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/ March 1, 2021

Vietnams starts conducting national 2021 economic census today

The Hanoitimes - The main objective of the national economic census is to serve as the foundation for the calculation of the country’ GDP and GRDP data. The General Statistics Office (GSO) today [March 1] starts conducting the national 2021 economic census, which is taken every five years, with the preliminary result set to publish in December 2021 and the final one in the second quarter of 2022. The data collection period is set to take place from March 1 to July 30, 2021 on various economic component groups. Source: GSO “The main objective of the national economic census is to evaluate Vietnam’s socio-economic development process in the past five years, serving as the foundation for the calculation of the country’ GDP and GRDP data, as well as the formulation of strategies in the 2021-25 period,” Director General of GSO Nguyen Thi Huong said in an interview on the national television yesterday [February 28]. According to Huong, the statistics authorities will be able to collect data from different economic components and assess their development in terms of quantity, scale and number of employees, in turn having a better understanding on the structure of the economy and the efficiency of the current economic restructuring process. One of the key changes for this economic census is the use of advanced methods for data collection and processing, including computer-assisted personal interview (CAPI) for surveys, which helps to shorten time for surveying and ensure information transparency, said Huong. The target in this national 2021 economic census include manufacturing facilities, businesses, public administration service units, associations, non-governmental agencies in Vietnam, and religious groups. The GSO will collect information via 22 questionnaires in online platforms or direct interviews. The data collection period is set to take place from March 1 to July 30, 2021 on various economic component groups. The 2017 national …

/ March 2, 2020

Samsung starts construction SE Asia’s largest R&D center in Hanoi

The Hanoitimes - The South Korean IT giant expected Vietnam would not only be its largest production hub, but also a strategic base for R&D. Samsung Vietnam broke ground today [March 2] for its largest R&D center in Southeast Asia in the West of Hanoi, said the company in a statement. Perspective view of the Samsung R&D Center in Hanoi. Source: Samsung Vietnam. The R&D center project is a result of meetings between Prime Minister Nguyen Xuan Phuc and Samsung’s Vice President Lee Jae-yong in 2018 in Hanoi and 2019 in Seoul. With investment capital of US$220 million, Samsung’s R&D project covers an area of 11,603 square meters and is set to complete by the end of 2022, stated the company, adding it would employ between 2,200 and 3,000 people. This is Samsung Electronics’ first R&D center outside South Korea, and also the largest of its kind by a foreign-invested business in Vietnam, Samsung said. Construction started today in Hanoi. Source: Samsung Vietnam. The project is expected to help enhance research capabilities of Vietnamese engineers not only in products development, but also in artificial intelligence (AI), internet of things (IoT), big data, and the fifth generation (5G) network, among others, creating a solid foundation for Vietnam to grasp opportunities from the Fouth Industrial Revolution. “The construction of this R&D center marks a strategic milestone of Samsung’s investments in Vietnam. This is where we realize our commitment in contributing to the development of Vietnam’s science and technology sector through training and nurturing local talents,” said Choi Joo HO, CEO of Samsung Vietnam. In 2008 - 2018, Samsung increased its investment in Vietnam from US$670 million to over US$17.3 billion, a 26-fold increase. Samsung's statistics revealed around 50% of its smartphones and tablets are produced in Vietnam and exported to 128 countries and territories, including the …

/ February 2, 2021

Vietnam signals soft improvement in business condition at start of 2021

The Hanoitimes - While the Vietnamese economy remains one of the better performers globally, there are significant headwinds that could prevent a return to the stellar growth rates seen pre-pandemic in the near-term at least. The Vietnam Manufacturing Purchasing Managers' Index (PMI) posted 51.3 in January, down from 51.7 in December to signal a softer improvement in business conditions at the start of 2021, according to Nikkei and IHS Markit. A reading below the 50 neutral mark indicates no change from the previous month, while a reading below 50 indicates contractions and above 50 points to an expansion. “The Vietnamese manufacturing sector struggled to gain momentum at the start of 2021, as the ongoing effects of the Covid-19 pandemic and substantial disruption to supply chains hampered operations,” said Andrew Harker, associate director at IHS Markit, which compiles the survey. “The data suggest that while the Vietnamese economy remains one of the better performers globally, there are significant headwinds that could prevent a return to the stellar growth rates seen pre-pandemic in the near-term at least," added Mr. Harker. New orders continued to rise, extending the current sequence of expansion to five months. There were some reports of customers increasing the size of their orders. That said, the rate of growth eased from December. Meanwhile, new export orders were broadly unchanged, with weakness noted in markets where Covid-19 case numbers remained elevated. January saw a broadly stable picture for manufacturing production. While the rise in new orders supported increases in output at some firms, others reported that the effects of the Covid-19 pandemic continued to lead to falls in production. The aforementioned increases in size of some orders started to impart pressure on capacity during January. Although backlogs of work decreased for the twelfth successive month, the rate of depletion was the …