Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam is hoping to attract more investment from the US, Europe and major global enterprises under a recently approved strategy on foreign investment cooperation. The strategy for 2021 - 2030, signed off by Permanent Deputy Prime Minister Pham Binh Minh, aims at raising capital flows from countries and territories in certain regions to over 70% of total foreign investment in Vietnam during 2021 - 2025 and 75% during 2026 - 2030. The targeted partners include the Republic of Korea (RoK), Japan, Singapore, China, Taiwan (China), Malaysia, Thailand, India, Indonesia, and the Philippines in Asia; France, Germany, Italy, Spain, Russia and the UK in Europe, and the US. This strategy also looks to raise the number of multinationals listed in Fortune Global 500 operating in Vietnam by 50%. According to Dau tu (Vietnam Investment Review), the Foreign Investment Agency under the Ministry of Planning and Investment has held a … [Read more...] about Vietnam looks forwards to stronger investment from US, Europe
Small business investment
Halal food could be big business for Vietnam: conference
Non-Muslim nations around the world, including Thailand, South Korea, and Brazil, have been eyeing the potential of the trillion-dollar global Halal market, yet despite the upsides, Vietnam has to take its shot at entering the industry, attendees said at a recent conference in Hanoi. Halal refers to food products and services that adhere to Muslim law. The food is processed, manufactured and transported under stringent Islamic rules. Speaking at the conference held to promote international cooperation in the development of Vietnam’s Halal industry in Hanoi City on Tuesday, Deputy Minister of Foreign Affairs Pham Quang Hieu said that, in spite of the country’s material and geographical advantages in the market, Vietnam is modestly placed in the global rankings of Halal food producers. Approximately 60 cities and provinces in Vietnam contribute to the global Halal market, but just 1,000 firms are certificated for export, said the deputy minister. Due to strict Halal standards … [Read more...] about Halal food could be big business for Vietnam: conference
This small coffee shop on the Vietnamese-Laotian border is a window to a bigger dream
When four friends opened their coffee shop in Quang Tri Province, their goal wasn’t to make their business a success, it was to transform their hometown into Vietnam’s next big tourist hotspot. Homi Coffee gets the kind of google reviews you’d expect form a big city coffee chain – glowing accounts of visits and consistent 4 and 5 stars. But Homi Coffee isn’t a big city chain, it’s merely a patio overlooking a stunning valley run by four friends with a big dream. More guests, more hope Homi Coffee sits along National Highway 9 between Dong Ha City and the Lao Bao Border Gate in Huong Hoa District. But despite its rural setting, this café never fails to welcome a steady stream of customers. Nguyen Viet Duy, 26, is a self-taught barista and one of the café’s four founders. The other owners include Nguyen Ngoc Lan, Nguyen Quang Cuong, and Ho Van Lanh, all 29 years old. “We opened our coffee shop as a stop for travelers on their way to Huong Hoa so that they could … [Read more...] about This small coffee shop on the Vietnamese-Laotian border is a window to a bigger dream
HCM City calls for E.U. investment in nearly 200 projects
Dao Minh Chanh, Deputy Director of the municipal Department of Planning and Investment, said E.U. countries are investing in 2,724 projects in HCM City, mostly in the fields of manufacturing and processing, retail and wholesale, motor and automobile repair and maintenance, and information and communications. Worth a total of 7.69 billion USD, they account for 10.27% of FDI in the city, he said. HCM City has constantly improved its business climate and adopted various incentives to encourage more FDI, he said, adding that most notably among the incentives include reductions in corporate income tax, import-export duties and land lease. Vo Van Hoan, Vice Chairman of the municipal People’s Committee, highlighted the importance of the E.U.-Vietnam Free Trade Agreement (EVFTA) which has entered into force, saying it has brought great and balanced benefits to both sides and there is a huge opportunity for Vietnam and the E.U. to step up bilateral economic cooperation. With the E.U.’s … [Read more...] about HCM City calls for E.U. investment in nearly 200 projects
Public-Private-Partnership model fails to draw investors
The Saigon 2 Bridge (left) is built in the form of PPP. (Photo: SGGP) However, ever since the PPP Law took effect, this model has not attracted enough investors, although there is a lot of room for mobilizing social resources to invest in public projects. Rights not defined Under the PPP model the State and private investors jointly sign a contract to share benefits, risks, and responsibilities of construction of works or provision of public services. Both these entities are equal partners under the civil law in the project contract. However, the PPP Law does not clearly define the rights and obligations of each of these two entities. According to the PPP Law, the competent agencies specified in Clause 1 in Article 5 are the Ministry, the provincial People's Committee, and the agency established by the Government or the Prime Minister. These are state management agencies, but when they appear as partners, the mode of operation bears the imprint of public authority, leading … [Read more...] about Public-Private-Partnership model fails to draw investors
Viet Nam shows ‘seemingly limitless promise’
Dr Moritz Kraemer Dr Moritz Kraemer, the former Global Chief Ratings Officer of Sovereign Ratings Group at S&P Global and currently the Chief Economist, Head of Research of the Landesbank Baden Wuerttemberg (“LBBW”) bank, shared his view of the country and the current global situation with Vietnam News Agency. The pandemic remains unpredictable, and the world is experiencing strong and unusual economic and political changes, could you share your views on the situation? Yes, the world is in turmoil. A terrifying war in Europe could escalate to the unspeakable any day. The pandemic is still a lingering threat that keeps the world economy, and especially some countries in Asia, at bay. The old model of globalisation is severely tested as erstwhile reliable supply chains are ruptured and seem to refuse to heal. Moreover, as if that was not enough, inflation appears to be getting out of hand in much of the advanced economies as commodity prices soar and labour becomes … [Read more...] about Viet Nam shows ‘seemingly limitless promise’
