Vietnam Today

The first meeting of the government’s Administrative Reform Steering Committee was held on March 9, with problems relating to business regulations, the reduction and simplification of regulations, and the amendment and supplementation of legal documents being reviewed.

The Ministry of Industry and Trade (MoIT) will coordinate with the British Embassy in Vietnam to organize the “One Year of Implementing the UK - Vietnam Free Trade Agreement (UKVFTA): Outstanding Achievements and Upcoming Orientations” conference on March 15. The two sides will assess the role and level of support from the UKVFTA for export industries and businesses, especially in terms of recovering from the pandemic and creating growth momentum for Vietnam’s economy.

Prime Minister Pham Minh Chinh outlined the future development of the Mekong Delta at a conference to promote agricultural development in the area to adapt to climate change. The Mekong Delta leads the country in terms of rice, brackish water shrimp, pangasius, and fruit production, with agricultural GDP growth targeted at over 3 per cent per year by 2025, per capita income in rural areas to at least double, agriculture to employ less than 30 per cent of all workers, and aquaculture products certified for sustainable production to exceed 20 per cent.

Mr. Phan Duc Hieu, Standing Member of the Economic Committee of the National Assembly (NA), told the “Evaluating the impact of the conflict between Russia and Ukraine on the Vietnamese economy” seminar held by VnEconomy on the afternoon of March 7 that the economy may indeed suffer. If Vietnam does not quickly identify appropriate policies, economic recovery will be difficult.

Gasoline prices have increased six times over the past two months and are expected to hit a record VND30,000 ($1.3) per liter. This not only has a negative impact on inflation but also affects production and business activities and erodes people’s incomes. Analysts have said that if the world oil price rises to 150 USD a barrel and if the domestic gasoline price does not stabilize, then inflation will certainly increase to 4.5-5 per cent.

At a seminar on March 4 identifying solutions to easing the congestion of agricultural products at northern border gates, Minister of Agriculture and Rural Development Le Minh Hoan said it is necessary to expand links of supply terminals to control congestion and gradually change from an informal market to an official market and from exports by road to exports by rail, waterways, and air.