Vietnam prime minister gdp

Hanoi - Vietnam’s GDP growth is forecast to expand 7.5 percent in 2022 and 6.7 percent in 2023, with resilient manufacturing and a robust rebound in services serving as the driving forces for economic recovery. At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2 percent in Q4 of 2021, and respectively 5.1 percent and 7.7 percent in Q1 and Q2 of 2022. Inflation is projected to average 3.8 percent over the year. Carolyn Turk, WB Country Director for Vietnam, said that the bi-annual report “lays out a set of policy recommendations that could help mitigate the impact of these risks and make the economy more resilient going forward.” Titled “Taking Stock: Educate to Grow”, this edition underlines transforming the higher education system as the key to boosting the country’s productivity and achieving its development goals, in the context where the … [Read more...] about Vietnam’s economic growth forecast at 7.5 pc in 2022: World Bank

Illustrative photo However, the current regulations on family deduction of the Personal Income Tax Law 2009, which was amended in 2012 and supplemented in 2014, are not suitable for the current socio-economic situation and growth rate. Inadequacies in taxation Personal Income Tax (PIT) is one of two taxes that make the largest contribution to the annual state budget revenue with VND 110,000 bln, accounting for 10 percent of the total balance of the state budget in 2021. This is just after the two pillar taxes of the economy, which are Corporate Income Tax (CIT) and Value-Added Tax (VAT). Although wage earners account for 50 percent of the labor force and contribute up to 70 percent of revenue, tax policy for them has been slow to adjust after more than ten years of applying the PIT Law. This is currently very inadequate. The current income of the cadres, civil servants, and public employees' working salary plus additional incomes have all exceeded the threshold of … [Read more...] about Tax Law in Vietnam inconsistent with income

He also suggested the government consider simplifying immigration procedures to attract foreign tourists as Vietnam reopened after over two years of border closure, he said in a report submitted to the National Assembly Standing Committee on Tuesday. Hung also proposed extending tax cuts to tourism businesses until the end of 2023 to help them recover after the pandemic crisis. Though Vietnam reopened tourism and lifted most Covid restrictions, Hung said travel firms and those working in the tourism industry are grappling with difficulties and have not really benefited directly from current policies. The country welcomed 954,000 foreign arrivals in the first seven months this year, up nine times year-on-year. This year, Vietnam targets five million foreign tourists, around 30 percent of pre-pandemic levels. The government has allowed quarantine-free entry and resumed its pre-pandemic visa exemption policy for 24 tourism markets including Western European countries from … [Read more...] about Vietnam minister proposes visa exemption for US, European travelers

Kuala Lumpur – Finance Minister Zafrul Aziz has said Malaysia's inflation may reach around 11 percent if the government does not implement subsidies for essential items like fuel. Finance Minister Zafrul Aziz has said Malaysia's inflation may reach around 11%. (Photo: theedgemarkets.com) The minister told the press that Malaysia's inflation is forecast to be 2.2 percent -3.2 percent. In fact, for the first six months of the year, inflation was around 2.5 percent, and that was largely due to the large size of subsidies that the government introduced. Malaysia's inflation, as measured by the consumer price index, increased 3.4 percent year-on-year in June, led by costlier food, the Department of Statistics Malaysia said on July 22. Nonetheless, Tengku Zafrul acknowledged that the current blanket subsidy policy is not sustainable for the country, but it is necessary for economic recovery in the short term. The government is managing the economy cautiously, and the … [Read more...] about Malaysia’s inflation may hit double digits: Finance Minister

Vietnam’s digital transformation is designed to be based on three main pillars namely institution, infrastructure, and manpower. Digital transformation plays a major role in building an independent and integrated economy, Vietnam’s Prime Minister Pham Minh Chinh made the statement today. The country should not remain outside this process and building successful digital-based economy and society needs to begin with e-government, Chinh, who is also Chairman of the National Committee for Digital Transformation, said at the committee’s 3rd meeting on August 9. The event drew the participation of more than 130,000 officials nationwide, including Deputy Prime Minister Vu Duc Dam and many cabinet members, to discuss the application of population data and electronic identification and authentication for national digital transformation in the 2022-2025 period with a vision to 2030. Vietnam's Prime Minister Pham Minh Chinh speaks at the national meeting on digital … [Read more...] about Digital transformation matters a lot to economic integration: Vietnamese PM

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency on August 9. - The Ministry of Industry and Trade (MoIT) has asked the Prime Minister about the mechanism for ongoing solar power and transitional wind power projects to enjoy the incentive price. In a recent document sent to the PM, the MoIT suggested investors of those projects negotiate electricity prices and power purchase and sale contracts with Vietnam Electricity (EVN). Read full story Read full story Illustrative image (Photo: VNA) - Vietnam will need a skilled workforce to transform itself into an upper-middle-income economy by 2035, the World Bank has suggested in its recently-released report named “Taking Stock: Educate to Grow”. Read full story Read full story The new passport version of Vietnam (Photo: Vietnam Government Portal) The granting and use of the new passport will be among the issues about which Minister of Public Security Gen. … [Read more...] about ☕ Afternoon briefing on August 9

President Nguyen Xuan Phuc (right) and Lt. Gen. Hun Manet, Deputy Commander-in-Chief of the Royal Cambodian Armed Forces (RCAF) and Commander of the Royal Cambodian Army (Photo: VNA) Hanoi (VNA) – President Nguyen Xuan Phuc hosted a reception in Hanoi on August 9 for Lt. Gen. Hun Manet, Deputy Commander-in-Chief of the Royal Cambodian Armed Forces (RCAF) and Commander of the Royal Cambodian Army. The President expressed his hope that Hun Manet’s visit will significantly contribute to the success of the Vietnam-Cambodia Friendship Year 2022 marking the 55th anniversary of the bilateral diplomatic ties (June 24, 1967). Phuc congratulated Cambodian people on great, comprehensive achievements they have recorded over the past time, and noted his belief that Cambodia will gain more attainments in both home and external affairs in the time ahead, and successfully fulfill its ASEAN Chairmanship 2022 and organise its general elections in 2023. Highlighting the traditional … [Read more...] about President receives Cambodian high-ranking military officer

NA Chairman Vuong Dinh Hue speaks at the session. (Photo: VNA) Hanoi (VNA) – The 15th National Assembly (NA)'s Standing Committee convened its 14th session in Hanoi on August 9 afternoon, under the chair of NA Chairman Vuong Dinh Hue . In his opening remarks, Hue said that the session will last for two days and a half, during which the committee will look into a draft report on the outcomes of the thematic supervision of policies and laws on thrift practice and anti-wastefulness for 2016-2021. This work is scheduled to be scrutinised during the 15th NA’s fourth session, expected to open on October 20, he added. He went on to say that lawmakers will offer opinions on socio-economic issues regarding the middle-term public investment plan for the 2021-2025 period, and the Government’s proposal for policies aimed at employers and employees affected by COVID-19. An overview of the session. (Photo: VNA) Also at this session, the committee will consider the … [Read more...] about 15th NA’s Standing Committee convenes 14th session

Hanoi (VNA) - The following is a list of selected news summaries last night by the Vietnam News Agency . - Vietnam always wants to promote solidarity, friendship, and comprehensive, sustainable and long-term cooperation with Cambodia, considering this a priority in its foreign policy, Minister of National Defence General Phan Van Giang told Cambodian guests in Hanoi on August 8. Giang hosted a reception for a delegation of the Royal Cambodian Armed Forces (RCAF) led by Lt. Gen. Hun Manet, Deputy Commander-in-Chief of the RCAF and Commander of the Royal Cambodian Army. Read full story - Vietnam’s GDP growth is forecast to expand 7.5% in 2022 and 6.7% in 2023, with resilient manufacturing and a robust rebound in services serving as the driving forces for economic recovery. At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2% in Q4 of 2021, and … [Read more...] about ☀️ Morning digest August 9

The Ministry of Industry and Trade (MoIT) has consulted the Government not to include 14,120 MW of coal-fired power in the national power master plan (PDP8). — Photo ndh.vn The Ministry of Industry and Trade (MoIT) has consulted the Government not to include 14,120 MW of coal-fired power in the national power master plan (PDP8) to achieve the goal of net zero emissions by 2050. Local media consider such a change a “revolution” in the electricity and environment of the country. The MoIT said in a written report to the Government Standing Committee that of 14,120 MW of coal-fired thermal power, State corporations had invested in 8,420 MW. Specifically, Electricity of Vietnam was assigned 3,600 MW, including Quang Trach II, Tan Phuoc I and II projects. The Vietnam Oil and Gas Group has been given 1,980 MW for the Long Phu III project. Vietnam Coal and Mineral Industries Group has been assigned 2,840 MW, including Cam Pha III, Hai Phong III and Quynh Lap I assignments. In … [Read more...] about Power Plan VIII to remove more than 14 GW of coal-fired power