US paper hails Vietnam as most investor friendly country in ASEAN

Friday, 01/03/2024 18:15
Vietnam is the most investment worthy place in ASEAN, based on valid and practical grounds where improved economic diversification, international integration, reformed investment legislation and good economic policy must be counted, Vietnam News Agency cited an article recently published on the US’s
At a Japanese-invested manufacturing assembly in Hanoi (Photo: VNA) 

In terms of economic recovery and stable development, the author cited the "The World in 2050" study by PwC consulting firm, which predicted that Vietnam will have the second highest annual GDP-growth rate worldwide.

There will be an average growth by 5.3% each year, from 2014 till 2050. That means Vietnam will have the fastest growing economy within Asia till 2050. In addition, the inflation rate is controlled by the Government with consumer price index to be in the range of 3-5% for the whole year, which is far below the maximum allowed inflation rate of 4.5% in 2023. These two important macroeconomic indices have proved the Government's success to a certain extent in recovering and maintaining stable development of the economy, he said.    

According to the article, the Vietnamese Government is fiercely improving the business and investment environment and making great attempts to achieve key economic indicators of top regional countries. For that reason, Vietnam encourages FDI on projects that utilise advanced, emerging, high, or clean technology, modern management methods, and contribute positively to global production and supply chains.

Until now, Vietnam has negotiated, signed and put into effect a number of bilateral and multi-lateral free trade agreements (FTAs) with almost all the big economies in the world. Of the figure, 16 FTAs involving more than 60 partners have become effective, covering all continents with a combined GDP accounting for nearly 90 percent of global GDP. Looking at the liberalisation level of market access under the World Trade Organisation (WTO), Vietnam is on par with Singapore - the most developed country in the Southeast Asia.

Vietnam has concluded an FTA with the European Union and joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Thus, from an international trading and investment perspective, Vietnam is unmatched when it comes to partnership and openness of market access.

The article pointed out that the new laws considered the most liberal and investor-friendly in the region, such as the Enterprise Law, Investment Law and Public Private Partnership Law, have been adopted. Barriers to business and investment are removed to pave the way for an open, transparent and full-of-opportunity environment for foreign investors.

In an attempt to ease burdens on investors, the Government issued a Decree in 2015 to provide more flexibilities in foreign ownership ratio in public listed companies, up to 100% in certain cases, and allow foreign investors to make unlimited investment in Government bonds, bonds guaranteed by the Government, bonds of the provincial authorities or enterprises.

Concluding the article, the author said Vietnam is a country of changes and currently offering increasing opportunities for foreign businesses. The underlying strength of the economy is reflected in, among others, controlled macroeconomic indicators, strong productivity gains and extensive integration into regional and global economy. It is now exactly time for foreign investors to start their business plans and grasp the upcoming clear opportunities.

Tan Son Nhat International Airport welcomes over 3.8 million passengers during Tet holiday

At Tan Son Nhat international airport (Photo: VNA)

The Tan Son Nhat International Airport in Ho Chi Minh City served 24,000 flights and over 3.8 million passengers during the Tet (Lunar New Year) peak period from January 26 to February 24, reported Vietnam News Agency.

Among them, there were 8,232 international flights and 16,270 domestic flights. Domestic passengers also made up the majority with 2.43 million visitors and the rest were foreigners.

The airport handled 817 flights with more than 127,400 passengers a day on average in the period. There were 975 flights landing in and departing from the airport with nearly 154,000 passengers on February 18 alone.

A representative of the airport said that the number of flights and passengers during the Lunar New Year 2024 increased by about 1.42% year-on-year. Of which, the domestic terminal saw a decline of 12.15% while international terminal a rise of 34.7%.

It has proactively coordinated with taxi companies and tech-based hailing service providers to increase the number of vehicles serving the passengers during the holiday, with airlines in updating flight schedules, and with competent forces in ensuring security and traffic order, the representative added.

The launch of the Airport Collaborative Decision Making (A-CDM) model at the airport from February 1 have helped improve operational efficiency, including a higher on-time performance rate and improved luggage and cargo handling thanks to better flight planning.

Da Lat honoured with Asia Festival City Award

A flower space near Xuan Huong Lake in Da Lat city. (Photo: VNA)

Da Lat, known as the city of thousands of flowers, has been honoured with the Asia Festival City Award by the International Festivals & Events Association – Asia (IFEA – Asia) based on its successful organisation of the Da Lat Flower Festival since 2005, reported Vietnam News Agency.

The award in the “Best Flower and Garden Festival” category was presented to the capital of the Central Highlands province of Lam Dong at the 2024 Pinnacle Awards & Asia Festival City Conference in Thailand on February 28.

Other categories are in music festival, dance festival, cultural heritage night, Asian folklore festival, and entertainment festival.

Da Lat was also in the top five Impressive Festival Cities in Asia.

In its dossier submitted to the IFRA- Asia to become a candidate for the award, Da Lat city highlighted that the biennial Flower Festival aims at honouring the values of flowers and floriculture, calling for investments in the local flower sector, and popularising local culture and beauty.

The festival has become a national and international-level cultural and tourism one.

Earlier, Da Lat was also honoured as an ASEAN sustainable city, an ASEAN clean tourism city, and a Vietnam smart city.

Vietjet inaugurates second air route to Dien Bien

Illustrative photo (Photo: The Courtesy of Vietjet)

Celebrating the 70th Anniversary of Dien Bien Phu Victory with “glorious history that shook the world”, Vietjet jubilantly inaugurates a new route connecting the northern province of Dien Bien and the capital city of Hanoi, reported Vietnam News Agency.

This is the second route of Vietjet to Dien Bien, following the first connecting Ho Chi Minh City and the northwestern region. With a flying time of around 50 minutes, people and tourists can easily travel between Hanoi and Dien Bien with three return flights per week on Mondays, Wednesdays, and Fridays.

The inauguration of the route connecting Hanoi with Dien Bien today has been warmly welcomed by Deputy Secretary of the provincial Party Committee and Chairman of the provincial People's Committee Le Thanh Do, leaders of provincial departments, local people and tourists.

On the occasion of the 70th anniversary of Dien Bien Phu Victory, Vietjet’s routes connecting Hanoi and Ho Chi Minh City with Dien Bien will give passengers opportunities to travel conveniently to this historic and heroic land known with the “glorious history that shook the world”, experience beautiful natural landscape, majestic mountains and forests of the Northwestern region, as well as visit famous landmarks such as the Dien Bien Phu Victory Museum, Muong Thanh paddy fields, Pa Khoang Lake. Dien Bien in spring is also attractive with the pure beauty of white orchid tree flowers blooming in the highland forests.

The inauguration of the route connecting Hanoi with Dien Bien is welcomed by Deputy Secretary of the provincial Party Committee and Chairman of the provincial People's Committee Le Thanh Do, leaders of provincial departments, local people and tourists. (Photo: Vietjet)

Vietjet's flight routes will also contribute to connecting Dien Bien and the Northwestern region with Hanoi and Ho Chi Minh City, the two major political, economic, and cultural centres not only in Vietnam but also in the region, further expanding with Vietjet's extensive flight network.

Book Vietjet tickets now to enjoy attractive promotions, happy journeys with smiles and delicious Vietnamese cuisines including Pho Thin, Banh mi, iced milk coffee, or international ones served by professional and dedicated cabin crews on the world’s leading modern aircraft of Vietjet./.