Policy

Vietnam needs to immediately design policies to support investment in high technology. This strikes two birds with one stone as it not only helps the country seize the opportunity in attracting foreign direct investment (FDI), particularly in high-tech products, but also avoid becoming the target of low-quality and small-scale projects.

According to the General Department of Taxation, it is forecast that in the last months of 2023, the world and region will continue to face many greater difficulties and challenges, with many potentially unstable factors.

Deputy Prime Minister Tran Luu Quang has signed a decision approving a development strategy of rural occupations until 2030, with a vision to 2045.

In recent years, digital transformation has brought about great changes in market share, spurred strong growth, and created new trends in the production and business of enterprises in many countries around the world, including Vietnam. Digital transformation has opened opportunities for businesses to participate more deeply in global supply chains and value chains, contributing to improving competitiveness, helping them connect closer to customers, and restructuring businesses.

In the first six months of this year, seafood export turnover only reached 4.13 billion USD, down 27.4% over the same period in 2022. Export turnover of key seafood products decreased, such as 380 million USD in tuna (down 31%) and other aquatic commodities recording year-on-year decreases of 17-30%. In the seafood industry, localities and businesses have been focusing on implementing many solutions to prevent the decline in exports and overcome the difficult period.

Prime Minister Pham Minh Chinh has recently issued Directive No21/CT-TTg, which outlines the guidelines for developing socio-economic development plans and state budget estimates for 2024.

A raft of risks including dents in domestic production and global demand, coupled with increased geopolitical complexity are triggering an imperative need for Vietnam to apply new sturdy solutions to support enterprises and achieve its economic growth target for this year.

Vietnam’s benchmark VN-Index rose by 3.07 points to more than 1,078 points on May 30, with gains in 225 stocks and losses in 156, while 60 were unchanged from the previous day.

O n May 16, a workshop was held in the Mekong River Delta City of Can Tho, to announce the first call’s results and invitation for the second call of proposals under the Innovation and Competitiveness Grant (ICG) Facility of the SwissTrade Programme, sponsored by the Government of Switzerland.

The National Power Development Plan VIII for the 2021 - 2030 period, with a vision towards 2045, which has just been approved by the Prime Minister, is a particularly important sectoral plan, aiming at firmly ensuring national energy security, providing sufficient and stable electricity with high quality, at reasonable prices for rapid socio-economic development.

Deputy Prime Minister Le Minh Khai on May 15 signed a decision approving an investment policy for the construction and operation of infrastructure at VSIP Lang Son Industrial Park in the northern mountainous province of Lang Son.

Prime Minister Pham Minh Chinh on April 25 presided over a meeting between standing members of the Government and ministries and sectors on solutions to address difficulties and promote production and business.

The Ministry of Construction has proposed the Government allow foreigners to buy and own houses in Vietnam in the draft Housing Law (amended).

The Government has agreed with the Ministry of Finance (MoF)’s proposal on a plan to reduce taxes, fees and charges for 2023, which suggested a 2% reduction in the value added tax (VAT) on goods and services subject to a 10% VAT.

The General Department of Taxation under the Ministry of Finance has said it will keep a close watch on the implementation of the global minimum tax in other countries, listen to opinions of firms impacted by the tax and study guidelines of the Organisation for Economic Cooperation and Development (OECD) to propose its application in Vietnam.

Prime Minister Pham Minh Chinh has signed Decision No. 64/QD-TTg dated February 8, 2023, promulgating the regulations on coordination among ministries, ministerial-level agencies, and governmental agencies in prevention and control of money laundering and terrorist financing.

Over 644,000 payment transactions with a total value of more than 279 billion VND (over 11.8 million USD) were processed through the National Public Service Portal in January, according to the Ministry of Information and Communications.

Foreign suppliers have paid taxes worth 1.8 trillion VND (76.7 million USD) via the official portal serving their operations in Vietnam.

Deputy Finance Minister Nguyen Duc Chi has emphasised the need to take drastic solutions to promote the sustainable development of the stock market as an important capital-raising channel for the national economy.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has directed banks to continually reduce input costs with an aim to cut loan interest rates.

General Director of the General Department of Vietnam Customs (GDVC) Nguyen Van Can and Director-General of the European Anti-Fraud Office (OLAF) Ville Itälä signed a customs administrative cooperation agreement between the Vietnamese Finance Ministry and OLAF in Brussels on December 14.

The consumer price index (CPI) posted year-on-year growth of 3.02% in the first eleven months of this year while core inflation rose 2.38%, the General Statistics Office (GSO) revealed on November 29.

There remains potential for Vietnam and the UK to tap the UK-Vietnam Free Trade Agreement (UKVFTA) and expand bilateral trade ties, said Ngo Chung Khanh, Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Multilateral Trade Policy Department.

The 2022 National Culture and Businesses Forum will be held in the capital city of Hanoi on December 3 with various practical activities.

An international conference themed “Enhancing cooperation with global investment institutions in mobilising green finance for sustainable development and state-owned enterprises’ restructuring in Vietnam” was held in Hanoi on November 25.

Prime Minister Pham Minh Chinh on November 10 signed an official dispatch requiring all ministries, sectors and localities to speed up the disbursement of public investment in the remaining months of 2022 and the first months of the following year.

Passing through three-quarters of the year 2022, the country’s socio-economic picture has clearly expressed the strong recovery and development in most industries and fields, with many targets reaching and exceeding the plan.

Increasing deposit interest rates is in line with the general trend, ensuring liquidity safety and capital mobilisation for the economy, Deputy Governor of the State Bank of Vietnam ( SBV ) Pham Thanh Ha has said.

A festival entitled “Pride of Vietnamese goods – Quintessence of Vietnamese goods” officially opened at Dong Kinh Nghia Thuc Square in Hoan Kiem district, Hanoi, on October 29.

The logo of Vietnam National Geographical Indication was unveiled at a hybrid event held on October 28 by the Intellectual Property Office of Vietnam (IPO Vietnam) under the Ministry of Science and Technology and the Korean Intellectual Property Office (KIPO).