Vietnam’s state oil and gas group Petrovietnam will select partners by the year-end for the nation’s third oil refinery, the Long Son plant, its chairman has said
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Vietnam to select partners for third refinery
In 2009, the economy contracted about 2.8%. The Thai government is focusing on financing domestic infrastructure projects and stimulus programs to revive the economy, as external trade is still recovering and persistent internal political tension and investment disputes threaten to damage the investment climate.
The July 13, 2000, signing of the Bilateral Trade Agreement (BTA) between the USA and Vietnam was a significant milestone for Vietnam’s economy. The BTA provided for Normal Trade Relations (NTR) status of Vietnamese goods in the U.S. market. Access to the U.S. market is expected to allow Vietnam to hasten its transformation into a manufacturing-based, export-oriented economy. It would also concomitantly attract foreign investment to Vietnam, not only from the U.S., but also from Europe, Asia, and other regions.
Vietnam’s GDP growth in 2009 outpaced regional economies with the exception of China and India. The country achieved 6.9 percent growth in the fourth quarter, bringing the overall growth rate to 5.32 percent for 2009. Vietnam is expected to have a high growth rate in 2010 as well at 7 percent, reported Vietnam News. As this rate shows, Vietnam continues to be one of the fastest growing economies in the region.
Education and the system of higher learning and technical schools is very important to business as it provides the trained workers and also a system to transfer skills and train new employees needed in a modern business society. In Vietnam, the economy in recent years has had a remarkable performance. GDP growth increased 8.5% in 2006, 8.2% in 2007 and 8.5% in 2009. In 2009, according to the Asia Development Bank (ADB) in their latest late September, 2009 revision the bank predicted that growth would be 4.7% for all 2009. Growth in 2010 is projected at 6.5 percent according to the same source. Future growth is highly dependent on a high quality workforce who are better skilled and trained in modern education and with better quality language skills.
