Feb. 27 – Vietnam has approved a plan to boost its economy by focusing on restructuring public investments, banks and state-owned enterprises (SOEs). Furthermore, in an attempt to generate sustainable growth by 2020, attention will also be placed on strictly controlling inflation.
As he signed a 29-page directive that took effect on February 19, Prime Minister Nguyen Tan Dung announced that the goal was to create and maintain prudent monetary policies that would tame inflation and ensure “reasonable growth”. Vietnam also plans to restructure its financial markets and consolidate SOEs and investments.
The directive further elaborates that Vietnam will tighten its fiscal policies, promote exports and control imports while boosting the domestic production of consumer goods.
Feb. 13 – “Science and technology, along with education, have always been priorities in our national policy, but the [law on high technology] is the first legal document that institutionalizes that policy,” remarked Nghiem Vu Khai, Vice Chairman of the National Assembly’s Committee for Science, Technology and the Environment, in July 2009. It was at this time that Vietnam took a further step in developing its legal framework for its high-technology sector through the implementation of a new law on high-technology.
The passage of the law demonstrated Vietnam’s determination to develop its high-technology industry by developing a legal foundation for foreign investors. The main proponent of the law sought to provide a proper framework for all aspects of high-technology activities, ranging from manufacturing and production to education and training.
Feb. 6 – The proposed Trans-Pacific Partnership (TPP) is likely to have a positive impact on Vietnamese exports to the United States, and will boost the performance of Vietnam’s export processing zones. The TPP is an agreement that will seek to create a large free trade zone, linking together key players among the Pacific economies.
Jan. 28 – The Vietnamese Ministry of Finance issued Circular No. 213/2012/TT-BTC last week in a move to increase the participation of foreign investors in Vietnam’s securities market. The Circular also includes provisions on disclosure requirements for foreign investors. It will take effect on February 15 and will replace Decision No. 121/2008/QD-BTC.
Under the Circular, it will be easier for foreign investors to open securities trading accounts. Furthermore individual foreign investors will no longer need to submit judicial background records; only a notarized copy of a valid passport or other official identification documents will be necessary. Documents obtained in the investor’s country of origin may be notarized and certified under foreign law and given consular certification under Vietnamese law.
Jan. 23 – On January 16, the Multilateral Trade Assistance Project (MUTRAP) and the Danang Branch of the Vietnam Chamber of Commerce and Industry (VCCI) held a seminar to discuss the contents of the Vietnam-European Union (EU) Free Trade Agreement (FTA). The seminar’s purpose was to assist Vietnamese enterprises in gaining a clearer understanding of the impact of the FTA, and to clarify the key opportunities and challenges that the FTA will create.
In attendance at the seminar were representatives from the Vietnamese Ministry of Industry and Trade, craft associations, and major businesses that have trade ties with EU member countries. In addition, consulting experts from the European Trade Policy and Investment Support Project were also present.
The EU is one of Vietnam’s top economic, trade and investment partners. It has grown to become its largest export market with a total turnover estimated at US$20.3 billion in 2012 (up 22 percent since 2011). This accounts for 17.7 percent of Vietnam’s overall exports. The FTA aims to slash at least 90 percent of tariff lines on Vietnamese exports to the EU.
Dec. 18 – According to the Municipal Department of Industry and Trade, Ho Chi Minh City’s total export turnover during 2012 reached US$30.35 billion, representing a year-on-year increase of 7.36 percent.
The Department’s Deputy Director, Huynh Khanh Hiep, further highlighted that the foreign invested sector registered an export value of US$8.8 billion, an increase of 14.87 percent. Ho Chi Minh City’s state-owned sector reported an export turnover of US$21.45 billion, an increase of 4.56 percent compared to the previous year.
By Rosario Di Maggio
Jul. 18 – Although it is still too early to tell, many observers agree that the worst of Vietnam’s economic dip is over, its economy will bounce back in the coming years, and a new wave of foreign direct investment is likely to flow into the country.
We can definitely confirm a strong interest among foreign investors with regards to investment into Vietnam today, especially from those looking at integrating Vietnam into their Asian supply chain. Business delegations are frequently seen in the many five-star hotels in Hanoi and Ho Chi Minh City, visiting the cities to scope out industrial zones or conduct B2B meetings with local entrepreneurs.
Jul. 13 – U.S. Secretary of State Hillary Clinton announced in Cambodia on Friday that the United States will provide five Southeast Asian countries with US$50 million over three years to help out in areas such as healthcare, education, and the environment.
Recipients of the aid will be:
Jun. 28 – Vietnam has been carrying out economic reforms since 1986, with the encouragement of domestic and foreign private investment as one of its main points of focus. In order to provide an open and stable investment environment, Vietnam has enacted many laws and regulations to establish a framework for investment.
Some of the most important laws include:
By Tran Que Chi
Jun. 14 – Under a classification scheme conducted by Vietnam’s Ministry of Planning and Investment (MPI) in order to prioritize investment, Chu Lai in Quang Nam and Dung Quat in Quang Ngai have been listed as the country’s first-rate coastal economic zones.
Mr. Vu Dai Thang, head of the Economic and Industrial Zones Management Department under the ministry, said that MPI has set five criteria to evaluate coastal economic zones as follows:
- Having a seaport to transport goods
- Being in close proximity to the airport
- Having a driving-force project
- Attracting strong investment flow
- Occupying strategic locations for regional economic development