Domestic businesses

Hanoi (VNA) - All-level authorities and sectors need to adopt recovery acceleration plans for the remaining two months of the year for the country to record annual growth of 2-3 percent, Prime Minister Nguyen Xuan Phuc said at the Government’s monthly meeting on October 30. The Ministry of Planning and Investment reported a stable macro-economy and low inflation in October, with the CPI growing 0.09 percent both month-on-month and year-on-year, while the 10-month figure was up 3.71 percent compared to a year earlier. The country has posted a record trade surplus of 18.7 billion USD since the beginning of the year. Agriculture remains a pillar of support for the economy, while the number of newly-established enterprises in October rose 18.4 percent against September. PM Phuc said the economy hit its lowest point in the second quarter and has been on a V-shaped recovery since the third quarter. COVID-19 has been largely contained, creating the conditions necessary for economic … [Read more...] about PM requests economic recovery be accelerated

Hanoi (VNA) - Disbursement of World Bank (WB) loans had increased 55 percent year-on-year as of September 30, the Ministry of Finance revealed on October 28. The WB is a major donor to Vietnam, with more than 7.3 billion USD committed to 36 programmes and projects, of which 33 loans worth over 6.5 billion USD have gone to agreements. Three others valued at 506 million USD have been approved by the International Development Association (IDA) but are yet to be cemented in agreements. Eight loans will have disbursement completed this year, and 10 others in 2021. Speaking at an online conference between ministries and localities and the WB, Nguyen Xuan Thao, deputy head of the finance ministry’s debt management and external finance department, said all projects must observe regulations set by the bank regarding site compensation and resettlement, and procurement and bidding. All adjustments to agreements must abide by legal regulations on international treaties, she stressed. … [Read more...] about WB loan disbursement up 55 percent

Bùi Kim Thùy, a former member of Việt Nam's negotiation delegation for FTAs and country representative on the US-ASEAN Business Council, said to solve this issue, the textile and garment industry could initially use fabrics imported from countries that had FTAs with the EU such as South Korea to enjoy the preferential tax rates of the EVFTA. … [Read more...] about VN needs to develop raw materials production to take advantage of EVFTA

Thus it is that a tour has opened in the ancient town of Hội An where you pay a “nominal fee” of US$10 for the privilege of rowing a kayak along the Thu Bồn River and spending pretty much the whole morning or afternoon picking up trash that spoils the otherwise beautiful landscape. … [Read more...] about Needed: more ‘whacky’ clean-up campaigns

The revenue of the retail sector and the export turnover increased by 9.9% and 5.5% respectively compared to the same period last year. Production value of high-tech products reached USD16.2bn, an increase of 19.8%. Nearly VND291trn (USD12.5bn) was contributed to the city's budget, a decrease of 12.83% compared to the same period last year. An additional 33,499 firms have been set up in the past 10 months. Even though the total number decreased by 7.6% the total registered capital increased by 41.6% compared to the same period last year. Moreover, 7,100 firms resumed operation. In the last two months of 2020, HCM City authorities will carry out preventive measures against Covid-19 while boosting the economy. One of the goals is to speed up disbursement of public investment and stimulate domestic consumption. The city will also focus on the tourism sector. According to Le Thanh Liem, since HCM City is Vietnam's economic hub, they will do their best to contribute to the country's … [Read more...] about Thousands of firms resume operation after Covid-19