Vietnamese PM urges ministries to study China's nighttime economy policy
The Chinese government has implemented policies to spur nighttime economy, including directly subsidizing the service and business activities from 8.pm to 6.am the following morning.
Vietnam’s Prime Minister Nguyen Xuan Phuc has requested relevant ministries and localities including the Ministries of Planning and Investment, Finance, and Industry and Trade, central provincial and municipal People’s Committees to study the Chinese policy on promoting the night economy, VnExpress reported.
Accordingly, the Chinese government has implemented policies to spur its nighttime economy, including directly subsidizing the service and business activities from 8.pm to 6.am the following morning. The move of the Chinese government aims to reverse the ongoing economic downturn due to the escalating trade war with the US.
The first places to be subsidized to promote night economy are 10 streets with late-night catering, 16 night markets and 24/7 convenient stores in Beijing. Night stores and restaurants in the city operating from 8.pm to 6.am the following morning will receive around US$70,000 from the government while other commercial establishments working through at least 12 hours will be financed US$700,000, Zing News reported.
Besides, other public transportation services are also asked to work sleeplessly including the electric railway system downtown, which will see its frequency and operating time increased. From May to October in Beijing annually, public transportation expands their operational time to around one and a half hours on Friday and Saturday, especially some routes running through bustling streets at night.
To make the night economy safe, Beijing has installed more surveillance cameras and tightened security at some trade centers. Online ride-hailing services also integrate some applications and hotlines for receiving visitors’ alerts at night.
Besides Beijing, a series of big cities in China namely Shanghai, Tianjin and Nanjing, among others, have also implemented various measures to spur the night economy through cash subsidies over the past two years.
Shanghai at night. Illustrative photo.
|
The first places to be subsidized to promote night economy are 10 streets with late-night catering, 16 night markets and 24/7 convenient stores in Beijing. Night stores and restaurants in the city operating from 8.pm to 6.am the following morning will receive around US$70,000 from the government while other commercial establishments working through at least 12 hours will be financed US$700,000, Zing News reported.
Besides, other public transportation services are also asked to work sleeplessly including the electric railway system downtown, which will see its frequency and operating time increased. From May to October in Beijing annually, public transportation expands their operational time to around one and a half hours on Friday and Saturday, especially some routes running through bustling streets at night.
To make the night economy safe, Beijing has installed more surveillance cameras and tightened security at some trade centers. Online ride-hailing services also integrate some applications and hotlines for receiving visitors’ alerts at night.
Besides Beijing, a series of big cities in China namely Shanghai, Tianjin and Nanjing, among others, have also implemented various measures to spur the night economy through cash subsidies over the past two years.
16:32, 2024/04/04
Vietnam among top investment destinations for SEA investors
The top three neighboring countries whose companies are eager to expand their operations in Vietnam are Thailand (66%), Malaysia (58%), and Indonesia (55%).
15:21, 2024/03/08
Vietnam looks to support FDI firms as global minimum tax looms
The move is aimed at attracting foreign capital from future investors and protecting existing businesses.
19:45, 2024/03/06
Factors unlocking Vietnam’s potential in FDI attraction: HSBC
The strategy to attract more FDI should begin with understanding and assessing the competitive landscape between Vietnam and other Southeast Asian countries.
15:17, 2024/03/04
Opportunity at hand: Leveraging global minimum tax for FDI attraction
2024 is a pivotal year, opening up new opportunities for Vietnam to attract high-quality foreign investment.
13:36, 2024/02/21
Intel boosts Vietnam’s semiconductor workforce for ambitious goals
Kim Huat Ooi, Vice President of Manufacturing, Supply Chain and Operations and General Manager of Intel Products Vietnam, spoke to The Hanoi Times about Vietnam's semiconductor ambitions and Intel's contribution to making the country a global manufacturing and R&D hub.
12:44, 2024/01/19
Vietnam: Leading destination for sustainable investment
Vietnam promised to balance the interests of the government, the general public, and businesses while sharing risks to ensure the legitimate rights of investors.
- Vietnam targets to draw investment in hi-tech industries: Prime Minister
- Vietnam could see strong US investment following upgraded bilateral status: HSBC
- High value investment takes Vietnam to the next level of qualitative growth: HSBC
- The significance of Vietnam for US businesses and why they should take notice: Standard Chartered
- Vietnam well positioned as FDI destination: Experts
- Vietnam a focus of intra-Asian investors: HSBC