Vietnamese and Japanese firms receive support to expand operations The Japan Trade Promotion Organisation (JETRO) will host an online scheme on March 3 in Hanoi aimed at connecting Japanese businesses in the field of manufacturing and production, known as Monozukuri in Japanese term to facilitate co-operation amid the negative impacts caused the COVID-19 pandemic. According to a representative from the JETRO, the business matching programme will see the participation of 40 Japanese companies for the purpose of accelerating the development of the country’s supporting industry. At present, the scheme has received registration for 50 negotiations from enterprises from Japan, Vietnam, and Taiwan (China), whilst it is still receiving registration from businesses wishing to purchase and seek Japanese suppliers in the Monozukuri field until March 1. A recent survey conducted by the JETRO unveiled that Japanese businesses remain keen on the Vietnamese market as the country is viewed as an alternative investment destinations for Japanese enterprises looking to move away from China due to the COVID-19 pandemic. The survey indicates that approximately half of Japanese enterprises in the nation plan to expand their production activities, while roughly 70% of them seek opportunities to increase revenue in the local market. Most notably, 46.8% of Japanese enterprises unveiled that they have initiated plans to expand their business in the nation over the course of the next two years, with the expansion rate ranking fourth, the highest in the Asia-Pacific region. Japanese enterprises have therefore attributed their expansion to an increase in revenue in the domestic market and high growth potential. Furthermore, Japanese firms are also considering re-establishing some supply chains which have been impacted by the COVID-19 pandemic, with Vietnam able to capture the attention of suppliers and buyers of materials globally. VN-Index finishes lower as …
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VIETNAM NEWS HEADLINES MARCH 4
HCM City: early start proposed for over VND4.8 trillion traffic project Traffic congestion on Cong Hoa road The Ho Chi Minh City management board for traffic works construction and investment has urged early completion of paperwork for construction on a road linking Tran Quoc Hoan and Cong Hoa roads to begin in December. Costing more than 4.84 trillion VND (211.2 million USD), the project is slated to complete in July 2023, in conjunction with the completion of the Tan Son Nhat international airport’s Terminal 3 The project, approved in December 2019, includes the building of a six-lane 4km road, an intersection tunnel, and a 1,200m overpass in front of the Terminal 3. Apart from the project, the city also conducting procedures to implement the expansion of Hoang Hoa Tham road and upgrading of Cong Hoa road around the Tan Son Nhat airport. The construction of both projects was initially set to begin in 2020 but it was delayed due to problems in site clearance./. No COVID-19 infections logged on March 4 morning Vietnam documented no COVID-19 cases in the past 12 hours to 6:00 am on March 4, keeping the national tally unchanged at 2,482 patients with 1,566 domestically-transmitted cases, according to the National Steering Committee for COVID-19 Prevention and Control. The country has 51,572 people who came in close contact with COVID-19 patients or arrived from pandemic-hit areas under quarantine nationwide, including 533 at hospitals, 13,776 at other quarantine sites, and 37,263 at home. Among the patients under treatment, 66 have tested negative for SARS-CoV-2 once, 37 twice, and 113 thrice. The Treatment Sub-committee said that 1,898 patients have been declared clear of the coronavirus so far. In a bid to live safely with the pandemic, people should strictly follow the Ministry of Health’s 5K message: khau trang (facemask), khu khuan (disinfection), khoang cach (distance), khong tu tap (no gathering) and khai bao y te (health …
Vietnam banks pledge to support business sectors hit by nCoV
The Hanoitimes - The central bank is willing to support liquidity for credit institutions, if needed, as they start providing financial support for the economy. Representatives of banks in Vietnam said they are committed to supporting enterprises and customers hurt by the new coronavirus (nCoV) outbreak, by lowering interest rates and restructuring debt maturities, among other measures, the governmental portal reported. Overview of the meeting. Source: VGP. The move was in response to a proposal by the State Bank of Vietnam (SBV), the country’s central bank, in a meeting on February 6 discussing measures to support the economy hit by the epidemic. Vice Governor of the SBV Dao Minh Tu said the bank is willing to support liquidity for commercial banks if needed, while lenders should be proactive in offering respective supporting programs to enterprises and individuals, particularly those operating in the fields of tourism, agriculture and trade. Pham Toan Vuong, vice general director of Agribank, said Agribank is evaluating the extent of damage on its customers, both direct and indirect. The lender has hundreds of millions of US dollars available to provide loans with preferential interest rates for enterprises. Vietcombank’s CEO Pham Quang Dung said it is estimated that over 50% of Vietnamese goods and products are affected by the outbreak, including 15% with major impacts if the epidemic persists in long period. However, as current regulations only provide guidance for debt restructuring in the agricultural sector, banks need more specific instructions from the SBV to deal with enterprises in other sectors. Regarding this issue, SBV’s Vice Governor Tu said the SBV would address this issue within two weeks. Right time to promote cashless payment SBV Vice Governor Tu urged the people should refrain from using cash to prevent the spread of the outbreak and shift to online banking services. Vice General Director of SHB Ninh …
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