Conference discusses developing Lam Dong high-tech farming

NDO – The Vietnam Railway Corporation (VNR) should take measures to strengthen its competitiveness, as its sales and service supply revenues only reached over VND6.5 trillion (US$286 million) in 2016, down 12% compared to that in the previous year. Minister and Chairman of the Government’s Office, Mai Tien Dung, conveyed the Prime Minister’s direction to the VNR, while heading a working group for the PM to inspect the corporation on August 14. The VNR was the 31st agency to be inspected by the working group and the sixth unit inspected concerning the realisation of measures related to ensuring the gross domestic product (GDP) growth rate of 6.7%, set for 2017. From the beginning of 2016 until August 10, 2017, the Government and the Government leader have assigned 57 tasks to the VNR, 56 of which have already been finalised, alongside one overdue task that has yet to be completed. Via the working group, the PM asked the VNR to report all of its measures undertaken to ensure the growth target is reached, specifically those on increasing transportation output and revenues, in order to contribute to the service sector’s common growth target of 7.19% in 2017, Dung said. He stated that the PM has urged the corporation to clarify six issues of the people’s concern, while calling for radical change and renovation. In addition to strengthening its competitiveness, the Government leader requested that the VNR pays greater attention to promoting railway safety and the railway workers’ sense of responsibility, whilst seeking…... [read more]

NDO/VNA – The Ministry of Agriculture and Rural Development held a conference in the Central Highlands city of Da Lat, on August 14, to discuss the development of high-tech agriculture in Lam Dong province. Speaking at the event, Deputy Minister of Agriculture and Rural Development Le Quoc Doanh said that over the past three decades of renovation, Vietnam has become self-sufficient in terms of food production, with an annual export of US$30 billion, providing livelihoods for 10 million rural households and contributing nearly 22% of the gross domestic product and 23-35% of the total exports. However, the agricultural sector tends to grow slowly due to spontaneous and small-scale production, limited technological application in agro-forestry-fisheries, in addition to the impacts of climate change, environmental pollution and food hygiene. Participants hailed Lam Dong for its direction towards becoming a model of high-tech farming. A representative from the Ministry of Natural Resources and Environment’s General Department of Land Management highlighted the need to refine the regulations on the rights of land users and issue policies to encourage the rent of land use rights. According to the State Bank of Vietnam (SBV), outstanding loans in the field has amounted to VND177.4 billion (US$7.71 million), but farmers currently lack information concerning domestic and foreign consumption markets. The SBV directed the commercial banks to offer more loans to the drive and pledged to give all possible support throughout the process. On the occasion, the MARD presented certificates recognising Da Lat Hasfarm and An Huu companies as…... [read more]

Speaking at the event, Deputy Minister of Agriculture and Rural Development Le Quoc Doanh said over the past three decades of renovation, Vietnam has become self-sufficient in food with an annual export of USD 30 billion, providing livelihoods for 10 million rural households and contributing nearly 22 percent of the gross domestic product and 23-35 percent of exports. Photo for illustration  However, the agricultural sector tends to grow slowly due to spontaneous and small-scale production, limited technological application in agro-forestry-fisheries, and impacts of climate change, environment pollution and food hygiene. Participants hailed Lam Dong for being on the way towards a model of high-tech farming. A representative from the Ministry of Natural Resources and Environment’s General Department of Land Management underscored the need to refine regulations on the rights of land users and issue policies to encourage the rent of land use rights. According to the State Bank of Vietnam (SBV), outstanding loans for the field has amounted to VND 177.4 billion (USD 7.71 million), but farmers currently lack information about domestic and foreign consumption markets. The SBV directed commercial banks to offer more loans to the drive and pledged all possible support throughout the process. On the occasion, the MARD presented certificates recognizing DaLat Hasfarm and An Huu companies as high-tech agricultural firms, and a decision recognizing Thai Phien high-tech agricultural zone. Source: VNA... [read more]

 Vietnam makes leaps toward developed status (Source: Frontera online newspaper) Rome (VNA) - Italy’s Frontera online newspaper has run a story highlighting Vietnam’s great economic achievements since it began the Doi Moi (renewal) process in 1986. Under the title “Vietnam’s place in the Asian Century”, the newspaper underlined that from a war-ravaged and impoverished country just a few decades ago, Vietnam is now associated with humming factories, a swelling middle-class, and its emergence as the new export wonder of Asia.  Apart from a brief period of economic distress and financial volatility experienced from 2009 to 2012, the country has been a development role model with sustained gross domestic product (GDP) growth of approximately 6 percent a year, and is at the threshold of the middle-income club of economies.  With a per capita GDP of around 2,200 USD, the Vietnamese are starting to experience a sustained consumption boom as disposable income is now large enough to kickstart a surge in discretionary spending on everything ranging from entertainment to cars and holidays.  The newspaper wrote that with a highly strategic location, a young population of nearly 100 million, a highly literate and numerate workforce, a vibrant consumer class with a demonstrated taste for adoption of new technology, Vietnam is likely to continue its pole-vault towards developed country status. As the country’s economy starts to matter in the region, so will its geopolitical significance, it said.-VNA ... [read more]

PM Nguyen Xuan Phuc pressed ministries, agencies and localities to have more drastic efforts and solutions to realize this year’s targets, especially the growth goal of 6.7% at a meeting on Friday. PM Nguyen Xuan Phuc. Photo: VGP To achieve the growth goal, the economy needs to expand 7.42% in the second half, said the Government chief, adding that this is an “important political mission” of all levels and sectors. As the agriculture sector only grew 2.65% in the first six months, PM Phuc questioned the Minister of Agriculture and Rural Development to clarify measures to raise the growth rate to 3.3% this year. The PM also pointed out that the industry and construction must obtain growth rate of 9.2% in the second half in a bid to contribute to the overall economic growth. Projected growth rates of three key sectors in the second half. Sources: The Ministry of Planning and Investment He tasked the processing and manufacturing to gain growth rate of 14% in the second half compared to 10.52% in the first half. The Governor of the State Bank of Viet Nam is assigned to develop a plan to increase credit growth to around 21 – 22%. Meanwhile, the Minister of Planning and Investment has to take measures to spur disbursement of private and foreign direct investment capital in order…... [read more]

Prime Minister Nguyen Xuan Phuc (Photo: VNA) Hanoi (VNA) – The fulfilment of the gross domestic product (GDP) growth of 6.7 percent in 2017 requires high political determination from ministries and departments as well as corporations, businesses and people, Prime Minister Nguyen Xuan Phuc stressed at a meeting in Hanoi on August 12. Addressing the conference between the Government’s Standing Board and ministries, sectors, economic groups and corporations, the PM noted that in order to realise the aforesaid target, the growth in the six remaining months of this year must be at a high level of 7.42 percent. He stressed that this is an important political task of all sectors, especially agriculture, industry, construction, processing and manufacturing. [National Assembly targets 6.7-percent GDP growth in 2017] According to the Ministry of Planning and Investment, the surging GDP in the second quarter raised the January-June growth rate to 5.73 percent. The service sector made the biggest contribution to the overall growth (2.59 percentage points), particularly in wholesale, retail, accommodation, catering, finance, banking, insurance, and real estate. The total volume of international tourists to Vietnam in the period was 7.42 million, a year-on-year rise of 28.8 percent. While the mining industry suffered from a sharp decline, the agriculture, forestry and fishery sectors have recovered with a growth rate of 2.65 percent. The average consumer price index (CPI) rose by 3.91 percent in the first seven months, below the National Assembly’s set target of 4 percent. …... [read more]

NDO/VNA – The fulfillment of the gross domestic product (GDP) growth rate of 6.7% in 2017 requires great political determination from ministries and departments, as well as corporations, businesses and people, Prime Minister Nguyen Xuan Phuc stressed at a meeting in Hanoi on August 12. Addressing the conference between the Government’s Standing Board and ministries, sectors, economic groups and corporations, the PM noted that in order to realise the aforementioned target, the growth rate in the six remaining months of this year must be at a level of 7.42%. He stressed that this is an important political task for all sectors, especially the agriculture, industry, construction, processing and manufacturing sectors. According to the Ministry of Planning and Investment, the surging GDP in the second quarter raised the January-June growth rate to 5.73%. The service sector made the most significant contribution to the overall growth rate (2.59 percentage points), particularly in wholesale, retail, accommodation, catering, finance, banking, insurance, and real estate. The total volume of international tourists traveling to Vietnam in the period was 7.42 million, an annual rise of 28.8%. While the mining industry suffered from a sharp decline, the agriculture, forestry and fishery sectors have recovered with a growth rate of 2.65 %. The average consumer price index (CPI) rose by 3.91 % in the first seven months, slightly below the National Assembly’s set target of 4 %. To reach the goal of 6.7 %, the GDP growth must be at a minimum level…... [read more]

However, as many experts at the conference were quick to point out— the trade deficit with Thailand is driven mainly by macroeconomic factors such as national savings and foreign investment— and not trade policy. The trade deficit explained In 2016, Vietnam ran a trade deficit of US$5.1 billion with its western neighbour. Goods and services purchased from Thailand tallied in at roughly US$8.8 billion while exports stood at about US$3.70 billion. This means that consumers in Vietnam bought more from Thailand businesses than the country’s private sector sold to Thai consumers. Trade mercantilists at the conference tended to view this as a negative and voiced their belief that this is indicative of a failure in trade policy. They rationalized that the imports of Thailand (US$8.8 billion) should be restricted or limited to the exports (US$3.70 billion) to shield the Vietnamese private sector from foreign competition. On the reverse side, they reasoned that trade policy should focus on maximizing Vietnamese exports to Thailand so that they equal or exceed the imports to create a robust thriving domestic economy. However, other economists didn’t see things quite that way. They flatly rejected the idea that trade policy is a zero-sum game in which the prize goes to countries that export more than they import. They argued first, that Vietnamese benefit from the trade deficit with Thailand and other countries due to wider choices, better quality and lower prices for the products that imports…... [read more]

The HCMC government has proposed the central Government ease visa requirements to lure more international visitors to the city. The HCMC Department of Tourism has petitioned the Government to expand its visa waiver to more countries and at the same time lengthen the visa-free stay from 15 days to 21 or 30 days for passport holders from Sweden, Denmark, Russia, South Korea, the UK, Germany, France, Italy and Spain. International tourists are seen taking photos in downtown HCMC. The HCMC government has proposed the central Government ease visa requirements to lure more international visitors Over the past two years, the visa waiver for citizens of five Western European countries – the UK, France, Germany, Italy and Spain – has contributed positively to the tourism sector as the number of visitors from these countries has risen by 14% a year. Therefore, the department has asked the central Government to either extend the pilot visa waiver to five years or grant a long-term visa exemption. The Government should consider allowing international visitors to re-enter the country within 30 days of visa exemption as many foreign tourists to Vietnam want to travel to neighboring countries before returning to Vietnam for departure, according to the department. The city lured about 5.2 million international tourists last year. It is pinning high hopes on its tourism market with 20-25% growth in foreign visitor arrivals. By 2020, international visitor arrivals could soar to 10 to 11 million. The city tourism sector also aims for 10-15% growth in…... [read more]

Deputy PM Vuong Dinh Hue presses the button to launch the derivatives market on the Ha Noi Stock Exchange on Thursday. — VNS Photo Deputy Prime Minister Vuong Dinh Hue pressed the button to launch the derivatives market on Thursday, marking an important milestone in the development of Viet Nam’s securities market. “Today, we have witnessed the birth of Viet Nam’s derivatives market just 17 years since the introduction of the Vietnamese stock market. “This is an important milestone in the development of Viet Nam’s securities market that has satisfied expectations of the Government, the business and investor communities,” Hue said. "The launch of the derivatives market in Viet Nam has happened 13 years earlier than is normally expected," the Deputy PM said. “This is a complex market with sophisticated products that primarily helps investors hedge risks and diversify investment products, thereby increasing attractiveness and opportunities in the securities market,” Hue said and added the derivatives market is usually introduced 30 years after the birth of the primary stock market. Viet Nam is the fifth country in the ASEAN region that has launched a derivatives market besides Singapore, Malaysia, Thailand and Indonesia. Viet Nam’s stock market went live in 2000 and the bond market was introduced nine years after that. The inauguration of the derivatives market has added the third important pillar of a modern securities market model. After over 20 years of operation (since the establishment of the…... [read more]




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