A corner of Ky Anh town (Photo: kyanh.gov.vn) Hanoi (VNA) – The World Bank (WB) Board of Executive Directors has approved a 194.36 million USD credit package to help four secondary cities in Vietnam build critically-needed municipal infrastructure and strengthen urban planning, the WB said on June 12. The Dynamic Cities Integrated Development Project aims to increase access to improved urban services in the four urban centres of Ky Anh (Ha Tinh province), Tinh Gia (Thanh Hoa province), Hai Duong (Hai Duong province), and Yen Bai (Yen Bai province). The total cost of the project is 276.17 million USD, of which 194.36 million USD comes from the WB’s International Development Association (IDA). Approximately 200,000 residents are expected to benefit directly from project activities, of which more than half are women. In Vietnam, secondary cities are broadly defined as cities with populations ranging from 100,000 to 500,000. The project will help reduce flood risks, … [Read more...] about WB helps develop urban infrastructure in Vietnam’s provinces
Economic growth and economic development
PM drives push for science and technology innovation
Research at the Việt Nam National Space Centre under the Việt Nam Academy of Science and Technology. — VNA/VNS Photo HÀ NỘI — Việt Nam can no longer rely on increasingly scarce natural resources to drive its growth and must seek to improve its “internal strengths” by pursuing science, technology and innovation, according to Prime Minister Nguyễn Xuân Phúc. “This outdated foundation for growth will soon exhaust, and once it does, the economy will slow down and eventually fall into a decline,” the Government leader wrote in article released yesterday on the Government’s resolve for science, technology and innovation development ahead of Việt Nam’s Science and Technology Day, May 18. To counter this threat, a strong technology basis and a high-quality workforce are the “decisive factor” to ensure long-term growth and crucial for Việt Nam to avoid the … [Read more...] about PM drives push for science and technology innovation
Nhon Hoi Economic Zone to be expanded
Illustration photo The objectives of the plan is to make the construction of the zone suitable to the national development strategy as well as the maritime development strategy, while turning the Nhon Hoi Economic Zone into a dynamic and sustainable economic hub. The zone is expected to become a centre for tourism, service, urban, industry, port and traditional sea-base economy, ensuring both economic growth and security-defense. Under the decision, the Nhon Hoi Economic Zone will cover about 14,308 hectares including Phuong Mai peninsula with a total area of 12,000 hectares. The administrative boundary expansion will have a total area of 2,308 hectares at Canh Vinh commune, Van Canh district, Binh Dinh province. By 2030, the Nhon Hoi Economic Zone will have a total population of 120,000-140,000 and land use demand of 8,461 hectares. By 2040, total population will reach 200,000-250,000 and land use areawill be about 10,746 hectares. The Economic Zone … [Read more...] about Nhon Hoi Economic Zone to be expanded
BUSINESS NEWS IN BRIEF 10/12
Fayfay.com announces strategic partnership with Ho Chi Minh City tourism Hong Kong-based Fayfay.com on December 6 announced that it signed a Memorandum of Understanding (MoU) with the Ho Chi Minh City Tourism Promotion Centre to promote tourism in Vietnam, with a special focus on the city. The MoU was signed by Tran Ngoc Dong Quan, deputy director of the Ho Chi Minh City Tourism Promotion Centre, along with Kingston Lai and Kelvin Wu, the co-founders of Fayfay.com, at Bep Nha Luc Tinh Restaurant in Ho Chi Minh City, in the presence of industry experts and members of the media. “Ho Chi Minh City is an important destination on Fayfay.com and we look forward to partnering with the Ho Chi Minh City Tourism Promotion Centre to showcase the city’s vibrant architecture, rich culinary scene, and authentic local experiences,” said Lai. “We believe strategic joint promotional activities with the Tourism Promotion Centre will enable us to leverage our online platform and … [Read more...] about BUSINESS NEWS IN BRIEF 10/12
FDI key to economic development
Vũ Đại Thắng. – Photo vietnamfinance.vn Three decades since the country began its process of economic renewal, foreign direct investment (FDI) has become one of the key sectors in Viet Nam’s economic structure and made great contributions to the country’s socio-economic development. However, in addition to the many advantages, there are still drawbacks with this fast-growing sector. Vũ Đại Thắng, Deputy Minister of Planning and Investment, speaks to Vietnam News Agency about FDI. How do you evaluate Việt Nam’s achievements after 30 years of drawing FDI capital? Since the Law of Foreign Investment took effect in December 1987, Viet Nam has spent more than 30 years luring FDI capital, which has turned into one of the country’s most important economic sectors. More than US$182 billion worth of capital has entered Viet Nam in the past three decades, targeting almost every sector of the Vietnamese … [Read more...] about FDI key to economic development