Vietnams economy

The Hanoitimes - Vietnam will maintain its policy of encouraging foreign investments, stated Prime Minister Nguyen Xuan Phuc. After three decades of economic reform, the foreign direct investment (FDI) sector remains an indispensable part of Vietnam's economy, Prime Minister Nguyen Xuan Phuc has asserted.    Prime Minister Nguyen Xuan Phuc. Source: VGP. As of present, Vietnam has attracted 26,500 foreign invested projects from 129 countries and territories with registered capital of US$334 billion. The FDI sector also employs over 4 million direct employees, and 5 - 6 million indirect employees, Phuc said at a meeting summarizing 30 years of Vietnam's FDI attraction on October 4.  During the 30-year period, Vietnam has overcome numerous challenges to become a middle-income country, averaging annual growth rate of 6.6%. According to Phuc, Vietnam's decision to open its economy to the FDI has proven decisive, helping the country achieve multiple socio-economic … [Read more...] about FDI sector remains indispensable part of Vietnam economy: PM

The Hanoitimes - There should be appropriate incentives and conditions for Vietnamese enterprises to acquire foreign invested companies, enabling the former to obtain new technologies and move up in the global value chain, the Ministry of Planning and Investment (MPI) informed. The private sector holds significance for Vietnam's economy, while the FDI sector only accounts for 25% of total social investment, stated Nguyen Chi Dung, minister of planning and investment.    Illustrative photo. For every business, including foreign investors, maximizing profit is the utmost important factor. However, throughout the process, they have indirectly contributed to the economy through capital contribution, job creation, and poverty reduction, among others, Dung continued.  Over 30 years of FDI attraction, the linkage between domestic and FDI sectors left much to be desired, while the development of supporting industries and efficiency of technology transfer activities … [Read more...] about Private sector holds significance for Vietnam economy: Investment minister

The Hanoitimes - Spillover effects from the FDI sector to domestic enterprises are considered a long-term solution for sustainable productivity development. Vietnam's low productivity growth remains one of the main challenges for Vietnam to achieve sustainable development, putting the country's economy at risk of being left behind by regional competitors, said Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR).   Overview of the conference. Source: Ngoc Lam. Productivity as central issue "Productivity should be the central issue of reform," Thanh said at a conference on September 26, adding that a high productivity growth rate would result in Vietnam becoming a middle-income country and moving up the global value chain.  This is also the objective of the economic restructuring process and institutional reform that Vietnam has been undertaking for many years, Thanh added.  Thanh referred to a statement made by economist … [Read more...] about Low productivity poses risks to Vietnam economy

The Hanoitimes - In addition to a bright outlook for the economy, the Ministry of Planning and Investment (MPI) pointed to a number of challenges to the economy, including trade wars between nations, geopolitical risks, growing trend of protectionism and nationalism. Vietnam is expected to maintain its growth momentum from last year, posting a bright economic outlook for 2018, stated the MPI.    Illustrative photo. 12 economic targets within reach According to the MPI's recent report, all 12 economic targets set by the National Assembly for 2018 could be achieved, eight of which may exceed expectations.  Specifically, the GDP growth rate for 2018 is set to reach 6.7%, while the MPI predicted the agriculture - forestry - fishery sector to reach growth rate of 3.3% this year, thanks to marked improvements recently.  Additionally, the industry - construction and services sectors are expected to reach growth rate of 7.59% and 7.35%, respectively.  … [Read more...] about Vietnam economy sees bright outlook for 2018