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FDI sector now the main engine as other pillars crumple

20130913100035-enterpriseThe foreign direct investment (FDI) sector is now the key driver in the local economy while other pillars, notably the local private sector, the State-owned sector and agriculture are all crumpling, said a Fulbright economist.

The export revenue of the FDI sector in the January-August period posted 26% growth, exclusive of crude oil, compared to a mere 3.1% growth recorded by local enterprises. The total commodity and service retail revenue of the sector in the period grew 37.5% year on year, while State-owned enterprises saw a contraction of 6.7% and local enterprises a growth rate of 14.2% only. Read more

Government to disband several State Owned Enterprises (SOEs)

HANOI, Sep 6, 2012. Minister Chairman Vu Duc Dam of the Government Office said the Prime Minister had closely directed the arrest of Duong Chi Dung, former head of the Vietnam National Shipping Lines (Vinalines).

Speaking at the regular press conference of the Government on Wednesday, Dam said after Duong Chi Dung had taken flight, the police issued an international arrest warrant for him. Now, Dung has been captured.

The Prime Minister strictly directed this process under the spirit that all people are equal before the law, without any exception, Dam stated. The Prime Minister also sought to clarify whether there was any act of abetting in Dung’s getaway.

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Private sector touted as main economic driver, State-Owned Enterprises (SOEs) are inefficient

NA Deputy Nguyen Ngoc Hoa comments on the proposed comprehensive economic restructuring plan during a group discussion of NA deputies from HCMC at the ongoing session of the legislature in Hanoi – Photo: TTXVN

HANOI, May 26, 2012. The National Assembly (NA) Economic Committee wants to promote the role of the private sector as the main economic driver, while reducing the role of the State economic sector.

This is given in a report that the committee delivered to NA deputies on Thursday. The report, reflecting the opinions of scholars and economists at a recent economic conference in Central Vietnam, stressed that the private sector should be considered as the main driver or important driver for economic growth.

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