Economy

Foreign invested enterprises (FIEs) have suggested a strategy on controlling the pandemic in every area so as to safely restore production and business activities. A number of associations of enterprises, including AmCham Vietnam, the US-ASEAN Business Council, EuroCham and KoCham have made proposals related to the PM. They believe Vietnam needs to act promptly to maintain its competitiveness in the region and the globe, while avoiding lagging behind in economic recovery. The enterprises said they want to join forces with the PM, Government and localities’ leaders, especially HCMC, the southern economic zone and Da Nang, to reopen the economy in a safe way and establish the new normal status. They need to know clearly the roadmap for the reopening of the economy. Some surveys conducted by the associations found that 20 percent of their members have relocated some production activities to other countries. Believing that Vietnam is missing investment opportunities, the …

[Read more...] about Foreign-invested enterprises urge prompt action to prevent recession

Since August, Vietnam’s export sector has started to feel the devastating effects of the pandemic and strict social distancing measures in many localities nationwide plus the disruption of supply chains and production. According to a report by the Ministry of Industry and Trade (MIT), Vietnam’s export sales in August 2021 were estimated at US$26.2 billion, a decline of 6% from July. Of this, the domestic sector gained US$6.94 billion, down by 9.7% from the previous month, while the foreign investment sector—including crude oil—reached US$19.26 billion, down by 4.5%. Compared with the same period of last year, August export value fell by 5.4%, of which the domestic sector saw a drop of 13.9% and the foreign investment sector, including crude oil, suffered a slight decline of 1.9%. During the Jan. – Aug. period, goods export sales reached US$212.55 billion, a rise of 21.2% year on year. Also in August, the annualized revenues of the three key export groups all dropped, of …

[Read more...] about Export begins suffering from Covid-19

About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new... Some 58 per cent of global respondents predict that they will completely cease to exist in the next five to ten years unless they change their business models. — Photo bnews.vn About 67 per cent of surveyed banks believe they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus). The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future. The results illustrate the urgent need for banks to modernise their offerings, with 58 per cent of global respondents predicting they will completely cease to exist in the next five to ten years unless they change …

[Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 19

Workers at the seafood processing area of APT company in HCM City. The HCM City Export Processing Zones and Industrial Parks Authority has approved a pilot programme to allow enterprises in EZs and IPs in District 7 and Củ Chi District, where the outbreak is under control, to resume operation. VNA/VNS Photo Xuân Anh HCM CITY — The Management Board of HCM City Export Processing Zones and Industrial Parks Authority (HEPZA) has approved a pilot programme to allow enterprises in export processing zones and industrial parks in District 7 and Củ Chi District, considered ‘safe’ districts, to resume operation beginning Monday. Enterprises must ensure pandemic prevention measures according to the guidelines of the Health Ministry, as well as meet the set of criteria for safe production. The number of employees must not exceed 50 per cent of the enterprises’ total number. Enterprises must ensure that only employees granted Covid “green cards” are allowed to work. The employees must reside …

[Read more...] about Enterprises in industrial parks in two ‘safe districts’ in HCM City resume operation with half staff

News of reopening economic activities in HCMC boosted investor sentiment in the morning and pushed the index up 13 points in the early afternoon, though selling pressure quickly pulled it down to close with a two-point drop. Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 5 percent to VND24.53 trillion ($1.08 billion). Foreign investors ended a chain of 16 net selling sessions with a VND56 billion net buy. Their top purchases were VIC of biggest private conglomerate Vingroup, and NVL of real estate developer Novaland Group. The VN30 basket, comprising the 30 largest capped stocks, saw 15 tickers in the red, led by GAS of state-owned Petrovietnam Gas with a 3.4 percent drop. The ticker pulled VN-Index down by 1.6 points. GVR of Vietnam Rubber Group fell 3 percent. MSN of conglomerate Masan Group lost for the second session after a four-session gain, shedding 2.1 percent. Other losers included SAB of brewer Sabeco and TPB of …

[Read more...] about VN-Index slips after three green sessions

Illustrative image (Photo: Reuters) Bangkok (VNA) - The Thai Customs Department is preparing to reduce import duty on alcoholic beverages and cigars by 50 percent for five years in line with the government's economic stimulus and investment promotion package. The cuts are in accordance with the September 14 cabinet resolution involving plans to revive the post-COVID-19 economy by encouraging wealthy foreigners and highly skilled professionals to stay and work in the country, the Bangkok Post quoted Patchara Anuntasilpa, director-general of the department, as saying The programme is hoped to attract more than 1 million qualified people to Thailand over the next five years and generated around 1 trillion baht (30 billion USD) during the period. Cuts in import duties will be part of the mix. Thailand estimates that the group is expected to spend on average 1 million baht (nearly 30,000 USD) per person per year while living and working in the country. Benefits in the …

[Read more...] about Thailand strengthens incentives to attract foreigners

The Vietnamese economy in the third quarter of 2021 has been severely affected by COVID-19, with all facets of the economy and enterprises left in the lurch. In this context, many commercial banks have taken the initiative in reducing cost and profit targets while increasing packages of preferential loans to give more support to people and enterprises. BAC A BANK always accompanies enterprises and individuals with preferential loans In addition to its fight against the pandemic and ensuring its staff and customers at transaction spots and keeping smooth operations to serve the economy’s demands, BAC A BANK has earmarked many types of attractive incentives for individual customers within September 7 to December 31, 2021, with the loans disbursed before January 31, 2022 at all branch systems of BAC A BANK nationwide. The preferential loans are aimed to help the customers to purchase real estate and automobiles, build and/or repair houses, supplement loans, and invest …

[Read more...] about BAC A BANK offers preferential loans for individuals hit by COVID-19

Large-scale testing is carried out at Việt Hưng Ward, Long Biên District on Sunday to trace positive cases. — VNA/VNS Photo HÀ NỘI — Hà Nội will remove travel permits for inner city commuters and not divide the city into three-coloured zones from September 21, Chử Xuân Dũng, vice chairman of the city People’s Committee, announced on Monday. Lockdown will still be applied but on a reduced scale. The city’s authorities will apply technology to supervise mobility of residents and trace positive cases, he said. The capital will loosen social distancing restrictions but continue to ensure strict COVID-19 protocols because the city still has some clusters in narrow alleys and densely-populated areas. The priority target is to protect public health and strive to vaccinate all residents with a second dose, Dũng said. Dũng asked the people, local organisations and businesses to uphold their responsibilities in observing COVID protocols. Trần Ngọc Dương, deputy director …

[Read more...] about Hà Nội to remove travel permits and loosen social distancing restrictions

Famous vocalist Y Jang Tuyn — Photo courtesy of Y Jang Tuyn HCM CITY — Singer Y Jang Tuyn, 42 years old, famous vocalist from the Bana ethnic group passed away this morning after a month of COVID-19 treatment. The singer's nephew Thảo An shared, the family is waiting for the cremation procedure to receive his ashes. Tuyn had a history of high blood pressure, treated COVID-19 at the field hospital No 13 in mid-August, then transferred to Chợ Rẫy hospital on September. In the first two weeks, he was in good health, can communicate with people via text messages. However, the situation worsened, he had to breathe with an ECMO machine. Before testing positive for COVID-19, the male singer celebrated his birthday through a livestream. Y Jang Tuyn sang for the fans for three hours straight and encouraged everyone to be optimistic and love each other to overcome the difficulties of the epidemic. Y Jang Tuyn was born in 1979. He represents the class of modern Central Highlands …

[Read more...] about Singer Y Jang Tuyn dies of COVID-19

A train runs on a completed section of the Nhổn-Hà Nội railway station (from Nhổn to University of Transport) in Hà Nội during a pilot operation in early July. — VNA/VNS Photo Trung Nguyên HÀ NỘI — The Nhổn-Hà Nội Railway Station project has been delayed due to difficulties in ground clearance. The 12.5km line, which is part of the Hà Nội Urban Railway Metro (HURM) project, was approved in April 2019. During seven years from 2009 to 2016, the project was at a standstill due to slow progress of ground clearance. In December 2018, the then Prime Minister issued a decision extending the project deadline until 2022. The construction of 4-km underground section with four stations from Kim Mã Street in Ba Đình District to Hà Nội Railway Station in Hoàn Kiếm District is sluggish. The project was also allowed to complete an elevated section of the Nhổn-Cầu Giấy part to put into operation first while finishing the underground section. Consequences According to …

[Read more...] about Slow ground clearance hindering Nhổn-Hà Nội Railway station metro line