Vietnam economy

Both sides reviewed the outcomes of cooperation since the second meeting of the committee in July 2019 in Mexico City, and defined the tasks for the time to come to further foster bilateral partnership in various fields. They shared delight at the progress in the economic and trade ties so far. They agreed that there is ample room for stronger trade partnership between the two sides thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPCPP). Both sides underlined the need to continue to increase bilateral trade collaboration through trade promotion activities, focusing on the export of major products of each side to each other's market, as well as fostering close coordination in the implementation of the CPTPP. At the same time, Vietnam and Mexico also highly valued cooperation results in many fields. Amid the impacts of COVID-19 pandemic on the global economy, the meeting was considered a joint effort and determination of both sides in further …

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The event, part of activities to celebrate the 45th anniversary of the two countries’ diplomatic ties, attracted the participation of 15 speakers who are leading economic experts, business managers of Thailand and Vietnam and international organisations, together with more than 200 delegates from the two countries’ ministries, agencies, localities and businesses. In his opening remarks, Vietnamese Ambassador to Thailand Phan Chi Thanh highlighted achievements in bilateral economic cooperation. Despite the COVID-19 pandemic, two-way trade hit nearly 13 billion USD in the first 8 months of 2021, up nearly 30 percent year-on-year, thus helping Thailand maintain its position as Vietnam's leading trading partner in ASEAN. Thai investors continue committing to invest in Vietnam with more than 600 projects, with a total capital of more than 13 billion USD. Thanh thanked Thai businesses for actively joining hands with the Vietnamese government and people in fighting the pandemic, including …

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Vietnam is seeking different ways to get more vaccines and speeding up its inoculation campaign. The Sports and Fitness Industry Association (SFIA) in a letter sent to US President Joe Biden on Friday [Sept 24] proposed the Biden Administration send additional vaccines to their key apparel and footwear partners in Asia, particularly Vietnam. Vietnam's Prime Minister Pham Minh Chinh at the government meeting on Sept 25. Photo: VNA The vaccines will help their Vietnamese partners mitigate the impact on the industry as Vietnam is the second-largest supplier of footwear to the US behind China. SFIA made the proposal shortly after Biden announced that the US government would send 500 more million vaccine doses to developing and low-income countries. In his letter to the president, SFIA President and CEO Thomas Cove welcomed this news and highlighted the urgent need to expand these efforts in Vietnam. “Our industry has never experienced global disruptions and …

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Experts believe that electrified vehicles will be a trend in the world’s automobile industry, including Vietnam. But they warn that there are still many obstacles, including high prices, the lack of fast charging station networks, and the longer time needed to charge electricity compared to fuel. Most Vietnamese are still reluctant to use electric cars, partially because of the narrow coverage of charging stations. In Vietnam, VinFast is the only automobile manufacturer developing charging stations. It plans to develop 2,000 charging stations with 40,000 chargers in 2021. According to a representative of VinFast, there would be many types of charging posts, including 11kW AC car charger, 30kW and 60kW DC rapid car charger, 250kW super-fast DC car charger and 1.2kW AC motorcycle charger. Analysts say that the prerequisite for electric cars is the development of infrastructure such as charging stations. This needs to be ‘one step ahead’ to clear the way for electric cars. …

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The president highly valued Pfizer’s role in COVID-19 prevention and control across the globe, especially with the successful development of vaccine, which is deemed an effective “weapon” to bring the pandemic under control. He appreciated Pfizer’s delivery of over 2.8 million doses of vaccine in accordance with a contract with the Vietnamese Government, which he said is a timely help to Vietnam in its effort to bring the COVID-19 pandemic under control. The President also valued the company’s commitment to ensuring the vaccine delivery schedule in the remaining months of the year. Ensuring adequate vaccine supply is vital to not only public health care but also socio-economic stability and development, helping prevent disruption in the supply chain and ensure operations of businesses, including those from the U.S., the Vietnamese President underlined. He asked the company to increase its vaccine supply for Vietnam as soon as possible in September, and deliver the 31 million …

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However, Covid checkpoints at gateways leading to HCMC would be still maintained, Tran Hoang Ngan, director of the HCMC Institute for Development Studies, and also a member of the prime minister's advisory group, said at an online meeting on Saturday about the city's economic recovery plan in the "new normalcy" period. "We would remove barriers installed in the inner area by September 30 to enter the new normalcy period from October 1 while Covid checkpoints would be installed at gateways to ensure the safety of the entire southern economic zone," Ngan said, adding that top city leaders have agreed on this issue at a meeting on Friday. "This would be a positive sign," Ngan said. Bui Ta Hoang Vu, head of the city's Department of Trade, said in the coming time the city plans to check people's departure and destination points, instead of inspecting travel documents on the road as previously. Road barriers would be removed; instead, functional forces would carry out random rapid …

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National ssembly Chairman Vuong Dinh Hue will chair a a seminar to consult experts on socio-economic issues. (Photo: VNA) Hanoi (VNA) – The Office of the National Assembly (NA) in collaboration with NA’s Committee for Economic Affairs will organise a seminar to consult experts on socio-economic issues under the chair of NA Chairman Vuong Dinh Hue and NA Vice Chairman Nguyen Duc Hai. According to the NA Office, the seminar will focus on assessing the developments of the global financial, investment, and trade in 2021 and the latest developments of the world economy, and forecast the impact on Vietnam. The evaluation of the impact of the COVID-19 pandemic on the country's socio-economic situation, the implementation of the COVID-19 vaccination strategy, lessons learned in policy promulgation, recommendations and solutions for Vietnam from now until the end of the year and the following years of the 15th National Assembly will also be tabled for discussion. National Assembly …

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A Vietcombank office in Bac Ninh province. (Photo: VNA) Hanoi (VNS/VNA) - A new decree released by the Government will allow State-owned commercial banks to save cash to increase their strength instead of paying dividends to shareholders. Decree 121/2020/ND-CP will amend Decree 91/2015 dated October 13, 2015 regulating the State capital invested in State-owned companies and management of State capital and assets in the business. The new policy allows government agencies to increase the State capital in joint stock companies and limited-liability firms with two or more board members. Commercial banks with the State holding more than 50 percent of the charter capital are subject to the new decree. Under the new decree, the three large-cap State-owned banks – the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and the Joint Stock Commercial Bank for Investment and …

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Survival challenge The Covid-19 pandemic has become a severe challenge for most industries and businesses. Since early this year, about 59,800 businesses have stopped operation, an increase of 23 percent over the same period in 2020. Despite this gloomy picture, Vietnam’s startup ecosystem is still developing and becoming more vibrant than ever. Many startups in Vietnam have announced successful fundraising of millions of US dollars in 2021. In January, MoMo announced completion of the fourth round of fundraising (series D) from world investors, including new investors and investments from Goodwater Capital, Kora Management and Macquarie Capital, as well as existing shareholders Warburg Pincus, Affima Capital and Tybourne Capital Management. In the series D round, according to the agreement between the parties, MoMo does not announce the amount of investment received. However, a source told Bloomberg that the total value of investment in this round was more than US$100 …

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According to the N.A. Office, the seminar will focus on assessing the developments of the global financial, investment, and trade in 2021 and the latest developments of the world economy, and forecast the impact on Vietnam. The evaluation of the impact of the COVID-19 pandemic on the country's socio-economic situation, the implementation of the COVID-19 vaccination strategy, lessons learned in policy promulgation, recommendations and solutions for Vietnam from now until the end of the year and the following years of the 15th National Assembly will also be tabled for discussion. This is the first consultation of the 15th National Assembly. The N.A.’s Office said the event is very important, even though it won't be held on a large scale due to the pandemic, adding that it is a part of the annual socio-economic forum of the N.A. The forum will contribute to gathering the wisdom of not only N.A. deputies but also a network of leading domestic experts, scientists, and managers as well …

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