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Legal experts said the law should be more specific in areas that are unclear to ensure transparency in mobilizing financial resources. How can Hanoi strengthen its ability to manage its finances and budget while attracting investment capital to develop the capital? It’s a question raised during the drafting of the revised Capital Law. The law has a chapter on finance and resources for the capital city’s development. The Hanoi Times has an interview with some experts on the issue. Paying tax at Thanh Xuan District, Hanoi. Photo: Thai San/The Hanoi Times Associate Prof. Bui Huu Duc, Chairman of the School Council of Thuongmai University, Hanoi: Establish a system that allows the capital to have resources for investment and development. I supported allowing Hanoi to keep more of the revenues it collects for its development. Specifically, in Article 37 of the revised Capital Law , Hanoi is allowed to keep all money it collects from its … [Read more...] about Amended Capital Law: Efficient resource mobilization needed

Given the insufficient public finance for climate ambitions, credit institutions play an increasingly important role in supporting the country's move towards a net zero economy through promoting green financing and capital markets to tap climate investment opportunities. — VNA/VNS Photo Việt Nam needs to develop a proper regulatory framework to pave the way for credit institutions to increase green financing and contribute to accelerating the transition to a low-carbon economy, attendees heard at the Việt Nam Climate Forum organised by the International Finance Corporation (IFC) in collaboration with the State Bank of Việt Nam (SBV) yesterday in Hà Nội. At COP26 in November 2021, Việt Nam announced the target to achieve net-zero emissions by 2050, phase out coal power by 2040, and reduce methane emissions by 30 per cent from 2020 levels by 2030. The Government of Việt Nam has introduced several policies, strategies, and plans to support environmentally sustainable development, … [Read more...] about VN needs to improve regulatory framework to increase green financing

Hanoi should be empowered to stipulate regulations about its development. Dinh Tien Dung, Secretary of the Hanoi Party Committee, proposed that the revised Capital Law give Hanoi the power to set standards in line with practice in certain areas to ensure long-term security and safety. Secretary of the Hanoi Party Committee Dinh Tien Dung at the session. Photo: Quochoi Dung made the statement on September 20 at the session of the National Assembly Standing Committee in response to last week's tenement fire in Hanoi's Thanh Xuan District that claimed dozens of lives. Hanoi needs to be empowered At the session, Chairman of the National Assembly Vuong Dinh Hue said that the law is particularly important for the development of Hanoi . Therefore, it is necessary to continue to review and research to fully institutionalize policies for Hanoi's development as set out in the resolutions of the Politburo. Emphasizing that this is a law on decentralization of … [Read more...] about Amended Capital Law: Hanoi needs more power

Check out the latest events in Vietnam. Standard Chartered forecasts Vietnam's Q3 GDP to show continued recovery Standard Chartered Bank forecasts Vietnam's Q3 GDP growth to pick up to 5.1% y/y from 4.1% y/y in Q2, according to its latest global research report titled "Vietnam Macro: Q3 GDP to show ongoing recovery". September data is likely to show a slight improvement from August, supported by retail sales. The bank expects September retail sales growth to remain robust at 8.2% yoy, while exports to fall 6.2% yoy, imports to fall 7% y/y, and industrial production growth to pick up to 3.2% y/y. The bank maintained its GDP growth forecast for 2023 at 5.4%. Vietnam to join nearly 30 tourism stimulus programs in 2024 Mu Cang Chai in Yen Bai Province attracts a large number of tourists. Photo: Duy Khanh/The Hanoi Times The Vietnam National Tourism Authority and the Vietnam Tourism Development Fund under the Ministry of Culture, Sports and … [Read more...] about Vietnam news in brief – September 23

People at the " International TECHFEST in Australia " held in Melbourne. (Photo: vneconomy.vn) Sydney (VNA) – The Ministry of Science and Technology (MoST) and Australia’s Monash University on September 20 organised the first “International TECHFEST in Australia”, aiming to attract international resources to develop Vietnam’s innovative startup ecosystem. The event saw the participation of Vietnamese and Australian officials and over 100 experts, investors, and investment funds from the two countries. Minister of Science and Technology Huynh Thanh Dat said that the event is an opportunity to promote the image of Vietnam's open and dynamic creative startup ecosystem. It’s also a bridge connecting businesses and organisations with international resources around the world. Vietnam calls on overseas Vietnamese, intellectuals, entrepreneurs, technology experts, and foreign startups to come to Vietnam and work with Vietnamese partners to solve local and global challenges, he … [Read more...] about Vietnam joins first “International TECHFEST in Australia”

Keep updated on the latest news about Vietnam. Japan's Crown Prince Akishino speaks highly of Vietnam-Japan relations Japanese Crown Prince Akishino (2nd right), Crown Princess Kiko (3rd right), and Truong Thi Mai (4th right), chairwoman of the Vietnam-Japan Friendship Parliamentarians Group, visit a photo exhibition at the ceremony on September 21. Photo: VNA Japan's Crown Prince Akishino praised t he bilateral relations between Vietnam and Japan on September 21 - the day marking the 50th anniversary of establishing Vietnam-Japan diplomatic relations, hoping to contribute to strengthening the ties. Speaking at the celebration ceremony in Hanoi, the Crown Prince expressed pride in the 1,000-year friendship between the two nations and appreciated the affection felt by the peoples of the two countries towards each other. Crown Prince Akishino and Crown Princess Kiko are on a week-long visit starting September 20. They visited the Temple of … [Read more...] about Vietnam news in brief – September 22

Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX). — Photo courtesy of HKEX The Vietnamese stock market is a key capital mobilisation channel for the economy and is undergoing improvement and upgrading towards emerging status. Considered as Asia’s financial hub, Hong Kong is a role model for Việt Nam to follow. When Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX), came to Việt Nam for a conference, Việt Nam News reporter Ly Ly Cao took the opportunity to speak to her about solutions to enhance the country’s stock market and how Hong Kong can support Việt Nam in the upgrading process. What do you think about the Vietnamese stock market in its current state? Việt Nam’s economy is on very strong momentum in terms of GDP growth, which grew by more than 8 per cent last year and is hopefully to reach 6 per cent this year. This sets a very strong foundation for the local … [Read more...] about Hong Kong to help elevate Việt Nam’s stock market potential

What does the deal mean to your company and customers? Sébastien Prioux, CEO of GreenYellow Vietnam and Cambodia This transaction represents a significant milestone for GreenYellow and our partners. With more than 180MWp of solar projects in operation and construction, we are focusing on offering very competitive solar electricity to our clients thanks to our ability to finance our projects through aggressive conditions. This deal with the Asian Development Bank and other pool of lenders is an innovative competitive project financing mechanism combining both offshore loans and grants which also covers the lack of long-term VND funding at a fixed interest rate, and potential volatility of the VND-USD exchange rate. In the end, this will benefit to all our clients and partners. Vietnam aims for 50 per cent rooftop solar adoption in offices and residential buildings by 2030. How can the nation realise the target? Vietnam has a very ambitious strategy under the … [Read more...] about Green goals can be achieved with collective focus

The investment registration certificates handover ceremony for SK Group to US$500 million in a high-tech biodegradable materials plant in Hải Phòng. Photo courtesy of the firm South Korea’s second-largest conglomerate is investing US$500 million in a high-tech biodegradable materials plant in the northern city of Hải Phòng, the first of its kind in South East Asia. At the recent conference on granting investment registration certificates for investment projects in industrial zones (IZs) and economic zones (EZs) in Hải Phòng, the Hải Phòng Economic Zone Authority (HEZA) granted a new investment registration certificate to the ECOVANCE high-tech biodegradable materials factory project of SK Group (South Korea) with a total investment capital of $500 million. The project aims to produce biodegradable materials PBAT, PBS, and PBATS. The project covers an area of 32,089 sq.m, located in the CN5.5G2 land lot, DEEP C Hải Phòng I Industrial Zone (in the Đình Vũ - Cát Hải Economic Zone). … [Read more...] about SK Group to pour US$500 million into DEEP C Hải Phòng

Passengers board a train leaving a station in the northern city of Vinh. The VNR reported a pre-tax profit of VNĐ143.9 billion in the first eight months of 2023, an increase of 193.7 per cent compared to the same period last year. — VNA/VNS Photo There has been progress made with business management and operation of state-owned enterprises (SOEs) during the first eight months of 2023, according to the latest report by the Ministry of Planning and Investment (MPI). The report estimated the SOEs' total revenue at VNĐ1,136.621 trillion (US$46.73 billion) or 71 per cent of the annual target, and 102 per cent compared to the same period last year. The Vietnam Oil and Gas Group - PVN led the pack at VNĐ350.5 trillion, 84.7 per cent of the annual target and 94.4 per cent compared to the same period last year; Vietnam Electricity (EVN) at VNĐ250 trillion, 109 per cent compared to the same period last year; Vietnam National Petroleum Group (Petrolimex) at VNĐ169 trillion, 88.9 per cent … [Read more...] about SOEs management and operation show signs of improvement: MPI