Vinh Phuc has reaped success in attracting foreign direct investment (FDI) for many years, and the source of FDI capital has become a driver of economic growth in the province.
The Vietnam Smart City Award 2020 will help promote building and developing sustainable development of smart cities in Vietnam, contributing to speeding up national digital transformation.
Vietnam has been always very good at taking advantage of crisis to accelerate reforms and move faster and grow better, Jacques Morisset, World Bank Lead Economist and Programme Leader for Vietnam, has said.
The EU-Vietnam Free Trade Agreement (EVFTA), which came into force on August 1, is hoped to create a driving force to help Vietnam reap further achievements in poverty reduction and economic growth.
After the European Union-Vietnam Free Trade Agreement (EVFTA) was adopted in the second quarter of this year, there was a wave of investment in key manufacturing industries in Vietnam and job opportunities for labourers.
Until March 2020, Vietnam has attracted 31.665 FDI projects with registered capital of 370,1 billion USD and implemented capital of 215,6 billion USD. Regarding FDI capital in the localities, Ho Chi Minh city 4,5 billion; Hanoi 34,64 billion USD (accounting for 9,4%) and Binh Duong province 34,61 billion USD.
After 33 years of attracting foreign direct investment (FDI) into Vietnam, besides the positive aspects, FDI still has negative issues. It is still common for FDI enterprises to declare and report losses for many reasons, but especially the behavior of “transfer pricing” must be mentioned.
To promote the development of renewable energy, there should be a prioritised policy mechanism on electricity prices and loan interest rates, according to Dr. Nguyen Manh Hien, President of the Scientific Council at the Vietnam Clean Energy Association.
Market operation is a decisive factor for Vietnam if the country is to make full use of the advantages brought about by the EU-Vietnam Free Trade Agreement (EVFTA) and lure foreign investment effectively, experts say.
The State Audit of Vietnam (SAV), through its regular auditing activities, has discovered many violations of law by foreign-invested enterprises in various fields such as environmental protection, land use, and transfer pricing, said Deputy Auditor General Doan Xuan Tien.
Following the first five months of 2020, Vietnam enjoyed a trade surplus of 1.88 billion USD. Of that figure, foreign direct investment firms accounted for 10.52 billion USD while domestic firms accounted for 8.64 billion USD.
A lack of raw materials and falling consumption demand in foreign markets are challenging enterprises in Ho Chi Minh City. Many of them are hoping for specific policies to help them overcome these difficulties and resume economic activities.
Foreign-invested enterprises (FDI) in Vietnam have been maintaining production despite difficulties caused by the COVID-19 outbreak while preparing plans to recover after the pandemic ends.
The COVID-19 pandemic has seriously affected Vietnam's trading activities. By the end of the first quarter of 2020, the nation’s exports increased only by 0.5%.
One of the biggest weaknesses of many domestic manufacturing industries is the heavy dependence on foreign supply chains, according to the Department of Industry under the Ministry of Industry and Trade.
Amidst the complicated developments of the acute respiratory disease caused by novel coronavirus, many foreign-invested enterprises in Vinh Phuc province, where 11 out of 16 Covid-19 cases in Vietnam have been confirmed, have taken measures to curb the virus spread, ensuring labourers’ health.
Not only domestic businesses but also foreign direct investment (FDI) enterprises saw a two-digit drop in their export turnover in the first month of 2020.
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