Nguyen Thien Nhan, secretary of the HCM City Party Committee, speaks at a seminar on service sector development in HCM City on Wednesday. — VNS Photo Bo Xuan Hiep HCM City should develop a more diverse service-sector economy and avoid relying on only real estate to maintain robust economic growth, experts have said. Nguyen Thien Nhan, secretary of the city’s Party Committee, said the service sector has greatly contributed to economic growth during the past three decades, but a long-term growth strategy should be devised by 2030. “Services such as healthcare, education, transport and logistics are badly needed, and they must focus on environmental protection,” he noted. Speaking at a conference in the city on Wednesday, Nhan said local authorities should learn from other urban areas around the world and enhance services, especially transport and logistics. Nhan cited examples of major cities that have successfully developed the service sector, including New … [Read more...] about Diverse service sector to drive growth in HCM City
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Private sector encouraged to drive growth
The Vietnamese government is working to make the private sector a key driver of the socialist-oriented market economy. Major policy shift Since Vietnam initiated economic reforms in 1986, it has been developing a multi-sectoral economy with a socialist orientation. The number of private enterprises has grown to 700,000. The Party has adopted platforms and resolutions on socio-economic development which underline the important role of the private economy. The government has held investment promotion events and dialogues with private businesses. Minister and Head of the Government Office Mai Tien Dung underscored recent government effort to reform administrative procedures. He said, “The Prime Minister has established an advisory council for administrative reform. The council’s two major tasks are to connect business communities at home and abroad and give recommendations on ways to clear obstacles facing enterprises. Administrative reform of ministries, … [Read more...] about Private sector encouraged to drive growth
Private sector needs more impetus: PM
A technician checks telecoms equipment at the Telecommunication Center of Việt Nam Posts and Telecommunications Group (VNPT) in the northern province of Lai Châu. — VNA/VNS Photo Minh Quyết HÀ NỘI — The private sector plays a crucial role in the national economy and should be given impetus to develop. Prime Minister Nguyễn Xuân Phúc made the statement at the plenary session of the Việt Nam Private Economic Forum held in Hà Nội yesterday. He affirmed Việt Nam had gained numerous achievements after more than three decades of reform thank to the Party and Government’s consistent policies aimed at developing a multi-sectoral economy. The Vietnamese Government always aims to aid the private sector’s development, according to the Prime Minister. The country wants to have about 1 million enterprises established by 2020, the majority of which will be private firms. Though the … [Read more...] about Private sector needs more impetus: PM
Private sector plays crucial role in national economy: PM
PM Nguyen Xuan Phuc addreses the plenary session of the Vietnam Private Economic Forum (Photo: VNA) PM Phuc said the Party and Government’s consistent policies are aimed at developing a multi-sectoral economy. After over 30 years since the beginning of the Doi Moi (Renewal) process, Vietnam has reached many remarkable landmarks with 2018 being the fourth consecutive year where records have been broken for the number of newly-established enterprises, especially private firms. PM Phuc also suggested a number of solutions that could be used to promote the advantages of the business community and hinted at ways in which small businesses can expand their market shares in foreign markets. PM Phuc noted that renovation and creativity are important driving forces for businesses when expanding around the world. The government leader also raised questions regarding the bottlenecks that have emerged within the Vietnamese economy. In addition, he also urged participating businesses and … [Read more...] about Private sector plays crucial role in national economy: PM
Life insurance sector pumps over 215 trillion VND in economy in H1
Illustrative image (Source: Bao Viet) HCM City (VNA) – The life insurance sector pumped over 215 trillion VND (9.34 billion USD) into the economy in the first half of this year, according to the Insurance Association of Vietnam (IAV). Vietnam is now home to 18 life insurers with an annual revenue growth of over 30 percent, providing insurance coverage for more than 7.5 million clients. They pay in excess of 14 trillion VND in insurance entitlements for clients each year and create jobs for nearly 10,000 workers and more than 600,000 agents. The birth of the Law on Insurance Business on December 7, 2000 has created a legal corridor for the insurance sector over the past years, said the IAV. From 2011-2017, the sector’s reinvestment in the economy expanded by 17.7 percent each year. In 2017 alone, investment made by insurers amounted to roughly 251 trillion VND, up 27 percent year-on-year. Le Huong Ly, member of the IAV Executive Board, said insurers need to … [Read more...] about Life insurance sector pumps over 215 trillion VND in economy in H1