- 14 European countries invest in Hanoi
According to the Hanoi People’s Committee, the city is calling on businesses to invest in high-quality services, financial centres, banking, trade, the electronic industry and information technology.
- Interest rates are set to head South
Vietnam’s consumer price index (CPI) for August was up only 0.93 per cent on-month, the lowest rise this year. August was also the first month the CPI rose under 1 per cent, signaling a slowdown in price rises as tightening monetary policies begin to bite.
- Overseas Vietnamese workers to send home $1.8 bln: ministry
The agency forecasts there would be about $10 billion of overseas remittances to be transferred to the country by overseas laborers in 2011-2015. Though the total amount of money sent home by Vietnamese workers are still small compared to that in some other countries which is even higher than the foreign direct investment (FDI) capital, international aids and higher than the export turnover of some key items, it has help significantly improve the poverty and promote investments, said the department’s spokesperson.
- State strained by unnecessary works: ministry
The Ministry of Planning and Investment said there were an additional 333 new projects that have been started and cost the state budget a total 344 billion dong. The ministry thus suggested suspending certain public works that are being carried out by central government agencies to recover VND337.6 billion for the budget.
- Gold soars by VND1million a tael in Vietnam
Saigon Jewellery Company, the biggest gold shop in Vietnam, bought gold at VND47.800 million and sold at VND48.100 million at 9:17 am local time in Ho Chi Minh City on September 2. Hanoi-based Bao Tin Minh Chau Jewellery Company purchased SJC-branded gold at VND47.7 million and sold at VND48.45 million at the same time.
- Vietnam spends $3.13 bln on foreign aids repayment
Among the expenditure, the state budget spent up to 75.6 percent of the estimate on compensation for preferential credit interest rate difference, 73.9 percent of the estimate on supporting the national reserve and 63.6 percent of the estimate on supporting capital for state-owned enterprises.
- FDI should be on the right track
Many foreign-invested enterprises in Vietnam are struggling at the bottom of the value chain. “On average, only 5 percent foreign investors nationwide invests in advanced technology production and information and communication technology; 5 percent takes part in scientific and technical services; and 3.5 percent in insurance or finance, which all require high-caliber workforce,” states the PCI report. “Foreign-invested businesses’ trend toward raw material exploitation should be scrutinized and analyzed carefully,” Dr. Tran Dinh Thien, director of the Vietnam Institute of Economics, stressed.
- Vietnam not to adopt grow at any cost model
Asia’s long-term competitiveness will depend heavily on how it controls the intensity of its resource use, including water and food, and manages its carbon footprint. “Asians face formidable challenges. Our leaders must be aware that future prosperity will need to be earned in the same way that developed economies have earned their success,” ADB President Haruhiko Kuroda said.
- Can Vietnam contain inflation and achieve development goals?
Kenichi Ohno, an economic expert from Japan, proposed a number of measures, including developing practical industrial and financial policies, to deal with inflation and maintain growth rate. However, this remains a challenge for Vietnam, which was still considered as a low middle income country in 2008, despite having abundant human resources and holding a strategic position in the region.
- Bold SOS credit growth move to right listing ship
In February, the State Bank responded to this upward inflationary pressure by adjusting the banking system’s credit growth target to lower than 20 per cent for this year. Then in mid-April, the State Bank issued the Document No.2956/NHNN-CSTT, asking local credit institutions and foreign bank branches to keep credit growth rate at below 20 per cent in 2011. This means there is no differentiation between banks regardless of their size.