Consumer at a bank

Institutions have become a major impediment to the nation’s aspiration to reach high income by 2045. Vietnam needs to shift its economic growth model and improve the government’s capacity to implement economic policy reforms and public investments, realizing its aspiration of reaching high-income status by 2045, a World Bank Group report says. Overview of the report launch. The World Bank Group’s Systematic Country Diagnostic Update, themed "How Will Vietnam Blossom? Reforming Institutions for Effective Implementation,” emphasizes that Vietnam's traditional growth model faces major challenges from the Covid-19 pandemic, slowing globalization, and the country’s increasing vulnerability to external shocks, especially climate risks. After identifying a series of policy responses and reform priorities, many of which are not new, the report argues that adapting institutions will be the key to success. “Vietnam’s GDP per capita has increased fivefold over the … [Read more...] about Effective policy implementation crucial for Vietnam to reach high-income status by 2045: WB

Because of strict visa policies, promotions to attract international tourists have not been as effective as expected, according to many businesses. Enterprises have made huge investments to welcome back tourists, but such illogical visa policies may slow down the tourism recovery pace. Being confused and facing difficulties Many travel companies in Da Nang City told Tuoi Tre (Youth) newspaper that visa policies for foreign tourists were still their biggest concern. Before the COVID-19 outbreak, Vietnam offered the visa waiver policy for citizens of many countries and the normal visa approval period was three to five days (visas which were valid for 30 days). However, the list of countries whose citizens are entitled to Vietnam’s visa waiver policy has been shortened and the visa processing period has been lengthened, putting enterprises at a disadvantage. Cao Tri Dung, chairman of the Da Nang Tourism Association, said that after the COVID-19 pandemic, the number of … [Read more...] about Strict visa policies hinder international guests from visiting Vietnam

A wind power project in the northern province of Ninh Thuan. — Photo evn.com.vn The Vietnamese economy’s unparalleled exposure to multinational corporations and the global consumer market calls for a pragmatic alignment between the country’s renewable energy strategy and the decarbonisation commitments of the global brands, according to IEEFA’s latest report on Viet Nam. “Multinational corporations responsible for up to US$150 billion of Viet Nam’s export revenues have made specific pledges on carbon neutrality or decarbonisation of varying scope and timelines,” said Thu Vu, energy finance analyst leading the Vietnamese market coverage for IEEFA. “These brands’ journey toward sustainability progress is one in which Viet Nam can not afford to ignore or miss out on.” Viet Nam is currently the largest exporter of goods in developing Southeast Asia. With nearly 60 per cent of the exports being manufactured goods for the big brands, its growing role in the global supply chain … [Read more...] about IEEFA: Viet Nam’s manufacturing future rests on a credible renewable energy game plan

Prime Minister Pham Minh Chinh speaks at an event on innovation held by Asia Society on May 17 (US time). — Photos baochinhphu.vn Viet Nam expects to have start-up collaboration with the US on issues of global concern like climate change, digital technology and supply chain diversification. Prime Minister Pham Minh Chinh was speaking at a forum on innovation and start-ups held by the Asia Society on May 17 (US time) in the US. He affirmed that Viet Nam identifies science and technology, innovation and entrepreneurship as important driving forces for development in the new period. All three strategic breakthroughs that Viet Nam identified namely institutions, infrastructure and human resources are related to these forces, he added. The Prime Minister expressed his wish that US partners will continue promoting cooperation activities, especially in innovative start-ups. Start-up collaboration should focus on issues of global concern that the two countries are promoting … [Read more...] about Viet Nam to work with the US to develop start-ups on climate change, digital transformation

Shannon Leahy – Trade Commissioner, Austrade and Nguyen Thi Thanh Thuy – General Director of BRG Retail. — Photo courtesy of Austrade The Taste of Australia 2022 is being held to showcase the best of Australian food, building on Australia's international reputation as a high-quality, safe, and sustainable supplier of food and beverages. The event aims to celebrate a strengthening bilateral relationship, flourishing trade and equally vibrant culinary cultures. This year's programme kicked off with a launch in HCM City on April 20. It will run through the month of June with a range of official events run by the Australian Embassy in Ha Noi, the Australian Consulate-General in HCM City and the Australia Trade and Investment Commission (Austrade). Taste of Australia 2022 has partnered with up to 40 of the best restaurants and prestigious chefs from diverse culinary cultures in both Ha Noi and HCM City to highlight the versatility and first-class quality of true Australian produce … [Read more...] about Taste of Australia 2022 aims to strengthen Viet Nam – Australia relationship

In a thank-you letter to the Lao N.A. Chairman, Hue thanked the Lao legislative leader and other leaders for the warm welcome and the sincere, straightforward and trustful discussions during his visit, which he said contribute to promoting the further development of the great friendship, special solidarity and comprehensive cooperation between the two countries in general and the two legislative bodies in particular. Earlier before leaving Laos, N.A. Chairman Hue and the high-ranking N.A. delegation called at the Vietnam Consulate General in Pakse, Champasak province, and met with representatives from the Vietnamese community in four southern Lao provinces (Champasak, Attapeu, Sekong and Salavan). The top legislator appreciated the work of the Vietnamese Association in Southern Laos in helping members develop home economy, follow local laws and contribute to local development, thus contributing to the Vietnam - Laos traditional friendship. Noting the large number of Vietnamese in … [Read more...] about N.A. Chairman Vuong Dinh Hue concludes official visit to Laos