Quang Tri attracts 88 million USD of investment in 7 months

Prime Minister Nguyen Xuan Phuc has approved the establishment of the Vietnam Press Museum run by the Vietnam Journalists’ Association. The museum will be located on Duong Dinh Nghe street, Yen Hoa ward, Cau Giay district of Hanoi, as part of the national museum system. It is tasked to collect, preserve and exhibit cultural heritage showing the development of Vietnam’s press, and will conduct research serving the protection of Vietnamese press’s cultural heritage value. The PM also okayed the adjustment of the planning scheme for the development of industrial parks (IPs) in the Central Highlands province of Dak Lak until 2020. The Government leader agreed on the expansion of the Hoa Phu IP with additional area of 150 hectares, and the addition of a new project of Phu Xuan IP in Ea Drong commune, Cu M’gar district with an area of 325.6 hectares. The PM assigned the provincial People’s Committee to work with the Ministry of Natural Resources and Environment to adjust the land use plan and submit it to the Government for approval. The provincial People’s Committee was also asked to conduct procedures to form the IPs in different periods to suit the investment attraction of the province, while supervising the observation of legal regulations on environmental protection, and transforming the land use purpose and design measures to stablise the lives of locals whose land is revoked for the IP construction. The PM also asked the province to build houses and other utilities for workers at the IPs. VNA... [read more]

Illustrative image (Source: VNA) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has approved the establishment of the Vietnam Press Museum run by the Vietnam Journalists’ Association. The museum will be located on Duong Dinh Nghe street, Yen Hoa ward, Cau Giay district of Hanoi, as part of the national museum system. It is tasked to collect, preserve and exhibit cultural heritage showing the development of Vietnam’s press, and will conduct research serving the protection of Vietnamese press’s cultural heritage value. The PM also okayed the adjustment of the planning scheme for the development of industrial parks (IPs) in the Central Highlands province of Dak Lak until 2020. The Government leader agreed on the expansion of the Hoa Phu IP with additional area of 150 hectares, and the addition of a new project of Phu Xuan IP in Ea Drong commune, Cu M’gar district with an area of 325.6 hectares. The PM assigned the provincial People’s Committee to work with the Ministry of Natural Resources and Environment to adjust the land use plan and submit it to the Government for approval. The provincial People’s Committee was also asked to conduct procedures to form the IPs in different periods to suit the investment attraction of the province, while supervising the observation of legal regulations on environmental protection, and transforming the land use purpose and design measures to stablise the lives of locals whose land is revoked for the IP construction. The PM…... [read more]

Thai Binh Economic Zone is scheduled to be finished by 2030. — Photo thaibinhtourism.com.vn Prime Minister Nguyen Xuan Phuc on Saturday signed Decision 36/2017/QĐ-TTg on the establishment of Thai Binh Economic Zone in the northern province of Thai Binh. Under the decision, Thai Binh Economic Zone is a coastal economic zone consisting of 30 communes and one town in Thai Thuy, Tien Hai district and its adjacent coastal area. Located on a 30,583ha natural site, the economic zone includes functional areas such as Thai Binh power centre, industrial zones, port and port services, resort and entertainment complexes, the distribution area of ​​aquaculture and coastal protection forests, residential areas, urban areas and an administrative hub. The main development objective of Thai Binh Economic Zone is to maximize the advantages of natural conditions and location in connecting labour, goods and services with neighboring areas, narrowing the gap between the province and other parts of the country. In addition, the zone is designed to closely combine investment attraction and economic development with the maintenance of national defense and security, preserving and promoting the values ​​of the marine eco-systems, historical and cultural relics in the region. According to the plan, Thai Binh economic zone is targeted to become a synthetic and multi-sector economic area. It prioritises the development of industries that can take advantages of the region’s potential for natural gas and raw materials sources, linking developed economic zones and industrial parks in the Red River…... [read more]

Boosting exports, reducing import surplus In the first quarter of this year, Vietnam’s exports generated US$8.57 billion, a year-on-year increase of 20 percent. Notably, exports in January and March fetched more than US$3 billion each. This means despite legal complications, exports have maintained high growth, and the export target of earning US$36 billion in 2006 is likely to be achieved. Meanwhile, Vietnam imported US$8.513 billion worth of goods in the reviewed period, creating an export surplus of more than US$50 million. That was good news for the national economy as since 1993 Vietnam has posted increasing import surplus, totalling US$5 billion in the past three years. The export surplus in the first quarter of 2006 was attributed to measures to boost exports alongside control of imports, particularly in the State business sector. Statistics show that the State business sector generated an import surplus of US$870 million in the first quarter of 2003, US$1.6 billion in the corresponding period of 2004 and US$2.36 billion in the same period of 2005. However, this figure fell to US$1.75 billion in the first quarter of 2006. Market forces also played a very important role in import surplus fall. In the first three months of 2006, the import of complete knocked-down (CKD) motorcycle and car units, fertilisers, steel and steel ingots, and petrol dropped dramatically. The import of CKD motorcycles and cars and their accessories alone fell by 50 percent. This means that the domestic market is playing the greater role in regulating quantity and…... [read more]

The Vietnamese Party and State have issued new guidelines and policies on overseas Vietnamese, always emphasising that overseas Vietnamese are an important and indispensable part of the Vietnamese nation and the country’s common development. Every year, Party and State leaders and local authorities organise New Year home-comings for Vietnamese nationals in the hope that they will understand the real situation at home and join hands with the entire Party and people to build Vietnam into a powerful, prosperous and democratic country. This year, a welcome ceremony for overseas Vietnamese returning home for Tet will be held at the National Convention Centre in Hanoi on February 9 (the 22ndlunar December), it is expected to attract a record number of around 1,000. 2006 was a year which made new breakthroughs in Vietnam’s Doi Moi (Renovation) and international integration process, with notable events such as the successful organisation of the 14th APEC Economic Leaders’ Meeting, the country’s becoming the 150th member of the World Trade Organisation (WTO), and the US approval of Permanent Normal Trade Relations (PNTR) with Vietnam. These events have added to the successes the country has achieved during the 20 years of renovation in line with the Party and State’s correct guidelines and policies, which are winning the trust of Vietnamese nationals and international friends. In recent years, relations between Vietnamese living in the country and those Vietnamese abroad have become closer through programmes and projects under which overseas Vietnamese have shared difficulties with those people suffering great losses from…... [read more]

It is predicted that from now till the opening of the retailers market in 2009, retail business space will become even scarcer. Attractive market According to a report from CB Richard Ellis (Vietnam) Co. Ltd (CBRE), a real estate service provider in Vietnam, the country ranks second in Asia in economic growth after China and fourth in the world in retail investment attractiveness just behind India, Russia and China. The market scale in Vietnam is increasingly expanding with 9,266 traditional markets, 180,000 small shops and 250 supermarkets while people are gradually shifting from shopping in traditional markets to trading centres and supermarkets. As a member of the World Trade Organisation (WTO), Vietnam is now considered to be one of the most promising retailers markets for the major global retail groups of retailers. CBRE said that the rapid development of the national economy has helped to rapidly increase people’s incomes and consumer power. Retail spending in Vietnam rose from US$15 billion in 2000 to US$36 billion in 2006 and the figure is predicted to surpass the US$50 billion mark by 2010. However, Richard Leech, Executive Manager in charge of retail business service said the fast development of the Vietnamese retailers market would face great challenges as there is a serious shortage of retail business space, particularly in Hanoi and HCM City. Business space fever Deputy Head of the External Relations and Marketing Department of the Hanoi Trade Corporation, otherwise known as Hapro Le Thien Nga said retailers are running short of…... [read more]

In fact, FDI businesses are one of the most dynamic sectors taking the lead in export activities, contributing to the state budget, and generating jobs for workers. However, many FDI projects have proved ineffective and many economic experts and policy makers say that it is high time to say no to inefficient ones. FDI businesses made up 55 percent of US$19.25 billion in trade turnover in the first quarter of this year. Although FDI registered capital in Vietnam reached US$2.37 billion in the reviewed period (only 67 percent of last year's figure), this is a positive sign. The figures have shown that FDI businesses have played an important role in the national economy. Yet, in recent years, we have witnessed a boom and withdrawal of billion-dollar FDI projects in many provinces and cities nationwide. The emergence and withdrawal of hundreds of billions of dollars are attributed to the world’s economic crisis and investors' opportunism. Many of them seized the opportunity to exploit natural resources such as land, forest, and mineral ores and a cheap labour force in Vietnam along with investment incentive policies. Not only have newly-registered projects withdrawn their licences, but also projects which have been ongoing for many years but have not used land funds sufficiently. Another alarming problem is that many FDI projects which have consumed a lot of materials, fuels, energy, and created environmental pollution have been allowed into Vietnam due to the loopholes in policies and laws. Recently, environmental pollution of the Vedan Joint Stock…... [read more]

Kyohei Takahashi, Co-Chairman of the Vietnam-Japan Economic Committee, said both countries have been active in realising the joint initiative aimed at creating an open and transparent investment environment. He highly values the initiative, saying it has helped macroeconomic stabilisation, developed the support industry, created better living environments around industrial parks, augmented intellectual property, and expanded retail markets. It has also facilitated the development of public-private infrastructure investment. The two countries have established a macroeconomic group to promote mutual understandings and demonstrated transparency in regards to their international balance sheets and foreign currency reserves, said Takahashi. He also acknowledged some shortcomings, including the lack of clarity in regulations on recalling and dealing with discarded products. Japanese Ambassador to Vietnam Tanizaki Yasuaki suggested the two countries focus on removing obstacles hampering investment to create conditions more conducive to foreign direct investment flows. He revealed that Vietnam has received US$1.2 billion in the first installment of the Japanese Government’s 2012 ODA loans and Japan will soon make its decision on Vietnam’s ODA grant for the whole year. Minister of Planning and Investment Bui Quang Vinh affirmed that in 2012 the joint initiative has helped Vietnam improve economic development policies, especially those relating to the investment climate, contributing to foreign investment attraction. Japan is presently the top foreign investor in Vietnam, he said, adding Vietnam is expected to receive more assistance from the Japanese Government in the future.... [read more]

Lu Bang, deputy director of the city’s Department of Industry and Trade, said the photo exhibition aimed to vividly portray the city’s accomplishments to help visitors better understand the city’s development. The event will help to advertise Vietnamese brand names in general and those from the city in particular in hopes of stimulating local trade, tourism and investment attraction activities, she stressed. The exhibition features more than 480 stands of over 300 domestic and foreign enterprises. The foreign participants are from Japan, the Republic of Korea, Thailand, Singapore, the Philippines, Malaysia, Indonesia and China. A seminar has been planned during the five-day event to highlight the city’s development potential and integration process in addition to a dialogue among young scientists, students and enterprises.... [read more]

Addressing the Vietnam-Portugal business dialogue held on June 3 involving representatives from 80 Vietnamese and 40 Portuguese businesses, Dung emphasised that Vietnam has obtained significant socio-economic achievements with an average growth of 7.5% in the 1991-2010 period. From an underdeveloped country, Vietnam became a middle income nation in 2010. Dung added that 101 countries and territories have invested in Vietnam and more than 100 world leading multinational groups are operating in the country. Last year, the country ranked 9th in the world in terms of investment attraction, according to the United Nations Conference on Trade and Development (UNCTAD) survey. PM Dung briefed the participants on the results of the talks with his counterpart Pedro Passos Coelho. The two sides agreed to boost bilateral trade value from US$350 million in 2014 to US$1 billion in the coming years. He revealed that the Portuguese President and PM both affirmed to support Vietnam’s early signing of a free trade agreement with the EU. Portuguese Deputy PM Paulo Portas in turn hailed Vietnam as a rising star among developed economies in Asia and hoped that the Vietnamese delegation’s visit and the dialogue between the two countries’ businesses will open more opportunities to elevate bilateral cooperation. At the dialogue, PM Dung and Minister of Planning and Investment Bui Quang Vinh answered questions from Portuguese firms on Vietnam’s investment environment and opportunities. At an interview with a VOV correspondent, Fernondo Silva, Area Sales Manager at Grupel SA, said the dialogue provided a good chance for Portuguese…... [read more]




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