A Party Resolution describes the private sector as an important driving force for national economic growth, thanks to substantial contributions to the GDP. Eliminating barriers to boost private sector According to a 2017 survey and business trust index conducted by the Private Economic Forum, enterprises are facing problems concerning licenses and startups. NA deputies say the government has pointed out issues to address in the near future. They called for more effective mechanisms to determine the role of leaders of ministries, sectors, and localities in addressing these problems. Photo for illustration Luu Binh Nhuong is a deputy for Ben Tre province: “The government needs to encourage the public and work with state agencies to check any abuses of power. The National Assembly should improve its oversight on the government and state apparatuses to limit difficulties and obstacles.” Creating breakthrough mechanism The private sector has contributed … [Read more...] about Breakthrough policies created to boost private sector
Private sector
Vietnam needs more ADB funding for private sector
Deputy governor of the State Bank of Vietnam Dao Minh Tu (Source: VNA) - Vietnam is persuading international financial institutions, including the Asian Development Bank (ADB), to expand their funding for the local private sector and reduce government guarantees for those activities, since Vietnam is among the countries that will stop being funded by ADB in 2019 due to becoming a middle-income economy. Deputy governor of the State Bank of Vietnam (SBV) Dao Minh Tu speaks to Vietnam News Agency's English-language newspaper Viet Nam News about these issues on the sideline of the recent ADB 51st Annual Meeting in Manila, the Philippines. Question: What has Vietnam achieved in the ADB’s 51th Annual Meeting? Answer: The meeting aimed to strengthen the bond between member countries and expand ADB’s main activities in the context of global financial volatility and various changes in economies’ trade policies. On behalf of the Vietnamese Government, we were able to … [Read more...] about Vietnam needs more ADB funding for private sector
Việt Nam needs more ADB funding for private sector
Viet Nam News Việt Nam is persuading international financial institutions, including the Asian Development Bank (ADB), to expand their funding for the local private sector and reduce government guarantees for those activities, since Việt Nam is among the countries that will stop being funded by ADB in 2019 due to becoming a middle-income economy. Deputy governor of the State Bank of Việt Nam (SBV) Đào Minh Tú speaks to Việt Nam News about these issues on the sideline of the recent ADB 51st Annual Meeting in Manila, the Philippines . What has Việt Nam achieved in the ADB’s 51th Annual Meeting? The meeting aimed to strengthen the bond between member countries and expand ADB’s main activities in the context of global financial volatility and various changes in economies’ trade policies. On behalf of the Vietnamese Government, we were able to deliver messages to the audience addressing the country’s current … [Read more...] about Việt Nam needs more ADB funding for private sector
Thai, UK private sectors discuss investment cooperation
Bangkok (NNT/VNA) – Representatives of the private sectors of Thailand and the United Kingdom have participated in the 3rd Thai-UK Business Leadership Council Meeting, during which a focus was placed on their cooperation in trade and investment. Following its establishment in 2016, the Thai-UK Business Leadership Council convened its third meeting, attended by Thai entrepreneurs led by Minister of Commerce Sontirat Sontijirawong and their British counterparts led by British Ambassador to Thailand Brian Davidson. The Bangkok meeting was called to review progress under various cooperation frameworks agreed upon during the previous gathering, with particular concentration on the drafting of a free trade agreement (FTA) between the Thai and British governments. Initially, the two sides were resolved to set up a joint working group within the year to expedite the FTA formulation process while the UK prepares to withdraw from the European Union. Future negotiations will … [Read more...] about Thai, UK private sectors discuss investment cooperation
ADB: Vanuatu should develop its private sector
The new Asian Development Outlook (ADO) 2018, ADB’s flagship annual economic publication, notes that gross domestic product (GDP) growth in the Pacific nation was steady in 2017, driven by construction and the continued recovery of agriculture and tourism from the impacts of Cyclone Pam in 2015. Tourism, in particular, was given a lift by the 2017 Pacific Mini Games in Port Vila and the return of codeshare flights operated by Qantas and Air Vanuatu.“Vanuatu’s ambitious infrastructure pipeline is supporting its current and future growth prospects, but the accompanying rise in public debt poses big challenges for fiscal management,” said Ananya Basu, Principal Economist from ADB’s Pacific Department.Vanuatu archipelago. (Source: Wikipedia)The report notes that continued support for private sector growth in the country is needed while the government expands its revenue base. As it looks to increase taxes on businesses, the government needs to ensure that … [Read more...] about ADB: Vanuatu should develop its private sector