Vietnam business news

Passenger buses at Giáp Bát station in Hà Nội. The transport companies are planning to operate at their maximum capacity to compensate for the sales lost in the last three months. — VNA/VNS Photo Hoàng Hiếu By Mai Hương HÀ NỘI — As the COVID-19 pandemic has seriously impacted the implementation of Việt Nam’s economic development plans, the National Assembly (NA) and Government have been proactively and urgently deploying stimulus packages to quickly restore the economy and leverage growth. The latest Resolution 406/NQ-UBTVQH15, issued by the National Assembly on October 19, is regarded as a correct and timely policy, and was well received by enterprises. The Resolution offers support for enterprises and individuals affected by COVID-19 through tax reductions with a total value of up to VNĐ21.3 trillion (US$926 million). The beneficiaries will enjoy direct tax reductions which is considered more practical than the extension of tax payments in previous support packages. …

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Useful measures in seafood fishing help fishermen in Hoai Nhon Town increase their output. (Photo: SGGP) Equipment upgrades have obviously saved much time and effort of Vietnamese fishermen while helping them earn more money. “In addition to modern tools, we go in groups of 5-15 ships. When an ideal fishing spot is identified, small ships anchor there to operate for 2 months while larger fishing vessels bring products to the mainland, then take essential commodities back to the fishing site. This method can increase 50 percent of the performance and reduce unnecessary ship movement, thus minimizing violation of international laws”, explained Mr. Vang. Modern fishing ships are also installed with radar equipment, locator machine, fish detector machine to rise the fishing capacity by over 50 percent and decrease fuel consumption by 25 percent, informed Chairman of Tinh Ky Commune Fisheries Union Phan Huu Nhat (in Quang Ngai Province). This commune has also been remarkably …

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Vietnam’s electronics industry, an increasingly important sector of the country’s economy, continues to grow despite the negative impact of the COVID-19 pandemic, according to the Ministry of Industry and Trade (MoIT). Electronics components being manufactured at 4P Limited Co in the northern province of Hung Yen Amid the pandemic, the sector brought home 77.58 billion USD over the past nine months of 2021, statistics from the General Department of Customs showed. Of this, the export of handsets and components contributed 41.02 billion USD, up 11.5 percent year-on-year. Among major export markets were China with a turnover of 9.8 billion USD, up 52 percent, the US with a value of 7.09 billion USD, up 1.1 percent and the EU with 5.56 billion USD, down 18 percent. Meanwhile, the export value of electronics, computers and components topped 36.56 billion USD, surging 13.6 percent over the same period of last year with 9.3 billion USD from exports to …

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In a bid to continue successfully controlling inflation this year amid a rise in local consumption, the government is taking drastic action, with the stabilisation of prices of key items in the market a priority. The government has ordered localities to use sound solutions to bring inflation under control. Although the four-month consumer price index (CPI) remains low, at 0.89% as compared to that of the same period last year, the Ministry of Finance (MoF) has just sent a document to leaders of localities nationwide requiring them to apply sound solutions to keep prices in the market on the right track. Close control Specifically, the MoF has asked the people’s committees of provinces and centrally-ruled cities to increase their management, monitoring, and stabilisation of prices, and take the initiative in calculating and formulating pricing schemes for items whose prices are determined by the government. The MoF’s fresh move is aimed at supporting the …

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Like an “underground spring” flowing silently in the hustle of modern life, the traditional arts have been being preserved and passed down from generation to generation by young people who love the cultural values of their forefathers. Young people performing under the programme "Mat xam" to honour artisan Ha Thi Cau. (Photo: Dinh Thao) Sharing the same passion, they have made their own creative approaches to spread their love to all people, especially their peers. Born and raised in the Mekong River Delta province of Vinh Long, cai luong (reformed theatre) and the sweet melodies of don ca tai tu (traditional musical art form of the south) from the Mekong River Delta region are an indelible part of child memories of Ho Phuong Thao (also known Thao Ho) and inspire her passion for traditional arts. Despite working in the field of personnel management in a business, she has also devoted her soul and enthusiasm to various types of folk performances. Travelling to many …

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Foreign remittances to HCM City in the first nine months of the year increased by 22 per cent. – Photo vietnamplus.vn HCM CITY – Foreign remittances to HCM City in the first nine months of the year were worth US$5.1 billion, a 22 per cent increase year-on-year. Nguyễn Hoàng Minh, deputy director of the State Bank of Việt Nam’s HCM City branch, said the growth rate is impressive considering the impact of COVID-19 on the global economy. Overseas Vietnamese have faced difficulties travelling abroad or back to Việt Nam for the past two years due to the pandemic, and so “they might be having more savings than before,” he suggested. Most of the remittances was money sent back by overseas Vietnamese to their families to help them get through the pandemic or to invest in business activities, he said. The main sources remained the US, Australia, Canada, and Europe, he said. Total remittances this year could increase by 12 per cent from last year’s $6.1 billion, he said. …

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EXHIBITION Hanoi- Exhibition on typical Vietnamese women throughout history Until May 30,2022 Hoa Lo Prison Relic An exhibition displaying the images of typical Vietnamese women throughout history. Gute Aussichten – New German Photography 2021 Oct 22 – Nov 22, 08 am – 08 pm Photo contest about Phong Nha-Ke Bang National Park Entries are being invited for a photography contest on Phong Nha–Ke Bang National Park. Both Vietnamese and foreign photographers aged 18 and above are eligible to take part in the competition. Entries must be high-resolution photos depicting natural landscapes, forests, caves, native flora and fauna species and people’s daily life taken by professional cameras or smartphones inside the Phong Nha–Ke Bang National Park. They must be submitted to the contest’s official website https://anh.phongnhakebang.vn or via the email [email protected] before November 15. Online …

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Workers in a seafood factory in southern Bình Dương Province. The EU is among the largest export markets for Vietnamese seafood. — VNA/VNS Photo HÀ NỘI — Foreign direct investment (FDI) is to continue flowing into Việt Nam from Europe in the medium to long-term thanks to the EU-Việt Nam Investment Protection Agreement (EVIPA), which was ratified in August last year, experts said. A year later, two-way trade and investment have seen significant progress. Việt Nam-EU trade has increased by 11.9 per cent year-on-year to reach US$54.6 billion. By the end of September this year, EU members were running 2,242 projects in the Southeast Asian country with a total investment registered of $22.2 billion, 5.58 per cent of all foreign investment in Việt Nam. The agreement, which focuses on the liberalisation of non-direct investments and the procedure for settling disputes between investors and the State, replaced the 20 previous bilateral investment agreements between Việt Nam and 21 …

[Read more...] about EVIPA ensures FDI flow in medium to long term

Electronics components being manufactured at 4P Limited Co in the northern province of Hung Yen. — VNA/VNS Photo Pham Kien Viet Nam’s electronics industry, an increasingly important sector of the country’s economy, continues to grow despite the negative impact of the COVID-19 pandemic, according to the Ministry of Industry and Trade (MoIT). Amid the pandemic, the sector brought home US$77.58 billion over the past nine months of 2021, statistics from the General Department of Customs showed. Of this, the export of handsets and components contributed $41.02 billion, up 11.5 per cent year-on-year. Among major export markets were China with a turnover of $9.8 billion, up 52 per cent, the US with a value of $7.09 billion, up 1.1 per cent and the EU with $5.56 billion, down 18 per cent. Meanwhile, the export value of electronics, computers and components topped $36.56 billion, surging 13.6 per cent over the same period of last year with $9.3 billion from exports to the US, up 26.5 …

[Read more...] about VN’s electronics industry continues to grow despite COVID-19

The retail price of pork at the markets declined by VNĐ50,000 per kilo to VNĐ80,000-120,000 depending on the type of pork. Photo laodong.vn HÀ NỘI — A sharp reduction in pig prices on the domestic market at present is causing difficulties in restoring the pig production industry after the fourth wave of the COVID-19 pandemic. The selling price of live hog is now only VNĐ35,000-36,000 per kilo, causing farmers to lose some VNĐ1.5 million per pig. In addition, now traders buy only 5-10 pigs each time compared to 30-50 pigs in the past, said Nguyễn Văn Chiến, a pig farmer in Bình Dương Province. Chiến is still struggling to sell pigs though the price of live hog is very low, his farm has hundreds of pigs that need to be sold, vov.vn reported. The same situation was also reported at other farms and if that continues, the farmers would not have the opportunity to implement repopulation, Chiến said. Now, this is also occurring at farms of large livestock …

[Read more...] about Lower pig price causes difficulties for recovery of husbandry industry