Tomaso Andreatta, co-chairman, Vietnam Business Forum Today we are witnessing the great success of Vietnam in welcoming an ever-accelerating flow of foreign investment into the country. Thanks to this, Vietnam has caught up with other large ASEAN partners as a major exporter to the whole world and GDP has grown through foreign investments, technology and know-how, the salaries paid to the Vietnamese employees, taxes, and all the local products and services acquired by foreign-invested enterprises. In part to support their companies investing in Vietnam, Japan, South Korea, and other countries have extended ODA to build infrastructure beyond the usual level. The quality of FDI is continuously increasing, and now the first products to be exported from Vietnam are electronics, just as, a few years ago, garments, shoes and furniture overtook oil and food as the key exports. This has been made possible by a unique combination of the culture of the Vietnamese people, who are especially … [Read more...] about Vietnam’s way ahead in foreign investment and economic growth
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Four Vietnamese business people have made it onto Forbes' list of the world's richest people this year. Nguyen Thi Phuong Thao (L) and Pham Nhat Vuong. Pham Nhat Vuong Pham Nhat Vuong, owner of real estate conglomerate Vingroup and Vietnam's first billionaire, enjoyed his sixth consecutive appearance on the list, ranking as the world's 499th richest person this year. Vuong also retained his position as Vietnam's richest man with a net worth of $4.3 billion, a $1.9 billion increase from last year. Vuong's success in the property market spans 17 years since he moved back to Vietnam from the Ukraine where he produced and traded instant noodles. The real estate mogul has expanded his business to provide clients with a wide range of products and services. They can “live in Vinhomes, study at Vinschool, shop in Vinmart, check their health in Vinmec and spend their vacations at Vinpearl.” Last year, the corporation expanded into car manufacturing with an auto company … [Read more...] about How did Vietnam’s four richest people earn their billions?
How long Resolution 11 will be kept in place is the question Professor David Dapice - Photo: Kinh Luan The Government’s Resolution 11 was issued on February 24 this year to tame inflation and stabilize the macro economy. The Saigon Times Daily had an email talk with Professor David Dapice, a professor of economics at Tufts University and an economist with the Vietnam Program at Harvard University’s John F. Kennedy School of Government, over the Government move. The Saigon Times Daily: Do you think the new package of measures under Resolution 11 will eventually bear fruit? - Professor David Dapice: The problem is not if the February measures (Resolution 11) will work, but how long it will be kept in place. Recent growth has been driven by SOE (State-owned enterprise) and real estate investment, both of which rely on rapid credit growth. If a real slowdown emerges, it is likely that there will be fierce pressures to reignite credit growth again and if that happened, then … [Read more...] about How long Resolution 11 will be kept in place is the question
>> Mass fish deaths caused by Formosa’s toxic discharges: government According to surveys conducted by experts in the panel responsible for investigating the mass fish deaths in Vietnam’s central coast, Formosa’s discharge of toxic waste has caused serious damage to marine life. The surveys were conducted at a number of sites including Mui Ron Ma and Hon Son Duong (Ha Tinh province), Hon La port and Hon Nom Island, Vung Chua (Quang Binh province), Cua Tung and Con Co (Quang Tri province), and Hon Son Cha, Bai Chuoi and Bac Hai Van (Thua Thien-Hue province). It is estimated that half of the 800 hectares of coral in the above-mentioned provinces were destroyed. At Con Co, scientists discovered no abnormal deaths of coral, fish and other creatures living on reefs and found many fish with high economic value. Meanwhile, at other survey sites the ecosystem was rather poor and no fish with high economic value were found. Only some species of the Pomacentridae … [Read more...] about Formosa toxic discharge: How long will it take for marine life to recover?
(VEN) - Hugh Borrowman, the Australian Ambassador to Vietnam talked with Vietnam Economic News' Nguyen Huong about the cooperation between Vietnam and Australia on the occasion of the Year of the Snake, and 40 years of the diplomatic relation between Vietnam and Australia (1973 - 2013). Vietnam and Australia established diplomatic relations 40 years ago. As a representative of the Australian Government and people, can you give some assessments on the two countries' cooperation ties, especially in economic cooperation at present and in the coming time? The 40th anniversary of diplomatic relations between Vietnam and Australia in 2013 will be an important milestone. The relationship has come a long way in the last 40 years. Australia now considers Vietnam one of its most important regional partners. Our partnership with Vietnam is deep and broad, with strong political, economic, security and education links. Connections between Australian and Vietnamese people reinforce these … [Read more...] about Australia onsiders Vietnam one of its most important regional partners