Foreign investment

Vietnam’s foreign trade surged 22.3 per cent year-on-year in the first 11 months of this year to exceed US$599.1 billion, according to the General Statistics Office (GSO). Workers at Eclat Vietnam Textile Co Ltd's factory in Dong Nai Province. The country exported $29.9 billion worth of commodities in November, up 3.6 per cent month-on-month and 18.5 per cent year-on-year. — VNA/VNS Photo Cong Phong The figure reached $59.7 billion in November, up 8.5 per cent month-on-month and 19.7 per cent year-on-year, the GSO announced on November 29. The country exported $29.9 billion worth of commodities in November, up 3.6 per cent month-on-month and 18.5 per cent year-on-year. It raised the 11-month export turnover to close to $299.7 billion, up 17.5 per cent from a year earlier, with the foreign-invested sector (including crude oil) contributing 73.6 per cent of the total, or $220.68 billion, up 20 per cent year-on-year. Thirty-four commodity items earned export revenue of …

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Workers at Eclat Vietnam Textile Co Ltd's facotry in Dong Nai Province. The country exported $29.9 billion worth of commodities in November, up 3.6 per cent month-on-month and 18.5 per cent year-on-year. — VNA/VNS Photo Cong Phong Viet Nam’s foreign trade surged 22.3 per cent year-on-year in the first 11 months of this year to exceed US$599.1 billion, according to the General Statistics Office (GSO). The figure reached $59.7 billion in November, up 8.5 per cent month-on-month and 19.7 per cent year-on-year, the GSO announced on November 29. The country exported $29.9 billion worth of commodities in November, up 3.6 per cent month-on-month and 18.5 per cent year-on-year. It raised the 11-month export turnover to close to $299.7 billion, up 17.5 per cent from a year earlier, with the foreign-invested sector (including crude oil) contributing 73.6 per cent of the total, or $220.68 billion, up 20 per cent year-on-year. Thirty-four commodity items earned export revenue of $1 …

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Showing support for the ADB’s opinions raised at the forum, Chairman Hue paid special attention to the bank’s recommendations related to the size of a policy package aiding economic recovery. He agreed with the bank that international cooperation holds great importance to increasing resources for economic recovery. He said the lender has always been an important partner of Vietnam, noting that amid the COVID-19 pandemic that remains complicated around the globe and the coming into being of a new variant, the country will have to carry out an economic stimulus package that is big and long enough to maintain and boost driving forces for growth, overcome difficulties caused by the pandemic, and develop sustainably in the time ahead. The top legislator expressed his hope that the ADB will keep assisting Vietnam in the pandemic combat and economic recovery. He called on the bank to provide Vietnam with capital for investment projects and policy advice on sustainable development, as well …

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It is urgent for Vietnam to innovate growth model at the time of COVID-19 as it will help the country boost recovery after the pandemic crisis, one of the country’s major goals in short term prioritized by the Party and Government in 2022 and the 2022 – 2025 period. Vietnam’s growth model has revealed multiple weaknesses over the last decade, with the country’s labor productivity only equal to 62 percent of other countries in the same income group, and domestic sector outperformed by foreign-invested sector. In the past 10 years, total factor productivity and capital contributed 40 percent and 53 percent, respectively, to Vietnam’s Gross Domestic Products (GDP), while labor represented only 7 percent, development economist Dr. Dang Kim Son told the dialogue. Building Vietnam’s new growth model requires the mobilization of all resources, from land, workforce, capital to science and technology and digitalization, according to experts at the event. Dr. Tran Van Tho from Wasade …

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Da Nang calls for RoK’s investment in ICT A forum to promote investment in information and communications technology (ICT) in the central city of Da Nang from the Republic of Korea (RoK) was held virtually on November 30, bringing together representatives from over 200 enterprises and investors from the two countries. The event aims to introduce potential, advantages, preferential and investment support policies of Da Nang to RoK businesses and investors, especially in ICT, and high technology. Addressing the event, Deputy Minister of Information and Communications Phan Tam said the RoK is the largest foreign investor in Vietnam with over 9,000 valid projects worth over 71.5 billion USD, including nearly 500 investment projects in the ICT field with the presence of the world's leading technology corporations such as Samsung and LG. To welcome more investments from the RoK, the Vietnamese Government has been perfecting models, mechanisms and policies to create breakthrough …

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The previous edition of the Vietnam Value Programme honoured a batch of businesses that have expanded their brands to other shores The eighth selection of national brands for the Vietnam Value Programme is coming up next year, following up on the previous itineration in 2020. Back then, one of the popular contenders was TH Group, which received the honour of the national brand classification for several of its products, such as TH fresh milk, TH school, and TH true yoghurt. “The recognition from the government and ministries not only helps TH Group to assert its brand among domestic consumers but also helps us to reach the international community,” said Ngo Minh Hai, president of the group. Ensuring the domestic production chain during the pandemic has been a priority of the corporation. “However, we continue to expand production and business both at home and abroad,” Hai said. Currently, TH Group is building dairy farms and processing facilities in many provinces and …

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Vietnamese famers have average income of 3.4 million VND/month The Ministry of Agriculture and Rural Development reported that the average income for farmers in 2020 was 43 million VND/year, which is equivalent to under 3.4 million VND/month. In the Draft Strategy for Sustainable Agriculture and Rural Development for the 2021-2030 period (with a vision towards 2050), the Ministry set the goal of raising farmers’ average income and reducing poverty in a sustainable manner. By 2030, the rural population’s income would have to be 3 times higher than in 2020, and poverty rate would fall by 1-1.5 %. Vietnam targets 100,000 IT enterprises, digital economy to contribute 30% GDP At a recent event in Da Nang, Deputy Minister of Information and Communications Phan Tam said that Vietnam has had 58,000 ICT enterprises and has set a target for that number to reach 100,000 by 2025. "The goal is that by 2030, Vietnam will be in the top 50 countries in terms of digital governing, and its …

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With Hanoi hosting an international puppetry festival, it is hoped that more Vietnamese will develop a habit of visiting water puppet theaters to enjoy the centuries-old art form that is loved by foreign tourists but facing disinterest by domestic audience. The 2018 International Puppetry Festival takes place in the Vietnamese capital from October 8 to 15, with participation of the Wallonia-Brussels from Belgium, and troupes from Cambodia, Laos, the Philippines, Thailand, France, and Brazil. Four Vietnamese art units joining the event are the Thang Long Puppetry Theater, the Vietnam Puppetry Theater, the Ho Chi Minh City puppetry art troupe, and the puppetry art troupe of the northern city of Hai Phong. This is the fifth edition of the international festival, held to honor of the traditional Vietnamese art, and to present the value of Vietnamese puppetry and culture to international friends. Vietnam is the birthplace of water puppets, which emerged in the northern rice paddies …

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