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A customer making transactions at a Vietcombank branch in Kon Tum province (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh has ordered ministries, agencies, and localities to set up their special working groups for tackling difficulties facing businesses and people amid the COVID-19 pandemic. According to the Government Office , on August 30, the PM issued a decision on the establishment of his special working group for addressing difficulties the COVID-19 outbreak has caused on businesses and people. To carry out solutions relevant to each ministry, sector, and locality in a timely manner, the PM asked ministries, ministry-level agencies, Government agencies, and provincial-level People’s Committees to quickly set up their special working groups headed by their leaders. These working groups have to direct the effective implementation of tasks and solutions stated in the National Assembly and the Government’s resolutions, as well as the PM’s directions; … [Read more...] about Special working groups to be set up to assist businesses, people

The draft document that guides how to adapt to Covid-19 safely strives for ‘zero Covid’ goal, not ‘living together with the pandemic’, the business community says. Representatives of eight associations of enterprises in key industries in the economy have sent a petition to the Prime Minister, suggesting opinions to the Ministry of Health's (MOH) draft guidance on adapting to Covid-19 safely. Businesses commented that the five criteria set by MOH are clear and scientific for assessing risk levels. However, the draft only gives general guidance, and doesn’t take into account the differences of the regions in the country. Therefore, the criteria are not flexible enough. Meanwhile, some tentative regulations aim at ‘zero covid’, not ‘living together with Covid’. According to the associations, the draft sets very tight control on pandemic zones and requires too much testing even when people are fully vaccinated, which is not necessary. If referring to the criterion about … [Read more...] about Businesses say Health Ministry’s guidance on ‘living together with pandemic’ is inflexible

Vietnam-US trade ties have enjoyed impressive growth (Source: laodong.com.vn) Hanoi (VNA) – The Vietnam-US trade ties have enjoyed impressive growth during 26 years since the normalization of diplomatic ties. Looking back at the past 20 years in international trade, there is no relationship which has such a fast growth rate like that of the Vietnam-US trade relationship, said Nguyen Xuan Thanh , senior lecturer at Fulbright School of Public Policy and Management in Vietnam. Prof. David Dapice , leading expert on development economics in Southeast Asia, Harvard Kennedy School, Harvard University, used the word “spectacular” to describe the development of economic cooperation between Vietnam and the US. Two-way trade rose from over 400 million USD in 1995 to more than 90 billion USD in 2020. Vietnam’s total export turnover to the US from 1 billion USD in 2000 increased to 10 billion USD in 2007, mainly thanks to the bilateral trade agreement taking effect in … [Read more...] about Vietnam-US trade ties enjoy “spectacular” growth

At a factory of Nestle in Hung Yen province (Photo: baodautu.vn) Hanoi (VNA) – Recent announcements made by foreign investors on additional investment to expand production in Vietnam reflect their trust in Vietnam’s prospects for economic recovery, reported the Dau tu (Investment Review) newspaper. The Swiss company Nestle said it is pouring an additional over 130 million USD, raising its total investment in Vietnam to 730 million USD to carry out a number of its projects in the next two years. Urs Kloeti, Factory Manager of Nestle Bong Sen, was quoted by the newspaper as saying that his company believes in Vietnam’s role as an international and regional manufacturing hub in the future. Alongside Nestle, other foreign firms have committed to maintaining operations in Vietnam despite the fourth wave of COVID-19 outbreaks that have forced various localities to apply stringent preventive measures. Tetra Pak of Sweden has confirmed that it will pump 5 million EUR (5.86 … [Read more...] about Foreign investors keep trust in Vietnam’s recovery

Credit by the end of last month increased by 7.18 per cent compared to the beginning of this year. VNA/VNS Photo HÀ NỘI — Banks will lend more than VNĐ100 trillion (US$4.3 billion) with preferential interest rates of 3-4 per cent per year to support the economy, according to Nguyễn Tuấn Anh, director of State Bank of Vietnam (SBV)’s Credit Department of Economic Sectors. The rate cut is estimated to be worth VNĐ3 trillion, Anh said at a preferential interest rate event held last week by Vietnam Economic Review . In addition to this support package, the banking industry has also implemented many other support policies for firms and individuals, Anh said, adding the banking industry had restructured VNĐ520 trillion in loans for borrowers and cut interest rates of VNĐ16 trillion since the outbreak of the COVID-19 pandemic. "The very large number has shown the banking industry has tried its best in recent times to share difficulties with firms and … [Read more...] about Banks to lend $4.3 billion preferential interest rate loans

Founders of Dutycast (Photo: VNA) HCM City (VNA) – VinaCapital Group ’s technology start-up venture fund VinaCapital Ventures (V2) has recently announced its investment in Dutycast, an assistant in cross-border online shopping. The global e-commerce market was estimated at nearly 994 billion USD (43.2 million USD) in 2020, which is forecast to surge to 2 trillion USD by 2026 with an annual compound growth of around 17.4 percent. Via Dutycast, users could shop from multiple stores in different countries and check out once. They could pay in their local currency via trusted payment methods and without having to worry about foreign exchange fluctuations. Dutycast was founded in 2020 by a group of experts in technology, global trade and consumer goods, including Nguyen Le Hoa, Dang Vu Tam, Doan Tran Thai Son and Tran Dinh Dat. Earlier in mid-September, VinaCapital Ventures poured capital into GlobalCare, an insurtech company that provides solutions for the sales … [Read more...] about VinaCapital Ventures acquires stake in Dutycast