Vietnams economy

The monthly base wages of civil servants and public employees, including teachers and doctors, will be increased from VND1.49 ($64) to VND1.6 million ($69), from July 1 2020. This will be the highest wage hike in the past eight years. Public sector employees have complained for years that their earnings are too low. Local economists said at a recent conference that low wages have and will continue to foster corruption in the public sector. Data from the General Statistics Office shows that at the end of 2017 there were more than 5.2 million people working in the public sector. The size of Vietnam’s public sector compared to the population is among the biggest in Southeast Asia, according to the World Bank. In 2017, Prime Minister Nguyen Xuan Phuc ordered government offices to reduce staff numbers by between 1.5-2 percent every year over the next five years. Vietnam's per capita income last year was $2,587. … [Read more...] about Vietnam to give civil servants a 7.3 percent wage raise next year

The workshop on Vietnam’s existing legal framework for commercial mediation and lessons learnt from international best practices was jointly organised by the International Finance Cooperation (IFC) of the World Bank Group and the Vietnam International Arbitration Centre (VIAC). According to Nina Mocheva, a senior financial expert from the World Bank Group’s Finance, Competitiveness & Innovation Global Practice, more Vietnamese partners, including organisations, individuals and State management agencies made commitments to promote the settlement of commercial disputes based on legal regulations. In recent years, commercial medication has been gradually legalised in Vietnam, she said. The Southeast Asian country has worked out measures to improve the legal institution and encourage involved parties to resolve disputes via commercial mediation to maintain their trade relations. Vice Chairman of the VIAC Vu Xuan Phong said trade and investment activities have been … [Read more...] about Vietnam boosts legal framework for commercial mediation

Vietnam is the biggest exporter of cashew nuts in the world. (Illustrative image. Source: VNA) Hanoi (VNA) – The Ministry of Industry and Trade will send a delegation to Egypt to study investment in logistics and promote trade in the second biggest economy in Africa from December 1-6. Egypt is the largest economy in North Africa and the second in Africa, while Vietnam is the biggest exporter of black pepper and cashew nut in the world. The Southeast Asian country also ranks second globally in exporting rice and coffee. According to the Ministry of Industry and Trade, Egypt has been Vietnam’s second biggest export market in Africa, after South Africa, in recent years. The ministry plans to organise a workshop on logistics investment and trade promotion in Egypt’s Alexandria city, and hold working sessions with the Chamber of Commerce and Industry in Cairo as well as some major Egyptian businesses and associations. This will be a great opportunity for … [Read more...] about Vietnam to study logistics investment in Egypt

President Tran Dai Quang (R) and his Egyptian counterpart Abdel Fattah el-Sisi during the latter's State visit to Vietnam in September 2017 (Photo: VNA) Hanoi (VNA) – Delegation exchanges at the highest level between Vietnam and Egypt will create a solid foundation for bilateral cooperation to develop, said Vietnamese Ambassador to the African nation Do Hoang Long. He made the remark in an interview with Vietnam News Agency ahead of a trip to Egypt from August 25 to 29 by President Tran Dai Quang. This will be the first State visit by a Vietnamese head of State to Egypt since the countries set up diplomatic ties in 1963. Ambassador Long underlined the importance of this tour as it is not only a reciprocal visit after Egyptian President Abdel Fattah el-Sisi came to Vietnam in September 2017 but will also reiterate the commitments both sides made last year and strengthen bilateral connections in all aspects such as politics, economy, trade, investment, culture and … [Read more...] about High level visits to shape basis for stronger Vietnam-Egypt ties

The EU’s newly-accredited Ambassador to Vietnam Giorgio Aliberti (Source: VNA) Hanoi (VNA) – Vietnam is one of the potential partners of the European Union (EU) in various fields, said the EU’s newly-accredited Ambassador to Vietnam Giorgio Aliberti. Aliberti made the statement at a press conference in Hanoi on November 12 after he officially assumed a 4-year term of office in Vietnam. The ambassador said he was glad to witness the strong development of EU-Vietnam cooperative ties in recent years. The EU attaches great importance to cooperation with Vietnam, he said, adding that the bilateral relations have been demonstrated through the recent signing of many important agreements. He expressed his good impression for the country and its people, and shared his main priorities during the working tenure in Vietnam. The diplomat said the EU highly appreciated Vietnam’s efforts in environmental protection as well as prevention and reduction of climate … [Read more...] about New ambassador describes Vietnam as EU’s potential partner