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Innovation identified as strongest growth engine for Vietnam: Expert

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The Vietnamese government would continue to put up efforts in revising and improving regulatory framework in order to accommodate fast changes in the field of technology.

Innovation is the strongest growth engine for Vietnam as the country aims to become a high middle-income country in the next 10 years.

Head of Prime Minister Nguyen Xuan Phuc’s Economic Advisory Council Nguyen Duc Kien stressed the view at the virtual launch of World Bank’s new report today [February 24] with title “The Innovation Imperative for Developing East Asia.”

 Head of Prime Minister Nguyen Xuan Phuc’s Economic Advisory Council Nguyen Duc Kien at the virtual launch. Photo: Hai Yen. 

According to Kien, one of the major challenges for Vietnam to achieve this goal is that a substantial part of Vietnam human resources is concentrated on labor-intensive industries.

“While this is the country’s advantage in the process of industrialization in the next 10 to 15 years, the lack of high skilled and technology competent workforces, however, will limit Vietnam’s capacity to accelerate in the next development stage and turning the country into a green economy,” Kien added.

“To address these challenges, macro-economic and intersectoral economic structure will need to be transformed toward modernization, and the education system be comprehensively reformed,“ he asserted.

 Source: World Bank. 

“Meanwhile, given small and medium sized enterprises (SMEs) accounting for 97% of total number of operating firms in Vietnam, they are still slow in adopting new economic mindset and catching up with global modern technological trend, therefore, reforming corporate governance associated with technology and market innovation is an urgent requirement for Vietnam,” Kien stressed.

Kien noted the top priority for the government in the current period is actually influenced by the Covid-19 pandemic.   “The pandemic has totally changed the mindset of not only the government but also the public in the importance of technology and innovation,” he said.

“As a result, the government would continue to put up efforts in revising and improving regulatory framework in order to accommodate quick and fast changes in the field of technology,” Kien added.

 Source: World Bank. 

Kien suggested the country would adopt two approaches in the next five years, including a focus on improving infrastructure development to incentivize enterprises taking part in innovation and technologies application, while enhancing tech policies and mechanisms to  mobilize more resources from the private sector in R&D.

Action needed to spur innovation-led growth in Asia-Pacific

At the launch, Victoria Kwakwa, World Bank Vice President for East Asia and Pacific, stressed “the Covid-19 pandemic, climate change, along with the fast-evolving global environment, have raised urgency for governments in the region to promote greater innovation through better policies.”

While developing East Asia is home to several high-profile innovators, data presented in the report show that most countries in the region (except China) innovate less than would be expected given their per capita income levels. Most firms operate far from the technological frontier. And the region is falling behind the advanced economies in the breadth and intensity of new technology use.

“Aside from some noteworthy examples, the vast majority of firms in developing East Asia are currently not innovating,” said Xavier Cirera, a lead author of the report. “A broad-based model of innovation is thus needed – that supports a large mass of firms in adopting new technologies, while also enabling more-sophisticated firms to undertake projects at the cutting edge.”

The report identifies several factors that impede innovation in the region, including inadequate information on new technologies, uncertainty about returns to innovation projects, weak firm capabilities, insufficient staff skills, and limited financing options. Moreover, countries’ innovation policies and institutions are often not aligned with firms’ capabilities and needs.

To spur innovation, the report argues that countries need to reorient policy to promote diffusion of existing technologies, not just invention; support innovation in the services sectors, not just manufacturing; and strengthen firms’ innovation capabilities.

Hanoitimes

Source: https://vietnamnet.vn/en/business/innovation-identified-as-strongest-growth-engine-for-vietnam-expert-715467.html

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Danang suspends BRT project due to its ineffectiveness

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A BRT bus is seen at a bus station in Hanoi. The government of Danang City has decided to suspend its BRT project as the investment in the project has yet to bring about social advantages for the coastal central city – PHOTO: TPO

HCMC – The government of Danang City has decided to suspend its bus rapid transit (BRT) project as the investment in the project has yet to bring about social advantages for the coastal central city.

Huynh Anh Vu, deputy director of the Danang City Management Board of Prioritized Infrastructure Investment Projects, which is the project’s developer and operator, confirmed that the management board had reached a consensus with the World Bank, which serves as the lender of the project, on its suspension.

Instead, the management board will focus on completing works related to the development of subsidized bus routes in the city, Vu said, as reported by Lao Dong newspaper.

The decision is considered as the right move as the city’s transport infrastructure system still remains inadequate and measures taken to encourage the use of public means of transport among local residents have not proved effective.

The move was strongly backed by the locals and some of them cited the examples of other localities where trillions of dong were poured into BRT projects but they had failed to address traffic congestion and caused losses to the State budget.

In 2013, the Government approved a master project to develop Danang sustainably with five components: improving the rainwater and drainage system, piloting the BRT system, developing key urban roads, enhancing the capacity and supporting the execution of projects and works transferred from prioritized infrastructure investment projects.

The master project was expected to be completed in June this year, but it has been 84% complete to date with US$185 million spent. Specifically, the BRT project has been 33% complete, while the remaining components have basically been finalized.

Source: https://english.thesaigontimes.vn/81444/danang-suspends-brt-project-due-to-its-ineffectiveness.html

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Some coastal hotels report full occupancy as tourists are on the rise

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Tourists play outdoor games at a resort. Many hotels in Ba Ria-Vung Tau Province have reported full occupancy as the number of tourists is on the rise – PHOTO: LDO

HCMC – Many hotels in Ba Ria-Vung Tau Province have reported full occupancy as the number of tourists is on the rise, though the holidays of April 30 and May 1 are still a while away, signaling good news for the tourism sector.

Nguyen Van Tuan, manager of Long Hai Hotel in Ba Ria-Vung Tau Province, told Lao Dong Online that over the past one year, the hotel saw few guests and its highest occupancy rate at a mere 20%. However, for some days last week, the number of tourists who booked rooms at the hotel surged, with the occupancy rate at 90%.

For April 17 and 18, the hotel is fully booked, and it is the first time since the coronavirus pandemic that the hotel is seeing some 100 rooms in total fully booked, Tuan said, adding that the hotel was fully booked three weeks ago for the Reunification Day, April 30.

Last weekend, many guests fully booked rooms at Vietsovpetro Ho Tram, said a representative of the resort.

Many hotels at sea tourist destinations near HCMC such as Ho Tram, Long Hai, Vung Tau and Mui Ne are seeing the number of guests soar on weekends.

Do Van Thuc, deputy director of Dat Viet Tour, said that the firm had received rising tour bookings on weekends.

Recently, Dat Viet Tour has been seeing an average 1,500 guests book weekend tours to the sea each week, some 200 kilometers from HCMC, he said.

Apart from this, since March, when the coronavirus outbreak was brought under control in Vietnam, Alo Limo, a transport firm, has become busier on weekends, said Le Gia Thanh Tam, a representative of Alo Limo.

Over the past few weeks, each week has seen some 10-15 groups of tourists book limousines for their trips, mainly to Dalat, Phan Thiet and Vung Tau, Tam said.

Source: https://english.thesaigontimes.vn/81445/some-coastal-hotels-report-full-occupancy-as-tourists-are-on-the-rise.html

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Q2 Thao Dien welcomes residents with full amenities

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Q2 Thao Dien is developed by Frasers Property Vietnam and An Duong Thao Dien Real Estate Trade Joint Stock Company, the project will be ready for handover by the end of April 2021. All apartments, office and commercial areas are completed and ready to welcome owners and businesses to move in.

High-end amenities at Q2 Thao Dien.

“Receiving homes with full amenities and service without waiting for a long time is a privilege offered to residents only at Q2 Thao Dien. A new home furnished with high-end amenities gives residents a fulfilled experience and absolute satisfaction”, said Representatives of Frasers Property Vietnam.

Just a-few-steps away from the apartment complex is the premium and stylish [email protected] office tower with a modern design, open space, high ceilings, and gorgeous river views. This architecture gives tenants space to create a unique and inspiring duplex workspace design. This tower is also fully equipped with meeting and event rooms, training/ education areas, coffee space, and professional management services. With numerous outstanding appeals, [email protected] meets the demands of an ideal working space for businesses, especially, a trend of workspace decentralisation to move from the central business districts to nearby dynamic areas.

Q2Terrace is now filled with famous brands, includes Annam Gourmet Market, Dinh Phong – The Butcher & Seafood, Wayne’s Coffee, Peekaboo Café, and Beer Studio, which will also be a place to dine, to meet and to shop, for professionals working at the [email protected]
 

Source: https://english.thesaigontimes.vn/81441/q2-thao-dien-welcomes-residents-with-full-amenities.html

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