As the world faces a crisis in wealth distribution, some experts doubt if the accumulation of capital will encourage innovation and investment, but instead, lead to multiple tax burdens and increase the gap between rich and poor. During a seminar in Ha Noi on Tuesday , representatives from the Viet Nam Institute for Economic and Policy Research (VEPR) and international charitable confederation Oxfam agreed that the four policies against tax inequality – public services, public spending on health and education, and labour policies – should be employed simultaneously. Deepak L. Xavier, head of Oxfam International’s Even It Up Campaign, said taxation was an important tool to lessen inequalities. However, recent studies from Oxfam and the World Bank (WB) all show that the tax systems in developing countries are often highly regressive and generate insufficient revenue. A lack of transparency and lack of co-ordination in their policies is said to be making the global tax system less effective in addressing poverty and inequality. Xavir said that tax burdens, such as the existence of tax havens, were driving global inequality up further by allowing multinational companies and super-rich individuals to shirk their tax obligations outside their home country. He argued that should these huge taxable amounts of income be retrieved in full, they could be used to fund public services, such as health care and free education – and any other social security programme. In agreement, Vu Sy Cuong, vice-dean of Financial Policy Analysis at the Academy of Finance, said he considered… [Read full story]
Inefficient public investments hamper growth: experts By Tu Giang - The Saigon Times Daily HCMC – The low efficiency of Vietnam’s public investments coupled with the increased intervention by the State are among factors resulting in current economic woes, experts said at a seminar in Hanoi on Tuesday. “Vietnam’s economy has become uncertain partly because public investments are too big but inefficient, coupled with the increased intervention by the State,” said Le Xuan Ba, head of the Central Institute for Economic Management. Speaking at the seminar “Global Economic Prospects and Vietnam’s Responses,” Ba compared the average growth rates in two…... [read more]
A man rides a tricycle past an advertising poster for luxury apartments in Beijing on July 19, 2016. (Source: Reuters) Hanoi (VNA) - A rapidly growing gap between rich and poor in many developing EastAsian nations is threatening the foundation for the region's economic success,the World Bank said in a report released on December 4. Booming economic growth has lifted millions in the region out of extremepoverty since the 1980s, but the wave of prosperity has not guaranteed upwardmobility and economic security for large swathes of the population, accordingto the bank. It said rapidly ageing population, urbanisation and the disappearance oflabour-intensive…... [read more]
The CTI Expert Meeting on Quality Infrastructure Investment was held within the framework of the third APEC Officials Meeting (SOM 3), where APEC member economies shared good practices and lessons learned in infrastructure projects.
At the event
The event aims to enhance understanding on quality infrastructure investment from both institutional and technical perspectives among high-ranking officials in charge of infrastructure.
Delegates shared the views that quality infrastructure investment helps ensure the governance of the infrastructure, reliable operation during the life span of a project, safety and resilience against natural disasters, terrorism and cyber-attack risks.…... [read more]
Asia must fight complacency and transform its economic and social models if it is to keep driving global growth in years to come as Europe and the United States slow, experts say. A man is seen sitting in the shade of his umbrella in front of high rise buildings in Hong Kong, on September 14. Asia must fight complacency and transform its economic and social models if it is to keep driving global growth in years to come as Europe and the United States slow, experts say. Photo: AFP The region, which includes more than half the world's population and…... [read more]
Vietnam should recognise factors that affect its economy’s productivity and competitiveness to maintain high and sustainable growth (Photo: VNA) Hanoi (VNA) – Vietnam should recognise factors that affect its economy’s productivity and competitiveness to maintain high and sustainable growth, domestic and foreign experts have said. They made the recommendation at a workshop in Hanoi on December 13 that discussed research on Vietnam’s economy and growth diagnostics. The country’s economic growth reached 6.68 percent in 2015 – a five-year high since 2011. This year’s GDP is expected to expand 6.3 percent. Presenting the research findings, Ricardo Hausmann – Director of Harvard…... [read more]
