return icon Vietnamnet.vn

Vietnamese enterprises build resilience amid pandemic

Vietnam’s economy has undergone a lot of changes during one year since the first case of COVID-19 was detected in the country in January, 2020, 

but it has managed to post a 2.92 percent growth, with domestic enterprises playing a significant role in shoring up economy amidst the unprecedented difficulties brought about by the pandemic.

Vietnamese enterprises build resilience amid pandemic hinh anh 1

Vietnam's gross domestic product (GDP) in 2020 grows by 2.91 percent compared to the previous year. 

 

Director General of Vietnam Report Vu Dang Vinh cited a survey of the company that showed one fifth of interviewed local companies said they need only between seven to 12 months to recover after the pandemic is put under control. This fact demonstrated the remarkable resilience and adaptability of local enterprises.

 

Vietnamese enterprises build resilience amid pandemic hinh anh 2

Many firms have made good recovery from the pandemic.

 

According to Hong Sun, co-Chair of the Vietnam Business Forum (VBF), Vietnam’s successful control of COVID-19 has allowed the country to start the process of economic recovery much earlier than other countries, which is an advantage that the Government and the business community should make the best of.

He recommended that the Government adopt breakthrough policies in taxation and infrastructure to offer the best possible support to local businesses in returning to the market, while ensuring fair treatment to domestic and foreign-invested enterprises and promoting investment from the private sector.

Director General of the General Statistics Office (GSO) Nguyen Thi Huong said based on the situation in 2020, the goal of 6 percent growth for 2021 set by the National Assembly can be achieved.

She pointed to bright spots in the economy, such as the process-manufacturing industry with a growth of 5.82 percent, the disbursement of capital from the State budget which met 91.1 percent of the plan, up 34.5 percent from the previous year, and a record foreign trade value of 543.9 billion USD with a trade surplus of 19.1 billion USD, also the highest ever.

Meanwhile, the agro-forestry-fishery sector has become the pillar of the economy, helping ensure social security in the context of pandemic.

Looking towards 2021, Huong said the processing-manufacturing industry will continue to be a bright spot in the economy. Others would be services, construction, and the export of shrimp, fruit, coffee, and textile-garment.

Regarding measures to achieve the growth target, she suggested that the Government should continue to focus on removing difficulties facing by enterprises and helping the business community find markets.

Breakthrough measures are also needed to help economic establishments access and apply technologies, and increase the economy’s productivity and competitiveness.

Vietnamese enterprises build resilience amid pandemic hinh anh 3

Inside an electronic component manufacturer 

 

According to the GSO official, domestic enterprises should follow the motto of “Vietnamese goods win over Vietnamese people” and develop their share in the domestic market. The State Bank of Vietnam should continue with flexible and cautious policies on monetary, interest rates and foreign exchange rates in accordance with changes in the domestic and international markets, while the agricultural sector should build specific directions for expanding export markets for its products, Huong said.

Minister of Science and Technology Huynh Thanh Dat emphasized that in the current era, science-technology and innovation have become more important than ever in order to raise productivity and product quality, and enhance the competitiveness of both enterprises and the national economy. 

The minister said SMEs, particularly super micro enterprises, need to intensify the application of technology and raise productivity so as to be able to participate in regional and global production networks of multi-national corporations. He also recommended promoting productivity cooperation in ASEAN region./. VNA

Vietnam rises two places in Bloomberg innovative economy index

Vietnam rises two places in Bloomberg innovative economy index

Vietnam has moved up two places to 55th in the list of the world's 60 most innovative economies compiled by Bloomberg, but lags far behind Asian peers.

MORE NEWS

Strange 'offerings' of high-school students pray for good luck for graduation exams

Some 12th graders in Hanoi brought "offerings" such as light bulbs, ballpoint pens and paper with their names, addresses, and exam registration numbers to the Temple of Literature to pray for good luck for the upcoming high school graduation exam.

VIETNAM NEWS HEADLINES JULY 6

Hanoi to build road tunnel in Hoan Kiem district

Russian Foreign Minister pays tribute to President Ho Chi Minh

Russian Foreign Minister Sergei Lavrov began his visit to Vietnam on July 6. He laid flowers and paid tribute to President Ho Chi Minh at the mausoleum in Hanoi.

HCM City hosts first Corgi dog race

A one-and-a-half-year-old Corgi named 'Cat' beat 70 other canines to win the championship at the inaugural Corgi Marathon Vietnam 2022.

VIETNAM BUSINESS NEWS JULY 6

Vietnam boosts export of high-quality rice

Professor Trinh Xuan Thuan wins the 2022 Grand Prix de la Francophonie

The Vietnamese American astrophysicist has been internationally recognized for his research in extragalactic astronomy.

Vietnam to sell seedless lychee for commerce

After three years of planting 500 seedless lychee trees on a trial basis, some trees have given fruit and are expected to be commercially available in 2023.

Special features of Vietnam’s new passport

On July 1, the Ministry of Public Security of Vietnam issued a new model for ordinary passports for Vietnamese citizens at home and abroad.

Two casino projects proposed in Da Nang, Khanh Hoa

Investors have asked for permission to establish a casino in the Sun World Ba Na Hills tourist area (Da Nang city) and another in the Hon Tre island service, tourism and entertainment areas (Khanh Hoa province).

Prices for some iPhone models in Vietnam are the lowest worldwide

The prices for iPhone 11 and iPhone 12 models in Vietnam are among the lowest in the world.

VN needs regulations of digital, virtual assets

Vietnam needs to develop regulations about digital and virtual assets as Industry 4.0 is driving the emergence of new assets and the lack of rules exists is one of the most significant legal problems in asset ownership rights.

Deputy Minister says artists Hong Dang, Ho Hoai Anh still out on bail

Deputy Minister of Culture, Sports and Tourism Ta Quang Dong said that actor Hong Dang and musician Ho Hoai Anh are still out on bail. The two men have not been prosecuted, are waiting to see a judge, and have a lawyer to handle legal issues.

Nearly 10,000 health workers quit jobs

Vietnam saw close to 10,000 health workers quitting their jobs from the start of 2021 to June this year, with the highest resignation rates reported in HCMC, Hanoi, Dong Nai, Binh Duong, An Giang and Danang.

Vietnam’s woodwork exports increase over 20 consecutive years

Despite the pandemic and global political upheaval, which has hit supply chains, a scarce supply of raw materials and rising logistics costs, Vietnam's export turnover of wood and wood products has still increased.

Implications of Central Bank Digital Currency in Vietnam

A survey by the Bank for International Settlements (BIS) published in May states that there are currently 81 countries participating in Central Bank Digital Currency research and development (CBDC), compared to only eight countries before 2017.
back_to_top