Foreign direct investment remains one of the mainstays for Vietnam’s economic growth, Photo: Le Toan Last week in Tokyo, Pham Van Thanh, chairman of Vietnam’s state-owned Vietnam National Petroleum Group (Petrolimex) inked a memorandum of understanding (MoU) with CEO and chairman of Japan’s JXTG Nippon Oil and Energy Corporation, Tsutomu Sugimori, on jointly studying the liquefied natural gas (LNG) and gas industry in Vietnam. The deal was signed within the hallmark Vietnam-Japan investment promotion conference attended by representatives of 1,000 Japanese firms and 200 Vietnamese ones, and organised by the Vietnamese Ministry of Planning and Investment (MPI), and the Japan External Trade Organisation in Tokyo during Prime Minister Nguyen Xuan Phuc’s official visit to Japan on July 1. Currently JXTG is the strategic partner of Petrolimex, holding 8 per cent stake. The MoU will see the two sides compile a detailed report on LNG and gas in Vietnam, which will … [Read more...] about Economy soars on back of surging FDI
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Why does Vietnam label plans on energy price hike “secret”?
The Hanoitimes - Senior government officials said that electricity and gasoline are items leaving impacts on the economy and catching public attention. PM orders checking of power price hike following social outcry Vietnamese media has questioned the Ministry of Industry and Trade (MOIT) about labeling “secret” the plans for raising electricity and gasoline prices. Government April meeting with the chairmanship of Chairman Mai Tien Dung. Photo: VGP VnExpress asked the MOIT at the government’s regular meeting last weekend why it tagged the adjustment of power and gasoline prices as “state secret” and basing on what ground. In response, Deputy Minister of MOIT Do Thang Hai said that the ministry keeps the plans unrevealed before the official announcement with an aim to avoid any unexpected impacts on the society due to the crucial role of electricity and petroleum in the economy. Hai attributed the Law on Protecting State … [Read more...] about Why does Vietnam label plans on energy price hike “secret”?
Manufacturing and services continue to drive Vietnam’s economy in 2019
The Hanoitimes - Vietnam’s economy still has huge potential for development and could maintain the growth momentum in the next two years. Vietnam’s National Assembly targets 6.6 – 6.8% 2019 GDP growth ADB keeps Vietnam GDP growth forecast in 2018 unchanged at 6.9% Vietnam’s GDP in 2018 may exceed 7%: Experts The Vietnamese economy is expected to enlarge by around 6.9%-7% in 2019 and the inflation rate to remain below 4%. To achieve these targets, manufacturing/processing and services must grow at a higher rate than their performance in 2018 and be the main growth engines for the economy, according to the Prime Minister’s economic advisory group. Illustrative photo. Vietnam’s economy still holds huge potential for development and could maintain the growth momentum in the next two years, said the group in a meeting with Prime Minister Nguyen Xuan Phuc on December 22. The group pointed to four major … [Read more...] about Manufacturing and services continue to drive Vietnam’s economy in 2019
Vietnam drops one place in ease of doing business ranking
Among ASEAN countries, it was ranked higher than Indonesia (73), India (77), Laos (154) and Myanmar (171), according to a World Bank report titled "Doing Business 2019: Training for Reform." Even though Vietnam has been striving to improve its business environment in recent years, its ranking fell in some key areas. The steepest decline was in paying taxes, which fell 45 places from last year. Protecting minority investors dropped 8 places, trading across borders, 6, resolving insolvency 4 and accessing credit, 3. Vietnam was ranked 21st for getting construction permits and 27th in getting electricity connections. It had low rankings in paying taxes and resolving insolvency, at 131 and 133 respectively. To start a business in Ho Chi Minh City, an individual would have to go through 8 procedures over 17 days and pay 5.9 percent of his/her annual per capita income. Corresponding figures for Thailand’s Bangkok were five procedures, 4.5 days and 3.1 percent; and in Singapore, … [Read more...] about Vietnam drops one place in ease of doing business ranking
Size of Vietnam’s economy expands by 1.3 folds in three years: PM
Prime Minister Nguyen Xuan Phuc delivers a report on Vietnam's socio-economic situation this year and the development plan for 2019 at the opening of the parliament's 6th session on October 22 (Photo: VNA) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc on October 22 highlighted the improvements in all aspects of Vietnam since 2016 while reporting on the country’s socio-economic situation this year and the development plan for 2019 to the National Assembly (NA) during its ongoing 6th session. Addressing the opening of the session in Hanoi, the Government leader said the country’s gross domestic product (GDP) grew by 6.98 percent in the first nine months of 2018, and the whole year’s figure is expected to be higher than the NA’s target of 6.7 percent. The average GDP growth rate between 2016 and 2018 is estimated at 6.57 percent, compared to the target of 6.5 – 7 percent for 2016 – 2021. The expansion of consumer price index (CPI) can be … [Read more...] about Size of Vietnam’s economy expands by 1.3 folds in three years: PM