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The Hanoitimes - The central bank is willing to support liquidity for credit institutions, if needed, as they start providing financial support for the economy. Representatives of banks in Vietnam said they are committed to supporting enterprises and customers hurt by the new coronavirus (nCoV) outbreak, by lowering interest rates and restructuring debt maturities, among other measures, the governmental portal reported. Overview of the meeting. Source: VGP. The move was in response to a proposal by the State Bank of Vietnam (SBV), the country’s central bank, in a meeting on February 6 discussing measures to support the economy hit by the epidemic. Vice Governor of the SBV Dao Minh Tu said the bank is willing to support liquidity for commercial banks if needed, while lenders should be proactive in offering respective supporting programs to enterprises and individuals, particularly those operating in the fields of tourism, agriculture and trade. Pham Toan Vuong, vice general director of Agribank, said Agribank is evaluating the extent of damage on its customers, both direct and indirect. The lender has hundreds of millions of US dollars available to provide loans with preferential interest rates for enterprises. Vietcombank’s CEO Pham Quang Dung said it is estimated that over 50% of Vietnamese goods and products are affected by the outbreak, including 15% with major impacts if the epidemic persists in long period. However, as current regulations only provide guidance for debt restructuring in the agricultural sector, banks need more specific instructions from the SBV to deal with enterprises in other sectors. Regarding this issue, SBV’s Vice Governor Tu said the SBV would address this issue within two weeks. Right time to promote cashless payment SBV Vice Governor Tu urged the people should refrain from using cash to prevent the spread of the outbreak and shift to online banking services. Vice General Director of SHB Ninh …

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According to at least one recent survey, very few people are actually concerned that their jobs are under threat from further automation. Photo: Shutterstock As businesses and governments in Vietnam scramble to recover from the pandemic, digital transformation is more crucial than ever. The world of work and employment markets have been going through a profound shift to virtual, from remote working, webinars, online advertising, and entertainment to e-payments. Adrien Bizouard, country manager of Robert Walters Vietnam, said that industries that have taken the lead in digital transformation include financial services and insurance companies, largely driven by the penetration of fintech companies. Fast-moving and standard consumer goods are the next sectors where companies will implement e-commerce platforms or introduce omnichannel transformation, using both online and offline channels. An example would be Decathlon, a sports company which first opened online retail in Vietnam and only later opened a physical store. This shows how interesting the retail ecosystem can be – going from online to offline, even though it is usually the other way around. “We do not see any impact on the traditional jobs (offline jobs), however, we see more digital jobs being created. They need to co-exist and collaborate. We see opportunities for offline people to do more online projects allowing them to grow their skills. Vietnam remains transitional – people are still making purchases offline even as they move online,” Bizouard said. In addition, the new generation is a group that is very engaged and has a big appetite for digitalisation. They are keen on exploring and interested to join startup companies to work on exciting and challenging projects. Overall, this new change is creating more jobs and opportunities, according to Bizouard. Digital competence is increasingly shaping tomorrow’s world of work. A Digital Readiness Survey 2020 by payroll, staffing, and …

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Vietnamese and Japanese firms receive support to expand operations The Japan Trade Promotion Organisation (JETRO) will host an online scheme on March 3 in Hanoi aimed at connecting Japanese businesses in the field of manufacturing and production, known as Monozukuri in Japanese term to facilitate co-operation amid the negative impacts caused the COVID-19 pandemic. According to a representative from the JETRO, the business matching programme will see the participation of 40 Japanese companies for the purpose of accelerating the development of the country’s supporting industry. At present, the scheme has received registration for 50 negotiations from enterprises from Japan, Vietnam, and Taiwan (China), whilst it is still receiving registration from businesses wishing to purchase and seek Japanese suppliers in the Monozukuri field until March 1. A recent survey conducted by the JETRO unveiled that Japanese businesses remain keen on the Vietnamese market as the country is viewed as an alternative investment destinations for Japanese enterprises looking to move away from China due to the COVID-19 pandemic. The survey indicates that approximately half of Japanese enterprises in the nation plan to expand their production activities, while roughly 70% of them seek opportunities to increase revenue in the local market. Most notably, 46.8% of Japanese enterprises unveiled that they have initiated plans to expand their business in the nation over the course of the next two years, with the expansion rate ranking fourth, the highest in the Asia-Pacific region. Japanese enterprises have therefore attributed their expansion to an increase in revenue in the domestic market and high growth potential. Furthermore, Japanese firms are also considering re-establishing some supply chains which have been impacted by the COVID-19 pandemic, with Vietnam able to capture the attention of suppliers and buyers of materials globally. VN-Index finishes lower as …

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