Vietnam is shaping up as Southeast Asia’s single economic success story in the coronavirus era, maintaining steady positive growth as other economies struggle to recover, said Nikkei Asia in a recent journal.
By Nguyen Quy November 17, 2020 | 07:58 am GMT+7 vnexpressWomen practice aerobics to beats coming off a smartphone at a Covid-19 quarantine camp in Lao Cai Province, northern Vietnam, February 17, 2020. Photo by VnExpress/Giang Huy.
Vietnam has moved up 12 places to 73rd out of 167 economies in a global prosperity ranking, ahead of several Asian peers.
With an overall score of 58.3 points, Vietnam ranked 13th out of 29 economies in the Asia-Pacific region, according to the Prosperity Index 2020 published Monday by London-based think tank Legatum Institute.
The index ranked countries and territories based on various socio-economic categories including safety and security, governance, investment environment, economic quality, living conditions, health, education and natural environment.
TĐH: There are many intangible benefits from foreign direct investments (FDI) – employment and jobs for the local population, increased education, increased professional skills, better law enforcement and legal process, better working and living conditions in general for the locality… Not just taxes. Tax is a small part of the benefit package. If we need to lower/exempt taxes to compete, then let’s do that to compete. If the entire gang of Asia or Southeast Asia countries agree not to use taxes to compete, then that is “an agreement not to compete,” in a national scene that would constitute a violation of antitrust (anti-competition) law, harmful to consumers and to the economy. The economic principle should not be different in the international scene. (But of course, we need to compete both in business environment and in financial benefits such as taxation and land lease).
By Dat Nguyen, Quynh Trang November 16, 2020 | 08:07 am GMT+7 vietnamnetWorkers seen in a foreign-invested air conditioner manufacturing plant in the northern province of Hung Yen in December 2019. Photo by VnExpress/Vien Thong.
Competing for foreign investment with tax incentives will end up hitting governments’ revenues and be a lose-lose situation for all ASEAN members, experts warn.
Amid questions over Washington’s engagement in Asia, RCEP may cement China’s position more firmly as an economic partner with Southeast Asia, Japan and Korea, putting the world’s second-biggest economy in a better position to shape the region’s trade rules
Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under President Donald Trump.
“Coastal urban area” is a phrase that is appearing increasingly in the print and electronic media.
Rendering of NovaWorld Phan Thiet project in Binh Thuan Province. Photo: haiphathome.vn
It began after the launch of a series of large-scale coastal developments like NovaWorld Phan Thiet in Binh Thuan Province and NovaWorld Binh Chau in Ba Ria-Vung Tau in recent times and some even started offering their products for sale.
Prime Minister Nguyen Xuan Phuc asked the Ministry of Transport to propose a feasible plan for the North-South high-speed railway, considering this the backbone of the national strategy on railway development by 2050.
A train in Ninh Phuoc District, Ninh Thuan Province. — VNA/VNS Photo
The high-speed line, inter-provincial, inter-regional and urban railway networks must also be added to the strategy, he said.
He was speaking at a Government meeting on Wednesday on the development strategy for Vietnam’s railway towards 2050.
Quy mô đầu tư công trung hạn giai đoạn 2021-2025 tăng hơn 37% so với giai đoạn 2016-2020, tương đương 2,75 triệu tỷ đồng.
Báo cáo trước Quốc hội, Bộ trưởng Kế hoạch & Đầu tư Nguyễn Chí Dũng cho biết, tổng mức vốn đầu tư trung hạn từ nguồn ngân sách giai đoạn 2021-2025 là 2,75 triệu tỷ đồng, tăng 37,5% so với kế hoạch giai đoạn 2016-2020. Trong đó, nguồn từ ngân sách trung ương là 1,38 triệu tỷ, còn vốn cân đối ngân sách địa phương là 1,37 triệu tỷ đồng. Mức dự phòng chung là 10%.
The land rent in some industrial zones in Hai Phong, Bac Ninh and Hai Duong has increased by 20-30 percent.
Covid-19 has temporarily disrupted investments, but the interest in Vietnam remains strong as it is expected to be the new industrial power in the region. Investors are still seeking land and workshops to prepare their plans.
According to JLL, more and more online platforms have been set up which allow clients to find and lease land from a distance.
A VND18 trillion ($777 million) expressway is proposed to be built between the southern province of Dong Nai and Lam Dong in the Central Highlands.
The 67-kilometer expressway will have four lanes and allow vehicles to travel at up to 80 kilometers per hour, according to a pre-feasibility report drawn up by the Ministry of Transport’s Thang Long Project Management Unit.
It will run from Tan Phu District in Dong Nai to Bao Loc Town, which is famous for tea.
South Korean multinational conglomerate LG has announced the establishment of a center for the research and development (R&D) of vehicle components in the central Vietnamese city of Da Nang.
The Da Nang Investment Promotion Agency (IPA) and the Vehicle Component Solutions – Development Center (LG VS) of LG Electronics Vietnam Hai Phong Co. Ltd. on Tuesday signed a memorandum of understanding (MoU) on the center’s foundation.
Minister of Planning and Investment Nguyen Chi Dung has urged localities in the south-east and Mekong Delta regions to develop transport infrastructure by diversifying the sources of and effectively using capital over the next five years.
Speaking at a conference on socio-economic development in the two regions, he called on them to lay out their objectives and priorities for public investment in 2021-25 to ensure “focused and effective investment.”
In recent years both Hanoi and HCM City have undergone rapid development, with many skyscrapers, immense boulevards, and impressive public works taking shape.
Let’s take a look at the amazing architectural feats of the nation’s two largest cities:
Ba Dinh Square, the country’s largest square, is located on Hung Vuong street directly in front of the Ho Chi Minh Mausoleum. The site is the place where President Ho Chi Minh proclaimed the Declaration of Independence on September 2, 1945, therefore marking the start of the Democratic Republic of Vietnam.
Vietnam’s prime minister has approved a proposal by the Ministry of Planning and Investment and the Ministry of Finance to construct a key road in the Mekong Delta using official development assistance (ODA) loans from South Korea.
A total of US$166.47 million in untied ODA loans will be taken from the Korea Economic Development Cooperation Fund (EDCF) via the Export-Import Bank of Korea (Keximbank) for the My An-Cao Lanh road project in Dong Thap Province, according to the proposal.