Billions usd

During an event held by the provincial People’s Committee on March 25, Deputy PM Khai hailed the success of the province's industrial - urban - service model and urged Binh Duong to continue pursuing rapid, harmonious, inclusive and sustainable development, leaving no one behind. Chairman of the provincial People’s Committee Vo Van Minh said industry - trade - services now account for nearly 97% of the local economy. At present, Binh Duong is home to 29 concentrated industrial parks with a total land area of nearly 13,000 ha and an average occupancy rate of over 90%. During the 1997-2022 period, its gross domestic product expanded by 10.86% annually. On the occasion, the provincial People’s Committee handed over investment certificates to nearly 10 domestic and foreign companies. Representatives from Vietnam’s Becamex IDC Corporation and the investor of the Vietnam - Singapore Industrial Park (VSIP) joint venture signed deals with nine provinces - Tay Ninh, Binh Thuan, Thai … [Read more...] about Binh Duong advised to switch to smart industrial – urban – service model

A factory in Dong Nai province's Giang Dien Industrial Zone. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam attracted nearly 5.45 billion USD worth of foreign investment in the first quarter of the year, down 39% year-on-year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment . Of the three-month figure, over 3 billion USD came from 522 newly-licensed projects, up 62% in a number of projects but down 6% in the amount of capital compared to the same period last year. Some 1.2 billion USD was added to 228 existing ones, representing a yearly hike of 3% in a number of projects and a yearly decline of 70.3% in the capital. However, foreign investors' capital contribution and share purchases rose 4% year-on-year to 798 million USD, the FIA said. Along with the contraction in fresh capital, the disbursed capital also slightly plunged 2.2% from a year earlier to 4.3 billion USD, it noted. The most significant proportion of the … [Read more...] about Vietnam’s foreign investment plunges 39% in Q1

Australian food and beverages showcased during an event in Hanoi as part of celebrations of 50th anniversary of Vietnam-Australia diplomatic relationship. (Photo courtesy of the Australian Embassy) HCM City (VNS/VNA) - Vietnam and Australia have great potential to expand cooperation in a range of sectors, especially agriculture and education, said Australian Ambassador to Vietnam Andrew Goledzinowski . The ambassador was speaking at an event on March 27 in Hanoi, which was organised to celebrate the 50th anniversary of diplomatic ties between Vietnam and Australia. The Australian Trade and Investment Commission (Austrade) is organising two roadshows in localities across Vietnam, including Hanoi, Hue, Da Nang in March and Ho Chi Minh City, Nha Trang and Can Tho in September. The roadshows will expand opportunities for Australian and Vietnamese partners in agrifood and education sectors to discuss commercial partnerships, according to Goledzinowski. “By unlocking new … [Read more...] about Roadshows to celebrate 50th anniversary of Vietnam-Australia partnership

Deputy Prime Minister Tran Luu Quang (R) and US Ambassador to Vietnam Marc E. Knapper . (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Luu Quang hosted a reception in Hanoi on March 28 for US Ambassador to Vietnam Marc E. Knapper. Both sides expressed their delight at the positive development of the bilateral relationship over the past time, particularly the regular high-level exchanges and meetings, while cooperation in economy, trade and investment has been deepened and served as the core and driving force of the ties. Two-way trade reached 123 billion USD last year. The US became Vietnam's first export market with turnover of over 100 billion USD while Vietnam was the 8th largest trade partner of the US. At the reception (Photo: VNA) Cooperation in overcoming war consequences is a bright spot in the bilateral relationship, making important contributions to the process of reconciliation and trust building between the two countries, opening up new … [Read more...] about Deputy Prime Minister receives US Ambassador

According to Thanh, labor cooperation between Vietnam and Malaysia has developed continuously and substantively. The two governments in 2003 signed the first cooperation agreement in sending Vietnamese labourers to Malaysia, which was re-inked in 2015, and 2022 in the framework of the official visit to Vietnam of then Prime Minister Ismail Sabri Yaakob. Labor cooperation is always touched upon in most of the high-level meetings between the two countries, and closely linked to the interests of workers, businesses and development goals of each country. It is not only bilateral cooperation but also within the framework of ASEAN cooperation, the International Labor Organization (ILO) and trade agreements that both sides have joined. Thanh highlighted the great benefits brought about by labor cooperation agreements to the two countries, saying that these deals have helped create jobs and incomes for hundreds of thousands of Vietnamese workers. Official statistics show that there are … [Read more...] about Vietnam, Malaysia eye stronger labor cooperation

He asked ministries, agencies and people’s committees of provinces and centrally-run cities to strictly follow the Government’s resolution dated March 11, 2023 on several measures to solve difficulties for and promote the safe, healthy and sustainable development of the market. The Ministry of Construction (MoC), the Ministry of Finance (MoF), and the State Bank of Vietnam (SBV) must coordinate closely with each other and with relevant agencies to help businesses overcome difficulties and make the market revive. Real estate enterprises must adjust the product structure and market segments as well as offer more reasonable prices; pay special attention to the development of social housing and houses for workers that are suitable to people's income. Competent authorities need to review housing and real estate projects to work with enterprises on measures to handle legal problems, especially in projects with corporate bonds and bank loans, and capital mobilized from buyers, the … [Read more...] about Prime Minister orders close coordination to remove obstacles to property market

In an interview granted to the Vietnam News Agency on the occasion of the 50th anniversary of the Vietnam - Malaysia diplomatic ties (March 30, 1973 - 2023), the diplomat also said the two countries entered into a strategic partnership in 2015, adding that implementing the Plan of Action (POA) for the 2021-2025 period, both countries are further strengthening bilateral relations and have reaped tremendous benefits. Two-way trade turnover reached some USD 19.4 billion in 2022, a 16% increase compared to 2021. Vietnam was Malaysia’s 12th-largest trading partner last year and fourth-largest in ASEAN, after Singapore, Indonesia, and Thailand. Malaysia and Vietnam should take full advantage of bilateral and multilateral initiatives to boost trade, such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the diplomat said. Regarding investment relations, he said Vietnam remains one of the most … [Read more...] about Vietnam one of Malaysia’s closest partners: Ambassador

Mang ethnic minority people, in the northern mountainous province of Son La, live in simple, makeshift tent-like structures made primarily from bamboo. (Photo: VNA) Hanoi (VNS/VNA) - People living in ethnic and mountainous areas have received a boost to improve their living conditions and infrastructure in their communities. Deputy Prime Minister Tran Luu Quang has approved a decision to assist residents to reclaim land, improve their houses and build new homes. It means funds from the state budget will be available to improve living conditions, pave roads, build markets, and install water supply facilities. The assistance is meant to help with the implementation of the national target programme on socio-economic development in ethnic minority and mountainous areas for the 2021-30 period, in the first phase from 2021 to 2025. A maximum of 40 million VND (nearly 1,700 USD) from the central budget will be provided for each household to carry out site clearance, prepare … [Read more...] about Government issues details on aid for ethnic minority housing, land reclamation

Vietnam has reported an on-year gross domestic product (GDP) growth of about 3.32 percent in the first quarter of this year, the growth nears the 13-year lowest level, according to the General Statistics Office (GSO). Illustrative photo The level was higher only than the growth rate of 3.21% recorded in the first quarter of 2020 in the 2011 to 2023 period. According to a GSO's report released at a press conference on Wednesday morning, the service sector grew 6.79 percent and contributed the lion’s share of 95.91 percent to the overall GDP growth, followed by the agro-forestry-fishery sector which expanded 2.52 percent and contributed 8.85 percent. Industry and construction contracted 0.40 percent, representing a 4.76 percent fall. Speaking at the conference, GSO General Director Nguyen Thi Huong explained that the robust growth of the service sector had clearly shown recovery thanks to the government's policies, the post-Covid-19 economic reopening, and … [Read more...] about Vietnam posts 3.32 percent GDP growth in Q1, lowest level in 13 years