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30 BANKING & FINANCE 44 PROPERTY

WRONGDOINGS FOUND IN VALUATION SERVICES DEVELOPING URBAN ECONOMIES
In April, the Ministry of Finance suspended the provision of valuation TOWARDS SUSTAINABILITY
services by nearly 30 businesses and revoked certificates of eligibility for
providing such services belonging to five enterprises. Under Resolution No. 06-NQ/TW, dated
Crime in valuations has reached an alarming level. January 24, 2022, from the Politburo on
According to analysts, existing regulations on planning, building, managing and ensuring
granting certificates of eligibility are too “open”, sustainable urban development in Vietnam to
making the establishment and licensing of 2020 and vision to 2045, the urbanization process
such businesses overly easy. The application of has exhibited many limitations. The Resolution
new regulations in Decree No. 12 has also sets out groups of tasks and solutions to
contributed and will contribute to tightening promote the urbanization process in both
State management over valuation activities. quantity and quality, including perfecting
institutions; facilitating the urbanization process
36 DIGITAL BIZ and improving the quality of urban planning to
meet requirements in the construction and
CAPITAL WAITING TO BE POURED INTO management of sustainable urban development;
focusing on building and developing a sustainable
VIETNAMESE BLOCKCHAIN PROJECTS national urban system; promoting housing
development and synchronous and modern
The Vietnam Blockchain Conference heard that $25 billion in capital urban infrastructure systems; building and
was poured into the global blockchain market in 2021, an increase of perfecting the urban government model;
nearly 700 per cent compared to 2020. NFTs (Non-Fungible Tokens) boosting economic development in urban areas;
recorded an increase of 13,000 per cent, from $37 million in 2020 to renovating financial mechanisms and policies;
$4.8 billion in 2021. In the midst of a global blockchain boom in general and investing in urban development.
and with the NFT segment recording record growth, Vietnam has
emerged as a phenomenon in the world of blockchain. On a global scale,
investment funds grew the most during 2020-2021 when the market
was growing, and funds that have been in operation since 2018-2019
have enjoyed huge profits. Investment funds in Vietnam grew rapidly
and raised a lot of capital into local projects.

40 INVESTMENT - INFRASTRUCTURE

IMPROVING THE INVESTMENT ENVIRONMENT
TO CONTINUE ATTRACTING FDI 52 BUSINESS

Foreign-invested enterprises appreciate the positive improvements DOOR OPEN, BUT TRAVEL
seen in Vietnam’s investment environment, such as an easing of the
burden from inspections and examinations and changes in STRUGGLING WITH PROCEDURES
administrative procedure reform, according to the Provincial
Competitiveness Index Report 2021 (PCI 2021) from the Vietnam Disbursement of public investment this year is
Chamber of Commerce and Industry (VCCI). They also face problems estimated at over VND700 trillion ($30.4 billion),
with costs in applying the government’s pandemic prevention and an increase of about VND200 trillion ($8.7
control regulations, however, and well as with informal costs and low billion) compared to previous years. Therefore,
workforce quality. Vietnam must make continued efforts to reform its Standing Deputy Prime Minister Pham Binh
business investment environment. Minh asked nine ministries and sectors posting
slow disbursement to focus on addressing
obstacles. The Prime Minister also signed
Decision No. 548 on the establishment of six
working groups to inspect and remove difficulties
and accelerate disbursement this year. Agencies
have sought permission from the Prime Minister
to extend the investment plan for the central
budget in 2021 and 2022, and requested that the
Ministry of Construction consider and submit to
the government plans and solutions to remove
difficulties facing construction contractors hit by
high construction material prices.

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