New information disclosure regulations for bond issuers effective from December 25. — Photo baotintuc.vn

From December 25, 2024, enterprises issuing private bonds domestically or offering corporate bonds internationally will be required to comply with new regulations on information disclosure, as stipulated in Circular 76/2024/TT-BTC issued by the Ministry of Finance. 

The circular, titled 'Guidelines on the regime for information disclosure and reporting on private placement and trading of corporate bonds domestically and international bond offerings', sets out specific requirements for issuers. These include disclosing information before the issuance, announcing issuance results, providing periodic updates every six months and annually and reporting any unusual developments. 

Issuers must disclose details about bond conversion into shares, the exercise of warrants attached to bonds, early buybacks and/or bond swaps. 

For enterprises issuing bonds internationally, similar obligations apply, including disclosures prior to issuance, reporting issuance results and periodic updates. 

Bond issuers are required to communicate information to investors using at least one of the following formats: printed documents, electronic documents, or publications on the issuer's official website.

Additionally, information must be electronically submitted to the Hà Nội Stock Exchange (HNX) via its dedicated corporate bond information portal. 

The new Circular replaces Circular 122/2020/TT-BTC and aligns with the provisions of Decree 153/2020/NĐ-CP. Its implementation marks a significant enhancement in transparency and accountability for bond issuers in both domestic and international markets. 

Hà Nội to host domestic goods week to boost consumption

A week-long event introducing products made in Việt Nam will be held in the capital in late December to boost domestic consumption, as the New Year and Tết (Lunar New Year) celebrations draw near.

The event, officially called ‘Made in Vietnam 2024’ Goods Week, will take place in Hà Đông District during December 20-24, and in Sơn Tây Town during December 26-29.

The expected venue for the event in Hà Đông is the ParkCity Hanoi residential area on Lê Trọng Tấn Street, La Khê Ward, while in Sơn Tây, it is set to be held at the Sơn Tây ancient citadel pedestrian street.

Each location will feature approximately 150-170 booths showcasing signature products such as OCOP (One Commune–One Product) items, regional specialties, traditional craft village products from Hà Nội and other provinces and items with export potential.

The event will include culinary and cultural activities and show off some traditional crafts.

According to the Hà Nội Promotion Agency on Investment, Trade and Tourism, the event aims to promote domestically produced products, boost local consumption and increase retail sales of goods and services, especially during the year-end period.

This will also help raise awareness and consumer trust in the quality and brands of Vietnamese products, encouraging consumers to chose to buy local.

The event will also connect distributors, shopping centres, supermarkets, wholesale markets and e-commerce platforms, enabling them to find new product sources, meet potential business partners and get to know each other’s production capacity, supply capabilities and goods-sourcing opportunities.

It is hoped the event will grow into an annual trade and tourism promotional event. 

Việt Nam needs to improve policy quality to escape middle-income trap: conference

Việt Nam needs to improve policy to achieve sustaining economic growth while the middle-income trap is considered to be the biggest challenges during the path to a high-income economy by 2030.

That was position of experts speaking at a conference held by the Australian National University in Canberra on Friday.

At the Việt Nam Policy and Economy Update 2024 conference, Vice President of the Central Institute for Economic Management (CIEM) Đặng Đức Anh said that Việt Nam is facing the risk of falling into the middle-income trap.

Việt Nam’s ambition of becoming a high-income economy by 2045 requires higher productivity growth and investment, he said.

However, the increase in labour productivity is mainly due to increased capital intensity. In addition, labour supply is decreasing, as Việt Nam is nearing the end of the 'era of demographic dividend'.

He also pointed out that the share of manufacturing sector in gross domestic product (GDP) is low compared to others in the same industrial era, such as China and Thailand, while the economy is highly open and heavily dependent on imported raw materials.

The trading partners are more concentrated, leading to more vulnerability to global uncertainties.

“The economy depends heavily on FDI firms that rely on trade and are vulnerable to volatility in the global economy,” he said, citing statistics that the FDI sector contributes more than 70 per cent to the country’s exports in 2023, from just nearly 30 per cent in 1995.

In addition expenditure on research and development (R&D) is modest compared with China, Thailand and Malaysia and the regional median.

Given these risks and challenges, it is critical for Việt Nam to improve the policy implementation for sustaining economic growth, Anh said.

First, the country needs to improve the quality of policies and laws through digital transformation, with the development of a legal framework for innovation and digital economy. Sandbox mechanisms and policies for new products and business models should be issued.

Focus should also be on developing skilled human resources in priority fields and industries, including artificial intelligence, data science, semiconductors and high-speed rail, together with preparing digital human resources and digital skills for developing the digital economy.

The country should develop strategic infrastructure systems to attract investment in high-tech industries, semiconductors, AI and green energy with the focus on the North-South high-speed railway, renewable energy and other energy sources such as nuclear power, national and regional databases and large data centres, he said.

It is necessary to upgrade value chains and diversify export markets together with improving the quality of ubanisation and urban economy, he added.

According to Nguyễn Ngọc Sơn from the National Economic University, Việt Nam is facing with clear signs of middle-income trap.

He cited the World Bank income classification countries with gross national income (GNI) per capita of US$1,145 are low-income, $1,146-$4,515 lower-middle, $4,516-14,005 upper-middle income, $14,005 or higher high-income. Việt Nam’s GNI per capacity was $4,180 in 2023, at the lower middle income range but heading into upper-middle income if growth continues.

“The middle income trap arises when a country grows by given and limited advantages only instead of internally and continuously created values and strengths. Việt Nam has attained good performance in growth, living standards and structural transformation, but internal growth dynamism remains weak compared with other countries such as Japan, Korea, Singapore and China,” Sơn said.

The Vietnamese economy’s growth model remains reliant on extensive factors such as capital and resources which have limitations including the generation of real estate and investment bubbles rather than productivity and competitiveness improvements, instabilities due to FDI dependence and environmentally degradation.

The country is also facing with low labour productivity and low total factor productivity (TFP) declined sharply in 2020-22 due to the production disruptions caused by the COVID-19 pandemic, Sơn said, adding that this raised the need to prioritise productivity enhancement through scientific and technological advancement, technical skill development, labour quality improvement and more efficient resource allocation.

Low capital efficiency and slow economic restructuring with heavy reliance on processing industries, weak supporting industries, high proportion of labour – intensive sectors (such as textiles and footwear), limited success in technological capability enhancement and challenges in implementing knowledge-based economy also indicate Việt Nam’s vulnerability to the middle-income trap, he said.

“Việt Nam faces a risk of a future middle income trap. To avoid it, policy must be upgraded,” Sơn said, adding that the lack of policy quality is the main cause of any long-term growth problem including the middle-income trap. Policy has the important role of enhancing private dynamism and coping with external shocks which together with policy quality will fundamentally decide the economic performance.

To escape the trap, Việt Nam needs to develop a high-quality workforce with focus on labour productivity improvement, accelerate integration and globalisation, promote the dynamism of the private economic sector through improving business competitiveness, enhancing investment environment and reduce sector inequalities, increase innovation in the growth model and improve the quality of institutions and build inclusive institutions.

At the conference, economists also discussed other aspects of the Vietnamese economy, including macroeconomics and finance, trade, environment and resources, sustainable growth, industries, social issues and human capital and economic restructuring. 

Việt Nam's housing prices rise almost 60% in five years

Việt Nam's real estate market saw soaring housing costs over the past five years, with high demand driving prices up at a rate higher than that in many developed countries.

Nguyễn Quốc Anh, Deputy General Director of batdongsan.com.vn shared the information at the Việt Nam Real Estate Summit (VRES) 2024 organised by batdongsan.com.vn in Hà Nội.

The expert quoted data from Global Property Guide showing that Việt Nam’s real estate prices over the past five years rose by 59 per cent, higher than the rate in many developed countries such as the US (54 per cent), Australia (49 per cent), Japan (41 per cent) and Singapore (37 per cent).

The high prices have lowered the real estate rental yield in Việt Nam to just 4 per cent, while many other countries – like the Philippines, Malaysia, Thailand, Indonesia, the UK, Australia and the US – are seeing real estate rental yields ranging from 5 per cent to 7 per cent.

Anh stated that economic growth, governance and social demand are the three main factors influencing real estate prices.

In addition to strong per capita economic growth, favourable interest rates and the effectiveness of domestic investment channels have reinforced consumer demand for real estate purchases.

He pointed out that Vietnamese people primarily use main investment channels, such as the financial market, real estate, gold, foreign currencies and savings deposits.

Notably, real estate is considered the best-performing investment channel in the country over the past decade, with apartment returns reaching 197 per cent and land plot profits yielding 137 per cent in the last quarter of 2024 compared to those in the first quarter of 2015.

Meanwhile, the gold market is risky, with a large difference between domestic and world gold prices. Other investment channels, such as foreign currency and savings, have quite low yields at around 9-13 per cent every two years.

According to Anh, Việt Nam's population and urbanisation rate create numerous opportunities for growing real estate demand.

The trend of smaller family sizes is also driving demand for property purchases for the next generation to inherit, along with young people's journey of home ownership.

This means that Việt Nam is among the countries with the highest home ownership rate in the world at 90 per cent, higher than many countries in Southeast Asia – like Singapore (88 per cent) and Indonesia (84 per cent) – as well as others around the world, like the US (66 per cent) and Australia (66 per cent).

At the summit, Bạch Dương, general director of batdongsan.com.vn, said that Việt Nam's real estate market has seen rapid development over the past 30 years.

Before 2009, Việt Nam's real estate market had a favourable legal corridor and macro environment to develop. After joining the WTO in 2007, Việt Nam's FDI in the real estate sector grew rapidly, from $8.5 billion in 2007 to $23.6 billion in 2008 and $21.5 billion in 2009. Many large real estate enterprises were launched with a lot of new projects.

In the period from 2009 to 2012, the decrease in credit and increase in interest rates caused the real estate market to lose liquidity and prices to fall.

Real estate inventory increased from VNĐ108.4 trillion in 2009 to VNĐ192.7 trillion in 2011. At that time, enterprises experienced a rigorous screening process, and many online real estate information channels were created to improve transparency in the property market.

During the growth period from 2013 to 2019, three new laws, including the Land Law, Housing Law and Real Estate Business Law, created positive developments for the real estate market.

The market experienced several changes in 2020 and 2021 due to the COVID-19 pandemic. However, real estate trading activities during these two years continued, with increased supply and prices.

From 2022 until today, the market has faced many challenges due to a difficult macro situation and businesses revealing weaknesses in the financial and legal fields. Consumers demand more of investors and real estate trading floors/brokers.

At present, home buyers still find it difficult to choose real estate products. Investors and brokers also experience challenges in finding customers and building their reputation, Dương said.

2024 marks the 10-year anniversary of the start of VRES. On this milestone, the site has awarded the Việt Nam Real Estate Brokerage Awards (VREAA) for the first time, with seven categories going to 130 excellent brokers nationwide.

The award aims to uphold the prestige and dedication of real estate brokers in Việt Nam, and will help promote a healthy, transparent and sustainable development of the broker market.

Banks face difficulties in implementing new regulations relating to land

Three amended laws relating to land do not wholly match the Law on Credit Institutions, causing many difficulties for credit institutions, according to the Việt Nam Banking Association (VNBA).

In the process of drafting three laws, the Land Law 2024, Housing Law 2023 and Real Estate Business Law 2023, and the decrees and circulars relating to them, the association, along with its member organisations and experts put forward proposals about the legal changes, said Nguyễn Quốc Hùng, VNBA vice chairman and general secretary.

However, some recommendations were written at the legal documents, but others were not, he said.

Therefore, the credit institutions have encountered many difficulties in the process of performing banking operations after these laws were took effect in August 2024.

These institutions have requested the law drafting agencies to revise these obstacles in order to ensure the safe and effective business operations of the banking system in the future, he said.

According to the deputy head of VNBA's Banking Law Club, Nguyễn Thị Phương, the 2024 Land Law, in addition to the sub-law documents, do not have any guidance on handling reclamation of land that is legally mortgaged at banks, including principles or mechanisms on guarantee and support for credit institutions.

This will directly affect the legitimate rights and interests of banks, debt recovery ability and business efficiency, she said.

In addition, allowing local areas to proactively adjust land price lists has led to a situation that some have kept the land prices unchanged, while some others have updated the price list according to new regulations.

This creates a lack of consistency over set prices, causing problems for related parties in the process of carrying out transactions.

The credit institutions also encounter difficulties relating to the rights and obligations of land users, the term of agricultural land use and the process of organising the execution of judgments.

As bad debts at credit institutions have shown a tendency to rise recently, the provisions of the amended Land Law have not supported the credit institutions in handling those debts.

According to the Vietnam Asset Management Company (VAMC)'s deputy general director, Đỗ Giang Nam, all three laws have a direct impact on banking activities in general and bad debt handling activities in particular.

For example, the Land Law does not have regulations relating to the mortgage of land lease rights in land lease contracts with annual payments. That causes difficulties for parties when they need to mortgage the land lease rights at the credit institutions. The VAMC wants to have specific instructions on this particular issue.

Under the Housing Law, the credit institutions face some obstacles in the conditions mobilising capital for housing real estate projects.

Regarding the Law on Real Estate Business, they have difficulties relating to transfer of commercial contracts of future housing products, guarantees in trading the future housing products and mortgage release before selling the future housing.

Hà Nội to add over 15,500 affordable housing units by 2025

Hà Nội is set to see significant growth in affordable housing, with plans to complete 19 social housing projects by the end of 2025, delivering approximately 15,540 units.

This figure represents about 78.3 per cent of the capital city's development targets for social housing during the 2021-2025 period, according to the Hà Nội Department of Construction.

As of now, Hà Nội has 69 social housing projects either completed or under development. Since 2021, the city has added 0.64 million square metres of social housing space, equating to more than 10,270 units across eight completed projects and partial completions at three other sites. An additional 5,923 units from 11 ongoing projects are expected to be delivered between 2024 and 2025.

Notably, the Hạ Đình Social Housing project in Thanh Xuân District has finalised its investment and construction approvals. This project is slated to break ground on December 5, marking a significant milestone in the city's push for affordable housing.

Looking ahead to the 2026-2030 period, Hà Nội plans to develop 50 more social housing projects, which will provide approximately 57,170 units. The city is also reviewing investment proposals for four out of five standalone social housing areas in Đông Anh, Gia Lâm and Mê Linh districts. These projects will collectively span over 200ha and are expected to offer more than 12,000 units.

Specifically, the focus includes two social housing zones in Tiên Dương Commune (Đông Anh District), a concentrated development in Cổ Bi Commune (Gia Lâm District), and another in Đại Mạch Commune (Đông Anh District) and Tiền Phong Commune (Mê Linh District).

Hà Nội also aims to convert a student housing complex in the Pháp Vân-Tứ Hiệp Urban Area into rental social housing, further augmenting the city's supply of affordable homes. These initiatives reflect the city's commitment to addressing housing needs and improving living conditions for its residents. 

Seminar seeks to support Vietnamese businesses expanding to North America

Over 100 innovative Vietnamese businesses and industry experts have gathered at a consulting seminar in HCM City to explore opportunities for growth in North America.

At the seminar titled “Startup Expansion – Canada Startup Visa & USA EB2 NIW Startup R&D Programmes” organised by Empowered Startups, a Canada-based innovative startup incubator and foundry, participants had the opportunity to gain valuable insights from seasoned professionals in fields such as immigration law, business consulting, and government policy.

The seminar provided a platform for networking and fostering collaboration between Vietnamese entrepreneurs and North American stakeholders.

At the event, businesses interested in expanding or starting up in the US or Canada also engaged in direct dialogue with representatives from Empowered Startups, Government officials from both countries and startup consulting organisations to seek answers to their inquiries regarding investment policies and support for startups in these markets. Furthermore, participants were able to receive one-on-one consultations with experts to tailor a suitable roadmap for their organisations.

Sharing about the startup potential of Vietnamese businesses in Canada and the US, Paul Girodo, co-founder of Empowered Startups, underscored that, “With the context of the comprehensive strategic partnership between Việt Nam and the US, as well as the very positive relationship between Việt Nam and Canada, more and more Vietnamese businesses are seeking to expand and start businesses in the international market with many creative business ideas.

“I look forward to continuing to cooperate with the Vietnamese business community, contributing to promoting the innovative startup movement and forming a sustainable startup ecosystem between the Vietnamese and international markets,” he said.

Regarding the immigration and entry policies of these two markets, Shawn Olson, vice president of Business Development at Empowered Startups, said, “The EB-2 National Interest Waiver R&D programme not only has a higher approval rate but also a shorter processing time. This demonstrates that the US is always creating conditions for businesses to start up in the country to contribute to the overall economic development of both countries. This is also information that many Vietnamese entrepreneurs have been interested in recently.”

Experts also emphasised that with the positive changes in current immigration policies, EB-2 NIW has become a more attractive option for Vietnamese entrepreneurs seeking to grow and expand their businesses in the US market. The increasing interest from Vietnamese investors reflects not only the growing demand for flexible investment pathways but also the shift of the Vietnamese business community towards seeking new and sustainable opportunities. 

Socio-economic achievements provide foundations for “Era of Vietnamese Nation’s Rise”: British researcher

Socio-economic and foreign relation achievements provide foundations for Việt Nam to enter the “Era of the Vietnamese Nation’s Rise” mentioned recently by Party General Secretary Tô Lâm, said Kyril Whittaker, British researcher of Vietnamese politics and history and member of the Communist Party of Britain.

In a recent interview granted to Việt Nam News Agency in the UK, Whittaker said carrying on with the all-rounded development of Việt Nam’s economy, living standards, and environmental protection, the country is well on the road to achieving its target of becoming an upper middle-income country by 2030.

Praising Việt Nam’s economic achievements, the British researcher pointed out that since the country’s adoption of Đổi Mới (renewal) policy in 1986, the economy has now increased 96 times.

Việt Nam has also been developing infrastructure at a rapid pace and, to this end, has seen a successive and rapid implementation of project after project across the country, he said, citing public transport with the development of metros in Hà Nội and HCM City, and the Government’s recent announcement to fund the development of a North-South high speed rail project, placing Việt Nam in the forefront of clean, quality public transport.

The rapid implementation of infrastructure projects has brought about major changes in cities and provinces nationwide, the researcher noted, pointing to new roads, buildings, skyscrapers, schools, houses, hotels, banks, and shops having been built in Cần Thơ just one year after he returned to this city, where he used to live and work.

Alongside this, and part and parcel of this process has been the astounding development and rapid pace of Việt Nam’s poverty alleviation, which has been liberating the Vietnamese people from poverty at a breakneck pace, he said, citing the Government’s target of fully eradicating all temporary and dilapidated housing by the end of 2025.

He went on to say that reconstruction after natural disasters has also been at a rapid pace to house people and ensure their safety, security and wellbeing. He cited the recent September landslides in Làng Nủ which wiped out neighbourhoods, destroying houses and livelihoods. Yet at the beginning of November, the structures of brand-new houses, schools and cultural centres could be seen, dotted on the landscape, built according to local architectural customs with construction expected to be completed by the end of the year.

According to the researcher, this is the result of the Party’s policies and programmes on alleviating poverty and improving people’s living standards which stretch back all the way to 1945, when the first national-level campaigns were established by President Hồ Chí Minh to help the people and the country, such as the literacy campaign, the campaign on sacrificing one meal a week for the poorer families, and more.

Whittaker also highlighted Việt Nam’s major environmental achievements, elaborating that in the last two decades, the country’s forest coverage has expanded by 56 per cent as well as the protection of forests and endangered species and the continued development of a green and responsible agriculture. In big cities like Hà Nội, public transport is in the green transition with buses being replaced with electric vehicles.

With regard to human rights and people’s right to develop, he believed human rights are not only protected but fully developed to the highest potential in Việt Nam, which has one of the highest participation rates of women in its labour force and its parliament. In terms of labour representation, the various unions, paired alongside impressive labour legislation, especially on women’s workplace rights, put Việt Nam as some of the most impressive in the world, he believed.

In terms of religious freedom, Việt Nam has beautiful temples, churches and other places of faith, which are well attended and maintained and are parts of the communities, the researcher said, adding he was impressed by the scale, beauty and roles in the communities of churches, temples and mosques he has visited.

He said these clearly show not only Việt Nam’s strong human rights legislation, but also its deliberate focus on ensuring that the rights the people are given are actually exercisable as stated by late Party chief Lê Duẩn: “Our state not only recognises the citizens’ rights, but also allows the necessary material conditions for their enjoyment.”

Commenting on Việt Nam’s foreign relations, Whittaker said the country has been broadening its cooperation with other countries around the world.

He cited General Secretary Tô Lâm’s inauguration speech where he discussed how Việt Nam would continue “contributing to promoting and deepening the relationship between our country and other countries, especially neighbouring countries, traditional friends and major countries”. This means increasing trade with partners such as China and the US while enhancing projects in exchange with traditional comrades and friends like Laos and Cuba.

The researcher added Việt Nams has also taken an active role in international organisations and forums such as the UN, ASEAN, G20, the Mekong River Commission and the Non-Aligned Movement. Besides, it has been an active member of discussions to developing the Code of Conduct for the East Sea and has consistently advocated for the independence and freedom of people worldwide.

According to Whittaker, through these forums Việt Nam has utilised its foreign policy of “bamboo diplomacy” with “strong roots, solid stems and flexible branches” to expand relationships and create new partners whilst maintaining its independence, security and freedom and at the same time representing the link to its people.

He concluded that when one sees the “Era of the Nation’s Rise” in reference to Việt Nam, one must realise its socio-economic grounding, pointing out it is a wholly people centred “rise”, a product of socialist orientation and collective mastery of the people where the socio-economic foundations develop the people, the nation and the Party, which in turn serves to further develop the construction of socialism and communism.

PM issues directive on accelerating national green growth strategy

Prime Minister Phạm Minh Chính has issued a directive to push ahead with the implementation of the national green growth strategy for 2021 - 2030 with a vision to 2050, a bold step to deliver on the carbon neutraility target.

The Government leader highlighted in the directive that despite multidimensional challenges, Việt Nam has made great strides in green growth, making positive contributions to the economic growth over the recent past. However, the process has not yet fully emerged as an economic growth driver due to several liminatations, including the fragmented policy framework, incomplete green financial instruments, shortages of incentives for breakthrough investments, and poor awareness of green growth significance.

The directive provides a detailed roadmap for Government agencies, local administrations, and key sectors to integrate green growth targets and tasks into their development strategies, plans and legal documents.  

Ministers, heads of ministerial-level agencies and Government agencies, and chairperson of the People’s Committees of provinces and centrally-run cities need to step up communications work, embed green growth principles into national consciousness, while improving the efficiency of information sharing between ministries, sectors and localities during the implementation of the strategy.

PM Chính ordered the Ministry of Planning and Investment to pen a roadmap to carry out green growth initiatives that are linked to long-term socio-econmic development and the ultimate goal of carbon neutrality. It will be responsible for institutionalising and overseeing the adaptation and and application of new economic policies, models and tools to restructure the economy towards green and sustainable fashion, ensuring equality and competitive edge as well as promoting the private sector’s pivotal role in the green transition.

The ministry should mobilise every resource for green growth, revise legal documents related to public investment with priority given to green funding, and create preferential investment mechanisms that encourage green growth, the directive stated.

The Ministry of Finance was asked to ramp up efforts to complete the project on the establishment and development of a carbon market in Việt Nam while the State Bank of Việt Nam must continue reviewing and perfecting the regulations on banking and credit in accordance with green growth targets.

In the meantime, the Ministry of Industry and Trade must upgrade the industrial sectors based on innovation and science - technology, attract investments to such green industries as renewable energy, hydrogen, electric vehicle production, and battery charging infrastructure, as well as study and bring into full play measures for adapting to the European Commission’s Carbon Border Adjustment Mechanism (CBAM).

Specific directions targeting comprehensive reforms in critical areas include building green and smart urban areas with climate-adaptive approach; restructuring the agricultural sector by encouraging organic, circular, high-tech and low-emission farming; strengthening international cooperation in pgreen economy, bolstering economic diplomacy, technological diplomacy, and climate diplomacy; enhancing the integration of green growth into education; as well as promoting high-quality human resources for green growth-related industries.

Additionally, PM Chính called on the business community, associations, research institutes and higher education institutions to join hands with ministries and sectors to carry out the green growth strategy. 

HCM City exceeds socio-economic targets for 2024 with growth exceeding 7%

HCM City has surpassed most of its socio-economic targets for 2024, with projected Gross Regional Domestic Product (GRDP) growth exceeding 7 per cent. 

Speaking at the opening of the People’s Committee year-end session on Monday, Nguyễn Thị Lệ, chairwoman of the municipal People’s Council, said despite multiple challenges and a growth rate of 7.17 per cent, slightly below the yearly 7.5 per cent target, the city has made significant contributions to the national economy.

“The city has met its poverty reduction goals and is actively advancing social housing initiatives while clearing structures along canals,” she said.

It is set to reach historic budget revenue of VNĐ502 trillion (US$19.7 billion) this year, up 12 per cent year-on-year and accounting for 27 per cent of the nation’s total revenue.

Exports are projected to reach $46.9 billion, up 10.4 per cent.

Tourism revenue is expected to hit VNĐ190 trillion in 2024, up 18.8 per cent year-on-year, with international visitors expected to reach 6 million, up 20 per cent over last year.

Key infrastructure projects, including Metro Line 1, are nearing completion, and significant progress has been made on national project Ring Road 3. 

Lệ also highlighted the city’s continued commitment to improving governance, advancing digital transformation, and enhancing public administration.

The city has also launched the “Digital Citizen of HCM City” app and improved online services as part of an effort to streamline its administrative reforms.

Lệ has, however, pointed out ongoing issues hindering the city’s growth, noting that many infrastructure, housing, and environmental projects have faced delays. 

Public investment disbursement is below target, requiring urgent attention, she said.

As of the end of October, only VNĐ17.3 trillion has been disbursed, or 22 per cent of the 2024 plan, down 2.3 per cent from last year. 

The low rate is attributed to site clearance problems, complex procedures, slow disbursements, and a sand shortage, among others, according to Lệ.

The three-day meeting will discuss policies to enhance welfare, including support for tuition fees and assistance for families affected by poverty criteria changes. 

Among them are special policies to support tuition fees for the academic year 2024-2025, and assistance for individuals with revolutionary service and their families.

It will also review policies to support families impacted by changes in the criteria for identifying poor and near-poor households under a new sustainable poverty reduction programme by 2025. 

Việt Nam aims for $4,900 GDP per capita by 2025

Việt Nam aims to achieve a GDP per capita of US$4,900 by 2025 as one of 15 key targets outlined in Resolution 158/2024/QH15 adopted by the National Assembly.

This ambitious goal reflects the country's commitment to accelerating growth and resolving systemic challenges to meet the objectives of its 2021-2025 socio-economic development plan.

The current GDP per capita, as recorded by the World Bank in 2023, is almost $4,500.

The overarching aim for 2025 is to drive economic growth while ensuring macroeconomic stability, control inflation and maintain a balance among key economic components. The Government is also prioritising reforms in institutional frameworks, addressing legal and procedural bottlenecks and fostering innovation to create breakthroughs in development. 

These measures are designed to strengthen Việt Nam's economic foundations and support sustainable progress in the face of global and regional challenges.

Among the targets for 2025, Việt Nam aims to grow its GDP by 6.5-7.0 per cent, with an aspirational goal of 7.0-7.5 per cent. Manufacturing, particularly in industrial sectors, is expected to contribute 24.1 per cent of GDP, reflecting efforts to modernise the economy. Labour productivity is projected to grow by 5.3-5.4 per cent annually, while the proportion of trained workers is set to reach 70 per cent, with 29-29.5 per cent holding certifications.

The Government has placed a strong focus on social welfare and infrastructure development. Key health indicators include achieving 15 doctors and 34.5 hospital beds per 10,000 people, alongside expanding health insurance coverage to 95.15 per cent of the population.

Poverty reduction remains a priority, with plans to reduce the multi-dimensional poverty rate by 0.8-1 per cent annually. Environmental goals include ensuring 95 per cent of urban solid waste is collected and treated and that 92 per cent of industrial parks comply with environmental regulations through adequate wastewater treatment systems.

Infrastructure development is a central pillar of the plan, with significant investments in strategic projects such as highways, urban transit systems and high-speed rail to enhance connectivity and drive regional growth. The Government also seeks to foster innovation through increased research and development, promoting entrepreneurship, and transitioning towards a green and digital economy. Human capital development is another key area, focusing on improving education and training to build a skilled workforce capable of meeting the demands of emerging industries.

To achieve these targets, the government has identified nine priority measures, including simplifying administrative procedures, enhancing local governance and strengthening accountability. Efforts to curb corruption and improve public sector efficiency are also emphasised to ensure resources are allocated effectively. Climate change mitigation, resource management, and environmental protection are integral to balancing economic growth with sustainability.

The 2025 agenda reflects Việt Nam's ambition to strengthen its competitiveness while fostering equitable growth. By addressing structural challenges and leveraging regional and global integration, the country aims to secure its position as a dynamic economy in Southeast Asia. As it works towards these goals, Việt Nam is poised to enhance living standards, improve social welfare and solidify its reputation on the international stage. 

Ninh Thuận nuclear power project will bring significant benefits, despite high costs

Việt Nam's very first nuclear power project, set in the south-central coastal province of Ninh Thuận, is expected to cost billions of dollars but will bring significant benefits for the country.

Deputy Minister of Industry and Trade, Nguyễn Sinh Nhật Tân, made the announcement at the regular Government press briefing held last weekend.

Tân said that the overall investment for the project depended on various factors.

"Currently, we have a preliminary estimate, though it is not yet precise, but it will certainly reach billions of dollars. The final figure will depend on the scale, location, technology requirements and even safety considerations," he said.

Regarding the primary benefits, he outlined three key advantages of the project.

Firstly, the development of nuclear power would provide a stable, clean energy foundation that aligned with global trends towards green and renewable energy.

Without a reliable base energy source, balancing electricity supply would be perilous.

By developing nuclear power alongside other green, clean energy sources, the country would improve energy security while meeting dual environmental and energy needs.

Secondly, nuclear power would serve not only the local development of Ninh Thuận Province but also neighbouring regions and the entire country.

“In the future, as renewable and clean energy sources grow, there is potential for export opportunities as well,” he said.

The project would foster the development of high-tech industries, particularly in atomic energy science, which was foundational and would continue to evolve.

That would drive the growth of a new industry and a highly skilled workforce, contributing significantly to national development.

On November 30, the National Assembly passed a resolution endorsing the continuation of the Ninh Thuận nuclear power project and approved further studies into nuclear power development.

The Ministry of Industry and Trade had already conducted research and reported its findings to the Government and relevant authorities.

The project has received approval from Government and has been confirmed by the National Assembly.

The next steps involve deciding how to implement the project.

The Government had tasked the relevant ministries, with the Ministry of Industry and Trade, taking the lead on research and reporting back to the Government.

But first, it needed to complete the legal framework related to nuclear power.

Fortunately, a major achievement was that the National Assembly passed the revised Electricity Law, which included provisions for nuclear power development.

Additionally, the Government was expected to report to the National Assembly regarding amendments to the Law on Atomic Energy.

The legislation would address essential issues, including technology standards and safety regulations, providing a legal foundation for the project.

In addition, the ministry had advised the Government and the Prime Minister to establish a steering committee for the nuclear power plant's construction and a working group to restart the nuclear power programme in Việt Nam.

The committee would be headed by the Prime Minister, with a Deputy Prime Minister serving as vice-chair.

The committee could include relevant ministers, while the working group would consist of representatives from various sectors, as well as nuclear energy experts and scientists. The working group would be led by the Minister of Industry and Trade.

Moreover, the ministry would soon propose amendments to the 8th National Power Development Plan to reflect the National Assembly's stance and to establish a solid legal framework for the project.

The ministry would also recommend selecting an investor for the nuclear plant, a crucial step as the investor would be responsible for all stages of the project, from research and proposal to construction and operation.

An important aspect of the project’s progress involves local cooperation.

The ministry had urged the local administration of Ninh Thuận Province to expedite the provision of clean land and foster local public support to ensure the smooth implementation of the nuclear power project.

Regarding the project's outlook, he noted that there was already significant consensus and support for the initiative, which was a major advantage.

“Although the project was previously paused for various reasons, it is now set to move forward with a solid foundation, having already undergone considerable preparatory work,” he said.

However, there were challenges ahead, particularly regarding the selection of technology, ensuring safety and preventing potential incidents.

International recommendations, especially from global atomic energy agencies, also played a crucial role in ensuring the project met international standards.

"We are confident that, step by step, we will proceed cautiously and safely with the project. The technology available today is highly advanced, with many new technologies that offer increasingly high safety standards," he said.

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