Mr. Nguyen Duc Hien, Deputy Head of the Central Economic Committee, said that over the past ten years, urbanization and urban development in Vietnam had seen rapid growth, promoting the country's economic development and achieving many set targets. The space and number of urban areas have increased rapidly from 33.5 percent in 2010 to nearly 39 percent in 2020. Urban areas were evenly distributed, creating a nuclear driving force for the process of socio-economic development. The urban economy is one of the three pillars of the economy, accounting for more than 7 percent of the country's gross domestic product (GDP). However, urbanization and urban development still show many shortcomings, such as the risk of imbalance in development between urban and rural areas, overloaded infrastructure, and asynchronous connection. Assessing the real estate market recently, Mr. Nguyen Van Sinh, Deputy Minister of Construction, said that the development of the real estate market is not sustainable. … [Read more...] about Urbanization spurs socio-economic development
Multiplier and accelerator in economics
Bangkok (VNA) – The Government of Thailand looks to restructure the economy next year to attract foreign investors to new industries and establish a central e-commerce platform to boost online sales nationwide, local media reported. Speaking at the 38th annual meeting of the Thai Chamber of Commerce on November 27, Deputy Prime Minister Supattanapong Punmeechaow said 2021 will be a transitional year for Thailand to take serious action in restructuring its economy. Though the Thai economy is expected to recover to growth of 3-4 percent in 2021 from contraction this year, it will still rely on domestic consumption, he said, noting that reforms are essential to facilitate economic recovery. He said a restructuring plan is expected by the first quarter of 2021, focusing on building up the local economy and attracting foreign direct investment, notably in new industries related to medical services, food, the circular economy, biofuel or clean energy, smart electronics and electric … [Read more...] about Thailand plans economic restructuring to attract foreign investment
Covid-19 response and diplomatic influence: The Lowy Institute’s Asia Power Index published last month found that Vietnam’s international image was one of the Asia-Pacific’s best improvers this year, with its score on diplomatic influence gaining six percentage points, according to Asia Times Financial. … [Read more...] about How Vietnam weathers global health crisis and rises?
Moscow (VNA) – An online workshop to promote trade cooperation between Vietnam and the Udmurtia Republic, a federal subject of Russia, took place on November 27, bringing together representatives from enterprises of both sides. In his opening speech, head of the Udmurtia Republic Alesander Brechalov briefed participants on Udmurtia’s economic potential, saying that he expects the event will help the two sides’ enterprises understand each other's proposals. Udmurtia ranks first in terms of cheese production and third in milk production in Russia, he said, adding that the Udmurtia has two cities with investment incentives and four industrial parks being available for serving businesses. He expressed his hope for expanding cooperation with Vietnam. For his part, General Director of the Trade Promotion Agency of the Ministry of Industry and Trade of Vietnam Vu Ba Phu said the workshop offers a good chance to introduce cooperation potential to the two sides … [Read more...] about Vietnam, Russia’s Udmurtia Republic seek to boost trade bond
Hanoi (VNA) – The 2nd meeting of the 17th Party Committee of Hanoi City was held on November 28 under the chair by its Secretary Vuong Dinh Hue. The meeting focused discussions on reports relating to the city’s socio-economic development in the 2021-2025 period, budget estimates and distribution in 2021, and public investment plan for the next five years, among other important issues. Addressing the event Hue, who is also Political Bureau member and head of the city's NA deputy delegation, emphasised the importance of the meeting to ensure the success of the Resolution of the 17th Congress of the municipal Party Organisation. He highlighted achievements the capital city has recorded in 2020, with positive economic growth despite the COVID-19 pandemic. The city has also obtained outcomes in several sectors such as agriculture and services, and ensured social welfare. He asked participants to focus on weaknesses and shortcomings such as ineffective performance of … [Read more...] about Hanoi Party Committee convenes 2nd meeting