Chronic shortcomings in Vietnam economy yet to be tackledThuy Dung One of current problems is the increasing number of complaints about land use and management policies - PHOTO: DINH DUNG HANOI – Despite positive results in socio-economic development, National Assembly (NA) deputies have pointed out chronic shortcomings in the local economy, especially those related to land, regulations, capital disbursement and business conditions, which must be remedied if the economy is to sustain growth. Such issues were tabled at a NA meeting on May 25 on the nation’s socio-economic performance and the State budget-related problems last year and in the first months of this year. Deputy Vu Tien Loc from the northern province of Thai Binh nevertheless said the country has kept public debts from rising and replenished the State budget by using one-off revenues from public land and asset sales, and sales of stakes in State-owned enterprises. When these sources dry up, the Ministry … [Read more...] about Chronic shortcomings in Vietnam economy yet to be tackled
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Japan capital stimulates Vietnam economy
Japan capital stimulates Vietnam economyTrung Chanh Delegates at the “Meeting Japan-Mekong Delta” conference in Can Tho City on April 18 - PHOTO: TRUNG CHANH CAN THO – Grants and official development assistance (ODA) loans of the Japanese Government have played a crucial role in fueling Vietnam’s economic development, especially in the Mekong Delta, heard a conference in Can Tho City on April 18. At the conference “Meeting Japan-the Mekong Delta,” Luu Quang Khanh, director of the Foreign Economic Relations Department under the Ministry of Planning and Investment, expressed appreciation of Japan’s support for the Mekong Delta and Vietnam as a whole. The Japanese Government has offered Vietnam grants totaling US$1.6 billion for healthcare, customs, agriculture and rural development projects, with Bach Mai Hospital, Hue Central Hospital and fresh water supply projects among the beneficiaries. Japan has also pledged to provide Vietnam … [Read more...] about Japan capital stimulates Vietnam economy
Vietnam economy seen expanding 6.83% in 2018
Vietnam economy seen expanding 6.83% in 2018The Saigon Times Daily Discounted travel bags are on sale at a booth of a local company at a trade fair. Inflation in quarter one rose slightly compared with previous quarters, largely influenced by upward adjustments of public services fees such as healthcare and education - PHOTO: THANH HOA HCMC – Vietnam’s gross domestic product (GDP) growth is forecast to reach 6.83% this year, the Vietnam Institute for Economic and Policy Research (VEPR) is quoted by news website Nguoi Dong Hanh as saying. Given the strong growth of 7.38% in quarter one, VEPR says the 2018 growth target of 6.5-6.7% approved by the National Assembly (NA) could be achievable thanks to a host of favorable conditions. However, there remain uncertainties such as growing protectionism in global trade and a possible trade war between the United States and China, the world’s two biggest economies. VEPR expects the 2018 growth model will be different … [Read more...] about Vietnam economy seen expanding 6.83% in 2018
The famous brothers and businessmen in Vietnam – Economy
In 2015, the Saigon Securities Incorporated (SSI) gained post-tax profit of nearly VND1 trillion, a sharp growth rate of 30% compared to the year before. The owner of the 15-year old SSI is a well-known name – Nguyen Duy Hung. Hung started his business with only VND6 billion, but he now has trillions of dong and runs the largest securities company in Vietnam.Hung is famous in Vietnam also for many big business affairs, from the fight with the foreign partner in Bibica sweets manufacturing company to investment deals which brought ‘super profits’ in plant seed and seafood companies. In the Bibica case, for example, Hung was backed by Nguyen Manh Hung, one of his brothers. The two younger brothers are called ‘pioneering generals’ who implement affairs led by the ‘securities baron’. Both Manh Hung and Hong Nam, the two young brothers, are also powerful businesspeople who run large businesses. Manh Hung is chair of Duong Mat Troi Company. He … [Read more...] about The famous brothers and businessmen in Vietnam – Economy
The real power of Vietnam’s economy
VietNamNet Bridge - Economic growth based on natural resource exploitation and a cheap labor force has reached the critical point. Economists say Vietnam has no choice but to follow a sustainable development strategy. Vietnam earlier this year received an ‘expected gift’ from PricewaterhouseCoopers (PwC). The auditing firm, one of the ‘big four’, reported that Vietnam economy ranked 32nd in the world in 2016 with GDP of $595 billion, including PPP (purchasing power parity) formula. With the predicted average growth rate of 5.1 percent in 2016-2050, PwC believes that Vietnam would be the 20th largest economy in the world by 2050 with GDP of $3.176 trillion (in PPP), higher than that of Thailand, Malaysia, Canada and Australia. Vietnam’s nominal GDP value in 2016 was $198 billion, while GDP in PPP was $595 billion. This, according to an analyst, shows that goods and services in Vietnam were three times lower than in the world. Vietnam’s nominal GDP … [Read more...] about The real power of Vietnam’s economy