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Institutions have become a major impediment to the nation’s aspiration to reach high income by 2045. Vietnam needs to shift its economic growth model and improve the government’s capacity to implement economic policy reforms and public investments, realizing its aspiration of reaching high-income status by 2045, a World Bank Group report says. Overview of the report launch. The World Bank Group’s Systematic Country Diagnostic Update, themed "How Will Vietnam Blossom? Reforming Institutions for Effective Implementation,” emphasizes that Vietnam's traditional growth model faces major challenges from the Covid-19 pandemic, slowing globalization, and the country’s increasing vulnerability to external shocks, especially climate risks. After identifying a series of policy responses and reform priorities, many of which are not new, the report argues that adapting institutions will be the key to success. “Vietnam’s GDP per capita has increased fivefold over the … [Read more...] about Effective policy implementation crucial for Vietnam to reach high-income status by 2045: WB

Because of strict visa policies, promotions to attract international tourists have not been as effective as expected, according to many businesses. Enterprises have made huge investments to welcome back tourists, but such illogical visa policies may slow down the tourism recovery pace. Being confused and facing difficulties Many travel companies in Da Nang City told Tuoi Tre (Youth) newspaper that visa policies for foreign tourists were still their biggest concern. Before the COVID-19 outbreak, Vietnam offered the visa waiver policy for citizens of many countries and the normal visa approval period was three to five days (visas which were valid for 30 days). However, the list of countries whose citizens are entitled to Vietnam’s visa waiver policy has been shortened and the visa processing period has been lengthened, putting enterprises at a disadvantage. Cao Tri Dung, chairman of the Da Nang Tourism Association, said that after the COVID-19 pandemic, the number of … [Read more...] about Strict visa policies hinder international guests from visiting Vietnam

Prime Minister Pham Minh Chinh speaks at an event on innovation held by Asia Society on May 17 (US time). — Photos baochinhphu.vn Viet Nam expects to have start-up collaboration with the US on issues of global concern like climate change, digital technology and supply chain diversification. Prime Minister Pham Minh Chinh was speaking at a forum on innovation and start-ups held by the Asia Society on May 17 (US time) in the US. He affirmed that Viet Nam identifies science and technology, innovation and entrepreneurship as important driving forces for development in the new period. All three strategic breakthroughs that Viet Nam identified namely institutions, infrastructure and human resources are related to these forces, he added. The Prime Minister expressed his wish that US partners will continue promoting cooperation activities, especially in innovative start-ups. Start-up collaboration should focus on issues of global concern that the two countries are promoting … [Read more...] about Viet Nam to work with the US to develop start-ups on climate change, digital transformation

The conference, held by the national carrier Vietnam Airlines and two travel groups – Saigon Tourists and Thien Minh Group – to boost the cooperation between enterprises of the two countries and to introduce Vietnam to U.S. friends and partners. Addressing the event, PM Chinh highlighted the development of the Vietnam - U.S. ties, benefiting both countries and contributing to peace, cooperation and development in the world. The Government leader affirmed that economic, investment, trade and science-education cooperation is an important pillar in the bilateral relationship. In the very challenging year of 2021 due to the COVID-19 pandemic, two-way trade still reached 112 billion USD, accounting for nearly one-third of the total U.S. - ASEAN trade turnover. The U.S. is Vietnam’s second largest trade partner while Vietnam is the U.S.’ 9th largest, he noted, adding that trade between the two countries has contributed to making Vietnam one of the 20 largest import-export countries … [Read more...] about PM urged U.S. businesses to invest in tourism and trade in Vietnam

In a thank-you letter to the Lao N.A. Chairman, Hue thanked the Lao legislative leader and other leaders for the warm welcome and the sincere, straightforward and trustful discussions during his visit, which he said contribute to promoting the further development of the great friendship, special solidarity and comprehensive cooperation between the two countries in general and the two legislative bodies in particular. Earlier before leaving Laos, N.A. Chairman Hue and the high-ranking N.A. delegation called at the Vietnam Consulate General in Pakse, Champasak province, and met with representatives from the Vietnamese community in four southern Lao provinces (Champasak, Attapeu, Sekong and Salavan). The top legislator appreciated the work of the Vietnamese Association in Southern Laos in helping members develop home economy, follow local laws and contribute to local development, thus contributing to the Vietnam - Laos traditional friendship. Noting the large number of Vietnamese in … [Read more...] about N.A. Chairman Vuong Dinh Hue concludes official visit to Laos

Accordingly, the city set massive targets for housing development, including a demand of at least 6.7 million square meters of housing and an average housing floor area per person reaching at least 21.2 square meters, extending 194.6 hectares of land for commercial housing projects and 52.1 hectares for social housing projects . Regarding capital sources, the city will need around VND72,578 billion (US$3.1 billion), including VND28,435 billion (US$1.2 billion) for commercial housing projects, VND43,456 billion (US$1.9 billion) for individual houses and VND698 billion (US$30 million) for social housing projects. Besides, the city is also reviewing the land fund of 20 percent for social housing construction at commercial housing projects and new urban areas in the locality. In addition, Ho Chi Minh City also proposed the State Bank to monitor and direct the commercial banks on strictly controlling the loans in the real estate sector, money transfer from real estate to overseas, … [Read more...] about HCMC needs over US$3 bln for housing development