Vietnam’s PM sets up new economic advisory board

North Korea fired a missile on Friday that experts said was capable of hitting Los Angeles and other U.S. cities and the United States and South Korea responded by staging a joint missile exercise. North Korea confirmed the launch on Saturday, with its official news agency saying it was a "stern warning" for the United States. President Kim Jong Un said the missile showed that all of the United States was within striking distance but U.S. authorities characterized that as an exaggeration. The administration of U.S. President Donald Trump, which has branded North Korea the "most urgent and dangerous threat to peace," condemned the launch as reckless. "By threatening the world, these weapons and tests further isolate North Korea, weaken its economy, and deprive its people," President Donald Trump said in a statement. "The United States will take all necessary steps to ensure the security of the American homeland and protect our allies in the region." South Korean Defense Minister Song Young-moo said at a news conference on Saturday Seoul would prepare independent measures to curb the nuclear threat from the North. "This ballistic missile launch by North Korea is a serious provocation that not only clearly violates the U.N. Security Council’s numerous resolutions but also threatens the safety of the Korean peninsula and world peace," Song said. "The joint governments of South Korea and the United States will firmly punish North Korea for its missile provocation." He said steps would be taken to hasten the temporary deployment of…... [read more]

HCM City government’s revenues in the first seven months of the year increased by 16 per cent year-on-year to VND188 trillion (US$8.35 billion).– Photo bnews.vn HCM City government’s revenues in the first seven months of the year increased by 16 per cent year-on-year to VND188 trillion (US$8.35 billion). Speaking at a meeting held yesterday to review socio-economic development and revenue collection, Le Duy Minh, deputy head of the city Department of Taxation, said: “Revenues grew thanks to better business and production by local enterprises as well as start-up support and production assistance programmes.” This year 22,000 new companies have been established, and the taxation department said it would be possible to collect the targeted VND347 trillion ($15.4 billion) in taxes. “The city will promote administrative reform to step up economic growth from the planned 8 per cent to 9.2 per cent,” Tran Vinh Tuyen, deputy chairman of the People’s Committee, said. But he admitted it would be hard. “The city will tighten tax collection, prevent revenue loss, and encourage online businesses to pay tax.” He called on city officials to proactively resolve all administrative issues faced by for enterprises and suggest solutions to the People’s Committee if needed. The Department of Finance revealed that the pace of disbursal of funds for infrastructure works is very slow, especially in the case land compensation. Tuyen urged related authorities to review disbursements and find solutions because between now and 2020 HCM City…... [read more]

Seafood processed at the Ngo Quyen Export Joint Stock Company in Kien Giang Province for export to Australia. — VNA/VNS Photo Manh Linh The growing importance of Australia and New Zealand as export markets for Viet Nam was emphasised at a conference on Friday. Organised by the Asia-Pacific Market Department (APMD) under the Ministry of Industry and Trade (MoIT), the conference aimed to provide valuable information and insights for Vietnamese firms exporting or looking to export to these markets. It focused in particular on the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA). Nguyen Phuc Nam, APMD Deputy Director, said that Viet Nam was fully aware of New Zealand and Australia’s importance as national trade partners. With the AANZFTA in force since January 2010, ASEAN countries can enjoy 90 to 100 per cent tariff reductions in Australian and New Zealand markets, and Vietnamese firms should take full advantage of this potential, he said. He noted that Australia and New Zealand were among the biggest importers in the world since both economies are largely dependent on imported products. Viet Nam’s chief exports to these two markets include agricultural products, seafood, coffee beans, cashews, electronics parts, textiles, footwear and construction material. If the AANZFTA was utilized well, Vietnamese producers could enjoy all the privileges contained therein, boosting export turnover and earning handsome profits, Nam said. Phan Thi Dieu Linh of the APMD also commented that despite Australian consumers’ strict…... [read more]

NDO – Ho Chi Minh City posted a total budget revenue of approximately VND188 trillion (US$8.3 billion) in January-July this year, including domestic revenue of VND130 trillion (US$5.72 billion), up 16% compared to the same period last year. Le Duy Minh, deputy director of the Ho Chi Minh City Tax Department said that the recovery in production and business activities since the beginning of this year has helped to hike up the budget revenue. At a meeting on the city’s financial and commercial performance, held on July 27, Minh said that the boost in budget revenue was also as a result of the local administration’s programs in support of production and start-ups. The city has also seen around 22,000 newly-established enterprises and over 700 household businesses that have been converted into companies. The city’s Tax Department believe that the budget revenue target of VND347 trillion (US$15.27 billion) for the year is feasible, Minh added. Speaking at the meeting, Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen said that the city will strive to promote administrative reform in addition to facilitating enterprises in raising the GRDP from 8% to at least 9.2% this year. He noted that the city will improve its online public services while strengthening tax collection, particularly tax collection from online trading, in order to prevent any tax losses. Tuyen also showed his concern over the sluggish disbursement of public investment in infrastructure projects, while asking the relevant agencies to…... [read more]

WASHINGTON: The International Monetary Fund on Friday said that the US dollar was overvalued by 10 per cent to 20 per cent, based on US near-term economic fundamentals, while it viewed valuations of the euro, Japan's yen, and China's yuan as broadly in line with fundamentals. A logo is seen outside the headquarters of the International Monetary Fund Jun 30, 2015 in Washington, DC. (Photo: AFP/Brendan Smialowski) The IMF's External Sector Report - an annual assessment of currencies and external surpluses and deficits of major economies - showed that external current account deficits were becoming more concentrated in certain advanced economies such as the United States and Britain, while surpluses remained persistent in China and Germany. While the report assessed the euro's valuation as appropriate for the eurozone as a whole, it said the euro's real effective exchange rate was 10-20 per cent too low for Germany's fundamentals, given its high current account surplus. Britain's pound, meanwhile, was assessed as up to 15 per cent overvalued compared to fundamentals, which include a high level of uncertainty over Britain's post-Brexit trading relationship with the European Union. The Fund said the dollar's appreciation in recent years was based on its relatively stronger growth outlook, interest rate hikes versus looser monetary policy in the eurozone and Japan, as well as expectations for fiscal stimulus from President Donald Trump's administration. But so far this year, the dollar…... [read more]

Viet Nam needs to form policies that will boost the digital economy, a move that will generate added value and help sustainable development, experts said at a conference on Wednesday in Ha Noi. Rapid e-commerce development is favourable for the digital economy. Dao Huy Giam, General Secretary of the Viet Nam Private Sector Forum (VPSF), said that more than ever, it’s time for Viet Nam to pay attention to digital economy. Giam cited statistics showing that 1.7 per cent of the population are involved in the digital economy and contribute 5 per cent to the gross domestic product (GDP). Each labour worked in the digital economy creates added value three times higher than the national average. “The digital economy stimulates high added value and leads to breakthroughs in capacity for sustainable development,” Giam stressed. According to Nguyen Trung Chinh, head of the VPSF’s working group on digital economy, with US$900 million revenue from e-commerce in 2016 and 60 million smartphone users, Viet Nam had significant room to boost the digital economy. Still, the biggest challenge is that Viet Nam had not had favourable policies to encourage new business models and digital technology-enabled companies, Chinh said. He said that to develop digital economy, the Government should hasten efforts in limiting the use of cash, promoting e-commerce and e-contracts and creating payment infrastructure for electronic transactions. In addition, incentives should be given to the software industry and hi-tech zones. Chinh said that in digital economy, firms needed fair playing ground to develop,…... [read more]

Vietnam and Israel have agreed to strengthen their cooperation during the second meeting of the Vietnam-Israel inter-governmental committee for cooperation in economy, science, technology and other areas. Minister of Science and Technology Chu Ngoc Anh (left) and Israeli Minister of Economy and Industry Eli Cohen. The information was released by Vietnamese Minister of Science and Technology Chu Ngoc Anh, who co-chaired the meeting, during an interview with Vietnam News Agency’s correspondent in Tel Aviv, Israel, on the sidelines of the event. The two sides noted with satisfaction the already fruitful cooperation between the two countries, with two-way trade increasing significantly during 2010-2016, he said. They also began negotiations for a free trade agreement with three meetings and are preparing for the next round, he said, noting Israel has recognised Vietnam’s market economic status. Both agreed that Vietnam and Israel hold a lot of potential for cooperation as the two economies are reciprocal. At the meeting, they agreed to work together to raise bilateral trade to 3 billion USD as agreed by the two countries’ leaders and accelerate the signing of the trade deal, while seeking an agreement on labour cooperation.   The two sides also set forth measures to implement a financial protocol. Israel said the country stands ready to share its experience in launching and promoting start-ups. They also agreed on measures to step up cooperation in technology, agriculture, navigation and development. Anh said Vietnam and Israel will mark the 25th anniversary of their diplomatic ties in 2018 and…... [read more]

TOKYO, July 28 -- Embattled Japanese Defence Minister Tomomi Inada on Friday said she was resigning, after a series of gaffes, missteps and a cover-up at her ministry that have contributed to a sharp plunge in public support for Prime Minister Shinzo Abe. Inada, 58, an Abe protege who shares his conservative views and had been suggested as a possible future premier, had already expected to be replaced in a likely cabinet reshuffle next week that Abe hopes will help rebuild his ratings. Support for the prime minister has sunk below 30 percent in some polls, due to scandals over suspected cronyism and a view among many voters that he and his aides took them for granted. Abe apologised "to the people from my heart", in comments to reporters carried live on national television after Inada announced her resignation. He said Foreign Minister Fumio Kishida would add the defence portfolio to his duties, to eliminate any gap at a time when Japan faces tough security challenges, such as from a volatile North Korea. "I want to make every effort to maintain a high degree of vigilance and protect the security of the people," Abe said. Abe had drawn fire from both ruling and opposition party lawmakers for retaining Inada despite her perceived incompetence. "He should have thrown Inada under the bus long ago … doing so on the eve of a cabinet reshuffle only looks like desperation," said Jeffrey Kingston, director of…... [read more]

The information was released by Vietnamese Minister of Science and Technology Chu Ngoc Anh, who co-chaired the meeting, during an interview with Vietnam News Agency’s correspondent in Tel Aviv, Israel, on the sidelines of the event. The two sides noted with satisfaction the already fruitful cooperation between the two countries, with two-way trade increasing significantly during 2010-2016, he said. They also began negotiations for a free trade agreement with three meetings and are preparing for the next round, he said, noting Israel has recognised Vietnam’s market economic status. Both agreed that Vietnam and Israel hold a lot of potential for cooperation as the two economies are reciprocal. At the meeting, they agreed to work together to raise bilateral trade to US$3 billion as agreed by the two countries’ leaders and accelerate the signing of the trade deal, while seeking an agreement on labour cooperation.   The two sides also set forth measures to implement a financial protocol. Israel said the country stands ready to share its experience in launching and promoting start-ups. They also agreed on measures to step up cooperation in technology, agriculture, navigation and development. Anh said Vietnam and Israel will mark the 25th anniversary of their diplomatic ties in 2018 and the two sides will coordinate to implement cooperation programmes for the interests of each side. According to the minister, during his trip to Israel, the two countries’ ministries of science and technology signed a memorandum…... [read more]

Hanoi, July 28 (VNA) - Local private enterprises have improved their productions and operations, but half of them still must take operational and production loans, according to the Vietnam Chamber of Commerce and Industry (VCCI).  VCCI research surveys show that Vietnamese private enterprises had developed robustly since 2000, and they had registered to operate mainly in sectors of commerce, services and construction.  Few of them had joined the production and industry sectors, and local private enterprise contribution to the domestic economy remained limited, said the VCCI.  According to the survey roughly 50 percent of local private enterprises have taken loans. Large firms commonly took big loans. They have used the loans mainly to stabilise operations, but not to invest in updating equipment and technology.  At 2 percent, the portion of enterprises using high technology is very low compared to other countries in the region. Small and medium-sized private enterprises have invested only 0.2-0.3 percent of their revenue to technology reform.  Small and medium sized enterprises (SMEs) and private firms have paid attention to quality of products and strategies on products because of high market demand.  However, SME production has continued a low technology rate and has been mainly based on labour advantages.  Meanwhile, SME managers lack skills, management knowledge and reform experience, leading to a failure to implement regulations on tax, financial management, labour, product quality and intellectual property.  Dau Anh Tuan, Head of VCCI Legal Department, said according to…... [read more]




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