Business News

Vietnam's Ministry of Public Security is drafting the data law project to unify, synchronize and effectively use data for administration and social economic development, for digital government development and for administrative procedure reform.

Under a revised decree on business registration drafted by the MPI, open for comments, the MPI explains if a person carrying out business registration procedures uses his/her personal ID number, the procedures will be streamlined as he/she will not have to declare personal information again.

At a regular meeting held by the Government Office on July 6, the Ministry of Planning and Investment (MPI) reported that registered FDI in the first six months was valued at nearly $15.2 billion, up over 13 per cent on year. Newly registered FDI surpassed $9.5 billion, marking an increase of almost 47 per cent, while implemented FDI was approximately $10.8 billion, an 8.2 per cent rise.

The government allows direct power sales through two methods: private power lines and the national grid. For private power lines (bypassing EVN), renewable energy producers, including solar, wind, small hydro, biomass, geothermal, ocean wave, tidal, marine current, and rooftop solar systems, can participate. These projects are not restricted by capacity, but must possess or be exempt from an electricity operation licence.

Deputy Prime Minister Tran Hong Ha urged precise definitions of mixed-use office cum hotel (Officetel) and condominium cum hotel (Condotel) in the draft decree outlining certain provisions of the Law on Real Estate Business. In a recent live-streamed session chaired by Deputy Prime Minister Tran Hong Ha, stakeholders convened to deliberate on the aforementioned draft decree.

Total funding into Vietnam tech startups dropped 52.7 per cent to $46.5 million in the first half of 2024, compared with $98.5 million in the first half of 2023, according to a report by Tracxn, a leading global SaaS-based market intelligence platform.

The manufacturing and processing sector led the growth with an 8.7% increase, contributing 2.14 percentage points to the overall economic expansion. The electricity production and distribution sector experienced a significant 13% rise, adding 0.5 percentage point, while the water supply and waste management sector grew by 7%, contributing 0.04 percentage point. However, the mining sector contracted by 7%, driving down the overall growth by 0.24 percentage point.

In the first half of the year, foreign direct investment (FDI) reported an increase of 13.1 per cent, while FDI disbursement also surged by 8.2 per cent on year. According to the latest report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, the total registered FDI in the first half of the year was $15.2 billion, up 13.1 per cent.