Category: Business

Hanoi: The Government’s drastic directions in financial and monetary management, and growth support in the first quarter of 2024 are a foundation helping Vietnam’s economy overcome difficulties and achieve impressive growth amidst a variety of challenges of the world economy, according to economists.

Minister of Finance Ho Duc Phoc said that the financial sector has continued to solve a “difficult problem” of implementing a reasonable expansionary fiscal policy to both promote the economy and ensure macro-economic stability, control inflation, and ensure national financial safety. Accordingly, the Ministry of Finance (MoF) has operated the fiscal policy flexibly and effectively.

Economists assessed that in an unprecedented context, the MoF has researched and submitted to competent authorities to maintain solutions to implement policies on exemption, extension, and reduction of taxes and fees, such as reducing the value-added tax rate by 2 percentage points from the 10% rate.

Economist Dinh Trong Thinh said
that these policies have received applauses and appreciation from businesses and people.

Sharing the same view, To Hoai Nam, Standing Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises, said that these policies have helped enterprises promote production and business activities, reduce production costs and product prices, and stimulate domestic consumption, which benefits people.

The MoF always determines to accompany and stand side by side with firms through solutions to support the business community to overcome difficulties, quickly recover and develop production and business activities, thereby contributing back to the economy and the budget, and nurturing a stable and long-term revenue source, affirmed Phoc.

In the coming time, the ministry will focus on operating the fiscal policy proactively, reasonably, flexibly and effectively; and combine the fiscal policy and other economic policies to maintain the macro-economic foundation, control inflation, ensure m
ajor balances, and promote growth and sustainable development of socio-economic fields.

In addition, the MoF will continue to improve institutions, laws and policies on state budget revenue, keep a close watch on socio-economic developments, and research appropriate tax policies to help enterprises deal with difficulties, he added./.

Source: Vietnam News Agency

Hanoi: The Government’s drastic directions in financial and monetary management, and growth support in the first quarter of 2024 are a foundation helping Vietnam’s economy overcome difficulties and achieve impressive growth amidst a variety of challenges of the world economy, according to economists.

Minister of Finance Ho Duc Phoc said that the financial sector has continued to solve a “difficult problem” of implementing a reasonable expansionary fiscal policy to both promote the economy and ensure macro-economic stability, control inflation, and ensure national financial safety. Accordingly, the Ministry of Finance (MoF) has operated the fiscal policy flexibly and effectively.

Economists assessed that in an unprecedented context, the MoF has researched and submitted to competent authorities to maintain solutions to implement policies on exemption, extension, and reduction of taxes and fees, such as reducing the value-added tax rate by 2 percentage points from the 10% rate.

Economist Dinh Trong Thinh said
that these policies have received applauses and appreciation from businesses and people.

Sharing the same view, To Hoai Nam, Standing Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises, said that these policies have helped enterprises promote production and business activities, reduce production costs and product prices, and stimulate domestic consumption, which benefits people.

The MoF always determines to accompany and stand side by side with firms through solutions to support the business community to overcome difficulties, quickly recover and develop production and business activities, thereby contributing back to the economy and the budget, and nurturing a stable and long-term revenue source, affirmed Phoc.

In the coming time, the ministry will focus on operating the fiscal policy proactively, reasonably, flexibly and effectively; and combine the fiscal policy and other economic policies to maintain the macro-economic foundation, control inflation, ensure m
ajor balances, and promote growth and sustainable development of socio-economic fields.

In addition, the MoF will continue to improve institutions, laws and policies on state budget revenue, keep a close watch on socio-economic developments, and research appropriate tax policies to help enterprises deal with difficulties, he added./.

Source: Vietnam News Agency

Hanoi: The Ministry of Transport, as of late March, disbursed around 10.7 trillion VND (445 million USD) for public investment projects, or nearly 19.2% of the total allocated by the Prime Minister, which was higher than 17% recorded in the same period last year.

During the ministry’s conference in Hanoi on April 1, a representative from the Planning and Investment Department revealed that over 6.77 trillion VND has been allocated to the North-South Expressway project, equivalent to some 65% of the ministry’s total disbursement.

For official development assistance (ODA)-funded projects, the ministry disbursed 665 billion VND, or 12.9% of the annual target.

Regarding upcoming projects, the department called for expediting procedures for approving investment plans and projects, especially those using leftover State budget fund from 2022. These approvals are expected to be finalised by the end of April and submitted to the National Assembly for allocation in the mid-term investment plan during its May session
./.

Source: Vietnam News Agency

Hanoi: Prime Minister Pham Minh Chinh chaired a teleconference with ministries, agencies, localities and units on April 1 to review the progress of the 500kV circuit-3 power transmission line linking Quang Trach in the central province of Quang Binh and Pho Noi in the northern province of Hung Yen.

The nearly 519km-long line has an investment capital of over 22.35 trillion VND (929 million USD), comprising four sections, including Quang Trach – Quynh Luu, Quynh Luu – Thanh Hoa, Thanh Hoa – Nam Dinh 1 thermal power plant, and Nam Dinh 1 thermal power plant – Pho Noi.

Construction of the transmission line began in October 2023 for some sections and January 2024 for others, with a goal of completion and operation in June 2024.

Speaking at the event, PM Chinh hailed ministries and agencies, especially the Ministry of Industry and Trade, for their active role in regularly overseeing and accelerating the project.

They were asked to continue working closely together to overcome any hurdles and maintain the proje
ct’s schedule.

The PM directed relevant authorities to finalise compensation policies for affected residents by April 10. He also set deadlines for substantial completion of project items by June 20 and full operation no later than June 30./.

Source: Vietnam News Agency

HCM City: The Vietnamese and Indonesian economies share many similarities, conducive to cooperation in trade, agriculture, and fisheries promotion, said experts at a symposium held in Ho Chi Minh City on April 1.

The event was co-organised by the municipal Investment and Trade Promotion Center (ITPC) and the Consulate General of Indonesia in the southern economic hub.

Ho Thi Quyen, Deputy Director of the ITPC, said Indonesia is Vietnam’s third-largest trading partner in the ASEAN region and potential import market.

According to statistics from the General Department of Vietnam Customs, the countries’ trade reached nearly 14 billion USD in 2023, with Vietnam’s export value to Indonesia exceeding 5 billion USD. Rice was the largest contributor to the export turnover with 640 million USD from 1.16 million tonnes.

Quyen added that in addition to rice, other key currency earners of Vietnam, such as agro-fishery products, food, and consumer goods, have yet to reach their expected levels or fully tap the potenti
al of both sides.

The HCM City government is working to improve the business climate and create favourable conditions in policies and procedures to welcome foreign investors and enterprises, including those from Indonesia, she noted.

Indonesian Consul General in HCM City Agustaviano Sofjan stated that despite the impact of the global economic downturn, the bilateral trade still experienced significant growth and is projected to hit 15 billion USD in the near future.

Their business communities mainly consist of small- and medium-sized enterprises, and both nations need to encourage more trade activities between them, the diplomat said.

Meanwhile, Edwin Setiawan Tjie, Chairman of the Indonesian Business Association in the city, stressed that apart from trade, the countries see potential for joint works in agro-fishery development.

Vietnam and Indonesia can share experience in adjusting policies, developing human resources, and promoting farm produce trade, he recommended, adding that in the aquatic farming
sector, they can work together in technology transfer investment and researching sustainable farming models./.

Source: Vietnam News Agency

Quang Ninh: Marine aquaculture plays a crucial role in reducing pressure on natural exploitation, increasing oceanic value, biodiversity, and promoting sustainable development, Minister of Agriculture and Rural Development Le Minh Hoan said on April 1.

In his remarks at a conference on sustainable marine aquaculture with a view from Quang Ninh held on April 1 in the northern province, Hoan said marine aquaculture will create new economic opportunities, livelihoods, and biodiversity, adding that it holds a leading role, contributing significantly to economic growth, state budget revenue, and employment.

The event was jointly organised by the Ministry of Agriculture and Rural Development and the People’s Committee of Quang Ninh province. It drew the participation of about 450 domestic and international delegates.

The conference aimed at accelerating the implementation of Project 1664 on marine farming in Quang Ninh province, identifying the current situation of aquaculture in the world and in the country, an
d rolling out procedures on environmental impact assessment, licensing and assigning marine areas for aquaculture in the locality in the near future.

Nguyen Xuan Ky, Secretary of the provincial Party Committee, said that with a coastline stretching 2500km, fishing grounds covering over 6,100 sq.km and three marine conservation areas, Quang Ninh targets becoming the aquaculture hub of the northern region by 2030. The province has also designated 45,246 ha of coastal waters for aquaculture development, with a comprehensive approach towards modernisation, environmental friendliness, tourism services, as well as safeguarding national sovereignty.

Quang Ninh has also restructured types of farmed seafood suitable for each region’s advantages, improved productivity and product quality, he added.

Norwegian Ambassador to Vietnam Hilde Solbakken said that to ensure efficient and sustainable marine aquaculture, countries need to establish suitable areas for fish farming and ensure environmental protection.

Noting th
at Vietnam has many regions suitable for marine aquaculture that have not been fully utilised, she suggested that it is necessary for the country to adopt new technologies, develop offshore aquaculture sites and manage waste and pollution properly.

The Prime Minister has approved a project on marine aquaculture development till 2030 with a vision to 2045, under which Vietnam targets having 280,000ha for marine aquaculture, achieving an output of 850,000 tonnes and export revenue of 800 million – 1 billion USD by 2025.

By 2045, sea farming will become an important part of the fisheries sector, accounting for over 25% of the total output and earning more than 4 billion USD in export turnover./.

Source: Vietnam News Agency