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2 months missed period

VIETNAM BUSINESS NEWS APRIL 17

April 17, 2021 by vietnamnet.vn

Japanese pin hopes on Vietnam’s market

VIETNAM BUSINESS NEWS APRIL 17

New Japanese joint ventures in Vietnam are providing the evidence that Vietnam is becoming a haven for trusting investments as the globe attempts to fight out of the pandemic recessions.

Meiji’s infant formula business in Vietnam mainly imports products from Japan and sales are growing steadily. The number of births per year in Vietnam is 1.5 million or approximately 1.7 times higher than that of Japan, and the market is expected to continue to expand in the future.

By establishing a new company in Vietnam, Meiji aims to conduct more timely and effective sales activities and conduct business operations rooted in the region.

Meanwhile, Sojitz Corporation and Vietnam Livestock Corporation JSC (VILICO), a company of the country’s leading dairy group Vinamilk, have reached an agreement to establish a new joint venture for the purpose of importing, processing, and selling beef products in Vietnam.

Vietnam’s annual beef consumption is currently close to 500,000 tonnes, and is expected to increase as income levels rise and population growth continues.

The joint venture, named Japan Vietnam Livestock Co., Ltd., will be capitalised at $2 million. Equity ownership will be split 49 per cent to Sojitz and 51 per cent to VILICO, while the joint venture is considering importing beef from such markets as Japan, North America, and Australia.

Meanwhile Toppan Cosmo, Inc., a subsidiary of Toppan Printing, has partnered with Osaka-based Studio Tec and Ho Chi Minh City-based Nu Design and Supply Co., Ltd. (NDS) to establish Toppan Equator LLC in Vietnam. The new company is focused on creation of high-quality 3D computer graphics for sales promotion and presentations by Japanese companies in the construction, interior design, and housing equipment and appliance sectors.

“Toppan Cosmo is very pleased to be able to fuse Studio Tec’s technical capabilities with NDS’ operational know-how to launch an organisation in Vietnam for production of high-quality 3D graphics, VR, and AR content with short lead times,” said Koichi Takenaka, Toppan Equator CEO. “We will leverage the visualisation content produced by Toppan Equator to bring new value to communication and contribute to growth in Japan and Vietnam through expansion across diverse sectors.”

It is apparent that more Japanese companies are pinning their hopes on the Vietnamese market in the midst of the global crisis. Commenting on the trend, Okada Hideyuki, chairman of the Japanese Chamber of Commerce and Industry in Ho Chi Minh City, said that the pandemic has disrupted the supply chain and manufacturing of accessories and spare parts, but Vietnam’s successful containment of the COVID-19 pandemic has captured the attention of Japanese investors, and so this is a big opportunity for Vietnam to woo more Japanese funds.

Data from the Ministry of Investment and Planning revealed that in the first three months of 2021, Japan registered total investment capital value of nearly $2.1 billion in Vietnam. As of present, Japan is the second-biggest foreign investor in Vietnam after South Korea, with 4,666 projects totaling more than $62.51 billion in registered investment capital.

The Japan External Trade Organization (JETRO) conducted a survey of over 900 Japanese companies about their business operations in Vietnam. Among them, nearly half plan to increase investment in the country in the next 1-2 years. They will focus investment on general products, high-value goods, sales, logistics, and research.

Although the expansion plan is 17.1 per cent lower than last year, the figure remains high in the midst of the coronavirus pandemic. Japanese companies are looking for new investment opportunities in line with the growing revenue in the local market (65.9 per cent), rising earnings from export (48.7 per cent), and Vietnam’s high economic growth and potential (44.1 per cent).

According to Hirai Shinji, chief representative of JETRO in Ho Chi Minh City, Vietnam has great potential for growth with a huge population coupled with increasing disposable income of the middle-class, making Vietnam a new darling for Japanese companies. He noted that Japanese companies already operating in Vietnam have started to expand their production here, providing strong evidence that they are placing trust in the economic development of Vietnam for the future.

“Meanwhile, the recent emergence of some top fashion brands like UNIQLO in the country reflects the growing interest of Japanese businesses in the potential domestic market. The expansion of UNIQLO is expected to draw more Japanese investors to Vietnam in the coming time,” he said.

Vietnam’s biggest wind power plant operational

The Trungnam Group put into operation a wind power plant in Loi Hai and Bac Phong communes, Thuan Bac district, south-central Ninh Thuan province, on April 16.

This is the biggest wind power project in Vietnam that has been combined with a 204MW solar power plant to form a solar and wind farm complex considered the largest and unique one in the country and Southeast Asia.

The solar-wind power farm complex will supply a total 950 million kWh per year for the country’s grid.

The first phase of the wind power plant was completed in 2019 with a capacity of 39.95MW. The second phase of the plant has an additional capacity of 64MW, and the third phase, 48MW.

According to Tran Quoc Nam, Chairman of the provincial People’s Committee, Ninh Thuan is now taking the lead with 32 solar power projects with a total capacity amounting to 2,257 MW, and three wind power projects with accumulate capacity of 329 MW./.

Wood export expected to hit a new record

Viet Nam’s wood exports have increased over the last few years and are expected to reach a new record in 2021.

The export turnover of wood and wood products has seen an average increase of 15.4 per cent per year in the 2017-2020 period, or US$1.35 billion, even greater than the total turnover of many items.

The export turnover of wood and wood products reached approximately $3.7 billion in the first quarter of this year, up 41.5 per cent, nearly double the growth rate of the total export turnover of the country at 22 per cent.

It is expected the export turnover of wood will surpass the $14.8 billion milestone, an increase of nearly 20 per cent, or $2.4 billion compared to the previous year.

Export turnover of wood and wood products is the sixth largest among Vietnamese export sectors. Wood and wood products are also the items with the largest trade surplus, contributing to improving the trade balance.

This sector has achieved such great results due to many factors, including the rate of forest cover being kept at around 42 per cent. Every year, the concentrated afforestation area is over 260,000 hectares.

These are among the factors to protect and improve the environment, as well as a fundamental factor to create jobs, reduce poverty rates in the mountainous and midland provinces, and as a source of raw materials for wood processing industry and wood export.

The amount of annual exploited wood has increased, surpassing 10 million cubic metres in 2015 and 16 million cubic metres in 2019.

Exploited wood grew by 33.9 per cent last year compared to 2016, an average annual increase of 7.6 per cent, or 1.07 million cubic metres.

In terms of market, the US is the largest export market, accounting for 60.4 per cent of Viet Nam’s total wood export turnover, followed by China with 9.9 per cent, Japan 9.5 per cent, and South Korea 5.7 per cent. These four markets alone account for 85.5 per cent of the total.

In terms of production capacity, excluding individuals, production groups and cooperatives, Viet Nam currently has nearly 12,000 enterprises, with about 500,000 employees and VND320 trillion (nearly $14 billion) of production-business capital over VND120 trillion in value of fixed assets, and nearly VND360 trillion in net revenue.

Exports to the EU reach nearly $5 billion thanks to EVFTA

Viet Nam’s export turnover of Vietnamese goods to the 27 EU member countries has skyrocketed after eight months of implementing the EU – Viet Nam Free Trade Agreement (EVFTA), reaching nearly US$4.8 billion.

Goods exported to the EU are mainly aquatic products, textile-garment, footwear, and farm produce, reported the Import and Export Department under the Ministry of Industry and Trade.

Importing markets are mostly countries with ports and distribution and transshipment centres of the EU such as Belgium, Germany, Netherlands, and France.

The EVFTA, which took effect from August last year, has opened up great export opportunities for Vietnamese goods to the market with a GDP scale of $15 trillion.

The EU is Viet Nam’s fourth largest export market. Export turnover of Vietnamese goods to this market reached $43.7 billion last year and imports from the EU totalled $18.5 billion last year.

The proportion of exports to the EU increased by 18 per cent in the first three months of this year, equivalent to an increase of $1.5 billion.

Certificates of origin have been used to help about 32 – 34 per cent of annual export revenue benefit from preferential treatment under FTAs, showing that Vietnamese businesses and goods are increasingly tapping into concessionary tariffs in the markets that have FTAs with the country, said the Ministry of Industry and Trade.

The MoIT noted from August 1 last year, when the EVFTA took effect, to April 4 this year, authorised agencies and organisations in Viet Nam granted about 127,300 sets of certificate of origin form EUR 1 for nearly $4.8 billion of exports to the 27 EU countries.

Enterprises shipping goods to the EU also conducted self-certification of origin for more than $10.88 million worth of commodities to utilise preferential tariffs.

The Ministry of Industry and Trade said that in addition to the EVFTA, new generation trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the UK-Viet Nam Free Trade Agreement (UKFTA) would continue to create conditions for Vietnamese goods to enter partner markets with more preferential tariffs, and with commitments to facilitate and minimise barriers.

Efforts to stimulate domestic consumer market continue as pandemic threatens exports

Many provinces and cities have launched programmes this year to promote local consumer demand to support businesses as the COVID-19 pandemic continues to affect exports.

The Ministry of Industry and Trade will organise conferences to connect producers, suppliers and retailers, and events for producers and traders, especially small traders, to help take goods to residential areas, industrial parks and rural and mountainous regions, Sai Gon Giai Phong (Liberated Sai Gon) newspaper reported.

It will help encourage consumption by fostering the evening economy and holding fairs and exhibitions of products and services. It continues to implement the ‘Vietnamese people give priority to using Vietnamese goods’ programme.

It will also promote the adoption of IT and foster e-commerce.

Hanoi’s Department of Industry and Trade will organise five Vietnamese Goods Weeks this year to stimulate demand.

To be held in the districts of Ha Dong, Hai Ba Trung, Nam Tu Liem, Quoc Oai, and Ba Vi, they will have around 100 standard booths each.

Companies and cooperatives will exhibit food products, textiles, footwear, consumer goods from One Product One Commune programmes from Hanoi and other cities and provinces.

The department will subsidise booth costs by 50 percent.

The city will also support localities and businesses in Hanoi and elsewhere in selling agricultural and aquatic produce that face difficulties in selling due to the pandemic.

It will strengthen communications and promotions, create the best conditions for businesses to reach consumers and expand their market.

Products displayed and sold at the events will all be Vietnamese products with quality, food safety and traceability guaranteed.

To effectively implement the programme, the department has called on people’s committees of districts and towns to review all businesses and co-operatives to participate in the 2021 Vietnamese Goods Week of Hanoi, especially agricultural produce that are difficult to sell and the One Product One Commune programme.

According to the newspaper, Can Tho city’s Department of Industry and Trade also plans to organise a promotional month programme, possibly from April 10 to May 10.

It will seek the participation of businesses, supermarkets, commercial centers, convenience stores, restaurants, hotels and entertainment venues.

HCM City plans to focus on digitisation of industry and promotion of domestic tourism.

Deputy director of the HCM City Department of Tourism Bui Thi Ngoc Hieu said her agency is stepping up digitisation, and the sector would continue its efforts to boost domestic tourism to drive the recovery of the industry.

Tourism cooperation and linkages between HCM City and the north-east, north-west and the central regions would also serve to boost domestic travel, she added.

HCM City advised to prioritise key transport works

Ho Chi Minh City needs to prioritise resources for transportation infrastructure, especially major roads linking its seaports, the municipal Transport Department has suggested.

The department said that during the 2020-2030 period, priority should be given to six projects at a total cost of nearly 27 trillion VND (1.17 billion USD), including My Thuy Road in Thu Duc city, the first and second sections of Belt Road No 2, the Nguyen Van Linh Road – Ba Chiem Bridge with total investment of over 7 trillion VND, the Phu My Bridge – My Thuy Road with more than 1.21 trillion VND, and the My Thuy – Nguyen Duy Trinh intersection, with over 1 trillion VND.

It suggested that municipal authorities assign the Department of Planning and Investment to allocate capital for these projects in accordance with the 2021-2025 mid-term public investment plan.

In late 2020, the municipal People’s Council adopted a resolution on collecting fees for the use of infrastructure and public utilities at the city’s border gates and seaports

The Transport Department is working to collect fees starting from July 1.

COVID-19 containment contributes to Vietnam’s upgraded outlook: Fitch Ratings

Strong export growth and a successful campaign to contain the spread of COVID-19 have supported Vietnam’s economy through the pandemic and allowed the government to adopt a restrained fiscal policy response, says Fitch Ratings.

These factors have contributed to upward pressure on the sovereign’s rating, reflected in its decision to revise Vietnam’s Outlook to Positive, from Stable, when the agency affirmed the rating at ‘BB’ on April 1.

According to Fitch Ratings, Vietnam’s public finance metrics have improved markedly relative to peers since the start of the pandemic. In December 2019, prior to its April 2020 decision to revise the rating Outlook to Stable from Positive amid uncertainties associated with the pandemic, Fitch Ratings had expected that Vietnam’s general government (GG) debt/GDP would stand at 40.3 percent of GDP in 2021, against a median of 41.7 percent for ‘BB’ sovereigns and 43.8 percent for ‘BBB’ sovereigns.

Fitch Ratings now expects Vietnam’s GG debt/GDP to average around 39 percent in 2021-2022, but the equivalent peer median forecasts have risen to around 60 percent and 58 percent for ‘BB’ and ‘BBB’ sovereigns, respectively.

The improved fiscal position reflects Vietnam’s broader economic strength. Tourism earnings have been severely hit by the pandemic, but other parts of the economy have proved robust. Vietnam was one of only a few countries globally to post positive economic growth in 2020, of 2.9 percent. Growth was buoyed by external demand, with goods exports rising by 6.9 percent. Domestic activity was also supported by the limited spread of COVID-19 in the country.

Fitch Ratings expects growth to remain strong, at around 7 percent annually, in 2021-2022, buoyed by continued export expansion and higher investment. A pandemic fiscal package covering 2020-2021, worth about 292 trillion VND (about 3.6 percent of 2020 GDP), will reinforce growth prospects.

Goods exports rose by 23.8 percent year-on-year in the first quarter of 2021, supporting real GDP growth in the quarter of 4.5 percent year-on-year. Vietnam is benefiting from trade diversion, new trade agreements such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP), and Vietnam’s cost competitiveness. Rapid increases in public infrastructure investment and FDI should bolster the sustainability of strong medium-term growth.

Fitch Ratings points out that sustained high growth that reduces Vietnam’s GDP per capita gap against its peers while maintaining macroeconomic stability could put upward pressure on the sovereign rating. Upward pressure could also stem from sustainable fiscal consolidation, a reduction in contingent sovereign liabilities, or improvements in banking-sector capitalisation, transparency and regulation.

Vietnamese firm launches nutrition research institute in Sweden

On the occasion, it also inked a communication agreement with the Ministry of Health (MoH) and strategic cooperation deals with seven medical associations and five universities.

NutiFood Chairman Tran Thanh Hai said through the activities, the company hopes to work with leading scientists and nutritionists of the world and apply European high standard solutions nutrified to be compatible with physical conditions of Vietnamese people, in a bid to maximise their stature and intelligence.

He added that the nutrition research institute groups more than 50 leading experts in Vietnam and Europe and partners with major firms across the world like BASF of Germany, DuPont of the US, and DSM of Switzerland, along with Vietnamese medical associations and universities.

Deputy Minister of Health Do Xuan Tuyen said that the MoH and NutiFood have joined hands in a programme to raise awareness of a fight against overweight and obesity among Vietnamese children for 2021-23.

Activities planned for Hanoi stimulus programme

Hanoi plans to organise a wide range of activities to stimulate consumption and tourism during the city’s grand promotional programme 2021.

The opening ceremony for the programme will be held on April 29 at Ly Thai To monument square in Hoan Kiem district.

From then until May 3, shopping centres and major supermarkets in the capital will hold activities in response to the programme.

To stimulate the construction industry, “Beautiful Homes for You” will take place from April 29 to May 1 at Ly Thai To monument square and feature 25-30 booths.

A tourism stimulus festival, meanwhile, will be held at Royal City on May 21, with many promotions available on flight tickets, tours, hotel rates, and transportation services.

A traditional product month is scheduled for September in Bat Trang pottery village, showcasing outstanding products from the city’s trade villages on an area of 300 sq.m.

The Hanoi Promotion Month 2021 will open on October 29 at Ly Thai To monument square, followed by “Tourism Promotion Days” with 50-60 stalls.

To promote smart consumption, enterprises applying technological solutions in business production and e-payments will showcase products in 15-20 booths at Ly Thai To monument square and along Le Thach street.

Vietnam has second highest rate of cryptocurrency use worldwide

Despite experts issuing frequent warnings about the possible risks relating to the use of cryptocurrencies, especially cybercrime linked to Bitcoin, the use of the digital currency is once more booming again domestically as investors try to reap the benefits of the online asset.

The price of Bitcoin has risen to US$63,131, reaching an all-time high in the process. Coupled with the emergence of Pi, a new digital currency, the Vietnamese crypto market witnessed a large influx of new investors during the early months of the year.

A survey of global consumer data company conducted by Statista shows that the country has the second highest rate of Bitcoin use in the world, behind only Nigeria. Due to millions of US dollars traded in the virtual currency each month, Bitcoin exchanges have become a target for cybercriminals.

Chris Connell, managing director of Kaspersky Asia Pacific, believes that there will be an increase in the number of new virtual currency investors in Southeast Asia, and Vietnam is one of the leading countries following this trend. He also advises potential investors to be aware of the security risks related to Bitcoin use.

Thai Cafe Amazon expands business in Vietnam

Thai giant calls Vietnam a bright spot for investment amid the global Covid-19 pandemic.

Thai coffee chain Cafe Amazon announced its plan to open more stores nationwide in the coming time, especially in Ho Chi Minh City and neighboring provinces which are favorite locations for launching new outlets this year.

Cafe Amazon in Vietnam, established in 2019 by PTT Oil and Retail Business (PTTOR), is a subsidiary of Thai energy giant PTT and Central Plaza Hotel (Centel). It has an investment of US$3.5 million.

The brand will open more stores in the form of franchise.

The brand has already opened three stores at Go! shopping mall in the southern provinces of Ben Tre, Tra Vinh and Tien Giang and one in Ho Chi Minh City.

The investors of the coffee chain saw that Vietnam has a high economic growth with government policies favoring businesses.

“The coffee market in Vietnam is highly competitive with the presence of local and international brands thanks to high demand of Vietnamese consumers,” a representative from the Thai coffee chain told Hanoitimes.

The expansion in Vietnam is part of the investors’ plan for fostering investment in overseas markets. Vietnam is the 11th largest market of the brand owning more than 3,000 outlets across Asia.

Revenue of coffee and tea retailers in Vietnam is estimated at US$1 billion in 2020, according to a recent report.

Local insiders has commented that the success of a chain model mainly comes from location, which accounts for the majority of operating costs. Large outlets come at a high cost and is why many foreign brands have had to withdraw from Vietnam.

“It is a challenge for the newcomer like Cafe Amazon Vietnam to take its position in the market,” said an anomyous insider told Hanoitimes.

Major water plant in Binh Duong operating at higher capacity

The Tan Hiep water treatment plant in Binh Duong province, an industrial hub in southern Vietnam, began operating at a higher capacity on April 15, of 250,000 cubic metres (cu m) per day as the result of an upgrading project.

Run by the Binh Duong Water – Environment JSC (BIWASE), the plant treats water from the Dong Nai River for supply to businesses and residents in Thu Dau Mot city, Tan Uyen and Ben Cat towns, and Bac Tan Uyen and Bau Bang districts.

With investment of more than 1 trillion VND (43.4 million USD), the project to raise the plant’s capacity by 100,000 cu m per day was one of the largest of its kind in the southern region and Vietnam as a whole.

It was funded with 16 million USD in unsecured loans from the Asian Development Bank (ADB) and the Japan International Cooperation Agency (JICA), via a Government guarantee.

Chikahiro Masuda, representative of the JICA Vietnam Office in HCM City, said that through this official development assistance, JICA provided the first loan within its private-sector investment finance framework for the water sector in Vietnam.

He expressed a belief that the project will contribute to local socio-economic development and relations between related parties and Binh Duong authorities.

VN unveils huge mango output, export targets for 2030

Viet Nam wants to expand mango farming and increase exports of the fruit to US$650 million by 2030 amid growing global demand for it.

Exports of the fruit have been rising over the years, reaching US$180 million last year.

According to exporters, there is a lot of potential since global exports of mango products were worth $12.3 billion last year.

Nguyen Dinh Tung, chairman of Vina T&T Group, which began exporting the fruit in 2019, said his company has preservation technologies that keep mangoes for around a month, while the free trade agreements Viet Nam has signed with other markets is helping it enter many new markets.

Mango can be grown throughout the year without change in quality, which helps his company easily get export deals.

Dong Thap Province has also identified mango as a key crop in its agricultural reform plan.

Nguyen Quoc Toan, head of the Ministry of Agriculture and Rural Development’s Agro Processing and Market Development Authority, said Vietnamese mango is well received in the US.

But Vietnamese exporters need to invest in preservation technologies so that they can better compete with other mango supplying countries that are closer to the US, he said.

Viet Nam has around 87,000 hectares under mango, with the Mekong Delta accounting for nearly half of it.

It exports the fruit to 40 countries, though China buys up nearly 85 per cent of it.

The country targets having 140,000 hectares under mango by 2030, an output of 1.5 million tonnes a year and exports of $650 million.

It also wants more than 70 per cent of mango processing and exporting facilities to be of high quality and use modern technologies.

The Government wants the Mekong Delta provinces to register mango farming zones and issue codes for them, push for safe farming practices and carry out frequent inspections of processing and packing facilities.

Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said co-operatives are important in connecting farmers with exporters to form value chains, and helping members form large farming zones.

Mixed bag for first phase of CPTPP deal

Vietnam’s attraction of foreign direct investment from countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership has shown mixed results since its commencement, with expert opinions diverging on interpretation of developments.

After two years of implementation, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created some positive initial impacts, especially in new markets, but benefits for Vietnam from remain modest.

Nguyen Cam Trang, deputy director of the Agency of Foreign Trade under the Ministry of Industry and Trade, said that the growth rate of exports to CPTPP markets was 7.2 per cent lower than the 8.4 per cent growth rate of exports worldwide in the same period.

There is very little information about the effects and impacts of the CPTPP on foreign-invested enterprises (FIEs), what they know about this agreement, and how to take advantage of it, as well as what is preventing them from accessing what is considered significant opportunities from the agreement.

In Vietnam, the effectiveness of the CPTPP depends partly on estimates and actions of foreign direct investment (FDI). Nguyen Thi Thu Trang, director of the WTO and International Trade Centre under the Vietnam Chamber of Commerce and Industry (VCCI), noted differences in understanding the legal framework between domestic enterprises and FIEs. Meanwhile, the latter accounts for the highest proportion in imports and exports, with special relations regarding issues of investment protection and openness as well as methodical policy and legal matters.

“The biggest reason why Vietnamese businesses have not taken advantage of the incentives from this trade agreement is that they do not know about the tariff incentives under the CPTPP,” Trang said.

The CTTPP is an ambitious agreement that covers every important aspect of trade and investment. During the first period of implementation, FDI flowing into Vietnam has witnessed increases after a quiet period observing US-China trade tensions in 2019, as well as shifts in supply and production chains towards diversification.

In both trends, the inflow of FDI is expected to increase, especially in East Asia and Southeast Asia. The CPTPP is thus considered to be a favourable factor for the overall FDI attraction process. However, the results of attracting FDI during this period did so far not seem to reflect the trends.

Several problems have been identified from this unexpected fact. In 2019, Vietnam attracted approximately $9.5 billion in registered FDI from CPTPP countries, down nearly 36 per cent compared to 2018. While the total registered capital decreased, the number of new projects increased by 13 per cent compared to 2018, according to data from the Ministry of Planning and Investment.

The average size of new foreign-invested projects from CPTPP countries also fell sharply in 2019, from nearly $11 million per project in 2018 to about $4.7 million in 2019, down 56.9 per cent.

In terms of each partner, investment from Japan into Vietnam had the deepest drop in value from nearly $9 billion in 2018 to just over $4 billion in 2019, equivalent to a downfall of 52 per cent. In terms of speed, FDI decreased sharply from traditional sources such as Australia (down nearly 63 per cent) and Malaysia (down 50 per cent) as well as other markets.

Overall, 2019 was a year for Vietnam that seemed to be less optimistic in terms of attracting FDI through the CPTPP. While FDI from private CPTPP sources fell overall by nearly 36 per cent, newly attracted FDI from private CPTPP sources decreased by even over 61 per cent.

However, the results of attracting investment from CPTPP partners in 2020 were more positive than in 2019, as the Ministry of Planning and Investment recorded $11.8 billion last year.

Trang hoped that the government can make appropriate adjustments in a number of aspects to commit to all business sectors, supporting potential opportunities from the CTTPP that could become more feasible for investors.

However, it is the increase in FDI from the CPTPP in 2020 that has resulted in differing opinions. Some analysts think it is necessary to take a cautious look at the increase in FDI from CPTPP countries in 2020 as it seems to be overblown by comparison with the declines of 2019.

Others argue that the CPTPP and other free trade agreements are contributing to creating Vietnam’s own FDI attraction with transfers from China under the influence of the global health crisis.

CPTPP members, including Australia and Vietnam, have responded to the pandemic by fulfilling commitments to rules-based trade and maintaining open, informative, and transparent supply chains.

David Gottlieb, counsellor for economics and development cooperation of the Australian Embassy in Vietnam, commented that COVID-19 “present the global economy with an array of unprecedented challenges including to the principles of free and open trade.”

“But this crisis has demonstrated the importance of cooperation and strong trading relationships,” Gottlieb said at last week’s Hanoi-based CPTPP conference backed by the Aus4Reform programme aimed to support Vietnam’s reform efforts. “CPTPP members, including Vietnam and Australia, have responded to the crisis by demonstrating our commitment to rule-based trade and by maintaining open supply chains, active communication and transparency.

Quang Ngai prioritises investment promotion for supporting industries

Supporting industries will be a focus of an investment promotion plan released by central Quang Ngai Province for 2021.

It has earmarked close to VND2.2 billion (US$95,500) to implement activities to attract investment to local projects in supporting industries, petrochemicals, high-technology, seaports, logistics, clean technology, hi-tech agriculture, urban infrastructure, and tourism and services.

The province also wants to lure more investment this year into housing, services, and utility development projects for workers at the Dung Quat Economic Zone (EZ) and local industrial parks.

According to the Dung Quat EZ and Quang Ngai Industrial Parks Authority (DEZA), it will invite new investors to set up business in the province this year via existing investors and provide support in regard to site clearance and public administration services.

It will also help enterprises tackle the challenges and speed up the progress of licensed projects while offering all possible conditions for luring new capital, it said.

Meanwhile, it will review delayed and inefficient projects to identify supportive measures or revoke licenses if required, while action will be taken to further better the business climate, accelerate public administration reform, and bring in medium- and large-scale investment projects, especially those in supporting industries that use high-technology and are environmentally friendly.

Dong Thap steps up efforts for investment promotion

The Mekong Delta province of Dong Thap has set forth a plan for trade, investment, and tourism promotion with a total estimated budget of VND10 billion ($434,780).

Its objectives are to increase exposure of the province’s potential and advantages, as well as ensuring effective implementation of local policies and mechanisms on investment attraction.

Under the plan, this year the province will be organising diverse investment promotion seminars and conferences in the province, as well as teaming up with businesses and promotion organisations from different countries to host such similar events in Ho Chi Minh City, and Hanoi. Simultaneously, investment promotion delegations to Japan, Singapore, and Taiwan will be held.

The total estimated budget at VND10 billion will come from the provincial budget. Dong Thap Investment-Trade-Tourism Promotion Centre is to take the helm in co-ordinating with related organisations to arrange related activities.

Besides, the province focuses on expanding international co-operation, improving product quality, developing the ornamental flower industry and other key commodity chains such as rice and mango.

In addition, professional human resources will be trained to serve tourism activities, bringing the message “’Dong Thap, as pure as the soul of the lotus” to life.

As stated by the development plan for 2021-2025, Dong Thap’s economic growth is set to reach 7.5 per cent per year. Meanwhile, the city expects to mobilise around VND150 trillion ($6.52 billion) with an average VND30 trillion ($1.3 billion) per year, 1.85 times as many as in 2016-2020. By 2025, the province will see about 3,050 enterprises established during the period, up 74 per cent against the previous period.

According to a report from Dong Thap, despite COVID-19 adverse impacts, 606 enterprises were established in the province last year with a registered capital of VND4 trillion ($174 million) thanks to specific mechanisms to stimulate business development. As of now, Dong Thap is home to 4,244 operating businesses and granted investment licenses to 195 projects with a total registered capital approximating VND20 trillion ($869.57 million).

In addition, Dong Thap is building Tan Kieu Industrial Park (IP) in Thap Muoi district as well as completing necessary procedures to establish Ba Sao and Tran Quoc Toan IPs in Cao Lanh district, facilitating the implementation of new investment projects.

Pham Thien Nghia, Chairman of Dong Thap People’s Committee, noted that the province is constantly searching for ways to boost investment attraction efficiency and create the most favourable conditions for investors as businesses and investors are the key factors spurring local economic development and improving people’s lives.

Thai investors scaling up presence with raft of activities

Thai investors are banking on the promising future of the Vietnamese market, with several large conglomerates further increasing their foothold in the country.

Central Retail Corporation on April 3 announced its 5-year plan for an investment of approximately $1.1 billion for the Vietnamese market. The move is part of its broader strategy to secure a stronger footprint in the country.

Philippe Broianigo, CEO of Central Retail Corporation said, “The corporation has set up the roadmap with key focus to expand multi-concept penetration in all clusters across city, suburban, and rural areas. Thus, we will revamp brands in the food category for better synergy and enhanced customer experience and build brands for our non-food section, as well as develop our omnichannel presence.”

In 2020, Central Retail opened four GO! malls in Tra Vinh, Quang Ngai, Buon Ma Thuot, and Ben Tre, and rebranded Big C to GO! and added five more branches, while opening the first branch of its GO! supermarket in Tam Ky in the central province of Quang Nam to target rural customers.

In 2021, Central Retail continues its endeavour and plans to open four GO! malls in Thai Nguyen, Ba Ria, Thai Binh, and Lao Cai provinces. For its food segment, the corporation will four GO! hypermarkets, one GO! mini market, and rebrand 15 Big C stores to eight GO! hypermarkets and seven Tops Markets, as well as further diversify its non-food category.

Central Retail welcomes an average of 175,000 customers per day at 37 malls and over 230 stores, with a total area of one million square metres across 39 cities and provinces. The long-term plan is to expand to covering 55 cities and provinces nationwide within five years and provide comprehensive services.

Meanwhile, SCG, one of Thailand’s top industrial companies, is upbeat about the bright outlook for the Southeast Asian market, particularly Vietnam. SCG CEO Roongrote Rangsiyopash said in an interview with Nikkei Asia that some Asian countries have fought COVID-19 well.

“So my expectation is that the growth of ASEAN markets, for example Vietnam, will continue to be better than the Thai market. There’s a trend of localised production within the region. That’s the strategy we are seeing within this region that we will focus on. For the next few years, I foresee that Vietnam will be our top priority,” he said.

“We have several projects ongoing, like a petrochemicals complex in southern Vietnam. Once the Vietnamese plant comes online, we anticipate that revenue from Southeast Asia excluding Thailand will rise to 35 per cent from the current 26 per cent,” Rangsiyopash added.

After 25 years of operation in Vietnam, SCG has 21 local subsidiaries in packaging, chemicals, and cement and other building materials. During the global health crisis, SCG still stepped up its expansion in Vietnam by acquiring Bien Hoa Packaging in 2020 and Duy Tan Plastic in 2021.

Other Thai investors also continue their steadfast expansion in the country. Last December, WHA Industrial Development Plc. announced the signing of an MoU with Thanh Hoa People’s Committee for the development of two industrial zones (IZs) in the province. The first project, WHA Smart Technology IZ Thanh Hoa, will represent a gross area of approximately 600 hectares, plus an additional residential area of 30 to 50ha. The second, WHA Northern IZ Thanh Hoa at 540ha, will target downstream industries including plastics, rubber, chemicals, and bio-chemical products. Both constructions are expected to commence in 2023 and 2022, respectively.

Also in the same month, C.P. Vietnam opened an export-only poultry complex in the southern province of Binh Phuoc, which is the largest of its kind in Southeast Asia. C.P. Vietnam invested $250 million in this project to raise the standards of livestock production in Vietnam, paving the way for the country to be a world-class food producer. The complex can produce and process up to 50 million chicken per year in the first phase (2019-2023) and 100 million chicken per year, in the second phase.

The ongoing investment of Thai investors reflects the attractiveness of the Vietnamese market. According to statistics by the Ministry of Planning and Investment, Thailand is currently ninth-largest investment partner of Vietnam with 607 foreign-invested projects worth nearly $13 billion. It is expected that investment flows from Thailand to Vietnam will further increase.

Speaking at the conference Golden Opportunity for Thai investors in Vietnam held in January, Sanan Angubolkul, chairman of the Thailand-Vietnam Business Council, highlighted key reasons for Thai investors to scale up presence in Vietnam, including political stability, successful containment of the pandemic, a high-quality workforce, favourable investment incentives, and a lucrative local market with large purchasing power.

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

Filed Under: business vietnam economy, Vietnam business news, business news, vietnamnet bridge, english news, Vietnam news, vietnamnet news, Vietnam latest news, Vietnam breaking..., vietnam dong news, cnn business news, holiday april 17, april 17 2017 holiday, business to business news, vietnam china news, vietnam yahoo news, vietnam business culture, nashville news channel 17, vietnam finance news, vietnam india news, harvard business review april 2012

Legislative urgency for solar project development

April 17, 2021 by www.vir.com.vn

1539 p13 legislative urgency for solar project development
Dr. Oliver Massmann – General director Duane Morris LLP

According to the draft, the decision would be applicable to projects with grids connected directly to the national power network. Every two years, the MoIT shall issue a price framework for electricity generation in order to determine the ceiling price for bids to select investors of solar power projects with COD in the next two years. There are four notable points in the draft. First is the applicable solar power purchase price, which is the price for the connection point proposed by the winning bidder/investor in the bidding dossier (excluding VAT).

Second is the adjustment to the investment schedule. If the investor is permitted to adjust the investment schedule and the project’s COD occurs after the commitment date stated in the bidding documents, the applicable electricity price of the project is the electricity selling price specified in the first point above with a cumulative reduction rate of 4 per cent for every 90 days of delay in investment schedule. Project delay time must not exceed 12 months.

The third notable point is the bidding procedure itself. People’s committees of localities are to publish the bidding dossiers, and investors are to submit a bid which includes a technical proposal and a power price proposal. Bid opening will be conducted twice, with the technical proposal to be opened right after the deadline for submission of bids, and investors who satisfy technical requirements will have their power price proposals examined for evaluation.

Last is the bidding guarantee. Investors must apply a bid security measure, which is equal to 0.5 per cent of the total project investment, before the bid is closed.

The MoIT is to coordinate with Vietnam Electricity and the people’s committees of localities to organise and approve the plan for development of renewable energy sources for a period of five years as well as every two years as per the plan. The plan shall be used as a basis for the selection of investors, regulation of local solar power projects, and construction of power transmission systems, among others.

Within six months of the 2-year plan being approved, the people’s committees of the provinces must complete the plan to select investors to develop solar power projects in their localities for the coming two years.

Once the draft comes into effect, the feed-in tariff mechanism will no longer apply to solar energy projects. The MoIT has proposed that the same strategy is to be executed for wind power projects after 2023. The employment of a bidding method will enable the selection of capable developers through transparent procedures in order to eliminate the quiet prevalent issue of projects running behind schedule for years.

The Vietnamese government has continuously promoted the development of renewable energy sources as a feasible and effective solution to counter the country’s ongoing power shortage issue. This is because renewable energy projects can be constructed quickly and promptly for operation in the period of 2021-2023, while taking advantage of the country’s natural potential without relying on imported fuels, and while also being eco-friendly.

By Dr. Oliver Massmann – General director Duane Morris LLP

Filed Under: Uncategorized solar power, wind power, Investors, investment, Your Consultant, California Flats Solar Project in Monterey County, solar projects, solar project, large scale solar projects, community solar project, loans for solar projects, India solar projects, solar projects india, sunedison solar projects in India, solar projects in india, community solar projects, Rewa Solar Project

Small investors continue inundating markets

April 18, 2021 by sggpnews.org.vn

Small investors continue inundating markets ảnh 1

Illustrative photo.

Increase in new accounts

During the second half of 2020, the stock market in Vietnam was overwhelmed with a huge number of individual investors showing an unprecedented boom in the market, that had not appeared in the last twenty years. However, in 2021 we may see new records. Data collected by the Securities Depository Center shows that in March alone, there were 113,191 new accounts of individual investors in the country. It must be emphasized that in the history of the stock market, there has never been a month with the number of individual accounts in the country exceeding 100,000. The record so far was 86,107 accounts in January 2021, which number was overtaken by the March record.

If 2020 saw a ‘tsunami’ of individual domestic investors participating in the stock market, the year 2021 will likely break this record. In the whole year of 2020, the number of new securities accounts of individual domestic investors reached 392,527, while in just the first three months of 2021, the number of new accounts has reached 256,316 already, more than 65% than last year. There are still nine months left in this year, and the market may expect to see a new big record.

The aggressive will of small new individual investors has come as a huge surprise. According to FiinGroup, by 2020, the proportion of transactions of individual investors account for about 86% of the entire market. However, when the market enters a wave, this proportion can skyrocket to over 90%. In 2020, the remarkable growth of the market was due to the resources and initiatives taken by individual investors. If this happens again in 2021, the increase in individual investors many times over, will certainly raise the excitement in the market.

Indeed, the most concrete evidence is that of congestion on HOSE in 2020, mainly in the second half of December. In March 2021, almost every day the market is congested, not just from 2:00 pm as before, but almost immediately by the end of the morning session. Unlike institutional investors, individual investors often trade non-stop and turn around very quickly, so the frequency of order blocks is far denser.

Investor characteristics

One particular characteristic of individual investors is that they prefer to use loans, while institutional investors hardly use loans because they do not use up their free capital as they normally follow portfolio management rules. On the other hand, individual investors always take advantage of the marginal services. On their part, securities companies see their services to the new ‘so-called gods’ as a lucrative business and an obligation, at the same time.

In Vietnam, the scale of a leverage is maintained as a secret, to avoid a serious crisis should the scale be too large. However, the size of a loan can be estimated on the basis of final financial statements. For example, at the end of December 2020, the financial statements of securities companies showed that the marginal loan balance was about VND 81,000 bn. Another sign is the need to increase capital as well as borrowings from securities companies through bonds or direct borrowing. By the end of 2020, securities companies increased their borrowing amounts. For instance, SSI released US$ 85 mn from foreign banks and VCSC issued VND 1,200 bn in bonds.

Capital raising was a hot activity before the 2021 shareholders meeting of some securities companies. VNDirect closed its 1:1 issuance plan to raise capital for this year; HSC also plans to issue 152.5 million additional shares; and VCSC will issue 166.5 million shares. The goal of raising capital to expand margin lending capacity is in the plan submitted to shareholders of securities companies. The reason is not just the need for more capital, but also to extend lending limits, because the current regulations only allow securities companies to lend within two times their equity.

In addition, by using mobilized capital or equity capital to lend, securities companies recently created a new playing field in launching business cooperation services for customers having idle money in their accounts. The fact is that many investors have large capital but do not always use all their cash. The cash balance on the account enjoys demand interest rates, but almost no one cares. If investors cooperate with securities companies to use that idle capital to lend to other investors, they enjoy higher interest rates, usually equivalent to a six-month term deposit interest rate in the bank.

This indirect method is used by securities companies to borrow from customers as an investment with low interest rate, then further lend to other customers at a higher interest rate. As investors still have need to use money to buy securities, so the company splits it into flexible terms, even in multiples of cycles or by months, so both the lender and the borrower are at ease with the terms.

The creation of capital mobilization channels to indulge new investors has an advantage in borrowing costs becoming cheaper. Securities companies can launch packages to support low-interest leverage, even super preferential packages at only 6% per year interest rate for a six-month period. Now, with low interest rates being offered, resources on the stock market not only come from new cash flow that F0 investors can pour back in, but also resonate with thirst to use more loans, which are all too easy and cheap and accessible.

Nguyen Ha

Filed Under: Uncategorized Small Investors, individual investors, VN-Index, stock markets, Stock market, stock market investors, stock market investor, small business social media marketing, investors for small business start up, small business investors, small investment in share market, investors in stock market, Vanguard Total Bond Market Index Fund Investor Shares, investors wanted for small business, small investor, small investments in stock market

So that little hearts keep beating

April 18, 2021 by vietnamnews.vn

IN PREPARATION: Dr Nguyễn Lý Thịnh Trường goes through Quốc Thiên’s medical records. VNA/VNS Photo Minh Sơn

By Minh Sơn

The hardest time in the lives of the young couple may never have ended if their infant child didn’t survive that afternoon.

At about 3pm one day last February, Đỗ Văn Lượng, 35, from the northern province of Bắc Giang, clung tightly to his four-day-old son for the final time before leaving him with the medical staff.

In just a few minutes, his son, Quốc Thiên, would enter into a life and death struggle at the National Children’s Hospital (NCH).

He was ready for Transposition of the Great Arteries (TGA) surgery, one of the most complicated heart operations, especially for new-borns.

The infant had a heart deformity related to the arterial stem, a particularly dangerous condition for infants when not treated in time.

HOLDING TIGHT: Đỗ Văn Lượng and his four-day-old son Quốc Thiên just before the surgery. VNA/VNS Photo Minh Sơn

Dr Nguyễn Lý Thịnh Trường, director of the Heart Centre (CHC) at the NCH, and his colleagues carefully prepared for the surgery and were ready to do everything to save the little boy.

The father said that although he was upset and anxious, he felt relieved after being told that the operation would be conducted by a team headed by one of the leading doctors in children’s heart surgery.

He learned that Dr Trường is an expert in handling rare cases like his son.

Little Thiên was diagnosed with TGA disease when he was still in his mother’s womb, and Lượng had come down to Hà Nội from Bắc Giang with his wife to the National Hospital of Obstetrics and Gynaecology.

His wife was yet to see their child, as he had been immediately taken to the NCH.

WATCHFUL EYE: A nurse cares for Thiên just before he enters the operating room. VNA/VNS Photo Minh Sơn

Although he had handled many such cases, this was only perhaps the second time he had seen such a condition.

“This case was especially difficult,” he said. “A deviation of only one-third or half a millimetre will affect his life, because the coronary artery’s job is to supply almost all of the heart’s blood.”

According to the doctor, the diameter of a coronary artery in a new-born is only about 1-1.5mm, which is not even visible to the naked eye, so doctors use a magnifying glass to perform the surgery. The permissible deviation is only about 0.2-0.5mm.

TOGETHER AS ONE: A 10-member surgical team – including five doctors and five nurses – perform the surgery. VNA/VNS Photo Minh Sơn

There are hundreds of patients needing TGA surgery as soon as possible, but Dr Trường said Thiên’s case was difficult since the position of the coronary artery was abnormal.

Most babies in this condition undergo TGA surgery within their first month of life, but there are some who need it within two weeks.

“If the surgery is successful, the baby will go on to lead a normal life,” the doctor said.

However, he added, it was important to take special care of such children and attend periodic examinations, as patients with other congenital heart diseases must do. A few patients will need a second operation at some point in their lives.

UNDERWAY: A moment during the operation. VNA/VNS Photo Minh Sơn

TGA is a serious heart defect that occurs before birth. It causes a change in the blood circulation throughout the body, resulting in a lack of oxygen in the blood when it leaves the heart. The little patients may face severe complications or even death if not diagnosed and treated quickly.

“Arterial transfer disease may be found before birth or from the first hours to weeks after birth,” Dr Trường said, adding that this was the 581st TGA surgery performed at the NCH. “It is a complicated and serious congenital heart disease that often requires surgery in the first month after birth.”

“If not detected in time, 80-90 per cent of babies will die in the first year. And they cannot undergo surgery after they are two or three months old.”

SUCCESS: The operation concludes after more than five hours. VNA/VNS Photo Minh Sơn.

The doctor has made a significant contribution to the success of the CHC in treating children’s heart conditions.

Since 2016, when he became director of the centre, the number of heart surgeries has nearly tripled, from about 500 to 1,453 a year. More than 30 per cent of those are performed by Dr Trường.

At times he may perform four such surgeries in a single day, with him finally putting the scalpel down well into the evening.

A report from the NCH put its success rate for surgery on complicated congenital heart disease at over 93 per cent. Doctors performed 60 surgeries last year on patients suffering these types of heart defects, with a success rate of 96.7 per cent.

It is an encouraging rate for Việt Nam and even outpaces the figure of 90 per cent in other Southeast Asian countries like Singapore, Malaysia, and Thailand.

The CHC performed surgery on about 1,660 patients last year, of which 1,650 had complex heart defects.

Prior to 2010, a majority of paediatric patients with such defects died, as surgery in Việt Nam was impossible and heading overseas wasn’t an option for most people.

Recent figures show that the rate of children with cardiovascular disease in Việt Nam is about 1-1.5 per cent. Of these, 60 per cent need surgical intervention, and 80 per cent of those go on to lead a healthy life. Surgery is the only treatment for complicated congenital heart disease, because without direct intervention the risk of death within the first week of life is about 30 per cent and almost 100 per cent within a year.

The surgical process is divided into several stages and include the administration of anaesthesia, stopping the heartbeat, running an artificial heart machine, the actual surgery, and then active resuscitation.

Dr Trường said making the heart stop beating is the most difficult, as even the smallest of mistakes can have terrible consequences.

To ensure the heart functions as normal post-operation, doctors must relocate both the aorta and the pulmonary artery. The most complex part is repositioning the coronary arteries, which are only about 0.5mm in diameter, meaning absolute precision is needed.

Other heart defects are also addressed during the surgery.

About a decade ago, TGA struck fear into the parents of new-borns diagnosed with the condition.

Now, though, at the CHC, the disease can be treated effectively thanks to talented surgeons, advancements in diagnosis and treatment, and, especially, the centre’s post-surgery care.

A complex operation such as TGA now takes four or five hours, whereas in the past it was anywhere between half a day or even more than a day.

Not only little Thiên but also hundreds or even thousands of other new-borns suffering from congenital heart diseases will survive in the future, thanks to advancements in medicine and healthcare in Việt Nam.

The TGA surgeries performed at the CHC affirm that the professionalism of Vietnamese doctors and medical staff is at least the equal of those in the region and the world, filling people with confidence that even the most severe condition can now be treated right here at home. VNS

Filed Under: Uncategorized baby, sleep, congenital heart disease, Children’s Hospital 1, doctor, Vietnam News, Politics, Business, Economy, Society, Life, Sports, Environment, Your Say, ..., heart beats, Two Hearts Beat, heart beat, heart beating hard, heart beats per minute, heart beats fast, heart beats fast song, heart beats too fast, heart beating fast after eating, my heart beats, heart beat symptoms, heart beating

World News in Brief: April 17

April 17, 2021 by en.nhandan.org.vn

* UN Secretary-General Antonio Guterres on Friday called on the world’s leading mayors to take urgent climate action.

* More than 187.36 million doses of COVID-19 vaccines had been administered across China as of Friday, the National Health Commission said Saturday.

* The Russian Foreign Ministry on Friday announced a series of retaliatory measures, including expulsions of diplomats and entry bans, in response to the recent “hostile actions” of the United States. Russia will ask 10 US diplomats and five Polish ones to leave the country, the ministry said in a statement.

* US President Joe Biden and visiting Japanese Prime Minister Yoshihide Suga on Friday voiced commitment to further strengthening the two countries’ alliance to address regional and global challenges.

* The Philippines’ Department of Health (DOH) reported on Saturday 11,101 new COVID-19 infections, bringing the total cases in the Southeast Asian country to 926,052. The death toll climbed to 15,810 after 72 more patients died from the viral disease, the DOH said.

* India registered 234,692 new COVID-19 cases, the third consecutive day that the country reported over 200,000 new cases, taking the total tally to 14,526,609, said the data released by the federal health ministry on Saturday. Besides, as many as 1,341 people died since Friday morning, as the total death toll rose to 175,649.

* Thailand registered 1,547 new COVID-19 cases in the last 24 hours, raising the total number in the country to 40,585, the Center for the COVID-19 Situation Administration (CCSA) said Saturday.

* The Philippines’ gross international reserves (GIR) level settled at US$104.82 billion as of end of March, compared to US$105.16 billion a month earlier, according to data from the Philippine central bank.

* The Republic of Korea reported 658 more cases of COVID-19 as of midnight Friday compared to 24 hours ago, raising the total number of infections to 113,444. The daily caseload was down from 673 in the previous day, but it stayed above 600 for four straight days.

* Two Russian warships on Saturday passed through the Bosphorus Strait in Istanbul towards the Black Sea, local media reported.

* Russia confirmed 9,321 new coronavirus infections over the past 24 hours, taking the nationwide tally to 4,693,469, the official monitoring and response center said Saturday. The national COVID-19 death toll rose by 398 to 105,193 in the past day, while the number of the country’s recoveries grew by 8,832 to 4,319,389.

* Italy’s imports and exports improved in February compared to the previous month, the country’s National Institute of Statistics (ISTAT) reported on Friday.

* Turkish President Recep Tayyip Erdogan and Secretary-General of the North Atlantic Treaty Organization (NATO) Jens Stoltenberg discussed a series of regional issues over the phone, Turkey’s presidential office announced on Friday.

* Argentina reported on Friday a record daily COVID-19 infections of 29,472 and 160 more deaths, bringing the national tallies to 2,658,628 and 59,084 respectively, said the Health Ministry. The previous most daily cases were recorded at 27,001 on Tuesday.

* Brazil on Thursday reported 3,560 deaths from COVID-19 in the last 24 hours, raising its pandemic death toll to 365,444. According to the Ministry of Health, during the same period, tests detected 73,174 new COVID-19 cases, bringing the total infections to 13,746,681.

* Chile’s Ministry of Health on Thursday said 50 percent of the target population have been vaccinated against COVID-19. Some 7,600,908 people, or half of the 15 million people considered enough to create herd immunity in a country of around 19 million inhabitants, have been inoculated, Health Minister Enrique Paris said at a press conference.

* Omani authorities announced on Friday that the country is lifting the entry restrictions that had come into effect on April 8, noting all visa holders would now be allowed to enter the sultanate, the Oman News Agency reported.

* Morocco registered 587 new COVID-19 cases on Friday, taking the tally of confirmed cases in the North African country to 504,847, the health ministry said in a statement. The total number of recoveries from COVID-19 in Morocco increased to 490,921 after 555 new ones were added.

Filed Under: Uncategorized vietnam news, vietnam business, vietnam travel, vietnam culture, vietnam sports, vietnam politics, hanoi, saigon, ho chi minh city, apec, da nang, hue, hoi an, ..., why tax day april 17, why tax day is april 17, tax deadline why april 17, press briefing 7/17/17, psei april 17 2018, outcry april 17, why april 17, april 17 which day, press briefing 7/17/18, earnings april 17, why tax deadline is april 17, smackdown april 17 2018

Vietnamese sales on Amazon exceed US$1 million

December 17, 2020 by vov.vn

The newly released report also shares useful information on fresh trends occurring in cross-border e-commerce, the potential and prospects ahead for “Made in Vietnam” products, as well as efforts by Amazon to boost small and medium enterprises (SMEs)’s capacity to overcome this challenging period.

Recent months has seen thousands of domestic sellers, including renowned local brands such as Trung Nguyen coffee, Bitis shoes, domestic manufacturer MDK, and startups like Andre Gift Shop and Mary Craft, strive to expand their business globally through making the most of Amazon as a platform.

While enjoying an increase in profits, local firms have brought about a number of positive effects to the domestic economy by offering additional job opportunities, thereby providing a wide range of options for international customers based in the United States and other stores in Europe, Japan, Canada, Australia, and Singapore.

Amazon Global Selling recently announced plans to establish a seller centre in Vietnam, along with setting up a new global selling support team based in Hanoi.

Gijae Seong, head of the company’s global selling support team in Vietnam, said as one of the most dynamic emerging countries in Southeast Asia, the country is home to a strong manufacturing base.

“With an extended local support team, we hope to help Vietnamese businesses unleash their potential and promote made-in-Vietnam products through online Amazon stores,” Seong added.

The seller centre is set to be a localised dashboard that will open up easier access and provide a better experience for sellers throughout the selling process. In addition, it will also help to significantly improve overall operational efficiency, the company said.

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