Vietnam has experienced 30 years of successfully attracting foreign direct investment (FDI) and more opportunities stay ahead. Caitlin Wiesen, UNDP country director in Vietnam, writes about the need for the country to shift the FDI focus from quantity to quality.
Duong Nghia Hiep, deputy director of the city's Department of Industry and Trade, said milling, polishing, and packaging plants of international standard would be set up to increase rice exports to demanding markets like the EU, Japan, and North America from 17 per cent of total exports last year to 22 per cent this year.
The State Bank of Vietnam (SBV) has decided to raise the VND/USD exchange rate by one percent from VND21,246 to VND21,458 per USD from January 7th.
Retail petrol prices were cut for the first time in 2015, decreasing by VND310 per litre from 16:30 of January 6th, according to the Vietnam National Petroleum Group (Petrolimex).
Le Van Toi, Director of the Department of Building Materials under the Ministry of Construction was quoted as saying by online newspaper vov.vn that Vietnamese cement enterprises have been unable to sign long-term contracts, even though their value is higher than short-term contracts.
The pending Trans-Pacific Partnership (TPP), if completed this year, will create an important momentum for the economic ties between Vietnam and the US, particularly when the two countries mark the 20th anniversary of normalization of their ties in 2015, most experts agreed.
The National Assembly passed amended Law on Enterprise and Law on Investment in 2014. This amendment and other related laws are anticipated to have a major influence on the country's business environment.
The Mekong Delta city of Can Tho targets a per capita income of VND79.3 million (USD3,714) in 2015, a year-on-year 12.9 percent increase, according to the municipal Department of Planning and Investment.
Two-way trade between Vietnam and Mexico in 2014 is likely to exceed USD1.8 billion, up 12 percent against last year, according to Mexico’s Ministry of Economy (SE).
The processing and manufacturing industry is a highlight of the industry and trade sector in 2014 with a growth rate of 8.7 percent and an 11.1 percent increase in sales index, the Ministry of Industry and Trade (MOIT) reported on December 31st.
At a meeting on December in Ha Noi, PetroVietnam chairman Pham Xuan Son said the whole economy was benefiting from declining oil prices. While revenue from oil exports could shrink, profits would increase in other sectors.
Under a government programme, 68 retailers have committed to stabilise prices between January 20 and March 19, reducing prices between 5 and 49 per cent.