Contractors cleared under the national industrial

Kuala Lumpur (VNA) – The Malaysian Government will focus on three main issues this year to achieve high-income nation status by 2026, including fiscal strengthening by focusing on increasing revenue and spending rationalisation. According to the country’s Ministry of Economy, Malaysia will identify new sources of growth including high-tech industries and prioritise digitisation such as electrics and electronics, aerospace, smart agriculture and biomass and reform the economic structure towards a higher value chain. The ministry said that the country’s government will identify new sources of growth including high-tech industries and prioritise digitisation such as electricity and electronics, aerospace, smart agriculture and biomass, along with reforming the economic structure towards a higher value chain. It will also focus on developing an economy based on the service sector, empowering micro, small and medium enterprises and encouraging research, development, … [Read more...] about Malaysia focuses on three issues to become high-income nation by 2026

Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam ’s industrial real estate sector has great potential for developing more projects related to data centres, cold storages and logistics, according to John Campbell , Associate Director, Head of Industrial Services at Savills Vietnam - the largest and most experienced real estate services company in the Southeast Asian nation. Main opportunities in the logistics industry include last-mile logistics services and the implementation of a logistics 4.0 system, said Campbell. Moreover, investors can take advantage of the lack of cold storages in Vietnam to develop new projects, and increase supply for the market, he said, adding that the construction of built-to-suit warehouses to meet special technical requirements is also an attraction for investors. Jack Harkness, Director of Regional Industrial and Logistics Services at Savills Asia Pacific, stated that the industrial and logistics real estate sector, which … [Read more...] about Industrial, logistics property attractive to investors: Savills

This is the first high-ranking delegation of Vietnam to pay an official visit to the RoK since the two countries elevated their ties to a comprehensive strategic partnership in December 2022. The trip aims to further intensify the countries' relations, political trust, and cooperation between the two parliaments in bilateral and multilateral aspects. The delegation will have discussions with the RoK to serve the amendment of some important laws such as the Land Law, the Law on Electronic Transactions, the Law on Protection of Consumer Rights, the Law on Price, the Law on Bidding, and the Law on Cooperatives, along with the e-parliament building. Visiting the Vietnamese Embassy in the RoK on March 19, the N.A. delegation had a meeting with the embassy’s staff and representatives of the Vietnamese community there. N.A. Vice Chairman Nguyen Duc Hai affirmed that the Party and State always view overseas Vietnamese as an integral part and a resource of the country, as well as an … [Read more...] about National Assembly Vice Chairman Nguyen Duc Hai pays official visit to RoK

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - Economic cooperation should continue to be the focus of bilateral ties between Vietnam and the Republic of Korea, National Assembly (NA) Vice Chairman Nguyen Duc Hai said at his talks with Deputy Assembly Speaker of the RoK Chung Woo-taik in Seoul on March 20. Read full story - Chief Justice of the Supreme People’s Court Nguyen Hoa Binh and Minister of Justice Le Thanh Long cleared up questions regarding asset recovery in corruption cases, at a Q&A session in Hanoi on March 20 as part of the 21st meeting of the National Assembly (NA) Standing Committee. He admitted that the work has yet to be done strictly although 40% of the assets were recovered over the past decade. Read full story - Vietnam is striving to lure more Japanese investments to digital transformation and green growth, as recommended in the Vietnam-Japan Joint Initiative (VJI). Phase VIII of the … [Read more...] about ☕ Afternoon briefing on March 20

Rang Beach, a popular destination in Binh Thuan province. (Photo: www.binhthuan.gov.vn) Hanoi (VNA) – The opening ceremony of the Visit Vietnam Year 2023 with the theme “Binh Thuan - Green convergence” will be held at NovaWorld Phan Thiet in Phan Thiet city in the central province of Binh Thuan on March 25 evening, according to the Vietnam National Administration of Tourism (VNAT). Nearly 600 artists, actors, and actresses will perform in an artistic musical show at the ceremony with the script written by Meritorious Artist Tran Ly Ly, Director of the Department of Performing Arts, and writer Hoang Cong Cuong. The 85-minute show has three parts, namely the “Convergence of earth and sky”, the "Green Tour", and the "Green convergence - Binh Thuan destination of friendship". Mui Ne sand dune. (Photo: baobinhthuan.com.vn) According to VNAT, Visit Vietnam Year is a both a national and international cultural, economic, social, and tourist event. It is also the biggest … [Read more...] about Breakthroughs expected for Binh Thuan tourism with Visit Vietnam Year 2023

Enterprises in the beverage industry need stable policies in terms of taxes and fees to return to pre-pandemic growth. — Photo plo.vn Enterprises urge careful consideration to be given to the Ministry of Finance’s proposal to impose a special consumption tax on sugary drinks to ensure harmonisation of benefits between the State, consumers and producers. Nguyen Quoc Viet, deputy director of the Viet Nam Institute for Economic and Policy Research, said production and business remain difficult. To ensure macro-economic stability, it is necessary to maintain policies which energise enterprises and promote domestic consumption. Policy changes, if any, should be studied carefully to ensure benefits harmonisation. Viet said that it was not a good time to change taxes as it might further burden enterprises and consumers, especially when efforts are being made to recover growth. He added that the adjustments might cause instability in the institutional and legal environment and have … [Read more...] about Careful consideration of special consumption tax on sugary drinks urged

How can 5G and digital transformation impact the performance of industries such as manufacturing, logistics, agriculture and e-commerce over the coming years? Denis Brunetti, president of Ericsson in Vietnam, Myanmar, Cambodia and Laos As a critical digital national infrastructure, 5G has the potential to significantly transform society, industries, and the economy, as well as benefiting the environment. In the past, developing economies depended on traditional inputs to fuel growth, such as low-cost labour and natural resources. Moving forward, the new economy will increasingly depend on more sustainable inputs, such as science, technology and innovation, whereby data will become the new oil that creates as much as drives a more inclusive and sustainable socioeconomic development, securing broader range prosperity for all. Through 5G, the introduction of Industry 4.0 will be accelerated across thousands of factory floors in Vietnam, enabling robots, digital twin … [Read more...] about Going digital and green in partnership with Ericsson

Ministry of Planning and Investment Deputy Minister Tran Quoc Phuong This is the second year that VIR has organised the Conference on Digital Transformation to create opportunities for representatives of state management agencies, policymakers, experts, and both local and international tech enterprises to meet and exchange information. The National Digital Transformation Programme for 2025, with a vision to 2030, emphasised three main focus points, including digital government, digital economy, and digital society. According to the Ministry of Information and Communications, in 2022, the total revenue of Vietnam's IT and telecommunications (ICT) industry reached about $148 billion, and the digital economy reached 14.26 per cent of GDP. To achieve the goal that, by 2025, the digital economy will account for 20 per cent of GDP under its rapid development scenario, Vietnam needs to maintain average annual digital economic growth of about 20 per cent, more than three times … [Read more...] about Digital transformation – Faster, Smarter, and Greener

ADC Pharma in Can Tho Province. As the domestic pharmaceutical market holds a lot of potential, local producers are urged to improve their competitiveness for expansion. — VNA/VNS Photo Thanh Liem It is critical for pharmaceutical companies to improve competitiveness with a focus on research and development (R&D), production technology and digitalisation. According to experts, this will help them expand their shares in the domestic market which remains being dominated by imported drugs and extend their international reach. Viet Nam’s pharmaceutical market has significant potential. The Ministry of Health estimated the market at US$6.9 billion in 2021 while BMI Research forecast the market to reach $16.1 billion in 2026 with a compound growth rate of up to 11 per cent. According to Nguyen Dieu Ha, general secretary and office chief of the Vietnam Pharmaceutical Companies Association (VNPCA), there are 55 foreign-invested pharmaceutical companies in Viet Nam as of the end of … [Read more...] about Pharmaceutical companies urged to invest in R&D, improve competitiveness

According to a report given at the VBF by the Korean Chamber of Business in Vietnam (KoCham), many factories currently have dorms on their campus for their expat workers. However, a new regulation in Decree 35 asks foreign workers to live in specially built accommodation areas within IZs. In other words, according to the new rules, developers have to set aside specific land in the complex to build accommodation for their expat workers, instead of them living in dorms within the factory campus. Notably, the decree stipulates that accommodation facilities within the complex are to be built in the service area of the complex and at a safe distance in accordance with related laws. The company must ensure security and order and not affect the production and business activities of other enterprises in the industrial park. Pursuant to Decree No. 35/2022/ND-CP, Dong Nai Industrial Zones Management Authority has issued an official letter of implementation of regulations on the residence of … [Read more...] about KoCham raises foreign workers residence issue at VBF