Business News

The global landscape for 2022 was volatile and uncertain, weighed down by slowing growth and falling demand, persistent inflationary pressures and more aggressive monetary tightening, as well as heightened geopolitical tensions. This continues to be a double risk to global macroeconomic performance in 2023, as well as to Vietnam as a highly open economy.

Minister of Finance Ho Duc Phoc, deputy head of the National Steering Committee for Prevention of Smuggling, Counterfeit Goods and Trade Fraud (National Steering Committee 389), has signed a decision setting up an interdisciplinary team for combating the smuggling of goods by air.

The current laws and regulations stated that only corrupt assets can be confiscated, so during legal procedures, the authorised agencies will need to prove that the assets in question are indeed illegally obtained, Bình noted, and the asset recovery rate can be improved once the authorities’ capabilities in proving the assets’ legal/illegal nature are enhanced.

During the week of March 13, 36 businesses investing in wind energy and transitional solar power – projects that failed to reach commercial viability on schedule to receive set discounted rates for 20 years – submitted a proposal to Prime Minister Pham Minh Chinh to improve the power generation pricing structure.

Viet Nam’s GDP growth is expected to grow by 6.3 percent in 2023, the World Bank (WB) said in its taking stock report themed “Harnessing the potential of the service sector for growth” released on March 13.

As growing risks in the global market are posing challenges for Vietnam to maintain its growth prospects at a high level and realise its big export target this year, the government has requested new measures to bring the situation under control.

The country’s Power Development Plan VIII is now roughly three years behind schedule and way off the prime minister’s demand that “preparation must be one step ahead” because of disparities in solar power statistics.

Experts discussed the implementation of policies and laws on energy development in the 2016-21 period at a conference co-organised by the Việt Nam Union of Science and Technology Associations (VUSTA) and the National Assembly (NA)'s Committee on Science, Technology and Environment (CSTE) in Hà Nội on Monday.