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A case report

Global economy: Fragile confidence in early 2021

March 4, 2021 by ven.vn

global economy fragile confidence in early 2021

The survey notes that the global economy contracted by around 4.5 percent in 2020, the biggest fall in global activity in several decades. Having recovered from lockdown-imposed weakness in the first half of the year, many economies again faced weakness as a second wave of COVID infections triggered renewed lockdowns. The survey envisions a steady recovery this year, but continued uncertainty limits the bounce in consumer and busines confidence, with pre-crisis output not being reached until mid-2022.

The survey also indicates that the Global orders, employment and capital investment indices recorded a further modest improvement, but still point to activity well below the pre-crisis level in the fourth quarter of 2019. The “fear” indices which means the concern about customers and suppliers going out of business, edged lower in the fourth quarter (Q4) of 2020 but remain elevated, clearly underlining the extreme uncertainty in the global economic outlook at the start of 2021. At the same time, inflation concerns remain negligible with concern about costs staying close to an all-time low.

“Last year was the worst for the global economy for several decades,” said Warner Johnston, Head of ACCA USA. “2021 will see recovery, but precisely when and how strong it will be is very uncertain. We anticipate a weak start, followed by a recovery gathering momentum through the second half. Much depends on the evolution of the COVID virus and variants relative to the progress of vaccination programs, and there is great uncertainty surrounding these developments.”

Agreed with this points, Raef Lawson, IMA vice president of research and policy analysed the policy responses to the pandemic that have left public finances of most economies in a perilous state with budget deficits in the range of 10 percent to 15 percent of GDP in many countries with debt to GDP ratios well over 100 percent.

In North America, confidence dropped in Q4, having jumped by the most on record in Q3. The orders and capital spending indices were both little changed in Q4 and were well below their pre-crisis levels of a year ago. The employment index recovered significantly in Q4, highlighting the continued relatively good jobs market rebound since the early weeks of the pandemic. Overall, the North America region GECS is consistent with continued recovery in early 2021.

Meanwhile, the U.S. economy suffered one of the smallest contractions among advanced economies last year – likely around 3.5 percent. A large fiscal package equivalent to around 10% of Gross Domestic Product and easier monetary policy, including cuts in interest rates and greatly increased quantitative easing, cushioned the economic downturn.

But toward the end of 2020, the economy was losing momentum and COVID infections were increasing rapidly. The report notes that the economy was likely to show modest expansion in the fourth quarter of 2020, but renewed weakness is possible in early 2021.

“There are significant risks to the outlook for the year ahead,” Lawson underlined. “Much depends on the evolution of the COVID virus and variants, rates of infection and the speed and effectiveness of vaccination programs. The central case is economic weakness early on in 2021 as the virus dominates, followed by recovery gathering momentum later in the year as vaccination takes effect. There are significant risks surrounding the timing of these developments. In addition, the emergence of vaccine- resistant variants of the COVID virus, unexpected adverse side effects from vaccination and low vaccine take up are also health-related risks that could cause deviations in the recovery path.”

The GECS, the largest regular economic survey of more than 3,000 senior accountants and finance professionals from around the world, captured the true scale of the global recession caused by the response to the coronavirus pandemic, noting that global economic prospects have deteriorated since the survey was completed on December 8.

PV

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Ho Chi Minh City court sentences man to death for murdering, robbing co-worker

March 4, 2021 by tuoitrenews.vn

A man has been given capital punishment for robbing and murdering his co-worker in Ho Chi Minh City in 2018.

The municipal People’s Court on Wednesday sentenced Nguyen Hoang Phi, 24, who hails from the southern province of Binh Phuoc, to death for murder and robbery.

His accomplices, Nguyen Dien Tai and Tran Van Tu, both 21, each received an 18-year jail term for murder and robbery.

Tai and Tu were under 18 years old when they committed the offenses.

The fourth defendant, 19-year-old Vuong Minh Tuan, was condemned to one year and a half in prison for robbery but he was given a suspended sentence.

Tuan was under 16 years old when he committed the violation.

According to the indictment, Phi was an employee of a local security guard service company.

He was dispatched to Ngoc Chau Company along with Bui Van Dat and some other people from April 1, 2018.

On the evening of October 5 the same year, Phi and Dat were on duty during the same shift.

Phi then planned on robbing his co-worker and contacted Tai and Tu for their assistance.

The man waited until Dat went out for some errands and let his accomplices enter the place.

At around 9:30 pm that night, Dat was patrolling the venue when he was attacked and tied up by Tai and Tu.

The two also took the victim’s phone and VND1.5 million (US$65), while Phi was in charge of keeping watch.

As Dat screamed for help, Phi arrived and told the other two robbers to kill the victim to prevent him from reporting the case to police.

Despite Dat begging for mercy, the three strangled him to death with an electric wire.

They took Dat’s body to outlying Binh Chanh District and buried it at an empty land plot.

On November 15, 2018, Phi and Tuan stole Tai’s motorbike and sold it to Cambodia for some cash.

In the following month, Tai’s father discovered that Tuan was involved in the motorbike theft and took him to the local police station.

Tuan admitted his wrongdoing to officers, but went on to accuse Phi, Tai, and Tu of murdering and robbing Dat.

Police then launched an investigation into the case and found Dat’s body.

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Vietnam warned to be on high alert of H5N8 avian flu strain

March 4, 2021 by hanoitimes.vn

The Hanoitimes – The strain is a subtype of the influenza A virus that causes flu-like symptoms in wild birds and poultry.

The United Nations Food and Agriculture Organization (FAO) and the World Health Organization (WHO) have warned Vietnam to keep vigilant after confirmation of seven farm workers infected with the influenza A (H5N8), the Ministry of Health said on March 3.

Russian authorities have reported seven farm workers in a chicken farm in the country, aged 29 to 60 years, infected with the H5N8 strain of avian flu, WHO stated.

This is the first report of H5N8 poultry-to-human infection even though the virus has been circulating in poultry and wild birds since 2016, WHO said, adding that all the seven human cases were asymptomatic.

Thus, there was no evidence of human-to-human transmission of avian influenza H5N8, and the risk of an outbreak among humans remains very low, WHO concluded.

WHO warns Vietnam to stay vigilant on H5N8 bird flu strain. Photo: Lam Nguyen

The strain is a subtype of the influenza A virus that causes flu-like symptoms in wild birds and poultry. Outbreaks of the H5N8 strain have been reported in Russia, Europe, China, the Middle East, and North Africa in recent months.

In Vietnam, the Department of Animal Health (DAH) under the Ministry of Agriculture and Rural Development (MARD) has never detected H5N8 virus in their surveillance systems. The DAH will increase testing for H5N8 virus in the national avian influenza surveillance program starting from 2021.

Dr. Pawin Padungtod, senior technical coordinator of the FAO in Vietnam, said that technically, the H5N8 virus strain shares antigenic characteristics with the H5N6 strain circulating in Vietnam.

The current avian influenza vaccine used in Vietnam would remain effective to prevent the disease in poultry. Therefore, the current avian flu vaccine used in Vietnam still works against the H5N8 strain, he added.

To prevent H5N8 influenza infection, FAO and WHO recommended breeders strengthen biosecurity measures in the breeding area, comply with poultry vaccination schedules, report unusual cases of poultry deaths and not allow visitors to enter farms.

The bird flu infections in humans have been associated with direct contact with infected live or dead poultry.

Dr. Satoko Otsu, a team leader of WHO Health Emergency Program in Vietnam stressed that although the risk of human infection of this specific strain of avian influenza A(H5N8) in Vietnam is very low, local residents should remain vigilant and continue to practice personal protective measures against avian flu.

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Vietnam repatriates first citizens from Australia, New Zealand

June 2, 2020 by hanoitimes.vn

The Hanoitimes – Both Australia and New Zealand are easing restrictions except border controls.

Vietnam on June 2 repatriated 344 citizens from Australia and New Zealand, the first repatriation flight from those two countries amid strict travel rules there due to coronavirus.

Passengers on the flight. Photo: Vietnam Airlines

The flight by national flag carrier Vietnam Airlines picked up passengers in Sydney and Auckland and landed at Tan Son Nhat International Airport in Ho Chi Minh City.

The passengers are those of priority like children under 18, the elderly, those with pre-existing diseases, pregnant women, workers having expired visa, student without dormitories, and stranded visitors.

All passengers required to wear personal protection equipment. Photo: Vietnam Airlines

Australia has become one of the main destinations for Vietnamese students and visitors.

Due to rising coronavirus infections, Australia has limited travel options. It is up to each state and territory to decide when and how far they will relax restrictions.

Meanwhile, New Zealand’s government will consider a move to lift all Covid-19 restrictions except border controls.

As of June 2, Australia reported 7,221 coronavirus cases while New Zealand has 1,504 infections.

Under the request by Vietnam’s Prime Minister Nguyen Xuan Phuc, Vietnamese diplomatic missions abroad and Vietnam Airlines continue to bring citizens home depending on the citizens’ demand, the pandemic evolution, and the country’s quarantine capacity.

So far, the country has repatriated more than 5,000 citizens from different parts of the world.

Until now, Vietnam has not allowed international flights and keeps borders closed to foreign visitors, except for diplomatic staff, skilled workers, and experts.

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Vietnam to check foreigners’ overstaying

April 10, 2020 by hanoitimes.vn

The Hanoitimes – Vietnam affirms to support the repatriation of foreigners whose residence permits expire.

Vietnam’s Ministry of Public Security will coordinate with the Ministry of Foreign Affairs (MOFA) to check visa validity of foreigners to find out those who have overstayed.

A foreign visitor enjoys stay in Ho Chi Minh City. Photo: Zing

The government of Vietnam will facilitate the repatriation of foreigners, according to instructions of Prime Minister Nguyen Xuan Phuc, reported by VnExpress .

Foreigners in Vietnam who will have overstayed their temporary residence validity period for less than 10 days because of objective reasons and force majeure situations will not face penalties, according to an announcement of the Ministry of Public Security’s Immigration Department, which has been shut for 15 days starting April 1 and will handle emergency cases only.

However, anyone who deliberately violates the Law on Entry, Exit, Transit and Residence of Foreigners in Vietnam would be expelled.

The Ministry of Transport will be responsible for the transport of the foreigners back to their countries.

At a press conference on April 9, the MOFA’s Spokesperson Le Thi Thu Hang said that Vietnam always creates favorable conditions for foreign diplomatic missions to conduct citizen protection measures and for foreigners who face difficulties on their way back home.

Over the past time, Vietnam has worked with foreign missions to support citizens of some European countries to return home. In the coming time, the country will continue assisting for the repatriation of foreign visitors, the spokesperson said.

David James, Wayne Paris, and Patrick M Davies. Photo: Tuoi Tre

Some people have opined that many foreigners have sought Vietnam as a shelter for the pandemic thanks to the country’s good precautionary measures against the virus.

Foreigners who undergo mass quarantine and coronavirus tests in Vietnam have to pay no charge.

Mark A. Ashwill, an international educator who has been working in Vietnam since 2005, wrote on his blog, An International Educator in Vietnam , that foreigners who live and work in Vietnam should only fly home unless they absolutely had to for personal and/or professional reasons.

“It would be akin to jumping from the food warmer into the fire, in the case of the US and a long list of other countries with high coronavirus infection rates,” he said in response to Health and Travel Alert by US Secretary of State Michael R. Pompeo on March 31. In the alert, the secretary urged US citizens interested in returning to the United States during the outbreak of Covid-19 to make immediate use of available commercial flight options.

The Tuoi Tre newspaper has quoted several foreigners who live in Vietnam as saying that they chose to stay in Vietnam rather than flying back to their countries.

Wayne Paris, an American in Ho Chi Minh City, said he canceled a flight home as he believed in the fight against the epidemic in Vietnam, saying that both authorities and people are serious in taking protective measures.

British man David James who lives in the southern city of Can Tho said he felt absolutely safe here in Vietnam as the country’s precautionary measures are remarkable. Meanwhile, Patrick M Davies, a Briton who works as an English teacher in Ho Chi Minh City, said he would stay here until the pandemic ends and would fly home only when he was forced to go.

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Six Hai Duong residents diagnosed with Covid-19

March 4, 2021 by english.thesaigontimes.vn

Six Hai Duong residents diagnosed with Covid-19

The Saigon Times

A medical worker takes samples from a resident for Covid-19 testing. The Ministry of Health has reported six locally-transmitted Covid-19 cases in Hai Duong Province – PHOTO: VNA

HCMC – The Ministry of Health has reported six locally-transmitted Covid-19 cases in Hai Duong Province, raising the country’s tally to 2,488 as of tonight, March 4.

The latest Covid-19 patients, who reside in Kim Thanh District, tested positive for Covid-19 after they had been put under quarantine. They are receiving treatment at the Field Hospital No. 3.

Kim Thanh District’s Kim Dinh Commune with over 2,100 households has been put under lockdown since March 1.

Hai Duong Province ended the 15-day social distancing period on March 3, but tens of areas in nine districts and cities are still on lockdown.

Up to now, the country has seen 1,917 Covid-19 patients make a full recovery.

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