Enhancing mutual trust between China and Vietnam is in the common interests of the two countries, China’s top political advisor Jia Qinglin said Tuesday.
Originally posted here:
Enhancing China-Vietnam mutual trust in common interests of both: top political advisor
As an emerging economy, the regulatory landscape in Vietnam is dynamic, characterized by frequent changes in laws and regulations. Very often, the head office finance team is unsure whether the myriads of regulations in Vietnam are fully complied with, and is also troubled by the quality of financial and management reporting by their Vietnamese accountants.
Vietnam’s economic stance following the 1997 Asian Financial Crisis, East Asian recession has been a cautious one, emphasizing macroeconomic stability rather than growth. While the country has shifted toward a more market-oriented economy, the Vietnamese government still continues to hold a tight rein over major state sectors of the economy, such as the banking system, state-owned enterprises, and areas of foreign trade.
Vietnam’s government is rolling out the red carpet for foreign investment as Vietnam holds the role as chair of ASEAN in 2010. Vietnam has particular interest in cooperation in scientific research, education and training with the ASEAN community, achieving remarkable results in these areas in co-operation with Singapore and Thailand. However, Vietnam, like most developing countries, suffers from poor infrastructure and Vietnam needs to rely more on its internal economic strength and less on foreign investment to capitalize on its integration into ASEAN. If the country’s internal elements are not ready, the country will not be able to take full advantage of opportunities, creating even more challenges.
Education has always had a central role in Vietnam culture and society. It is seen as the avenue of advancement and families routinely sacrifice much to ensure their offspring get the required education. The government of Vietnam has for some time set the priority of education in terms of its budget. Currently, education occupies approximately 20% of all state budget expenditures and accounts for 5.5% of GDP (source: Department of Finance and Planning, MOET, 2008).
