Business

The Vietnamese Government is taking drastic measures in restructuring agricultural production to adapt to climate change, Minister of Agriculture and Rural Development Nguyen Xuan Cuong said.

Only one per cent of total enterprises in Vietnam has invested in agriculture, and 55 per cent of these are small scale, capitalised at under VND5 billion, said Minister of Agriculture and Rural Development Nguyen Xuan Cuong.

The State Bank of Vietnam (SBV) has announced its key orientation of monetary policy management and banking operations in 2017.

The Vietnamese government is carrying out a project to complete the legal framework for managing and handling digital assets, virtual currency and digital money.

Vietnam’s medium-term outlook remains favorable, and its growth prospects may improve to 6.3 per cent from 2017-2018, according to the World Bank’s latest Taking Stock report.

Prime Minister Nguyen Xuan Phuc reiterated that Vietnam would continue to improve institutional mechanism for a market economy, including the legal system and administrative reforms in an attempt to create a more favorable business environment in the nation.

The General Department of Customs has decided to stop the customs clearance for BMW auto shipments imported into Vietnam after the Euro Auto Corporation was accused of committing violations.

Ho Chi Minh City is planning to withdraw the land of 880 projects in 2017.

The Vietnam Business Forum 2016 opened on December 5 in Hanoi focusing on strengthening the role of the private economic sector through fostering the partnership between domestic and foreign enterprises.

In the first eleven months of this year Vietnam welcomed over 9 million international tourists, a 25.4 per cent increase year-on-year and exceeding the initial 2016 target of 8.5 million, according to the General Statistics Office.

Vietnam has climbed up 14 ranks to number 73 in the Global Enabling Trade Index according to the latest World Economic Forum report.

Nguyen Van Than, chairman of the Vietnam Association of Small and Medium Enterprises, talks about the difficulties that small firms in Vietnam are facing including a turbulent market and challenging institutions.

Vietnam and New Zealand vowed to increase their two-way trade volume to $1.7 billion by 2020 as well as deepen their bilateral relations.

The outlook for the Asian steel industry for 2017 has been lowered to negative says US Moody’s Investors Service in a new report, as global prices of steel collapse across all grades and utilization weakens.

As many as 58% of private enterprises in Vietnam are not earning enough to pay taxes, which means the need for a stronger focus on making the private sector a driving force for the economy, an official said.

Moody’s has indicated that the outlook for the banking system in Vietnam is stable over the next 12-18 months, reflecting Moody's expectation that the country's macroeconomic stability.

Vietnamese agricultural products may lose their identity if the country does not start to register for intellectual property protection globally, heard a recent conference.

The Ministry of Finance has asked to temporarily stop customs clearance for BMW auto shipments imported into Vietnam except in cases of diplomatic immunity.

The Vietnamese government has just allowed US energy giant ExxonMobil to join in with the Vietnam National Oil and Gas Group in Ca Voi Xanh, the largest gas field found so far in the East Sea.