After much debate over the true nature of undocumented market transactions in Viet Nam, otherwise known as the shadow economy, officials have again postponed the release of an accredited study on the matter. Speaking at the Government’s regular press conference in early February on the underground economic sectors, Deputy Minister of Planning and Investment Nguyen The Phuong said that his ministry was set to complete an assigned report compiling statistics on these unofficial economic activities. Accordingly, the Ministry of Planning and Investment (MPI) will submit said scheme to the Government within the first quarter of 2018. This is a delay from the previous deadline of 2017’s fourth quarter, set by Deputy Prime Minister Vuong Dinh Hue in a June decree last year. Explaining the delay, Deputy Minister Phuong said that based on the General Statistics Office’s (GSO) initial research, the MPI is currently seeking opinions of relevant ministries on this scheme, in order to clarify what the so-called unobserved economic sector truly entails. Surprisingly, according to Phuong, small-scale economic activities done by households and individuals account for 87.7 per cent of total production, and generate up to 32 per cent of total employment in the country. He said that this particular sector’s contribution to Viet Nam’s gross domestic production is by no means insignificant. Therefore, the lack of accurate statistics on the informal economy has resulted in the Government missing out on a considerable amount of taxable capital flow. Phuong went on to explain that at the moment, the MPI… [Read full story]
Vietnam’s shadow economy accounts for 25-30 percent of the country’s gross domestic product (GDP) and provides jobs for approximately 57 percent of its workforce, according to a recent study by Fulbright University Vietnam. Vietnamese Deputy Prime Minister Vuong Dinh Hue has called on the Ministry of Planning and Investment to develop a report on the country’s shadow, informal, and illegal economies. A plan to collect the related statistics is slated to be put into action later this year with the primary goal of offering a deeper insight into the size of Vietnam’s economy so that lawmakers can adopt suitable policies…... [read more]
On 04/11, PPC have just recommended the Ministry of Construction coordination with related ministries and departments to study about climate change, especially the invasion of the sea in Central coastal regions in general and Quang Nam in particular and guide construction for these regions. Cua Dai beach Quang Nam has a long coastal, about 80km, belonging to the district: Dien Ban, Hoi An, Duy Xuyen, Thang Binh, Tam Ky and Nui Thanh. Currently, the coastal regions have been implementing a lot of tourism projects: 15 project in Duy Xuyen, Thang Binh, Tam Ky and Nui Thanh (3 nearly completed projects…... [read more]
Despite concerns from economic experts about the undetermined scale and scope of Viet Nam’s undocumented market transactions, authorities are adamant that the illicit economy is under control and will soon be regulated heavily. — Photo dantri.com.vn Despite concerns from economic experts about the undetermined scale and scope of Viet Nam’s undocumented market transactions, authorities are adamant that the illicit economy is under control and will soon be regulated heavily. In its latest move, the Ministry of Planning and Investment (MPI) is expected to finalise and submit to the Prime Minister’s Office a scheme on underground economic sectors today. Under the…... [read more]
Deputy Minister of Planning and Investment Nguyen The Phuong. (Photo: mpi.gov.vn) Hanoi (VNA) – The Ministry of Planning and Investment has been tasked with compiling a project on measuring Vietnam’s non-observed economy (NOE), to be submitted to the Government in the first quarter of 2018, according to Deputy Minister of Planning and Investment Nguyen The Phuong. The Ministry of Planning and Investment has been seeking advices from relevant ministries and agencies on the statistical scheme, with one of the key issues being the definition of the unobserved economy that consists of five elements. The first element comprises underground economic activities…... [read more]
The Ministry of Planning and Investment has been seeking advice from relevant ministries and agencies on the statistical scheme, with one of the key issues being a specific definition of the unobserved economy that consists of five elements. The first element comprises underground economic activities that are legal but deliberately concealed from the public authorities in order to evade the payment of taxes and social security contributions; or avoid compliance with certain legal standards, such as the minimum wage, maximum working hours, and safety or health standards, or with administrative procedures, such as completing statistical reports. The second comprises illegal…... [read more]
