Next big money making opportunity

The level of income is necessary but not a prerequisite. We have to give qualified people the chance to do what they can do so that they feel like they are contributing to the community. In part 2 of the online roundtable "Vietnam and Aspirations", Dr. Nguyen Van Dang from the Ho Chi Minh National Academy of Politics and Prof. Le Anh Vinh from the Vietnam Institute of Educational Sciences, talk about solutions to attract and gather talented people for the country’s development. At the opening session of the 13th National Party Congress, General Secretary and State President Nguyen Phu Trong emphasized the focus: Arousing spirit and will, determination to develop a prosperous and happy country; the strong and enduring nation; to develop mechanisms and policies to promote the Vietnamese people's spirit of dedication to the country. With the clear direction for national development, what human resources do we need to develop the country, especially during the current golden population period? Prof. Le Anh Vinh. Photo: Pham Hai Prof. Le Anh Vinh: First of all, we are holding a golden opportunity. Vietnam has turned to a golden population since 2006. We will have about 20 years more in this period and we need to fully exploit this potential. Vietnam also has a big population so we have the potential for remarkable growth in the coming period. However, we also have limitations. First, Vietnam is among the countries with the high population aging rate and the golden population period is very short compared to other countries. The second drawback is that there is an indicator relating to a country's socio-economic potential when it reaches its population peak. If we take the US with 100 points, Singapore 146 points, then Vietnam has only about ten points. Simply, we are facing an opportunity to mine a gold mine - that is the population - but the license period is short, and the sci-tech conditions to mine it are limited. The problem …

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The Hanoitimes - Marko Walde, chief representative of the Delegation of German Industry and Commerce in Vietnam, spoke with Hanoitimes about opportunities from a trade deal with the EU and what needs to be done to make use of it. I would express my respects to Hanoi’s encouragements in terms of trade and investment promotion. As the capital of Vietnam, Hanoi with a good infrastructure basis, completed industrial zones and convenient transportation, is one of the centers of economy, industry, trade, and services. Marko Walde, chief representative of the Delegation of German Industry and Commerce in Vietnam. Photo: AHK. The city’s implementation of its “one stop shop” mechanism is also evidence of its dedication to bring in a clearer and more transparent investment environment. By completing other infrastructure projects, especially the metro lines, they city would increase their attractiveness tremendously. From our point of view, for the long run, Vietnam and Hanoi should establish a stable and reliable legal framework and economic policy to support businesses, local and international ones. In particular, Hanoi should develop a practical oriented dual vocational training and education projects in order to gain high skilled labor force and support local businesses in improving their technology competence as well as their competitive advantages. Hanoi should continue improving general infrastructure as well as conducting a suitable platform for direct experience exchanges and direct dialogue between authorities and businesses as well as between local and international ones. As I mentioned before, for the purposes of sustainable development and attracting more high-value-added foreign direct investment, the legal and regulatory framework of many sectors and the economic policies should be improved further and be consistent. The other challenges are the lack of qualified workers in Vietnam, the undeveloped supporting industries, …

[Read more...] about Effective EVFTA, EVIPA to bring about more opportunities for Hanoi: AHK

Statistics compiled by the General Department of Vietnam Customs indicate that plastic export turnover has consistently recorded increases in recent years, with the average growth rate reaching between 14% and 15% annually. Indeed, the EU market accounts for approximately 18.2% of the nation’s overall plastic export turnover. Vietnamese plastic products also have a presence in over 150 markets globally. According to the International Trade Center, the country’s plastic packaging products in the EU market now enjoy a competitive advantage compared to that of regional peers such as Thailand and China due to not being subject to anti-dumping duties of between 4% and 30%. According to the European-American Market Department under the Ministry of Industry and Trade, the majority of plastic products that have been subject to a basic tax rate of 6.5% have been slashed to 0% immediately after the EVFTA came into effect, with no quotas being applied. Experts therefore believe that the EVFTA has implemented flexible regulations regarding the rule of origin for plastic products. This will serve to create competitive advantages for Vietnamese enterprises as they are largely dependent on imports of raw material sources. As a means of meeting the demand for both domestic and export markets, the nation’s plastic industry is forced to import millions of tonnes of raw materials each year, with domestic capacity only meeting between 15% and 35% of the demand for raw materials. Furthermore, experts also note that the trend of switching to use eco-friendly and self-destructing plastic packaging made from polyethylene terephthalate (P.E.T) has become increasingly popular within the EU. This therefore poses challenges to the local plastics industry due to traditional packaging products still making up a large proportion. Economists have stated that a number of firms have actively turned to producing P.E.T materials and exporting to several major markets around the world, …

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