Vũ Đại Thắng. – Photo vietnamfinance.vn Three decades since the country began its process of economic renewal, foreign direct investment (FDI) has become one of the key sectors in Viet Nam’s economic structure and made great contributions to the country’s socio-economic development. However, in addition to the many advantages, there are still drawbacks with this fast-growing sector. Vũ Đại Thắng, Deputy Minister of Planning and Investment, speaks to Vietnam News Agency about FDI. How do you evaluate Việt Nam’s achievements after 30 years of drawing FDI capital? Since the Law of Foreign Investment took effect in December 1987, Viet Nam has spent more than 30 years luring FDI capital, which has turned into one of the country’s most important economic sectors. More than US$182 billion worth of capital has entered Viet Nam in the past three decades, targeting almost every sector of the Vietnamese … [Read more...] about FDI key to economic development
How agriculture helps in economic development
FDI – a successful part in Vietnam’s economic development: WB economist
Lead Economist for World Bank in Vietnam Sebastian Eckardt (Photo: VNA) Hanoi (VNA) – Since the Law on Foreign Investment was passed in 1987, Vietnam has been successful in attracting FDI, and the investment inflows have contributed greatly to Vietnam’s economic development, according to the Lead Economist for World Bank in Vietnam Sebastian Eckardt. Question: Please kindly assess the general impacts of FDI inflows towards Vietnamese economy in the last 30 years. Answer: So Vietnam has been quite successful in attracting FDI ever since the country opened up to foreign investment and if we look at the impact, we can say that FDI has really contributed in various ways, including industrialization, where a lot of investment went into manufacturing sector, building capacity across a range of sectors including electronics but also more traditional industries such as garment and shoe factory, and so on, really fueling Vietnam strong export performance and … [Read more...] about FDI – a successful part in Vietnam’s economic development: WB economist
BUSSINESS NEWS IN BRIEF 25/8
RoK technology ventures seek opportunities in Vietnam An event connecting technology ventures of Vietnam and the Republic of Korea (RoK) was held in Ho Chi Minh City on August 22 to strengthen cooperation and trade activities between businesses of the two countries. It was organised by Vuccess Co., Ltd of the RoK, with support from the State Agency for Technology Innovation of the Ministry of Science and Technology, the Vietnam Trade Promotion Agency (Vietrade) of the Ministry of Industry and Trade, along with the Korea Institute of Science and Technology and Korea Techno-Ventures Foundation. At the event, Vietnamese firms were updated on latest technology and cooperation opportunities through 11 leading businesses of the RoK in various fields, including information technology, communications, power-electronics, garment-textile, chemistry, construction, energy and environment. Bui Hoang Yen from the Vietrade said that since Vietnam and the RoK established diplomatic relations in … [Read more...] about BUSSINESS NEWS IN BRIEF 25/8
North Korea seen looking to China, not US, for help in any economic transformation
U.S. President Donald Trump may have promised that North Korea will become “very rich” on the back of American investment if Pyongyang ditches nuclear weapons but economists and academics who have studied the isolated country say it is China not the U.S. that will be the engine of any transformation. The nearest template would not be based on American-style capitalism, but China’s state-controlled market economy first championed by Deng Xiaoping, who became China’s leader in 1978, these experts said. China was just coming out of the turmoil of the 27-year reign of Mao Zedong, a period during which capitalism was banned and private businesses and property were seized by the state and placed under collective ownership. Deng introduced wrenching reforms that are widely regarded as creating the foundations of China’s economic miracle in the past 40 years. The changes were massive, the growth phenomenal, but most importantly the Chinese Communist Party has … [Read more...] about North Korea seen looking to China, not US, for help in any economic transformation
Credit policies help Khmer people boost economic development
Khmer people develop breeding industry. (Photo: baoangiang.com.vn)As of May 31st, the outstanding balance was estimated at over VND2.829 trillion, with over 167,000 customers; of which over VND215.66 billion was for 17,568 ethnic minority families. The loans have mainly been spent boosting agricultural, forestry, breeding production; building and repairing houses; building safe water systems; sanitizing the environment; and supporting educational fees, thus improving and raising local residents’ quality of life, helping them master new ways of production among millions of poor families and beneficiaries’ families, especially those in poor, disadvantaged and remote areas. “Meanwhile, ethnic minority people have been more confident with advanced commodity production and market mechanism,” said Mr. Hoanh. To facilitate people in having easy access to loans, the bank has developed transaction locations in communes. As of late May, 156 communal transaction … [Read more...] about Credit policies help Khmer people boost economic development