The Hanoitimes - Hanoi has a total of 256,000 enterprises, of which the private sector accounts for 97.2%, indicating a significant role of the private economy for the city’s socio-economic development. Hanoi’s budget revenue increases 18.7% YTD Hanoi remains Vietnam's most appealing destination for foreign investment Samsung to soon build R&D center in Hanoi F1 CEO impressed with construction pace of Hanoi’s race track Hanoi to support enterprises to build brands for greater competitiveness The private sector currently makes up over 40% of Hanoi’s gross regional domestic product (GRDP) and creates jobs for over 50% of the labor force, Hanoi’s portal reported. Illustrative photo. As of present, Hanoi has a total of 256,000 enterprises, of which the private sector accounts for 97.2%, , indicating a significant role of the sector for the city’s socio-economic development process. Tran Thi Thu Hang, CEO of … [Read more...] about Private sector makes up 40% of Hanoi’s economy
Socialist oriented market economy
Private economy
The private sector is seen as a mainstay of Hanoi’s economic development. (Photo: ndh.com) Hanoi (VNA) – The private sector is seen as a mainstay of Hanoi’s economic development as the nearly 250,000 firms make up 40 percent of gross domestic product (GDP) and generate jobs for over 50 percent of the labourers in the city. Accounting for 97.2 percent of the capital city’s total enterprises, the private businesses are affirming their leading role in the nation and city’s development and construction. Favourable mechanisms and policies outlined by local authorities have helped the firms stabilise and branch out their business operation. However, Vice Chairman and General Secretary of the Hanoi Small and Medium Enterprises Association Mac Quoc Anh said that small- and medium-sized enterprises (SMEs)’ performance is still constrained by many factors, comprising both internal capacity and unfriendly external factors like shortage of capital and … [Read more...] about Private economy
Huge potential for Vietnam, Laos to collaborate in cooperative economy
Representatives of the National Economic Research Institute of Laos and the Vietnam Cooperative Alliance pose for a photo at the meeting in Hanoi on March 21 (Photo: VNA) Hanoi (VNA) – Vietnam and Laos would combine forces in cooperative economy, heard a meeting in Hanoi on March 21 between President of the Vietnam Cooperative Alliance (VCA) Nguyen Ngoc Bao and head of the National Economic Research Institute of Laos Bouasone Bouphavanh. The Lao guest said that he was impressed by the rapid changes in Vietnam, particularly in cooperative economy development. He expressed his hope that Laos will branch out its cooperative system based on Vietnam’s experience. Meanwhile, Bao expected that bilateral collaboration in the cooperative economy will make significant contributions to bolstering the development of the sector in the future. He said that in the past few years, the Vietnamese Party and Government have outlined various policies and programmes to facilitate … [Read more...] about Huge potential for Vietnam, Laos to collaborate in cooperative economy
The central bank’s new strategy to sustain credit market in 4.0 era
The central bank’s Deputy Governor Nguyen Kim Anh Can you share with us the main goals of Decision 986? How will this new strategy impact the Vietnamese banking sector? The State Bank of Vietnam (SBV) has closely observed the development of the Vietnamese financial sector in the past two decades, realising the opportunities and challenges that financial institutions may encounter in the next ten years. With this in mind, Decision 986 is divided into two levels: First, the SBV will be modernised with a rational organisation model and synchronous, effective, and efficient operation mechanisms in line with the country’s socialist-oriented market mechanism. Our priority objective is to control inflation, contribute to Vietnam’s macroeconomic stability, and promote sustainable growth, while ensuring the safety and soundness of the credit institution network and performing our key role in ensuring financial stability. We will also continue our supervisory role for the … [Read more...] about The central bank’s new strategy to sustain credit market in 4.0 era
Criteria for socialist-oriented market economy discussed
Member of the CPV CC’s Politburo and head of the Economic Commission Nguyen Van Binh speaks at the event (Source: VNA) Hanoi (VNA) – Criteria of the socialist-oriented market economy in Vietnam were discussed from both theoretical and realistic angles at a workshop held in Hanoi on September 19. The event was held by the Economic Commission of the Communist Party of Vietnam Central Committee (CPV CC), the Central Theoretical Council and the Communist Review. In opening the function, member of the CPV CC’s Politburo and head of the Economic Commission Nguyen Van Binh stressed that the Party has always defined economic reform and development as a central task with utmost importance. At the core of the task is to shift from the centrally-planned model to the socialist-oriented market economy, and gradually develop the socialist-oriented market economy in conformity with each development stage of the country. He said building a set of criteria for the … [Read more...] about Criteria for socialist-oriented market economy discussed