Vietnamplus

Hanoi, over the years, has been one of the leading localities in foreign direct investment (FDI) attraction thanks to the city’s efforts to accompany with and support investors.

The US was the top destination of plastic products from Vietnam in the first half of 2021, accounting for 36.5 percent of total shipments, according to the General Department of Vietnam Customs.

Without a more effective business support package, the country’s goal of 6.5 percent in gross domestic product (GDP) growth for this year will be hard to be achieved as the GDP growth in the first six months of 2021 is forecast to reach only 5.8 percent, according to experts.

The Hanoi Plastics Joint Stock Company (HPC) aims to constantly create, innovate technology and improve technical capacity, especially in the field of precision mechanics and mould production to further penetrate the global supply chain.

Chairman of the Hanoi People’s Committee Chu Ngoc Anh suggested Samsung provide the city with technical support in developing smart city and smart transport and promoting digital transformation.

Inspections against transfer pricing will be increased as per a proposal by the Ministry of Finance in the context that more than half of foreign direct investment (FDI) enterprises reported losses.

More drastic reforms of construction-related administrative procedures must be carried to improve transparency and reduce costs for enterprises, heard a conference organised by the Vietnam Chamber of Commerce and Industry (VCCI), the Ministry of Construction and the Friedrich Naumann Foundation in Hanoi last week.

Vietnam’s underdeveloped fabric production is making it difficult for textile and garment businesses to take advantage of free trade agreements, including the Europe – Vietnam Free Trade Agreement (EVFTA).

Prime Minister Nguyen Xuan Phuc has highlighted bright spots in the country’s socio-economic development in September and the third quarter at the monthly government meeting in Hanoi on October 2.

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.

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.

Foreign direct investment (FDI) into electronics should aim to promote local companies and enable them to engage in the global value chain, industry insiders have said.

About 84.8 percent of businesses in the processing – manufacturing sector predicted expansion and stability in their production for the first quarter of 2020, the General Statistics Office (GSO) said.

Leaders of northern Ha Nam province had a meeting with nearly 300 foreign direct investment (FDI) businesses on January 9 to inform them about local development achievements and listen to their opinions to facilitate the firms’ operations.

Vietnam is seeking to develop its information and communications technology industry (ICT) with a focus on domestic firms to make it a key economic sector in the next decade, according to experts.

In recent years, Foreign Direct Investment (FDI) capital flow into Viet Nam keeps increasing and has become an important factor in the economic growth of Viet Nam.

Foreign direct investment inflows into Vietnam’s textile and garment industry mounted to 19.5 billion USD over the last three decades with the Republic of Korea (RoK) being the top investor.

In eleven months of 2019, total newly registered and additional capital and share purchase by foreign investors reached 31.8 billion USD, up 3.1 percent compared to the same period last year.

Reuters and Regnum highlighted Vietnam's economic performance, while Bloomberg said Vietnam has really made a more-than-expected breakthrough and is expected to continue to grow rapidly.

An assessment by the Vietnam Chamber of Commerce and Industry (VCCI) shows that currently, less than 40 percent of Vietnam’s firms can join the global supply chain.