PM lists shortcomings of local economyThe Saigon Times Daily Prime Minister Nguyen Xuan Phuc speaks at the opening ceremony of the Vietnam Business Summit 2018 - PHOTO: VGP HCMC - Speaking at the opening ceremony of the Vietnam Business Summit 2018 (VBS) in Hanoi on September 13, Prime Minister Nguyen Xuan Phuc pointed out the shortcomings of the local economy, reported Nguoi Lao Dong newspaper. PM Phuc said only 21% of Vietnamese small and medium enterprises have joined global value chains, while the rate in the rest of the ASEAN region is 46%. The proportion of Vietnamese products in these supply chains does not correspond with their potential. Vietnamese enterprises have only joined these chains in simple phases, such as assembly or product packaging, which have low added value and lack sustainability. At present, products of domestic manufacturers make up less than 27% of the total input materials of foreign direct investment (FDI) firms. The remainder is purchased from … [Read more...] about PM lists shortcomings of local economy
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Vietnam expects to rank highers in global business environment (Photo: VNA) Hanoi (VNA) – The Vietnamese Government is working out measures to further improve the business environment for the country to jump 8-18 steps from the current 68th place in the World Bank’s Doing Business Rankings. By 2020, the quality of business climate in Vietnam is expected to reach the equal level of ASEAN-4 nations, including Singapore, Malaysia, Thailand and the Philippines. To realize the aforesaid goals, the Central Institute for Economic Management (CIEM) organized a conference in Hanoi on May 24 to implement the Government’s Resolution No.19-2018/NQ-CP on improving the business environment and increasing national competitiveness. The event was supported by the Department of Foreign Affairs and Trade of Australia and the US Agency for International Development. With the strong political determination of the Government as well as the active participation of ministries and … [Read more...] about Vietnam eyes higher rankings in business environment
THE GOVERNMENT SOCIALIST REPUBLIC OF VIET NAMIndependence - Freedom - Happiness No. 106/NQ-CP Ha Noi, October 10, 2017 RESOLUTION The Government’s regular meeting in September 2017 THE GOVERNMENT Pursuant to the Law on Organization of the Government dated June 19, 2015; Pursuant to the Government’s Decree No. 138/2016/ND-CP dated October 01, 2016 promulgating the working regulation of the Government; Based on the discussion of the Cabinet members and the conclusion of the Prime Minister at the Government’s regular meeting in September 2017, held on October 03, 2017 DECIDES: 1. Regarding the draft Law amending and supplementing to a number of articles of the Law on Public Investment The Ministry of Planning and Investment shall assume the prime responsibility, and coordinate with the concerned ministries and agencies in conducting a comprehensive and overall review and assessment of the implementation of the Law on Public Investment to … [Read more...] about The Government’s regular meeting
The Global Industry 4.0 Survey, the largest research of its kind and conducted last year by PricewaterhouseCoopers (PwC) on over 2,000 companies in nine major industrial sectors from 26 leading countries, revealed that companies expect Industry 4.0 to reduce operational costs by 3.6 per cent per year while increasing efficiency by 4.1 per cent annually. The country’s major corporations have been looking at applying advanced technologies and replacing their human workforce with machinery and robots in certain industries, to raise productivity, reduce production time, and optimize labor costs. Mr. Isara Burintramart, Managing Director of Reed Tradex, ASEAN’s leading exhibition organizer, underlined the increasing dynamism of Vietnam’s industry. “Vietnam’s manufacturing has been moving away from the traditional portfolio into higher value-added products,” he said. “We have seen growth and changes in industries we serve throughout the past … [Read more...] about Vietnam urged to prepare for the 4th industrial revolution
Industrial revolutions are momentous events. By most reckonings, there have been only three. The first was triggered in the 1700s by the commercial steam engine and the mechanical loom. The harnessing of electricity and mass production sparked the second, around the start of the 20th century. The computer set the third in motion after World War II. It may seem too soon to proclaim that the fourth industrial revolution, spurred by interconnected digital technology, is upon us, but Mr. Henning Kagermann, Head of the German National Academy of Science and Engineering, did exactly that in 2011, when he used the term Industry 4.0 to describe a proposed government-sponsored industrial initiative. After missing the first three, Vietnam is now hoping to tap into the fourth revolution, though this requires action and not just words. Boundless prospects It’s not by chance that Industry 4.0 is mentioned often in State documents and speeches by government officials. The topic even … [Read more...] about VN tries to harness the change brought about by Industry 4.0.