Higher income and economic growth

In commemoration of the 50th Anniversary of ASEAN-Japan friendship and cooperation under the theme of Golden Friendship, Golden Opportunities , the ASEAN Youth Organisation is organising the first and largest ASEAN Youth Economic Forum in Southeast Asia. (Photo: aseanyouth.net) Jakarta (VNA) – A blueprint that sets the future direction of the ASEAN-Japan economic partnership for the next decades is now under discussion. Speaking at the recent ASEAN Youth Economic Forum 2023 held in Jakarta, Japanese Ambassador to ASEAN Kiya Masahiko said that his country has always been  and will always be with ASEAN to overcome challenges. ASEAN and Japan are entering their 50th year of relations this year. However, their relationship has dramatically changed over the past decades, not to mention the common challenges that both sides face. Japan supported ASEAN's industrialisation and economic development. However, it is today facing economic stagnation and an aging population. ASEAN, on … [Read more...] about ASEAN-Japan economic partnership in next decades discussed

Kuala Lumpur (VNA) – The Malaysian Government will focus on three main issues this year to achieve high-income nation status by 2026, including fiscal strengthening by focusing on increasing revenue and spending rationalisation. According to the country’s Ministry of Economy, Malaysia will identify new sources of growth including high-tech industries and prioritise digitisation such as electrics and electronics, aerospace, smart agriculture and biomass and reform the economic structure towards a higher value chain. The ministry said that the country’s government will identify new sources of growth including high-tech industries and prioritise digitisation such as electricity and electronics, aerospace, smart agriculture and biomass, along with reforming the economic structure towards a higher value chain. It will also focus on developing an economy based on the service sector, empowering micro, small and medium enterprises and encouraging research, development, … [Read more...] about Malaysia focuses on three issues to become high-income nation by 2026

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

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

Indonesian Foreign Minister Retno Marsudi (Photo: AFP/VNA) Jakarta (VNA) – Indonesian Foreign Minister Retno Marsudi has announced three main pillars of this year’s ASEAN Summit , themed “ASEAN Matters: Epicentrum of Growth.” Speaking at an event on March 19, the minister said the first is maintaining the ten-member group’s centrality, making it a driver to promote peace and stability. Regarding the second - the epicentrum of growth, the official pointed to ASEAN’s advantages in demography, high economic growth, and regional peace and stability. The third lies with Indo-Pacific, she said, noting that the ASEAN Outlook on the Indo-Pacific (AOIP) should be translated into specific economic cooperation activities. In that spirit, during Indonesia ’s ASEAN Chairmanship 2023, the Indonesian Foreign Ministry will coordinate with the Indonesian Chamber of Commerce and Industry (KADIN) and relevant ministries and agencies in organising the ASEAN-Indo-Pacific Forum … [Read more...] about Indonesia announces pillars of ASEAN Summit 2023

Addressing the event, Nguyen Thanh Tinh said that digital transformation is a major policy of the Vietnamese Party and State in recent years. In that context, the Ministry of Justice identifies it as an important task that contributes to improving the validity and efficiency of its State management as well as the quality of public services. The ministry has issued digital transformation programs and set out goals to implement the government's relevant policies. To date, all administrative procedures under the management of the ministry have been connected to the National Public Service Portal. This helps to create favorable conditions for people and enterprises and improves the management and administration capacity of all-level authorities, thus contributing to promoting economic growth and increasing national competitiveness, he said. Ramla Khalidi stated that digital transformation can contribute to achieving the objectives of building a modern and professional justice system … [Read more...] about Partnership forum discusses digital transformation in justice sector

Ca Mau Cape - a tourist attraction in Ca Mau (Photo: VNA) Ca Mau (VNA) – The People’s Committee of the southernmost province of Ca Mau is planning a wide range of activities within the framework of the “Ca Mau – Destination 2023” Programme to promote the locality’s tourism potential. Vice Chairman of the provincial People’s Committee Nguyen Minh Luan said that the programme aims to create chances for businesses to meet, connect and cooperate in developing trade and tourism. The plan aims to help Ca Mau boost socio-economic growth, develop tourism associated with trade and services, and stimulate the sale of local products, particularly local specialties and OCOP (One commune-one product) products. Accordingly, the province will organise a ceremony to mark the death anniversary of Hung Kings, the legendary founders of Vietnam (the 10th day of the third lunar month), a Ca Mau Cape Marathon, and a southern traditional cake festival, and a Ca Mau shrimp festival. A … [Read more...] about Various activities to be held in “Ca Mau – Destination 2023” Programme

Climate change is an urgent problem for humanity in the 21 st century, and its importance was reinforced by the presence of 197 heads of state at the Climate Change Conference in Glasgow in 2021 (COP26). Vietnam has made strong commitments and issued its National Strategy on Climate Change for the period to 2050. Time for business action According to the World Bank, Vietnam is one of the most vulnerable countries to climate change. In 2020 alone, Vietnam has suffered a loss of $10 billion, equivalent to 3.2 per cent of GDP. Without a green transformation strategy, it is estimated that the nation could be losing 12-14 per cent of GDP every year by 2050. Green transformation describes the process of applying advanced processes and technologies to reshape business operations, ensuring economic growth, environmental sustainability, and social development. From an enterprise perspective, a common management solution is through a set of environmental, social and governance … [Read more...] about Net-Zero: Challenges and opportunities for Vietnamese businesses

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

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