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
Economic growth and economic development
BUSINESS NEWS IN BRIEF 16/8
Vietnam firms join Tamil Nadu food expo in India Seven Vietnamese enterprises are showcasing their products at Vibrant Tamil Nadu - Global Expo & Summit 2018 in the Indian state of Tamil Nadu, which runs from August 12-15. The food and beverage expo also features nearly 200 Indian firms and representatives from 29 other nations. Several workshops on food, processed food and beverages and measures to boost the sector’s development have been held at the event, along with meetings between participating firms and state authorities. The Vietnamese enterprises discussed the possibility of signing some memoranda of understanding on cooperation in food production and processing and on investment in industrial zones with Indian partners. Bui Trung Thuong, Chief of the Vietnam Trade Office in India, briefed Indian partners on Vietnam-India economic and trade ties, the prospects of the Vietnamese food sector and opportunities for the two countries’ businesses. India ranks 27th … [Read more...] about BUSINESS NEWS IN BRIEF 16/8
BUSINESS NEWS IN BRIEF 8/8
VIB buys back all bad debt from VAMC Vietnam International Bank (VIB) announced last week that it has repurchased more than VND1.46 trillion (US$64.2 million) worth of debt from the Viet Nam Asset Management Company (VAMC). With this move, VIB was recognised by the State Bank of Viet Nam and VAMC as one of four banks which required all bad debts that they sold to VAMC. Three others are Vietcombank, Techcombank and MBBank. Earlier in July, VIB released its financial report in the first half of 2018 with a profit of over VND1.15 trillion ($51 million), triple that of the same period last year, or equivalent to 57 per cent of the yearly target. During the period, the banks’ net revenue reached VND2.7 trillion, up 56 per cent year-on-year, while its lending saw a yearly rise of 9 per cent to VND91.7 trillion. From January to July, VIB’s Capital Adequacy Ratio (CAR) was maintained at 12.5 per cent while the cost-income ratio (CIR) stood at 49 per cent, … [Read more...] about BUSINESS NEWS IN BRIEF 8/8
Technology crucial to high-value agriculture development
He made the statement at a session on agriculture business and technology within the framework of the GMS Business Summit in Hanoi on March 30. The Minister highlighted the important role of agriculture in economic growth and sustainable development of GMS nations, particularly Cambodia, Laos, Myanmar, and Vietnam (CLMV). The sector provides livelihoods for the regional citizens, particularly the low-income groups. Cuong underlined the export capability and competitiveness of GMS agricultural products thanks to the region’s favorable geographic location as a gateway to the Asia – Pacific region and the world. Delegates at the event In the coming time, agriculture will continue being an important sector to ensure food security, promote poverty reduction and hunger eradication, and serve as important support for other economic sectors, Cuong affirmed. The fourth industrial revolution presents an opportunity for the GMS nations to boost hi-tech agriculture, … [Read more...] about Technology crucial to high-value agriculture development
Developing smart cities must firstly base on smart planning
VietNamNet Bridge – Developing smart cities means officials and planning need to be a step ahead, according to a local official. Da Nang City. Local authorities aim to develop the city into a smart city. — VNS Photo Viet Thanh Tran Quoc Thai, deputy director of Urban Development Department, at the Ministry of Construction made the statement at a seminar yesterday in Hanoi. “Smart cities must meet the criteria of planning, management and provision of smart and comfortable services that are supplied by the State or other economic sectors,” he said at the seminar titled ‘Developing Smart Cities in Vietnam towards Green and Sustainable Growth’, organised by the Vietnamese Ministry of Construction and Embassy of the Netherlands. “The building of smart cities requires appropriate institutions on the basis of integrated planning and management, while developing standards for safety, security and social affairs.” Vietnam is currently … [Read more...] about Developing smart cities must firstly base on smart planning