Vietnam Today

The Ministry of Transport (MoT) is developing a plan to reduce and simplify eleven regulations relating to business activities in registration and inland waterways, with some regulations and compliance costs removed completely. The ministry plans to reduce and simplify 54 regulations this year.

Speaking at the “Development of a flexible, modern, sustainable and integrated labor market” conference on August 20, Prime Minister Pham Minh Chinh emphasized the importance of workers within the economy. Breakthroughs are needed to attract high-quality human resources, he went on, such as reforming wages, creating a good working environment, and comprehensively renovating the training and vocational education system.

Mr. Rahul Kitchlu, Program Leader for Infrastructure and Lead Energy Specialist at the World Bank (WB), offered six solutions for Vietnam to achieve green growth and sustainable development. These include improvements in planning energy network expansion and the regulatory framework for procurement, to ensure low-cost renewable energy supply; pouring public investment into the power grid; and promoting electricity transmission and trading between regions.

At a teleconference with the Vietnamese Trade Reprentative Offices abroad on August 19, linked with 62 localities, Prime Minister Pham Minh Chinh suggested that they be more active and proactive in market research; advise on policies and improve efficiency to support domestic enterprises in formulating and adjusting appropriate production and business strategies and plans; take advantage of opportunities in FTAs; promote market diversification; expand in the region; and increase the diversification of supply chains.

Central Thua Thien-Hue province and the Asian Development Bank (ADB) have signed an MoU under which the latter will support the former in developing a sustainable and inclusive economy and promoting the development of the digital economy and society.

HSBC’s recently-released “Vietnam at a Glance - Returning to the old strategy” report shows a multi-faceted picture of Vietnam’s economy, with exports weakening due to a decline in mobile phone shipments but domestic retail sales growth being strong. The report also noted that inflationary pressure will be stronger from the second half of 2022.