Raising taxes

According to the Ministry of Industry and Trade (MoIT), the scale of the Vietnamese retail market is USD 142 billion, which is expected to reach USD 350 billion in 2025, with contribution of 59% to total GDP. Last year, the total revenue from retail sales of goods and services rose 21%, exceeding the target of 8%. A survey by Vietnam Report showed that over 53.8% of total retail firms enjoyed similar and higher business results compared to the pre-pandemic level. Experts held that growth of retail sales is being supported by rise in income and the strong recovery of the tourism sector as well as relevant sectors such as transport and accommodations, as well as the effectiveness of inflation control measures. Particularly, from now to the lunar New Year (Tet) Festival, which falls in late January, consumers are predicted to loosen their wallet dramatically. At the same time, there are signs of vibrant retail activities as many foreign investors have announced their plans to … [Read more...] about Retail market forecast to bustle this year

The Ministry of Construction (MoC) has set a target of raising the urbanisation ratio of the country to 53.9 per cent in 2023. Apartments in Hanoi. In 2022, Vietnam's urbanisation ratio increased by 1.2 per cent to 41.7 per cent. According to head of the MoC Office Đậu Minh Thanh, urban planning, management and development has been defined as one of the three breakthrough stages of the sector. In 2022, the country's urbanisation ratio increased by 1.2 percentage points to 41.7 per cent, he noted, adding that in the year, the ministry recognised five areas as tier-4 urban areas. As of November 2022, the country had 888 urban areas, including two special-type areas, 22 tier-1, 33 tier-2, 47 tier-3 and 94 tier-4 urban areas. Thanh said that in 2023, the ministry will focus on implementing the Government's action plan to realise Resolution No.06-NQ/BCT on sustainable urban planning, construction, management and development until 2030 with a vision to … [Read more...] about Urbanisation ratio expected to reach 53.9 per cent in 2023

A street in Hanoi is flooded after heavy rains. (Photo: VNA) Hanoi (VNA) – Alongside urbanisation , flooding in cities of Vietnam, a country highly vulnerable to climate change, is getting complicated and needs concerted solutions, according to experts. There are more than 800 cities nationwide, including the two special municipalities of Hanoi and Ho Chi Minh City. Big and populous cities such as Hanoi, Ho Chi Minh City, Da Nang, and Vinh of Nghe An province have frequently suffered from heavy losses caused by downpours and flooding. Nguyen Van Tien, Deputy Director of the Vietnam Disaster Management Authority under the Ministry of Agriculture and Rural Development, said Vietnamese cities, especially major ones, are centres of economic, social, and cultural activities and also concentrations of infrastructure facilities and residential areas. They are exposed to many disaster risks, including flooding, which requires proactive preventive and timely response measures. … [Read more...] about Urban flooding needs concerted solutions

The sector should continue to follow policies and guidelines adopted by the Party and the State, while closely coordinating with ministries, agencies and localities to fulfill socio-economic tasks, he said. Priorities should be given to maintaining the macro-economic stability, controlling inflation, spurring growth and ensuring major economic balances, the leader continued. Prime Minister Pham Minh Chinh asked the State Bank of Vietnam (SBV) to improve its analyzing and forecasting capacity, provide timely consultancy and flexibly respond to developments of the domestic and international situation. The central bank was also urged to intensify inspection and supervision, ensure transparency, promote digital transformation, raise service quality, and support innovations and small- and medium-sized enterprises. It needs to further consolidate monetary institutions, mechanisms and policies to create a concerted legal corridor, thus giving a push to the monetary and credit markets, … [Read more...] about Prime Minister urges banking sector to make more innovations

PANO – Cao Bang province on December 15 th solemnly organized a ceremony to mark the 70 th founding anniversary of the Vietnam People’s Army (VPA) and 25 th anniversary of whole people’s defence day, and announce Tran Hung Dao forest’s recoginition as a special national relic site. The event was attended by State President Truong Tan Sang. Opening the ceremony, Secretary of Cao Bang Provincial People Committee and Chairman of the provincial People’s Council Ha Ngoc Chien recalled the establishment and victorious revolutionary traditions of the VPA and the province. Art performance at the ceremony On December 22 nd , 1944, as instructed by President Ho Chi Minh, the Vietnam People’s Army (VPA) was founded in Tran Hung Dao forest in Tam Kim commune, Nguyen Binh district, Cao Bang province. Of the first 34 soldiers of the army at that time, 25 were from ethnic minorities in Cao Bang. Three days after its establishment, with ingenuity and couragousness, … [Read more...] about Cao Bang marks VPA’s 70th founding anniversary

Deputy Minister of Information and Communications Phan Tam speaks at the ASEAN Conference on 5G . (Photo: Minh Son/Vietnam+) On the morning of October 11, in Hanoi, the ASEAN Conference on 5G took place within the framework of the International Digital Week organized by the Ministry of Information and Communications of Vietnam. Deputy Minister of Information and Communications Phan Tam said that ASEAN countries all have 5G development strategies but are facing problems with infrastructure, standards for deployment and information security. Therefore, the cooperation of ASEAN countries to build a 5G roadmap is one of the priority tasks and goals in the coming time. Lao Minister of Technology and Communications - Boviengkham Vongdara, said technology is one of the contents of long-term cooperation between Laos and Vietnam. "Laos wants to learn from the experiences of other countries, including Vietnam, which has achieved many achievements in digital transformation," … [Read more...] about ASEAN discussing 5G deployment roadmap