HCM City (VNA) – A rapidly growing economy needs a strong business force, along with a favourable envir🗹onment for the operation of enterprises, said experts at a conference on Vietnam’s economic development prospects held in Ho Chi Minh City on May 17.
Victoria Kwakwa, Regional Vice President for East Asia and Pacific of the World Bank, suggested the Vietnamese Government seek strategic measures to increase the competitiveness of domestic businesses and improve labour productivity.
For a long time, Vietnam has relied on its cheap labour and dense population to boost production through attracting foreign direct investment (FDI).
However, participating experts noted that in the context that Vietnam is facing an aging population, labour productivity is the factor helping the country reach sustainable growth.
Jeff Pirie, Executive Director - Corporate Finance Advisory, Deloitte Southeast Asia, said that Vietnam has benefited a lot from its economic integration.
However, to take advantage of the opportunities, Vietnamese policy makers should reform institutions and policies in conformity with national development requirements, he added.
According to participating experts, the Vietnamese Government needs to carry out policies to improve the skills of labourers, tighten the relationship between businesses and vocational schools, and intensify the application of advanced technologies in domestic production.
Domestic enterprises were asked to cooperate with FDI enterprises to benefit more from global economic integration.-VNA
Intensifying the scale and health of the financial market should be one of the top priorities for Vietnam in its ongoing economic restructuring process, a finance official said.
Vietnam should enact large macroeconomic reforms in order to lift growth and catch up with other economies, Christine Largarde, Managing Director of the International Monetary Fund (IMF).
Vietnam is forecast to grow 6.8 percent in 2016 and 6.9 percent in 2017, according to a survey released by the United Nations Economic and Social Commission for Asia and the Pacific on April 28.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative image (Source: news.zing.vn)
