Business development internships

/ May 1, 2019

FDI businesses focus on Vietnam retail sector

Big C is one of the FDI corporations gaining foothold in the Vietnam market (Photo: Vietnam+) Hanoi (VNA) - The retail market in Vietnam in recent years continues to be active with many mergers and acquisitions as well as strong growth in the size of domestic and foreign enterprises. Statistics released by the General Statistics Office show that retail sales in 2018 were estimated at 3.3 million billion VND, an increase of 12.4 percent compared to 2017. Notably, according to Le Viet Nga, Deputy Director of the Domestic Market Department (Ministry of Industry and Trade), many large foreign enterprises still consider Vietnam's retail industry to be an attractive investment destination and they are mulling over expanding their investment scale and market share. Vietnamplus has an interview with Ms. Le Viet Nga to provide a better understanding of the retail sector and orientations from the state agencies to create a level playing field, helping businesses grow together. - What have been outstanding features in the Vietnamese retail market recently? Ms. Le Viet Nga: Vietnam's retail market has a great potential for growth due to its large population which reaches approximately 100 million. Notably, 60% of the population are aged 18-50, the shopping age. Additionally, household spending is forecast to increase by 10.5 percent/year on average and will reach 714 USD / month by 2020, in which the coverage of Vietnam’s modern retail system remains lower as compared to other countries in the region but shows its rapid growth. Recently, it can be seen that the retail market has had a strong development due to the economic recovery and it is on track to regain a high growth rate. The number of enterprises is increased. Production was recovered so the products supplying for retail were also on the rise. The results of improving the business investment environment as well as increasing foreign investment in the retail sector are increasing. It can be seen …

/ March 1, 2021

Vietnam needs 128.3 billion USD to develop electricity industry

A wind farm of Trung Nam Group in Ninh Thuan province in the central region of Vietnam (Photo courtesy of the Group) Hanoi (VNS/VNA) - Vietnam needs about 128.3 billion USD of investment capital to develop its electricity industry in 2021-2030, according to draft electricity planning released by the Ministry of Industry and Trade (MoIT). On February 9, the MoIT issued a draft national electricity development planning project for 2021-2030, with a vision to 2045 or the power master plan VIII and asked other ministries and agencies to contribute their ideas. With forecasts that Vietnam's GDP growth will reach an average of 6.6 percent per year in 2031-2045 and 5.7 percent per year in 2031-2045, the MoIT forecast the supply of commercial electricity to reach 491 billion kWh by 2030, and 877 billion kWh by 2045. The draft expected by 2030, the total installed capacity of electricity sources in the country would reach 137.2 GW including 27 percent from coal-fired thermal power, 21 percent from gas thermal power, 18 percent from hydroelectricity, 29 percent from wind power, solar and renewable energy and 4 percent from the imported sources and 1 percent from other types of energy from storage devices. The MoIT’s draft said by 2045, the total installed capacity will reach nearly 276.7 GW including 18 percent from coal-fired thermal power, 24 percent from gas thermal power, 9 percent from hydroelectricity, 44 percent from wind power, solar and renewable energy and 2 percent from the imported sources and 3 percent from other types of energy from storage devices. The power master plan VIII encourages the development of renewable energy and discourages hydroelectricity. Renewables made up 13 percent of power in 2020 and are aimed to make up 30 percent by 2030 and 44 percent by 2045. Regarding the power grid development programme, the plan proposes to continue building the 500kV power transmission system to transmit electricity from major power …

/ February 27, 2021

Vietnam aims for GDP per capita of $5,000 by 2025, developed country status by 2045: 13th Party Congress’s Resolution

The Communist Party is aiming for Vietnam to reach GDP per capita of $5,000 by 2025 and to be a developed country by 2045. Party delegates voted to adopt the Resolution of the 13th National Party Congress at the final session of the Congress held on February 1, 2021. The goals are part of the Resolution of the 13th National Party Congress held from January 25 to February 1, the entirety of which has just been released by the Office of the Party Central Committee. The Resolution noted the highlight of the 12th tenure was the successful handling of the COVID-19 pandemic resulting in significant economic achievements – including stable macroeconomics, controlled inflation and high GDP growth, while people’s living standards were improved. The fight against corruption, loss and waste was intensified, while the socio-political situation remained stable, foreign relations deepened and Vietnam’s profile on the international stage grew. However, numerous shortcomings – including slow modernisation and industrialisation, shifting in the growth model, limited competitiveness and quality and productivity of the economy, inadequate adaptation to climate change and environment protection demands, drawbacks in Party building and rectification, that science and technology has not been the driving engine of socio-economic growth and the lives of certain groups of people remain difficult – of the 12th tenure have been identified in the Resolution. The achievements of 35 years of implementation of doi moi (Reform), 30 years of implementing the 1991 Party Platform and in the 10 years of implementing the 2011 Revised Party Platform have proved that the country’s path towards socialism is consistent with Vietnam’s practical situation and the times' development trends, with the Party’s righteous leadership the leading factor in Vietnam’s revolutionary victories, the Resolution reads. Amid rapidly shifting and complex developments in the global scene, the Party Platform …