Vietnam has advantages to develop a materials industry but has not developed in line with its potential, Tran Tuan Anh, Chairman of the Party Central Committee’s Economic Commission, said at a conference held on April 10 in Ho Chi Minh City.

The Ministry of Industry and Trade (MoIT) has proposed a 35% cap on foreign investment in local oil and petrol businesses, but said it was open to scrapping the regulation.

The People’s Committee of central Dang Nang city and the Import-Export Pan Pacific Group (IPPG) has signed a Memorandum of Understanding (MoU) on the development of an international and regional finance centre to attract investors in the future.

The agricultural sector needs to focus on developing raw materials to reduce the dependence on imports as well as improve processing capacity, experts said.

Due to Vietnam’s natural features and geography, the development of a high-speed railway is imperative and any delays will hinder socio-economic growth, Chairman of Vietnam Railways Vu Anh Minh has said.

A national portal on tracing the origin of products and goods is expected to be put into operation in the fourth quarter of this year, according to the Directorate for Standards, Metrology and Quality (DSMQ) under the Ministry of Science and Technology.

The Government has issued a new decree aiming to promote the development of social housing.

Stable supporting industries and restructuring of chains for industrial production are crucial to improving the country’s manufacturing sector, according to Vietnam Chamber of Commerce and Industry (VCCI).

Surging demand, the resolution of legal hurdles and the gradual containment of the COVID-19 pandemic make the real estate industry sanguine about 2021.

Vietnam will lure more foreign investment in the high-tech industry by offering more incentives and amending requirements for high-tech businesses.