Vietnam expects a GDP growth of 6.53 percent this year and 6.7 percent in 2016 as efforts to cope with recent drastic fluctuations have created a solid foundation for its economy, an official said.
The Vietnam Global Investment Forum takes place in Hanoi on September 30 (Source: VNA)
Vietnam expects a GDP growth of 6.53 percent this year and 6.7 percent in 2016 as efforts to cope with recent drastic fluctuations have created a solid foundation for its economy, Minister of Planning and Investment Bui Quang Vinh has said.
At the Vietnam Global Investment Forum in Hanoi on September 30, Vinh noted that Vietnam will keep to the path of a market economy while speeding up integration into the global economies in order to fuel its economic expansion. As a result, it must align the economic institutions and law system with the world’s norm while domestic businesses must gear up for fierce competition.
Thorough preparations must be made by both the Government and enterprises, otherwise the local market will be dominated by foreign firms, he stressed.
Jonathan Choi, Chairman of the Sunwah and VinaCapital Groups, underlined massive opportunities for foreign investors in Vietnam in the time ahead while asking the country to continue to better its market economy mechanism and ensure consistent policies, which are prerequisites to attract long-term foreign investments.
The Southeast Asian nation faces both opportunities and challenges on the path to international integration, and domestic businesses should be well aware of and get ready to handle those challenges, Asian Development Bank Country Director for Vietnam Eric Sidgwick said.
Jonathan Choi suggested that the Government assist small- and medium-sized enterprises in accessing cutting-edge technologies to improve their product value.
Meanwhile, Saigon Securities Incorporation (SSI) Chairman and CEO Nguyen Duy Hung thought Vietnamese companies should partner with foreign firms to offer products best suit the market demand.
Macro policies need to ensure equality among companies and help local firms to develop, which will help achieve sustainable economic growth, he added.
Indochina Capital Corporation CEO Peter Ryder said Vietnam has made solid step forwards over the past two decades but needs a long-term vision and should not expect quick success.-VNA
The Vietnamese economy is projected to continue recovery in the four remaining months of the year, bolstered by Government efforts to maintain macro-economic stability.
The country's total retail sales and services revenue reached 110 billion USD, rising 9.8 percent over the same period last year, or 9.1 percent, if inflation is excluded.
Vietnam’s macro-economy has remained stable so far this year with September’s average consumer price index (CPI) up 0.74 percent year-on-year and no signs of inflation.
Vietnam welcomes foreign businesses’ stable and long-term investments and operations and considers their success as its own, Prime Minister Nguyen Tan Dung said at the Vietnam Global Investment Forum.
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Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
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Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
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Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
The Vietnam Global Investment Forum takes place in Hanoi on September 30 (Source: VNA)
