Deputy Prime Minister Vương Đình Huệ worked with the World Bank on Monday to discuss trade facilitation, logistics development and the national single window mechanism. Goods loaded at Hải Phòng Port. Developing the logistics infrastructure system is a priority for the Vietnamese Government. - VNA/VNS Photo Lâm Khánh World Bank experts said that Việt Nam needs to build four pillars: completing the legal framework for trade facilitation, improving trade logistics infrastructure and connectivity, developing a competitive logistics sector and enhancing public-private cooperation. Sebastian Eckardt, Lead Economist for the World Bank in Việt Nam, said that Southeast Asian countries needed to build a logistic value chain. Building expressways alone is not enough, he said, … [Read more...]

“Vietnam continues to strive for more – for higher growth, more advanced industrialisation, and a better quality of life for all of its citizens. Vietnam’s growth trajectory is proof of the country’s commitment to excellence, but meeting these ambitions will require a fine-tuning of both approach and implementation." This is an opinion of Mr Ousmane Dione, Country Director of the World Bank in Vietnam, when announcing World Bank Group’s (WBG) new Country Partnership Framework (CPF) with Vietnam which was recently endorsed by the Board of Executive Directors. The CPF will propose the following directions to strongly support Vietnam - accompanying Vietnam in the process of trying to develop and implement its own development and growth goals. At the same time, CPF will support the implementation of the headings in Vietnam's five-year Socio-economic Development … [Read more...]

HCM City - Financial inclusion has been an accelerating global phenomenon recently, with financial services being provided at affordable costs to disadvantaged and low-income segments to increase earnings, alternate social capital flow and promote economic growth, a conference heard on May 19 in HCM City. Speaking at 'Digital technology - the great engine of accelerating financial inclusion in Việt Nam,' Assoc Prof Nguyễn Kim Anh, deputy governor of the State Bank of Việt Nam, said: "Financial inclusion will contribute to implementing 7 out of 17 sustainable development goals by 2030 and poor countries might achieve breakthroughs in financial inclusion. "Digital technology will help banks accelerate financial inclusion, expanding their financial services to remote and rural areas, saving expenditure and developing sustainably." Nguyễn Thị Hòa, deputy head of the central bank's Banking Strategy Institute, said: "Good financial inclusion is able to promote economic growth, create … [Read more...]

The programme and model is part of the Vietnam Clean Production and Energy Efficiency Project, funded by the Global Environment Facility (GEF) and the World Bank (WB). Trinh Quoc Vu, Director of the Department of Science-Technology and Energy Efficiency under the Ministry of Industry and Trade’s General Directorate of Energy, said the VA and ESCO aim to save energy in industries, thus helping enterprises reduce costs and enhance competitiveness. The pilot stage of the 10-year VA programme will last for two years, during which firms commit to cutting energy in production based on assistance from the Ministry of Industry and Trade. An ESCO is a commercial business providing a broad range of energy solutions including the design and implementation of energy saving projects, retrofitting, and energy conservation and infrastructure outsourcing. An ESCO provides services via an Energy Performance Contract (EPC). Subjects appropriate to ESCO projects are public lighting systems; … [Read more...]

In his closing speech, Vu Nhu Thang, Director of the International Cooperation Department under the Ministry of Finance, who doubles as SFOM 2017 Chair, noted the event’s important outcomes, requesting officials to continune discussions to prepare the report for the upcoming APEC Finance Ministers’ Meeting to be held in October. During the course of the meeting, senior officials discussed policies to promote long-term investment in infrastructure, and risk allocation mechanisms in public-private partnership (PPP) projects in particular. They also discussed regulations and best practices in the APEC region in coping with base erosion and profit shifting, especially by multinational corporations which often lead to losses in taxes in related economies. Also on the agenda were policy recommendations on disaster risk management, especially on practical experience in formulation of policy responses in the areas of fiscal contingencies, standby credit schemes, stabilisation funds … [Read more...]

By Thu Vân Việt Nam has 20 thermal power plants now and plans to have more than double that by 2050. Off the cuff, this makes sense. The nation is growing and needs more energy than ever. However, if we look beyond mere numbers and visualise the social and environmental impacts of 51 coal-powered plants in the country, the rosy picture is blackened considerably, literally and otherwise. A study published earlier this year by a group of researchers from Havard University and Greenpeace, an international non-governmental environmental organisation based in Amsterdam, cautions that by 2030, Việt Nam and Indonesia will be among the nations worst affected by coal pollution. If this sounds a bit abstract, consider this estimate: Premature mortality rate due to coal plant emissions will cause 188 excess deaths per million in Việt Nam, with 85 the corresponding figure for Indonesia. And if this doesn't give us pause, and 2030 and 2050 seem a bit too distant to worry about, imagine this: … [Read more...]

High business expenses and excessive inspections were among issues with the business environment in Vietnam raised by entrepreneurs at a meeting on Wednesday with Vietnamese PM Nguyen Xuan Phuc. High business expenses and excessive inspections were among issues with the business environment in Vietnam raised by entrepreneurs at a meeting on Wednesday with Vietnamese PM Nguyen Xuan Phuc. The event, attended by some 2,000 local and foreign entrepreneurs, senior officials, and representatives from financial institutions and professional associations, was the largest pro-business meeting of its kind ever held between a Vietnamese head of government and the country's business community. Themed 'Siding with Businesses,' the meeting was only the latest in a series of demonstrations by the prime minister proving his continued pledge to advance his notion of a 'constructive government' where individuals feel at ease to start long-term investments with positive growth outlooks. High business … [Read more...]

Tax costs in Vietnam remain higher than in ASEAN 4 (Indonesia, Malaysia, the Philippines, and Thailand), Minister of Planning and Investment Nguyen Chi Dung told the Prime Minister and Businesses Conference on May 17. Assessing the implementation of the government’s Resolution No.35 on enterprise support and development, Minister Dung said that efforts to reform administrative procedures and improve the business investment environment, reduce costs, and encourage startups, are worthy of note. Such efforts have played an important role in improving Vietnam’s business environment. More than 110,000 new enterprises were established last year, up 16 per cent against 2015 and reaching a record level. According to the World Bank (WB), Vietnam rose nine steps last year (from 91 to 82) in its business environment index. Organizations such as the European Chamber of Commerce in Vietnam (Eurocham), the American Chamber and Commerce in Vietnam (Amcham), and the Japan External … [Read more...]

The number of vehicle has increased quickly every year in the capital city of Thailand, resulting in more sources of emission. There are two pictures Thai air pollution expert Supat Wangwongwatana likes to show whenever he talks about Bangkok's transition, in a little over a decade, from a city blanketed in smog to one boasting clear blue skies. The first, taken in the mid-1990s, shows the skyline of downtown Bangkok. Most buildings are in silhouette, shrouded in a thick layer of haze. The Baiyoke Tower, back then the city's tallest building, was still under construction. The second, taken a decade later from a similar angle, looks dramatically different. The sky is blue, the clouds are visible, and the buildings bathed in sunlight. "Sulphur in diesel fuel and gasoline back in the early 1990s was 10,000 parts per million. Today, it is less than 50 ppm," said Supat, referring to a natural component of crude oil that contributes to air pollution. "That early technology enabled us … [Read more...]

Viet Nam News Việt Nam News reporter Ngọc Bích speaks with Dr. Frank Rijsberman, director general of the Global Green Growth Institute (GGGI) -- a Seoul-based international organisation -- about the potential of renewable energy in Việt Nam and what the country should do to overcome challenges in the process of implementing renewable projects. What is your forecast of the future power demand of the Asian region in general and of Việt Nam in particular? What does renewable energy mean to countries' economic development? Asia is moving to the centre of the global energy arena, and whether the Paris Agreement will be a success or not will be determined by how rapidly Asia can move away from coal and adopt clean and renewable energy. According to the Asian Development Bank, electricity demand in Asia and the Pacific is projected to more than double between 2010 and 2035. Việt Nam's power demand is rising rapidly in line with robust economic expansion. It has grown nearly four times … [Read more...]

Barriers to business hard to dismantle Tu Giang HANOI – Fresh from the Party Central Committee’s adoption last week of a pro-private sector resolution, Prime Minister Nguyen Xuan Phuc will meet with private business on May 17. But the path ahead will still be bumpy for the private sector. Confidence building first “We need to have the confidence of business first,” President Vu Tien Loc of the Vietnam Chamber of Commerce and Industry (VCCI) said when the Prime Minister first met with the domestic private business community a year ago. A year later, ahead of his second meeting with local private enterprises, Loc said he would give the same answer if he got a question about this matter. However, Minister of Planning and Investment Nguyen Chi Dung said the Government did a lot last year to improve the business environment, with 50 Government decrees issued to chiefly do away with business and investment conditions. The Ministry of Industry and Trade has … [Read more...]

The Prime Minister has been listening to business leaders' opinions and complaints on the current business environment. The Vietnamese government should simplify procedures and lower taxes and fees to help companies cut operating costs and avoid red tape, business representatives said at a meeting on Wednesday. Representatives from some 2,000 companies, 1,500 of them private firms, attended an annual meeting with Prime Minister Nguyen Xuan Phuc and cabinet members in Hanoi, while 10,000 more across the country monitored the event remotely. The World Bank’s business environment index last year ranked Vietnam at 82nd globally, up nine places from the previous year, and many foreign business associations have also spoken positively about progress in Vietnam. Nguyen Van Than, chairman of the Association of Small and Medium Enterprises, which represents 90 percent of businesses in Vietnam, said various taxes and fees, either official or unofficial, remain a heavy burden that … [Read more...]

The event was co-held by the Ministry of Finance, the World Bank (WB), the Organisation for Economic Cooperation and Development (OECD), and the Asian Development Bank (ADB). The seminar gave attendees an overview of long-term investment in infrastructure in the APEC economies; APEC’s infrastructure needs, financial capacity and roles of the private sectors; and proposals for infrastructure investment and outlined long-term changes in infrastructure investment of APEC member economies. The participants exchanged views on the Public-Private Partnership (PPP) as a feasible solution for infrastructure development projects in APEC and shared experience in attracting long-term funding for PPP development projects. They also discussed diversifying financing approaches for infrastructure and risk management instruments. The APEC Finance and Central Bank Deputies’ Meeting (FCBDM) in February approved an action plan to promote long-term investment in infrastructure this year. … [Read more...]

The pledges were made on May 17 in a meeting with the business community which drew over 2,000 delegates to the National Convention Centre in Hanoi, and thousands more via teleconferencing. PM Phuc said reforms would be made in a way to ensure equal opportunities in all economic sectors, in which equitisation of State-owned enterprises would be expedited to reallocate resources to more efficient enterprises. In addition, the government would continue to streamline current regulations to reduce costs and other regulatory burdens for enterprises. In his concluding remarks at the conference, PM Phuc emphasised the spirit of turning words into action by announcing that he had just signed a directive forbidding authorities from inspecting enterprises more than once a year. He assured investors and entrepreneurs that his government would not only ensure their freedom to do business and innovate, but also protect their assets and capital so that they can expand their business activities. This … [Read more...]

As the return on equity (ROE) of coal enterprises has plummeted during the 2011-2016 period, while imported coal surged significantly, a trend that shows no signs of stopping, the Ministry of Industry and Trade (MoIT) has proposed arranging imported coal and reducing the pressure on domestic coal production. RELATED CONTENTS: Miniscule ROE sounds the alarm According to MoIT’s latest overall evaluation of the production, import-export, and supply of coal in the country, the ROE of two major enterprises in the coal industry has been plummeting over the last six years. In 2011, Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) and Dong Bac Corporation achieved 23.39 and 29.33 per cent of ROE, respectively. At the end of 2016, the ROE of the two companies was at 1.5 and 9.67 per cent. There is significant fluctuation in the profit of the two large companies. Vinacomin’s pre-tax profit in 2011 was VND8.663 trillion ($406.78 million), … [Read more...]

Viet Nam News WASHINGTON - The World Bank's Board of Executive Directors approved today US$155 million in financing to strengthen the research, teaching, and institutional capacity of three universities and improve the management of Việt Nam's higher education system. More than 150,000 students and 3,900 members of faculty will benefit from the investments for Việt Nam's National University of Agriculture, the University of Science and Technology in Hà Nội, and the Industry University of Hồ Chí Minh City. Some 600,000 students and 27,000 lecturers from other higher education institutions will also gain access to a digital library at the National Economics University. "Việt Nam's gains in higher education are evident in the numbers: 17 times more students enrolled since 1991," says Ousmane Dione, the World Bank Country Director for Việt Nam. "But Việt Nam needs stronger growth in labour productivity and further significant shifts of the workforce to more productive sectors. … [Read more...]

(CPV) - The World Bank on May 15th approved USD155 million in financing to strengthen the research, teaching, and institutional capacity of three autonomous universities and improve the management of Vietnam’s higher education system. More than 150,000 students and 3,900 members of faculty will benefit from the investments for Vietnam’s National University of Agriculture, Hanoi-based University of Science and Technology, and Ho Chi Minh city-based Industry University. Some 600,000 students and 27,000 lecturers from other higher education institutions will also broaden their learning resources by gaining access to a digital library at the National Economics University. The project will support the financing of new facilities and equipment for teaching and research, as well as the strengthening management systems. Science and technology universities as well as research-oriented institutions will benefit, so that lessons can be generalized to inform policies on autonomy and … [Read more...]

More than 150,000 students and 3,900 academics will benefit from the investments made in the National University of Agriculture, the Hanoi University of Science and Technology, and the Industrial University of Ho Chi Minh City. Some 600,000 students and 27,000 lecturers from other tertiary education institutions will also broaden their learning resources by gaining access to a digital library at the National Economics University. Ousmane Dione, the World Bank Country Director for Vietnam, said the project aims to benefit students with different skillsets and competencies while further enhancing access to and the quality of higher education. He said Vietnam’s advances in higher education are evident in student enrolment, which has increased 17 times since 1991, however the country still needs stronger growth in labour productivity and further significant shifts of the workforce to more productive sectors. The World Bank project will support the financing of new facilities and … [Read more...]

More than 150,000 students and 3,900 members of faculty will benefit from the investments for Vietnam’s National University of Agriculture, the University of Science and Technology in Hanoi, and the Industry University of Ho Chi Minh City. Some 600,000 students and 27,000 lecturers from other higher education institutions will also broaden their learning resources by gaining access to a digital library at the National Economics University. “Vietnam’s gains in higher education are evident in the numbers: 17 times more students enrolled since 1991. But Vietnam needs stronger growth in labor productivity and further significant shifts of the workforce to more productive sectors. Addressing this challenge requires different skills sets and competencies and further strengthening the access to, and quality of higher education. This is at the core of what this project aims to achieve”, said Ousmane Dione, the World Bank Country Director for Vietnam. The project will … [Read more...]

Viet Nam News HÀ NỘI - The State Bank of Việt Nam (SBV), MNR Joint Venture and IBM Việt Nam held a ceremony to launch a new data centre in Hà Nội on Monday. The centre, which is part of the FSMIMS project sponsored by World Bank, is located at 64 Nguyễn Chí Thanh, Hà Nội, covering an area of 2,000 square metres. It is the first data centre of the country's banking sector, replacing the centres dispersed in 63 provinces and cities as before. The centre was designed and built following world standard Tier 3 with a high readiness of up to 99.983 per cent and the total interruption time of only 1.6 hours per year. Nguyễn Kim Anh, SBV deputy governor, said that with World Bank funds, the FSMIMS project was successfully implemented and put in operation. "The establishment of the data centre is an important milestone in the modernisation process of SBV information and technology's foundation in conformity with the development orientation of the country's banking sector in the context of … [Read more...]