Hanoi should focus on improving its infrastructure system while hastening administrative reforms to attract investors eyeing Vietnam amid the global production shift, experts have said.
Experts from the World Bank said Vietnam was a rising star amid the COVID-19 pandemic, ranking the country 5th fastest growing economy.
Foreign investment in Ho Chi Minh City has totalled US$2.37 billion this year, including new and additional capital and share purchases, down 32.9% year-on-year.
Vietnam attracted US$3.15 billion in foreign direct investment (FDI) and capital for share purchases in July, representing a rise of 79.8% against the same period last year and 76.2% against June, reported the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
Challenges will overwhelm opportunities for Vietnamese part suppliers if they are unable to find ways to upgrade technology and meet international production standards, business executives said on July 24.
The Ministry of Planning and Investment together with the US Agency for International Development (USAID) co-organised a conference in Hanoi on July 24 to assist enterprises in developing sustainable supply chains for better growth of the business community and the economy.
Standard Chartered Bank expects Vietnam’s growth to slow to a multi-year low of 3% this year on soft external demand, with external headwinds set to offset domestic outperformance.
Units, organisations or companies that use internal transport will have to obtain transport business licences if the proposed revised law on road traffic from the Ministry of Transport is passed.
Vietnam’s effective containment of COVID-19 should allow it to make a quicker rebound than most other economies in the region and its GDP growth can be around 2.3% this year, Sian Fenner, an economist from Oxford Economics wrote in a July 14 report.
Speeding up infrastructure development and improving ease of doing business and vocational training are among things Vietnam should do to make itself more attractive to foreign investors post-COVID-19, according to investment fund VinaCapital.
The General Department of Taxation must hasten reforms to create a favourable environment for enterprises to recover their business from the ravages of the COVID-19 pandemic, which was critical to increase tax revenue, Deputy Minister of Finance Tran Xuan Ha has said.
VOV.VN - With strong commitments aimed at opening up new markets, the European Union-Vietnam Free Trade Agreement (EVFTA) is expected to increase the price competitiveness faced by many Vietnamese goods when attempting to make inroads into the demanding EU market.
In an article posted on securities newswire boerse-online.de on July 7, author Sven Heckle praised Vietnam’s achievements in the fight against COVID-19 and its economic prospects.
Minister of Planning and Investment Nguyen Chi Dung has asked localities to bring their advantages into full play to welcome a wave of shifting FDI over the next six months.
VOV.VN - Prime Minister Nguyen Xuan Phuc has requested that the nation’s various ministries, agencies, and localities make greater efforts to maintain macroeconomic stability in the post novel coronavirus (COVID-19) period, paving the way for greater socio-economic development.
Nearly 3,000 foreign experts, business managers and high-skilled workers have been granted special entry permission to work in HCMC since travel restrictions were applied.
The trade and economic relations between Vietnam and Malaysia will see positive changes after the Regional Comprehensive Economic Partnership (RCEP) agreement is signed, said Professor Hoo Ke Ping, a Malaysian economic and political analyst.
Vietnam’s logistics service industry is preparing infrastructure and techniques to grasp opportunities from the Europe-Vietnam Free Trade Agreement (EVFTA) to attract foreign investors with a wave of factories.
Foreign direct investment (FDI) into electronics should aim to promote local companies and enable them to engage in the global value chain, industry insiders have said.
VOV.VN - The Ministry of Industry and Trade (MoIT), in conjunction with the International Finance Corporation (IFC) of the World Bank Group, with funding from the Australian Department of Foreign Affairs and Trade, and the Swiss State Secretariat for Economic Affairs, debuted a database system on June 19 that features the nation’s manufacturing and supporting industries.