Vietnam international arbitration center

Low productivity and lack of high-quality manpower are issues that Vietnamese firms should work on to join the production chains of Japanese enterprises. There remain huge opportunities for enterprises in supporting industries from Vietnam and Japan to strengthen cooperation. General Secretary of the ASEAN – Japan Center (AJC) Masataka Fujita. Sources: MoIT General Secretary of the ASEAN – Japan Center (AJC) Masataka Fujita gave his remarks at the 2021 online trade conference between Vietnam and Japan held on June 11. While lauding the Vietnamese government’s efforts in containing the Covid-19 pandemic and boosting economic growth, Fujita said the AJC is committed to further boosting trading activities between Vietnam and Japan. Director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) Vu Ba Phu said the country’s effective utilization of free trade agreements has been key to help ensure positive trade performance. During the first five months of this year, Vietnam’s exports rose by 30.7% year-on-year to US$130.94 billion, in which the external turnover from machinery and equipment surged by 74.8%, followed by electronics products (26%), phones and parts (19.6%). Director of the Vietnam Trade Promotion Agency Vu Ba Phu (middle) “Such positive performance was thanks to the contribution of the local supporting industries,” Phu said. Over the years, the number of local enterprises in the fields has been on the rise, accounting for nearly 4.5% of the total in the manufacturing and processing sector, while creating jobs for over 600,000 workers, or 8% of the total in industrial production. Revenue in the industry was estimated at over VND900 trillion (US$39.2 billion), representing 11% of the total in manufacturing and processing. “Certain products from the supporting industries, including parts for bicycles, motorbikes, plastic and rubber products, or tires have to meet …

[Read more...] about Vietnam, Japan promote cooperation in supporting industries

Around 3,000 local engineers to be employed by the R&D center would lead the development of science and technology in Hanoi, a Samsung Vietnam’s senior official has said. Deputy General Director of Samsung Vietnam Park Sung Geun shared with The Hanoi Times his thoughts of how Samsung’s upcoming R&D center, located in the West of Hanoi, could contribute to the capital city’s digital transformation process. Deputy General Director of Samsung Vietnam Park Sung Geun at a conference. File photo As Hanoi is pushing for technology application in the process of building a smart city, how could Samsung’s R&D center contribute to this process? The construction of Samsung’s new R&D center in Hanoi started on March 1, 2020, and is scheduled to complete by late 2022, or after a total of 34 months. Right now, the building process, with a construction cost of VND1.6 trillion (US$69.5 million), had created jobs for around 180,000 seasonal workers. This would bring direct impacts on Hanoi’s economic development. When the R&D center starts operation in early 2023, in addition to researching products such as smartphones, tablets, laptops, or internet equipment, we plan to push forward R&D in other fields that are of global trends, such as artificial intelligence (AI), internet of things (IoT), big data, and 5G network. These are technologies that would contribute to the process of digital transformation. Besides, we would recruit an addition of hundreds of engineers, taking the total number of local engineers employed by Samsung to 3,000. They should be the core talents in terms of R&D in Vietnam and receive world-class training for further development. I have no doubt that these engineers would lead the development of science and technologies of Hanoi in particular, and of Vietnam in general. Samsung's smartphone factory in Vietnam. Source: Samsung What steps that Samsung are making to turn …

[Read more...] about Vietnam engineers to receive world-class training at SEA’s largest R&D center: Samsung

Economic growth to slow down in Q2, but production keeps rising The country’s economic growth in the second quarter of the year is expected to be lower than expected. However, the economy will also continue recovering strongly, with processing and manufacturing, and the service sector serving as key drivers of growth. At a recent government cabinet meeting, the Ministry of Planning and Investment said that based on positive performance of the economy in the first five months of 2021, it is projected the nation's economic growth rate will be about 5.8%. This will be lower than the target of 7.11% set in Government Resolution No.01/NQ-CP, released on January 1, on the key tasks for the implementation of the socioeconomic development plan and state budget estimates for 2021 (see box). The driving force of Vietnam's economic growth this year will be the industrial-construction sector and the service sector, especially processing and manufacturing, the MPI said. According to the General Statistics Office (GSO), in May, the resurgence of the COVID-19 pandemic has caused disruptions in supply chains and trade, as well as transport activities in a number of localities who are home to big industrial production like Bac Giang, Bac Ninh, and Ho Chi Minh City. However, in the first five months, trade and transport activities still increased as compared to the same period last year. Specifically, the total retail and service consumption revenue of the entire economy expanded 7.6% to more than VND2 quadrillion US$86.96 billion, and total import turnover of goods went up by 33.5%, while passenger transportation rose 4.2%, and goods transportation climbed 10.5%. Global analysts FocusEconomics (based in Spain) said that Vietnam's economy recorded solid growth in the first quarter of 2021. GDP growth clocked in at 4.5% year-on-year in the first three months of this year, matching the growth rate from the last quarter of 2020. As such, while the first …

[Read more...] about VIETNAM BUSINESS NEWS JUNE 12