Economy

At the launch ceremony At the launch ceremony, Vice Chairman of Thu Duc City People's Committee Nguyen Ky Phung emphasized that Thu Duc City was established with great expectations of Ho Chi Minh City's leaders. The city was chosen to develop into a creative nucleus, becoming a leading economic sector and center of economy and innovative technologies. The city will gradually be developed into an innovative and highly interactive urban area of Ho Chi Minh City. During the complicated development of the Covid-19 epidemic, the IOC of Thu Duc City has supported the leaders of Thu Duc City in directing disease prevention and control on the basis of data analysis through the GIS application for disease management, spatial analysis, and reports about statistics. However, after its establishment, Thu Duc City has had a fragmented data situation, sporadic connection and consistency. Thu Duc City authority expected to build an unified data system that can be linked with industries to …

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Passenger buses at Giáp Bát station in Hà Nội. The transport companies are planning to operate at their maximum capacity to compensate for the sales lost in the last three months. — VNA/VNS Photo Hoàng Hiếu By Mai Hương HÀ NỘI — As the COVID-19 pandemic has seriously impacted the implementation of Việt Nam’s economic development plans, the National Assembly (NA) and Government have been proactively and urgently deploying stimulus packages to quickly restore the economy and leverage growth. The latest Resolution 406/NQ-UBTVQH15, issued by the National Assembly on October 19, is regarded as a correct and timely policy, and was well received by enterprises. The Resolution offers support for enterprises and individuals affected by COVID-19 through tax reductions with a total value of up to VNĐ21.3 trillion (US$926 million). The beneficiaries will enjoy direct tax reductions which is considered more practical than the extension of tax payments in previous support packages. …

[Read more...] about New financial support package to create new momentum for business recovery

Foreign remittances to HCM City in the first nine months of the year increased by 22 per cent. – Photo vietnamplus.vn HCM CITY – Foreign remittances to HCM City in the first nine months of the year were worth US$5.1 billion, a 22 per cent increase year-on-year. Nguyễn Hoàng Minh, deputy director of the State Bank of Việt Nam’s HCM City branch, said the growth rate is impressive considering the impact of COVID-19 on the global economy. Overseas Vietnamese have faced difficulties travelling abroad or back to Việt Nam for the past two years due to the pandemic, and so “they might be having more savings than before,” he suggested. Most of the remittances was money sent back by overseas Vietnamese to their families to help them get through the pandemic or to invest in business activities, he said. The main sources remained the US, Australia, Canada, and Europe, he said. Total remittances this year could increase by 12 per cent from last year’s $6.1 billion, he said. …

[Read more...] about HCM City remittances up 22% to $5.1b

Workers in a seafood factory in southern Bình Dương Province. The EU is among the largest export markets for Vietnamese seafood. — VNA/VNS Photo HÀ NỘI — Foreign direct investment (FDI) is to continue flowing into Việt Nam from Europe in the medium to long-term thanks to the EU-Việt Nam Investment Protection Agreement (EVIPA), which was ratified in August last year, experts said. A year later, two-way trade and investment have seen significant progress. Việt Nam-EU trade has increased by 11.9 per cent year-on-year to reach US$54.6 billion. By the end of September this year, EU members were running 2,242 projects in the Southeast Asian country with a total investment registered of $22.2 billion, 5.58 per cent of all foreign investment in Việt Nam. The agreement, which focuses on the liberalisation of non-direct investments and the procedure for settling disputes between investors and the State, replaced the 20 previous bilateral investment agreements between Việt Nam and 21 …

[Read more...] about EVIPA ensures FDI flow in medium to long term

Waste of agricultural by-products Nguyen Thi Thien, Director of the Thai Hung Thinh Joint Stock Company, said her company has a farm in Binh Phuoc Province, part of which is raising 500 pigs per batch using biological products for waste treatment. Over the past five years, the farm has never experienced pig epidemics and related environmental pollution, Thien said. According to her, durian skins can be processed into activated carbon and wood vinegar for use in agricultural production, and farms can use coconut tree-based products and intercrop coconut with shrimp farming to increase income. According to data from the Ministry of Agriculture and Rural Development’s Department of Livestock Production, the amounts of post-harvest agricultural by-products are large: 42.8 million tonnes of rice straw, 10 million tonnes of corn stalks, 3.6 million tonnes of vegetables and fruits, 3.1 million tonnes of cassava stalks, 3.1 million tonnes of cashews, and 6.1 million tonnes of other …

[Read more...] about Appropriate policies needed to boost agricultural by-product efficiency

Economic experts say that for over 30 years of development, Vietnam has not yet built a strong team of private enterprises which play the role of a "launch pad" for the country's economic development. The report on "Strengthening the private sector’s capacity in the new period" published recently by the Central Institute for Economic Management (CIEM) shows an increasing number of private enterprises in the list of the top 500 largest enterprises in Vietnam in the past five years. Six private corporations are included in the list of large groups in Asia and the world. In addition, the private sector contributes up to 40% of the country’s GDP and creates millions of jobs. It has an increasingly important position of in the Vietnamese economy. In 2015-2020, the number of newly established private enterprises increased steadily every year, from about 70,000/year on average in the period of 2006-2014, to 120,000 in the period of 2015-2020. In 2011, there were about …

[Read more...] about Private sector: the driving force for recovery and breakthrough

People exercise on Hiền Vương Street in HCM City’s Tân Phú District on Sunday as the city gradually lifts COVID restrictions. It is designated level 2 or at medium risk in the four levels in the pandemic scale. VNS Photo Gia Lộc HCM CITY — HCM City has been assessed as being at level 2, or medium risk of pandemic, in the four levels of risk under the Government’s Resolution 128. The four are low risk (new normal) or green, medium risk or yellow, high risk or orange, and very high risk or red. Tăng Chí Thượng, head of the Department of Health, told Sài Gòn Giải Phóng (Liberated Sài Gòn) newspaper that since it is at level 2, the city would continue to relax restrictions. Thủ Đức City and the eight districts of Gò Vấp, Tân Bình, 1, 7, 8, 10, Cần Giờ, and Củ Chi are at level 1. Districts 3, 4, 5, 6, 11, 12, Phú Nhuận, Bình Thạnh, Tân Phú, Hóc Môn, Nhà Bè, and Bình Chính are at the level 2. Bình Tân is at level 3. The results of the weekly …

[Read more...] about HCM City relaxes further restrictions when at the level 2- medium pandemic risk

Just under 4,000 new COVID-19 cases on Friday Awareness is key to keeping safe in Hà Nội in the new normal: experts 3,034 new COVID-19 cases in Việt Nam on Tuesday Hà Nội to open COVID-19 vaccination registration for children from age 3 Workers receive free COVID-19 rapid tests A hair salon in Hà Nội's Đống Đa District was locked down after new community COVID-19 infections were detected there last weekend. —VNA/VNS Photo HÀ NỘI — A senior medical expert has warned that even though social distancing regulations have been greatly eased in Hà Nội, the capital city is still at risk of further COVID-19 outbreaks. Trần Đắc Phu, senior expert of the Việt Nam Public Health Emergency Operation Centre, said the chances of further clusters emerging are increased as more migrant workers and students return to the city. Phu, a former head of the General Department of Preventive Medicine, said that as the COVID-19 vaccination rate in other localities was still …

[Read more...] about Hà Nội still faces high risks of COVID-19 outbreaks: expert

The loan is in line with the “Initiatives on overseas loans and investment for ASEAN announced by the Government of Japan in 2019 and is implemented by utilizing the “Facility for Accelerating Finance Inclusion in Asia: FAIA.” Small and medium enterprises (SMEs) account for 98.7 percent of the total number of enterprises in Vietnam, 45 percent of the country's gross domestic product and attract 63 percent of employment. However, their access to finance is limited, especially, access to finance is a big hindrance for women-led SMEs. In accordance with the initiative of the "2X Challenge: Financing for Women" launched by financial institutions of the G7 countries, JICA provides more than 30 percent of the total loan amount for women-owned enterprises through VP Bank. The loan will contribute to Vietnam's sustainable economic growth and sustainable development goals on gender equality, building resilient infrastructure, and fostering a global partnership for sustainable development. …

[Read more...] about JICA partners VP Bank in promoting financial access for women-led SMEs in Vietnam

The number of cooperatives in Vietnam is 30 times higher than in Japan and 18 times than in Germany, but most of them are small scale and weak. A report reviewing the 20-year implementation of Resolution 13 on reforming and developing the collective economic sector and the 10-year implementation of the 2012 Law on Cooperatives showed that the number of agriculture cooperatives has increased to 18,000 and unions of agriculture cooperatives to 79. Vietnam has 800 cooperatives more every year in recent years. In 2017-2021, the number of cooperatives soared by three times compared with previous years. It’s expected that the country will have 3.23 million cooperative members, or 176 members in each cooperative. In 2020, the average revenue of one cooperative was VND2.44 billion, or 5.64 times higher than in 2001, while the average income of regularly workers was VND40.5 million, or 9.1 times higher than in 2001. According to Vietnam Farmer’s Union, Vietnam’s cooperatives are …

[Read more...] about Vietnam has thousands of cooperatives but many are ‘small scale and weak’