Israeli press have spotlighted Vietnam’s policy for external diplomacy and its economic growth in the first eight months of this year on the occasion of the Southeast nation celebrating the 75th anniversary of its August Revolution (August 19) and National Day (September 2).
Vietnam has become one of the world’s fastest growing economies since the country first opened up to foreign trade and investment more than three decades ago, with GDP last year being 12.5 times higher than in 2001 and growth averaging 7.26% from 2001 to 2010.
Public investment in August and the first eight months of this year increased 45.4% and 30.4% year-on-year, respectively, according to the General Statistics Office (GSO).
VOV.VN - Despite being significantly affected by the novel coronavirus (COVID-19) epidemic, the rate of foreign investment attraction in Ho Chi Minh City since the beginning of the year has continued to rise, especially with a spike in domestic investment occurring at industrial parks and export processing zones.
Vietnam has been always very good at taking advantage of crisis to accelerate reforms and move faster and grow better, Jacques Morisset, World Bank Lead Economist and Programme Leader for Vietnam, has said.
VOV.VN -The first seven months of the year witnessed foreign direct investment (FDI) into Vietnamese real estate stand at US$2.8 billion, according to figures released by the Ministry of Planning and Investment.
VOV.VN - Foreign direct investment (FDI) inflows from Europe will initially be slow to move into Vietnam following the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) which entered into force on August 1.
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.