There is a widespread concern that the financial obligations of businesses are too high, preventing firms from accumulating capital for business and production expansion. Vu Thi Luu Mai, standing member of the National Assembly’s Financial and Budgetary Committee, spoke with VIR’s Manh Bon about the issue. Experts have claimed that the tax burden on businesses is too high currently. Do you agree? Taking charge of overseeing law enforcement in the finance, budgetary, and state audit fields, as well as supervising the activities of diverse government agencies in the implementation of budgetary and tax policies, I am sure that the contribution Vietnamese businesses make to the state budget is not high compared to that of other countries. Between 2011 and 2015, total budget collections made up an average 23.3 per cent of … [Read more...]

NDO/VNA – A Ministry of Health’s project has helped to improve medical services in six north central provinces, particularly at district-level hospitals, heard a conference to review the project, held in Hanoi on August 18. According to Health Minister Nguyen Thi Kim Tien, the project, which targeted six provinces – Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue – also raised the coverage of health insurance in the localities to over 90 percent of all local residents. In addition, the World Bank (WB)-funded project, which was launched in 2010, also assisted with developing human resources for the sector, raising the number of doctors in the community. According to Minister Tien, the project has achieved nine out of ten set targets. Ousmane Dione, WB Country Director in Vietnam, said that the project has enabled poor people in the localities to access quality medical services through supporting … [Read more...]

Health Minister Nguyen Thi Kim Tien addresses the event (Photo: http://suckhoedoisong.vn) Hanoi (VNA) – A Ministry of Health’s project has helped improve medical services in six central north provinces, particularly at district-level hospitals, heard a conference in Hanoi on August 18 to review the project. According to Health Minister Nguyen Thi Kim Tien, the project, which targeted six provinces – Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue – also raised the coverage of health insurance in the localities to over 90 percent of local residents. The World Bank (WB)-funded project, which was launched in 2010, also assisted with developing human resources for the sector, raising the number of doctors in the community. According to Minister Tien, the project has achieved nine of 10 set … [Read more...]

The government in 2014-2015 gradually restored business confidence, helping reduce the ‘fear-of-failure’ index to 45.6% in 2015.  However, according to Global Entrepreneurship Monitor (GEM), the index has always been high. It was 56.7% in 2013, the second highest level among 70 surveyed economies. The government’s efforts helped Vietnam rise to the eighth position among 60 surveyed economies in 2015. Vietnam’s business environment index in 2017 went up nine notches, from 91st to 82nd, with Vietnam among the economies with the most considerable improvement, just after Brunei (+25 grades) and Indonesia (+15 grades), according to the World Bank.  “Embezzlement, copyright abuse and lengthy administrative procedures, however, are the three biggest problems,” Nguyen Mai, chair of VAFIEs (the Vietnam Association … [Read more...]

While both Cambodia and Vietnam share strong growth prospects and risks related to their financial systems, Vietnam’s more diverse economy, stronger institutions, and higher incomes underpin greater shock absorption capacity, Moody’s wrote in an August 15 report. Robust foreign investment flows into manufacturing and steady growth in global demand have driven export-led expansion in both Cambodia and Vietnam. As the countries have become increasingly integrated into global supply chains, their economies have grown rapidly and income levels have risen markedly. Cambodia’s real GDP increased around 7 per cent per year on average over the five years to 2016 while Vietnam’s expanded about 6 per cent per year. Growth is likely to remain robust ahead. Vietnamese exports are spread across a variety of products and markets while garments and textiles and a few other low-value-added … [Read more...]

Crowds of people on Nguyen Hue walking street in the city's downtown. Photo by VnExpress/Thanh Nguyen Media reports have been referring to Saigon as a megacity with a population of 12 million for over a year now, but the actual number is even higher, according to the latest official data. Mayor Nguyen Thanh Phong said at a meeting on Wednesday that there are now 13 million people living in the city, Vietnam’s largest and economic hub. Phong said the number is far beyond the population forecast of 10 million for 2025, which apparently only factored in registered residents who now number more than eight million. The city’s population is expanding faster than expected due to the 130,000 migrants who are arriving every year, he said. The city is now packed with 6,200 people per square kilometer, which is as dense as Tokyo. Vietnam's average population density is 300 people per square kilometer, while the global average is 57, … [Read more...]

ExxonMobil Corporation from the US is completing the geological survey and build the design of the pipeline installation, aiming to conduct the construction of the onshore infrastructure of the Blue Whale (Ca Voi Xanh) gas-to-power complex located in the central provinces of Quang Nam and Quang Ngai. ExxonMobil seems eager to start project implementation At a working session with leaders of the Management Board of Dung Quat Economic Zone, the representative of ExxonMobil confirmed that the corporation is preparing the necessary conditions to implement the construction. At present, the corporation has carried out the land survey and took soil samples to conduct the environmental impact report. The investor urged relevant authorities to complete other procedures so that it can implement the project soon. The exact … [Read more...]

Speaking at an MPI meeting last week, Nguyen Van Trung, Deputy Minister of Planning and Investment, said the FDI sector had helped rebuild the country’s economy, increase export turnover, expand Vietnam’s reach to world markets, generate jobs, acquire technology transfers, management skills and attain global economic integration. The MPI report will include results from different ministries and departments, experts and business associations in terms of FDI attraction and management. The report will go into details on other key issues related to FDI, such as support industries, technology transfer, infrastructure, the high-tech agriculture and service sectors, as well as preferential policies and taxation, and prospects for the future. According to MPI data, accumulated capital invested in Vietnam to the end of July 2017, has reached US$307.86 billion in registered capital and $163.9 billion in actuality. These capital flows are divided across 19 … [Read more...]

Germany’s B.Braun Viet Nam factory in Thanh Oai Industrial Zone, Ha Noi. — VNA/VNS Photo Danh LamGermany’s B.Braun Viet Nam factory in Thanh Oai Industrial Zone, Ha Noi. — VNA/VNS Photo Danh Lam Viet Nam’s Ministry of Planning and Investment (MPI) is drawing up a report summing up 30 years of foreign direct investment (FDI) since approval of the national Law on Foreign Investment, looking back at the impact of opening the country’s doors to multinational companies. Speaking at an MPI meeting last week, Nguyen Van Trung, Deputy Minister of Planning and Investment, said the FDI sector had helped rebuild the country’s economy, increase export turnover, expand Viet Nam’s reach to world markets, generate jobs, acquire technology transfers, management skills and attain global economic integration. The MPI report will include results from different ministries and departments, experts … [Read more...]

Viet Nam’s business climate is anticipated to improve in the second half of 2017, but economic growth will be at 6.5 per cent, falling short of the Government’s target. Workers at the Regent Garment Factory Ltd. In Hai Duong City.  According to the forecast of the National Centre for Socio-Economic Information and Forecast under the Ministry of Planning and Investment, economic growth in the remaining months will be fuelled by the improving global economy, investment climate, prospect of international integration and upbeat mood of businesses. The second half of 2017 will witness significant impact from the Government’s reform policies and efforts implemented in 2016, which will support businesses and boost investment higher than last year. The centre said economic growth will be positive when the three major drivers - agriculture, industry and services - all saw improvement. The services sector … [Read more...]

Workers at the Regent Garment Factory Ltd. In Hai Duong City. – VNA/VNS Photo Tran Viet Viet Nam’s business climate is anticipated to improve in the second half of 2017, but economic growth will be at 6.5 per cent, falling short of the Government’s target. According to the forecast of the National Centre for Socio-Economic Information and Forecast under the Ministry of Planning and Investment, economic growth in the remaining months will be fuelled by the improving global economy, investment climate, prospect of international integration and upbeat mood of businesses. The second half of 2017 will witness significant impact from the Government’s reform policies and efforts implemented in 2016, which will support businesses and boost investment higher than last year. The centre said economic growth will be positive when the three major drivers - agriculture, industry and services - all saw … [Read more...]

The Ministry of Health will chair seven meetings on health-related issues during the third Asia-Pacific Economic Cooperation (APEC) Senior Officials’ Meeting (SOM3) and related meetings scheduled for August 18-30 in Ho Chi Minh City, said an official from the ministry.  Nguyen Manh Cuong, Deputy Director of the Health Ministry’s International Cooperation Department, said at a press conference in Hanoi on August 11 that the meetings will approve relevant strategies and policies in the APEC region as well as action plans of special working groups.  Health Minister Nguyen Thi Kim Tien will preside over the seventh High-Level Meeting on Health and Economy slated for August 23-28, he said, adding that the event is expected to help promote Vietnam’s initiative in inclusive economic, financial and social development through the building of a sustainable financial system in public health care and a roadmap that provides all people with health services.  … [Read more...]

Hanoi (VNA) –The Ministry of Health will chair seven meetings on health-related issues during the third Asia-Pacific Economic Cooperation (APEC) Senior Officials’ Meeting (SOM3) and related meetings scheduled for August 18-30 in Ho Chi Minh City, said an official from the ministry. Nguyen Manh Cuong, Deputy Director of the Health Ministry’s International Cooperation Department, said at a press conference in Hanoi on August 11 that the meetings will approve relevant strategies and policies in the APEC region as well as action plans of special working groups. Health Minister Nguyen Thi Kim Tien will preside over the seventh High-Level Meeting on Health and Economy slated for August 23-28, he said, adding that the event is expected to help promote Vietnam’s initiative in inclusive economic, financial and social development through the building of a sustainable financial … [Read more...]

Don Lam, VinaCapital General Director, said Vietnam has exerted efforts to improve the business climate, evidenced by higher rankings in surveys conducted by the World Bank.  However, half of the surveyed enterprises confirmed that regulatory barriers, including overlapping, unclear and inefficient regulations, are hurting them, diminishing the sector’s competitiveness.  Ho Sy Hung, head of the Enterprise Development Agency under the Ministry of Planning and Investment, said over the past few years, the size of private enterprises has not improved, in terms of capital or the average number of employees, making it hard for them to invest in technology, machinery and fixed assets to reduce costs. The failure to expand has also made cumbersome administrative procedures a bigger problem, such as inconsistency between the Law on Investment, the … [Read more...]

NDO/VNA - The Ministry of Health will chair seven meetings on health-related issues during the third Asia-Pacific Economic Cooperation (APEC) Senior Officials’ Meeting (SOM3) and other related meetings, scheduled for August 18-30 in Ho Chi Minh City, said an official from the ministry. Nguyen Manh Cuong, Deputy Director of the Health Ministry’s International Cooperation Department, at a press conference in Hanoi on August 11, stated that the meetings will approve the relevant strategies and policies in the APEC region, as well as the action plans of the special working groups. Health Minister Nguyen Thi Kim Tien will preside over the seventh High-Level Meeting on Health and Economy scheduled for August 23-28, he said, adding that the event is expected to help promote Vietnam’s initiatives in inclusive economic, financial and social development through the building of a sustainable financial system in public health care and a strategy that provides everybody … [Read more...]

NDO/VNA - The Ministry of Health will chair seven meetings on health-related issues during the third Asia-Pacific Economic Cooperation (APEC) Senior Officials’ Meeting (SOM3) and other related meetings, scheduled for August 18-30 in Ho Chi Minh City, said an official from the ministry. Nguyen Manh Cuong, Deputy Director of the Health Ministry’s International Cooperation Department, at a press conference in Hanoi on August 11, stated that the meetings will approve the relevant strategies and policies in the APEC region, as well as the action plans of the special working groups. Health Minister Nguyen Thi Kim Tien will preside over the seventh High-Level Meeting on Health and Economy scheduled for August 23-28, he said, adding that the event is expected to help promote Vietnam’s initiatives in inclusive economic, financial and social development through the building of a sustainable financial system in public health care and a strategy that provides everybody … [Read more...]

Illustrative image (Source: VNA) Hanoi (VNA) – A recent survey by the Vietnam Private Sector Forum has shown that the confidence of private business executives keeps improving, with the private sector increasingly asserting its important role in Vietnam’s economic growth.  Don Lam, VinaCapital General Director, said Vietnam has exerted efforts to improve the business climate, evidenced by higher rankings in surveys conducted by the World Bank. However, half of the surveyed enterprises confirmed that regulatory barriers, including overlapping, unclear and inefficient regulations, are hurting them, diminishing the sector’s competitiveness. Ho Sy Hung, head of the Enterprise Development Agency under the Ministry of Planning and Investment, said over the past few years, the size of private enterprises has not improved, in terms of capital or the average … [Read more...]

A view of Hai Phong Port. — Photo baotintuc.vn Prime Minister Nguyen Xuan Phuc has asked the Ministry of Industry and Trade to co-operate with relevant agencies in the resolution of issues related to the logistics sector. According to Decision No 200/QD-TTg, which was promulgated in February, the competitiveness of Viet Nam’s logistics services is to be boosted by 2025, ensuring that logistics will become an important service sector in the economy. The PM asked the ministry to lower logistics costs to 18 per cent of the country’s gross domestic product (GDP) by 2025, thus improving the sector’s competitiveness. This could help increase the competitiveness of the commercial sector in particular and the economy in general. However, many big firms operating in the logistics sector have struggled to cut costs. For example, the northern city of Hai Phong should revise fees for the … [Read more...]

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has officially announced its listing on the Ho Chi Minh City Stock Exchange (HoSE) under the ticker VPB. IFC offers $57-million convertible loan to VPBank Analysis: Basel II bank performances FE Credit raises $100 million in financing arranged by Credit Suisse VPB stocks were listed on HoSE on August 8, but will be officially available for trading from August 17 In particular, HoSE published Notice No.856/TB-SGDHCM on the receipt of the first listing registration of VPBank. Accordingly, more than 1.3 million VPB stocks will be listed at the price of VND39,000 ($1.7) per share. In total, VPBank is valued at nearly VND52 trillion ($2.3 … [Read more...]

It’s all part of an initiative to build trust between participants in the food supply chain – from smallholder farmer to the consumer plate – said experts at a recent workshop in Hanoi. The overarching goal of the workshop was to provide farmers with information and training on how to better access local markets with organic foodstuffs while boosting their sales and earnings. Participatory guarantee systems, or PGS for short, act as locally self-implemented organic labels and offer an alternative to costlier third-party certifications for organic fruit, vegetables and other produce, explained speakers at the conference. About 90% of the food produced in Vietnam is processed by small households that face numerous challenges such as lack of working capital, inadequate amount of land, poor infrastructure, inability to use information technology and high … [Read more...]