Nguyễn Mạnh Hải said the hike of special consumption tax rate for bio-fuel would create a significant difference in the selling price between bio-petrol and petrol, encouraging people to use the bio-fuel to protect the environment. “It’s also needed to maintain and increase the special consumption tax on cars and fossil fuels to limit the consumption of these products in Vietnam,” Hải said. He said that green growth and sustainable development in many countries aimed at reducing … [Read more...] about Experts propose higher fuel tax