Expert trading systems

/ March 3, 2021

Processing and manufacturing industry needs better way to develop: experts

Workers test products in ITM Semiconductor Vietnam company in VSIP industrial park in Bắc Ninh Province. VNA/VNS Photo Thái Hùng HÀ NỘI – Việt Nam’s capacity for the processing and manufacturing industry remains limited and heavily relies on foreign supply chains for imported components and accessories, leading to difficulties for local businesses, particularly amid the COVID-19 pandemic. Trịnh Thị Thanh Thủy, Deputy Director of the Institute of Industry and Trade Policy and Strategy under the Ministry of Industry and Trade, said last year countries with leading manufacturing and processing industries faced many difficulties, while Việt Nam was a bright spot with positive economic growth. “The country’s positive growth is based on key manufacturing sectors, particularly those with high technology content and value such as electronics, electronic components, computers, and components for the automobile industry. Furthermore, agricultural processing and garment sectors have also obtained remarkable results,” Thủy said. Phạm Tuấn Anh, Deputy Director of the Industry Department under the Ministry of Industry and Trade, said in 2016-19 domestic industries made a contribution of 30 per cent of the country’s gross domestic product (GDP), the largest contribution to State coffers. Notably, the proportion of processing and manufacturing industries had increased rapidly without relying much on the mining industry. In recent years, many industries have seen rapid development, such as electronics, textiles, and footwear with high export value. Tuấn Anh said the processing and manufacturing industry contributed the highest to GDP in terms of added value, creating a foundation for industrial development and modernisation of the country. The growth rate of the industry’s added value was much higher than the GDP growth in the last five years. Policies needed Despite some success, experts have said that the Vietnamese processing and …

/ March 2, 2021

Gov’t ensures dual targets of pandemic prevention, economic development

Major supply systems join hands in supporting people affected by the COVID-19 pandemic (Photo: VNA) Hanoi (VNA) – The COVID-19 prevention and control work needs to ensure the twin targets of pandemic prevention and economic recovery and development so as not to affect production and business activities, Deputy Minister of Industry and Trade Do Thang Hai said at the Government’s regular press conference on March 2. Answering a reporter’s query on stepping up the consumption of agricultural products of pandemic-hit localities, Hai said that over the past time, the Government has instructed ministries, sectors and localities to carry out measures to ensure the implementation of the twin targets. When the pandemic showed signs of worsening in Hai Duong and Quang Ninh provinces, Prime Minister Nguyen Xuan Phuc issued Directive No.05 on January 28 on urgent COVID-19 prevention and control measures, in which the Government leader assigned Chairpersons of provincial and municipal People’s Committees to decide social distancing measures to be used based on the level of risk of each area. However, as several localities put overemphasis on pandemic prevention and control, they imposed several measures which caused difficulties to the circulation of goods, particularly farm produce, in pandemic-hit areas, particularly Hai Duong province. The Ministry of Industry and Trade (MoIT) has put forward solutions to address those difficulties, such as working directly with major domestic supply systems and major firms in Hanoi and Ho Chi Minh City to help with the sale of farm produce. It has also worked with the Ministry of Agriculture and Rural Development and localities to seek measures to ease consumers’ concerns about agricultural products from disease-affected areas. At the proposal of the MoIT, the PM assigned tasks to each ministry and locality to quickly address difficulties in goods circulation and transportation, Hai said, adding that the …

/ December 1, 2020

Vietnam’s tourism suffers heavily from Covid-19

The Hanoitimes - The number of international arrivals to the country in November was higher than the previous month. About 3.8 million international arrivals entered Vietnam in the first eleven months of 2020, down 76.6% year-on-year as Vietnam suspends foreign entries to contain the spread of Covid-19 pandemic. Number of international tourists to Vietnam by market, 11 months of 2020. Chart: Nhat Minh The international arrivals included foreign investors, experts, highly-skilled workers, business managers and their families who are allowed to travel to the country since borders were closed in March. The figures were part of the latest report from the General Statistics Office (GSO), showing that 17,700 foreigners arrived in Vietnam in November, up 19.6% against October and down 99% year-on-year. In January-November period, international arrivals by air dropped 80.4% year-on-year to around 3.07 million, while 602,600 came by road, down 80.3%, and those arriving by sea decreased by 37.8% to 144,600. Asian visitors accounted for 73.3% of total tourist inflows, with nearly 2.8 million, down 78.4% over the same period last year. The number of visitors from Europe fell 66.2% to 670,700 while arrivals from the Americas plunged 73.5% to nearly 236,100, mostly from the US. Around 102,700 visitors came from Oceania, down 74.3% while those from Africa numbered 12,400, down 71.1%. Speaking at a conference on tourism held recently in the central province of Quang Nam, Minister of Culture, Sports and Tourism Nguyen Ngoc Thien said the country's tourism is predicted to lose US$23-billion in revenue due to Covid-19. The numbers of international and domestic tourists were estimated to drop by 80% and 45%, respectively, so far this year from a year ago. "The tourism industry needs to continue to be proactive, creative, innovative thinking, methodical in investment, and build more new high-quality tourism products, in line with the needs and …