Vietnam two corridors one economic circle

At a Saturday conference in Harvard University on Vietnam's development strategy in the 21st century, Prime Minister Pham Minh Chinh said Vietnam's economy has expanded into the fourth largest economy in ASEAN and among the world's top 12 economies with the largest scale of commerce. The country also takes part in 15 active FTAs, he said. Economist David Dapic said Vietnam taking part in FTAs was a major success. Millions of farmers have moved on to work in factories as a result. But the fact that most materials for production are imported from China is a weakness, he added. When the Covid-19 pandemic broke out, borders were closed and there was commercial tension, Vietnam's exports were affected, Dapic said. Vietnam's trade turnover with the U.S. may reach $100 billion this year. Such a figure might be small for the U.S., but Vietnam should take note to remain in constant communication and avoid being accused of currency manipulation, he advised. Nguyen Thi Hong, head of the … [Read more...] about Avoid unworthwhile investments, try estate taxes, Vietnam advised

AFD Executive Director Philippe Orliange (left) has recently paid a working visit to Vietnam. (Photo: VNA) Hanoi (VNA) – Responding to climate change, reducing greenhouse gas emissions and adapting to climate change impacts are among priorities of the French Development Agency (AFD)’s cooperation priorities in Vietnam, AFD Executive Director Philippe Orliange has affirmed. Such cooperation priorities completely match commitments made by Vietnamese Prime Minister Pham Minh Chinh at the 26th United Nations Climate Change Conference of the Parties ( COP26 ) in Glasgow, Scotland (the UK), last November, Orliange said in an interview with the press. The AFD Executive Director, who has recently paid a working visit to Vietnam, also lauded the Vietnamese government’s strong commitments at COP26. Under the cooperation strategy, the AFD has promoted in-depth discussions with Vietnam’s government agencies on policies regarding climate change impacts, during which … [Read more...] about Climate change response among AFD’s cooperation priorities in Vietnam

The capital market, digitalization, energy transition, climate change, and strategic infrastructure are key potential fields for Warburg Pincus to focus on in Vietnam. Vietnam’s business environment and macroeconomic conditions have become more stable and favorable for foreign investors, said CEO of global private equity firm Warburg Pincus Charles Kaye at a meeting with Prime Minister Pham Minh Chinh on May 15. Prime Minister Pham Minh Chinh and CEO of global private equity firm Warburg Pincus Charles Kaye. Source: VGP Kaye said investors are concerned about the four major issues, including the capabilities of local companies, macro-economic stability, infrastructure, and the authorities' responsiveness. In this regard, Kaye said Vietnam could do more in infrastructure development as one of the measures to improve the business environment. The CEO also revealed a plan to expand the equity firm investment portfolio in Vietnam’s real estate market and … [Read more...] about Vietnam’s business environment favorable for foreign investors: Warburg Pincus

U.S. President Joe Biden said he has a lot of affection for Vietnam and promised to provide more support for the Southeast Asian country during his meeting with Vietnamese Prime Minister Pham Minh Chinh earlier this week. PM Chinh met with President Biden at the White House in Washington, D.C. on Thursday (local time) within the framework of U.S. - ASEAN Special Summit, according to the Vietnam News Agency. During their talks, President Biden said that he personally has a lot of affection for the country and the people of Vietnam. When he was still a senator, Biden and John McCain, his late friend and colleague, had lobbied to promote the U.S. relations with Vietnam, he added. As a leading developed country, the U.S. is eager to cooperate with and assist developing countries in various areas, including economic and trade development, disease prevention and control, and climate change response. U.S. President Joe Biden and leaders of ASEAN member countries pose … [Read more...] about US President Joe Biden has lots of affection for Vietnam: news agency

Vietnamese Prime Minister Pham Minh Chinh (left) met with US President Joe Biden, photo VNA All eyes were focused on last week’s US-ASEAN Special Summit in Washington D.C., where both sides demonstrated their closer ties across many sectors including global health security, climate change, sustainable development, maritime cooperation, human capital development, and education, as well as connectivity and economic engagement, and especially digital development. The US and ASEAN have reaffirmed their commitment to support digital development in the bloc so as to realise its vision “of a peaceful, secure, open, interoperable, reliable and resilient ICT environment”. The US vows to “support development of ASEAN’s digital infrastructure to drive robust, inclusive economic growth and prosperity; and promote development of a secure, resilient, and innovative 5G ecosystem as well as exchange views and experiences on cyber threats and on the regulatory framework and technical standards … [Read more...] about United States widens ASEAN engagement

Building solidarity based on a foundation of common interests is central to the survival of ASEAN, Vietnamese Deputy Prime Minister Pham Binh Minh said in a press interview on Tuesday. The statement comes just one week before the socio-economic bloc celebrates its 50th anniversary. ASEAN, or the Association of Southeast Asian Nations, was founded on August 8, 1967 when foreign ministers from Indonesia, Malaysia, the Philippines, Singapore, and Thailand gathered in Bangkok to sign the ASEAN Declaration. The association has since expanded to include Brunei, Vietnam, Laos, Myanmar, and Cambodia, raising its membership count to ten countries. On Tuesday, Deputy PM Minh, who serves as Vietnam’s Minister of Foreign Affairs, sat down with the country’s press to share his vision for ASEAN’s development ahead of the association’s 50th birthday. An infographic illustrating the history of development of the Association of Southeast Asian Nations (ASEAN). Graphic: Tuoi Tre … [Read more...] about ​Solidarity vital to ASEAN’s survival: Vietnamese Deputy PM

Fishing on a flooded field in Vi Thuy district of the Mekong Delta province of Hau Giang (Photo: VNA) Hanoi (VNA) – The Politburo recently issued Resolution No. 13/NQ-TW on orientations for socio-economic development and defence - security safeguarding in the Mekong Delta until 2030, with a vision to 2045, aiming to make development breakthroughs across the region. The Mekong Delta comprises Can Tho city and the provinces of An Giang, Dong Thap, Long An, Tien Giang, Vinh Long, Ben Tre, Tra Vinh, Soc Trang, Hau Giang, Bac Liêu, Ca Mau and Kien Giang. It is one of the largest and most fertile deltas in Southeast Asia and the world. At a conference on the implementation of Resolution No. 13/NQ-TW on April 22, Party General Secretary Nguyen Phu Trong emphasised several advantages of this region, including its strategic location. The Delta is next to the southeastern region, including Ho Chi Minh City - the southern economic hub of Vietnam, and adjacent to Cambodia … [Read more...] about Mekong Delta hoped to see development breakthroughs

Last year, around 140 countries and territories agreed in principle to set up a minimum corporate tax rate-illustration photo, Source:Freepik.com At a conference on May 10, the Vietnam Association of Foreign-Invested Enterprises (VAFIE) released its first annual report on foreign direct investment (FDI) in the country. One of the discussion points at the event was the topic of a global minimum corporate tax and its potential impact on Vietnam’s FDI prospects. Last year a landmark agreement was reached on a minimum global corporate tax rate of 15 per cent. However, the proposal is still in its early stages and getting the majority of nations to come to implemented it may take plenty more time. “Large corporations often choose to pour money into nations with good tax regimes and more incentives. If the global minimum tax of 15 per cent is applied, it will certainly have a big impact on businesses in Vietnam,” said Hong Sun, vice chairman of the Korea Chamber of Business in … [Read more...] about Nation urged to prepare for tax overhaul

PM Pham Minh Chinh (R) meets with CEO of Warburg Pincus Charles Kaye in New York on May 15. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh received executives of Warburg Pincus and Glenfarne Group in New York on May 15, part of his working visit to the US and the UN. Meeting with CEO of Warburg Pincus Charles Kaye, PM Chinh noted that in the time ahead, it is necessary to improve the effectiveness of funding and focus on the key areas that can boost other fields. He stressed Vietnam is investing efforts in developing strategic infrastructure, including digital and transport infrastructure, digital transformation, climate change fight, the capital market, and digital transition, calling on the private equity firm to promote sources of investment into Vietnam in these areas. Clarifying the issues of Warburg Pincus’s concern like the cooperation capability of Vietnamese companies, macro-economic stability, infrastructure, and logistics, the PM affirmed … [Read more...] about Vietnamese PM receives leaders of US companies in New York

FPT Software is providing services to more than 700 customers worldwide, including 100 Fortune Global 500 firms. FPT Software, a subsidiary of Vietnamese FPT Corporation, on May 15 opened an office in New York, marking its 10th in the US to tap the annual IT growth rate of 6% in the world’s leading IT market. The opening ceremony was attended by Vietnam’s Prime Minister Pham Minh Chinh, who is on his week-long visit to the US. The opening ceremony of FPT Software's New York Office was attended by Vietnam's PM Pham Minh Chinh (4th from left), and representatives from Vietnam and the US. Photos: VGP Located at 295 Madison Avenue, Midtown Manhattan, the new office, which is FPT Software’s 58th unit globally, aims to continue providing services and digital transformation to dozens of Fortune 500 in the US. Midtown Manhattan is the financial hub of New York City, which is home to famous buildings namely the Empire State, Chrysler, and Rockefeller Center that … [Read more...] about FPT opens new office in New York, 10th in US