Sector industries

Vietnam, together with Indonesia and the Caribbean, will benefit from these projects, according to a press release from the US Embassy in Hanoi. These projects are developed to help the humanitarian community better understand how the private sector can invest in projects that mitigate the risk of disasters, and increase businesses’ participation in community disaster preparedness plans and policies. They will also help reduce the social and economic impact of disasters, and support communities’ efforts to recover and rebuild after disaster strikes. These USAID-supported pilot programs will help countries develop stronger relationships with private sector actors and develop mutually-beneficial projects that strengthen entire communities’ disaster resilience. In Vietnam, the Asia Foundation in partnership with ISET International, the Vietnam Chamber of Commerce and Industry and the Vietnam Institute for Development Strategy, will bring together key private sector, local government, and civil society actors to collaboratively design and launch multi-stakeholder pilot projects to strengthen flood mitigation efforts and improve water network management in the coastal city of Quy Nhon and Binh Dinh Provinces. USAID responds to an average of 75 disasters in more than 70 countries every year. Through collaboration with the private sector, USAID can harness innovation, creativity, and entrepreneurship to improve the efficiency of humanitarian assistance. …

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Tra fish processed for export (Photo: VNA) Hanoi (VNA) – Vietnamese enterprises should take advantage of online marketing channels, re-arrange production and business orientations and strategies, and bring into full play advantages brought by free trade agreements if they want to achieve sustainable export growth , according to insiders. Statistics of the Ministry of Industry and Trade (MoIT) shows that Vietnam’s import-export value reached 95.8 billion USD in the first two months of 2021, up 24.5 percent year-on-year. Of the total, exports were valued at 48.55 billion USD, up 23.2 percent, and imports 47.26 billion USD, up 25.9 percent. During January-February, Vietnam enjoyed a trade surplus of 1.29 billion USD, down from the 1.8 billion USD seen in the same period last year. The domestic sector posted a trade deficit of 4.14 billion USD, while the FDI sector, including crude oil, saw a trade surplus of 5.43 billion USD. At the Government’s February regular meeting, MoIT Minister Tran Tuan Anh set a target of 4-5 percent in export growth in 2021. To that end, MoIT Deputy Minister Cao Quoc Hung said that the ministry is considering a new strategy on import-export activities in the coming time to be submitted to the Prime Minister for issuance. In addition, the ministry will continue engaging in negotiations and perfecting relevant institutions on free trade agreements (FTAs), including issues related to the rule of origins so as to help business better optimize advantages of the agreements. It will also consolidate and expand export markets, bring into full play opportunities brought about by existing FTAs, diversify import and export markets, diversify exported products, increase the competitiveness of exported products, and develop brands so as to achieve sustainable export development, Hung added./. VNA …

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Leaders of the Ministry of Industry and Trade, the Ministry of Public Security as well as the State Bank of Vietnam have concurred that operations of foreign exchange (forex) platforms are illegitimate, while cryptocurrencies are not methods of payment compliant with law in the nation. The statements were made during a regular government press meeting on Tuesday. According to Dao Minh Tu, Deputy Governor of the State Bank of Vietnam, foreign currency trading and derivative services can only be provided by licensed credit institutions and commercial banks. The central bank has not licensed any organization to run these services, Tu asserted. “The establishment of forex trading platforms is against the law and should be penalized accordingly,” he stated. In reality, these forex schemes are tempting new investors with promises of profit rates reaching as high as three digits. Due to the illegitimate nature of these platforms, investors will not be protected by law, Tu warned. Also commenting on the phenomenon, To An Xo, chief of the Ministry of Public Security Office, said the agency has urged the national government to order a thorough review of forex investment from the Ministry of Justice. The review will inform Vietnam’s effort to harness the forex market, plus helping investors making the right choice and avoiding scams, Xo added. Ministries should tackle issues of illegitimate forex schemes by issuing detailed guidance on the implementation of current regulations related to forex, said Do Thang Hai, Deputy Minister of Trade and Trade. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam, speaks during a regular government press meeting on March 2, 2021. Photo: Nguyen Khanh / Tuoi Tre Cryptocurrency ban E-commerce regulators in Vietnam are struggling to detect illegal transactions, which in turn hinders the sector's development, Deputy Governor Tu said. For that reason, the State Bank of Vietnam has required that …

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