Domestic sector

Dong made this statement at the seminar on International Financing for Independent Power Projects on November 25 in Hanoi. Since 2015, Vietnam has transitioned to a low-middle-income country which reduces its access to concessional sources of finance from development partners such as Official Development Assistance (ODA). “Therefore, capital can only be mobilised from international financial institutions,” he said. The international capital market is very large with tens of thousands of billions of US dollars, more than enough to satisfy Vietnam’s capital need. However, Dong said such capital flows are highly competitive, running on supply-demand principles and certain standards, which requires borrowers to comply. In February this year, the Politburo issued Resolution No. 55-NQ/TQ on Vietnam’s strategic orientations for energy development through 2030 and with an outlook to 2045. To meet the target of a total capacity of all power sources reaching … [Read more...] about International financing key to develop Vietnam’s power sector: Officials

Hanoi (VNA) – The Prime Minister recently appointed Hoang Quoc Vuong as Chairman of the Members’ Council of the State-owned Vietnam Oil and Gas Group (PetroVietnam). The appointment decision ceremony, held at the firm’s headquarters in Hanoi on November 24, was attended by members of the Party Central Committee, namely Minister of Industry and Trade Tran Tuan Anh; Secretary of the Party Committee of the Central Agencies’ Bloc Huynh Tan Viet; Standing Deputy Chairman of the Party Central Committee’s Commission for Internal Affairs Vo Van Dung; Chairman of the Committee for Management of State Capital at Enterprises Nguyen Hoang Anh; Vice Chairman of the National Assembly’s Office Tran Sy Thanh, who is also former Secretary of the Party Committee and former Chairman of the Members’ Council of PetroVietnam; alternate member of the Party Central Committee and Secretary of the Party Committee of the Central Businesses’ Bloc Y Thanh Ha Nie … [Read more...] about PetroVietnam has new chairman of members’ council

Vietnam Venture Summit 2020 plays a key role in motivating innovative enterprises, finding solutions and opportunities for Vietnam's innovation ecosystem to integrate into the global market. The summit creates opportunities to bridge investors with startups and innovators who have unique and potential ideas. Through the summit, with the support of ministries, departments, sectors, domestic, and foreign experts, Vietnamese innovation enterprises will find directions and reach success in the time to come. … [Read more...] about $815 million ready for Vietnamese startup projects

Hanoi (VNA) – The acceleration of a digital economy is one of the Vietnamese government’s focuses to foster economic restructuring in combination with renewing the growth model and growth quality. Vietnam needs to make the best use of the Fourth Industrial Revolution to build a digital society and develop a digital economy, towards an industrialised country by 2045. Digital transformation will help hike Vietnam’s GDP by 1.1 percent each year. This requires Vietnam to conduct the process more strongly because digital transformation is the key to building a digital economy. According to the General Statistics Office, labour productivity in the Vietnamese economy was estimated at 102 million VND (4,512 USD) per workhand in 2018, up 5.93 percent from the previous year. In the 10-year period (from 2007-2016), Vietnam recorded a high productivity increase compared to other ASEAN nations with an annual average increase of over 4 percent. However, Vietnam's labour … [Read more...] about Digital transformation: The key to digital economy development

With its relationships with more than 400 agents who are banking institutions and strategic co-operation with many leading Vietnamese and international partners, HDBank has extensive international payment operations and its international payment services quality is recognised also by other leading lenders such as Wells Fargo, Deutsche Bank, Citibank, and BHF – Bank. … [Read more...] about HDBank wins award for outstanding international payment service for 3rd consecutive year