Vietnam, Laos Parties share experience in sustainable development

Although Vietnam’s business community has been the backbone of the country’s market-based economy over the past decades, it has experienced its share of ups and downs. Professor Nguyen Mai, chairman of the Vietnam Association of Foreign Invested Enterprises, provides a look back over the years, with an eye towards the future.  Vietnam’s 30-year transition from a concentrated and subsidised economy to a market-based one has resulted in remarkable changes in the development of the country’s enterprises. The economy used to rely on state-owned enterprises (SOEs) and agricultural and small-scale co-operatives. However, over the past three decades it has become characterised by the increasing development of private enterprises, whose numbers now come to over 620,000, including over 20,000 foreign-invested enterprises (FIEs). Many SOEs have been equitised, and the wholly-owned SOEs are almost all major ones. The resolution of the 12th Communist Party of Vietnam Central Committee’s (CPVCC) fifth plenary meeting stated, “Market factors and types of markets have been formed in a more synchronous manner, and they have become increasingly linked with the regional and global markets. Almost all goods and services have been traded under the market mechanism. The investment and business climate has improved more significantly; the right to freedom in doing business and equally competing among enterprises in economic sectors has been better ensured.” However, the resolution also underscored limitations: “The operational effectiveness of economic entities and types of enterprises in the…... [read more]

HCM City government’s revenues in the first seven months of the year increased by 16 per cent year-on-year to VNĐ188 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 VNĐ347 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 must raise VNĐ150 trillion ($6.6 billion) for medium- and long-term public investment. In the first seven months of this year services and retail sales grew by 10.7 per cent to VNĐ527 trillion ($23.4 billion). Exports were…... [read more]

NDO – The 2017 Ho Chi Minh City Days in Vientianne, themed ‘Forever green and forever sustainable friendship between Vietnam and Laos’, officially opened in the Lao capital on July 29. The event was attended by Deputy Secretary of Ho Chi Minh City Party Committee Tat Thanh Cang; Lao Politburo member, Secretary of Secretary of the Party Committee and Mayor of Vientiane Sinlavong Khouphaythoune; and Vietnamese Ambassador in Laos Nguyen Ba Hung. Speaking at the opening ceremony, Deputy Secretary of Ho Chi Minh City’s Party Committee Tat Thanh Cang emphasised that Ho Chi Minh City always pay special attention to enhancing the relationship with Laos in general and Vientiane in particular. Regular visits made by leaders of the two cities and the cooperation projects have been successfully implemented, contributing to the prosperous development and fine relations between Ho Chi Minh City and Vientiane, he added. At the ceremony, Mayor of Vientiane Sinlavong Khouphaythoune affirmed that the ‘Ho Chi Minh City Days in Vientiane’ programme will significantly contribute to tightening the friendship, special solidarity and comprehensive cooperation between Laos and Vietnam, particularly the two cities. After the opening ceremony, the delegates visited an exhibition entitled ‘Forever green and forever sustainable friendship between Vietnam and Laos’. On display are photos featuring the support and cooperation activities for socio-economic development between Ho Chi Minh City and Vientiane as well as highlighting Ho Chi Minh City’s achievements in the cause of building and developing the southern city. The exhibition…... [read more]

At the second debate on regional minimum wage for next year, held by the National Salary Council in Hanoi yesterday, the Vietnam General Confederation of Labour (VGCL), which represented employees, and the Vietnam Chamber of Commerce and Industry (VCCI), which represented employers, failed to reach an agreement. The VGCL called for an 8 percent increase from the current minimum wage while the VCCI proposed 5 percent. Regional minimum wage rates are the base rates used for any arrangement between enterprises and employees on salary. The wage rates are paid to employees who work under normal working conditions, meet monthly working hour standards and complete their obligations for agreed work duties. Vietnam currently has four regions ranked according to the socio-economic development level of each region. Region I includes the large districts and towns of Hanoi, Hai Phong, HCM City and Dong Nai, as well as Binh Duong and Ba Ria-Vung Tau Since January 1, 2017, the regional minimum wage rate applicable for employees working for enterprises in Region I is VND3,750,000 per month, in Region II is VND3,320,000 per month, in Region III is VND2,900,000 per month and in Region IV is VND2,580,000 per month. The rates are 7.3 percent higher than in 2016. VCCI Vice Chairman Hoang Quang Phong said the 5 percent increase proposal was made based on assessing more than 30 associations representing employers. Increasing the regional minimum wage would lead to higher production costs for businesses, he said. Experts said the current minimum wage met…... [read more]

Vietnam’s Prime Minister Nguyen Xuan Phuc has decided that he needs more expert opinion in driving the country’s economic growth. The top government leader has just established a board which will directly advise him on economic matters. They will advise the PM on mid- and long-term economic policies as well as annual socio-economic development plans. Vietnam aims to expand its economy by 6.7 percent this year, a target considered ambitious by many experts especially after a relatively sluggish growth in the first six months. IMF and HSBC this month both revised their growth forecasts for Vietnam down to 6.3 and 6 percent, respectively. According to Phuc’s decision, his new advisors can suggest amendments to current policies and regulations, especially in times of volatility, both in domestic and global markets.  Among  the15 members are respected Vietnamese economists including those working and teaching in France, Japan, Singapore and the U.S. Vu Viet Ngoan has been appointed as head of the board, leaving his job as chairman of the National Financial Supervisory Commission. The 59-year-old has more than 20 years of experience in finance and banking. He earned a PhD in finance from the La Salle University in the U.S. in 1998, through a distance education program, which has raised questions from the public about the quality of his study.... [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]

Over the past 22 years, Vietnam has consistently considered ASEAN a foundation and one of top priorities of its foreign policy. Vietnam has worked closely with other ASEAN members to boost integration and internal solidarity.  50 years after its establishment, ASEAN has become a strong community with a growing role and stature globally. Since joining ASEAN in 1995, Vietnam has contributed to ASEAN’s successes, including the adoption of the 2007 ASEAN Charter, the Hanoi Declaration on ASEAN Vision 2020, the ASEAN Community Vision 2025, and Master Plans implementing the 3 pillars of politics-security, economics, and culture-society.  ASEAN membership, a historic decision  Vietnam’s ASEAN membership opened a new period of integration in the region. Deputy Foreign Minister Le Hoai Trung said: “It was the right decision to join ASEAN in 1995, when we were in dire need of socio-economic development and expansion of relations with other countries. ASEAN membership enabled Vietnam to expand ties with the EU and normalize relations with the US and China. As an ASEAN member, Vietnam has engaged deeply in ASEAN activities in line with its integration policy.” In ASEAN Vietnam has enjoyed a favorable environment for forging closer ties with its neighbors and resolving long-standing issues, and has contributed to regional cooperative mechanisms that further its national interests. ASEAN helps amplify Vietnam’s voice worldwide and create cooperative opportunities.  ASEAN’s Secretary General Le Luong Minh: “Vietnam’s economic development has benefited from ASEAN membership. During the course of…... [read more]

The number of international visitors to Viet Nam in the first seven months of 2017 was estimated at around 7.24 million, a year-on-year surge of 28.8 per cent. In July, 1.04 million foreigners visited Viet Nam, a year-on-year increase of 21.1 per cent.  While arrivals by air touched 6.12 million passengers, an increase of 31.3 per cent against the same period last year; 945,886 visitors came by road (up 17.3 per cent); and the remaining 178,101 people arrived by sea (up 13.3 per cent), the General Statistics Office (GSO) of Việt Nam said. Of these, around 5.36 million visitors were from Asia, 1.1 million people from Europe and 505,014 people from America, accounting for 73.9 per cent, 15.3 per cent and 6.97 per cent of the total foreign passengers. China continues to rank first in the number of visitors to Việt Nam, with around 2.2 million arrivals, an increase of 51 per cent over the same period in 2016. The GSO also reported a rise in tourist inflow from other key markets, with an increase of 49.3 per cent from Russia, 46.8 per cent from South Korea, 30.1 per cent from Hong Kong, 27.8 per cent from Spain, 23.6 per cent from Cambodia, 23.4 per cent from the Philippines and 20.8 per cent from Taiwan. The number of visitors from Africa also went up slightly, with 19,973 people visiting, which is a significant 28.1 per cent rise compared to the same period last year. In July, 1.04 million foreigners visited…... [read more]

In July, 1.04 million foreigners visit Viet Nam, a year-on-year increase of 21.1 per cent. — Photo baomoi.com The number of international visitors to Viet Nam in the first seven months of 2017 was estimated at around 7.24 million, a year-on-year surge of 28.8 per cent. While arrivals by air touched 6.12 million passengers, an increase of 31.3 per cent against the same period last year; 945,886 visitors came by road (up 17.3 per cent); and the remaining 178,101 people arrived by sea (up 13.3 per cent), the General Statistics Office (GSO) of Viet Nam said. Of these, around 5.36 million visitors were from Asia, 1.1 million people from Europe and 505,014 people from America, accounting for 73.9 per cent, 15.3 per cent and 6.97 per cent of the total foreign passengers. China continues to rank first in the number of visitors to Viet Nam, with around 2.2 million arrivals, an increase of 51 per cent over the same period in 2016. The GSO also reported a rise in tourist inflow from other key markets, with an increase of 49.3 per cent from Russia, 46.8 per cent from South Korea, 30.1 per cent from Hong Kong, 27.8 per cent from Spain, 23.6 per cent from Cambodia, 23.4 per cent from the Philippines and 20.8 per cent from Taiwan. The number of visitors from Africa also went up slightly, with 19,973 people visiting, which is a significant 28.1 per cent rise compared…... [read more]

For instance, the inspection sector, which is involved in State-governed areas, reported corruption phenomena at its head office and State chief inspector levels. Regarding football, bribe takers were not only referees but also football players. Notably, footballers had conducted the alleged match-fixing during the recent 23rd SEA Games while they should have done their utmost to bring the resounding victory to the nation. Anti-corruption activities are an urgent issue. Before the Anti-Corruption Law was not issued, Vietnam drastically combated corruption. Now more than ever, people working in the inspection and physical training and sports sectors have a thorough grasp of laws. But why does such a negative phenomenon occur so obviously? On the whole, the human factor is at the core of the problem. It is high time to improve personnel organisation. An effective movement requires qualified staff. All movements at any level or in any field must be revolutionary movements led by staff with revolutionary virtues. A revolutionary person must be well educated, trained and best selected and the process needs to be implemented scientifically, exactly and strictly. Revolutionary staff with heavy responsibility, who are assigned or voluntarily undertake tasks, must not be allowed to commit mistakes. State employees receive salaries from the State budget to serve the people. Thus, they have to work effectively without calculating the pros and cons when dealing with people and nation. While realising tasks, each person should exercise their high responsibility in overall relations between the private and the common, between the individual…... [read more]




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