Topic: development

Though Vietnam’s textile and garment industry ranks fourth in export turnover, its trade surplus is always the highest. However, the “3rd National Scientific Conference on Textiles and Footwear” on October 20 heard that technological innovation in the industry remains at a low level due to policy factors hindering the development of technology for it to better take part in global supply chains.

Out of a total of nearly VND273 trillion ($11.1 billion) in the medium-term capital plan for the 2021-2025 period, investment for the development of national railway infrastructure stands at more than VND15 trillion ($611 million), or 4.7 per cent.

HSBC believes that given it regularly invests heavily in infrastructure development, equal to 6 per cent of GDP each year, Vietnam is likely to lead the ASEAN region in this regard. To sustain strong economic growth and adapt to rising urbanization, the country needs to continue upgrading and expanding its existing infrastructure.

While chairing the second meeting of the government’s Steering Committee on Administrative Reform on October 19, Prime Minister Pham Minh Chinh outlined eight key tasks in the process, including the development of digitalization in government, promoting the application of information technology and digital transformation, and improving the efficiency of State administrative agencies.

At a series of events held on October 14 during the “HCM City Innovation and Digital Transformation Week 2022”, with the theme “Digital Transformation - New Driving Force for the City’s Development”, the Asia Commercial Bank (ACB) officially launched the new generation AI BOT intelligent virtual assistant, which applies artificial intelligence technology. With intelligent interaction ability, self-learning ability, continuous development, and an ability to understand and recognize emotions, the AI BOT will offer support to ACB’s millions of customers.

Positive economic development, new infrastructure, impressive growth in tourism, and other factors have been important in promoting the real estate market in north-central Nghe An province, including in its capital, Vinh. Nghe An’s Western Biosphere Reserve has been recognized by UNESCO and the province boasts many beautiful beaches along its 82-km coastline, which hold promise for year-round resort tourism.

At a working session on the afternoon of October 11, the National Assembly (NA) Standing Committee discussed a government report on the implementation of the national target program on socio-economic development in ethnic minority-inhabited and mountainous areas in the 2021-2030 period. Minister and Chairman of the Committee for Ethnic Minority Affairs Hau A Lenh suggested that it is necessary to prioritize removing obstacles in mechanisms and policies in the process of organizing and implementing the program at all levels. He added that guiding the implementation of investment activities to ensure timely and correct planning should also be focused upon.

The development of industrial clusters of craft villages is expected to be the nucleus of innovation in rural areas. With over 2,000 that are 100 years old or older, Vietnamese craft villages have made a significant contribution to exports. However, their development also reveals many shortcomings. A number of solutions were recommended at the “Strengthening linkages and developing industrial clusters in craft villages in Vietnam” seminar.

The sixth plenum of the 13th Party Central Committee opened in Hanoi on October 3 and is expected to last for a week. Many key issues will be discussed and decided on, such as Vietnam’s socio-economic development plan and State budget estimates for 2023, the State finance budget plan from 2023 to 2025, and the national master plan from 2021 to 2030 and vision to 2050.

Deputy Prime Minister Le Minh Khai has signed a Decision adjusting and supplementing estimates on investment and development expenditures from the central budget in 2022 for ministries, central agencies, and localities. Nearly VND3 trillion ($126 million) was cut from nine ministries and central agencies and two localities, to supplement estimates for the Vietnam Development Bank and the Vietnam Bank for Social Policies.