The conference discussed the vision of the country’s railway sector, appreciation and development plan of the Vietnamese railway industry, prioritization and the mobilization of human resources. Participants asked the railway system to connect with seaports and international railways along economic corridors in the region. Country Director for the World Bank in Vietnam, Ousmane Dione said that WB will connect with financial organizations to seek funds and support for rail development in Vietnam. By BICH QUYEN - Translated by Kim Khanh Tags: World Bank Vietnam’s rail development … [Read more...] about World Bank seeks fund for Vietnam’s rail development
World bank vietnam
World Bank: 40% of Vietnamese businesses’ profits go to taxes – Banking & Finance – Economy
The Hanoitimes - In 2014, on average, each Vietnamese firm spends 872 hours paying taxes and the tax costs account for 40.8% of profits, according to the World Bank’s (WB) annual report on the global business environment. Compared to some countries in the region, Vietnamese enterprises have an unfavorable tax payment period. In Laos and Cambodia, businesses spend respectively 173 and 362 hours to pay taxes. The tax/profit rate in these countries is 21% and 25.8% respectively. Tariff is just one of the 10 areas examined by the WB to assess the business environment of each country. Of the remaining nine criteria, the WB evaluates the ease of businesses when applying for the establishment license, building permits, access to electricity, property registration, loans, protection in international trade, contract enforcement and handling in case of loss of solvency.Compared to last year, Vietnam fell back in five areas and improved in only two fields.After taxation, business … [Read more...] about World Bank: 40% of Vietnamese businesses’ profits go to taxes – Banking & Finance – Economy
Nhandan Newspaper – World Bank upgrades Vietnam’s growth forecast for 2016 to 6.6%
The Taking Stock report says Vietnam’s strengthened economic growth is underpinned by a continuing recovery in domestic demand, particularly private consumption and investment growth, and strong export-oriented manufacturing. The World Bank also expects Vietnam’s annual inflation to rise to 3% from the estimate of 1.5% in 2015. Victoria Kwakwa, the World Bank head in Vietnam, said stronger domestic demand, robust export performance, low inflation and improved confidence have enabled Vietnam to create firmer foundations for mid-term growth. She added that now is a good time to rein in fiscal imbalances and tackle the remaining vulnerabilities in the banking sector. According to World Bank economist Sebastian Eckardt, despite recent improvements, challenges remain across several dimensions of the business climate. He said Vietnam’s ranking in terms of ease of doing business has climbed three places to 90th among 189 economies, but its competitiveness still ranked below … [Read more...] about Nhandan Newspaper – World Bank upgrades Vietnam’s growth forecast for 2016 to 6.6%
Nhandan Newspaper – World Bank chief praises Vietnam’s reforms to support businesses
Georgieva told the media on March 23 that the bank was pleased with the progress that is being made to create conditions for start-ups and small and medium-sized enterprises to flourish and to increase in numbers and presence in Vietnam. Earlier the World Bank CEO met Prime Minister Nguyen Xuan Phuc and discussed Vietnam’s state-owned enterprise, financial sector and taxation reforms, as well as efforts to increase domestic resources mobilisation and ensure better conditions for the private sector to be an engine of growth. She said if Vietnam wanted to sustain high growth rates of 6-6.5% in the future, it had to continue with protecting macroeconomic stability and advancing reforms that can increase productivity and support growth. Georgieva said the government should pay close attention to strengthening the predictability of the regulatory environment, transparency and conflict resolution mechanisms, stressing that governance reforms are relevant to not only businesses but also … [Read more...] about Nhandan Newspaper – World Bank chief praises Vietnam’s reforms to support businesses
World Bank continues to cooperate with Vietnam
(VOVworld) - Prime Minister Nguyen Xuan Phuc received World Bank (WB) CEO Kristalina I. Georgieva in Hanoi on Thursday, praising the bank’s role in Vietnam’s socio-economic development, especially in poverty elimination. He said that in addition to promoting economic growth and ensuring social welfare, Vietnam will focus on building a solid institutional foundation serving as the basis for realizing the set orientations and strategies of its five-year development plan. The top targets are to stabilize the macro-economy, exploit strategic breakthroughs, restructure the economy while reforming the growth model, ensure social welfares, respond to climate change, and try to maintain an average growth rate of 6.5–7 percent between 2016 and 2020. He said he hopes Vietnam will continue to receive assistance from sponsors, including the WB, to help it achieve its targets in the course of integration and economic development. Georgieva underlined the WB’s willingness to … [Read more...] about World Bank continues to cooperate with Vietnam