Vietnamese businesses look to further optimise opportunities from CPTPP After two years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the use of the deal to generate benefits for the economy and businesses has remained modest, according to insiders. Among 14 free trade agreements (FTAs) Vietnam has signed, the CPTPP is a new generation FTA with high standards and the highest level of facilitation. Vietnam has been forecast to be one of the members that benefits the most from the deal. However, the country has experienced challenges in optimising the FTA because of its modest level of development and competitiveness. Due to US-China trade tensions and the impact of COVID-19, the global economy fell into crisis last year with interrupted supply chains. Vietnam also suffered an economic downturn. Therefore, after two years of implementation, the benefits from the CPTPP are still to be seen. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), said that positive results in the two years of implementation include the reform of institutions and administrative procedures. Explaining the modest benefits so far, Loc said major reasons include the poor competitiveness of Vietnamese enterprises, market instability, and the low capacity of State agencies. Meanwhile, Nguyen Cam Trang, Vice Director of the Import-Export Department at the Ministry of Industry and Trade, said the CPTPP has helped promote Vietnam’s exports. However, its market share and export growth to the six partners that have implemented the CPTPP have been low. She noted that Vietnam’s market share is 3.1 percent in Japan, 1.9 percent in Australia, 1.6 percent in New Zealand, 1.3 percent in Mexico, 1.1 percent in Canada, and 1 percent in Singapore. Growth in exports to CPTPP markets was 12.2 percent in 2018, 13 percent in 2019, and 12.02 percent in 2020, Trang added. She said that, in the future, …
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Over 57.5 per cent of Vietnamese SMEs struggle with digital transformation: How can they cope with the challenge?
The change in online content consumption habit of Vietnamese users fuels the trend of short-form video advertising Vietnam's digital transformation has led to a boom in new communication methods, which opens up countless opportunities for businesses to promote brand awareness. According to the We Are Social report, Vietnam has a total of 72 million active social media accounts (an increase of 7 million over the same period in 2020), equivalent to a penetration rate of 73.7 per cent. Despite COVID-19, total digital ad spending will still increase slightly by 9.2 per cent to $290 million in 2020. The explosion of digital transformation and new platforms has unintentionally become a pressure for SMEs which do not have the capacity to compete and keep pace with large firms. Based on data bythe latest report on digital transformation, up to 96.9 per cent of SMEs think that digital transformation plays an important role. However, 57.6 per cent of SMEs in Vietnam do not possess sufficient resources to deploy digitalisation into their business operations. Commenting on this issue, experts say that SMEs are still too busy running and sustaining their businesses. They do not have enough time to take advantage of the benefits provided by technology. In fact, many businesses share that they need a certain time to familiarise themselves with digital tools before deciding to invest in an advertising solution on the platform. This situation is also quite understandable when most of the online advertising platforms in Vietnam do not have a Vietnamese team to directly support businesses. From barrier to driver Obviously, there are still many barriers hindering the digital transformation of businesses. However, there are still ample opportunities if SMEs take a proactive approach and get timely support. Phan Bich Tam, executive director of the Mobile Marketing Association in Vietnam, Cambodia and Myanmar, said that, “The smaller a business, the more it must take …
Australia, UNICEF announce $10.5mn package to support COVID-19 vaccine delivery in Vietnam
The Australian Embassy in Hanoi and UNICEF on Monday unveiled a landmark A$13.5 million (US$10.5 million) package to help support the successful introduction and delivery of COVID-19 vaccine doses in Vietnam. The Australia-UNICEF partnership will provide a unique and holistic package that will assist Vietnam across a range of areas that are vital to the successful delivery of a mass immunization program against the coronavirus, the UN body said in a press release the same day. “Our support will help Vietnam purchase cold chain equipment to store and transport vaccine doses to where they are needed around the country, provide training courses and materials to ensure Vietnam’s health workers and officials are ready, and assist with the development of immunization plans in Vietnam’s remote provinces to ensure equitable and uniform vaccine coverage,” Robyn Mudie, Australian Ambassador to Vietnam, was quoted as saying in the press release. Introducing a new vaccine especially for COVID-19 is a colossal task for any government with many important steps involved, said Rana Flowers, UNICEF representative in Vietnam. UNICEF is committed to working with the Vietnamese Ministry of Health and other partners to support the introduction and roll-out of COVID-19 vaccines in Vietnam, thanks to the partnership with the Australian government, Flowers added. “No one is safe until everyone is safe, so mass vaccination against COVID-19 is an important step to contain the pandemic, protect frontline workers who serve children and for Vietnam to reopen to the rest of the world,” she remarked. The package will help Vietnam reach the prioritized 20 percent of its population by the end of 2022 and set the foundation necessary for immunizing the remainder as vaccines are rolled out nationwide. Funding is drawn from Australia’s A$523.2 million ($407 million) regional Vaccine Access and Health Security Initiative, as well as from its bilateral development cooperation program with …