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Vietnam has outlined a major development plan to invest up to VND440 trillion ($23.8 billion) to build and upgrade ports along the country’s coastal line by 2020, the government said Monday.
Despite the economic crisis, the country’s plastics industry is expected to grow at 15 percent this year and nest, more than twice the GDP growth rate, offering a lucrative investment avenue, analysts say.
A seminar to promote investment in Greater Mekong sub-region (GMS) countries was held in Tokyo, Japan on December 21 by the ASEAN-Japan Centre in coordination with investment management agencies and the embassies of five GMS countries.
The consumer price index (CPI) in Ho Chi Minh City in December is 1.19 percent higher than November. However, the growth in prices in 2009 is only 0.62 percent a month, about half of last year’s rate.
The Ministry of Industry and Trade has taken ‘tough action’ against certain products that are believed to cause a rise in the trade deficit such as cars and cell phones. However, as experts put it, only a long-term plan can get to the root of the problem. If not, businesses will run into more difficulties.
The country’s leading exporters and the Vietnam Development Bank (VDB) have submitted to the Government a plan to set up bonded warehouses abroad to promote Vietnamese exports.
The mechanical industry has met only some 38 percent of domestic demand though it is capable of manufacturing most of the mechanical imports, said the Deputy Prime Minister Hoang Trung Hai.
Vietnam’s economic growth rate is forecast to reach 6.5 percent by 2010, according to a document released by the Asia Economic Monitor under the Asian Development Bank (ADB) on December 14.
A representative of Hanoi capital city introduced its investment environment and potential for investment cooperation to 150 Japanese businesses at a workshop in Tokyo on December 16.
The European Union’s plan to impose anti-dumping duties on Vietnamese leather-capped shoes will have an adverse effect on the Vietnamese economy as it still faces a lot of difficulties after the global economic crisis.
Ho Chi Minh City is home to almost 12,000 IT businesses earning VND 35 trillion by the end of 2009 or 40 percent of the country’s total IT revenue.
