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Vietnam Official Says FDI Licensing Needs Stricter Regulations

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Oct. 10 – An official from the Investment Promotion Center for Central Vietnam said that the government’s licensing process needs stricter regulations to prevent inefficient and environment polluting projects. The director of the Investment Promotion Center for Central Vietnam, Le Huu Quang Huy, told that he expects the country to attract US$62 billion worth of FDI this year. The latest slew of foreign investments to enter the country include the US$6 billion oil refinery project in the southern province of Ba Ria–Vung Tau and a US$9.8 billion steel project in central Ninh Thuan Province.

Vietnam’s Consumer Price Index Rises by 0.18%

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Sept. 23 – According to Vietnam’s General Statistics Office, the consumer price index for September rose by only 0.18 percent. It is the lowest monthly gain since the start of the year. The CPI increases registered in seven out of ten essential commodity groups, with cultural, sports and entertainment services having the highest price hike of 1.45 percent, along with educational services with 1.4 percent.

Vietnam to Allow Oil Importers to Set Prices

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Sept. 22 – The Vietnam government is now allowing oil product importers to set retail prices in an effort to move towards a market-oriented mechanism.

It will give oil product importers the flexibility to react with complicated market changes and should create a transparent business environment.

Vietnam is Asia’s second largest importer of petroleum products and prior to the new regulation, finance and trade ministries have been in charge of dictating the price for retail oil products in the country.

Can Western schools help with Vietnam’s HR problems?

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April 24 – Some of Vietnam’s hottest sectors – banking, finance, and hi-tech, are struggling to find enough talent capable to keep up with the economy’s runaway growth. Banks increase their capital, network, and number of branches at every opportunity. One mid-size bank wants to increase its staff of 3500 by more than 50 percent this year. A spate of new securities firms seeking to capitalize on recent stock regulations have sent demand for skilled financiers soaring. And Ho Chi Minh City’s Hi-Tech park needs more than 14,000 new workers by 2009. Despite increased salaries and attractive bonuses, the industry is still facing HR shortages, for the simple reason that there just aren’t enough Vietnamese with the right skills.

Vietnam exerts pressure on delayed power projects

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April 14 – Two delayed major utility projects set to augment the country’s chronic blackouts have been given a May 1 deadline by Deputy Prime Minister Hoang Trung Hai. The Nhon Trach 1 and Ca Mau 2 gas-fueled projects remain unfinished and are three to eight months behind. The 450-megawatt Nhon Trach 1 and 750-megawatt Ca Mau 2 projects are expected to supply power when the dry season starts from November to June. According to , Hai said that should there be any more delays, the leaders of state-owned companies involved in the projects will be investigated. He added that work on other delayed power projects should also be sped up.

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