D economic growth and innovation

The highlight of 2020 was that Vietnam achieved and exceeded 10 out of the 12 main targets assigned by the National Assembly, up two targets compared to the estimate, including the targets on the growth rate of total export revenue and on the unemployment rate in urban areas. This is an encouraging economic result amid the “COVID-19 period” because the pandemic caused dramatic declines on consumption worldwide, pushing production and export activities to stagnation and raising unemployment rate. In addition, the implementation of four other goals has better performance than the estimates reported to the National Assembly, including the growth rate of gross domestic product (GDP), the average growth rate of consumer price index (CPI), trade surplus, and the percentage of population participating in health insurance. Basically, the growth quality of the economy has been improved with less dependence on natural resource exploitation, raw exports, and cheap labour while gradually shifting to rely on application of science, technology and innovation, and the processing and manufacturing industry. It can be said that Vietnam's economy had a year of brave growth in both quantity and quality, which were not only kept stable but also growing. This result has added a highlight to the economic picture of Vietnam in such a difficult year while reinforcing the confidence of the whole society in the Government's policy and governance in the context unpredictable developments of the COVID-19 pandemic. However, with GDP growth rate of 2.91% in 2020, Vietnam's economy had the lowest growth year in the past ten years and failed to meet the target set for the 2016 – 2020 period. This is a big challenge in the starting year of the implementation of the 5-year socio-economic development plan in the 2021 - 2025 period and the ten-year strategy in the 2021 – 2030 period. To continue with another year of brave growth, right from the beginning of 2021, the entire political …

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The Hanoitimes - Vietnam wants to be an active player in the Industrial Revolution 4.0 (IR4.0) and hopes South Korean companies to develop I4.0 products in Vietnam, said Deputy Prime Minister Trinh Dinh Dung. Vietnam considers the South Korean business community a strategic partner for economic restructuring and innovation towards greater growth quality and national competitiveness, according to Deputy Prime Minister Trinh Dinh Dung. Deputy Prime Minister Trinh Dinh Dung (r) and Joo Hyung-chul (l), chair of the Special Committee for South Korea’s New Southern Policy. Source: VGP The future of the Vietnam – South Korea relations relies on vision, self-motivation and dynamism of two countries’ enterprises, Dung said at the Vietnam – South Korea business summit held on November 9 at the Chu Lai Economic Zone in the central province of Quang Nam. The event was jointly chaired by Dung and Joo Hyung-chul, chair of the Special Committee for South Korea’s New Southern Policy, along with the attendance of over 250 major South Korean companies and Vietnamese peers. Dung said the Vietnam – South Korea relationship is at its peak, thanks to the friendship and joint efforts from the two governments and citizens from each country. South Korea remains Vietnam’s top investors with 8,190 projects with combined registered capital of US$65.7 billion, making significant contributions to Vietnam’s core economic sectors such as electronics, energy, automobile, construction, services, among others. Additionally, South Korea is also one of Vietnam’s major trade partners with bilateral trade turnover of US$65.8 billion in 2018, and US$44 billion in the first eight months of 2019. “Vietnam welcomes South Korea’s New Southern Policy with a focus on the people and peace that promotes prosperity, in which Vietnam is considered a key partner,” Dung said. In the context of the Fourth Industrial Revolution, Vietnam is transforming itself into a digital …

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Export value skyrockets over Lunar New Year Vietnam's export turnover during this Lunar New Year saw breakthrough growth, occupying nearly half of the total export-import turnover. The latest data published by the General Department of Vietnam Customs showed that export volume over the seven days (February 10-16) of the Lunar New Year holiday reached $730 million, rising 79 per cent on-year and accounting for about 44 per cent of the $1.67 billion export-import turnover. The main export articles include mobile devices and components valued at $332 million; computer and electronic products worth $251 million. The two categories accounted for 80 per cent of the total export value. This Lunar New Year saw exports going to 80 markets, seven more than last year. China continues to be the leading export market with a value of $189 million (26 per cent). Following are the US ($152 million), South Korea ($67 million), and Hong Kong ($57 million). According to statistics from the General Department of Vietnam Customs, there were 960 import-export businesses, up 59 per cent on-year. Nevertheless, importers still outnumbered exporters with an import turnover of $940 million, up 37 per cent on-year. Thus, from early this year to February 16, the total export-import turnover reached $74.51 billion, up 31 per cent on-year. Of this, exports hit $38.57 billion, up 36 per cent on-year while imports reached $35.94 billion, up 26 per cent, resulting in a trade surplus of $2.63 billion. Drug market forecast to grow by 15 per cent in 2021 The pharmaceutical industry grew by just 2.8 per cent last year, much lower than its average 11.8 per cent growth in the last five years. It is expected to recover and grow by 15 per cent this year, mainly due to a rapidly ageing population and increasing incomes, analysts at SSI Securities Corporation said. Last year there was a short supply of active pharmaceutical ingredients from China and India due to social distancing and …

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