Vietnam economy

An online press conference was held by the Ministry of Information and Communications (MIC) and the Vietnam Chamber of Commerce and Industry (VCCI) on June 18 to launch the Make in Vietnam Digital Technology Product 2021 Awards. General view of the launching ceremony. (Photo: VNA) This is the second year the awards have been organised to honour excellent digital technology products that are designed, created and manufactured in Vietnam and have great practical value recognised in the development of the digital economy, digital government and digital society in the country. Speaking at the event, MIC Deputy Minister Phan Tam said that the awards aim to encourage Vietnamese digital technology enterprises to research and create digital technology products. This is the way for Vietnamese businesses to master both technology and products and keep pace with world powers in the research, development and application of new digital technologies, thus rising above in the global value chains, he stated. This year, the awards will honour outstanding digital technology products in five categories, including excellent digital platforms, excellent digital products, excellent digital solutions, narrowing the digital gap, and potential digital products. To be eligible for the awards, products must satisfy two major criteria: being designed and created in Vietnam, and having practical value. The “potential digital products” category is only open to non-business organisations, small and medium-sized enterprises or creative start-ups, whereby the Top 10 products will be named. Meanwhile, there will be gold, silver, bronze and Top 10 awards on offer for the remaining four categories. The Organising Board will receive applications from June 20 to September 20. Applications can be submitted online at the portals: makeinvietnam.mic.gov.vn and makeinvietnam.vcci.com.vn. The award ceremony will be held in December. In their first year, the awards created …

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Illustrative image (Photo: VNA) Hanoi (VNA) – The vietnam-briefing.com published by Dezan Shira & Associates - a consultancy firm on foreign investment in Asia - on May 6 run an article, emphasising that since the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020, Belgium has played a significant role in promoting trade and foreign investments into Vietnam. According to the article, major sectors that Belgian investors have particularly shown interest in is industrial zones, food and beverage, processing and manufacturing, pharmaceutical, and renewable energy. It noted that with increasing trade and investment between Belgium and Vietnam, Belgian investors have opportunities to invest in Vietnamese industries, favoring the economic and political landscape between the two countries. Over the past decade, trade and investment relations between Vietnam and Belgium have improved considerably. This has been attributed to Vietnam’s growing economy and the expansion and globalisation of some Belgian corporations. The article quoted Riccardo Benussi, Head of European Business Development of Dezan Shira & Associates, saying that more Belgian companies are looking to invest in Vietnam, especially with the implementation of the EVFTA and subsequent reduced tariffs. As of March 2021, Belgium has 78 investment projects in Vietnam, with a total registered capital of 1.1 billion USD, ranking 23rd among 131 countries and territories investing in Vietnam. On the other hand, Vietnam is Belgium’s 14th largest trade partner, with a trade value reaching approximately 707.55 million USD in 2020, up 6.7 percent compared to 2019. In the first seven months of 2020, due to the COVID-19 pandemic, Vietnam’s export value to Belgium totaled 1.4 billion USD, down 17.7 percent year-on-year. On the other hand, Vietnam imported 459 million USD worth of goods from Belgium, up 11.9 percent year on year. The article said these figures demonstrate that …

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CAAV Deputy Director Vo Huy Cuong announced the agency had received an application to invest in the project from IPP Air Cargo Joint Stock Company. Cuong added the MoT’s policy has clarified that establishing a new airline would be considered after the aviation market recovers from the COVID-19 pandemic's impacts, expected to be next year. To have a basis for answering IPP Air Cargo, which hopes to get approval in the third quarter of 2021 and operate commercial flights in the second quarter of 2022, Cuong said: “The CAAV would consult with the MoT for more guidance on building and appraising the application for an air transport business license for IPP Air Cargo." On April 21 last year, the International Air Transport Association (IATA) forecast market demand would decrease by 80 percent in the near future, threatening 25 million jobs in the aviation sector. In Vietnam, the MoT reported COVID-19 pandemic has greatly impacted the local aviation industry. It was estimated that by the end of 2022, the total transportation market will reach 78 million passengers, equal to 74 percent of the reported forecast. According to the most optimistic scenario, the indicators for the Vietnamese air transport market in 2022 would be only approximately equal to 2019 and the local airlines could only operate at a ratio of less than 50 percent compared to capacity. The MoT said this was why it proposed the Government focus on restoring the domestic and international air transport market and not consider any new airlines until 2022. On June 4, the Import-Export Pan Pacific Group (IPPG), chaired by Johnathan Hanh Nguyen, confirmed the IPP Air Cargo Joint Stock Company, a member of the group, would like to establish the first cargo airline at a total investment of 2.4 trillion VND (100 million USD). A representative of the group said local logistics has not yet exploited its full potential, adding 30,000 logistics enterprises were operating in Vietnam and accounted for …

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