Vietnam government

At the new committee’s inauguration ceremony Sunday, five ministries -- the ministries of Industry and Trade (MOIT), Transport, Agriculture and Rural Development, Information and Communications and Finance -- signed memoranda of understanding transferring their right to representing state capital in 19 giant corporations to it. The committee will represent the government in managing $43.03 billion in state equity, equivalent to 20 percent of the country’s GDP last year. Of the 19 corporations, one is the sovereign fund, the State Capital Investment Corporation, while the rest are those in which the government owns 100 per cent or majority stakes. The companies are currently key players in the economy in terms of size and position. They include major groups Petrolimex, chemical group Vinachem, Vietnam Electricity, PetroVietnam, Vietnam Rubber Group, Coal and Mining Group, and Vietnam Post and Telecommunications Group. The remaining 11 are corporations -- MobiFone, Vietnam … [Read more...] about New entity set up to manage Vietnam government stakes in companies

Nguyen Dinh Cung, director of the Central Institute of Economic Management (CIEM), criticized state agencies for a “managing mindset” that “is not yet innovated”. Cung was referring to the latest draft decree on transportation management, which asks ride-hailing firms like Grab, Fastgo and Vietgo to comply with many conditions that are applied to normal transportation businesses like taxi companies. He said firms that primarily used software cannot be called a transportation business and said the new move was not consistent with the country’s stated aim of removing at least 50 percent of current business conditions. Cung told VnExpress that the state managers must also think in terms of the market from the perspective of facilitating new technologies and business models instead of using administrative procedures to intervene in their business. While the latest draft has cut many conditions for the ride-hailing business, such as logos, paint colors, board … [Read more...] about Don’t treat ride-hailing firms as taxis, Vietnam government advised

The Nghi Son Refinery has not begun commercial operations officially, but it is burdened by unsold inventories that have to be stocked in warehouses in the central region, says Chairman of the Provincial People's Committee Nguyen Dinh Xung. If the current situation continues, it will cause difficulties for enterprises and negatively affect the province’s budget, Xung said at a government meeting on July 2. "We suggest that the government have policies to limit petrol imports and prioritize products from Nghi Son refinery," said Nguyen Dinh Xung. According to Thanh Hoa authorities, during the trial period, Nghi Son oil refinery has produced 14 percent of the province’s total industrial production value. With a planned production of 4-4.3 million tons of gasoline when commercial operations officially begin in August or September 2018, the plant will contribute more than 15 percent to the province's growth. A month ago, the $9 billion refinery produced its first commercial … [Read more...] about Vietnam government urged to limit petrol imports

The Vietnamese government has requested the National Assembly to postpone passing a draft law on Special Economic Zones (SEZs) saying it needed more time to ensure that it meets the aspirations of both legislators and the public. One of the most controversial provisions of the current draft was the leasing of land in three strategic locations to foreign investors for 99 years. A government statement released Saturday early morning said the deferment request was made after “listening to enthusiastic and responsible contributions of members of parliament, scientists, economists, experts, voters and the people.” The postponement until the next parliament session in October would give the government time to research and improve the bill so that it meets the aspirations of the legislators and the public in successfully establishing the three SEZs while protecting national security and sovereignty, the statement said. The government also proposed that the controversial 99-year … [Read more...] about Vietnam government wants SEZ bill deferred