Post recession economic recovery

The 15th National Assembly (NA) is spending the entire day on July 25, on discussing the implementation of the socio-economic development and State budget plans during the first six months, solutions for task performance in the year’s latter half, and the development plan for 2021 - 2025. Legislators at the plenary sitting on July 25 (Photo: VNA) The plenary discussion, part of the 15th parliament’s first session, is broadcast live on radio and television. Earlier, Deputy Prime Minister Pham Binh Minh reported on the socio-economic and State budget situations in the first half of 2021, noting that the economic growth of 5.64 percent during the period was relatively high compared to other countries, many localities hit by the COVID-19 pandemic still posted growth, the macro-economy stayed stable, inflation was kept low, while the major balances of the economy, the monetary market, credit, exchange rates, and interest rates were also stable. For the … [Read more...] about NA talks socio-economic development in 2021, next five years

Pandemic-hit HCM City looks to sustain growth momentum this year Ho Chi Minh City, the biggest economic hub in southern Vietnam, aims to sustain growth momentum in the remaining months of 2021 even when it is battling the worst-ever COVID-19 resurgence which began in late May. Data from the municipal Statistics Office, the city’s Gross Regional Domestic Product (GRDP) grew 5.46 percent year-on-year in the first half of this year. Total retail sales of goods and services reached about 542 trillion VND (23.5 billion USD), up 7.3 percent year-on-year. Budget revenue exceeded 198.56 trillion VND, up 20.7 percent and representing 55.7 percent of the yearly plan. Its Industrial Production Index (IIP) picked up 5.9 percent during the period, with growth seen in all four key industries – food and beverage (1.2 percent), pharmaceutical chemistry (2.6 percent), electronics (15.6 percent), and mechanical engineering (10.7 percent). This year, HCM City sets to achieve … [Read more...] about VIETNAM BUSINESS NEWS JULY 25

Conserving the people’s resources advisable By Phan Minh Ngoc The results and effectiveness of government support for the people and businesses should be verified - PHOTO: UYEN VIEN The General Department of Taxation has recently announced the collection of key taxes— such as corporate income tax, luxury tax, value-added tax, and, especially, personal income tax—has all exceeded estimates and targets, being considerably higher than in the same period last year. This news emerged when the pandemic is at its current peak in Vietnam with strict social distancing and lockdown measures implemented across the nation. The now spreading Covid-19 pandemic is aggravating the difficult situation of both the people and the corporate sector that have already been mired in troubles. It is undeniable that the above good news from taxmen has been giving rise to mixed opinions. Some people and companies have even deduced negative thoughts that the authorities have paid more … [Read more...] about Conserving the people’s resources advisable