Business News

The Central Institute for Economic Management (CIEM) introduced two scenarios for Vietnam’s economic growth 2021 during a seminar held in Hanoi on January 15.

According to the legal database on the government's website, in 2020, central authorities issued 546 legal documents, including 17 laws passed by the National Assembly, 158 decrees promulgated by the Government, 39 resolutions issued by the Prime Minister, 310 circulars adopted by ministers and other legal documents. The number of laws, decrees and the Prime Minister’s resolutions did not change a lot from previous years but the number of circulars dropped sharply (compared to 467 circulars in 2019).

The northern port city of Hai Phong has set a target of attracting US$2.5-3 billion in foreign direct investment (FDI) in 2021, with priority given to industrial and service projects using modern and highly efficient technologies.

Foreign Direct Investment (FDI) registered in Vietnam hit US$28.53 billion in 2020 as of December 20, 2020, down 25% year on year, according to the Ministry of Planning and Investment. They disbursed US$19.98 billion of their registered value, down 2% year on year.

All goals and objectives in the 2020 Plan of the industrial and trade sector were successfully fulfilled to positively contribute to the overall economic growth of Vietnam at 2.91%.

Resolution 02/2021 is expected to continue to step up reforms to further improve the business environment and enhance national competitiveness.

Despite COVID-19 restricting the flow of foreign buyers and investors to Vietnam, positive signs were reported from local buyers in the last quarter of 2020 for high-end residences, brightening up 2021.

This year, the Ministry of Science and Technology will focus on building national sci-tech development plans for the next five years to promote socioeconomic development in the new era.