Economy

Nguyen Thi Kim Ngan said Tuesday that many businesses and individuals have been given land without going through a bidding process, resulting in losses to the state coffers. Many people, including real estate tycoons, have become rich because they have been allocated land without going through an auction, Ngan said at a National Assembly (NA) meeting. She proposed that all public land be auctioned, starting next year, including land owned by state-owned enterprises. The state can pay the clearance costs first and be reimbursed after the auction, Ngan said, adding that this regulation should added to the Budget Resolution so the NA can supervise the auctioning process.  In a new report submitted to the NA, the Ministry of Construction stated that the real estate market lacked transparency in planning, selecting and handing land over to investors.  Local authorities give land directly to investors without going through the auctioning process, and this has had negative results, … [Read more...] about Auction all public land, proposes head of parliament

The Hanoitimes - The structure of state budget expenditures is set to improved, of which, regular spending continues to decline and expenditure for development investment is going to increase. Vietnam's state budget overspending in 2019 will be kept at VND222 trillion (US$9.49 billion) or the ratio of 3.6% of its GDP, according to Minister of Finance Dinh Tien Dung.    Illustrative photo. Vietnam's state budget collection in 2019 is expected to reach VND1,411 trillion (US$60.36 billion) and budget spending is projected at VND1,633 trillion (US$69.86 billion), Dung said in a hearing held by the National Assembly's Standing Committee on October 16.  According to Dung, around VND16.2 trillion (US$693 million) would be used to increase the basic wage from VND1.39 million (US$59.45) per month to VND1.49 million (US$63.73), starting July 1, 2019. The basic wage is used to determine salary of an employee based on his/her corresponding coeficient. At the hearing, the … [Read more...] about Vietnam targets fiscal deficit at 3.6% of GDP in 2019

Construction on the transmission line began in December 2015 by Power Project Management Board of EVN HCM City, which is also the main investor. The construction has been implemented in communes of Binh Hung, Phong Phu in BinhChanh district and ward 5 in district 8. Executing agencies have built a 220kV underground cable on Binh Hung road, National Highway 50, Ta Quang Buu and 1107 roads with a total length of 3.5 km. EVN HCMC also upgraded the 110kV overhead transmission line that belongs to BinhChanh –Phu Dinh 110kV line to atotal length of 2.75km. According to EVN HCMC representatives  the project is co-financed with loans from the Asian Development Bank (ADB) and EVN HCMC, aiming to ensure the increasing demand of residents and businesses for electricity in district 8 and neighbouring areas. … [Read more...] about South Saigon-District 8 220kV transmission line due for completion in October

Visitors at the 6th International Precision Engineering, Machine Tools and Metalworking Exhibition & Conference (MTA HANOI 2018). — VNS Photo Vũ HoaViet Nam News HÀ NỘI — More than 75 per cent of exhibitors attending the 6th International Precision Engineering, Machine Tools and Metalworking Exhibition & Conference (MTA HANOI 2018), which opened in Hà Nội on Tuesday, come from foreign countries such as the US, UK, South Korea, China and Taiwan. This demonstrates the attractiveness of Việt Nam’s mechanics sector, the organiser said. BT Tee, organiser and general manager of UBM VES, said Việt Nam has signed many multilateral and bilateral trade agreements. The greatest impact of these agreements on the production area is to help reduce investment costs, thereby encouraging investment from the private sector. “These are the reasons why foreign businesses are more and more concerned about the … [Read more...] about Việt Nam’s mechanicsindustry attracts foreign firms

A corner of Bà Rịa-Vũng Tàu. The southern province is seeking investments in renewable energy and logistics infrastructure development. — Photo baotainguyenmoitruong.vnViet Nam News HÀ NỘI — A delegation of Bà Rịa-Vũng Tàu will travel to Japan and South Korea from October 17 to 26 to call for investment from these two countries into the southern province. Nguyễn Thành Long, deputy chairman of the provincial People’s Committee, said that the province planned to seek investment from South Korea and Japan in key sectors, including industrial production, logistics infrastructure and tourism. Focus would be placed on developing renewable energy such as solar and wind power and building a logistics centre in Cái Mép Hạ Industrial Zone. Long said that in South Korea, the delegation will work with the Vietnamese Embassy and the Korea Trade – Investment Promotion Agency and hold an … [Read more...] about Bà Rịa-Vũng Tàu seeks investment from S Korea and Japan