Business

Detailed policies required to successfully call investment in railway

Published

2 years ago

December 16, 2021

Detailed policies on attracting investment in the railway industry are needed to meet the country’s ambitious VND240 trillion (US$10.5 billion) railway development plan in the next ten years, experts said.

Detailed policies required to successfully call investment in railway

A train on the North-South railway. Vietnam will need an estimated VND240 trillion up to 2030 to fund railway projects until 2030. — VNA/VNS Photo

Prime Minister Pham Minh Chinh recently signed a decision to approve the country’s railway development plan for the 2021-30 period, which sets the goal of building nine new railways with a total length of 2,362km by 2030.

The longest is a 1,545km long high speed rail line running north-south from Ngoc Hoi Station in Hanoi to Thu Thiem Station in HCM City, with priority of investment being given to the Hanoi-Vinh and Nha Trang-HCM City sections.

The Yen Vien – Pha Lai – Ha Long – Cai Lan line will run 129km while the Ngoc Hoi – Lac Dao – Bac Hong will be 59km long.

The 102km long Hanoi – Hai Phong line, part of the Lao Cai – Hanoi – Hai Phong line, will run in parallel to the Hanoi – Hai Phong Expressway and connect with the port of Hai Phong.

In the central region, a 103km line will run from Vung Ang Port to Mu Gia Pass on the Vietnam-Laos border.

The Bien Hoa – Vung Tau line runs 84km from Trang Bom to Vung Tau stations.

There will also be two other lines linking HCM City with Can Tho and Loc Ninh, with respective lengths of 174km and 128km.

The Thu Thiem – Long Thanh line will link Long Thanh International Airport with Thu Thiem Station and only serve passengers.

Vietnam will need an estimated VND240 trillion to fund the projects.

In order to achieve planning goals, Government will continue to provide incentives for organisations and individuals to invest in the railway transportation business, including the use of land funds to develop the national network. It will further mobilise domestic and foreign resources to invest in transportation by ensuring a fair and healthy competitive environment for all economic components in this field.

According to Nguyen Danh Huy, Director of the Ministry of Transport’s Planning and Investment Department, with such a large capital need, the State’s budget will play the leading role, accounting for 80 per cent of the total investment. The remaining capital will come from the public–private partnership (PPP) investment model.

Vu Anh Minh, Chairman of the Members’ Council of the Vietnam Railways Corporation (VNR) said it is necessary to clearly identify the capital sources to enable to success in calling for private and official development assistance (ODA) investment.

Director of the Vietnam Railway Authority Vu Quang Khoi said some new railway lines connecting to seaports have received more attention from investors because they have clearly defined the form of PPP investment model.

For example, the railway project from Vung Ang Port to Mu Gia Pass at the Vietnam-Laos border has a total investment of more than $5 billion, in which investment capital of Vietnam is nearly $1.6 billion under the PPP model. The consortium of Petroleum Trading Lao Public Company (PetroTrade) and Vietnam’s HT Investment Construction Management Co has so far completed researches and submitted the project’s pre-feasibility study report to relevant authorities.

Source: Vietnam News

Source: https://vietnamnet.vn/en/business/detailed-policies-required-to-successfully-call-investment-in-railway-800048.html

Business

Vietnam-Australia Digital Forum 2023: Making Vietnamese digital enterprises go global

Published

4 days ago

September 20, 2023

TienphongNews

The Vietnam – Australia Digital Forum 2023 was held in Sydney, the Australian state of New South Wales (NSW), on August 4 to promote the cooperation in information and communication technology as well as the digital field between the two countries.

Vietnam-Australia Digital Forum 2023: Making Vietnamese digital enterprises go global hinh anh 1

The signing of a memorandum of understanding (MoU) between Vietnam’s Posts and Telecommunications Institute of Technology and its Australian partners. (Photo: VNA)

Sydney – The Vietnam – Australia Digital Forum 2023 was held in Sydney, the Australian state of New South Wales (NSW), on August 4 to promote the cooperation in information and communication technology as well as the digital field between the two countries.

The event was co-organised by Vietnam’s Ministry of Information and Communications (MIC), the Australian Trade and Investment Commission (Austrade) and the NSW Trade and Investment Department in charge of the Vietnam market.

The forum took place as part of Vietnamese Minister of Information and Communications Nguyen Manh Hung’s visit to Australia, Director of the MIC’s Department of International Cooperation Trieu Minh Long told Vietnam News Agency correspondents in Sydney.

In 2023, one of the key tasks that the ministry focuses on implementing is to support Vietnam’s digital business community go global. In addition to activities in Australia, it also implements programmes in other countries and regions around the world such as the US, Japan, and Europe.

Long highlighted strengths of Vietnam’s digital technology enterprises, saying some of them have been successful in foreign markets, even in choosy markets like the US and Japan.

One of the advantages of Vietnamese businesses when accessing the Australian market is that the two countries have good diplomatic and economic relations, along with the strong Vietnamese community in Australia.

Speaking at the forum, Consul General of Vietnam in New South Wales, Queensland and South Australia Nguyen Dang Thang said that developing a digital platform is a breakthrough solution to promote faster digital transformation, reduce costs and increase economic efficiency.

International cooperation is also an important solution to carry out digital transformation, especially promoting the transformation in society, thereby creating momentum for the digital transformation process in government agencies, he added.
Highlighting the two countries’ new cooperation opportunities, Thang said Vietnam and Australia have a strong cooperative relationship, high political trust which is an important point for cooperation in cybersecurity.

Karla Lampe, Director of NSW International Engagement & Market Development under the NSW’s Department of Enterprises, Investment and Trade (DEIT), emphasised that Vietnam and Australia are maintaining strongest-ever partnership, both from economic perspective and from the ties between the two governments. Both New South Wales and Vietnam have large technology companies and influential individuals in the media.

She expressed her hope that the two countries further promote economic and trade ties in the future, and outline ambitious digital transformation goals.

At the forum, representatives from agencies, organisations, research institutions and businesses of the two countries discussed issues related to information and communication technology, and digital technology to learn about policy incentives, the investment environment in Vietnam and Australia.

At the end of the forum, they witnesses the signing of a memorandum of understanding (MoU) between Vietnam’s Posts and Telecommunications Institute of Technology and its Australian partners including Western Sydney University, the University of Canberra, SET Education, the Association of Vietnamese Australian Scholars and Professionals (VASEA)./.

Source: https://en.vietnamplus.vn/vietnamaustralia-digital-forum-2023-making-vietnamese-digital-enterprises-go-global/265680.vnp

Business

Vietnam lures over 16 billion USD in foreign investment

Published

4 days ago

September 20, 2023

TienphongNews

As of July 20, total newly-registered capital, additional capital, and capital contributions and share purchase by foreign investors stood at nearly 16.24 billion USD, up 4.5% compared to the same period of 2022 and 8.8% compared to the first half of the year.

Vietnam lures over 16 billion USD in foreign investment hinh anh 1

Source: https://en.vietnamplus.vn/vietnam-lures-over-16-billion-usd-in-foreign-investment/265410.vnp

Business

Vietnam’s macro-economy stays stable, inflation controlled: official

Published

4 days ago

September 20, 2023

TienphongNews

Vietnam’s marco-economic continues to stay stable and inflation is controlled Minister-Chairman of the Government Office Tran Van Son told a press conference following monthly cabinet meeting in Hanoi on August 5.

Vietnam’s macro-economy stays stable, inflation controlled: official hinh anh 1

The regular press conference takes places on August 5 in Hanoi. (Photo: VNA)

Hanoi – Vietnam’s
marco-economic continues to stay stable and inflation is controlled Minister-Chairman of the Government Office Tran Van Son told a press conference following monthly cabinet meeting in Hanoi on August 5.

Son said that the cabinet meeting for July focused on assessing and discussing the socio-economic situation in July
and first seven months of 2023; the progress of the programme on
socio-economic recovery and development; public investment capital
allocation and disbursement; and the implementation of three national target
programmes among others.

According to Son, participants to the meeting held that in July,
the socio-economic situation was improved compared to the previous month,
contributing to the country’s performance in the first seven months.

So far, the macro-economic situation has remained
stable, while inflation has been controlled. In the first seven months, the
average consumer price index (CPI) increased 3.12%, while all the major
economic balances were ensured.

State budget collection exceeded 1 quadrillion VND
(42.13 billion USD), equivalent to 62.7% of the estimate. Meanwhile, the
country’s exports fetched 195.4 billion USD, with a trade surplus of 16.5
billion USD.

In July, the Index of Industrial Production (IIP)
rose 3.9% month on month and 3.7% year on year. Total revenue from retail of
goods and services increased 7.1% year on year in July and 10.4% in seven
months.

At the same time, the country welcomed more than 1
million foreign visitors in July and 6.6 million in the January-July period,
6.9 times higher than that in the same period last year.

In seven months, 267.63 trillion VND of public
investment capital was disbursed, completing 37.85% of the yearly target, 3.38%
increase year on year. Meanwhile, the country attracted nearly 16.24 billion
USD in foreign direct investment (FDI), up 4.5%.

In July, 13,700 new businesses were established,
raising the total number of new firms to 131,900 in seven months.

Social welfare, security and defence were also
kept stable.

To date, nearly 93.8 trillion VND of the
socio-economic recovery and development programme has been disbursed. Requests
of localities have also been responded to in a timely manner.

Son said that Prime Minister Pham
Minh Chinh clearly pointed out tasks focusing on removing difficulties for production and business, giving
priority to promoting growth, creating jobs, ensuring livelihoods for people
associated with stabilising the macro-economy, controlling inflation, and ensuring
major balances of the economy.

The PM also asked
ministries, agencies and localities to accelerate the disbursement of public investment capital, and carry out the socio-economic
recovery and development programme, as well as three national target programmes. He urged agencies
to strengthen
forecasts, warnings and provide timely information on
natural disasters and readiness for rescue works, Son said, adding that the PM assigned
specific tasks to particular ministries, sectors and localities in the time to
come./.

Source: https://en.vietnamplus.vn/vietnams-macroeconomy-stays-stable-inflation-controlled-official/265691.vnp