Economy and Politics

Vietnam Aims to Be Low Carbon Economy By 2020

Nov. 23 – In an effort to make Vietnam a low carbon economy by 2020, the Ministry of Natural Resources and Environment announced on Monday that it will be introducing new measures that will further develop renewable energy resources such as solar, wind and biomass power.

New policies will also be implemented stressing the construction of new urban areas with green space and energy efficient buildings, as well as reducing greenhouse gas emissions across the nation’s energy sector. Continue reading →

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Hanoi to Boast 11 New Industrial and High Tech Zones in Next Five Years

Nov. 19 – Plans have been laid to create 11 new industrial zones and high tech parks in the Vietnamese capital of Hanoi over the next five years in a bid to attract further domestic and foreign investment, Nguyen Xuan Chinh, head of the Hanoi Industrial and Export Processing Zone Management Board, said on Thursday.

The new investment areas will be fully equipped with transport facilities, training centers, schools, service areas, gas stations and post offices as well as roads and other such infrastructure. Continue reading →

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New Minimum Capital Requirement May Soon Be Instituted for Companies Looking to List in Vietnam

Nov. 18 – Vietnam’s State Securities Commission is looking to increase the minimum capital requirement for companies wanting to list on the nations bourses.

In a new draft currently being prepared by the stock regulator, any company that wishes to be listed on the Ho Chi Minh Stock Exchange will need to have a minimum registered capital of US$6.16 million or significantly less, US$1.54 million, if they wish to list on the Hanoi Stock Exchange. Continue reading →

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Gov’t Approves Plans for Two New International Airports

Nov. 17 – The Vietnamese government approved and outlined plans for two new international airports in a meeting chaired by Deputy Prime Minister Hoang Trung Hai on Monday – one in the southern province of Dong Nai and one in the northern port city of Haiphong.

Construction on Dong Nai’s Long Thanh International Airport has been structured into two phases with the first phase scheduled to be completed by 2020 and the second phase to be finished by 2035. The airport is projected to handle 3 million tons of cargo and between 80 million to 100 million passengers annually. Continue reading →

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Vietnam Gov’t Approves Expansion of Dung Quat Economic Zone

Nov. 15 – The Vietnamese government has approved a plan that will increase the size of the Dung Quat Economic Zone in Quang Ngai Province by more than 30,000 hectares in an effort to make the EZ a leading economic center for the country.

The Dung Quat EZ, situated in central Vietnam halfway between Hanoi and Ho Chi Minh City, will expand from the current 10,300 hectares to 45,332 hectares and will include a new city and national petrochemical center, according to the Dung Quat Economic Zone Management Board. Continue reading →

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Vietnam Raises Interest Rates for First Time in Almost a Year

Nov. 10 – Vietnam’s central bank will raise interest rates on Friday for the first time since December 1, 2009 after inflation increased to a 19-month high in October.

According to the State Bank of Vietnam, the nation’s refinancing rate will increase from 8 percent to 9 percent and the discount rate will rise from 6 percent to 7 percent. Continue reading →

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Vietnam to Give 23 New Commodities Export Credit Guarantees in 2011

Nov. 9 – Under a new trial program aimed to insure 3 percent of all exports coming out of Vietnam, 23 new commodities will receive export credit guarantees starting in 2011.

An export credit guarantee is provided by an export credit agency, which is a quasi-government institution that acts as an intermediary between governments and export-oriented firms to issue export financing. The financing can come in the form of financial support, credit insurance, guarantees, or some combination thereof, depending on how seriously the specific government pursues an export-oriented economic strategy. Continue reading →

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Vietnam Among Top 10 Moved Improved Economies in World Bank Report

Nov. 5 – Data published in the 2011 edition of the World Bank’s yearly Doing Business report indicates that the ease of doing business in Vietnam has improved significantly over the past year. The country improved 10 spots up from its place in the 2010 rankings to place 78 out of 183 economies.

The comprehensive report shows that processes such as starting a business, obtaining credit, paying taxes, and dealing with construction permits have shown marked improvement, making setting up and maintaining businesses an easier task than last year. Continue reading →

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Vietnam Establishes New Economic Zone in Ca Mau Province

Nov. 2 – The Vietnamese government approved the establishment of a new economic zone in the country’s southernmost province of Ca Mau on October 27, looking to take advantage of the region’s geographical position and existing business environment.

Covering 11,000 hectares along National Highway 1A in Nam Can District, the new economic zone will support key industries such as construction materials, ecotourism, electronics, machine assembly, mechanics, oil and petrol services, seafood processing, shipping, and textiles and garments. Continue reading →

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Russia to Help Build Vietnam’s First Nuclear Power Plant

Nov. 1 – Russia signed a US$5.6 billion deal with Vietnam on Sunday, committing Russian technological know-how to help build Vietnam’s first nuclear power plant and increase the country’s hydroelectric capacity.

Vietnamese President Nguyen Minh Triet and Russian President Dmitry Medvedev oversaw the signing of the treaty during talks over the weekend in Hanoi. Construction on the nuclear project is expected to begin in 2014. Continue reading →

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