Phuc made the remarks while bidding farewell to Chinese Ambassador to Vietnam Hong Xiaoyong on Tuesday. He suggested both sides continue implementing common perceptions of their senior leaders; strengthen political trust through high-level meetings; carry out three working groups on infrastructure, finance and monetary, and discuss win-win cooperation at sea. The PM also calls for efforts to well control disagreements and maintain peace and stability at sea in order to develop the Vietnam-China relations in a stable, healthy and sustainable manner.Phuc expressed his pleasure at developments in the ties, with economic and trade cooperation remaining a bright spot. Ambassador Hong said he was impressed by Vietnam’s strong socio-economic development as well as important progress in the two countries’ partnership. He affirmed that in any positions, he will always pay attention to elevating the bilateral comprehensive strategic cooperative partnership to new heights. … [Read more...] about Economic cooperation, bright spot of Vietnam-China relations
Vietnam takes the bottom position in the region in the newest Index of Economic Freedom just announced by the U.S.-based Heritage Foundation, which uses data from global institutions like the World Bank or the International Monetary Fund to compile the rankings.According to the 2018 report released last Friday, Vietnam ranks 141st in the 2018 Index although the country’s economic freedom score does inch up by 0.7 point to 53.1. Vietnam’s score lags behind all regional economies.Specifically, Myanmar sees its score rise 1.4 to 53.9, taking the 135th position, while Cambodia and Laos gain scores of 58.7 and 53.6, earning 101st and 138th position respectively. Other regional countries standing high in the index include Brunei at 70th, Indonesia at 69th, Thailand at 53rd, and especially Malaysia at the 22nd position.It is noteworthy that while Vietnam has managed a modest rise in its overall score, at 0.7, some other regional economies have moved even faster, such as Thailand … [Read more...] about Vietnam at regional bottom in global economic freedom ranking
VietNamNet Bridge - The General Statistics Office is working on a plan to assess the value created by the informal economic sector as per the government’s request. The informal economic sector's valuation is 30 percentHowever, economists believe that it would be better not to count the informal economic sector when calculating GDP.According to Vo Tri Thanh, former deputy head of the Central Institute of Economic Management (CIEM), the informal economic sector’s valuation was 10 percent of GDP in 1990s. Ten years ago, several institutions estimated that the value of the sector was equal to 30-35 percent of GDP.PM Nguyen Xuan Phuc believes that if Vietnam counts the value created by the informal economic sector, the real GDP of Vietnam would be much higher than the figure reported. If so, the government can lift the public debt ceiling and have more money for investment and development.Head of the VCCI’s (Vietnam Chamber of Commerce & Industry) Legal … [Read more...] about Quantifying informal economic sector just for reference: economists
NDO – Regional resilience should be promoted in both political and economic aspects, thereby creating new momentum for ASEAN to transition to a new development phase, Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh has said. >>> ASEAN neighbours vow to promote bilateral cooperation with Vietnam >>> Vietnam attends ASEAN foreign, defence ministers’ meetings in Singapore The senior Vietnamese diplomat made the suggestion while addressing the ASEAN Foreign Ministers’ Retreat (AMM Retreat), which opened in Singapore on February 6 under the themes of “Resilience” and “Innovation.” The meeting is the first ASEAN FMs’ conference hosted by Singapore in 2018, the third year of the implementation of the ASEAN Community.Speaking at the event, Deputy PM Minh stressed that ASEAN should uphold its basic values and principles to consolidate unity and affirm ASEAN's united voice on matters of common … [Read more...] about AMM Retreat: Vietnam urges political and economic resilience for regional development
VietNamNet Bridge - Fulbright University estimates that Vietnam’s informal economic sector makes up 25-30 percent of total GDP and has 57 percent of total number of workers, but the General Statistics Office (GSO) believes that the informal sector is not that large. How big is Vietnam's informal economic sector?Nguyen Bich Lam, Director General GSO at a conference to review the activities of the Ministry of Planning and Investment (MPI) on January 15 said MPI will submit a scheme on informal economic statistics to the Prime Minister for approval this year. The operation of the informal business sector contributed to the economy, but it was not yet accounted for in calculating GDP.According to Thien Anh Tuan from Fulbright Economics Teaching Program (FETP), there are underground, informal and illegal sectors. The state still cannot classify, record, monitor and the sectors and underground doesn’t always mean ‘illegal’.Complicated and unclear regulations … [Read more...] about How big is Vietnam’s informal economic sector?