Economic growth international

Reviewing the country’s socio-economic recovery and development achievements in 2022, the PM said the macro economy remained stable, major economic balances were ensured, and notably the domestic investment and business environment was improved significantly. During the post-COVID-19 period, the foreign investment disbursement went up 13.5% as compared with 2021, which reflected Vietnam’s attractiveness in the regional and global investment maps, he said. Pham Minh Chinh stressed that the Vietnamese Party and State advocate green growth in order to ensure rapid, effective and sustainable economic development, contributing to implementing the 2021-2030 socio-economic development strategy. However, green growth needs a suitable roadmap, with conditions and capacity of each region, locality and business taken into consideration, he noted, encouraging the engagement of all, particularly businesses and people, in this regard. The Government will work to consolidate institutions, … [Read more...] about Prime Minister pledges to further support enterprises at Vietnam Business Forum 2023

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

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

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

Vietnamese Minister of Foreign Affairs Bui Thanh Son (R) and British Ambassador to Vietnam Iain Frew . (Photo: VNA) Hanoi (VNA) – Vietnamese Minister of Foreign Affairs Bui Thanh Son hosted a reception in Hanoi on March 20 for British Ambassador to Vietnam Iain Frew, during which he hailed the latter for actively promoting bilateral activities over the past years. Son said the signing and enforcement of the UK-Vietnam Free Trade Agreement has made the UK the third largest trade partner in Europe and the ninth largest export market of Vietnam and the most important European investor in the country despite impacts from the COVID-19 pandemic. He asked Frew to continue facilitating the exchange of all-level delegations, effectively implement bilateral cooperation mechanisms and work closely with Vietnamese partners to hold activities celebrating the 50th founding anniversary of Vietnam-UK diplomatic ties this year. The host suggested both sides maintain effective … [Read more...] about Vietnamese FM suggests expanding cooperation in areas of UK’s strength

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