BoQ77
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In my observation
Average : 2
Lately : 2-3
In policy:
Before : 1 - 2
Now : 2
My case : 3
Vietnam Economy Forum
- Thread starter Viet
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In my observation
Average : 2
Lately : 2-3
In policy:
Before : 1 - 2
Now : 2
My case : 3
Viet
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this thread is sleeping...
we will have one of the world´s tallest TV tower, if not the tallest. Nice.
Nhandan newspaper - English version - Vietnam to build world's tallest TV Tower
the record holds Tokyo Sky Tree: 634 m. According to the report, VTV signed a contract selecting Japan's Nikken Sekkei as the design consultant contractor for the project. Expected completion: 2020. No info about the design yet, I think we shall copy it from the japanese, and build just one metre higher
we will have one of the world´s tallest TV tower, if not the tallest. Nice.
Nhandan newspaper - English version - Vietnam to build world's tallest TV Tower
the record holds Tokyo Sky Tree: 634 m. According to the report, VTV signed a contract selecting Japan's Nikken Sekkei as the design consultant contractor for the project. Expected completion: 2020. No info about the design yet, I think we shall copy it from the japanese, and build just one metre higher
Last edited:
BoQ77
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CAAV-Boeing Memorandum of Collaboration Signing Ceremony
the signing of Memorandum of Collaboration between Vietnam’s Civil Aviation Authority and Boeing to advance Vietnam’s aviation regulatory system. The ultimate goal of this collaboration is to help Vietnam achieve the regulatory and safety standards required for its commercial airlines to operate direct flights between Vietnam and the United States. The strong and sustained support from Boeing and the U.S. government on this effort is another clear demonstration of their continued commitment to help Vietnam achieve its goals.
2015 marks the 20th anniversary of the normalization of U.S.-Vietnam diplomatic relations. Equally important for Boeing, this year also marks the 20th anniversary of the establishment of their presence in Vietnam. Over the last 20 years, U.S. companies like Boeing have played a critical role in strengthening the relationship between two countries.
Once established, these direct flights will build yet another bridge to strengthen relations. Direct flights will encourage increased tourism and business travel between two countries, which will facilitate even greater people-to-people and commercial ties. The launching of direct flights will also showcase Vietnam’s aviation sector, which has continued to develop and expand its reach in the region and beyond.
The Memorandum signed today is the latest in a long list of activities that Boeing has undertaken to help improve Vietnam’s aviation sector and its aerospace capabilities. Boeing has worked closely with the government of Vietnam to improve aviation safety; it has helped attract investment into Vietnam’s aerospace manufacturing sector and has contributed to improvements in the Vietnam’s higher education system in the fields of IT and engineering. Equally important, Boeing continues to engage in a number of Corporate Social Responsibility programs aimed at improving the lives of the Vietnamese people. We are very proud of Boeing for the contribution they have made to Vietnam and for having the vision to recognize the opportunities that exist in this country.
blouinbeatbusiness/2015/03/20/ties-with-vietnam-australia-up-canada-down/
Well it is unfortunate what happen with Canada, I think it is about time the oversea Viet need to let it go already. Even if they are anti communist, so what, Vietnam will change for the better. When Le Duan and his generation died, we have Doi Moi. And now the veterans of the wars are going to retirement sooner or later. And the young are getting way too comfy with the consumer lifestyle to turn back.
Also there is an article on some new deal with New Zealand. Since we are becoming the new China in term of manufacturing, this is good.
Well it is unfortunate what happen with Canada, I think it is about time the oversea Viet need to let it go already. Even if they are anti communist, so what, Vietnam will change for the better. When Le Duan and his generation died, we have Doi Moi. And now the veterans of the wars are going to retirement sooner or later. And the young are getting way too comfy with the consumer lifestyle to turn back.
Also there is an article on some new deal with New Zealand. Since we are becoming the new China in term of manufacturing, this is good.
Viet
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a US$5 billion project
11:08 | 21/03/2015
S.Korean firm to build HCM City urban complex
HCM City People's Committee Chairman Le Hoang Quan has asked relevant agencies to establish a working group responsible for the implementation of an urban project in District 1.
Vessels are anchored at the Ba Son Shipyard in HCM City. A South Korean company is expected to build a $5 billion urban complex near this area. VNA/VNS Photo Hoang Hai
The committee made the announcement on March 19, saying that the US$5 billion complex will be built by a South Korean firm on land near the Ba Son Shipyard. South Korea's EUNSAN & OUE Group is expected to begin construction of the project on National Day or September 2.
Quan said this was one of the key projects that would help develop the city in line with an adopted master plan. The urban areas and trade centres of the complex will be synchronised with the surrounding infrastructure, such as the Thu Thiem 2 bridge and the metro line No 1.
He noted that as the location was special in terms of national defence, the Government and the Ministry of Defence would decide on further procedures before the project is executed.
The municipal Department of Planning and Investment has been tasked with guiding the South Korean firm for establishing a legal entity in the city in accordance with current regulations.
11:08 | 21/03/2015
S.Korean firm to build HCM City urban complex
HCM City People's Committee Chairman Le Hoang Quan has asked relevant agencies to establish a working group responsible for the implementation of an urban project in District 1.
Vessels are anchored at the Ba Son Shipyard in HCM City. A South Korean company is expected to build a $5 billion urban complex near this area. VNA/VNS Photo Hoang Hai
The committee made the announcement on March 19, saying that the US$5 billion complex will be built by a South Korean firm on land near the Ba Son Shipyard. South Korea's EUNSAN & OUE Group is expected to begin construction of the project on National Day or September 2.
Quan said this was one of the key projects that would help develop the city in line with an adopted master plan. The urban areas and trade centres of the complex will be synchronised with the surrounding infrastructure, such as the Thu Thiem 2 bridge and the metro line No 1.
He noted that as the location was special in terms of national defence, the Government and the Ministry of Defence would decide on further procedures before the project is executed.
The municipal Department of Planning and Investment has been tasked with guiding the South Korean firm for establishing a legal entity in the city in accordance with current regulations.
From my opinion, the last thing a developing country like Vietnam needs is a young generation who contracts the consumerism virus.
To get rich, we need talent enterpreneurs, talent scientists, talent engineers, who can work 10 hours per day and 6-7 days per week. That was what the West did to industrialize, Japan did before and now the Chinese are doing. There is no other way.
Europe’s economy is sinking, Japan is sinking. The most important reason behind is because the young generations there do not want to work as hard as their forefathers any more, but want to consume more and save less. The result is the annual deficit which accumulate year by year. Till a country cannot pay its debt, it’ll default. Within 10-20 years, countries like France may have similar per capita GDP like Thailand or Malaysia. It is a foreseeable future.
Once very rich Latin American countries, whose government structures and consumerism cultures are almost identical to the US, like Brazil and Venezuela (used to be richest countries in the world in mid 20 century but now in the level of Thailand or Malaysia or even lower), are also sinking, because they can not compete in the knowledge economy with their imcompetent workforce, who will rather end up playing football than studying hard at a technical university.
From merely statistical data, the US is not seen as sinking. But manufacturing jobs are still leaving the country. The jobs are being created are most likely low-skilled ones, e.g. in service sectors, with much lower wages than in manufacturing. Believe it or not, love it or hate it, new technologies and new inventions are now more likely to come from Japan, China and Korea, where people are working extremely hard, where students have the highest scores in PISA test, rather from the Europe (refer to WIPO data).
The US is still very rich in natural resources to keep it afloat. And the most important factor of all is the US dollar still retains its position as the sole payment currency. The US just need to print more money to stimulate its economy, because other countries, likely China and Japan, will pay for it. Once another currency, most likely the yuan, topple its crown, the US economy will sink, just like Brazil, Argentina or Europe today.
SvenSvensonov
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Writen by - Pham Quang Vinh the new Ambassador of Vietnam to the United States.
US and Vietnam: From Foes to Friends
People who doubt that bitter foes can become good friends should look at the United States and Vietnam.
When I served on Vietnam’s delegation to the United Nations, from 1987 through 1990, I found most Americans warm and friendly, even though many Americans, understandably, could not look beyond the legacy of war.
But, in 1995, the U.S. and Vietnam established diplomatic relations. Now, as the Ambassador of Vietnam to the U.S., I find Americans focused on the future and what we can accomplish together, from creating jobs through trade to building mutual understanding through education.
As for the Vietnamese – a youthful people whose median age is under 30 – we are also eager to move ahead. During a 1,200-mile bicycle ride across our country in the late 1990s, Ted Osius, now U.S. Ambassador to Vietnam, feared that he might encounter hostility upon arrival at an old demilitarized zone. Instead, he was welcomed by a woman who told him, “We are now brothers and sisters.”
When I recently presented my credentials to President Obama, I thought about the path our countries have traveled from conflict to cooperation.
After decades of efforts, Presidents Barack Obama and Truong Tan Sang launched an initiative called the U.S.-Vietnam Comprehensive Partnership in July 2013 to guide the continuing transformation of relations between our peoples. Reflecting the reconciliation, this partnership is supported by visionary veterans, including Secretary of State John Kerry and Senator John McCain. As Secretary Kerry observed in December 2013, “no two countries have worked harder, done more and done better” to overcome the past and work for the future.
As Americans and Vietnamese prepare to celebrate the 20th anniversary of normal diplomatic relations this July, now is the time to broaden and deepen our friendship, trust and collaboration. Through the Comprehensive Partnership, our countries can chart the course for decades to come and expand our cooperation in a broad range of areas including economy and trade, security and defense, healthcare and humanitarian assistance, education and the environment. And we can help advance normalization by removing outmoded obstacles, such as the arms embargo.
After three decades of renovation, Vietnam’s market-based reforms have been deepened, spreading prosperity to our people and lifting millions out of poverty. From 2000 through 2014 alone, Vietnam’s Gross Domestic Product per capita – the output per person – rose five-fold from about $400 to almost $2,000.
With this increased consumer demand, Vietnam has become the US’ 26th largest trading partner, with total two-way volume reaching $36 billion in 2014. That was a fourfold increase from 2006, the year before the US restored permanent normal trade status to Vietnam– and a 70-fold increase since 1995, when diplomatic relations began.
The potential remains enormous. Recently, GE sold $1.7 billion worth of engines to Vietnam Airlines, another $800 million worth of engines to VietJet Air (the nation’s first private airline), and $94 million worth of turbines to Cong Ly Wind Farm. Such exports to Vietnam support American businesses and jobs, while helping Vietnam improve its economy and living standards.
In the same vein, the soon-to-be-achieved Trans-Pacific Partnership, including the US, Vietnam and 10 other countries, will transform trade across the Pacific, accelerate Vietnam’s market reforms, and energize each of our economies.
Education and technology, as well as people-to-people exchange are pillars of cooperation. Vietnam now has 16,500 students in the US, first among Southeast Asia countries and eighth across the globe. Two decades ago, a Fulbright Economics Teaching Program was founded in Ho Chi Minh City, thanks in part to then-Senator John Kerry’s tireless efforts.
Now, we are working to establish a Fulbright University. These efforts honor the statesman who was a voice for peace and a mentor to President Clinton, who normalized relations with Vietnam.
Our two countries continue working together on the legacies of war, as well as other issues such as climate change and disaster relief. Vietnam cooperates fully on MIA issues, while the US is helping Vietnam to clean up the Agent Orange herbicides and defoliants, as well as unexploded ordinance.
The two countries have established 11 dialogue mechanisms, including the annual Bilateral Defense Dialogue and Political-Security-Defense Dialogue aimed at expanding our cooperation in maritime security, search and rescue, humanitarian assistance, disaster relief, nuclear nonproliferation and peacekeeping. Our joint efforts received a big boost in 2013, when Secretary Kerry announced $18 million in assistance to enhance Vietnam’s search and rescue, disaster response and other maritime capabilities.
Leaving a legacy of conflict behind, Vietnam and the US now work together in a spirit of shared purpose and interests. As we celebrate 20 years of diplomatic relations, our partnership presents a model for a world weary of war and craving collaboration for the welfare of all.
US and Vietnam: From Foes to Friends
People who doubt that bitter foes can become good friends should look at the United States and Vietnam.
When I served on Vietnam’s delegation to the United Nations, from 1987 through 1990, I found most Americans warm and friendly, even though many Americans, understandably, could not look beyond the legacy of war.
But, in 1995, the U.S. and Vietnam established diplomatic relations. Now, as the Ambassador of Vietnam to the U.S., I find Americans focused on the future and what we can accomplish together, from creating jobs through trade to building mutual understanding through education.
As for the Vietnamese – a youthful people whose median age is under 30 – we are also eager to move ahead. During a 1,200-mile bicycle ride across our country in the late 1990s, Ted Osius, now U.S. Ambassador to Vietnam, feared that he might encounter hostility upon arrival at an old demilitarized zone. Instead, he was welcomed by a woman who told him, “We are now brothers and sisters.”
When I recently presented my credentials to President Obama, I thought about the path our countries have traveled from conflict to cooperation.
After decades of efforts, Presidents Barack Obama and Truong Tan Sang launched an initiative called the U.S.-Vietnam Comprehensive Partnership in July 2013 to guide the continuing transformation of relations between our peoples. Reflecting the reconciliation, this partnership is supported by visionary veterans, including Secretary of State John Kerry and Senator John McCain. As Secretary Kerry observed in December 2013, “no two countries have worked harder, done more and done better” to overcome the past and work for the future.
As Americans and Vietnamese prepare to celebrate the 20th anniversary of normal diplomatic relations this July, now is the time to broaden and deepen our friendship, trust and collaboration. Through the Comprehensive Partnership, our countries can chart the course for decades to come and expand our cooperation in a broad range of areas including economy and trade, security and defense, healthcare and humanitarian assistance, education and the environment. And we can help advance normalization by removing outmoded obstacles, such as the arms embargo.
After three decades of renovation, Vietnam’s market-based reforms have been deepened, spreading prosperity to our people and lifting millions out of poverty. From 2000 through 2014 alone, Vietnam’s Gross Domestic Product per capita – the output per person – rose five-fold from about $400 to almost $2,000.
With this increased consumer demand, Vietnam has become the US’ 26th largest trading partner, with total two-way volume reaching $36 billion in 2014. That was a fourfold increase from 2006, the year before the US restored permanent normal trade status to Vietnam– and a 70-fold increase since 1995, when diplomatic relations began.
The potential remains enormous. Recently, GE sold $1.7 billion worth of engines to Vietnam Airlines, another $800 million worth of engines to VietJet Air (the nation’s first private airline), and $94 million worth of turbines to Cong Ly Wind Farm. Such exports to Vietnam support American businesses and jobs, while helping Vietnam improve its economy and living standards.
In the same vein, the soon-to-be-achieved Trans-Pacific Partnership, including the US, Vietnam and 10 other countries, will transform trade across the Pacific, accelerate Vietnam’s market reforms, and energize each of our economies.
Education and technology, as well as people-to-people exchange are pillars of cooperation. Vietnam now has 16,500 students in the US, first among Southeast Asia countries and eighth across the globe. Two decades ago, a Fulbright Economics Teaching Program was founded in Ho Chi Minh City, thanks in part to then-Senator John Kerry’s tireless efforts.
Now, we are working to establish a Fulbright University. These efforts honor the statesman who was a voice for peace and a mentor to President Clinton, who normalized relations with Vietnam.
Our two countries continue working together on the legacies of war, as well as other issues such as climate change and disaster relief. Vietnam cooperates fully on MIA issues, while the US is helping Vietnam to clean up the Agent Orange herbicides and defoliants, as well as unexploded ordinance.
The two countries have established 11 dialogue mechanisms, including the annual Bilateral Defense Dialogue and Political-Security-Defense Dialogue aimed at expanding our cooperation in maritime security, search and rescue, humanitarian assistance, disaster relief, nuclear nonproliferation and peacekeeping. Our joint efforts received a big boost in 2013, when Secretary Kerry announced $18 million in assistance to enhance Vietnam’s search and rescue, disaster response and other maritime capabilities.
Leaving a legacy of conflict behind, Vietnam and the US now work together in a spirit of shared purpose and interests. As we celebrate 20 years of diplomatic relations, our partnership presents a model for a world weary of war and craving collaboration for the welfare of all.
ih8viet
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a US$5 billion project
11:08 | 21/03/2015
S.Korean firm to build HCM City urban complex
HCM City People's Committee Chairman Le Hoang Quan has asked relevant agencies to establish a working group responsible for the implementation of an urban project in District 1.
Vessels are anchored at the Ba Son Shipyard in HCM City. A South Korean company is expected to build a $5 billion urban complex near this area. VNA/VNS Photo Hoang Hai
The committee made the announcement on March 19, saying that the US$5 billion complex will be built by a South Korean firm on land near the Ba Son Shipyard. South Korea's EUNSAN & OUE Group is expected to begin construction of the project on National Day or September 2.
Quan said this was one of the key projects that would help develop the city in line with an adopted master plan. The urban areas and trade centres of the complex will be synchronised with the surrounding infrastructure, such as the Thu Thiem 2 bridge and the metro line No 1.
He noted that as the location was special in terms of national defence, the Government and the Ministry of Defence would decide on further procedures before the project is executed.
The municipal Department of Planning and Investment has been tasked with guiding the South Korean firm for establishing a legal entity in the city in accordance with current regulations.
Good job Korea. Way to own these dirty South of Viet savages.
Viet
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Vietnam likely to become Asia’s next tiger economy
10:12 PM
23 March 2015
A worker pulls a trolley past embroidery machines inside a garment factory at the Vietnam-Singapore Industrial Park in Binh Duong province. According to PricewaterhouseCoopers, the country has the potential to become one of the world’s fastest-growing economies over the period to 2050.
Bloomberg/Hanoi
Perched along one of the world’s most crucial shipping routes, and with a young and growing population, Vietnam is – once again – being tipped for economic lift-off, after years of disappointment.
Money pouring into the Southeast Asian economy from the likes of manufacturers Samsung Electronics and Intel Corp is giving Vietnam a second run at becoming Asia’s next tiger economy. The country’s “Doi Moi” market opening in the 1980s ushered in spurts of growth in excess of 7% that waned in recent years after a pile-up of bad debt at state-owned enterprises.
According to PricewaterhouseCoopers, the country has the potential to become one of the world’s fastest-growing economies over the period to 2050. Not only is the Southeast Asian nation gaining ground as a cheaper manufacturing alternative to neighbouring China, Vietnam is also a politically palatable destination for Japanese firms boosting investment in the region amid recurring Sino-Japan spats.
“It is quite possible that Vietnam could become the fastest-growing economy in Asia,” said Vikram Nehru, a senior associate in the Asia Programme and Bakrie Chair in Southeast Asian Studies at the Carnegie Endowment for International Peace in Washington. “It has all the ingredients for rapid growth if it can address the challenges in the state sector.” Signs of Vietnam’s growing clout are gathering: In 2014 the country overtook regional counterparts to become the biggest exporter to the US from the Association of Southeast Asian Nations, or Asean, muscling ahead of its more established manufacturing rivals of Thailand and Malaysia.
Disbursed foreign investment in Vietnam has soared in the past 14 years to reach $12.35bn in 2014, up 7.4% from 2013 and compared with $2.4bn in 2000, figures from the Foreign Investment Agency show. Samsung’s operations in the country are growing so big that it got government approval to operate its own terminal at Hanoi’s Noi Bai International Airport.
And manufacturers are shifting from China. Japanese printer maker Kyocera Document Solutions Inc, a unit of Kyocera Corp, plans to quadruple its annual printer production in Vietnam to 2mn units by March 2018, the company said this month. Part of its operation in China will be moved to Hai Phong, making Vietnam the company’s biggest manufacturing base for printers, with another plant planned by August, it said.
“Vietnam is really the big winner from China losing its competitiveness because of rising wages” and a strong currency, said Frederic Neumann, co-head of Asian economics research in Hong Kong at HSBC Holdings. “By moving very early into the space vacated by China, Vietnam has first-mover advantage and it is now starting to show.” Before weakening last year, the yuan in Shanghai had a four-year advance of 13% that was the best performance among 24 emerging-market currencies tracked by Bloomberg.
Vietnam’s benchmark stock index has climbed 5.5% this year, compared with Indonesia’s 4.1% increase, Malaysia’s 2.4% and Thailand’s 2.2%. Vietnam’s annual real gross domestic product growth could average 5.3% in the 2014-50 period, a pace only bettered by Nigeria, according to PwC’s “The World in 2050” report. Growth in China may fall below 4%.
Demographics are a big help. Some 13% of China’s population in 2012 was already 60 or older, compared with 9% in Vietnam, according to the UN. More than 40% of Vietnam’s population of about 90mn in 2013 was in the labor force aged 15 to 49, government data show.
The average monthly wage in Vietnam was $197 in 2013 compared with $391 for Thailand and $613 for China, according to International Labour Organisation calculations. That disparity is widening. The Economist Intelligence Unit predicts that in 2019, manufacturing labour costs per hour in China will be 177% of those in Vietnam, up from 147% in 2012.
“I remember when I was in China a couple of years ago and went to buy a pair of shoes and found they were all made in Vietnam,” said John Hawksworth, one of the authors of the PwC report.
There are caveats to the optimism.
Lenders in Vietnam are creaking under bad loans, and the government has struggled to overhaul inefficient state-owned companies. Inadequate infrastructure, skills gaps and corruption remain risks. Vietnam ranked 119 out of 175 countries and territories in the Berlin-based Transparency International’s 2014 Corruption Perceptions Index.
China came in at 100th place. Meanwhile, other Southeast Asian countries such as the Philippines and Malaysia are also competing to win manufacturing jobs.
“It’s not guaranteed that Vietnam will fulfil its potential,” said Hawksworth. “Part of it is that Vietnam is simply in a good geographic location and part of it is that it does have some catching up to do in terms of GDP per capita.”
Vietnam likely to become Asia’s next tiger economy
10:12 PM
23 March 2015
A worker pulls a trolley past embroidery machines inside a garment factory at the Vietnam-Singapore Industrial Park in Binh Duong province. According to PricewaterhouseCoopers, the country has the potential to become one of the world’s fastest-growing economies over the period to 2050.
Bloomberg/Hanoi
Perched along one of the world’s most crucial shipping routes, and with a young and growing population, Vietnam is – once again – being tipped for economic lift-off, after years of disappointment.
Money pouring into the Southeast Asian economy from the likes of manufacturers Samsung Electronics and Intel Corp is giving Vietnam a second run at becoming Asia’s next tiger economy. The country’s “Doi Moi” market opening in the 1980s ushered in spurts of growth in excess of 7% that waned in recent years after a pile-up of bad debt at state-owned enterprises.
According to PricewaterhouseCoopers, the country has the potential to become one of the world’s fastest-growing economies over the period to 2050. Not only is the Southeast Asian nation gaining ground as a cheaper manufacturing alternative to neighbouring China, Vietnam is also a politically palatable destination for Japanese firms boosting investment in the region amid recurring Sino-Japan spats.
“It is quite possible that Vietnam could become the fastest-growing economy in Asia,” said Vikram Nehru, a senior associate in the Asia Programme and Bakrie Chair in Southeast Asian Studies at the Carnegie Endowment for International Peace in Washington. “It has all the ingredients for rapid growth if it can address the challenges in the state sector.” Signs of Vietnam’s growing clout are gathering: In 2014 the country overtook regional counterparts to become the biggest exporter to the US from the Association of Southeast Asian Nations, or Asean, muscling ahead of its more established manufacturing rivals of Thailand and Malaysia.
Disbursed foreign investment in Vietnam has soared in the past 14 years to reach $12.35bn in 2014, up 7.4% from 2013 and compared with $2.4bn in 2000, figures from the Foreign Investment Agency show. Samsung’s operations in the country are growing so big that it got government approval to operate its own terminal at Hanoi’s Noi Bai International Airport.
And manufacturers are shifting from China. Japanese printer maker Kyocera Document Solutions Inc, a unit of Kyocera Corp, plans to quadruple its annual printer production in Vietnam to 2mn units by March 2018, the company said this month. Part of its operation in China will be moved to Hai Phong, making Vietnam the company’s biggest manufacturing base for printers, with another plant planned by August, it said.
“Vietnam is really the big winner from China losing its competitiveness because of rising wages” and a strong currency, said Frederic Neumann, co-head of Asian economics research in Hong Kong at HSBC Holdings. “By moving very early into the space vacated by China, Vietnam has first-mover advantage and it is now starting to show.” Before weakening last year, the yuan in Shanghai had a four-year advance of 13% that was the best performance among 24 emerging-market currencies tracked by Bloomberg.
Vietnam’s benchmark stock index has climbed 5.5% this year, compared with Indonesia’s 4.1% increase, Malaysia’s 2.4% and Thailand’s 2.2%. Vietnam’s annual real gross domestic product growth could average 5.3% in the 2014-50 period, a pace only bettered by Nigeria, according to PwC’s “The World in 2050” report. Growth in China may fall below 4%.
Demographics are a big help. Some 13% of China’s population in 2012 was already 60 or older, compared with 9% in Vietnam, according to the UN. More than 40% of Vietnam’s population of about 90mn in 2013 was in the labor force aged 15 to 49, government data show.
The average monthly wage in Vietnam was $197 in 2013 compared with $391 for Thailand and $613 for China, according to International Labour Organisation calculations. That disparity is widening. The Economist Intelligence Unit predicts that in 2019, manufacturing labour costs per hour in China will be 177% of those in Vietnam, up from 147% in 2012.
“I remember when I was in China a couple of years ago and went to buy a pair of shoes and found they were all made in Vietnam,” said John Hawksworth, one of the authors of the PwC report.
There are caveats to the optimism.
Lenders in Vietnam are creaking under bad loans, and the government has struggled to overhaul inefficient state-owned companies. Inadequate infrastructure, skills gaps and corruption remain risks. Vietnam ranked 119 out of 175 countries and territories in the Berlin-based Transparency International’s 2014 Corruption Perceptions Index.
China came in at 100th place. Meanwhile, other Southeast Asian countries such as the Philippines and Malaysia are also competing to win manufacturing jobs.
“It’s not guaranteed that Vietnam will fulfil its potential,” said Hawksworth. “Part of it is that Vietnam is simply in a good geographic location and part of it is that it does have some catching up to do in terms of GDP per capita.”
Vietnam likely to become Asia’s next tiger economy
Jlaw
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Vietnam's public debt to remain high amid revenue concerns: ADB
Vietnam's public debt to remain high amid revenue concerns: ADB | Business | Thanh Nien Daily
Vietnam may see a high level of public debt at up to 60 percent of gross domestic product as the state's budget deficit is expected to expand amid limited collection, according to the Asian Development Bank.
Fiscal policy looks set to remain expansionary in light of a planned budget deficit of 5 percent of GDP in 2015, and a similar deficit likely in 2016, ADB economist Dominic Mellor said at the launching ceremony the Asian Development Outlook 2015 on Tuesday.
Vietnam's budget priorities include greater emphasis on capital expenditure on assets, which is slated to rise by nearly 20 percent after two years of declines.
Meanwhile current expenditure is expected to rise at a more modest rate of 10 percent, including increases of 11 percent for health care and 5 percent for education, according to the ADB.
The government may struggle to meet its revenue target, Mellor said, adding that reductions in corporate income tax rates, the removal of tariffs and exemptions for favored firms have eroded the tax base.
From 2010 to 2014, central government revenue and grants fell from 27.6 percent of GDP to an estimated 21.5 percent.
“If revenue is weaker than anticipated, the authorities will opt for a moderately wider budget deficit rather than significant cuts in expenditure,” said Dominic Mellor.
Under this scenario, public debt may remain high. This prospect highlights the importance of correcting fiscal imbalances over the medium term to avoid running up unsustainable debt or jeopardizing investor confidence, he said.
Vietnam's debt-to-GDP ratio was projected at 60.3 percent in 2014, up from 54.2 percent in 2013, Prime Minister Nguyen Tan Dung said at a government meeting late last year.
Public debt will rise to 64.9 percent of the GDP in 2016, but will drop to 60.2 percent in 2020, he said.
Economic growth
Vietnam's economy is expected to expand by 6.1 percent this, and 6.2 percent in 2016, with FDI an important driver, according to the ADB report.
The economy grew 6 percent last year, the strongest pace since 2011.
Inflation is projected to average 2.5 percent this year, and jump to 4 percent in 2016 as domestic demand and global oil prices rise, said the report.
The Manila-based bank assumes the government will maintain expansionary monetary policies in a low-inflation environment.
Over the longer term, achieving higher rates of economic growth depends on Vietnam’s ability to undertake deeper structural and corporate governance reform, and to facilitate local firms’ integration into global value chains, it said.
Only 36 percent of all Vietnamese firms are integrated into export-oriented production networks, compared with nearly 60 percent in Malaysia and Thailand.
Just 21 percent of Vietnamese small and medium-sized enterprises participate in global supply chains, and their contribution to exports from Vietnam is significantly less than in other countries, according to the report.
Vietnam's public debt to remain high amid revenue concerns: ADB | Business | Thanh Nien Daily
Vietnam may see a high level of public debt at up to 60 percent of gross domestic product as the state's budget deficit is expected to expand amid limited collection, according to the Asian Development Bank.
Fiscal policy looks set to remain expansionary in light of a planned budget deficit of 5 percent of GDP in 2015, and a similar deficit likely in 2016, ADB economist Dominic Mellor said at the launching ceremony the Asian Development Outlook 2015 on Tuesday.
Vietnam's budget priorities include greater emphasis on capital expenditure on assets, which is slated to rise by nearly 20 percent after two years of declines.
Meanwhile current expenditure is expected to rise at a more modest rate of 10 percent, including increases of 11 percent for health care and 5 percent for education, according to the ADB.
The government may struggle to meet its revenue target, Mellor said, adding that reductions in corporate income tax rates, the removal of tariffs and exemptions for favored firms have eroded the tax base.
From 2010 to 2014, central government revenue and grants fell from 27.6 percent of GDP to an estimated 21.5 percent.
“If revenue is weaker than anticipated, the authorities will opt for a moderately wider budget deficit rather than significant cuts in expenditure,” said Dominic Mellor.
Under this scenario, public debt may remain high. This prospect highlights the importance of correcting fiscal imbalances over the medium term to avoid running up unsustainable debt or jeopardizing investor confidence, he said.
Vietnam's debt-to-GDP ratio was projected at 60.3 percent in 2014, up from 54.2 percent in 2013, Prime Minister Nguyen Tan Dung said at a government meeting late last year.
Public debt will rise to 64.9 percent of the GDP in 2016, but will drop to 60.2 percent in 2020, he said.
Economic growth
Vietnam's economy is expected to expand by 6.1 percent this, and 6.2 percent in 2016, with FDI an important driver, according to the ADB report.
The economy grew 6 percent last year, the strongest pace since 2011.
Inflation is projected to average 2.5 percent this year, and jump to 4 percent in 2016 as domestic demand and global oil prices rise, said the report.
The Manila-based bank assumes the government will maintain expansionary monetary policies in a low-inflation environment.
Over the longer term, achieving higher rates of economic growth depends on Vietnam’s ability to undertake deeper structural and corporate governance reform, and to facilitate local firms’ integration into global value chains, it said.
Only 36 percent of all Vietnamese firms are integrated into export-oriented production networks, compared with nearly 60 percent in Malaysia and Thailand.
Just 21 percent of Vietnamese small and medium-sized enterprises participate in global supply chains, and their contribution to exports from Vietnam is significantly less than in other countries, according to the report.
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Russian PM Dmitry Medvedev to pay official visit to Vietnam
Mar 30,2015
HANOI, March 30 (Xinhua) -- Russian Prime Minister Dmitry Medvedev is expected to pay an official visit to Vietnam, said a press release by Vietnam's Ministry of Foreign Affairs on Monday.
At the invitation of Vietnamese Prime Minister Nguyen Tan Dung, Medvedev will tour Vietnam on April 5-7.
This will be the third time Medvedev visits Vietnam after the first time in 2010 as the Russian president and the second time in 2012 as the prime minister.
Born in 1965, Medvedev served as the Russian president from 2008 to 2012 and has been the incumbent prime minister of Russia since 2012.
Official statistics showed that in 2014, bilateral trade revenue between Vietnam and Russia reached 3.75 billion U.S. dollars.
Mar 30,2015
HANOI, March 30 (Xinhua) -- Russian Prime Minister Dmitry Medvedev is expected to pay an official visit to Vietnam, said a press release by Vietnam's Ministry of Foreign Affairs on Monday.
At the invitation of Vietnamese Prime Minister Nguyen Tan Dung, Medvedev will tour Vietnam on April 5-7.
This will be the third time Medvedev visits Vietnam after the first time in 2010 as the Russian president and the second time in 2012 as the prime minister.
Born in 1965, Medvedev served as the Russian president from 2008 to 2012 and has been the incumbent prime minister of Russia since 2012.
Official statistics showed that in 2014, bilateral trade revenue between Vietnam and Russia reached 3.75 billion U.S. dollars.
LacViet
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this thread is sleeping...
we will have one of the world´s tallest TV tower, if not the tallest. Nice.
Nhandan newspaper - English version - Vietnam to build world's tallest TV Tower
the record holds Tokyo Sky Tree: 634 m. According to the report, VTV signed a contract selecting Japan's Nikken Sekkei as the design consultant contractor for the project. Expected completion: 2020. No info about the design yet, I think we shall copy it from the japanese, and build just one metre higher
View attachment 199140
what is wrong with VTV Tower Project ? when some one has been critized for this.
Nhà văn Phạm Viết Đào: Thế sự-Văn chương-Tâm linh;Đc: NvPhamvietdao1.blogspot.com: Đừng vì "biểu tượng" mà xây tháp truyền hình
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well, the model will not win a beauty price. the tower will be 636m. the tallest in the world when completed in 2020. second, the high cost ($1b), many doubt if we can fund it.
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has anyone interest in real estates?
April, 29 2015 17:05:28
Metro line to greatly impact property market: CBRE
The first metro line in 2020 will impact HCM City's property market. — VNS File Photo
HCM CITY (Biz Hub) — The first metro line in HCM City will become operational in 2020 and will greatly impact the city's property market, a CBRE Viet Nam report released on Wednesday in HCM City revealed.
Marc Townsend, Managing Director of CBRE Vietnam, said the report had concluded that the introduction of a metro system will bring about a number of benefits. In particular, it will improve the ability of the population to access employment, retail and recreational activities.
The experience among other countries also suggested that one of the most significant impacts of a metro line project was the effect it would have on property values, he said. Rail transit development would bring many noticeable changes to areas around transit stations: land prices would surge, real-estate development would boom and retailers and offices would relocate.
"In theory, a home located near a public mass transit system would command a higher rent or sales price than the one that was further away because good public transport allowed those living nearby to travel more easily to and from destinations that are important to them," he said.
"This has been well proven through experiences of other countries where the premium for housing prices in locations close to public transport ranged from 6 per cent to 45 per cent."
However, he also said, "The impact of a new public transport system on housing prices depended on a number of mediating factors, including housing tenure and type, the extent and reliability of the public system, the strength of the housing market, the nature of the surrounding developments and so on. In a metro area, with a strong housing market and a reliable public transport system that effectively connected residents with jobs and other destinations, the price premium may well be much higher than the average."
Construction began in August 2012, and the metro is scheduled to become operational in 2017. — Photo VNA
CBRE believed that in the future, when the metro line became operational, the premium for land prices on sites located within a 10-minute walk from stations could be up to 10 to 20 per cent against sites in other areas.
In terms of new launches, CBRE expected that condominium supply in District 2 and District 9 would surge by 58 per cent and 200 per cent in 2017, respectively. Similarly, a 10 per cent increase in retail podium gross floor area (GFA) would be reported in District 2 in the next three years.
Regarding land-use impact, Duong Thuy Dung, Head of the Research and Consulting Department, said: "Better connectivity will allow commercial activities to be decentralised away from the congested Commercial Business District (CBD). This will also allow occupancy costs for the city to be controlled and managed by being able to offer alternative locations away from the CBD, but it will still be well connected. It is expected that new clusters of commercial properties will arise along the metro lines, especially for properties in the mid-end levels."
With 186,000 riders per day expected for the first line in HCM City, obvious opportunities will be seen in the retail sector where a retail mall is usually incorporated in a community to benefit from commuter traffic. On the other hand, the metro line will also help in expanding the retail catchment area by providing vehicle cost savings to remote shoppers, encouraging them to come to the city centre for shopping.
The construction site of the first station of the first metro line of Vietnam in District 1,
"The first metro line in 2020 will cut journey times by at least half meaning that anywhere with decent access to these lines will really benefit. For this reason, we can expect mixed-use developments along the metro line to include condos, apartments, offices, hotels, restaurants, shops, outdoor activities, educational institutions and cultural and other attractions, just as can be seen today in cities, such as Hong Kong, Bangkok or Singapore." — VNS
- › Economy
April, 29 2015 17:05:28
Metro line to greatly impact property market: CBRE
The first metro line in 2020 will impact HCM City's property market. — VNS File Photo
HCM CITY (Biz Hub) — The first metro line in HCM City will become operational in 2020 and will greatly impact the city's property market, a CBRE Viet Nam report released on Wednesday in HCM City revealed.
Marc Townsend, Managing Director of CBRE Vietnam, said the report had concluded that the introduction of a metro system will bring about a number of benefits. In particular, it will improve the ability of the population to access employment, retail and recreational activities.
The experience among other countries also suggested that one of the most significant impacts of a metro line project was the effect it would have on property values, he said. Rail transit development would bring many noticeable changes to areas around transit stations: land prices would surge, real-estate development would boom and retailers and offices would relocate.
"In theory, a home located near a public mass transit system would command a higher rent or sales price than the one that was further away because good public transport allowed those living nearby to travel more easily to and from destinations that are important to them," he said.
"This has been well proven through experiences of other countries where the premium for housing prices in locations close to public transport ranged from 6 per cent to 45 per cent."
However, he also said, "The impact of a new public transport system on housing prices depended on a number of mediating factors, including housing tenure and type, the extent and reliability of the public system, the strength of the housing market, the nature of the surrounding developments and so on. In a metro area, with a strong housing market and a reliable public transport system that effectively connected residents with jobs and other destinations, the price premium may well be much higher than the average."
Construction began in August 2012, and the metro is scheduled to become operational in 2017. — Photo VNA
CBRE believed that in the future, when the metro line became operational, the premium for land prices on sites located within a 10-minute walk from stations could be up to 10 to 20 per cent against sites in other areas.
In terms of new launches, CBRE expected that condominium supply in District 2 and District 9 would surge by 58 per cent and 200 per cent in 2017, respectively. Similarly, a 10 per cent increase in retail podium gross floor area (GFA) would be reported in District 2 in the next three years.
Regarding land-use impact, Duong Thuy Dung, Head of the Research and Consulting Department, said: "Better connectivity will allow commercial activities to be decentralised away from the congested Commercial Business District (CBD). This will also allow occupancy costs for the city to be controlled and managed by being able to offer alternative locations away from the CBD, but it will still be well connected. It is expected that new clusters of commercial properties will arise along the metro lines, especially for properties in the mid-end levels."
With 186,000 riders per day expected for the first line in HCM City, obvious opportunities will be seen in the retail sector where a retail mall is usually incorporated in a community to benefit from commuter traffic. On the other hand, the metro line will also help in expanding the retail catchment area by providing vehicle cost savings to remote shoppers, encouraging them to come to the city centre for shopping.
The construction site of the first station of the first metro line of Vietnam in District 1,
"The first metro line in 2020 will cut journey times by at least half meaning that anywhere with decent access to these lines will really benefit. For this reason, we can expect mixed-use developments along the metro line to include condos, apartments, offices, hotels, restaurants, shops, outdoor activities, educational institutions and cultural and other attractions, just as can be seen today in cities, such as Hong Kong, Bangkok or Singapore." — VNS
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ASEAN Community offers big opportunity for Republic of Korea
PANO - Tuesday, May 05, 2015, 20:42 (GMT+7)
The formation of the Association of Southeast Asian Nations (ASEAN) Community, which is scheduled to unveil by the end of the year, will open up great opportunities for the Republic of Korea (RoK), said an official of the East Asian country.
The new general secretary of the ASEAN-RoK Centre Kim Young-sun made the remark when he took office in Seoul on May 4th.
ASEAN Community consisting of 10 countries. Photo: baomoi.com
Kim said developing an extensive network to connect the RoK and ASEAN member countries across fields such as government, politics, economy, education, media or culture is one of his priorities.
The ASEAN is the RoK’s second biggest trade partner with two-way trade reaching USD 135 billion in 2013, comparing with merely USD 8.2 billion in 1989.
The ASEAN-RoK centre was established as an inter-governmental organization in 2009 with the goal of promoting economic, cultural and social exchanges between the two sides.
The centre has carried out more than 70 programs each year in commerce, culture, tourism and some other sectors to help RoK people enrich their understanding about the ASEAN.
==============================
Vietnam, South Korea Ink New Pact
Agreement is a further boost to their strategic partnership.
May 06, 2015
On May 5, South Korea and Vietnam signed a bilateral free trade agreement. The FTA, which was officially inked by the country’s trade ministers in a ceremony held in Hanoi, puts the finishing touches on a pact which the two sides have been negotiating for years and is a further boost to their strategic partnership.
According to reported figures from South Korea’s Ministry of Trade, Industry and Energy, under the FTA, Vietnam will completely remove its import duties on 89.9 percent of all products from South Korea over a 15-year period following its implementation, while South Korea will do the same on 95.4 percent of all products imported from Vietnam.
The agreement is expected to significantly strengthen trade and investment ties between the two countries. South Korea is already Vietnam’s biggest investor, second official development assistance and tourism contributor, and third-largest trading partner after China and the United States. But in a statement, Vietnam’s trade minister Vu Huy Hoang said that the agreement could see Vietnam and South Korea’s annual trade more than double over the next five years from around $30 billion last year – the largest amount ever since the countries established diplomatic ties in 1992 – to $70 billion in 2020. Vietnam in particular has been looking to FTAs – including ones with the European Union, the Russia-led Customs Union, and of course the Trans-Pacific Partnership – as a way to boost its economic development. South Korea already has eight FTAs in effect according to its Ministry of Foreign Affairs.
The FTA will also be a boost to the strategic partnership inked between Vietnam and South Korea back in 2009. That partnership is based not only on an important economic component, but also other aspects as well including strong people-to-people ties as well as their roles as influential powers in the broader East Asian region. Both sides also share common concerns, including a rising China in their neighborhood.
The two countries have agreed to implement the deal before the end of 2015. The pact will need to be ratified by both countries’ legislatures before this happens. As Vietnamese prime minister Nguyen Tan Dung told South Korea’s trade, industry and energy minister Yoon Sang-jick, signing the FTA is an “initial step,” and “it is more important for the two countries to have sincere cooperation so that the pact’s implementation will be smooth.”
PANO - Tuesday, May 05, 2015, 20:42 (GMT+7)
The formation of the Association of Southeast Asian Nations (ASEAN) Community, which is scheduled to unveil by the end of the year, will open up great opportunities for the Republic of Korea (RoK), said an official of the East Asian country.
The new general secretary of the ASEAN-RoK Centre Kim Young-sun made the remark when he took office in Seoul on May 4th.
ASEAN Community consisting of 10 countries. Photo: baomoi.com
Kim said developing an extensive network to connect the RoK and ASEAN member countries across fields such as government, politics, economy, education, media or culture is one of his priorities.
The ASEAN is the RoK’s second biggest trade partner with two-way trade reaching USD 135 billion in 2013, comparing with merely USD 8.2 billion in 1989.
The ASEAN-RoK centre was established as an inter-governmental organization in 2009 with the goal of promoting economic, cultural and social exchanges between the two sides.
The centre has carried out more than 70 programs each year in commerce, culture, tourism and some other sectors to help RoK people enrich their understanding about the ASEAN.
==============================
Vietnam, South Korea Ink New Pact
Agreement is a further boost to their strategic partnership.
May 06, 2015
On May 5, South Korea and Vietnam signed a bilateral free trade agreement. The FTA, which was officially inked by the country’s trade ministers in a ceremony held in Hanoi, puts the finishing touches on a pact which the two sides have been negotiating for years and is a further boost to their strategic partnership.
According to reported figures from South Korea’s Ministry of Trade, Industry and Energy, under the FTA, Vietnam will completely remove its import duties on 89.9 percent of all products from South Korea over a 15-year period following its implementation, while South Korea will do the same on 95.4 percent of all products imported from Vietnam.
The agreement is expected to significantly strengthen trade and investment ties between the two countries. South Korea is already Vietnam’s biggest investor, second official development assistance and tourism contributor, and third-largest trading partner after China and the United States. But in a statement, Vietnam’s trade minister Vu Huy Hoang said that the agreement could see Vietnam and South Korea’s annual trade more than double over the next five years from around $30 billion last year – the largest amount ever since the countries established diplomatic ties in 1992 – to $70 billion in 2020. Vietnam in particular has been looking to FTAs – including ones with the European Union, the Russia-led Customs Union, and of course the Trans-Pacific Partnership – as a way to boost its economic development. South Korea already has eight FTAs in effect according to its Ministry of Foreign Affairs.
The FTA will also be a boost to the strategic partnership inked between Vietnam and South Korea back in 2009. That partnership is based not only on an important economic component, but also other aspects as well including strong people-to-people ties as well as their roles as influential powers in the broader East Asian region. Both sides also share common concerns, including a rising China in their neighborhood.
The two countries have agreed to implement the deal before the end of 2015. The pact will need to be ratified by both countries’ legislatures before this happens. As Vietnamese prime minister Nguyen Tan Dung told South Korea’s trade, industry and energy minister Yoon Sang-jick, signing the FTA is an “initial step,” and “it is more important for the two countries to have sincere cooperation so that the pact’s implementation will be smooth.”
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