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At the Japanese-funded NMS Vietnam Co., Ltd. (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Luu Quang has freshly signed a decision to approve an action plan for implementing the 2021-2030 national foreign investment cooperation strategy. As per the plan, the Ministry of Planning and Investment (MoPI) is assigned to submit to competent authorities a draft revised law on bidding within the 2022-2023 period; and the Ministry of Finance a governmental decree amending and supplementing Decree 08/2015/ND-CP concerning the implementation of the customs law in 2023. The Ministry of Industry and Trade, meanwhile, is responsible for drafting the Prime Minister's Decision on building a supporting industry development programme for 2026-2030, which should be submitted to authorised agencies by 2025. Reports by agencies and localities involved on the implementation of the strategy are set to be sent to the MoPI before October 30 annually. The decade-long strategy aims to … [Read more...] about Action plan approved to implement foreign investment cooperation strategy

The CEO and Regional Head, Client Coverage, Americas, Standard Chartered, shared his view on Vietnam's significance for US businesses and why Vietnam is potential for foreign investors. Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective industrial nation. Firms and investors looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas, Standard Chartered. Photo: Standard Chartered In recent years, Vietnam has benefited from the trade tensions between the US and China. With US companies adopting a ‘China plus one’ approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine percent between 2018 and 2021. It is, however, important to note that Vietnam has been an alternative to China … [Read more...] about The significance of Vietnam for US businesses and why they should take notice: Standard Chartered

At last week’s AGM, privately-held Nam A Bank signalled its ambition to expand its footprint in the international market by establishing a wholly-owned commercial bank, or to set up a branch in a foreign country. Banks expanding share over borders, illustration photo/ Source: Nam A Bank This is part of the bank’s long-term strategy to diversify revenues, capitalise on other prospective foreign markets, and build a robust banking ecosystem. “This plan is in line with the upward trajectory of other financial institutions in a bid to support Vietnamese businesses in their international trade and investment activities,” said a bank representative. “We haven’t decided the exact location, but our target would be focused on the Asian market first.” Regarding its domestic network, Nam A Bank targets to open at least 20 new branches and transaction offices in various localities, such as Quang Ninh, Nghe An, Dak Nong, Binh Thuan, and Long An provinces. The bank’s AGM also … [Read more...] about Banks expanding share over borders

Australian enterprises, participating in the Australia-Vietnam Energy Transition Business Forum held in Hanoi on Tuesday, said they are willing to help Vietnam develop systems and equipment to produce large energy-storage batteries domestically to reduce their prices. At the forum jointly held by the Australian Trade and Investment Commission (Austrade), the Electricity and Renewable Energy Authority under the Ministry of Industry and Trade, and the Vietnam Electricity Group (EVN), the energy transition of the two countries and Australia’s new energy technology and solutions were introduced. The event was among those to celebrate the 50th anniversary of the diplomatic relations between Vietnam and Australia. Building energy storage systems in Vietnam Renewable energy needs large storage equipment which meets safety standards and is eco-friendly. A typical solution in Australia is the energy storage battery. This is a feasible solution to optimize the renewable energy … [Read more...] about Australian firms willing to transfer energy-storage battery tech to Vietnam

Local experts suggest it is necessary to coordinate with employers in the recruitment, organization of training, and retraining of employees to overcome the shortage of qualified workers and contribute to the recovery of production and business activities. Hanoi's authorities will come up with specific solutions to improve the quality of labor and link vocational training with labor market demand, targeting 73.2% of skilled workers by the end of 2023. Submunicipal authorities, experts, and people have shared with Hanoimoi Newspaper the labor market outlook and proposals to address problems related to recruitment and vocational training problems in the city. Local workers are learning sewing skills at the Hanoi Center for Employment Service. Photo: Hanoimoi Newspaper Director of Hanoi Department of Labor - Invalids and Social Affairs Bach Lien Huong : Focus on linking vocational training with enterprises In recent years, vocational training … [Read more...] about Solutions to boost labor quality: Experts

The Department of Construction has launched an invitation for tender on public contracts in sewerage and water treatment equipment and services in 2019. Hanoi’s recent review on rental land and environmental protection at some industrial parks in Hanoi showed that just 21 among a total of 70 industrial parks, or 30%, operating in the city have installed centralized sewerage treatment plants, the Government Portal reported. Of them, nine industrial clusters have water treatment plants built with investors’ private funding and the 12 remaining were installed with public funding in accordance with the decision of the municipal People's Committee. Illustrative photo. The municipal Department of Industry and Trade has drafted a program on supporting technical infrastructure investment in the industrial parks in Hanoi during the period of 2020-2025 through collecting information on industrial parks’ infrastructure in the area. The Department of Construction has … [Read more...] about 30% of industrial parks in Hanoi have centralized wastewater treatment plants

Hanoi’s wastewater treatment site is a key and vital project as it would collect and purify sewage discharged by people in seven districts. Chairman of the municipal People's Committee Nguyen Duc Chung has asked contractors to speed up the construction of Yen Xa wastewater treatment site in Thanh Tri districtto help clean the once iconic To Lich river and better lives of citizens along the river. While making an inspection to the site on February 4, Chung stressed this is a key and vital project of Hanoi as it would collect and purify sewage discharged by people in seven districts, especially waste water from the city’s polluted To Lich river. It is expected to also revive the river. Hanoi Mayor Nguyen Duc Chung discusses with the Project Management Board and the contractor of Yen Xa wastewater treatment site project. Photo: Kinhtedothi.vn In order to accelerate the project, which comprises a centralized sewage treatment facility, as the site stretches … [Read more...] about Hanoi mayor urges speedier construction of wastewater treatment plant

The Hanoi People’s Committee issued Decision No. 41/2017/QD-UBND dated December 6, stipulating management of water drainage and wastewater treatment in the city. The Decision includes three chapters and 23 articles, specifying following issues: regulations on water drainage management and wastewater treatment in urban areas, industrial zones, industrial clusters, rural residential areas: orientation and planning on water drainage, plan on water drainage investment and development, management and operation of the water drainage system, connection of water drainage system, water drainage services; right and obligatory of organizations, individuals and households involving water drainage and wastewater treatment in Hanoi. The regulation is applied for Vietnamese organizations, individuals and household, and foreign organizations and individuals that involve drainage and wastewater treatment in Hanoi. The Department of Construction acts as focal point to … [Read more...] about Hanoi to manage water drainage and wastewater treatment

The event attracted the participation of representatives from six agencies of the Korean government, members of the National Assembly, 30 leaders of businesses, agencies, research institutes, and universities related to green industry and smart mobility. In his speech on potential for cooperation between Vietnam and RoK and opportunities for green industry development in Vietnam, Dr. Tran Hai Linh, member of the Vietnam Fatherland Front Central Committee and VKBIA’s President briefed participants on the RoK's investment in Vietnam in recent years. He also assessed the potential for cooperation in investment and application of science and technology to green industry in Vietnam as well as potential for cooperation between Vietnamese and Korean agencies, organizations, businesses, and universities, research and development institutes for the development of green industry and supporting industries. VKERC’s President Kim Jong Bae emphasized that the transition to using green, smart, … [Read more...] about Vietnam and RoK foster cooperation in green industry and smart mobility

Prime Minister Pham Minh Chinh expressed his belief that the ambassador will contribute to improved bilateral relations, adding that the Vietnamese government will order relevant agencies to coordinate with and assist the diplomat to fulfill his duties. Implementing the foreign policy of independence, self-reliance, diversification, and multilateralization of external relations, and being a good friend, trustworthy partner, and responsible member of the international community, Vietnam wishes to intensify cooperation with Middle Eastern countries, of which Saudi Arabia is a major and influential nation, Prime Minister Pham Minh Chinh noted. Ambassador Mohammed Ismaeil A. Dahlwy highlighted the increasingly enhanced relations between the two countries, saying he hopes bilateral ties will continue to be promoted more strongly. Prime Minister Pham Minh Chinh and the Saudi Arabian Ambassador applauded the progress in cooperation in recent times. Saudi Arabia is now one of its leading … [Read more...] about Prime Minister Pham Minh Chinh receives Saudi Arabian ambassador