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PM Chính meets with leading Japanese investors

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Prime Minister Phạm Minh Chính at a meeting with Japanese investors. VNA/ Photo

HÀ NỘI —  Prime Minister (PM) Phạm Minh Chính had a business lunch on Wednesday with leading Japanese investors, during which the issue of Official Development Assistance (ODA) was discussed.

PM Chính told the Japanese investors: “Soon there will be a new generation of ODA, with new content and new ways of doing things, to further improve its effectiveness.” 

Japan is currently one of the largest investors in Việt Nam with about 4,800 projects, totalling over US$65 billion of investment. Japanese tourists are the third-highest number of visitors to Việt Nam and the country has a trade turnover of more than $40 billion. 

The Prime Minister believes that two-way trade between the two countries will grow even more.

PM Chính said Việt Nam’s focuses are to prioritise green development, living in harmony with nature, reducing the impacts of climate change, and enhancing digital transformation.

“We are determined to continue implementing three strategic breakthroughs: an institutional breakthrough associated with administrative reform that reduce costs for people and businesses; training high-quality human resources, and improving infrastructure while adapting to climate change,” he said.

“In order to do so, we determine that the internal forces – nature and historical traditions – are decisive, but external forces are also important. Those are capital, technology, and management,” PM Chính said, adding that Việt Nam expects to learn from Japanese investors who have been successful in the Vietnamese market.

Answering specific questions about the issues that Japanese investors are interested in, such as land policies for infrastructure, railway transport, development orientations for energy industries, and smart cities, the Prime Minister said urban development is the driving force behind growth.

He said Việt Nam does not distinguish between public and private investors, as long as they comply with the law so that resources can be effectively mobilised.

Regarding the draft Power Development Planning VIII, the Prime Minister said that the Government is consulting scientists and businesses to finalise and carefully calculate the structure of sources, transmission, distribution and efficient use, but the priority goal of developing renewable energy is obvious, he said. Việt Nam is completing the bidding and auction mechanism to facilitate the market and create the most favourable conditions for investors.

Source: https://vietnamnews.vn/politics-laws/1085268/pm-chinh-meets-with-leading-japanese-investors.html

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Việt Nam ready to assist Laos in fight against COVID-19: PM

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Prime Minister Phạm Minh Chính (right) welcomes Lao NA Chairman Xaysomphone Phomvihane. VNA/ Photo Dương Giang

HÀ NỘI — Việt Nam always stands side by side and stays ready to help Laos, within its ability, to push back the COVID-19 pandemic, Prime Minister Phạm Minh Chính told President of the Lao National Assembly Xaysomphone Phomvihane during their meeting in Hà Nội on Monday.

Both leaders said they were delighted to see that the great friendship, special solidarity and comprehensive cooperation between the two countries have been increasingly strengthened in all areas, from politics, diplomacy, national defence-security, to economy, trade, investment, socio-culture, and education-training.

Amid the COVID-19 pandemic, two-way trade still surpassed US$1 billion in the first ten months of 2021, up over 30.1 per cent from the same period last year. Việt Nam was the third biggest foreign investor in Laos, with 209 projects worth $5.18 billion.

Xaysomphone expressed his profound thanks to the Vietnamese Party, State and people for providing timely and invaluable support to Laos in the fight against the pandemic.

Both leaders agreed to effectively carry out high-level agreements and prepare for the upcoming 44th meeting of the Việt Nam – Laos Inter-Governmental Committee, continue working closely together to fight COVID-19, strengthen national defence-security collaboration, step up economic, trade and investment ties  as well as accelerating infrastructure projects such as Hà Nội – Vientiane expressway and Vũng Áng 1,2,3 seaports.

They pledged to continue effectively implementing signed education projects; jointly hold activities to celebrate the 60th founding anniversary of diplomatic ties and the 45th anniversary of the signing of the Việt Nam – Laos Treaty of Amity and Cooperation in 2022; support each other at multilateral forums, especially in issues regarding each country’s security and development, as well as peace, stability and cooperation in the region, including the sustainable use and management of water sources in Mekong River, and the East Sea issue.  

Source: https://vietnamnews.vn/politics-laws/1094348/viet-nam-ready-to-assist-laos-in-fight-against-covid-19-pm.html

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Government backs Samsung’s long-term business strategy in Việt Nam: Deputy PM

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Deputy Prime Minister Lê Minh Khái (right) in talks with Director-General of Samsung Việt Nam Complex Choi Joo-ho. — VNA/ Photo Minh Đức

HÀ NỘI — Deputy Prime Minister Lê Minh Khái has confirmed that the Government backs Samsung’s long-term business strategy in Việt Nam, during a reception for business executives attended by Director-General of Samsung Việt Nam Complex Choi Joo-ho in Hà Nội on Monday.

Informing his guests that he is to visit the Republic of Korea within the framework of the bilateral dialogue mechanism on economic cooperation at the deputy prime ministerial level, Khái said that during the visit, he and his RoK counterpart will evaluate the outcome of the economic partnership between the two countries since their previous dialogue in 2019.

Samsung is a big investor in Việt Nam and the Vietnamese Government wants to listen to its opinions in order to discuss with the RoK side how to create more favourable conditions for the firm to operate effectively, the Deputy PM said.

Choi Joo-ho told the host that currently, Samsung has six production factories, one research centre and one sales entity in Việt Nam.

Apart from mobile phone and household appliance products, Samsung also manufactures parts for televisions and telephones, he said. The firm currently employs 110,000 people in Việt Nam. According to Choi, so far, Samsung has disbursed 100 per cent of its registered capital of US$17.7 billion in Việt Nam.

He said that during the fourth wave of COVID-19 in Việt Nam, the firm received great support from Vietnamese localities, adding that its factories in the north resumed production in August and those in the south have operated stably since November.

Last year, Samsung’s revenue reached $56.7 billion. This figure is expected to rise 15 per cent this year, he said.

The executive thanked the Vietnamese Government for assisting the firm over the years, expressing hope that Việt Nam will continue to maintain safe and flexible adaptation to the pandemic to ensure that production is not interrupted.

Choi gave some proposals regarding the global minimum corporate tax in line with the regulations of the Organisation for Economic Cooperation and Development (OECD).

Deputy PM Khái pledged that Việt Nam will work to access more vaccine sources to enable businesses to operate safely in the new normal situation, while urging enterprises, including Samsung, to continue to coordinate with local government to effectively control the pandemic for long-term operations.

He lauded Samsung’s investment in a $220-million research and development centre in Việt Nam, which is scheduled for completion in 2022, affirming that the Vietnamese Government supports the firm’s long-term business strategy in Việt Nam. He asked Samsung to report its difficulties to the Vietnamese authorised agency for timely solutions.

Stressing Việt Nam’s determination to deliver on its commitments to businesses, Deputy PM Khái said that Việt Nam wants to listen to feedback from the business community in response to changes in policies. —

Source: https://vietnamnews.vn/politics-laws/1094304/government-backs-samsungs-long-term-business-strategy-in-viet-nam-deputy-pm.html

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NA Chairman: fiscal policy plays leading role in harmonization with monetary policy

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National Assembly Chair Vuong Dinh Hue has asked commercial banks to share difficulties with businesses, stressing that such support will also help themselves and that banks cannot have profits without businesses.

NA Chairman: fiscal policy plays leading role in harmonization with monetary policy

National Assembly Chair Vuong Dinh Hue

The Vietnam Economic Forum, with nearly 200 delegates, including four Politburo members, the Secretary of the Central Party Committee, 20 members of the Party Central Committee, 25 ministries and heads of industries, and nine ambassadors and charge d’affaires closed on December 5.

Twenty presidents and CEOs of large corporations also attended the meeting.

Emphasizing that the Covid-19 pandemic was ‘unexpected, unprecedented and unpredictable’, Hue agreed with economists that in such a special context there should be special solutions. The bailout for economic recovery needs to support both aggregate supply and demand, with priority given to supply.

It’s necessary to implement both fiscal and monetary policies in a flexible and harmonious way, with a reasonable roadmap, wide coverage and a reasonable amount. The time for implementation is 2022-2023 and at most the first months of 2024.

The targets must be feasible and timely so as to satisfy businesses and people’s demands.

“It’s very difficult and time consuming to maintain macro stability, and it’s very easy to quickly lose stability,” Hue said.

He agreed with economists that Vietnam could accept overexpenditures and public debt increases in the short term in exchange for economic recovery, but it must ensure national financial security in the long term, especially debt payment capability.

The management and allocation of resources needs to be transparent and public to prevent wrongdoings and conflicts related to interest groups. To do so, there must be a mechanism to supervise and inspect implementation in different ways.

Stressing that the socio-economic crisis is due to Covid-19, Hue pointed out that medical solutions will be the decisive and primary factors, while fiscal policy will play the leading role, implemented in harmonization with monetary policy.

He said that helping businesses and people overcome difficulties will help nurture sources of revenue for the state budget and the banking system.

“It’s not granting of favors here. By supporting businesses, commercial banks will support themselves. They cannot have profits without businesses,” he said.

Stand on your own feet

Replying to the warning that Vietnam may repeat the mistakes it made in 2008 when it launched an interest rate subsidy package, Hue said the package at that time did not have specific targets, which was a problem.

“We must not avoid the difficult and do the easy. There should be an interest rate subsidy package,” Hue said, adding that it would be better to focus on important fields, businesses, cooperatives and business households that can pay debts or recover.

It’s also necessary to give financial support to upgrading of old apartments. Hanoi, for example, has thousands of apartment buildings that need upgrading, HCMC has 600, and Hai Phong also has such buildings.

“We will obtain a high growth rate if these bottlenecks are removed,” he said.

The National Assembly Chair said that social housing projects are seriously needed, especially for low income workers, and the state should continue to divest from enterprises as parts of the economic recovery program.

Hue agreed with the opinion that businesses need reasonable regulation, not money, emphasizing that institutional improvement is the most important factor in the economic recovery program.

He said the important message of the forum is to have self-reliance, self-improvement, and ability to stand on one’s feet, as well as better national and corporate governance.

At the same time, Vietnamese need to be optimistic, turn risks into opportunities and seek opportunities in challenges.

“The consistent message is that we need to go together. There’s a saying that if you want to go far, go together with your friends,” Hue said. 

Thu Hang

Source: https://vietnamnet.vn/en/feature/na-chair-fiscal-policy-plays-leading-role-in-harmonization-with-monetary-policy-798892.html

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