Vietnam’s National Assembly supports stronger economic ties with US

At a review meeting in Hanoi on January 10, Dung lauded the sector’s performance in 2013, especially its efforts to ease production difficulties, ensuring the market law of supply and demand, shoring up industrial production, and reducing inventories. He particularly acknowledged the sector’s solutions for increasing trade promotions at home and abroad, equitising its businesses for higher operational efficiency, and balancing trade. In 2013 Vietnam enjoyed trade surplus for the second year in a row, he noted. Outlining tasks for 2014, he asked the sector to formulate policies on trademark and support industry development, enhance craft associations’ role in assisting businesses in difficulty, and increase the ratio of high technology and local contents in products. The PM reminded the Ministry of Industry and Trade (MoIT) to realise domestic market development and overseas market expansion solutions, ensure a sufficient supply of essential commodities, and tighten market control to prevent trade frauds and cross-border smuggling. He encouraged the MoIT to go ahead with its market mechanism for electricity, coal and petrol, taking into account support policies for vulnerable groups in society such as social policy beneficiaries and the poor. The trade sector needs to better perform its role in free trade agreements (FTAs) negotiations, especially the Trans-Pacific Partnership (TPP) agreement and the Vietnam-EU FTA, the government leader said. Despite economic difficulties in 2013, industrial production bottomed out, rising 5.9% or 0.1% higher than 2012’s figure. The inventory index fell on a monthly basis, from 21.5% in January to 10.2% in December. Total…... [read more]

Deputy Prime Minister Vu Van Ninh made the pledge at the Vietnam Economic Forum in London on September 10, during which he said Vietnam is striving to finalise its market economic institutions, change its growth model and improve its competitive edge. The country’s macro economy has been maintained with higher growth rates and curbed inflation, he said, citing the expected national gross domestic product (GDP) growth of 6.5 percent, the highest pace since 2011. According to the official, Vietnam is targeting trade values of US$350 billion this year and US$600 billion in 2020. Given world economic uncertainties, including the depreciation of the Chinese yuan, plunging world stocks and dropping oil prices, the Vietnamese Government has promptly put forth suitable countermeasures, he said. Hailing Vietnam’s reform efforts to boost socio-economic development, Prince Andrew, Duke of York, said the UK encourages its businesses to invest in Vietnam while welcoming those from the Southeast Asian nation to run business in his country. The UK is now Vietnam’s leading partner within the European Union in terms of investment, trade and education. Paul Smith, Chairman of the UK’s Harvey Nash Group, told that the favourable business environment will help Vietnam’s economy rise in annual ratings. Attracted by such good conditions, British businesses have paid more attention to Vietnam than other Southeast Asian nations in recent years, he stressed. Later the same day, Deputy PM Ninh held a meeting with Prince Andrew to discuss measures to forge collaboration between the two countries. The Vietnamese official hoped…... [read more]

The success of Quang Trung Software City Quang Trung Software City (QTSC) has been operating for over eight years since its establishment in March 2001. Director of the Quang Trung Software Park, Chu Tien Dung, said the QTSC has so far attracted 104 software enterprises, including 54 foreign-invested enterprises from Holland, the UK, the US, Japan, Thailand and Switzerland, with a total investment of US$60 million and provided training on information technology (IT) for nearly 3,500 engineers and 9,000 students. Regarding the efficiency of the investment, the QTSC has annually earned a revenue of US$15 million/hectare. Especially, according to an international consulting organisaiton, the QTSC ranks fourth among 200 trademarks in the field of information technology in Vietnam. At a ceremony to celebrate 8th anniversary of its establishment, Deputy PM Nguyen Thien Nhan highlighted great efforts undertaken by the QTSC in turning a deserted plot of land into the country’s leading software park. However, the QTSC should devise a detailed plan through 2015, with a focus on increasing the domestic use of software products, strengthening activities on scientific research, and cooperating in training IT human resources for export. However, director of the QTSC Chu Tien Dung acknowledged that the park revealed its shortcomings in Research and Development (R & D) activities. In addition, revenues of software enterprises in the QTSC remain low, as they are mostly small-scale businesses. Moreover, there remain limitations in cooperation among enterprises in the park. Therefore, this year, the QTSC will continue to invest in building…... [read more]

Delegates gathered for six conferences, including the two new ones. The Intellectual Property Rights Experts’ Group (IPEG) marked their 10th year of operation by expanding their area of activities to include discussions on Free Trade Agreements and Regional Trading Arrangements (FTAs/RTAs) issue. Many new FTAs/RTAs cover issues with implications for intellectual property laws. Through their dialogue on these pertinent issues, IPEG will make a contribution to the Committee on Trade and Investment’s discussions of FTAs/RTAs. IPEG also discussed the progress of the new APEC Anti-Counterfeiting and Piracy Initiative. In their presentation, the World Intellectual Property Organization (WIPO) and the International Federation of Reproduction Rights Organisation (IFRRO) mentioned areas of common Intellectual Property concerns and possible collaboration. During their two-day meeting ending February 22, the Government Procurement Experts' Group (GPEG) endorsed a new project proposal developed by Vietnam to host an APEC Seminar on Transparency in Procurement and E-procurement. A two-day seminar is scheduled to be held in the central coastal city of Nha Trang in September and is to be co-sponsorship of Australia, Canada, the Republic of Korea and New Zealand. The seminar will provide member economies with updated information on public procurement laws, regulations and administrative procedures of each economy to strengthen transparency and e-procurement. Ultimately the seminar will seek to help improve the infrastructure and legal framework for strengthening e-procurement capacity in the region. At its separate meeting, the Data Privacy Sub-Group under the Electronic Commerce Steering Group (ECSG) considered ways to build a secure and favourable business…... [read more]

They discussed matters covering several areas such as the World Trade Organisation, the Doha Development Agenda, the Pusan Agenda programme, enablers of trade, investment and innovation, as well as trade and investment opportunities in Vietnam.In his opening speech, Vietnamese Minister of Trade Truong Dinh Tuyen said that APEC accounts for 45.8 percent of the world's trade and 57 percent of global GDP. In fact, enterprises within the region have formed a regional manufacturing and labour distribution network, with internal trade revenue accounting for 70 percent of total regional trade. APEC has long been referred to as an active hub, attracting huge amounts of trade and investment with intense competitiveness, stressed Mr Tuyen.However, Mr Tuyen said there are new risks arising in the region such as corruption, increased business costs resulting in the transfer of investment flows, and uncertainties in the current global context such as high oil price and emerging diseases, influence the development process and limit business expansion. "In this sense, trade and investment policies will be effective only if they can create a favourable and secure environment, protect against negative signs and possible upheavals,” said Mr Tuyen. “That is why they should be considered in a national context, but with a regional perspective. These policies must combine the thoughts of strategists and practical experience of businessmen."Mr Tuyen said he hopes that the symposium will put forth initiatives to facilitate business activities, improve competitiveness within the region and contribute to the achievements of the APEC 2006 goal, "Towards a…... [read more]

The 2006 Vietnam Business Forum (VBF 2006) opened in Hanoi on December 13 in preparation for the Consultative Group (CG) Meeting for Vietnam to be held in Hanoi on December 14-15. The forum was attended by Deputy Prime Minister and Foreign Minister Pham Gia Khiem and representatives from international economic organisations and domestic and foreign business associations. The Vietnam Business Forum serves as an organised and constructive dialogue channel between the Government and the business community in the country, creating a favourable business environment to attract foreign investment and accelerate economic growth rate in the country. The focus is on evaluating the business environment by domestic and foreign enterprises, reviewing activities by working groups in the past six months and discussing major issues relating to banking, infrastructure and tourism development. Addressing the forum, Mr Khiem highly praised the international community’s great contributions and valuable support for Vietnam in recent times as well as the tremendous achievements gained by Vietnamese enterprises in the Doi Moi (Renovation) process. In order to achieve the target for socio-economic development in the 2006-2010 period, Vietnam has recently adopted a number of important laws such as the Investment Law and the Enterprise Law. In addition, the Vietnamese Government is accelerating the building of a new project to increase competitive capacity, make full use of opportunities and overcome all challenges arising from globalization and international economic integration. The forum serves as a theoretical and practical foundation for the Vietnamese Government to study and apply in the renovation…... [read more]

While receiving the UK Secretary of State for Business, Enterprise and Regulatory Reform, John Hutton, in Hanoi on June 2, PM Dung said that the Vietnamese government wants to promote cooperation with the UK in economics, trade, investment and education, particularly in implementing the agreements reached during his recent visit to the UK. Mr Dung said that the global economic slowdown has had a negative impact on Vietnam, particularly leading to a runaway inflation and a rising trade deficit. He briefed his guest on Vietnam’s efforts to minimise the impact by swiftly implementing a host of measures. As a result, over the past five months, Vietnam has maintained its GDP growth rate of 7 percent while increasing its exports by 27 percent and raising the level of foreign investment in the country by 215 percent. PM Dung expressed hope that the UK will share its experiences with Vietnam in developing the economy and curbing inflation. For his part, Secretary of State Hutton said that the two countries have great potential for cooperation in economics, trade and education. He noted that many British enterprises are keen to invest in Vietnam’s financial, banking and heavy industries. He also affirmed that the UK is willing to assist and work with Vietnam to develop its economy and combat inflation.... [read more]

Following is the full text of the declaration. We, the Heads of the Government of the Kingdom of Cambodia, the Lao People's Democratic Republic, the Union of Myanmar, the Kingdom of Thailand and the Socialist Republic of Vietnam gathered in Hanoi, Vietnam on 7th November 2008 for the 3rd Summit of the Ayeyawady - Chao Phraya - Mekong Economic Cooperation Strategy (hereinafter referred to as ACMECS). We reaffirmedourdetermination to deepen the traditional relations of friendship, good neighbourliness and mutual benefits among the ACMECS countries in the light of the Bagan Declaration. We appreciated the significant outcomes of the 3rd GMS Summit in March 2008 in Vientiane, Lao PDR and reaffirmed our strong commitments to strengthen the closer cooperation in the implementation of the Vientiane Plan of Action 2008-2012 to realise the vision of developing the Mekong sub-region into a region of “integrity, harmony and prosperity”. We reviewed the implementation of the Second ACMECS Summit Declaration and the ACMECS Plan of Action with satisfaction on the significant progress in the areas of cooperation such as trade and investment facilitation, transport, agriculture, industry and energy, public health, tourism and human resource development. We were fully aware of the need for the ACMECS countries to redouble their efforts individually and collectively to move ACMECS forward more effectively and substantively, not only for the interests and benefits of the ACMECS countries, but also for the acceleration of economic integration and development in the Mekong sub-region. We hereby declared as follows: 1.In trade and investment…... [read more]

Addressing the 3rd meeting of the APEC Business Advisory Council (ABAC) in Da Nang City on August 25, Mr Triet declared that Vietnam is actively integrating into the world economy and it is striving to fulfil bilateral and multilateral commitments to international organisations. He said that together with other regional economies, Vietnam is making every effort to maintain production, stimulate consumption and get over an economic downturn. Measures adopted by the government have begun to take effect, said Mr Triet, citing the fact that the country has maintained industrial and agricultural production, stabilised its financial market, revitalised the stagnate stock market and kept the consumer price index (CPI) under control. With these measures in place, Vietnam is expected to achieve a GDP growth rate of 5 per cent this year, said Mr Triet. He also insisted that despite being a developing economy, Vietnam has created a favourable business environment for domestic and foreign investors to operate efficiently in the country. ABAC 2009 president Teng Theng Dar analysed the regional economic situation, which he said requires the governments and business communities of all APEC countries to work together to solve problems and create favourable conditions for investment. He asked businesses to share their issues with the government and make recommendations for improving the regional business environment. He expressed his belief that ABAC will continue to receive support from policymakers and the business community to build strong public and private relationships. He went on to say that ABAC continues to pursue the…... [read more]

Prime Minister Nguyen Tan Dung affirmed Vietnam’s consistent policy at the 22nd World Economic Forum (WEF) on East Asia in Myanmar on June 6. He noted that East Asia is a dynamically developing region which is home to the world’s largest economies and many emerging economies, with its development based on multiple layer and multi-sectoral cooperation and integration for mutual benefit. It presents a great opportunity, but requires regional countries to reform, improve themselves and adapt to the fiercely competitive integration environment, he said. The PM recalled Vietnam’s economic development over the past two decades, saying economic transition from a centrally planned to a market economy has helped the country overcome many challenges and make many important achievements. He said during the era of globalisation, developing countries like Vietnam are trying to achieve their growth target, reduce poverty and become industrialised nations. According to the Vietnamese PM, the sufficient conditions for these countries to realise the goal, alongside national efforts, include an international environment of peace, stability and cooperation on the basis of respect for international law; trade and investment liberalisation through economic integration, and effective cooperation among nations in addressing common challenges of the region and the world. Therefore, the enhanced process of international integration in East Asia and ASEAN in particular is of paramount importance, said Dung. He acknowledged the need to enhance economic connectivity and integration between ASEAN and Mekong River countries, including the establishment of the transnational economic corridors, considering this an integral part of international…... [read more]

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