A view of Van Don Island in the north-eastern Quang Ninh Province. (Photo: halongtourvietnam.org) Hanoi (VNS/VNA) - Van Don, a rural district of Quang Ninh province in the northeastern region of Vietnam, may soon see a 5 trillion VND (220 million USD) resort complex. Real estate developer CEO Group has proposed to the provincial People’s Committee its intention to build the SonaSea Dragon Bay complex which will have a total area of 94ha.  This will include a hotel complex of 5,000 rooms, a water park, shopping centres and a shop house, as well as docks and a public beach. The project is expected to take shape during the 2018-22 period. The committee has asked the group to complete its planning and submit a proposal for consideration this month. With this investment plan, the CEO Group will revive the largest tourism project in Van Don, which has been sluggish for the past decade. The … [Read more...]

NDO – It is necessary to develop facilitative policies and mechanisms and create a favourable business environment for enterprises to achieve the set target of 6.7% economic growth this year, experts have suggested. Economic experts and policy makers gathered at a seminar on September 19, hosted by the Ministry of Planning and Investment (MPI), to discuss the necessary measures for ensuring consistency in policy adjustment to achieve the growth targets. Speaking at the event, Head of MPI's Department for National Economic Issues Tran Quoc Phuong stressed the need for the effective implementation of solutions to achieve the set growth target for the whole year, in the context of limited budgets. According to Phuong, to achieve GDP growth of 6.7% this year, in addition to the overall measures, focus should be placed on short and long-term sustainable solutions in order to take advantage of all opportunities and conditions to accelerate growth in 2017, while supporting … [Read more...]

An embankment was reinforced amid serious erosion in Kim Quy hamlet of the Mekong Delta province of Kien Giang (Photo: VNA) Hanoi (VNA) – A conference on shaping the shift to sustainable development model adaptive to climate change in the Mekong Delta will take place in Can Tho city on September 26-27. Prime Minister Nguyen Xuan Phuc will chair the event, which is expected to attract about 350 delegates, said Minister of Natural Resources and Environment Tran Hong Ha during a meeting with organisers on September 19. The meeting will review challenges faced by the Mekong Delta between now and 2100, particularly those related to the management of water resources, and opportunities for regional sustainable development. Participants will contribute ideas to the building of Mekong Delta socio-economic development plans, while discussing measures to shift to livelihoods … [Read more...]

At the meeting (Photo: VNA) Manila (VNA) – Vietnam proposed a resolution on strengthening intra-regional cooperation to build an ASEAN Economic Community (AEC) of equal development and inclusive growth at the second plenary session of the 38th ASEAN Inter-Parliamentary Assembly (AIPA) General Assembly in the Philippines on September 19. The resolution, which was adopted with high consensus from AIPA member countries, suggests enhancing multinational cooperation to narrow development gap, ensure sustainable poverty reduction and effective implementation of social welfare. It calls for considering the building of a common institutional framework for the AEC. Vietnam also put forward ideas to modify the content of a resolution on combating marine plastic debris and micro-plastic proposed by Indonesia. The ideas concerned the mention of the UN sustainable development … [Read more...]

The use of cryptocurrency and blockchains in Viet Nam is currently limited to just one per cent of the total population, though experts anticipate that the number could grow to 30 million users in the next ten years. A customer uses a Bitcoin ATM in HCM City. Nonetheless, the State Bank of Vietnam (SBV) has clearly stated that unlike legal tenders, cryptocurrencies such as bitcoin are not considered real money and thus not recognised as payment methods in Vietnamese law. Bitcoin was first introduced to Viet Nam in 2009, and has since experienced double-digit growth each year in terms of users, and an average daily transaction value reaching the thousands of US dollars, according to Bitcoin Vietnam Co ltd., the self proclaimed first bitcoin platform in the country, established in 2014. Subsequently, bitcoin’s blockchain, its own open, distributed ledger that records transactions between two parties using the … [Read more...]

Financial leasing institutions are the lastest solution to resolve capital shortages of local businesses, especially small- and medium-sized enterprises (SMEs). Financial leasing has been a popular channel to mobilise capital globally, with total revenue of up to US$1 trillion per year. Financial leasing is a credit activity in the mid-and-long-term through the leasing of machines, equipment, transport vehicles and other assets, such as office buildings. In the United States, 80 per cent of firms, ranging from SMEs to large companies on the list of Fortune 500, have leased some of their machines and equipment used in production and trading. In addition, over 30 per cent of total equipment was provided through financial leasing contracts. In Japan, revenue from annual financial leasing was some $50 billion. However, according to Phan Duc Tu, BIDV’s general director, the financial leasing market in Viet Nam is … [Read more...]

VietNamNet Bridge - Banana prices have seen sharp increases in the last 30 years, with an estimated market value of $15 billion per annum. Though prices fluctuate all the time, in general they are on the rise, from $300 per ton in 1980s to $1,100 per ton in 2012. At Hoang Anh Gia Lai shareholders’ meeting, president Doan Nguyen Duc said one hectare of bananas brings revenue of VND1.9 billion, much higher than that brought by sugar cane. It is estimated that the group earns VND2.3 billion from fruit, and bananas account for a large proportion. However, despite the great potential, Vietnam still cannot develop an effective banana industry. Banana have one of the largest fruit growing areas in Vietnam, accounting for 19 percent of total fruit-tree cultivation, and the highest output, about 1.4 million tons a year. However, banana has never been considered a key fruit tree and has never been included in … [Read more...]

State-owned oil and gas group PetroVietnam has refuted data from the General Department of Vietnam Customs that says the country lost up to $15 million from crude oil exports to China in the first eight months of this year. According to the department, Vietnam exported 4.9 million tons of crude oil at $408 per ton to other markets, but only charged $400 per ton for the 1.7 million tons it exported to China. PetroVietnam denied the claims on Monday, saying Vietnam does not earn less from selling crude oil to China compared to other markets. Vietnam exports oil to China in two ways: directly selling the product to China through auctions, or selling it to an intermediary which then distributes the oil in China. For direct sales, China's Unipec, the trading arm of state oil giant Sinopec, paid $733 million for 1.78 million tons of crude oil, or $412 per ton, to PetroVietnam during the first eight months. On average, Vietnam received $405.3 for every ton of crude oil sold … [Read more...]

Deputy Prime Minister Vuong Dinh Hue at the event (Source: VNA) Brussels (VNA) – A forum was held in Brussels, Belgium on September 18 to promote economic ties between Vietnam and Belgium and other European nations, with more than 100 business representatives in attendance. Deputy Prime Minister Vuong Dinh Hue, who chaired the event, detailed Vietam’s socio-economic development plans and highlighted the country’s role in connecting European firms with the Asia–Pacific market. The Vietnamese Government pledges to continue building a transparent, and friendly investment environment for investors, Hue said. Hue encouraged Belgian and European firms to hasten the signing and ratification of the Vietnam – EU Free Trade Agreement (EVFTA), which is expected to create opportunities for enterprises of both sides, adding that they should invest … [Read more...]

Former Finnish Prime Minister Esko Aho (Source: Internet)    Hanoi (VNA) – Former Finnish Prime Minister Esko Aho delivered a presentation in Hanoi on September 18 about Finland’s experience in economic development based on innovation. As part of the Vietnam-Finland Innovation Partnership Programme Phase 2 to improve the capacity of Vietnamese policymakers, the event was a follow-up to a presentation made by Prof. Goran Roos in late August. Opening the event, Minister of Science and Technology Chu Ngoc Anh said to serve demand for renovation, managers and science-technology policymakers should improve science-technology policies in tandem with sustainable economic development in Vietnam. In his speech, Aho underscored the need to change ideas about knowledge, master future technology and devise strategies for innovation. … [Read more...]