Renowned author of 1920s lost generation

While global supply chains continue to adjust to current restrictions, what can be done to mobilise high-quality investment? Deputy Minister of Planning and Investment Tran Duy Dong Trade conflicts among major economies worldwide and the severe consequences of the pandemic since last year have been accelerating the relocation of big corporations to avoid high tariffs and reduce risks. Of these, numerous countries have also promulgated attractive policies for foreign direct investment (FDI), while Vietnam has got its own advantages to welcome investment, as well as carried out some outstanding solutions and innovative measures to meet the demand of potential investors. Vietnam has been ready to welcome new investors based on huge clean land areas, power sources for production, high-quality human resources, supporting industries, and simplified administrative procedures. For large-scale projects which apply high technologies, generate a lot of added value, and maintain close links with local enterprises, special incentives have already been built, and the Ministry of Planning and Investment (MPI) in collaboration with other ministries has drafted and submitted to the government. Despite the pandemic, some online meetings, dialogues, and investment promotion conferences between Vietnamese authorities and overseas investors have been organised to update new policies, incentives, and feedback for their concerns, including some of largest technology corporations in the world. Besides this, the MPI proactively works with diplomatic agencies, business associations, consultancies, banks, and investment funds to approach more investors that are already interested in this destination. Meanwhile, a task force responsible for FDI attraction led by Deputy Prime Minister Pham Binh Minh and supported by MPI Minister Nguyen Chi Dung has been established to call for as many foreign-invested projects as possible. The MPI has also created more favourable …

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The Hanoitimes - Local aviation companies are continuing to face a challenging time ahead. Vietnam’s aviation industry is predicted to take three years to return to the pre-Covid level of 2019, according to Deputy Head of the Civil Aviation Authority of Vietnam (CAAV) Pham Van Hao. The International Civil Aviation Organization forecasts two scenarios for the world’s aviation industry. Photo the courtesy of  Vietnam Airlines There were two scenarios forecast by the International Civil Aviation Organization (ICAO) for the world’s aviation industry, Mr. Hao said at the national conference under the theme “Overcoming crisis, developing Vietnam's aviation sustainably” held recently in Hanoi. In the first scenario, the aviation industry will take a V-shaped recovery, plunging to the bottom and then rebounding strongly. In the second scenario, it will be a U-shape convalescence, in which the industry will sink to the bottom and remain there for 3-5 months, along with economic downturn. As a result, the aviation market will decline 48-71% depending on the situation of the pandemic. Mr. Hao predicted that the first scenario will happen to Vietnam aviation. The CAAV, after consulting market research firms, will submit the schedule on reopening borders for international flights to the government. The reopening, however, would not be carried out broadly, taking into consideration of disease prevention measures. Ms. Ho Ngoc Yen Phuong, Vietjet’s Deputy General Director, said the low-cost air carrier suffered a nine-month cumulative loss of VND2.4 trillion (US$103.4 million). She also proposed the government to direct credit institutions to offer low-interest loan to the carrier in a term for 3-5 years. Mr. Nguyen Tien Hoang, deputy head of Planning and Development Department at Vietnam Airlines (VNA), said that Vietnam's aviation loss was estimated at US$4 billion this year. "The national flag carrier is likely to be the hardest hit by …

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Digital transformation is an indispensable way for businesses to grow Pandemic boosts digital progress The past year was a difficult and challenging one for the Vietnamese business community. The global impact of the Covid-19 pandemic disrupted supply and reduced demand, heavily undermining the Vietnamese economy dependent on export markets and major trade and investment partners. With strenuous efforts in pandemic control and economic growth restoration by the government, ministries, sectors and businesses, Vietnam’s GDP grew almost three percent in 2020, making it one of the few countries in the world to record net positive GDP growth. Phan Xuan Dung, Chair of the National Assembly’s Committee for Science, Technology and Environment, said that despite the impressive GDP achievement compared to other countries, Vietnamese businesses need to double or triple their efforts, cooperation and connectivity if they are to recover and develop. World Bank Lead Economist and Program Leader for Vietnam Dr. Jacques Morisset said Vietnam was likely to achieve a high growth rate thanks to its success in pandemic control, and while global trade declined seriously in 2020, Vietnam endeavored to export more than the rest of the world did. In the past, Vietnam was inefficient in digital transformation, but since the pandemic, two-thirds of companies in Vietnam have shifted to digital platforms, he said. Expressing his optimistic outlook for Vietnam’s economy, Morisset said that although the world economy is still unpredictable, Vietnam’s economy will certainly accelerate strongly, possibly growing more than six percent in 2021. Vu Tien Loc, Chair of the Vietnam Chamber of Commerce and Industry (VCCI), said Vietnam still has huge room for development, making the six-percent growth target for 2021 feasible. The processing and manufacturing industries achieved high growth in 2020 Easing business environment problems According to Loc, Vietnam …

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