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Obstacles to economic development in developing countries

HCM City Party Committee mulls over socio-economic development

April 15, 2021 by en.qdnd.vn

The Ho Chi Minh City Party Committee held the fifth conference in the 11th tenure on April 13 to discuss a draft report on socio-economic and budget performance in the first quarter, and key tasks and goals for the second quarter.

They also mulled over a draft action programme to realise the Resolution of the 11th municipal Party Congress on mass mobilisation.

Chairing the event, Politburo member and Secretary of the municipal Party Committee Nguyen Van Nen said the fight against COVID-19 remains the top priority in the second quarter and the coming time.

He required that the city will continue raising public awareness of following the 5K message, tightening immigration management, while putting in place a plan to implement “vaccine passport” pending its approval to promote tourism and economic development.

The official took note of clear signs of recovery of the city’s socio-economy situation in the first quarter with the GRDP up 4.58 percent, compared to a 0.42 percent increase in the same period last year.

The city basically achieved the dual goal of containing COVID-19 while maintaining socio-economic development and ensuring national defence-security.

About preparations for the elections of deputies to the 15th National Assembly and People’s Councils at all levels for the 2021-2026 tenure, he urged the steering committee, election committee and sub-committees involved to enhance inspection, especially personnel work, as well as promptly discover and handle acts that distort information related to the effort.

Nen also wanted work to early start to implement the master plans of HCM City and Thu Duc city.

He said more efforts should be made to improve business climate and competitiveness, first of all to tackle difficulties faced by businesses, push forward with administrative reform and assist people and enterprises in restoring production and business.

Source: VNA

Filed Under: Social affairs quad cities economic development, ho chi minh city economic development, socio-economic development, concept of socio-economic development

HCM City ceremony marks traditional New Year of neighbouring countries

April 14, 2021 by en.vietnamplus.vn

HCM City ceremony marks traditional New Year of neighbouring countries hinh anh 1 Participants in the ceremony bathe the Buddha statue, a ritual of the traditional New Year festival of Cambodia, Laos, Myanmar, and Thailand (Photo: VNA)

HCM City (VNA) – A ceremony was held at Pho Minh Pagoda in Ho Chi Minh City on April 14 to celebrate the traditional New Year of Cambodia , Laos, Myanmar, and Thailand.

Organised by the HCM City Union of Friendship Organisations (HUFO) and the city’s committee of the Vietnam Buddhist Sangha (VBS), the ceremony saw the presence of representatives from the consulates-general of the four countries in HCM City, the municipal Vietnam Fatherland Front Committee, the municipal Committee for Overseas Vietnamese, and the countries’ entrepreneurs and students.

The traditional New Year festival is known as Chol Chnam Thmay in Cambodia, Bunpimay in Laos, Thingyan in Myanmar , and Songkran in Thailand.

Addressing the celebrations, HUFO Vice Chairwoman Tran Hoang Khanh Van said the ceremony aims to further promote mutual understanding, cultural exchange, and multifaceted cooperation between Vietnam, including HCM City, and the four neighbouring countries.

She noted that Vietnam, Cambodia, Laos, Myanmar, and Thailand are ASEAN members and have cooperated and assisted one another over many years. Their peoples have stood side-by-side in fighting for national independence, developing their countries, and building an ASEAN Community of peace, stability, cooperation, and prosperous development.

HCM City ceremony marks traditional New Year of neighbouring countries hinh anh 2 Most Venerable Thich Thien Tam addresses the ceremony held at Pho Minh Pagoda on April 14 (Photo: VNA)

Most Venerable Thich Thien Tam, Vice President of the Executive Council of the Central VBS Committee and deputy head of the HCM City VBS Committee’s executive board, said the traditional New Year of Cambodia, Laos , Myanmar, and Thailand reflects the similarities in culture and religious practices among the countries, adding that it is helpful in strengthening the five nations’ solidarity in their development efforts and in ASEAN Community building.

Echoing that view, Ratiwan Bonprakhong, Chief Representative of the Tourism Authority of Thailand’s HCM City Office, held that the ceremony helps bring the five countries’ people closer together and also demonstrates their solidarity and unity./.

VNA

Filed Under: Uncategorized traditional New Year, Cambodia, Laos, Myanmar, Thailand, Vietnam Buddhist Sangha, Chol Chnam Thmay, Bunpimay, Thingyan, Songkran, ASEAN Community, updated..., 15 day chinese new year traditions, pagan new year traditions, new york neighbouring cities, new york neighbouring countries, new zealand neighbouring countries, new zealand neighbouring countries map, new zealand neighbouring country, 25 strangest new year's traditions from around the world, 25 strangest new year traditions, lunar new year traditions, new year in canada traditions, traditions for new year

Key export sectors the target of M&As by foreign investors

April 14, 2021 by en.vietnamplus.vn

Key export sectors the target of M&As by foreign investors hinh anh 1 The leather-footwear industry is among the key export sectors attracting M&As in recent years (Photo: VNA)

HCM City (VNA) – Several of Vietnam’s key export sectors, such as textile-garment, leather-footwear, and electronics have become magnets for merger and acquisition (M&As) activities, posing a risk of leading enterprises in those sectors being purchased by foreign investors.

An advantage of Vietnam’s textile-garment industry is low labour costs, and it was also identified as one of six sectors on a list of supporting industry products prioritised for development.

The country has become the “footwear factory” of the world, while the domestic market boasts a population of more than 96 million.

Vietnam is also establishing itself as the world’s electronic manufacturing hub, with FDI continuing to flow into the sector over recent years.

Tran Phuong Lan, an official from the Vietnam Competition and Consumer Authority at the Ministry of Industry and Trade (MoIT), said that apart from existing development potential, opportunities created by bilateral and multilateral free trade agreements (FTAs) have also fuelled those industries’ development.

For example, she noted, under the EU-Vietnam FTA that took effect on August 1, 2020, 42.5 percent of import tariffs on textile-garment products were immediately eliminated, while those on leather-footwear items will be gradually cut to zero percent. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force on December 30, 2018, abolished tariffs on Vietnam’s textile-garment products exported to other member countries.

A recent study of COVID-19’s impact on certain main industries in Vietnam noted that there have been signs of M&As surging in the textile-garment, footwear, and electronics sectors over the last three years.

In 2018, Japan’s Itochu Corporation spent 47 million USD on purchasing nearly 10 percent of shares in the Vietnam National Textile and Garment Group (Vinatex), raising its stake to almost 15 percent and becoming the second-largest shareholder, after MoIT.

Notable M&A deals last year included the one between the Taekwang MTC Vietnam Co. Ltd and the Jin Heoung Vina JSC in the leather-footwear industry, and the one between the Zenith Electronics LLC and Luxoft USA Inc. in the electronics industry.

Investors from the Republic of Korea, who have continually conducted large-scale M&A deals in Vietnam, also tend to select sectors with potential, like textile-garment, leather-footwear, and electronics.

Economic experts cited the experience of other countries as showing that to ensure effective M&A activities and protect the interests of all sides involved it is necessary to perfect related legal regulations, especially those on information transparency, and set up a regular consultative mechanism between the MoIT and the Ministry of Planning and Investment to develop an M&A database for key industries like textile-garment, leather-footwear, and electronics.

Vietnamese enterprises should proactively diversify technical solutions to keep information transparent, identify their targets in M&A deals, and analyse partners to avoid risks during negotiations.

In particular, experts noted, in M&As involving foreign firms, businesses should have a good grasp of market information and carefully assess foreign investors regardless of the deal’s value.

Nguyen Thi Tong, former Vice Chairwoman and former Secretary-General of the Vietnam Leather, Footwear and Handbag Association, recommended that as the leather-footwear and handbag sector is one of Vietnam’s five key export industries, businesses should make proactive moves to boost their capacity and cooperation via M&As within their sector, to secure sustainable development./.

VNA

Filed Under: Uncategorized key export sectors, textile-garment, leather-footwear, electronics, merger and acquisition, M&As, foreign investors, EVFTA, CPTPP, Vinatex, updated Vietnam..., comodo cannot export private key, exporters noida sector 63, exporters in sector 63, targets under priority sector lending, certificate cannot export private key, key a sectors 0segmentation fault, uk eu exports by sector, generating 768 bit rsa keys keys will be non-exportable, targeted attacks against the energy sector, service sector exports, shahi exports sector 58 noida, exporters in sector 63 noida

World News in Brief: April 14

April 14, 2021 by en.nhandan.org.vn

* The Kremlin said on Wednesday that a summit between Russian President Vladimir Putin and his US counterpart Joe Biden would be contingent on US behaviour after reportedly telling Washington to scrap a plan to impose new sanctions on Russia.

* Inspectors from the U.N. nuclear watchdog visited Iran’s uranium enrichment site at Natanz on Wednesday, the agency said, without commenting on the extent of the damage caused by what Iran says was an act of sabotage.

* French Finance Minister Bruno Le Maire reaffirmed the French economy should grow by 5% in 2021, and told BFM TV that financial aid measures should remain until the end of the pandemic.

* Vice President Kamala Harris said on Wednesday she is planning to visit Mexico and Guatemala soon and that the United States must figure out how to bring about economic development in the Northern Triangle countries to curb immigration.

* Armenian Prime Minister Nikol Pashinyan said on Wednesday he would step down from his post in the last ten days of April to clear the way for early parliamentary elections, the Interfax news agency reported.

* Haiti’s Prime Minister Joseph Jouthe announced his resignation on Wednesday amid worsening gang violence and political turmoil in the poorest country in the Americas.

* India’s new infections hit a record level on Wednesday with Mumbai set to be locked down at midnight, but hundreds of thousands of pilgrims still thronged to a religious festival in the north of the country.

* The euro zone economy is still standing on the “two crutches” of monetary and fiscal stimulus and these cannot be taken away until there is a full recovery, European Central Bank President Christine Lagarde said on Wednesday.

* The suspension of Johnson & Johnson’s vaccine could delay efforts to inoculate most people in the European Union by more than two months, scientific information and analytics company Airfinity said.

* Global stock markets pushed to record highs on Wednesday as bond yields eased, after data showed US inflation was not rising too fast as the economy re-opens.

* Thailand reported 1,335 new cases, the biggest daily rise since the start of the pandemic and the third record rise this week.

* Denmark became the first country to stop using AstraZeneca’s COVID-19 vaccine altogether, following news of its possible link to very rare blood clot cases, while Finland extended the pause in use of the vaccine for people under 65.

* Spain is confident it can maintain its current vaccination targets despite a US suspension of the Johnson & Johnson shot and delays to its European rollout.

* US federal health agencies have recommended pausing use of Johnson & Johnson’s vaccine for at least a few days after six women under age 50 developed rare blood clots after receiving the shot.

* Brazil’s Senate on Tuesday launched an inquiry into President Jair Bolsonaro’s handling of the pandemic.

* With two vaccines now under scrutiny for possible links to very rare cases of blood clots in the brain, US government scientists are focusing on whether the specific technology behind the shots may be contributing to the risk.

* Irish unemployment will remain above pre-pandemic levels until at least 2025, reflecting some scarring from the crisis that will see national debt peak among the highest levels in the developed world.

* Hungary will allow restaurant terraces to re-open once 3.5 million people, about a third of the population, are inoculated against COVID-19, a target expected to be hit sometime next Wednesday or Thursday, Prime Minister Viktor Orban said.

* The Swiss government announced further easing of its COVID-19 restrictions on Wednesday, allowing restaurants to reopen outdoor terraces from next week and sports events to take place with audiences.

* South Africa has agreed to onerous conditions like non-refundable downpayments to secure vaccines from Johnson & Johnson and Pfizer, its health minister said, describing the terms vaccine manufacturers had demanded as “difficult and sometimes unreasonable”.

* The first study to directly compare immune reactions between Pfizer’s and AstraZeneca’s vaccines found strong and broadly similar antibody responses in over 80-year-olds after a first dose of either shot, scientists said.

Filed Under: Uncategorized vietnam news, vietnam business, vietnam travel, vietnam culture, vietnam sports, vietnam politics, hanoi, saigon, ho chi minh city, apec, da nang, hue, hoi an, ..., tigers yankees april 14, april 14 a, maalaala mo kaya april 14 2018, march 5 to april 14, rohingya daily news 7 april 2018, rated k april 14 2019, buttigieg april 14, buttigieg april 14 announcement, buttigieg announcement april 14 time, pilipinas got talent april 14 2018, news 24/7 world news, april 14 sign

Paris Agreement support project to be accelerated in Vietnam

April 14, 2021 by vov.vn

The VN-SIPA scheme, that uses a non-refundable official development assistance (ODA) from Germany, was previously granted approval by the Prime Minister back in April 2019. It is set to be implemented nationwide over a four-year period until 2023, with a total capital of EUR10.3 million.

The ultimate aim of the project is to strengthen the legal framework and national capacity to support the implementation of the Paris Agreement on climate change, with a specific focus on implementing the nation’s Nationally Determined Contribution (NDC).

Addressing the event, Deputy Minister of Natural Resources and Environment Le Cong Thanh stated that the VN-SIPA project is of great importance to Vietnam as its success will contribute to both the implementation of the NDC and the Paris Agreement on climate change.

Deputy Minister Thanh therefore requested delegates to discuss effective implementation measures and to consider a 2021 plan for the project. A primary focus will be on strengthening State governance in response to climate change, and enhancing the nation’s role and responsibility as a party to the Paris Agreement and the UN Framework Convention on Climate Change (UNFCCC).

Weert Börner, deputy ambassador of Germany to Vietnam, pointed out that Vietnam is one of the first to develop a concrete action plan for its implementation, as well as submitting and updating its own NDC.

The VN-SIPA project will serve to assist the Vietnamese Government when it comes to building the necessary conditions in line with the Paris Agreement, Börner said. The scheme aims to achieve adaptation and mitigation gains that will bring about environmental, social, and economic benefits, especially in terms of reducing CO2 emissions which occur in national economic activities.

Vietnam completed an NDC update and handed in its report in September, 2020, thereby becoming one of the 20 nations globally to submit its update.

The project has served to support the development of a climate change adaption chapter of the revised Law on Environmental Protection in 2020, laying the foundation to further build legal corridors on the local climate change response. It has also supported the formulation of various documents on climate change management across a number of industries, such as aviation, agriculture, and construction.

Members of the steering board also touched upon issues in order to complete the tentative plan for major activities which will be carried out in the year ahead.

Filed Under: Uncategorized Paris Agreement, climate change, VN-SIPA, non-refunadable, official development assistance, ODA, Nationally Determined Contribution, NDC, Society, Paris..., criticisms of the paris agreement, paris agreement 2015 summary, nationally determined contributions paris agreement, us withdraws from paris agreement, paris agreements, who signed the paris agreement, us leaves paris agreement, ratification paris agreement, paris agreement summary, about paris agreement, paris agreement cop21, mayors for paris agreement

China seeks to promote Lancang-Mekong Cooperation

April 14, 2021 by en.vietnamplus.vn

China seeks to promote Lancang-Mekong Cooperation hinh anh 1 Chinese State Councillor and Foreign Minister Wang Yi (Photo: Xinhua)

Hanoi (VNA) – China will work with Mekong countries to continue to promote the development of the Lancang-Mekong Cooperation (LMC) towards creating a new model of regional cooperation, and building a new highland of development and prosperity, Chinese State Councillor and Foreign Minister Wang Yi was quoted as saying on April 13 by Xinhua News Agency.

Xinhua News Agency also quoted the Chinese official as saying that the LMC mechanism had brought tangible benefits to the people of all LMC countries.

The six LMC countries absorbed resources from all sides, focused on pragmatic cooperation and reached fruitful results. They also did a lot to benefit the people and carried out regional governance and maintained peace and stability of the region.

Wang said that China is speeding up efforts to foster a new development paradigm, and the LMC is facing new opportunities.

The six LMC countries should adhere to the spirit of partnership to jointly seek ways for development; adhere to interconnection to build an engine for development; adhere to innovation to foster momentum for development; and put people’s livelihood first to consolidate the foundation for development, he said.

Xinhua also quoted Myo Thant Pe, Myanmar Ambassador to China, as saying that all countries would continue to cooperate closely with China, push forward mechanism construction and deepen pragmatic cooperation to better benefit all the people./.

VNA

Filed Under: Uncategorized Mekong countries, lancang-mekong cooperation (lmc), Chinese State Councillor and Foreign Minister Wang Yi, vietnamplus, vietnam news agency, World, Mekong..., mekong lancang cooperation, mekong-lancang cooperation media summit, mekong lancang cooperation cambodia, mekong-lancang cooperation fund, mekong lancang cooperation summit, lancang mekong cooperation upsc, lancang mekong cooperation pdf, lancang-mekong cooperation meeting, lancang mekong cooperation initiative, lancang-mekong cooperation secretariat, lancang mekong cooperation gktoday

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