The Hanoitimes - At the toast by to celebrate the National Day of Vietnam on Thursday evening, Prime Minister Nguyen Xuan Phuc highlighted the successes of the country and called for stronger friendship and cooperation between Vietnam and friends and partners the world. The following is the entire speech made by PM Nguyen Xuan Phuc at the toast: PM Nguyen Xuan Phuc delivers remarks at the toast on August 30, 2018. Photo: Quang Hieu/VGP Distinguished leaders of the Party and State, Excellency Dean of the Diplomatic Corps, Excellencies Ambassadors, Chargé d’Affaires, Heads of international organizations in Hanoi, Distinguished guests, Dear friends, On behalf of the Party, State, Government and people of Vietnam, I would like to extend a warm welcome to all distinguished comrades, guests and friends to the reception celebrating the 73rd National Day of the Socialist Republic of Vietnam. We are … [Read more...] about “Vietnam always strives to be a good friend, a trusted partner within the int’l community”: PM
Business a good major
(VEN) - The Vietnam Economic News selected 10 industry and trade highlights in 2017. 1. The government issued a decree regulating the function, tasks, rights and organizational structure of the Ministry of Industry and Trade. On August 18, 2017, Prime Minister Nguyen Xuan Phuc signed Decree 98/2017/ND-CP, regulating the function, tasks, rights and the organizational structure of the Ministry of Industry and Trade. The decree is intended to streamline the ministry’s organizational structure. The number of subsidiaries under the ministry has been reduced from 35 to 30, including 26 administrative units and four state-funded public service entities. In addition, the number of state-governing departments at the ministry’s headquarters has also been slashed by 72 or 36.5 percent. 2. The Ministry of Industry and Trade slashed and simplified administrative procedures and investment and business conditions. Following the Master Plan for Simplification of Administrative Procedures … [Read more...] about 2017 was a good year for Vietnam’s trade and industry
By the end of August, 2008, Vietnam’s trade deficit hit more than US$15.965 billion, a two-fold increase over the same period last year and equivalent to 36.85 percent of August’s total export turnover. About 85 percent of Vietnam’s imported products such as materials, fuels, machinery and production equipment mostly come from Asian and ASEAN countries. Meanwhile, its main export items are raw minerals and export manufacturing products. The current trade deficit has now affected negatively rather than positively national economic development. Therefore, the focus of the export policy in the following years will be on reducing trade deficit to keep trade balance, said Dr Vu Dinh Anh, Deputy Head of the Research Institute for Science, Market and Price under the Ministry of Finance. Weak competition among domestic businesses According to domestic and foreign economic experts, Vietnam should have an import surplus from developed countries such as the US and the Europe … [Read more...] about Trade deficit keeps rising Weak competition among domestic businesses A paradoxical result of management Is VND likely to depreciate?
Workers at a Japanese-owned factory making spare electronic parts in Ho Chi Minh City Experts worry that Vietnam's lax policies on licensing foreign direct investment are creating quantity not quality as the funding source continues to play a larger role in the still-developing economy. FDI this year hit US$21.6 billion, up as much as 54.5 percent from last year. Analysts have acknowledged the increase as a highlight in an otherwise gloomy economy. Growth was estimated at 5.42 percent in 2013, lower than the country's target of 5.5 percent. In a report released earlier this quarter, global accounting firm Ernst & Young said rising FDI would be among the factors that could push growth in excess of 6 percent from 2015. But analysts at a recent investment conference in Ho Chi Minh City said they were concerned about the quality of FDI projects. Vietnam has no clear strategy in attracting foreign investment and it has been been doing so at any cost, they said,adding that … [Read more...] about Vietnam’s rising FDI not necessarily a good thing, analysts fear
Despite of the current economic slowdown, Vietnam is still an attractive investment destination for Singapore companies, visiting Singapore Minister Mentor Lee Kuan Yew said in Hanoi on April 15. He said this during a meeting with Vietnamese Prime Minister Nguyen Tan Dung. Mr. Lee added he would continue to call on Singapore companies to boost economic, trade and investment cooperation with Vietnam. PM Dung urged Singapore to encourage its businesses to increase investments in Vietnam and facilitate the flow of Vietnamese exports to the island country. The Vietnamese government leader applauded Singapore's retaining of its position as one of the leading trade and investment partners of Vietnam. He spoke highly of valuable contributions and special sentiments Mr. Lee has extended towards Vietnam as well as the development of the friendship and comprehensive cooperation between the two nations. The PM briefed his guest about Vietnam's socio-economic development and a number … [Read more...] about Vietnam still a good investment place: Singapore’s Lee