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Francois fillons

/ February 10, 2021

Fiscal reforms a must to underpin growth

Francois Painchaud, resident representative of the International Monetary Fund in Vietnam Vietnam took decisive steps to contain the COVID-19 pandemic, which helped limit the health and economic fallout from the health crisis. Swift introduction of containment measures combined with aggressive contact tracing, targeted testing, and isolation of suspected cases helped contain new infections. Fiscal policy also provided support to vulnerable households and businesses. Measures taken by the State Bank of Vietnam (SBV) lowered the cost of borrowing and facilitated the continued flow of credit. Real GDP growth reached 2.91 per cent in 2020, among the highest in the world. We expect strong recovery in 2021. Growth is projected to strengthen further to 6.5 per cent as normalisation of domestic and foreign economic activity continues. Inflation is expected to remain close to the authorities’ target at 4 per cent. However, the outlook is subject to substantial uncertainties. Renewed outbreaks, a protracted global recovery, and ongoing trade tensions are amongst the downside risks to the Vietnamese outlook. On the upside, deployment of an effective vaccine or therapy could boost confidence and growth prospects. Given these uncertainties, the government and the SBV may need to adjust flexibly their policies. Fiscal policy should play a larger role in the policy mix if downside risks materialise, especially given the available fiscal space. Fiscal support should be maintained in 2021, with improving efficiency in execution as priority. Over the medium-term, the emphasis should be on mobilising revenue for financing green and productive infrastructure, strengthening social protection systems, and safeguarding debt sustainability. Monetary policy should remain supportive in the near term. Greater exchange rate flexibility would reduce the need to build forex reserves and facilitate the adjustment to a potentially more challenging external environment. The …

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/ February 16, 2021

Bill Gates warns that manufacturing could challenge climate goals

WASHINGTON -- Bill Gates exudes optimism in discussing the world’s ability to tackle climate change – until he hits on manufacturing. About that, he is worried. There is currently no way to make steel or cement without releasing climate-warming emissions. Yet, neither governments nor investors are looking hard to solve that problem, Gates said. “That’s the sector that bothers me the most,” Gates said in a video interview with Reuters ahead of the publication this week of his book, “How to Avoid a Climate Disaster.” The software-developer-turned-philanthropist has invested some $2 billion toward the development of clean technologies. But those investments are mostly in electricity generation and storage. Manufacturing – especially in the cheap construction staples steel and cement – accounts for roughly a third of global greenhouse gas emissions. That makes manufacturing more polluting than the power or transportation sectors, which receive far more attention in policies and investments. And the manufacturing sector is set to grow, as the global population climbs and countries further develop. “People still need basic shelter, certainly in developing countries,” said Gates, co-founder of Microsoft Corp. “It’s unlikely we’ll stop building buildings.” Gates plans to push for more research and innovation at the U.N. climate conference in Glasgow in November. “The idea is to get innovation, including R&D, onto the agenda … not just looking at the easy stuff.” During the 2015 U.N. climate talks in Paris, Gates helped to launch a global initiative called Mission Innovation along with U.S. President Barack Obama, France’s President Francois Hollande and Indian Prime Minister Narendra Modi to link national governments with the private sector in pursuing and sharing clean technology. We need “total coordination, and in fact some overlap is a very good thing to have,” Gates told Reuters . But he said there should be diversity in the solutions being …

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/ June 2, 2019

BCI Asia Awards for Vietnam spotlight top architecture, real estate firms

The portfolios of the elite architecture firms cover $7.03 billion worth of properties scheduled to start construction in Vietnam this year, while the portfolios of the top developers are valued at $4.89 billion. These firms were chosen based on the greatest aggregate value of projects under construction during the last full calendar year, weighted by the extent of their sustainability efforts. For architecture firms, pre-tender projects were included to recognize early incorporation of green design efforts. At the annual BCI Asia Awards ceremony on May 31, the Top 10 Developers Award 2019 for Vietnam were given to: Flamingo Group; FLC Group; Gamuda Land Vietnam; Hung Thinh Real Estate Business Investment Corporation (Hung Thinh Corporation); Phu Long Real Estate; Phu My Hung Development Corporation; Phuc Khang Corporation; Sun Group; TTC Land; and Vingroup (listing by alphabetical order) . From left to right: Vo Chi Anh (BCI Asia), Nguyen Thi Hanh (Flamingo), Nguyen Quynh Mai (FLC), Angus Liew Bing Fooi (Gamuda), Pham Thi Trang (Hung Thinh), Phung Chu Cuong (Phu Long), George Georgiou (Cong Bang – Sekisui Foam), Matthias Krups (BCI Asia), Hoang Bach Duong (Vingroup), Bui Tien Thang (TTC Land), Nguyen Lam Nhi Thuy (Sun Group), Truong Anh Tu (Phuc Khang), Bui Duy Toan (Phu My Hung), Robert Krups (BCI Asia) The BCI Asia Top 10 Architects Award were won by: Alinco Ltd; Archetype Vietnam Ltd; Archivina Construction Technology Consultant & Investment JSC; Baumschlager Eberle Architekten; DAC - Vietnam Architectural Design; DP Consulting Co Ltd; GK Archi Co Ltd; Mai-Archi Consultant Design Construction Co Ltd.; NQH Architects Co Ltd; and PTW Vietnam Limited Company (listing by alphabetical order) . From left to right: Vo Chi Anh (BCI Asia), Vu The Anh (Alinco), Bui Ngoc Lam (Archivina), Marine Ros (Archetype), Cung Thanh Dat (BE), Truong Huy Dai (DAC), George Georgiou (Cong Bang – Sekisui Foam), Henrik Folkar (PTW), Matthias Krups …

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