Vietnam Today

On August 8, while working with the Ministry of Natural Resources and Environment on amending and supplementing the Land Law, National Assembly (NA) Chairman Vuong Dinh Hue emphasized that the revised law is extremely important and the draft will be considered and discussed by the NA at three sessions, not at one session, as with other bills. The goal is to complete the adjustments of related laws next year.

Deputy Prime Minister Le Minh Khai has signed Decision No. 941/QD-TTg on the National Action Plan on the prevention and combatting of money laundering, terrorist financing, and financing of weapons of mass destruction for the 2021-2025 period. In particular, the Plan requires research into the field of virtual assets to prevent financial crime, in accordance with international standards and Vietnamese practice.

The East-West Economic Corridor Trade - Tourism and Investment Fair (EWEC Fair) took place in Da Nang from August 3 to 8, and was an opportunity to link trade and promote friendly cooperation between businesses in the countries along the Economic Corridor and elsewhere, and was an important trade promotion channel that will open up development opportunities with businesses from countries in the region and Asia.

The existing inflationary pressure in Vietnam is due to cost-push factors, mainly energy prices, analysts have said. With oil prices now heading downwards and standing at their lowest level for six months, Vietnam will be able to control inflation at less than 4 per cent for the year. Inflation in the first seven months was just 3.1 per cent, which is low compared to many other economies around the world.

In a report published on August 8, the World Bank (WB) forecasts that Vietnam’s GDP growth will come in at 7.5 per cent in 2022, up from its January forecast of 5.5 per cent. It also believes that growth drivers will shift from external demand to domestic demand, and from the manufacturing and processing sector to the service sector, and makes four policy recommendations: more supportive fiscal policy; flexible monetary policy; strengthening the banking system; and restructuring.

A regenerative medicine center for stem cell therapy, the AAA Intelligent Healthcare Center, will soon open in central Da Nang city. This is a pioneering project in bringing the medical tourism model to Vietnam and opening up a completely new tourism market. The center will have partners from the US, the UK, and Thailand.