Officials in the northern Vietnamese city of Hai Phong have recently submitted a plan to build infrastructure for an urban zone that will house a new administrative hub, suggesting the central government earmark VND7 trillion (US$312 million) for its construction, amid national budget deficits. The proposal is considered unreasonable and has raised public concerns, as Vietnam is suffering from a budget deficit. The nation’s total expenditure in the first nine months of 2015 was VND824 trillion ($36.76 billion), VND141 trillion ($6.29 billion) higher than the period’s revenue, Vu Thi Mai, Deputy Minister of Finance, said on October 2. According to the plan submitted by the Hai Phong People’s Committee, the total capital expense for the infrastructural development of the urban zone is VND10 trillion ($446 million), of which 30 percent would be paid for by the city’s budget with the rest to be funded by the central government, Le Khac Nam, vice chair of the … [Read more...] about Northern Vietnamese city asks central government for $312mn to develop urban zone infrastructure
Us government expenditures 2016
Italian President to visit Viet Nam Italian President Sergio Mattarella will pay a State visit to Viet Nam from November 5-8. The visit is made at the invitation of President Truong Tan Sang. Belgian president of Senate visits Viet Nam A delegation of Belgian Senate, led by Senate President Christine Defraigne, has started an eight-day official visit to Viet Nam yesterday at the invitation of National Assembly Chairman Nguyen Sinh Hung. Condolences to Russia over plane crash President Truog Tan Sang has sent his condolences to Russian President Vladimir Putin over the deadly crash of a Russian passenger plane. The Airbus A-321, operated by Russian airline Kogalymavia, crashed early on Saturday after it took off from Egypt's Red Sea resort Sharm el-Sheikh, heading for Russia's Saint Petersburg. Panama fosters friendship with Vietnam Panama has continuously attached significance to fostering its friendship and co-operative ties with Vietnam, President Juan Carlos Valera … [Read more...] about Government News In B
(CPV) - Viet Nam’s GDP growth is forecast to edge up to 6.1 percent in 2015 and 6.2 percent in 2016, with FDI an important driver, according to ADB's Asian Development Outlook 2015. Data from the Foreign Investment Agency show that new FDI commitments rose to USD15.6 billion in 2014, while an additional USD4.6 billion was committed to existing forreign-funded projects. Better economic performance in the major industrial economies – particular the US, Viet Nam’s biggest export market – will spur in the People’s Republic of China (PRC). Exports of manufactured products will continue to expand, given that 76 percent of last year’s disbursed FDI was directed into manufacturing. Factors boltering private consumption will be expanded employment, low inflation, and growth in remittances, which reached almost USD10 billion last year, retail sales jumped by 13 percent in norminal terms. Lower interest rates, rating upgrades, and brighter prospects for … [Read more...] about Viet Nam’s GDP growth is forecast to edge up to 6.2 percent in 2016
(CPV) - Developing Asia will maintain its strong economic growth in 2015 and 2016 supported by soft commodity prices and recovery in the major industrial economies, says a new ADB report. ADB’s flagship annual economic publication, Asian Development Outlook 2015 (ADO), released on March 24th 2015, forecasts developing Asia will achieve gross domestic product (GDP) growth of 6.3% in both 2015 and 2016. The region also grew 6.3% in 2014. "Developing Asia is making a strong contribution to global economic growth," said ADB Chief Economist Shang-Jin Wei. "Falling commodity prices are creating space for policy makers across the region to cut costly fuel subsidies or initiate other structural reforms. This is a key opportunity to build frameworks that will support more inclusive and sustainable growth in the longer term." From the trough of the global financial crisis in 2009, developing Asia has contributed 2.3 percentage points to global GDP growth—nearly 60% of the … [Read more...] about ADB sees strong growth for developing Asia in 2015 and 2016
(VOVworld) – US President Barack Obama’s 2016 fiscal budget of nearly 4 trillion USD has ignited a row between Democratics and Republicans. The budget will be the central battle in 2015 between President Obama and the Congress, controlled by the Republican Party, highlighting for the American public the policies of each party in the coming race for the White House. President Obama’s budget plan consists of big expenditures for infrastructure, the armed forces, and research. The budget foresees a 474 billion USD deficit, which is less than 3% of the GDP, and a government debt of 75% of GDP, the highest safe level suggested by economists. Obama is calling for a 7% rise in military spending, bringing the military budget to 534 billion USD in 2016. It requests additional funding for US troops stationed in Asia-Pacific and efforts to fight Islamic State militants, strengthen cyber security, and handle problems in Eastern Europe. Priority for the middle … [Read more...] about Can the US find common ground on budget spending?