Binh Duong pledges support to Korean investors

The initiative on the Development Triangle was put forward by Cambodian Prime Minister Hun Sen at the first tripartite meeting of the three PMs in Vientiane, Laos, in 1999. The triangle was positioned in the border intersection of the three countries. During the second tripartite meeting in Ho Chi Minh City, Vietnam, in January 2002, the triangle was identified covering Cambodia’s Ratanakiri and Stung Treng provinces, Laos’ Atopeu and Se Kong provinces and Vietnam’s Kon Tum, Gia Lai and Dak Lak provinces. While meeting in Siem Reap, Cambodia, in July 2004 for the third time, the three PMs agreed to expand the triangle to eight provinces after Vietnam’s Dak Lak province had been split into Dak Lak and Dak Nong provinces. On the sidelines of the 10th ASEAN summit in Vientiane in November 2004, the three PMs met and approved a master plan for building the Development Triangle and signed the Vientiane Declaration on the establishment of the Development Triangle between Vietnam, Laos and Cambodia. They affirmed their determination to implement the initiative, considering it an important contribution to promoting socio-economic cooperation in the three countries. Each tripartite meeting marked new progress in implementing the initiative. At their second meeting in HCMCity, the three PMs agreed to give priority to cooperation in such areas as transport, trade, electricity, tourism, human resource development and healthcare. Experts from the three countries met and worked out detailed cooperation projects in the master plan. The third summit in Siem Reap reiterated that the Development…... [read more]

“Vietnam – Asia’s rising star” was the main theme of a business roundtable held recently in Hanoi with the participation of nearly 130 chief executive officers and more than 600 representatives from leading domestic and international businesses. While attending the event, Prime Minister Nguyen Tan Dung had direct talks with the business community. Great advantages “Vietnam has great advantages.” This view was shared by all investors and businesses at the conference. Charles Goddard, Editorial Director of the Economist Intelligence Unit’s Asia-Pacific Region, said Vietnam is emerging as a rising star. He said that the Vietnamese economy has developed steadily in recent years to become a phenomenon in Southeast Asia. The country has gradually shifted from an agriculture-based economy into an industry-driven economy. The shifting has created numerous opportunities for the country to seize, such as investment projects, profitable business deals and jobs for the people. Justin Wood, director of the Corporate Network and Southeast Asia expert for the Economist Intelligence Unit, said “The economic outlook for Vietnam is highly positive, with a growth of over 8 per cent in 2007 and a similar rate forecast for the next couple of years." In the long term, he said that Vietnam has many positive advantages in maintaining a high growth in the coming years thanks to its young, cheap and rapidly expanding workforce as well as being increasingly technologically savvy. He said that the Government’s commitment to liberalising the economy and introducing more market-based reforms “will underpin this positive outlook." Thomas Tobin,…... [read more]

The strategy underlines the need to develop the national economy on a sustainable basis by stabilising the macro economy and ensuring economic security. It is essential to speed up economic restructuring, transform models of growth and give top priority to increasing the quality, productivity, efficiency and competitiveness while developing the knowledge-based economy. Economic growth must go along with the implementation of social progress and justice to constantly increase the quality of people’s lives. Socio-economic development should must be based on environmental protection and improvement. Ensuring a rapid and sustainable development was mentioned at the 10th National Party Congress (2006-2010) with a focus on developing the national economy more rapidly and sustainably with a higher quality combined with human development. To this end, Vietnam gained tremendous achievements in socio-economic development in 2010 with its economic growth rate reaching 7.3 percent and annual per capita income rising to US$1,200 above the level recorded by low income developing countries. The national economy was restructured towards industrialisation and modernisation while the macroeconony was stabilised and the State budget deficit and national debts were controlled within a safe limit. Significant improvements were seen in poverty reduction and care for children. As a result, the people’s living standards improved significantly with the number of malnourished children under five dropping from 33.8 percent to 18 percent. Life expectancy rose from 62 to 72 and the human development index (HDI) saw a year-on-year increase. 62 percent of national population was provided with healthcare insurance. The country achieved the…... [read more]

The resolution, introduced at a meeting in Hanoi on May 30, outlines pathways towards sustainable poverty reduction in the 2011-2020 period. The resolution affirms the Government’s determination to continue to implement poverty reduction policies more effectively. The document also creates a fundamental basis for the building and implementation of a comprehensive and united national poverty reduction target programme, with priorities given to remote, mountainous, ethnic minority-inhabited, coastal and island areas, in order to reduce the regional difference gap. From now to 2020, the poor people’s living conditions will be improved, especially in health care, education, culture, fresh water and housing. Socio-economic infrastructure in disadvantaged and extremely disadvantaged localities will receive investment, with a focus on transport and electricity systems and water for daily use. The meeting, jointly held by the Ministry of Labour, Invalids and Social Affairs and the United Nations Development Programme, also released the result of a survey on Vietnam’s poverty rate in 2010, which said that the rate fell from 22 percent in 2005 to 9.45 percent in 2010. According to participants, Vietnam needs to create innovative poverty reduction policies to cope with long-lasting pockets of poverty, especially when the country has become a middle-income nation.... [read more]

The five NGOs include Mines Advisory Group (MAG), World Vision International, Plan International, Zhi-Shan Foundation and Norwegian People's Aid (NPA). At the conference, Vice Chairman of the Quang Tri Provincial People’s Committee Nguyen Duc Chinh spoke highly of the foreign NGOs, which have actively assisted the province achieve poverty reduction, overcome the consequences of bombs and mines as well as prevent and mitigate natural disasters. The NGOs-funded projects helped the province reduce the poverty rate from 16.11% in 2011 to 11.56% in late 2013. Chinh acknowledged the active contributions of international organisations, embassies and NGOs in Vietnam which provided more than US$26 million for Quang Tri to develop socio-economic infrastructure and the agro-forestry-fishery industry, restructure the economy and eliminate poverty in remote and ethnic minority areas from 2011 to 2013 On the occasion, Quang Tri presented certificates of merit to four international organisations and individuals for their contributions to the province’s development.... [read more]

Addressing the 38th annual meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) taking place in Nha Trang on May 14, Ninh voiced his hope that ADFIAP leaders would exchange valuable experience in infrastructure development financing within member countries, and continue to seek opportunities for future increased cooperation. Titled ‘DFIs & Sustainable Infrastructure: Policy Framework, Operational Best Practices and Challenges’, the event was attended by nearly 100 CEOs and high-ranking executives from ADFIAP members. The conference is of great significance for emerging economies, including Vietnam, since it will help devise measures to cope with increasing demands for infrastructure development sources in accordance with ensuring social security, environmental protection and inclusive growth. In his speech, ADFIAP President Pema Tshering highlighted the event as a good opportunity for financial institutions to take measures aimed at bringing about a sustainable future for each ADFIAP member. Tshering stressed the imperative role of non-governmental organisations (NGOs) in regulating and promoting cooperation among financial institutions to deal with infrastructure difficulties and nuances. He suggested each member country should focus on four key areas: financing small-and medium-sized enterprises, ‘green” financing, expanding micro-financing for the poor, and adhering to governance rules. On behalf of the Vietnamese Government, Ninh praised the ADFIAP activities and modern infrastructure development as one of three breakthroughs in the socioeconomic development strategy. Besides, Vietnam is hastening the finalization of a legal framework on sustainable development towards encouraging economic sectors to invest in sustainable socio-economic infrastructure. Vietnam has maintained an…... [read more]

The report delivered by Party General Secretary Nong Duc Manh affirmed that the overall objectives and orientations in the 2006-2010 period are “to improve the Party's leadership capacity and combativeness, promote the entire nation’s strength, comprehensively boost the Renewal process, tap and properly use all resources for national industrialisation and modernisation; develop culture; ensure social progress and enhance national defence and security; expand external relations; undertake proactive and active international economic integration; firmly maintain socio-political stability; lift the country out of its underdeveloped status soon, and create foundations for the country to basically become an industrialised nation toward modernity by 2020.” In the political report, Mr Manh stressed the word “soon”, as Vietnam’s committed to bring the country out of its underdeveloped status before 2010, not only in terms of people’s incomes, but also in other areas, such as socio-economic infrastructure, spiritual life and the human development index. The successful fulfilment of this objective will mark a new stage of development in boosting national industrialisation and modernisation. According to the objective, total gross domestic product (GDP) by 2010 will be 2.1 times higher than 2000, with annual GDP growth reaching between 7.5 and 8 percent, or beyond. The agricultural sector will make up 15-16 percent of total GDP, the industrial and construction sectors 43-44 percent, and the service sector 40-41 percent. About eight million jobs will be generated, and the unemployment rate in urban areas will be reduced to less than 5 percent. The poverty rate will drop to 10-11…... [read more]

The ninth session of the National Assembly (11th tenure) opened in Hanoi on May 16 under the chairmanship of NA Chairman Nguyen Van An. After the opening speech by NA Chairman An, Party General Secretary Nong Duc Manh briefed NA deputies of the results of the recent 10th Party National Congress. Deputy Prime Minister Nguyen Tan Dzung delivered a report on the implementation of the 2005 socio-economic development tasks. In the afternoon, the NA continued its work with the NA Vice Chairman Truong Quang Duoc in the chair. Nguyen Duc Kien, Chairman of the National Assembly Commission for Economic and Budgetary Affairs delivered a report on the settlement of the 2004 State Budget balance-sheet. Minister of Natural Resources and Environment Mai Ai Truc presented a plan on land use for the 2006-2010 period. Mr Kien also delivered a report on the verification of the plan on land use for the 2006-2010 period. Minister of Planning and Investment Vo Hong Phuc presented a report on allocation and use of major sources of capital, especially official development assistance (ODA) source capital through projects. Also in the afternoon, the NA heard report on management, allocation and usage of huge capital sources, especially ODA. According the report, in the 2001-2005 period, the total social investment capital accounted for 37.5 percent of GDP, increasing by 30 percent compared to the set plan and doubling the figure of five years ago. Of the figure, the total capital sourced from the State budget made up 24.5 percent;…... [read more]

The Development Assistance Fund (DAF) held a ceremony in Hanoi on May 30 to welcome the Prime Minister decision No 108/2006/QD-TTg dated May 19, 2006 on establishing the Vietnam Development Bank (VDB). Speaking at the ceremony, Prime Minister Phan Van Khai praised efforts made by the staff and cadres from the DAF (now VDB) in recent times. He said the VDB will not operate for profit and its payment liquidity will be secured by the Government. The obligatory reserve proportion is 0 percent, the bank will have a statutory capital of VND5 trillion and will be exempt from paying taxes and State budget collections. PM Khai asked the VDB and Bank of Social Policies to continue implementing the target and poverty reduction and hunger elimination by building irrigation works in rural areas and socio-economic infrastructure in remote areas. As Vietnam’s capital market has not developed, the VDB should implement the issuance of bonds, mobilise capital sources for projects, improve credit quality, overcome slow disbursement and reduce the rate of arrears. The Ministry of Finance, the State Bank of Vietnam, the Ministry of Planning and Investment and other relevant agencies should devise proper solutions to such problems. The VDB should contribute to promoting exports in the future and serve as an important tool of the State to orient investment in key socio-economic projects and major products, which require a slow payback period. The current situation has posed new requirements in the management of the State’s human resources to implement socio-economic targets…... [read more]

According to the agenda, the hearing will deal with a series of pressing issues, raising concerns among voters recently. Among the top issues is the management, allocation and use of official development assistance (ODA) sources, which involves the responsibility of various ministries and agencies. The Ministry of Transport received 14 questions focusing on personnel management, the implementation and quality of key construction projects, the management and use of investment sources, particularly ODA, and regulations on vehicle speed limits and tests for driving licences. The Ministry of Planning and Investment will answer questions relating to the allocation and management of development investment capital for socio-economic infrastructure, particularly ODA; the fraud case involving the Singapore International Teaching Consultancy and the relevant responsibility of the Ministry of Education and Training; the investment capital management and efficiency of development investment programmes; as well as the problem of scattered investment. NA deputies will question the Ministry of Finance about its responsibility in settling ODA projects, the efficiency of importing secondhand cars and improper calculations of import taxes. The Government Inspectorate will be also questioned about the results of inspection missions for ODA projects, the graft scandal at the Project Management Unit 18 (PMU 18), negative cases at the Ministry of Post and Telematics, and the ethical erosion and irresponsibility of several inspectors. Regarding the promotion of senior officials, the Interior Ministry will talk about the collection and verification of information relating to the management of senior officials, causes leading to ethical erosion among a segment…... [read more]

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