President Nguyen Xuan Phuc witnessed the signing of an agreement worth nearly 2 billion USD between Vietnam’s Bamboo Airways and the General Electric’s GE Aviation in New York on September 21.

Under the deal, the airline will purchase GENx engines, which will be delivered next year, to power its Boeing 787-9 Dreamliner aircraft and a maintenance package for its Boeing 787-9 fleet.

The fleet will be used on planned non-stop routes between Vietnam and the US.

The same day, the carrier announced the launch of its Vietnam – US direct route.

If conditions permit, the flight service will begin in early 2022 with three weekly flights initially. Given the market demand, the capacity could increase to five or seven flights per week.

Initially, the airline will run flights linking Tan Son Nhat and San Francisco international airports. In the long term, it also plans to operate flights to both San Francisco and Los Angeles international airports in California state.

With the debut of the official ticket agent and linkage with the US partners, Bamboo Airways saw that it is time to make new strides in effectively tapping routes linking the two continents, contributing to boosting trade and meeting demand for travelling between the two countries./.

Vietnam spends nearly US$1.35 billion importing seafood

Vietnam spent roughly US$1.35 billion importing seafood products during the eight months of the year, an increase of 17.3% compared to the same period from last year, according to the General Department of Vietnam Customs.

Of the figure, the country mainly imported aquatic products from India, with turnover reaching a sum of US$228.19 million, representing an annual rise of 41.3% and accounting for 17% of the country’s total seafood import turnover.

August alone saw the import turnover of seafood of all types endure a decline of 15% to roughly US$147.51 million over the previous month, a drop of 2.6% compared to August last year.

The top five largest suppliers of seafood to the Vietnamese market throughout the reviewed period include India, Norway, Southeast Asia, China, and Japan.

Despite imports from the Norwegian market in August experiencing a decline, the import turnover during the eight-month period enjoyed an increase of 16.6% to US$156.67 million against the same period from last year, representing 11.7% of the total turnover.

Furthermore, seafood imports from the Southeast Asian market also rose by 19.4% to US$144.86 million compared to the same period last year, thereby accounting for 10.8% of the total turnover.

Meanwhile, although imports from the Chinese market in August continued to decrease, import turnover during the reviewed period increased sharply by 35% to US$115.25 million on-year, accounting for 8.6% of the country’s total seafood import turnover.

Along with these markets, the nation also imported aquatic products from Indonesia, Taiwan (China), the Republic of Korea, Russia, Chile, and the United States.

The Vietnam Association of Seafood Exporters and Producers (VASEP) attributed the increase in  seafood imports to a shortage of raw materials occurring in terms of production and processing activities.

UOB raises charter capital in Viet Nam

The United Overseas Bank (UOB) has increased its charter capital in Viet Nam from VND3 trillion (US$128.8 million) to VND5 trillion ($214.6 million), following approval from the State Bank of Viet Nam earlier this month.

“This fresh injection of capital demonstrates UOB’s commitment to deepening our presence in Viet Nam, and contributing to the country’s ongoing development," said Wee Ee Cheong, UOB Deputy Chairman and CEO.

"UOB Vietnam has grown from a representative office in 1993 to a wholly-owned subsidiary bank in 2018. Over the last three years, UOB Vietnam has grown steadily and achieved a 53 per cent compounded annual growth rate in assets. This increased capital will allow us to continue supporting both new and existing customers in Viet Nam, through progressive solutions and the connectivity we can offer across UOB Group’s regional network,” he said.

UOB Vietnam is focused on meeting the financial needs of both individuals and corporations, through tailored financial solutions for both individuals and businesses.

The bank has also been promoting foreign investments into Vietnam. In November 2020, the Bank renewed its Memorandum of Understanding with the Foreign Investment Agency, stepping up its efforts to facilitate investment into a range of sectors, including renewable energy, manufacturing, infrastructure, healthcare and technology. To date, the bank has facilitated more than $2 billion (S$3 billion) in investments into Viet Nam, which has created more than 17,000 jobs so far.

Throughout the COVID-19 pandemic, UOB Vietnam has also been helping to support vulnerable communities. Initiatives include canned food donations to families affected by the current lockdowns in HCM City, and contributions to the national COVID Vaccine Fund under UOB's #UnitedForYou COVID-19 Relief Programme.

“The prolonged nature of the pandemic continues to impact lives and livelihoods. While we are not certain when we will overcome the pandemic, one thing that is certain is that UOB Vietnam remains committed to helping our customers, our colleagues and the wider community get through these hard times. Together, we will be resilient, manage risks and navigate changes, to emerge stronger,” Harry Loh, CEO of UOB Vietnam said. 

Vietjet, US engine supplier sign 260-million-USD service contract

President Nguyen Xuan Phuc witnessed the signing of a contract to provide aircraft and engine maintenance service worth 260 million USD between new-generation airline Vietjet and CFM International, on September 21 (local time) in the framework of his on-going working trip to the US.

The contract has lifted the total value of cooperation deals between the two sides to 18.5 billion USD.

With a long-term strategic partnership, Vietjet and CFM International - a joint venture between General Electric (GE) and Safran, have been and will cooperate in the management of engine maintenance services, engine technology transfer and engineer training towards the goal of turning Vietnam into a centre for aircraft repair and maintenance in the region.

CFM International is one of the world's leading engine suppliers. It is also the main supplier for Vietjet's fleet which has nearly 100 most modern aircraft in the world flying on many domestic and international routes.

The strategic cooperation relationship between Vietjet and CFM International has importantly contributed to promoting the bilateral trade relations between Vietnam and the US and to efforts towards balanced bilateral trade.

Cooperating with CFM International is also an important foundation in the sustainable development plan of Vietjet, with the goal of becoming a global airline.

The two sides will continue their negotiations to increase the value of the agreement in the coming time./.

Enterprises maintain production to ensure export growth despite pandemic

Many businesses in the Southwest region have maintained production to ensure export growth, despite having to apply social distancing measures due to the COVID-19 outbreak.

In the last two weeks, more than 100 enterprises and cooperatives in Can Tho City have registered to resume operations.

This city has a plan to restore production according to three stages. Of which, an enterprise will restore production for 30 per cent of workers in the first stage. This number of workers will increase to 40-50 per cent in the second stage and to more than 50 per cent in the third stage. The enterprise will return to normal operation after already having safe production activities at those three stages.

Nguyen Van Hao, chairman of the Can Tho Business Association, said that the Government and local authorities should have policies on continuing to restructure loans, delay payment for debts and provide loans for enterprises to maintain production and business.

In addition, local authorities and the health departments need to prioritise vaccination for workers to ensure disease prevention, maintain production and reduce difficulties for businesses. At the same time, they should permit the implementation of a new production model to replace the "3-on-site" model.

According to the Department of Planning and Investment of Can Tho City, during the period of social distancing, more than 95 per cent of enterprises in the city have temporarily suspended operations. Of which, about 70 per cent are agricultural and seafood production and trading enterprises.

Nguyen Van Do, director of the Department of Industry and Trade of Ca Mau Province, said the seafood sector was still growing. For shrimp products alone, the total output reached more than 142,800 tonnes in the first eight months, an increase of 8.1 per cent over the same period last year.

Total processed shrimp output was 115,000 tonnes, up 13.6 per cent year on year.

The total seafood export turnover was US$652 million, up 17.6 per cent over the same period in 2020.

Secretary of the Soc Trang Provincial Party Committee Lam Van Man said at present, the disease was under control so shrimp production and consumption at enterprises and farming households in the province gradually stabilised.

Soc Trang has 20 seafood export enterprises, including the five largest shrimp processing and exporting enterprises that account for 75 per cent of seafood export value.

This province now is one of the largest seafood exporters nationwide with a total value of $600 million, accounting for about 12 per cent of the national seafood export turnover. Of which, shrimp exports accounted for 94 per cent with a value of $535 million.

According to the Ministry of Planning and Investment, the total export value of the whole Mekong Delta region was estimated at $9.5 billion in the first eight months, up 8.8 per cent over the same period last year. The region's key export products include rice, pangasius and shrimp.

Meanwhile, Kien Giang Province’s export value was estimated at nearly $510 million in the first eight months of the year, up 8.6 per cent over the same period in 2020. Major products such as rice, frozen shrimp, squid and frozen octopus have witnessed export growth.

An Giang Province's export value also rose by 2 per cent year on year to $615.47 million in the first eight months with export growth in some key commodities such as rice, frozen seafood and frozen vegetables.

Banks continue bond issuance to meet capital adequacy ratio

Banks have been promoting the mobilisation of medium- and long-term capital through bond issuance to meet the State Bank of Vietnam (SBV)’s requirements on capital adequacy ratio (CAR).

According to statistics of the Bond Market Association, banks issued bonds worth up to VND10.85 trillion last month, accounting for nearly 42 per cent of the total issued value.

Notably, many banks such as BIDV, VietinBank, VIB, Military Bank and Viet Capital Bank aggressively issued bonds to increase Tier 2 capital (additional capital) with floating interest rates ranging from 6.1-7.6 per cent per year based on the average reference interest rates for savings of four big banks – Vietcombank, BIDV, VietinBank and Agribank.

Although the interest rates are significantly lower than corporate bonds of other sectors (bonds of real estate companies, for example, often have high interest rates up to 12-13 per cent per year), but bonds of banks have still attracted investors.

Banking and finance expert Nguyen Tri Hieu attributed the rise of two- and four-year bank bonds to a temporary shortage of medium- and long-term capital at banks.

Hieu explained the rescheduling and postponement of debt repayment to support COVID-19-affected borrowers according to Circular 01/2020/TT-NHNN and Circular 03/2021/TT-NHNN had been causing a large amount of debts not to be able to return to banks. Therefore, banks would need to strongly increase bond issuance to compensate for the capital shortage.

Besides, Hieu said, the bond issuance had also aimed to increase additional capital of banks to strengthen the CAR to meet the SBV’s requirements when the credit growth rate had been tending to increase much faster than that of banks’ equity.

However, information about the issuance from banks showed the bonds’ buyers were other banks and securities companies.

Previously, data from the Saigon Securities Corporation (SSI) also showed up to 82 per cent of bank bonds issued in the first half of this year were sold to other credit institutions and securities companies.

In the latest issuance on September 10, PG Bank successfully issued VND500 billion of bonds with a term of three years and the buyer was another bank.

Previously, in mid-August, BIDV also successfully issued eight-year bonds as a private placement worth VND500 billion. All the bonds were sold to a domestic credit institution.

According to Hieu, it is easy to understand why bank bonds attracted customers as these kind of bonds have the highest safety rate in the local market thanks to high liquidity while banks operate under the SBV’s strict supervision.

Meanwhile, compared with bonds of real estate companies, which often have interest rates of 3-4 times higher than that of banks’, it will be difficult for investors to control the use of money of the bond issuers.

Experts forecast the demand for issuing bonds of banks in the remaining months of this year would remain high, especially medium- and long-term bonds, to help banks improve the CAR. The bond yields are also predicted to increase as banks often offer higher interest rates to attract depositors in the last quarter of the year when the need for capital is high. 

Ministry investigates evasion of trade remedies for cane sugar

The Ministry of Industry and Trade (MoIT) on September 21 issued a decision to investigate the evasion of trade remedies for cane sugar products originating from Thailand after considering requests from domestic sugar producers.

The ministry said it has received the petition of the Vietnam Sugarcane and Sugar Association (VSSA) and domestic cane sugar refineries, which submitted evidence that Thai cane sugar products subject to anti-dumping and anti-subsidy taxes have entered the Vietnamese market through five ASEAN countries of Laos, Cambodia, Indonesia, Malaysia, and Myanmar.

The MoIT officially imposed anti-dumping and anti-subsidy duties on a number of sugar cane products having origin in Thailand on June 15, 2021.

Data of local customs agencies shows that the volume of sugar imported from the five above-mentioned ASEAN countries had increased sharply to 527,200 tonnes from 107,600 tonnes after Vietnam initiated an anti-dumping and anti-subsidy investigation into sugar from Thailand from October 2020 to June 2021.

Meanwhile, the import volume from Thailand has decreased by nearly 38 percent, from 955,500 tonnes to 595,000 tonnes in the period.

The MoIT has actively coordinated with the VSSA to monitor the import of cane sugar products and actively consulted and assisted the VSSA, as well as the domestic cane sugar industry, in collecting information and data and making a petition to request an investigation into this behaviour./.

14 traders allowed to deliver goods at HCM City wholesale market to ensure food supply

Hoc Mon Wholesale Market in HCM City's Hoc Mon District on the first day of partial reopening on September 20 received hundreds of tonnes of food and foodstuff, a dramatic increase over previous weeks.

The market's management company recently allowed 14 traders to deliver farm produce to a transhipment station at the market to meet increasing demand.

The continuing increase in the amount of food and foodstuff delivered to the market has been due to higher demand as well as new regulations that have eased the transport of goods.

The company said that if the operation was effective, the collection areas at the market would be expanded in the near future.

The food arriving on Monday was mostly vegetables from areas such as the Mekong Delta region, Lam Dong Province and Lao Cai Province in the north.

Lam Van Loi, a driver from Lao Cai, said that he had transported more than 60 tonnes of potatoes and onions from Lao Cai to the market and was waiting for items to distribute to other places. He said that transport had been more convenient recently and that he would increase the volume of food on future trips if market demand remained high.

Nguyen Thi Son, an owner of an agricultural granary allowed to trade at Hoc Mon market, said that goods in the provinces were abundant and the prices stable.

The 14 traders are permitted to deliver goods at the transhipment area of ​​about 2,000 square metres. The company said it would soon allow a further 20-30 traders while ensuring safety and COVID-19 prevention measures.

Each trader participating in the transhipment and distribution of goods is allowed to register four workers with the Hoc Mon Wholesale Market Management Company.

Traders also must provide information about their workers, the quantity and type of goods, and information about vehicles and drivers transporting the goods at least 12 hours before entering the market.

In addition, before entering the market, traders and workers at the wholesale market must show that they have had at least one dose of COVID-19 vaccine and fill out a medical declaration.

Earlier, the city had re-opened Binh Dien and Thu Duc wholesale markets but now is planning to gradually expand the scale at those markets to meet demand.

The market management company of Binh Dien Wholesale Market said the total amount of goods received at the market on September 18 was more than 113 tonnes, of which more than 77 tonnes were seafood and the remaining vegetables and fruits. This was four times higher than the amount received on the first day of reopening on September 7.

A representative of Thu Duc agricultural wholesale market in Thu Duc City said that with five traders at the transshipment station, the amount of goods delivered to the market on September 18 was 117 tonnes of vegetables and fruits, an increase of nearly 50 tonnes compared to the previous day, and 10-fold higher than on the first days of re-opening.

On June 28, Hoc Mon Wholesale Market was closed after recording dozens of locally transmitted cases through mass COVID-19 testing. The transhipment station is located in one part of the partially reopened market.

Hoc Mon is one of the city’s three largest wholesale markets, selling 3,500-4,000 tonnes of pork, 2,000 tonnes of vegetables and 1,000 tonnes of fruit every day.

Viettel to sell nearly 40% of Vinh Son shares

According to an announcement from the Ha Noi Stock Exchange (HNX), the exchange will hold an auction for Vinh Son JSC shares, owned by Military Industry and Telecoms Group (Viettel), on Tuesday.

The auction offers a batch of shares with a volume of nearly 4.6 million units, equivalent to 39.9 per cent of Vinh Son's charter capital. The starting price of the auctioned shares is nearly VND922.5 billion (US$40.3 million).

In the latest update, there has been one Vietnamese individual registering to buy all shares in the batch of this auction. The deadline for submitting the competitive offer form is at 2pm on Tuesday.

Vinh Son has a charter capital of VND1.15 trillion. As of June 30, the company’s shareholder structure has three shareholders including two organisations and one individual. Of which, Dragon Village Real Estate JSC owns 60 per cent, Viettel holds 39.9 per cent and Nguyen Khanh Trung personally owns 0.1 per cent of the capital.

The company operates in the real estate sector, with outstanding construction project the 75.51ha Rose Valley Urban Area in Vinh Phuc and Ha Noi.

However, this project is in the process of initial investment and has not yet recorded revenue in the second quarter of 2021. The company's main source of income in the past few years has come from a number of non-core activities such as renting photo locations.

In the first half of 2021, it recorded net revenue of nearly VND85 billion, down 12 per cent year-on-year, with profit after tax reaching VND3.4 billion. Compared to the plan for the whole year, Vinh Son has only completed 19 per cent of the revenue target and 23 per cent of the full-year profit plan.

The auction of 4.6 million shares of Vinh Son is part of Viettel's investment divestment plan under the restructuring plan for the 2016 - 2020 period approved by the Prime Minister.

Accordingly, Viettel is determined to boost its plan to divest investment capital in non-core industry to focus on investing in core activities of telecommunications infrastructure construction and operation. 

Forum promotes Viet Nam-Czech Republic trade, investment

The Vietnamese Embassy together with the association of Vietnamese enterprises in the Czech Republic earlier this week held a forum on promoting trade and investment between the nations.

Speaking at the event, Vietnamese Ambassador to the Czech Republic Thai Xuan Dung highlighted the importance of trade and investment promotion, particularly when both countries and others are seeking solutions for post-pandemic recovery.

He said the forum aimed to help participating firms discuss issues related to the EU-Viet Nam Free Trade Agreement (EVFTA) so that they could come up with more suitable business plans and strategies.

Trade between the nations hit US$936 million in the first half of 2021, up 28 per cent on-year, thanks to both sides’ efforts and the EVFTA’s impact.

Participants focused their discussion on opportunities for Vietnamese enterprises with the coming-into-force of the EVFTA and challenges for trade and investment promotion amid COVID-19.

They talked about problems in cooperation and seeking partnerships. They also gave initiatives to help Vietnamese competent agencies support Vietnamese firms in recovering production and business and in boosting collaboration with partners from the EU and the Czech Republic.

In an interview with the Vietnam News Agency on the sidelines of the event, Nguyen Manh Tung, former head of an association of young entrepreneurs in the Czech Republic, said currently many Czech businesses wanted to learn about their Vietnamese peers, Viet Nam's export products, and changes brought about by the EVFTA to find opportunities for cooperation.

Their biggest restrictions are the language barrier and a shortage of information on Vietnamese companies and products, according to Tung. He recommended boosting the sharing of Viet Nam’s production and logistics processes for the Czech side.

Reference exchange rate down 2 VND on September 22

The State Bank of Vietnam set the daily reference exchange rate at 23,132 VND/USD on September 22, down 2 VND from the previous day.

With the current trading band of +/- 3 percent, the ceiling rate applicable to commercial banks during the day is 23,825 VND/USD and the floor rate 22,438 VND/USD.

The opening hour rates at commercial banks dropped.

At 8.25 am, Vietcombank listed the buying rate at 22.630 VND/USD and the selling rate at 22,860 VND/USD, both down 15 VND from September 21.

BIDV also cut 15 VND from both rates, listing the buying rate at 22,660 VND/USD and the selling rate at 22,860 VND/USD.
Similarly, Vietinbank reduced both rates by 13 VND to 22,640 VND/USD (buying) and 22,860 VND/USD (selling)./.

Shares drop on strong selling force

Viet Nam's stock market finished lower on Tuesday on strong selling force from both local and foreign investors.

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) lost 0.79 per cent, to 1,339.84 points. The market's breadth was negative with 126 stocks increasing, while 275 stocks declined.

The VN-Index had lost 0.16 per cent, to close Monday at 1,350.48 points.

Investors poured over VND23.4 trillion (US$1 billion) into the southern bourse, equivalent to a trading volume of nearly 860 million shares.

The VN30-Index, tracking the 30 biggest stocks in market capitalisation on HoSE, posted a loss of 0.85 per cent, to 1,446.22 points.

Of the VN30 basket, four stocks climbed, while 25 slid.

“With the market recovering when hitting the support level of 1,330 points, VN-Index is likely to still move around 1,350 points in the next trading sessions,” said BIDV Securities Co.

Foreign investors net sold VND443.0 billion on HOSE. They were net sellers on HNX with a value of VND16.57 billion.

Banking stocks underwent strong selling pressure until the end of the afternoon trading session. The worst performers in the group included Bank for Investment and Development (BID), Vietinbank (CTG) and Vietcombank (VCB), Military Bank (MBB), Techcombank (TCB), Sacombank (STB) and HDBank (HDB).

Some individual stocks in the large-cap group also suffered losses, such as FPT Group (FPT), Hoa Phat Group (HPG), Khang Dien House (KDH), Phat Dat Real Estate (PDR), Phu Nhuan Jewelry (PNJ), Sabeco (SAB), Vingroup (VIC), Vietjet (VJC) and Vincom Retail (VRE).

The oil and gas group performed well at the end of the session and helped narrow indices’ losses, with gainers including Petrovietnam General Services JSC Corporation (PET), PetroVietnam Drilling & Well Services Corporation (PVD), PV OIL (OIL), Binh Son Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

On a sector basis, 17 out of 25 sector indices on the stock market lost ground, including wholesale, real estate, securities, information and technology, healthcare, rubber production, construction materials and logistics.

On the other side, gainers were retail, insurance, oil and gas, seafood production, food and beverage,

On Ha Noi Stock Exchange (HNX), the HNX-Index gained slightly 0.03 per cent, to 358.98 points.

The index had gained 0.25 per cent, to close Monday at 358.87 points.

Nearly 186 million shares were traded on the northern exchange, worth VND3.6 trillion. 

Thai packaging paper company increases investment in Vietnam

Thailand’s SCG Packaging Plc (SCGP) will invest 11.79 billion baht (352.9 million USD) to develop a paper factory in its new production complex in northern Vietnam, which has grown into one of the region's major export centres, according to the Bangkok Post newspaper on September 21.

The investment, which will be made through its Vina Kraft Paper Co (VKPC), is aimed at increasing packaging paper production capacity by about 370,000 tonnes a year.

CEO of the SCGP Wichan Jitpukdee expected the new production facility, which will be located in Vinh Phuc province, to start operations in early 2024.

Demand for packaging paper and related packaging products in the country is expected to increase by approximately 6-7 percent a year during 2021-2024, according to the SCGP.

Since 2009, SCGP has rolled out its strategic investment plan in Vietnam by establishing packaging paper production based in the south of the country through VKPC.

The company is a 70:30 joint venture between SCGP and Rengo Co from Japan.

SCGP is confident that it could earn 100 billion baht this year from domestic and overseas businesses as well as merger and acquisition deals, despite the prolonged COVID-19 outbreak./. 

HCMC supports foreigners dealing with hardship during Covid-19

Ho Chi Minh City authorities have been giving financial assistance, food and vaccine to foreigners facing difficulties due to the prolonged Covid-19 pandemic in the city.

Murat Kaymakcigglu with Turkish nationality at 71/5, Street No.8 in Thu Duc City’s Truong Tho Ward is an English teacher. Taking a long break from work, he has wiped out his savings during the pandemic plus he has severe asthma. The administration in Truong Tho ward encouraged his landlord to give him a free-of-charge room. Moreover, medical workers have treated him.

Recently, the Vietnam Fatherland Front Committee of Thu Duc City has encouraged and given him a food bag worth VND500,000 and VND2 million in cash. In addition, he was given an additional sum of VND3 million by a volunteer of the Rapid Response Team to support foreigners in Thu Duc City, along with medical equipment to help treat asthma. Murat Kaymakcigglu also received the first dose of the Covid-19 vaccine. He said he was happy as the locality has given support to him during the pandemic; adding that he is lucky to live in Vietnam.

Many other localities such as Tan Binh District, Phu Nhuan District also have many activities to take care of and support foreigners who are foreign language teachers, those working in tourism who are living difficultly. Up to now, the Fatherland Front and wards in Tan Binh District have given away 133 support bags worth VND50 million (US$2,192). Additionally, foreigners have been inoculated with the Covid-19 vaccine.

Trinh Thi My Hue, Vice Chairman of the Vietnam Fatherland Front Committee in Thu Duc City, said that from August 19 to now, the unit in coordination with the Thu Duc City Police has given gifts to foreigners in the city each worth VND2.5 million.

The Vietnam Fatherland Front Committee of Thu Duc City also set up a team comprising of three volunteers who can speak English, Chinese and Japanese to support foreigners affected by the Covid-19 epidemic. Thereby, foreigners have called the team asking to buy food and provide medicine for them. 

Wind power project No.5 Ninh Thuan put into commercial operation

Trungnam Group put its wind power project No.5 Ninh Thuan into commercial operation in the south central province of Ninh Thuan on September 21.

The 46.2MW project, costing over 1.6 trillion VND (69.5 million USD), comprises 11 turbines supplied by Germany’s Enercon company with an annual output of 136,281 MWh.

Connecting with the national grid, the project also has a transformer station with a 50 MVA transformer designed and manufactured by Germany’s SIEMENS.

Trungnam Group is carrying out a number of power projects in Dak Lak, Gia Lai, Tra Vinh and Ninh Thuan, which are expected to supply 10GW of electricity in total to the national grid when completed./.

PM requests measures to promote production and sale of farm produce

Prime Minister Pham Minh Chinh has asked ministries, agencies and localities to take measures to facilitate the production and circulation of farm produce amid the COVID-19 pandemic.

According to Directive No. 26/CT-TTg issued on September 21, the fourth wave of COVID-19 infections has severely affected agricultural production as well as circulation, consumption and export of farm produce.

Against the backdrop, the PM asked the Ministry of Agriculture and Rural Development (MARD) to instruct localities to synchronously roll out solutions, thus ensuring smooth supply chains.

The MARD will coordinate with the Ministry of Foreign Affairs (MoFA) and the Ministry of Industry and Trade (MoIT) to push ahead with market opening for farm produce to China via the official channel.

It will also coordinate with the Ministry of Finance to submit policies to the Government and the PM to support farmers to recover production in localities that are under social distancing in line with the PM’s Directive 16/CT-TTg.

The MoIT was requested to hold working sessions with Chinese agencies and localities on the opening of more border gates and customs clearance for farm produce.

The MoFA was requested to provide updates on the market, step up trade promotion and connectivity in farm produce consumption for localities, while helping traders in the sale of agricultural products via e-commerce.

The Ministry of Transport will instruct relevant agencies to create optimal conditions for the transportation of agricultural products and materials in service of agricultural production, and consumption and export of farm produce.

According to the directive, the Ministry of Health will coordinate with other ministries, agencies and localities to instruct specialised agencies to inspect, supervise, guide and assist production and business establishments in pandemic prevention and control.

The PM asked the Ministry of Planning and Investment to work harder to improve the domestic investment environment in the field of agriculture, and encourage enterprises to invest in agriculture and rural development.

The Ministry of Finance was tasked with instructing customs agencies to speed up customs clearance at border gates.

The State Bank of Vietnam needs to direct credit institutions to further allocate capital to production, processing, circulation, consumption and export of agricultural products.

Under the instruction of the MoFA, Vietnamese representative offices abroad will increase trade promotion activities for farm produce.

The PM also urged localities to put forth plans on production, consumption and export of agricultural products, ensure smooth supply chains as well as people’s stable lives, and boost growth./.

Webinar looks to bolster Hong Kong-Vietnam partnership amid COVID-19

A webinar entitled “Revival under the ‘New Normalcy’: Hong Kong-Vietnam Partnership” was held recently to seek ways to bolster trade cooperation and investment between Vietnam and Hong Kong (China).

The event, jointly held by the Ministry of Industry and Trade of Vietnam and the Commerce and Economic Development Bureau (CEDB) of Hong Kong, was to help businesses of the two sides connect, find cooperation chances and ease negative impacts of COVID-19.

Speaking at the event, Deputy Minister of Industry and Trade Tran Quoc Khanh underlined that the holding of the webinar amid the COVID-19 pandemic is necessary to share difficulties and seek solutions and orientations to support trade and investment activities of Vietnamese and Hong Kong firms.

Hong Kong is an important partner of Vietnam and the two sides have ample room to step up cooperation and tap on advantages of each economy in the coming time, especially advantages Vietnam has gained from free trade agreements and its population of 100 million people, Khanh said.

In a bid to further support the business communities of both sides, particularly Vietnamese firms, to quickly recover and capitalise on chances in the “new normalcy”, he suggested Hong Kong sign an agreement on enhancing the Vietnam-Hong Kong cooperation and ease visa requirements for investors and entrepreneurs from Vietnam.

At the event, participants discussed and shared business opportunities at the markets of Vietnam and Hong Kong, along with the transition role of Hong Kong for Vietnam’s exports, and introduced promotion policies, new technologies and information platforms serving businesses of the two sides.

They also put forward information technology applications for coping with COVID-19 and taking advantages of business chances in Vietnam, Hong Kong and the Greater Bay Area (GBA), which comprises Guangdong, Hong Kong and Macau.

Hong Kong is currently the seventh largest trade partner of Vietnam.

In the first eight months of 2021, two-way trade turnover hit 8.4 billion USD, rising 16 percent compared to the same period last year. Vietnam shipped products worth 7.4 billion USD to Hong Kong, up 12.2 percent.

In terms of investment, as of the end of August, investors from Hong Kong had registered to pour more than 27 billion USD into Vietnam in such fields as manufacturing and processing, energy, garment-textile, footwear and real estate./.

Navigating the acute talent shortage for digital transformation

International enterprises are facing a talent drought during the digital transformation. The US – one of the 10 leading countries in digital transformation – has been applying various short- and long-term measures to remedy the human resources issues, especially in outsourcing.

According to a 2018 survey of the International Data Corporation, the digital transformation is a must-have keyword in the development strategy of many businesses. Along with that, the pandemic has become a catalyst forcing enterprises to step up their digital transforming applications as they had no other choices but to work, connect, and manage their workforces remotely.

Numerous companies have reshaped their operations by implementing technology in every department and getting used to the online data system to cope with this new reality.

However, some people missed a crux of the whole problem – the pressure upon the IT department, in which the software and system developers play a vital role in the smooth operation of businesses during the digital transformation. That leads to escalation in the already high demand for talents in this field, turning it into a talent thirst in the HR system.

Enterprises in the US are thirsty for tech talents while making moves in the digital transformation
A survey by global research and advisory firm Gartner showed that 40 per cent of US firms are behind schedule with their digital transformation or have not even started due to the lack of suitable staff. Business Insider took this acute talent shortage as the Achilles' heel of big names in cloud tech like Amazon, Microsoft, and Google.

Meanwhile, in Vietnam, ever since 2020, corporations were also struck by the talent thirst, failing in recruiting employees in IT positions. Last year, Vietnam was short of 400,000 IT workers but universities and colleges could only fill up around 50,000 jobs.

“The Digital transformation is a challenge for both HR teams and businesses. For employees not to be swept away by the flow of digital transformation, it is necessary to equip them with a survival kit of up-to-date skills and knowledge. For businesses, it's a matter of cost and speed to build a solid IT team. On the other hand, the constant transition in employees’ work, defined by the continuous advancements of technology, poses a demand for businesses to take better care of both mental and physical well-being of employees” said Ly Ngoc Tran, executive search & selection director of Talentnet.

This July, in the latest HRO Today podcast of the global consulting firm Korn Ferry, several solutions to the problem of under-resourced US enterprises were offered.

Instead of trying to scrutinise for candidate who meet all criteria, US businesses prioritise choosing the potential group of candidates with good backgrounds in technology. With this solution, enterprises need to invest in long-term training.

Many business leaders in the US have also realised the importance of reskilling and upskilling. Those who have accompanied the business for a long time and possess growth potential will be strong knights on the development chessboard. This move is seen as an assured solution while the thirst for talent is still lingering.

A short-term solution to help US businesses solve the employee shortage in the digital transformation process is to outsource. One of the top 5 health insurance companies in the US – Health Care Service Corporation – has hired a third party to provide staff to help manage performance, store data, administrate systems, and build IT fences for cybersecurity.

Meanwhile, DVI Group – a US video production agency – has chosen to use HR outsourcing services to assist them in managing employees and building the most suitable benefit package and policies for their employees. After a short time using this service, DVI's leaders have received positive feedback from employees on operation processes as well as other engagement activities.

Outsourced personnel acts as a reinforcement rich in expertise that helps businesses operate smoothly, relieves the internal team from its excessive workload, and further improves satisfaction and enjoyment of the staff. Additionally, these services also help save costs and time investment, compared to training a team or recruiting new people.

“As the digital transformation race is reaching its climax, it is likely that businesses will not be able to retrain or recruit suitable personnel in time. To avoid lagging, companies can consider outsourcing personnel as an immediate solution to remove operational bottlenecks and spend the time saved on improving current workforce’s capabilities to minimise the human resources risks in the future,” suggested Tran.

The plans that US businesses have successfully applied can be valuable lessons for Vietnamese companies. In the long term, adjusting recruitment criteria and optimising organic human resources are two solutions for businesses to build an internal team with tech expertise. Meanwhile, outsourcing human resources can be an instant anti-drought measure to meet the immediate requirements so that businesses are not left behind in the digital transformation race.

Masan takes over Mobicast to venture into telecom sector

The Sherpa, a Masan Group subsidiary, has completed the purchase of 70 per cent of Mobicast JSC for a total cash payment of VND295.5 billion ($13 million) to enter the telecom industry.

Mobicast, doing business under the brand Reddi, is a startup full-serviced Mobile Virtual Network Operator (MVNO), a wireless communication service provider that does not own wireless infrastructure. MVNOs like Mobicast collaborate with traditional Mobile Network Operators (MNOs) to provide telecom services to consumers using their radio spectrum-based transmission services and related wireless network infrastructure.

This is a win-win situation for both MNOs and MVNOs. Specifically, MNOs profit from increased network capacity utilisation while MVNOs benefit from an asset-light business model. MVNOs are a common business model in the telecom industry around the world. In the UK, MVNOs account for 20 per cent of the overall mobile market.

The entry into the telecom sector is part of Masan’s efforts to build its offline-to-online (O2O) “Point of Life” consumer ecosystem, which already features Vincommerce, Techcombank, and Phuc Long. By unifying its consumer base via Reddi, Masan is able to create a loyalty programme for its consumers.

On a standalone basis, Reddi stands to benefit as it has exclusive access to Masan’s consumer base and physical and online nationwide touch points. Specifically, this will significantly lower Reddi’s consumer acquisition cost enabling it to reinvest the savings to develop unique digital consumer solutions and a customer service experience platform.

Danny Le, CEO of Masan Group said that, “Our mission is to develop the most efficient integrated O2O products and services platform to serve 50 million consumers throughout their daily journey by 2025. Reddi is the first step to digitalise our platform and synchronise our products and services into a unified offering.”

“While we are in the early innings, we have all the strategic components to develop the most cost effective consumer acquisition model, thereby lowering the costs of our services and products for the benefit of our consumers – this is the definition of Point of Life,” he added.

Founded in 2016, Mobicast officially obtained its license to operate a MVNO network under the consumer brand Reddi in 2019. Reddi focuses on service quality and customer experience and targets the younger and more digitally-savvy consumers.

Quang Ninh reinforces economic pillars to maintain double-digit growth

To achieve a double-digit growth rate and budget revenue of 51 trillion VND (over 2.2 billion USD) this year, the northern province of Quang Ninh is working to sustain the productivity of its economic pillars.

Authorities are taking actions to address market-related difficulties and the increase in unsold inventory so as to encourage the coal industry, a major sector in Quang Ninh, to maximise the mining output, thus contributing to the gross regional domestic product (GRDP), the State budget, and social security.

The province looks to raise the clean coal output in 2021 by 2.82 million tonnes compared to the target set at the start of the year. It will work to secure 10.2 billion kWh of electricity produced in the fourth quarter and 38.5 billion kWh in the whole year.

Local authorities are tackling difficulties and creating optimal conditions for the processing and manufacturing industry, especially flour, plant oil, textile - garment, electronics, and mechanical factories, to maximise capacity and output so that this sector can serve a true growth impulse.

Some projects in local industrial parks will be sped up so as to partly or wholly become operational in Q4, thereby creating new products and subsequently a new impulse for growth.

Quang Ninh is also accelerating procedures so that work on four key projects worth over 283.2 trillion VND in total will begin this October. They consist of the Ha Long urban area complex, the Quang Ninh LNG-fired power plant, Phase 1 of the Van Ninh general port, and the Dong Trieu golf course.

With total investment of more than 17 trillion VND, three key projects expected to act as driving forces for the province’s development are scheduled to be completed by December 31, namely Van Don - Mong Cai Expressway, the coastal road linking Ha Long and Cam Pha cities, and Cua Luc 1 Bridge.

Infrastructure construction is being hastened at the Nam Tien Phong, Bac Tien Phong, and Dam Nha Mac industrial parks, Hai Ha Seaport, and Van Ninh Port. Relevant agencies are also making efforts to attract strategic investors to developing seaport infrastructure and logistics services at Hon Net - Con Ong Port in Cam Pha city.

As Quang Ninh has managed to contain the latest COVID-19 outbreak, it is making use of every opportunity to promote the service sector, particularly retail sale, cross-border trade, and transport services.

While obstacles have been handled to facilitate to export and import via local border gates and crossings, competent agencies are stepping up online trade promotion activities,

They are also considering plans to welcome tourists, especially foreigners, back once the pandemic is put under control and implementing travel stimulus policies.

In terms of agriculture, forestry, and fisheries, authorities have been assisting businesses to boost shipments to potential markets, helping farmers to develop sea farming sustainably, improving the agro-forestry-fishery processing capacity, fostering export via official channels, and pushing ahead with building hi-tech farming zones in Dong Trieu town and Dam Ha district.

Quang Ninh recorded an estimated GRDP growth rate of 8.2 percent in the first nine months of 2021.

In particular, the processing and manufacturing industry has increased by 36.2 percent year on year, serving as the main driving force for the industrial sector. It has made up for the pandemic-caused downturn in services, tourism, coal, and electricity sectors.

Meanwhile, nearly 34.38 trillion VND has been collected for the State budget, equivalent to 67 percent of this year’s target.

Quang Ninh is one of the three nuclei of the northern key economic region and viewed as a strategic locality in northern Vietnam.

It looks to expand its GRDP by 10 percent on an annual average during 2020 - 2025, and the per capita GRDP to over 10,000 USD by 2025. The urbanisation rate is expected to surpass 75 percent, while the rate of poor households to go down to below 1 percent./.

Vietnamese farmers join e-commerce platforms

In the context of the complicated development of the Covid-19 pandemic, many agricultural products have faced difficulties in transportation and consumption. Fortunately, with the support of the nationwide postal network, farmers have boldly put agricultural products on e-commerce platforms and found consumers.

At the end of July this year, the Ministry of Information and Communications (MIC) approved a support plan to put farming households on the e-commerce floors. The ministry assigned two e-commerce floors, namely Postmart.vn of Vietnam Post and Voso.vn of Viettel Post, to implement it with the immediate goal to connect 5 million farming households to these two e-commerce floors in 2021. Head of the Department of Brand Research and Development of Vietnam Post Phan Trong Le said that from the beginning of August, Vietnam Post had established a steering committee to carry out the plan of the MIC. All units at all levels of Vietnam Post would deploy to connect farming households to e-commerce floors with close coordination and support resources from ministries, departments, People's Committees of districts, and communes.

Accordingly, the unit divides agricultural products into two main lines, comprising regular and seasonal consumption. “The training for farming households on the process of putting products on the trading floor, multi-channel selling, receiving and processing orders, preserving and packaging is particularly focused and flexibly implemented by the unit for each specific subject and the specific situation of each locality. We have also built priority channels specifically for the transport of agricultural products during the complicated situation of the pandemic to ensure best product quality when reaching consumers,” said Mr. Phan Trong Le.

According to a representative of Postmart.vn, this e-commerce floor continues to build a digital ecosystem, including a sales website, sales application on smartphones, and traceability portal for brand protection. The sale of agricultural products with a clear brand identity on the floor will help create the prestige and position of Vietnamese agricultural products to domestic and international consumers.

For Viettel Post, depending on the actual situation of each locality, its branches actively develop detailed implementation plans for specific specialties and agricultural products. With the current travel restriction, Viettel Post focuses on promoting the consumption of agricultural products within the province and neighboring provinces to solve two problems at the same time, including helping people find markets for agricultural products during the pandemic and helping consumers, mainly in Ho Chi Minh City, access high-quality agricultural products amid social distancing. The e-commerce platform Voso.vn has also deployed a place only for agricultural products of the Southern provinces to reach a large number of potential buyers not only in the South but also across the country.

By always updating information and being proactive in supporting farming households, from July 21 to now, Postmart.vn and Voso.vn have promoted the consumption of nearly 18,000 tons of agricultural products. With their capabilities and strengths, Vietnam Post and Viettel Post both affirm their determination to complete the target of putting farming households on the e-commerce floor, so that through the digital environment, Postmart.vn and Voso.vn will continue to be effective markets for farmers, helping them feel assured to grow crops not only in the current pandemic but also as a sustainable consumption channel in the future.

Businesses ready for reopening of Vietnamese economy

The recent positive progresses in Vietnam’s COVID-19 prevention and control efforts are the important groundwork for policymakers to consider relaxing social distancing and reopening the economy step by step.

Although the virus has yet to be completely exterminated, the gradual reopening is consistent with the dual goal and meets the wishes of the business community whose health has reached the threshold of being unbearable due to prolonged suspension of operation.

In this context, enterprises are also making plans for resumption under the new normal state, ready to seize on the opportunities provided by the market for quick recovery.

Amid the COVID-19 storm, air transport is one of the sectors hit hardest and the latest outbreak has thrown airlines, already struggling since the onset of the pandemic, on the edge of collapse. Thus, following the relaxation of social distancing, the Civil Aviation Authority of Vietnam (CAAV) has begun formulating a recovery plan for the airline industry towards maintaining domestic air transport activities and helping remove difficulties for carriers.

Based on the CAAV’s plan and the fact that several localities are easing restrictions and reopening some services, including tourism, domestic carriers are also making plans to meet the market demand while still placing emphasis on safety.

It is forecast that the demand for air travel will spike after economic reopening, especially for business and essential needs in the first stage of recovery, before the rise of other needs such as tourism. 

Air travel demand is projected to increase after economic reopening.

National carrier Vietnam Airlines (VNA)’s Deputy General Director Trinh Hong Quang said the company aims to vaccinate all of its pilots, flight attendants and ground workers who serve passengers directly by the end of September.

He added that it is also necessary to prioritise inoculating workers at airports, and in the travel and accommodation industries.

In addition, the application of vaccination certificates such as vaccine passports need to be accelerated and implemented on the electronic platform to maximise their efficiency, said Quang.

PetroVietnam General Director Le Manh Hung said the oil and gas industry is also severely affected by COVID-19, so the reopening will help enterprises alleviate current difficulties and bolster their business. The corporation has developed plans to meet demand for economic recovery and adapt to changes in the energy market.

The garment sector is also among the industries hit hardest by the pandemic as a number of factories have had to scale down manufacturing or even shut down for months.

As global consumption recovers and orders increase, which are usually regarded as golden opportunities, domestic enterprises are facing the risk of supply chain disruptions if they are unable to quickly restore manufacturing. Therefore, garment makers are longing for and have been preparing for the moment of reopening.

However, there remain a great deal of obstacles facing enterprises. For those in the northern and central regions, the reopening will help them foster production and exports. But for many in the south, it will take one to two months for them to rebound to the pre-closure productivity level.

It is even more worrying when enterprises will face the shortage of workers and the departure of even more workers who possibly will quit jobs to return to their home provinces immediately after reopening due to being haunted by pandemic difficulties.

Furthermore, orders are being relocated to other countries such as India and Bangladesh as foreign customers are uncertain about Vietnam’s reopening plans.

This is apparently a dual problem, since if there are workers but no orders, the burden on enterprises to cover wages and land and factory lease costs will be even greater.

Vinatex Deputy General Director Cao Huu Hieu suggested that the government facilitate enterprises to vaccinate their workers in order to maintain their workforce and production, emphasising that curbing the virus and reopening the economy are the prerequisites for enterprises to overcome this difficult period. 

To remove the difficulties facing the business community, Vice Chairman of the Hanoi Small and Medium Enterprises Association Mac Quoc Anh stated that it is necessary to continue supportive fiscal and credit policies until the end of 2022 so that enterprises will have more time for recovery.

For now, many foreign investors are reconsidering the Vietnamese market following the recent disruptions to the supply chain, which have caused delays to many orders. Therefore, strong and quick measures are needed to mend the linkage between foreign and domestic enterprises.

EuroCham Vice Chairman Nguyen Hai Minh suggested that the Government should divide the zones by risk levels and create scenarios on distancing and requirements for operation so that enterprises can proactively make their business plans. Enterprises should be given more autonomy based on the standard rules in accordance with distancing scenarios and risk zoning. Under all circumstances, closing an entire factory when infections are detected should be avoided.

It is recommended to simplify the entry requirements for foreign experts and managers, who play a very important role in the running of foreign-invested firms, as the infection risks in Vietnam are equivalent to or even higher than some countries and territories.

The most important thing is that enterprises should be provided with the optimal conditions for them to rescue themselves and their employees. As major markets in the world are starting to recover and grow strongly, Vietnam should quickly return to its important position in the global supply chain so as not to miss out on opportunities and roles in the future.

Whole factory should not be shut just due to one Covid case: Deputy PM

It is not necessary to shut down a whole factory if only one worker or two tests positive for Covid, Deputy Prime Minister Le Van Thanh told a virtual meeting held yesterday, September 20, to seek ways to remove obstacles facing businesses operating in industrial zones, export processing zones and hi-tech parks.

Speaking at the meeting, Nguyen Thi Bich Ngoc, Deputy Minister of Planning and Investment, said nearly half of 500 foreign-invested companies in such concentrated production zones in Vietnam have been severely affected by the Covid pandemic.

Industrial, economic and hi-tech zones have had to face a number of obstacles such as rising input and logistics costs which led to a shortfall of input materials and increased production costs.

Businesses have also had to pay other Covid-related costs such as costs for testing, investing in facilities to meet Covid safety requirements, and maintaining stay-at-work operations.

Vo Van Hoan, vice chairman of the HCMC government, said businesses operating in the city’s industrial zones and hi-tech parks are encountering several problems related to personnel, finance and market conditions.

It is forecast that these businesses will face a serious shortfall of employees once the city eases mobility restrictions. In addition, the entry of foreign experts into Vietnam remains difficult due to some Covid-safe requirements.

In terms of finance, the businesses have to cover various costs to maintain operations during the lockdown period.

They also have insufficient capital, especially working capital to pay off debts. Further, they lost strategic markets due to the disrupted circulation of goods, Hoan added.

A representative from HCMC-based Nidec Vietnam suggested that only a production line or a division directly linked to confirmed Covid cases should be shut down, instead of closing the whole factory. The representative expected the authorities would create favorable conditions for workers to commute between localities.

Echoing this point of view, a representative from Nike Vietnam said the closure of the whole factory is not logical after a worker tests positive for the coronavirus. Instead, only the infected persons and their close contacts need to be isolated.

In response to the feedback from business representatives, the deputy PM said it would be extremely dangerous if an industrial zone with 20,000 workers becomes an infection cluster. However, rigid Covid prevention and control measures should not be imposed by ordering the entire factory with thousands of workers to shut down just because one worker has been infected with Covid.

Only the production line linked to the Covid case has to suspend operations, Thanh continued.

Wrapping up the meeting, the senior leader of the Government said businesses have to proactively draw up plans to restore production based on the Covid situation at their places of operation.

He stressed that the Government, ministries and local authorities will stand side by side with the business community to quickly restore production. 

Jan-Aug fishery trade surplus reaches US$4.2 billion

Vietnam reported a fishery trade surplus of over US$4.23 billion between January and August despite the impact of the Covid-19 pandemic.

The fishery sector made US$5.57 billion in export revenue while its import bill was US$1.34 billion, up 7% and 17.3%, respectively, over the same period last year, according to the General Department of Vietnam Customs.

The United States was Vietnam’s largest buyer of fishery products during the eight-month period, with a value of over US$1.3 billion, rising by 26.9% year-on-year and accounting for 23.3% of the sector’s total exports.

Japan came second with a value of over US$870 million, down 3.7% year-on-year and making up 15.8% of the sector’s total exports, followed by the European Union, China and South Korea.

Meanwhile, India was the country’s biggest fishery product supplier between January and August, with a value of over US$229.1 million, soaring by 41.3% year-on-year and representing 16.9% of the sector’s total imports, followed by Norway and Southeast Asia.

In August alone, Vietnam’s fishery export revenue reached over US$595 million, down 30.3% month-on-month, while the import value of the products amounted to US$147.5 million, down 15% month-on-month.

Despite the decline in the import and export turnover, the fishery industry earned a trade surplus of US$447.5 million in August. 

Viet Nam enjoys trade surplus with CPTPP markets

Trade between Viet Nam and 10 member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was estimated at US$52 billion in the first seven months of 2021.

The figure rose 23.36 percent against the same period last year and accounted for 13.86 percent of the nation’s total trade value. 

Of the figure, Viet Nam’s imports from the CPTPP signatories were estimated at US$25.96 billion, an increase of 24.21% compared to the same period last year and representing 13.75 percent of the country’s total import value.

Viet Nam posted a trade surplus of US$82.28 million with the CPTPP member countries in the reviewed period.

In July alone, bilateral trade value between Viet Nam and CPTPP members reached US$7.9 billion, a year-on-year increase of 0.51 percent. Viet Nam enjoyed a trade surplus of US$59.08 million with these markets, up 60.52 percent.

The CPTPP was signed by 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam in Chile on March 8, 2018. 

Eight months later, Viet Nam ratified the trade deal that took effect on January 14, 2019.

The trade area represents 13.5 percent of the global economy, a total of US$10 trillion dollars and 15 percent of the global trade revenue, equal to US$5 trillion.

Issuance of government’s resolutions on key tasks for dual goals

The issuance of the government’s resolution No. 63/NQ-CP on the key tasks and solutions to promote economic growth, disbursement of public investment, and sustainable exports in the last months of 2021 has shown the Government's determination in achieving the dual goals of fighting against the epidemic and socio-economic development.

The government proposed nine solutions including a focus on prevention of the Covid-19 epidemic for promotion of socio-economic development in addition to maintaining macroeconomic stability. Additionally, the government mentioned acceleration of disbursement of public investment capital and import and export.

Last but not least, the government ensured to support people and businesses by removing difficulties for production and business. Finally, to boost economic growth, the government needs to increase the disbursement of public investment sourced from the State budget, promote exports and develop the local market.

In the report "Review - Updating Vietnam's economic situation" published on August 2021 by the World Bank, the WB has made recommendations that, in the coming time, Vietnam needs to pay special attention to the development of industrial production and retail, both of which may continue to be affected by the Covid-19 epidemic.

Furthermore, WB warns that exports may also be affected because of shrinking production in some industrial zones amid the Covid-19 outbreak. Meanwhile, other development partners said that at present, the Government of Vietnam has only had activities to stimulate the economy through public investment; therefore, the government should give greater attention to non-performing loans and adopt a more appropriate fiscal policy for long-term economic growth.

The government’s solutions have met the recommendations; however, they must be carried out synchronously and drastically to achieve the dual goals. In particular, the government is presently placing the prevention of Covid-19 on top priority to create momentum to promote socio-economic development. In addition to the 5K principles, vaccines are the key factor to curb the pandemic. Once herd immunity is achieved by the end of the year, the situation will soon stabilize again.

Source: VNA/VNS/VOV/VIR/SGT/SGGP/Nhan Dan/Hanoitimes