The nation’s mechanical sector need radical reform despite its recent progress in quality and output, experts and policymakers agree. The consensus was expressed during a scientific workshop on future development of the mechanical sector held on Thursday in the northern province of Thai Nguyen, a location famous for rich minerals and robust mining activities. The workshop reaffirmed the mechanical sector’s critical role in the country’s modernisation and industrialisation efforts, and sought to identify obstacles and weaknesses hindering its growth. Participants also discussed appropriate policies to unleash the sector’s full potential. According to reports by the mechanical sector’s business association and the Ministry of Industry and Commerce, in 2006-2015, total output grew 342 per cent and the sector has constantly managed to account for 31-32 per cent of the country’s GDP. Currently, there are some 14,800 businesses in the sector, mostly small-scale. Just 12 businesses employ more than 5,000 people and 116 have more than 1,000 workers. Nearly 100 businesses have a charter capital of over VND 500 billion (US$22.05 million). Several achievements Experts said that in general, the sector has registered several achievements, with many businesses now capable of designing, making, and integrating fully automated assembly lines, or being able to produce road and marine vehicles, in addition to several improvements in metallurgy and metal casting. Several industries have been established, including manufacture and assembly of steel structures, shipbuilding, manufacture and assembly of automobiles and motorcycles, manufacture of engines and agricultural machinery, electrical equipment, spare parts and household goods. However,… [Read full story]
Expert proposes drastic reform of economic policy By Phi Tuan - The Saigon Times Daily HCMC – A high-profile economic expert on Wednesday called for drastic changes to the country’s economic policy, saying a new approach in policy making was required to ensure sustainable development. Vo Dai Luoc, a professor who is doing research on the economic strategy for the next ten years as requested by the State, told a seminar at the Saigon Times Group that Vietnam was facing problems of trade and budget deficits, bad loans, and especially inefficient public investment. The economic policy should be more open…... [read more]
At the latest National Assembly meeting and in other conferences, you have consistently said that there should be a renewal in our economic institutions for further growth. Where should this start? It is time to renew economic institutions based on the principles of a market economy. The regulatory role of the state and the government will then be identified. This approach has been recognised for a long time and reiterated recently in the prime minister’s new year message. The question for us is where to start? I think firstly we have to review our economy. First of all, we must…... [read more]
Housing program needs drastic actions By Dinh Dung in HCMC The much-touted housing development program for low- and mid-income people once again is put on the table for discussion to find out solutions to drive the program forward. Speaking at a seminar in HCMC over the weekend, most participants agreed that the Government should play a key role in the program. However, it should not embrace the entire program, but should adopt incentives to lure private real estate companies to accelerate the program. Nguyen Tran Nam, deputy minister of construction, said existing housing projects would provide some 30 million square…... [read more]
Spain announced Friday drastic reforms forcing banks to set up a new 30-billion-euro ($39 billion) financial cushion and to remove risky property assets from their accounts. Madrid will charge two independent auditing firms with valuing banks' exposure to the collapsed property sector, still reeling from a housing bubble that popped in 2008, ministers told a news conference. "The government wants complete transparency, clarity is crucial to end any doubt about Spain's solvency," Economy Minister Luis de Guindos told the conference after a cabinet meeting. At the same time, the minister stressed that the reforms will not be funded with taxpayers'…... [read more]
This was stated by Duong Hong Quan, head of the Planning and Industrial Development Division under the Ministry of Industry and Trade’s Industrial Policy and Strategy Institute (IPSI) on Wednesday.Quan said the plan aimed at ensuring the city’s mechanic sector develop on par with other leading localities in the country while basically meeting the demand of key economic sectors in the Mekong Delta region.He said Can Tho should establish at least 100 mechanic enterprises. The city should give priority to boosting investment in projects, including rapid prototyping projects, heat and surface treatment technology, opaque steel production and machines for agricultural…... [read more]
