Vietnam should develop service industry to attract more investors

Vietnam should further develop its service industry, especially hi-tech ones to attract more foreign investors, said Deputy General Director of KPMG in Vietnam Nguyen Cong Ai. Foreign investors are very interested in the sector because it generates high profits and trains professional human resources, he said. Despite getting many preferences such tax incentives, cheap and abundant labor costs, many foreign firms hesitate to invest in the country due to the national limited capacity in providing services, he added. The Southeast Asian country needs focus on improving infrastructure and logistic system which are considered bottlenecks hindering foreign investments, Ai highlighted. Vietnam licensed 720 foreign-invested projects totaling $11.4 billion and allowed 153 existing projects to add their capital by $783 million in the first nine months of this year. Foreign investors disbursed $8 billion in the country during the period. This year, the Southeast Asian country expects to attract $25 billion and disburse $11 billion in foreign direct investment this year up 16.38% and 10% on-year respectively. (Investment)

Source: http://vietnambusiness.asia/vietnam-should-develop-service-industry-toattract-more-investors/ Oct 7 2010

Vietnam retails and services likely to reach vnd2,445 tln in 2012: moit
Vietnam is forecast to collect a total of VND2,445 trillion ($116.23 billion) from retails and services in 2012, making a rise of 22-23% from 2011, the Ministry of Industry and Trade (MoIT) said. In 2011, the countrys total retails and service revenues were estimated to reach VND2,004.36 trillion, up 24.2% from 2010. In 2012, MoIT will foucus on building distribution and production system for essential goods, developing the modern distribution system including hypermarkets, trade centers and stores in big cities. MoIT also push the promotion programs to expand domestic market, especially in the mountainous and rural areas. In 2012, the Government will give top priorities to prevent smuggles and fake goods to protect consumers right and continue boosting the promoting program named Vietnamese Choose Madein-Vietnam Goods, the MoIT added.

Source: http://vietnambusiness.asia/vietnam-retails-and-services-likely-to-reachvnd2445tln-in-2012-moit/

Vietnam capital gdp growth rises by 10.1%: statistics office

Gross Domestic Product (GDP) growth of Hanoi, the capital of Vietnam is estimated to have increased 10.1% in 2011, lower than the target of 12%, the citys General Statistics Office (GSO) said. The service sector records the highest rise level with VND41.38 trillion, up 10.8% . Industry- construction sector posts +10.2% growth and agriculture, forestry, fishery sector reports +4.4% increase. The service sector has made a high growth due to basic salary increase, the governments effective measures to curb inflation lead to consumption price fall, effective encouragements to promote the public shopping that helps to increase the retails in the area, said Cong Xuan Mui, general director of Hanois GSO said,adding that agriculture, forestry and fishery sector also show a positive result due to the good weather, good seeds and seedlings lead to high capacity.

Source: http://vietnambusiness.asia/vietnam-capital-gdp-growth-rises-by-10-1statistics-office/