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Vietnam lures 5.46 billion USD in foreign investment

February 25, 2021 by en.vietnamplus.vn

As much as 5.46 billion USD worth of foreign direct investment (FDI) is injected into Vietnam as of February 20. (Photo: VNA)

Hanoi (VNA) – As much as 5.46 billion USD worth of foreign direct investment (FDI) was injected into Vietnam as of February 20, equivalent to 84.4 percent of the figure recorded in the same time last year, according to the Ministry of Planning and Investment .

As many as 126 foreign projects were granted investment licences with total registered capital of 3.31 billion USD, a year-on-year fall of 33.9 percent.

Meanwhile, 115 existing projects adjusted their investment capital with a total additional sum of 1.61 billion USD, or 2.5 times higher than the same time last year.

Capital contributions and shares purchases by foreign investors stood at 543.1 million USD, down 34.4 percent.

Foreign investors pumped capital in 17 sectors, with processing and manufacturing holding the lead with over 3 billion USD or 55.7 percent, followed by power production and distribution with 1.44 billion USD (26.5 percent), real estate 485 million USD, and science-technology nearly 153 million USD.

Japan topped the list of 46 countries and territories landing investment in Vietnam , with 1.64 billion USD, equivalent to nearly 30 percent of the total. Singapore came second with 1.07 billion USD (19.6 percent), and the Republic of Korea third with 1.05 billion USD (19.3 percent).

The ministry said the southern province of Can Tho lured the lion’s share of FDI with 1.31 billion USD, accounting for 24.2 percent of the total. Hai Phong city was the runner-up since it attracted nearly 918 million USD, or 16.8 percent. Bac Giang came third with nearly 573 million USD (10.5 percent).

So far this year, the foreign-invested sector has earned 38.07 billion USD from exports, up 34 percent year-on-year, and making up 76.1 percent of the nation’s total export turnover. At the same time, it spent 31.6 billion USD on imports, up 31.2 percent year-on-year, and accounting for 66.6 percent of the country’s total import value. That resulted in a trade surplus of nearly 6.5 billion USD./.

VNA

Northern localities brace for cold spell over the weekend

February 25, 2021 by vov.vn

The cold spell will be accompanied by periods of drizzle and is set to directly impact both northern mountainous localities and north-central provinces.

In line with this forecast, temperatures will also drop by three to four degrees Celsius to a low of 18 degrees Celsius.

In Hanoi, the cold spell is likely to cause temperatures to remain between 18 degrees Celsius and 20 degrees Celsius from February 27.

Elsewhere, the temperatures in mountainous regions will hover around 14 degrees Celsius and 16 degrees Celsius, with Mau Son Mountain Peak in the northern mountainous province of Lang Son set to see temperatures reach as low as 11 degrees Celsius.

Based in the northern province of Lao Cai, the resort town of Sa Pa will record low temperatures of between 10 degrees Celsius and 12 degrees Celsius.

RON 95 petrol price exceeds VND18,000 a liter

February 25, 2021 by sggpnews.org.vn

Thereby prices of E5 RON 92 and RON 95 petrol do not exceed VND17,031 and VND18,084 per liter; while prices of diesel 0.05S and kerosene are now no more than VND13,843 and VND12,610 per liter. Mazut 180CST 3.5S is now sold at no more than VND13,127 per kilogram.

According to the Ministries of Finance and Industry and Trade, the complicated situation of Covid-19 pandemic in the country has affected production, trade and people’s everyday life. Relevant and functional departments together with authorities of localities have discussed solutions to solve difficulties in transportation and consumption of goods, especially agricultural products.

In order to limit the increase of petrol price, the two ministries have spent much of the Price Stabilization Fund for different fuel types from VND603 to VND1,729 a liter from February 10 to present; VND1,034-VND4,179 between January 11 and now.

The usage of the fund is planned to increase from VND800-VND2,000 a liter in the upcoming days. Specifically, the spending level of the fund will increase to VND2,000 a liter of E5RON 92 , VND1,150 a liter of RON95, VND850 a liter of diesel, VND900 a liter of kerosene and VND800 a kilogram of mazut.

By Van Phuc – Translated by Kim Khanh

Deputy PM instructs measure to boost consumption of farm produce amid Covid-19

February 25, 2021 by hanoitimes.vn

The Hanoitimes – It is important to avoid stagnation during the transportation process of input materials for production and of agricultural products in Covid-19-hit-areas, Deputy Prime Minister Trinh Dinh Dung has said.

Deputy Prime Minister Trinh Dinh Dung instructed local authorities to soon clear the hurdles for the smooth distribution and sale of farm produce affected by the Covid-19 pandemic.

People in Danang are buying farm produce from Hai Duong province. Photo: Quang Hai.

Over the past few days, the fact that Hai Duong province became a pandemic hotspot has caused difficulties for traders to ship agricultural products out of the province, due to strict anti-Covid-19 measures imposed by neighboring localities.

Under this context, Deputy PM Dung requested related government agencies and provinces/cities, including the Ministry of Health, Ministry of Transportation, and Ministry of Agricultural and Rural Development, to create favorable conditions for the movement of goods for timely exports and distribution.

“This is particularly important for input materials for production and agricultural products in Covid-19-hit-areas,” said Dung, adding it is important to avoid stagnation during the transportation process and disruption to economic activities.

Meanwhile, the Ministry of Industry and Trade is tasked with promoting and expanding consumption markets for Vietnamese goods and products both at home and abroad.

A report from Hai Duong Department of Industry and Trade revealed over 90,000 tons of agricultural products are facing sales stagnation.

“If not properly resolved, the issue could impact the supply chains and cause disruption to economic activities of multiple provinces/cities,” said Pham Thanh Hai, director of Hai Duong Department of Industry and Trade.

According to the MoIT, the main reason is that drivers from high risk areas are required to have Covid-19 negative testing result certificate, but health facilities currently only carry out such tests for people under quarantine, and not open for on-demand.

“Certain provinces do not accept testing results from private health facilities,” stated the MoIT, referring to the fact that the Hai Duong Center for Disease Control (CDC) was designated by Hai Phong’s authorities as the only qualified center for Covid-19 testing.

The MoIT also raised concern from the lack of a uniform safety procedure during the production and distribution of agricultural products from Covid-19 zones to other localities, leading to conflicting measures from cities and provinces.

Vietnamese female CEOs listed among top global business leaders

February 25, 2021 by vietnamnet.vn

The achievements of Vietnamese women “steering” large corporations have been recognized internationally.

Vietnamese female CEOs listed among top global business leaders

Nguyen Thi Bich Van

In early 2021, on its Facebook page, IBM Vietnam for the first time announced the appointment of a female Vietnamese CEO to replace a foreign CEO who had been working for IBM for 25 years.

The woman, Pham Thu Diep, is the first IBM’s ‘female general’ in the company’s 25 years of operation in the Vietnamese market.

It is now more common to see women managing large corporations in Vietnam such as Mai Kieu Lien, CEO of Vinamilk; Nguyen Thi Nga, president of BRG; Nguyen Thi Phuong Thao, CEO of Vietjet; and Le Thi Thu Thuy of VinFast are some of the names.

However, becoming a CEO of a foreign invested technology firm is still rare in Vietnam.

Before taking the office as CEO of a technology firm, Diep was a high ranking manager with 23 years of experience in the IT field. Starting her career at TRG International, she later held posts at Exact, which provides ERP service and cloud software to clients specializing in accountancy.

Diep joined IBM in early 2011 and has had many leadership positions since then.

In 2017, a Vietnamese woman became the highest ranking leader of Unilever Vietnam, a foreign invested enterprise specializing in personal and family care products and food. The first Vietnamese female president of the leading company in the FMCG sector is Nguyen Thi Bich Van, who has had a strong attachment to the company for the last 24 years.

Le Diep Kieu Trang is another well known name among businesswomen. She worked as CEO of Facebook and Go-Viet before choosing a new way to go.

The ‘golden girl’ with respectable achievements during school has had leadership positions at the world’s largest groups in Vietnam.

The brilliant achievements gained by VietJet Air, the air carrier with the largest market share, in the last decade bear the hallmark of CEO Nguyen Thi Phuong Thao. Last year Vietjet was one of only a few air carriers in the world which did not lay off workers and also made a profit, despite the Covid-19 crisis.

After a period of holding the post of CEO at Fossil Vietnam, Trang chose Facebook to use her experience to connect to the business community, both in Vietnam and overseas.

Global vision

Van said in Forbes Vietnam that being a leader in a multinational environment requires a high level of professionalism. She needs to understand multinationals’ vision and define their role in the multinationals’ business.

The working environment at multinationals is very diverse, so there is high requirement on the ability to work, communicate, and think in that environment. To encourage people to raise good ideas, leaders not only need to understand national cultures, but also understand the abilities of each worker so as to combine their talents and lead the staff to the finish point.

According to Van, this is not an easy work, because the more talented people there are, the more difficult it is for the team to reach a common purpose. In modern times, CEOs need to not ‘issue orders from the top down’, but ‘serve others’. They need to set orientation and then give power to workers to implement the strategies.

Some important positions at foreign corporations were and are held by Vietnamese women. These include Nguyen Phuong Anh, who worked as Google Asia Pacific marketing director in charge of the Vietnamese market; and Nguyen Mai Phuong, who became the youngest branding director of Unilever at the age of 24.

Vietnamese businesswomen also play an important role in the development of Vietnamese enterprises.

Thao has been included in Bloomberg’s list of 50 global influential leaders for many years. Thao is also chair of the board of directors and founding shareholder of Sovico Holdings, and deputy chair of HDBank.

In the manufacturing sector, Le Thu Thuy, president of VinFast, is a respectable name. Just within a short time, VinFast introduced its first two products – LUX A2.0 sedan series and LUX SA2.0 SUV at Paris Motor Show 2018. Most recently, its first three SUV smart electric cars were launched.

The great strides made by VinFast has created a stronger belief in the future of Vietnam’s automobile industry. This is the first time in history that a Vietnamese company can manufacture luxury cars with good design and high quality, to be sold in Vietnam and in the world market as well.

V. Ha

VN responsible member of international community, observes international law: Spokesperson

February 25, 2021 by vietnamnews.vn

The Arleigh Burke-class guided-missile destroyer USS John S. McCain (DDG 56) transits through South China Sea while conducting routine underway operations, February 5, 2021. — Photo from the US Department of Defense

HÀ NỘI — Việt Nam is a responsible member of the international community and always upholds provisions under the United Nations Convention on the Law of the Seas (UNCLOS 1982), spokesperson for the foreign ministry Lê Thị Thu Hằng said.

She made the statement on Thursday in the regular press briefing, held virtually this time due to COVID-19 in Hà Nội, when asked for Việt Nam’s reaction to the US Navy’s first freedom of navigation operation (FONOP) held under the Biden administration in February.

The guided-missile destroyer USS John S. McCain reportedly conducted the FONOP near the Trường Sa (Spratly) and Hoàng Sa (Paracel) archipelagoes in the South China Sea (known as the East Sea by Việt Nam) over which Việt Nam has repeatedly claimed sovereignty, but contested by mainland China and China’s Taiwan.

“By engaging in innocent passage without giving prior notification to or asking permission from any of the claimants,” the US Navy noted in a statement.

Also regarding the recent statement by French Minister of Armed Forces Florence Parly that France had sent the nuclear submarine, SNA Emeraude, to patrol the South China Sea, together with the naval support ship BSAM Seine, the said spokesperson said: “As a responsible member of the international community and a signatory of the UNCLOS 1982, Việt Nam always upholds the provisions of the UNCLOS, including items related to maritime and flight activities over the sea regions set up in accordance with UNCLOS 1982.”

“The maintenance of peace, stability, security and order, safety, maritime and overflight freedom, the rule of law, with respect to sovereignty, sovereign rights and jurisdiction of the littoral countries in the South China Sea, in a manner that is consistent with the UNCLOS 1982, is the shared goal, interests, responsibility, and aspiration of all countries and of the international community,” Hằng said.

Việt Nam hopes that all countries would strive for “positive contribution” to the maintenance of peace and stability on the basis of international law in the South China Sea region, the Vietnamese diplomat stressed. — VNS