Domestic sector

Deputy Inspector General Tran Ngoc Liem speaks at the forum (Source: baomoi.com) Hanoi (VNA) – The enforcement of the anti-corruption law in enterprises and organisations in the non-state sector was the focus of a forum held in Hanoi on December 12 by the Government Inspectorate in coordination with UNDP and the British Embassy in Vietnam. In opening the forum, Deputy Inspector General Tran Ngoc Liem emphasized that the Party and State have attached importance to the fight against corruption, with the issuance of Party Central Committee’s resolutions, a law and a national strategy on corruption prevention and combat. He noted that many complicated corruption cases of great public concern have been investigated and handled in a strict manner, winning the public’s approval and demonstrating the political resolve of the Party and State. According to Liem, corruption is also growing in the non-state sector, posing a threat to socio-economic stability and … [Read more...] about Enhancing anti-corruption law enforcement in non-state sector

Virgina Foote, representative of AmCham Vietnam, comments on the the draft decree regarding non-cash payments in Ha Noi on Thursday. — Photo danviet A draft regulation put forward by the State Bank of Viet Nam (SBV) that would limit the foreign ownership rate in the payment intermediary service sector to 49 per cent was discussed at a workshop in Ha Noi on Thursday. Legal experts, fintech and e-payment firms attended the workshop held by the Viet Nam Chambers of Commerce and Industry (VCCI). The draft decree includes new policies on the legal synchronisation of cryptocurrencies, managing cross-border payment activities, providing non-account payment services, payment management, perfecting regulations for payment intermediary services, and foreign investment in payment intermediaries. Article 29 sets out the maximum percentage foreign investors can hold, including direct and indirect ownership, at 49 per cent of charter capital of an intermediary payment service provider … [Read more...] about Fintech firms worry about possible foreign ownership limit in payment intermediaries

At the meeting (Source: VNA) Hanoi, August 9 (VNA) – Domestic production has faced strong competition as the US and China are increasing exports to Vietnam on the back of their escalating trade war, head of the Ministry of Industry and Trade’s Trade Remedies Authority of Vietnam Le Trieu Dung said on August 9. At a meeting with Minister of Industry and Trade Tran Tuan Anh on the day, Dung said the US-China trade conflict becomes more intense after the North American country announced to impose additional tariff of 10 percent on the remaining 300 billion USD of goods and products coming from China to the US, and sees China as “currency manipulator”. This will result in considerable competition among local producers, and there is a strong possibility that shipments originating from Vietnam will face protective trade measures in many other nations. It will be a great challenge for the Vietnamese economy as the US and China could step up efforts to prevent trade … [Read more...] about US-China trade war to exert pressure on local production: official

Vietnam’s resources are scarce and are not being used efficiently, experts say. Addressing the mobilization and use of resources in economic reform in Vietnam, Nguyen Dinh Cung, former head of the Central Institute of Economic Management (CIEM), said if Vietnam can use resources effectively, it would be able to gain GDP growth rates of 9-10 percent per annum, the rates that Japan and South Korea gained in their economic take-off period. In 2000-2015, FIEs enjoyed a trade surplus, while the domestic sector witnessed z trade deficit. FIEs’ export proportion increased rapidly from 57 percent to 67 percent, but its contribution to the added value in GDP has only risen by 3 percent over the last 10 years. In 2000-2015, FIEs enjoyed a trade surplus, while the domestic sector witnessed z trade deficit. FIEs’ export proportion increased rapidly from 57 percent to 67 percent, but its contribution to the added value in GDP has only risen by 3 percent over the last 10 … [Read more...] about Vietnam needs to use resources more effectively

They are agricultural restructuring, management of cultural activities, social affairs and tourism quality, health check-ups and treatment together with medicine prices and grassroots medical stations and use of resources for development.  In her opening speech, NA Chairwoman Nguyen Thi Kim Ngan said as of June 12, legislators sent 98 questions to Prime Minister Nguyen Xuan Phuc, government members, Chief Judge of the Supreme People’s Court and Chief Justice of the Supreme People’s Procuracy.  According to the Vietnam Fatherland Front Central Committee, the legislature has received 3,288 proposals and feedback from people nationwide.  Cuban politburo member and President of the National Assembly of People’s Power of Cuba Esteban Lazo Hernandez attended the event.  Later, member of the NA Standing Committee and head of its Mass Mobilisation Commission Nguyen Thanh Hai presented a report on dealing with constituents’ recommendations sent to the … [Read more...] about Q&A session focuses on four matters of public concern