President of the World Bank Group Jim Yong Kim. (Photo: EPA/VNA) Jakarta (VNA) – President of the World Bank Group, Jim Yong Kim, has expressed his support to the Indonesian government’s plan on tax reform in an effort to increase the state budget, reported the country’s Antara News Agency on July 25. Speaking at the Indonesia Infrastructure Finance Forum in Jakarta on July 24, he said the enforcement of the tax reform would be challenging but it is crucial to contribute to the infrastructure development of the country. He suggested that Indonesia should double its infrastructure investment to 500 billion USD in the next five years. Kim went on to say that in spite of its large potential, Indonesia’s tax revenue only amounted to less than 50 percent against the Gross Domestic Product (GDP), lower than that of the Philippines and … [Read more...]

In July, the company started construction of eight electricity projects and connected 10 others with the national grid. The EVNSPC is speeding up the second phase of a project to bring power to households without electricity. More than 6,100 families of the Khmer ethnic minority group in the Mekong Delta province of Kien Giang will benefit from the project. Nearly 9,000 households have had access to power in the first phase. Meanwhile, a project designed to supply electricity for rural areas has been  completed in Hau Giang and Ca Mau provinces with thousands of locals having electricity. Regarding the third development policy loan (DPL3) project, funded by the World Bank, the company has operated four power facilities to support shrimp farming in Ca Mau, Bac Lieu, Soc Trang and Tra Vinh and one power facility for artificial lighting for dragon fruits in Long An province.  Under the project, 695 kilometres of medium-voltage … [Read more...]

The largest cross-ocean 110 kV transmission line was constructed in Kien Giang province. The Southern Power Corporation is planning to build 53 more 110 kV power projects in southern provinces and cities. (Photo: VNA) Hanoi (VNA) - The Southern Power Corporation under the Electricity of Vietnam Group (EVNSPC) is planning to build 53 more 110 kV power projects in southern provinces and cities, bringing the total number of works in 2017 to 79. In July, the company started construction of eight electricity projects and connected 10 others with the national grid. The EVNSPC is speeding up the second phase of a project to bring power to households without electricity. More than 6,100 families of the Khmer ethnic minority group in the Mekong Delta province of Kien Giang will benefit from the project. Nearly 9,000 households have had access to power in the first phase. Meanwhile, a … [Read more...]

Indonesia's disaster mitigation agency (BNPB) has warned of an escalating threat of forest fires with the dry season expected to peak in coming months, while hot spots detected in the province of Aceh have already been causing choking smoke. Fires had spread to around 64 hectares (158 acres) of fields and forests in Aceh, a northern province on the island of Sumatra, producing haze and some residents had been taken to hospital due to breathing problem, the agency said on Tuesday. "The peak of the dry season is predicted to be in August and September, so the threat of forest and field fires, and drought will escalate," Sutopo Purwo Nugroho, a spokesman for BNPB said in a statement. The fires in Aceh started on Tuesday last week and authorities are still trying to extinguish them in some areas. Meanwhile, a satellite image showed 170 hot spots across Indonesia as of Monday evening, Nugroho said. Indonesia is regularly hit by forest fires, which can result in choking … [Read more...]

The good news is that people are today living healthier and longer lives, said Nguyen Van Tan, deputy head of the Department, noting that lifespans have increased by 33 years just over the past five decades. In 1960 the average life expectancy in Vietnam was 40 whereas in 2012, the latest year for which statistics are available, it was 73. Most importantly for younger generations, by reshaping their education plans, they could see their participation in the workforce last longer, which would increase their lifetime earnings and standard of living. It would also be a virtual gold mine for them later in life during retirement. Citing statistics from the World Bank he noted that within 20 years one in seven Vietnamese would be aged 65 or older, and this would create a wider gap between the ‘haves’ and ‘have-nots’ in the absence of proper … [Read more...]

The Ministry of Planning and Investment is targeting an economic growth rate of 6.4% to 6.8% for Vietnam in 2018, according to a document sent to ministries and local authorities with guidelines to develop the socio-economic plan for 2018. The ministry said that the economic growth in 2018 would continue to improve, fuelled by increases in manufacturing, construction, trade, banking and tourism sectors. The global economic and trade growths were also expected to be higher in 2018 than 2017, creating favourable conditions that would boost the economic growth, especially exports, the ministry said. In addition to this, the improving business environment, rapid international economic integration, increasing foreign direct investment and private investment, coupled with the Government’s determination to remove difficulties for firms will support production and trade, it said. The ministry said … [Read more...]

The ministry said that the economic growth in 2018 would continue to improve, fuelled by increases in manufacturing, construction, trade, banking and tourism sectors. The global economic and trade growths were also expected to be higher in 2018 than 2017, creating favourable conditions that would boost the economic growth, especially exports, the ministry said. In addition to this, the improving business environment, rapid international economic integration, increasing foreign direct investment and private investment, coupled with the Government’s determination to remove difficulties for firms will support production and trade, it said. The ministry said that the agriculture, forestry and fishery sectors were anticipated to have good prospects with increasing prices in the global market. Accordingly, the ministry has planned the gross domestic product (GDP) … [Read more...]

The Ministry of Planning and Investment is targeting an economic growth rate of 6.4 per cent to 6.8 per cent in 2018. - Photo canhtranhquocgia.vn The Ministry of Planning and Investment is targeting an economic growth rate of 6.4 per cent to 6.8 per cent for Viet Nam in 2018, according to a document sent to ministries and local authorities with guidelines to develop the socio-economic plan for 2018. The ministry said that the economic growth in 2018 would continue to improve, fuelled by increases in manufacturing, construction, trade, banking and tourism sectors. The global economic and trade growths were also expected to be higher in 2018 than 2017, creating favourable conditions that would boost the economic growth, especially exports, the ministry said. In addition to this, the improving business environment, rapid international economic integration, increasing foreign direct investment and private investment, … [Read more...]

The signs of campaigning for modernization can be seen in the rapid development of commercial projects such as Hanoi's Royal City, Vincom Village, Indochina Plaza and the continued construction of skyscrapers like the Lotte building on Dao Tan. The face of Hanoi is undoubtedly undergoing a drastic transformation but this transformation is not without its challenges. To stimulate growth and development, Hanoi is inevitably focused on solving its infamous traffic problem. Anyone who travels around the city can see that the existing infrastructure is struggling with the heavy burden placed upon it by the growing number of motorbikes, buses, trucks and cars. New flyovers have been built to help ease traffic congestion in the capital city The population of the city is growing, as more and more Vietnamese people leave their rural towns and villages and swarm to Hanoi in search of new beginnings and opportunities. With a growth in population comes a corresponding rise in traffic. This … [Read more...]

According to Dr. Le Huu Nghia, member of the Party Central Committee and Editor-in-Chief of Communist Magazine, the experiences of the past 20 years show that the renewal process must serve the people's welfare and develop the people's creative and active roles. The process must recognise reality and always adapt to new developments. "The people's legitimate benefits" are the basis for the foundation of policies and "the people's support" of the Party and State is a standard by which the soundness of policies can be affirmed. The second lesson is that internal strengths must be developed to a high degree, taking advantage of external forces and combining established strengths with new conditions. Vietnam's renewal process has taken place in the context of the booming science and technology revolution and the developing intellectual economy. Thus, Vietnam needs to actively take advantage of these circumstances for its socio-economic development, and needs to create favourable domestic … [Read more...]

To avoid heated discussions of sensitive issues, the host Russia has selected three issues to put on the summit agenda, namely energy security, the control of contagious diseases and improvements in education quality. According to Russian Foreign Minister Segey Lavrov, the three issues had received support from the Group Eight as well as from the international community. A joint effort to deal with the three main issues is expected to have practical impact on the quality and living conditions of current and future generations. The meeting takes place at a time when the world has been witnessing numerous complicated changes, including massive bomb blasts in Iraq, escalated tension between Palestine and Israel, the Iranian nuclear issue and the recent missile test-fires by the Democratic People Republic of Korea. Therefore, these thorny issues will be brought up at the summit. And Russia will certainly have to drive the meeting in a way to dwell on existing differences. For example, … [Read more...]

Through the visit, Slovakia - a new European Union member - wants to further boost multifaceted cooperation with Vietnam, particularly in economics, trade and investment. Relations between Vietnam and Slovakia have developed considerably in recent times, marked by high-level visit exchanges from both sides. They included visits to Slovakia by Chairman of the National Assembly Nong Duc Manh in 1995, Vice State President Tran Duc Luong in 1994 and Vice State President Truong My Hoa in 2005. Meanwhile, Slovak Prime Minister Vladimir Meciar visited Vietnam in 1994 and later delegations of the Ministry of Construction and the Ministry of Foreign Affairs visited the Southeast Asian nation. However, economic and commercial cooperation between the two countries has not yet matched their potential. Bilateral trade exchanges remain modest at approximately US$20 million a year. Of the figure, Vietnam exports garments, food, farm products and materials to Slovakia worth US$18-19 million. Over the … [Read more...]

New opportunities According to a report released at the Vietnam Business Forum, held recently in Hanoi, by the Ministry of Planning and Investment, the World Bank (WB) and the International Finance Corporation (IFC), the enterprises who took part in the survey said that Vietnam has made considerable improvements in its investment environment, especially in access to land and foreign currency exchange. These findings have in part confirmed the “Doing Business 2008 Report” where Vietnam has risen by 35 points on the “Access to credit” rankings. This year’s survey was based on opinions collected from 234 businesses, showing remarkable increases from 96 in 2005 and 202 in 2006. Out of the 234 respondent enterprises, 70 percent were domestic and 30 percent foreign - a reversal of the pattern over the past few years. This result can be attributed to a much more active participation by local business associations in this year’s survey. It also indicates … [Read more...]

Looking back over 2007, Vietnam painted a rosy picture with the country achieving a 10-year record economic growth rate of 8.5 percent, exports bringing in more than US$48.3 billion, and foreign direct investment capital reaching more than US$20 billion – a huge jump since the former Law on Foreign Investment came into effect in 1988. Overseas remittances by Vietnamese nationals through official channels were also estimated to have reached a record high of US$6 billion. At the annual Consultative Group Meeting in December, donors committed a total of US$5.426 billion in aid to Vietnam, the highest figure to date, showing their trust in Vietnam’s development policies. These are good signals for the country, which spared no effort to overcome many difficulties and challenges to maintain stability and development in every sector. This is the second consecutive year in the 2006-2010 development plan that Vietnam has achieved the impressive growth in many fields. It is worth … [Read more...]

Confidence and aspirations During two thirds of the 20th century, only familiar sayings such as “Ready to sacrifice” and “Determined to fight and win” were heard. But since 1986, the words “Investment, business, renewal, and open-door” can be heard on a day-to-day basis. From a war-torn country, Vietnam is considered to be one of the most attractive places for investment and business. In 2007- the 21st year since the implementation of the renewal process, Vietnam began to be recognised as a middle-income country from its economic growth rate, poverty reduction and level of FDI attraction. How did Vietnam reach an economic growth rate of 8.5 percent/ year in 2007- the highest in the last 10 years? With a per capital income of US$835/year, from a poor nation, Vietnam is now listed among the middle-income countries. 2007 also saw a record high of US$16 billion in FDI attraction and US$5.4 billion in ODA funding pledged by international donors. The … [Read more...]

Finnish President Tarja Halonen and her husband are on an official visit to Vietnam from February 21-23 at the invitation of Vietnam’s State President Nguyen Minh Triet. This is the first State visit to Vietnam by the Finnish President since the two countries established their diplomatic ties on January 25, 1973. Mrs Taria Halonen is accompanied by Finland’s high-ranking officials and leading entrepreneurs involved in information and technology, telecommunications, shipbuilding, elevator production, aviation, pharmaceuticals, medical equipment, paper industry, environmental protection, energy, mining, metallurgy and financial and banking industries. As one of the first Western European which have established its diplomatic relations with Vietnam, Finland always supports Vietnam during the past period of economic embargo and the current process of national construction and development. Over the past few years, both sides have maintained their contacts and exchange of … [Read more...]

With regards to Vietnam, the department spent more than 50 pages looking at the practices of almost all fundamental human rights in the country, including the right to freedom of speech, press, assembly and democracy as well as policies on these issues. According to the report, all political opposition movements in Vietnam are prohibited and so-called dissidents continue to be arrested and detained. The report goes on to state that the National Assembly elections in May 2007 were “neither free nor fair”. These are biased and groundless allegations about the situation in Vietnam. In Vietnam, no one is arrested for holding different political and religious views. Only those who act illegally face legal charges. In May 2007 National Assembly elections were a major national political event. Vietnamese voters went to the poll to cast their ballots in a free, fair and democratic manner to fulfil their civic responsibility and obligation. This was acknowledged by many foreigners, … [Read more...]

According a report on socio-economic development over the past five months, US$571 million in ODA funds was disbursed, equivalent to 30 percent of the yearly plan and 80 percent of last year’s level. The slow disbursement was attributed to the rising rate of inflation and readjustment of budget estimates for some projects. However, not all additional capital projects, including donor-invested projects, were agreed to by investors. This posed a great challenge to poverty reduction projects funded by donors. The Vice Chairman of the Son La provincial People’s Committee, Cam Van Doan, said the province has suspended the implementation of some projects under the guidance of the Government to guarantee capital sources for ODA-funded poverty reduction projects. Poor people are most affected by the current price inflation. Therefore, if the disbursement of poverty reduction projects is accelerated, it will benefit the poor. At present, the province is reducing the use of … [Read more...]

The findings of research conducted in the MekongRiver delta show that households growing rice on more than 3ha obtained an output 5-6 times higher than those who grow rice on areas less than 1ha. Other research conducted by the World Bank show that the productivity of farming households who cultivated less than 1/4ha of land was 2.5 times lower than that of those who farmed more than 2ha. Meanwhile, most farming households in the Red River delta who had less than 0.3ha or less than 600 sq.m per person could only supply themselves. One third of farming households in the whole country are involved in small-scale production and are unable to produce on a larger scale.The question here is not simply the production scale but the difference between the two technological systems, manual labour and the capacity to mechanise and apply new technologies and management methods at a higher level. Aqua-culturists have applied industrialised intensive cultivation or semi-intensive cultivation methods … [Read more...]

Currently, Vietnam is not yet familiar with the international rules of play, due to its weak management capacity, human resources and industrial skills. The country has suffered high inflation and coped with the global economic slowdown. Furthermore, natural disasters have also hit the country, making it hard to maintain sustainable economic growth. Despite many disadvantages the national economy stood firm thanks to its high export turnover. The consumer price index fell remarkably, while import surplus also decreased in the last month of the year. State-owned corporations and economic groups played a key role in implementing the Government’s urgent measures to curb inflation and balance supply and demand, thus maintaining economic growth and stabilising the domestic market. Tightening monetary policy is considered an effective measure to combat inflation and manage the macro economy, thus removing obstacles for the national economy. Vietnam attracted 1,171 new foreign direct … [Read more...]