For the first time, foreign invested enterprises’ revenue and specific contributions to Vietnam’s state budget have been revealed, with the electronics and garment-textile industries being their biggest earners. FIEs contribute billions of dollars to state budget, illustration photo The Department of Corporate Finance (DCF) under the Ministry of Finance last week released a report on foreign-invested enterprises’ (FIEs) business and production for the 2012-2016 period conducted a few months ago. Results showed that FIEs’ contributions to state coffers rose from $3.7 billion in 2012 to $4.94 billion in 2013, $5.5 billion in 2014, $6.26 billion in 2015, and $7.18 billion in 2016 (excluding contributions from crude oil exports). Tran Tu Quynh, Chairman the Bac Ninh People’s Committee, reported that South Korean giant Samsung, with its Samsung Electronics and Samsung Display facilities based in the province, has been contributing the most to the … [Read more...] about FIEs contribute billions of dollars to state budget
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Solar power attracting billions of dollars investments
In recent years, the solar power industry has become a lucrative and sustainable field for investors. Solar energy attracting investment After years of waiting, the solar power market has just received exciting news: the prime minister has signed Decision No.11/2017/QD-TTg on the mechanism for encouraging the development of solar power projects in Vietnam. Decision 11 is exciting news for domestic and foreign investors interested in the Vietnamese electricity market, especially since it requires Electricity of Vietnam (EVN) to purchase all electricity produced by grid-connected projects at 9.35 cent per kWh. Many solar power investors were said to start spending billions of dollars on theỉ projects in Vietnam Source: Institute of Energy Vietnam Thanh Thanh Cong Corporation (TTC) has … [Read more...] about Solar power attracting billions of dollars investments
PM Wants Shrimp Export to Reach 10 Billion US Dollars by 2025
Vietnam is now the world’s third largest shrimp exporter with total exports of nearly four billion US dollars/year. However, Vietnam’s shrimp industry still has a lot of room for more development, not only because the world’s demand is large but also because the area suitable for farming shrimp in Vietnam is very large, particularly the Mekong delta. Therefore, Prime Minister Nguyen Xuan Phuc asked the shrimp industry to strive for an export value of 10 billion US dollars by 2025. According to Minister of Agriculture and Rural Development (MARD) Nguyen Xuan Cuong, shrimp, with its high value, has been chosen as one of the important products for restructuring the seafood industry in particular and the agricultural industry in general. In the context of climate change, saline intrusion and rising sea levels, many areas, especially the Cuu Long river delta, have become suitable for raising shrimp. For the above reasons, addressing a conference of shrimp … [Read more...] about PM Wants Shrimp Export to Reach 10 Billion US Dollars by 2025
FDI statistical error could be up to 10 billion dollars
VietNamNet Bridge – The information that there could be a big statistical error in calculating the foreign direct investment (FDI) has produced a stir. If the information is true, the figure would be very big of up to 10 billion dollars. The report on the assessment of the operation efficiency of foreign invested enterprises and the solutions to speed up the disbursement of FDI projects in 2011, which has been released by the Vietnam Association of Foreign Invested Enterprises (VAFIE), has shown that many problems still exist in the statistical work. When organizing a series of workshops to assess the operation efficiency of FIEs, VAFIE realized that of the implemented capital of FDI projects, 20 percent comes from domestic sources, and 80 percent from foreign sources. Meanwhile, to date, Vietnam still does not have separate statistical figure about foreign sourced capital. The association has also pointed out that since Vietnam’s FDI calculation method is different … [Read more...] about FDI statistical error could be up to 10 billion dollars
Agricultural seed market worth billions of dollars
VietNamNet Bridge - Considered a lucrative market with value worth of up to billions of dollars, the seed market can only attract five to six Vietnamese companies, leaving openings for foreign seed companies. Analysts, considering the stable two-digit growth rate of the market, have predicted that market value may reach $1.7 billion by 2020, while demand for merchandise seeds may increase by twofold, accounting for 70 percent of the total plantation area in the next five years. The figures show that Vietnam is a lucrative soil for multi-national agriculture groups such as Mosanto (US), CP Group (Thailand), Syngenta (Switzerland), Vilmorin (France), East West (the Netherlands), Bayer CropScience (Germany) and Sakata (Japan) to cultivate. Imports have been dominating the domestic seed market. Even when Vietnamese companies are believed to have advantages in the rice seed market, they can only satisfy 33 percent of the demand, according to the Ministry of Science & Technology. … [Read more...] about Agricultural seed market worth billions of dollars