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 …
Gma business news
Lack of human resources, funds prevents businesses from reopening
Many businesses in the southern region are unable to resume operations due to lack of human and financial resources. — Photo vov.vn Many businesses in the south have been allowed to reopen a few days ago but a worker shortage is preventing them from doing so. The owner of an organic rice production business in District 7, Tran Huu Tin, was happy when the city began to loosen social distancing requirements and allow businesses to resume. But after two weeks of trying to recruit and posting messages, he has not received any job applications, and he is now very worried. At the end of June four of his employees first tested positive for COVID-19, and a week later the number jumped 10-fold, and his business lost nearly half its workforce. Hiring has not been easy with the epidemic still raging. "People are very reluctant to go to work since they have to live on the premises and also fear the risk of COVID-19 infection," he said. Le Xuan Tan, a director of Hanh Phuc Wood Co., …
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VIETNAM NEWS HEADLINES SEPTEMBER 19
HCM City under pressure to reopen economy: municipal leader Residents at a vaccination site in HCM City. Ho Chi Minh City is committed to enforcing vigilant pandemic prevention measures when it reopens the economy after months of strict lockdown measures, said a city leader. Speaking at a meeting with economic and medical experts last earlier this week, Secretary of the municipal Party Committee Nguyen Van Nen said: “The city is under huge pressure to reopen the economy or it will be too late.” The level of suffering of the economy and people has reached its limit due to prolonged lockdown measures. As such, the city will develop a roadmap for reopening so that it can adapt to and live safety with the virus, he said. The city will gradually narrow down areas with very high risks and try to expand the number of low-risk areas, according to Nen. Vu Thanh Tu Anh, Director of the Fulbright School of Public Policy and Management, said that reopening for economic …
VIETNAM NEWS HEADLINES SEPTEMBER 18
Vietnam to attend ASEM Cultural Festival 2021 Vietnam and 10 other countries have signed up to participate in the ASEM Cultural Festival (#ASEMfest), a side event of the 13th Asia-Europe Meeting (ASEM) to be hosted by Cambodia in November. The ASEM Cultural Festival 2021 is scheduled to get underway between November 22 and 26. This international cultural event will be held virtually with the main activities such as performing arts, and the screening of feature films and documentaries, as well as the exhibition which would be held in hybrid format at the National Museum of Cambodia. The festival aims to explore the cultural diversity and promote the exchange, cooperation and artistic creation between the cultures of both regions, contributing to enhancing cooperation and development between the ASEM partner countries. Joining as a founding member of ASEM in 1996 marked an important step in the implementation of Việt Nam's policy of open foreign policy, multilateralisation and …
Foreign-invested enterprises urge prompt action to prevent recession
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 …
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Vietnam to waste investment opportunites due to slow reopening: foreign associations
Foreign businesses in Vietnam have expressed their concerns over the prolonged social distancing measures applied throughout the country to stall the coronavirus spread, warning that it would miss many investment opportunities given slow economic reopening. Foreign business associations including AmCham Vietnam, the U.S.-ASEAN Business Council, EuroCham, and KoCham recently sent a joint letter to the central government to propose a strategy on ‘localized pandemic prevention and control,’ aimed at restoring safe production and business activities in a 'new normal.' It is important that Vietnam take action now to maintain its regional and global competitiveness, and not to lag in economic recovery, the letter wrote. The business associations said they support the strategy to adapt to living with the virus safely and wish to joint hands with the government and localities to reopen the economy safely and enable economic recovery. Businesses need a clear road map and an exact date …
Export begins suffering from Covid-19
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 …
Enterprises in industrial parks in two ‘safe districts’ in HCM City resume operation with half staff
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 …
Hà Nội to remove travel permits and loosen social distancing restrictions
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 …
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Efforts made to bring a special Mid-Autumn Festival for kids amid COVID-19 pandemic
A representative of HCM City's Youth Union wears the costume of Hằng Nga, a traditional character of the Mid-Autumn Festival, as she presents gifts for children of migrant workers in dormitories in HCM City. VNA/VNS Photo HCM CITY – Many children in HCM City, the country’s coronavirus epicentre, have enjoyed a special Mid-Autumn Festival this year despite social distancing regulations thanks to joint efforts of authorities, organisations and volunteers. In the past three days, the dormitories of migrant workers in Sơn Kỳ, Tây Thạnh wards in Tân Phú District; Tân Nhựt, An Phú Tây wards in Bình Chánh District; and Hiệp Phước Industrial Zone in Nhà Bè District have been full of the sounds of happiness with children’s laughter. Youngsters celebrated their Mid-Autumn Festival with mooncakes, milk, small boxes of candy and biscuits, as well colourful paper lanterns. These are in gift packages for the full-moon festival local authorities, youth unions and benefactors, in the …