WB pledged to support Vietnam in public debt management reform Written by ADMIN
Category: News Published Date ? Hits: 26

26th September at MOF, Minister of Finance Dinh Tien Dung had a meeting with Ms. Sandi Okoro - Vice President of the World Bank (WB) and Mr. Ousmane Dione - Country Director of WB in Vietnam.

While welcoming Ms. Sandi Okoro and the WB team to visit the Vietnamese Ministry of Finance, Minister Dinh Tien Dung thanked the WB for its cooperation and assistance, accompanying the Vietnamese Government and the Ministry of Finance and contributing significantly to the socio-economic development of Vietnam over the past time.

The Minister told that the World Bank has provided the Ministry of Finance with technical assistance to improve the capacity of public finance management, debt management and impact assessment in recent years. The Ministry of Finance pledged to implement the projects using the capital of the WB in a practical and effective way. The Minister hoped that the WB would continue to provide technical assistance and more experience sharing for Vietnam in general and the Ministry of Finance in particular in order to meet Vietnam's deeper integration requirements in the coming time.

 

Talking about issues related to the use of IBRD loans and mobilizing other resources into Vietnam's development, Minister Dinh Tien Dung said that the Vietnamese Government and the Ministry of Finance paid utmost attention to the efficiency of using capitals provided by international organizations, including the World Bank. According to the World Bank's recommendations, in the current context, Vietnam should tighten control overspending and public debt management. On the other hand, Vietnam still needs huge capital to invest in development. Vietnam's current public debt is within the limit set by the National Assembly, as well as the past difficulties in public debt and foreign debt, loan terms and rates have been basically settled.

For her part, Vice President Sandi Okoro congratulated Vietnam on its achievements in economic development during the past time as well as in important reforms that the Government of Vietnam was implementing. Ms. Sandi Okoro appreciated the close relationship between WB and Vietnam and affirmed that the World Bank pledged to continue supporting the Government of Vietnam in its economic, fiscal and public debt management reforms

She also told that said that the WB was adopting a new approach to mobilizing capital for Vietnam, particularly in the field of infrastructure development and energy, therefore, Ms. Sandi Okoro wished to share the results with Vietnam in applying this approach.

At the end of the meeting, Minister Dinh Tien Dung emphasized that in the coming time, the demand for mobilizing resources for development investment of Vietnam would be very huge, but the issue of state budget management was also very essential,thus the criteria should be closely monitored. Appreciating WB has accompanied the Government and the Ministry of Finance of Vietnam in mobilizing resources for institutional reform, especially in the financial sector, Minister Dinh Tien Dung expected the WB to continue its support for Viet Nam to improve its institutions, budget management in an economical and efficient way, ensuring national security and safety in the context of in-depth international economic integration./.

Strengthening the linkage between FDI and domestic businesses in the new global context Written by dsiconstruction
Category: News Published Date ? Hits: 216

Strengthening the linkage between FDI and domestic businesses in the new global context

 
(MPI) – This is the theme of midterm Vietnam Business Forum 2017 (VBF) held on June 16th 2017 by the Ministry of Planning and Investment in collaboration with International Finance Corporation (IFC) and the World Bank (WB) under the co-chairing of MPI’s Deputy Minister Dang Huy Dong, WB Country Director in Vietnam Ousmane Dione, IFC Senior Country Manager for Vietnam, Laos, Cambodia Kyle F.Kelhofer and Co-Chairman of VBF Consortium Hirohide Sagara and Tetsu Funayama. Vice Prime Minister Vuong Dinh Hue attended and spoke at the Forum.

 

 

Whole scene of the VBF. Photo: Duc Trung (MPI)

 

Speaking at the VBF opening, Deputy Minister Dang Huy Dong said that VBF 2017 would review and propose solutions to maintain and attract capital of private sector, the linkage between FDI and domestic businesses, impacts of recent global policies to Vietnam’s economy and assess enforcement of some laws related to investment in order to improve efficiency of law enforcement.

The Deputy Minister said that scientific and technological revolution has been continuing to develop drastically, create linkage and cooperation among countries on variety fields and at all levels of global, region, bilateral, multilateral. Being an open economy, Vietnam will be affected by those factors, so the Government and business community should use the opportunities and overcome the challenges against the new context in the time coming.

Over the last 3 decades, economy of Vietnam grew largely based on young labors and exploitation of raw natural resources… However, they have been gradually depleting, motivation of growth has been reducing and facing the risk of falling into the middle income trap, FDI capital is considered as new vitality of the economy to meet the demand of restructuring and changing model towards fast and sustainable growth. Vietnam Government desires to attract FDI capital in parallel with develop domestic private sector. But FDI should have better quality, environmental friendliness, high technology to orient and support domestic sector to take part in global technology and supply chain.

Besides, in order to integrate and develop, Vietnam’s businesses should apply scientific advances, invest into research and development, advanced administration and professional operation. Under the impacts of global policies and trend of international economic integration, Vietnam has been continuing to improve investment climate by perfecting institutions, developing legal framework with uniform, transparent and interoperable regulations. New laws related to investment and business have been amended and promulgated such as Law on Investment, Law on Enterprise, Law on Real Estate Business… expressing the spirit of being ready to approach challenges and innovation of Vietnam Government. However, there is a large gap between formulation and enforcement, how to do them parallelly is an urgent problem now.

VBF 2017 included 3 main sessions: Session 1 was presentations and reports by Chambers of commerce based on the viewpoint of maintenance and improvement for international competitiveness of Vietnam and some difficulties experienced in investment in Vietnam; Session 2 discussed impact of global policies on private sector investment in Vietnam such as TPP, EVFTA, RCEP…, impact of the fourth Industrial Revolution (Industrie 4.0), how to maintain and improve investment flow from private sector in the new context and connect FDI with domestic businesses; Session 3 focused on enhancing efficiency in enforcement of the current laws, reviewing on the gaps between policies and implementation, transparency and fairness, reviewing and evaluating the Investment Law and the Enterprise Law after 2 years of implementation.

 

 

Vice Prime Minister Vuong Dinh Hue at the VBF. Photo: Duc Trung (MPI)

 

Speaking at the Forum, Vice Prime Minister Vuong Dinh Hue highly appreciated the constructional speeches and practical comments of speakers and delegates. Leaders of ministries, branches answered and discussed issues concerned by business community actively. The Vice Prime Minister said that Vietnam has strengthened international integration, which is consistent throughout policy of the Government. Vietnam has been signing many new-generation free trade agreements with high standard and doing its utmost to perfect economic institutions, improving competitiveness to integrate international economy.

In order to facilitate businesses, including SOEs, private sector, FDI, household businesses, the Government has been building and perfecting a clear and transparent business climate for all types of businesses. Resolution No. 19/NQ-CP on main duties and measures for improving business environment and enhancing national competitiveness and Resolution No. 35/NQ-CP dated May 16th 2016 on supporting and developing enterprises by 2020 have carried out drastically. Decrees and circulars guidelining implementation of Law on Supporting SMEs will be issued soon.

Regarding trade facilitation, Vice Prime Minister Vuong Dinh Hue said that the Government has just consolidated the National Trade Facilitation Committee, striving so that by 2018 as much as 80% of administrative procedures is processed on National One-Door Portal, ASEAN One-Door. Leaders of the Government has steered ministries and branches to review and modify 73 customs inspection procedures to facilitate domestic and foreign businesses to invest in Vietnam. They have also removed difficulties and obstacles, perfected and developed such markets as commodity, service, capital, real estate, labor, which are considered as necessary and sufficient conditions for the development of businesses. They have also boosted restructuring economy in line with innovating growth model, attaching importance to quality growth.

Mr. Vuong Dinh Hue assigned the MPI to assume and coordinate with ministries and branches to compile comments and recommendations of the VBF to commit to the Government and Prime Minister. The government will research to perfect a transparent, open and stable legal system, minimize legal risk, facilitate domestic and foreign investors, strive to build facilitating and action oriented Government, serve people and enterprises./.

 

Nguyen Huong
Ministry of Planning and Investment

 

Binh Duong attracts 25 billion USD in FDI Written by dsiconstruction
Category: News Published Date ? Hits: 545

The southern province of Binh Duong has so far attracted 2,713 foreign-invested projects with a total capital of around 25 billion USD, including 16 billion USD distributed to 1,635 projects that are underway in industrial parks (IP).

According to deputy head of the Binh Duong Committee for Industrial Park Management Board Bui Minh Tri, the FDI projects, mostly small and medium ones, have employed over 360,000 locals.

Since early this year, more than 618 million USD of FDI has been invested in the construction of factories in IPs, he added.

Meanwhile, Director of the provincial Department of Planning and Investment Nguyen Thanh Truc revealed that the province has nearly fulfilled the yearly target in FDI attraction, adding that a total of over 1.1 billion in FDI has been licenced to be poured into 126 new and 68 underway projects.

The number of new projects located in IPs across the provinces stands at 99, worth 709 million USD, and 46 underway projects were added 276 million USD in investment capital, Truc said.

So far, the province has constructed 28 IPs covering over 9,000 hectares. In the next five years, the number of IPs is expected to increase to 34 on 14,790 hectares.

A 300 hectare IP in Bau Bang district will also be built to host firms in the support industry for the apparel sector, as part of efforts to take advantage of investment flow after the Trans-Pacific Partnership is signed.

Currently, the province, one of the major industrial hubs in the south, is prioritising FDI projects utilising high technology and located in IPs to ensure environmental protection, said Tri./.

Vietnam News Agency

 

 

 

 

 
Vietnam - Japan Conference on Construction Written by dsiconstruction
Category: News Published Date ? Hits: 230

The Vietnam Ministry of Construction (MoC) coordinated with Japan Ministry of Land, Infrastructure, Transport and Tourism (MLIT) to held the 6th Vietnam - Japan Conference on Construction in Hanoi on 27th September. There were Deputy Minister of MoC Le Quang Hung; Deputy Minister of Japan MLIT Yasuki Kaibori, representatives of departments and agencies under the MoC, Vietnam and Japan enterprises operating on construction field at the Conference. 

 

Deputy Minister Le Quang Hung speaks to open the Conference

 

 

Opening the Conference, Deputy Minister Le Quang Hung said: The cooperation relation between Vietnam and Japan have constinously developed in all fields of politics, diplomacy, economics, technological science, culture, education and training. 

Japan is a leading economic partner of Vietnam and is a provider of largest bilateral ODA loans to Vietnam. Two countries have developed cooperation for ODA projects in the field of large-scale infrastructure, energy of Vietnam and projects have been put into operation effectively, have the positive contribution to Vietnam’s socioeconomic development, such as three of infrastructure projects in Hanoi Capital including Nhat Tan Bridge project, link street from Nhat Tan Bridge to Noi Bai International airport project, T2 terminal project.

Accordingly, the two sides have cooperated in the construction technology, management in the quality control of constructional works, water supply and drainage, wastewater and trash treatment, eco-city development, human resource development. The two sides also paid attention to boost cooperation in trading and investment between businesses including: researching collaboration to prepare for eco-city development project in Vietnam; successfully pilot in using the Japan’s underground pipe drilling technology; the water environment improvement project in Thu Dau Mot city - Binh Duong province; the sanitation project in Nhieu Loc canal - Ho Chi Minh city; the wastewater treatment project in Yen Xa - Ha Noi.
 

The Conference Chared Union

To promote the positive results of cooperation achieved in recent years and strengthen partnerships developed the constructional industry of Vietnam - Japan in the near future; Deputy Minister Le Quang Hung proposed a number of key issues in the cooperation including cooperation in the research, clarify the policy mechanism model of construction investment management, including management of construction practice, the role of State management agencies in the quality control of constructional works, construction cost management, sustainable urban development, high-skilled human resource development, solutions exchanging on construction technology, standards and codes.

The Japanese partners have shared the process of developing and implementing Architect Law of Japan (Kenchikushi Law) and related laws; experiences in quality management and safety at the construction sites as well as the introduction of new construction technologies such as panel made from rubber of waste tires, ecological technology to recycle waste batteries.

Ending the Conference, delegates of both sides had the discussion to cooperate in the Vietnam - Japan businesses network connecting program.


Written by: Ninh Hanh
Translated by: Mai Anh

Netherlands aids waste treatment project in Binh Duong Written by dsiconstruction
Category: News Published Date ? Hits: 581

 

 

 

 

The Dutch Government will give financial support to the implementation, operation and maintenance of the water drainage and wastewater treatment project in the southern province of Binh Duong as stipulated in an agreement signed on July 22.

The 12 million EUR project will benefit 219 small production facilities and nearly 19,400 local households in Tan Binh commune (Di An town), part of An Phu and Binh Chuan commune (Thuan An town), Thai Hoa commune and part of Tan Phuoc Khanh commune (Tan Uyen town). 
Its aim is to ensure the local environment and to improve water quality for the Dong Nai river system – the main source of water for over 12 million people in Binh Duong and Dong Nai provinces and Ho Chi Minh City .
According to Simon Van Der Burg, Consul General of the Netherlands in Ho Chi Minh city , the completion of the wastewater collection and treatment system will do some good for local people’s health and business operations.
Tran Thanh Liem, Chairman of the provincial People’s Committee, noted that the province has paid due attention to improving local livelihoods and protecting the environment, especially in densely-populated urban areas.
However, the province needs support from foreign nations and international financial organisations due to its limited capital, he highlighted.
The aid will be provided under the Facility for Infrastructure Development ORIO, which is funded by the Dutch Ministry of Foreign Affairs.

Source: VNA

 

 

 

 

 
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