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VIETNAM BUSINESS NEWS MARCH 3

March 3, 2021 by vietnamnet.vn

Foreign ship arrivals down 6 percent in first two months

VIETNAM BUSINESS NEWS MARCH 3

Vietnam’s sea ports have berthed some 4,900 foreign vessels over the last two months, a decline of 6 percent year-on-year, according to the Vietnam Marine Administration.

The fall was due largely to the impact of COVID-19, which is resulting in major fluctuations in the transport sector, a representative of the administration said.

Despite the lower number of foreign ships, the volume of import and export goods through ports grew. In January and February, 35.3 million tonnes of imports and 26 million tonnes of exports were handled at ports nationwide. The former represented an annual increase of 14 percent while the latter was as same as that last year.

In particular, nearly 1.3 million TEUs for exports and 1.2 million for imports were handled during the period, up 32 and 16 percent, respectively, year-on-year; the highest growth since the pandemic began.

Meanwhile, the arrival of domestic vessels totalled 5,300, up 11 percent year-on-year./.

Quang Ninh’s Van Don airport reopens on March 3

The Ministry of Transport has decided to allow Van Don International Airport in the northern province of Quang Ninh reopen from 6:01am on March 3 after the COVID-19 pandemic has been put under control in the locality and the airport is safe to transport passengers.

The airport was temporarily shut down from January 29 after an airport security staff was confirmed positive for the coronavirus SARS-CoV-2 that causes the COVID-19 pandemic.

The national flag carrier Vietnam Airlines announced earlier that it will resume flights between Ho Chi Minh City and Quang Ninh on March 3, thus becoming the first to restart flights to the Van Don airport since the local COVID-19 outbreak began.

From March 3 to 17, one weekly flight will ply the route between the two destinations, on Wednesdays. Flight numbers will be increased to three a week, on Wednesdays, Fridays, and Sundays, from March 18 until the end of the year.

Flights will take off at 1:00pm from HCM City and 3:45pm from Van Don.

Passengers on the first three flights after resumption will enjoy a discounted fair of 507,000 VND (22 USD), including taxes and fees, per leg./.

Webinar on Vietnamese market held in Switzerland

The Vietnamese Embassy in Switzerland, in collaboration with the Geneva Chamber of Commerce, Industry and Services and the Switzerland-Vietnam Business Group (SVBG), organized the Webinar Market Focus Vietnam on March 2.

This was also a chance for the newly-established SVBG to introduce itself to Swiss partners.

The webinar aimed at boosting trade and investment cooperation between Swiss and Vietnamese businesses.

Speaking at the event, Ambassador Le Linh Lan stressed that Vietnam and Switzerland have maintained good friendship and cooperation for half a century.

This year, the two are celebrating the 50th anniversary of their diplomatic ties.

Switzerland is the 6th largest European investor in Vietnam, with its investment totaling 2 billion USD, mostly in manufacturing – processing and electricity. Currently, around 100 Swiss firms are operating in Vietnam.

Meanwhile, Vietnam is the four biggest trade partner of Switzerland in ASEAN, with bilateral trade exceeding 3.6 billion USD in 2019. Since 2012, Vietnam and the European Free Trade Association (EFTA) – the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland – began negotiations for an FTA, which is expected to be signed this year./.

Vietnam, Austria shape up economic-trade cooperation

Vietnam and Austria discussed measures to promote economic-trade collaboration during a recent working session between Vietnamese Ambassador to Austria Le Dung and Austrian Deputy Minister for Digital and Economic Affairs Michael Esterl.

The Vietnamese diplomat thanked Michael Esterl and his ministry for boosting cooperation between the two sides, affirming the Memorandum of Understanding on Industry 4.0 cooperation clinched between the Vietnamese Ministry of Industry and Trade and the Austrian ministry provides a sound basis for both sides to carry out collaboration activities in the coming time.

Michael Esterl, for his part, laid stress on the significance of the regular policy and legal consultation between the Vietnamese Embassy and the Austrian ministry as it creates opportunities for both sides to exchange trade and investment policies and regulations as well as market information in each nation.

He suggested both sides maintain this mechanism in the forms that suit COVID-19 situation such as holding virtual conference.

The Vietnam-Austria business conference could be organised to update information and pen measures to support enterprises of both sides so that they can seek cooperation opportunities and expand investment in each country, he added.”

Touching on cooperation in the time to come, he said Austria is pushing procedures to ratify the EU-Vietnam Investment Protection Agreement (EVIPA).

Dung thanked Austria’s support, stressing Austrian businesses have many opportunities to land investment in Vietnam.

With a population of 97 million, Vietnam is a potential market for Austrian firms to expand their business operation, while it serves as a gateway for Austrian products and services to get access to the 670 million-strong ASEAN market.

Additionally, being a favourite destination for foreign investors in the “China, Plus One” strategy, Vietnam will have preferential policies to attract foreign investment, he said, holding when the EVIPA takes effect, Austrian companies will gain great competitive edges if they invest in Vietnam.

At the event, both sides reaffirmed they want to cooperate with each other in the fields of vocational training and labour. Austria said the country has huge demand for skilled workers in information technology (IT) and nursing in the future.

They also reached consensus on urging competent authorities to kick off a pilot project to carry out Austria’s vocational training model in Vietnam.

Dung took the occasion to invite Michael Esterl to visit Vietnam in a suitable time when the COVID-19 pandemic is put under control./.

Making greater efforts towards a year of economic growth

The Ministry of Planning and Investment has made a draft report on additional evaluation of the implementation of the socio-economic development plan in 2020 to collect comments from ministries, sectors and localities. The report’s latest data update shows that the implementation of many targets is better than the estimate reported to the National Assembly.

The highlight of 2020 was that Vietnam achieved and exceeded 10 out of the 12 main targets assigned by the National Assembly, up two targets compared to the estimate, including the targets on the growth rate of total export revenue and on the unemployment rate in urban areas.

This is an encouraging economic result amid the “COVID-19 period” because the pandemic caused dramatic declines on consumption worldwide, pushing production and export activities to stagnation and raising unemployment rate.

In addition, the implementation of four other goals has better performance than the estimates reported to the National Assembly, including the growth rate of gross domestic product (GDP), the average growth rate of consumer price index (CPI), trade surplus, and the percentage of population participating in health insurance.

Basically, the growth quality of the economy has been improved with less dependence on natural resource exploitation, raw exports, and cheap labour while gradually shifting to rely on application of science, technology and innovation, and the processing and manufacturing industry.

It can be said that Vietnam’s economy had a year of brave growth in both quantity and quality, which were not only kept stable but also growing.

This result has added a highlight to the economic picture of Vietnam in such a difficult year while reinforcing the confidence of the whole society in the Government’s policy and governance in the context unpredictable developments of the COVID-19 pandemic.

However, with GDP growth rate of 2.91% in 2020, Vietnam’s economy had the lowest growth year in the past ten years and failed to meet the target set for the 2016 – 2020 period.

This is a big challenge in the starting year of the implementation of the 5-year socio-economic development plan in the 2021 – 2025 period and the ten-year strategy in the 2021 – 2030 period.

To continue with another year of brave growth, right from the beginning of 2021, the entire political system has made every effort to drastically restrain the third wave of the COVID-19 pandemic while continuing to promote production and business activities towards the annual growth target of 6.5%.

At the beginning of the year, the Ministry of Finance asked the Government to develop a decree to extend the deadlines for tax payment and land rent for enterprises in the context of prolonged COVID-19 epidemic with an estimated value of about VND115 trillion.

Amid the increasingly unpredictable global political and economic situations and difficulties in making forecasts due to the impact of the pandemic, more than ever, “rewards” will be given to the economies which early and flexibly take response activities.

Travelling to nearby, safe destinations: the main tourism trend in Vietnam in 2021

In 2021, domestic tourism is still the development focus of the sector; meanwhile, famous seas and islands and tourist cities continue to be leading destinations and are predicted to continue to be popular destinations for Vietnamese tourists.

Before COVID-19, exploring a crowded city, strolling through bustling markets, enjoying dinner at a bistro brimming with locals, or touring major attractions were Vietnamese tourists’ favourite activities. However, as the epidemic has still been fully resolved, tourists are now giving their top priority to their safety in the new situation.

Therefore, socially distant travel is expected to be the trend once again in 2021. Travelers will select sparsely populated areas nearby so that they can set plans and tours that align with their travel demands and ensure protection from the pandemic.

Vietnamese tourists often spend 2-3 days, especially weekends or short holidays, travelling to domestic destinations. This year once again, they will choose destinations that are easy to move and near their cities they live.

Coastal and island destinations are still the Vietnamese tourists’ favourite, with Vung Tau and Nha Trang emerging as popular destinations for domestic tourists. In addition, other famous tourist sites such as Ha Long, Sapa, Phu Quoc and Da Lat will attract a large number of visitors.

If socially distant travel is how independent travelers will adapt to the new situation, small group travel is the choice for people who want to travel as a group and adapt to the current situation.

Different from regular trips in 2019 that could accommodate 20 – 30 visitors, sizes have shrunk down to control the spread of infectious diseases.

According to Outbox Consulting, the COVID-19 pandemic will make wellness travel an emerging trend this year. Wellness travel is not a new trend in the tourism industry; however, during the pandemic, fatigue and stress have become familiar to almost everyone. So, after the pandemic is controlled, visitors will find wellness retreats useful after a long period of repressed travel demand.

Vietnam was considered an emerging destination in the wellness travel trend in the Asian Pacific region in 2019. This, combined with an increase in visitors’ demands for wellness travel trends in 2021 will present an opportunity for Vietnam’s wellness tourism market, especially as Vietnam is emerging as a safe destination in terms of controlling the pandemic.

Another feature that has emerged during the outbreak of COVID-19 pandemic is that visitors tend to book accommodation at the last minute because they they perceive it may be harder to cancel and get a refund for hotel bookings as opposed to flight tickets.

Pre-COVID, Vietnamese travelers often planned their trip and booked services long before their departure, especially when it came to overseas tours, in order to save money. However, in the face of the complicated developments of COVID-19, shorter booking timeframes will help mitigate the risk of travel policy changes and mobility restrictions.

The use of technology in tourism has long been popular across the world and in Vietnam in recent years. The COVID-19 pandemic sped up this digital transformation in 2020.

This year, technology will be a leading factor helping visitors regain their confidence. A survey conducted by Censuswide tshowed more than 4 out of 5 travelers said that technology would increase their confidence to travel in the next 12 months. They noted that a mobile app that provides warnings and updates during trips, for example local outbreaks or the government’s latest guidelines, will be essential this year.

In addition, contactless payments (for example, Apple, Google Pay, PayPal, and Venmo) will help tourists travel more confidently within next 12 months. In 2021, safety will be of paramount importance, and simple technological solutions will be the driving force for travelers to explore the world more confidently. Vietnamese tourists are part of the general global technological .

Commenting on the roadmap for the recovery of Vietnam’s tourism, the Outbox Consulting report said it will depend on foreign countries’ ability to control the epidemic. Beside vaccines, the speed of tourism’s recovery depends partly on factors that boost destinations reopening timeframes.

China represents largest import market of Vietnam over two-month period

China made up the nation’s largest import market during the first two months of the year with an estimated turnover of US$17.3 billion, representing a year-on-year increase of 85.7%, according to data recently released by the General Statistics Office of Vietnam (GSO).

Throughout the reviewed period, import turnover stood at an estimated US$47.26 billion, an increase of 25.9% over last year’s corresponding period, of which the domestic economic sector reached US$15.62 billion, a boost of 16%, with the foreign-invested sector rising to US$31.64 billion, a surge of 31.4%.

Most notably, there were 11 commodities in total which recorded an import turnover of over U$1 billion, accounting for 67.6% of the country’s total import turnover, while nine items had an export turnover of over US$1 billion, making up 73.8% of the overall export turnover.

With regards to export markets, the US was the largest Vietnamese export market during the two-month period with a turnover of US$14.2 billion, posting a rise of 38.2% on-year.

Businesses urged to change mindset to overcome COVID-19 challenges

Amid complicated developments by the COVID-19 pandemic, local textile and apparel firms have been forced to change their business mindset, boost connectivity, expand into new markets, and maximise the benefits from free trade agreements (FTAs) to meet this year’s export target of US$39 billion, according to insiders.

Despite challenges caused by COVID-19, Vietnam raked in approximately US$2.6 billion from garment and textile exports  in January, representing a year-on-year increase of 3.3%, with some products recording high growth rates of between 9.3% and 35.6%.

Nguyen Xuan Duong, chairman of the Board of Directors of Hung Yen Garment Corporation (Hugaco), said that domestic textile businesses are anticipated to encounter numerous difficulties moving forward due to a shortage of export orders and cash flow, thereby making it tough to maintain production activities whilst ensuring the jobs of workers.

Le Tien Truong, chairman of the Vietnam National Textile and Garment Group (Vinatex), said that outsourcing costs will decrease significantly due to the trend of simple goods being replaced by fashion products this year, adding that firms should be flexible in altering their business strategies in order to adapt to market fluctuations and seize upon new opportunities.

Than Duc Viet, general director of Garment Corporation 10, revealed that the cancellation of export orders due to the COVID-19 pandemic has made the company draw up a number of fresh strategies aimed at increasing its competitive advantages.

In line with this, the business has turned to export fabric and medical masks, protective suits, knitwear, as well as small orders that have a high value and short production period.

Viet stated that the group will focus on surveying the market, whilst selecting suitable export products, enhancing workers’ skills, and increasing labour productivity in an effort to boost exports in the near future.

Tran Nhu Tung, vice chairman of the Board of Directors of Thanh Cong Textile Garment Investment Trading JSC, said the company has received a sufficient amount of orders until the end of the first quarter, with the prospect of new orders ahead during the year’s second quarter.

Tung also revealed that the company has initiated plans to begin construction of another factory in Hoa Phu Industrial Park in the southern province of Vinh Long with an estimated capacity of 12 million products annually, with estimated revenue from the EU market set to see a double-digit increase.

With a complete production procedure from yarn, weaving, dyeing, and sewing, the group is anticipated to enjoy preferential tariffs in line with the EU-Vietnam Free Trade Agreement (EVFTA) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) regulations.

Land brokers rush to Binh Phuoc although airport project still being mooted

Although an airport project has only been proposed in Hon Quan District of Binh Phuoc Province and is still being considered by the competent agencies, a large number of land brokers have rushed to the district and inflated the prices of land lots in surrounding areas.

Over the last week, land brokers from HCMC, Hanoi and the neighboring localities of Binh Phuoc flocked to Hon Quan. Besides posting advertisements on social networks, they also took land buyers to visit the site proposed for the development of the airport, the local media reported.

They have advertised land lots measuring some 1,000 square meters each and put up them for sale at VND700-900 million each. They have also said that only a small number of people could buy the land.

According to the Hon Quan District government, the land price inflation and large gatherings of people are abnormal, posing a high risk of social disorder and Covid-19 infection.

The land price inflation may encourage local residents, especially the ethnic minority people, to sell agricultural land. Therefore, the competent agencies have been educating residents so that they are not tricked by land brokers who spread false information.

Due to the complicated situation, on February 26, the government of Hon Quan District asked the police and military forces to support communes in the district to handle large gatherings and those without face masks to prevent the Covid-19 infection, especially in the surrounding areas of the proposed airport site.

The authorities of communes and towns, especially Tan Loi and An Khuong communes, were asked to enhance the construction and land use management to promptly prevent illegal projects, the improper use of land and land violations and impose sanctions on violators.

The Binh Phuoc government had earlier proposed the Government and the Ministries of National Defense and Transport allow the province to manage the existing 100-hectare airport in the province to develop it into an airport that can be used for both civil and military purposes with an area of 400-500 hectares. The land for the airport expansion is public land and the expansion project was proposed to be executed under the public-private-partnership format.

Over 33,600 firms dissolve, suspend operations in Jan-Feb

The country saw over 33,600 firms leave the market or suspend their operations in the first two months of the year, up 18.6% year-on-year, according to the Ministry of Planning and Investment.

Of the total, over 21,630 companies signed up to temporarily suspend operations, some 8,380 halted operations to complete dissolution procedures and over 3,590 were dissolved.

The number of newly-established firms in February dropped by 12.3% year-on-year at 8,040, while pledged capital surged by 85.6% at VND179.7 trillion. Besides, some 7,700 firms left the market in February, VietnamPlus news site reported.

Between January and February, some 18,130 companies were established, inching down 4% year-on-year, while the number of firms returning to the market, mainly active in the art, entertainment and education fields, and lodging and catering services, during the two-month period was 11,030, down 7.6% against the same period last year. However, the total registered capital increased by 12% to VND720.4 trillion.

TGE to invest in wind power project in Mekong Delta

Gia Lai Electricity JSC (GEC) has passed a plan to invest in the Tan Phu Dong 2 wind power project in Tan Thanh Commune, Go Cong Dong District, Tien Giang Province.

The subsidiary of Thanh Thanh Cong Group authorized Tien Giang Wind Power JSC (TGE) to implement the 50-MW plant project, reported Bnews news site.

TGE will set up the project’s management board to monitor and execute the project. Further, it is in charge of building a power transmission line for the project; seeking, negotiating and selecting appropriate consulting firms, equipment suppliers and construction units in line with prevailing regulations and ensuring the project proves financially effective.

Besides this, GEC authorized its general director to decide, sign and implement essential procedures to ensure the project will be put into commercial operation as scheduled in the approved plan.

Earlier, GEC had passed a plan to contribute nearly VND10 billion worth of capital to TGE.

Manufacturing output returns to growth in February

The health of the sector has now strengthened in three successive months.

The Vietnam Manufacturing Purchasing Managers’ Index (PMI) ticked up to 51.6 in February from 51.3 in January, signaling a modest improvement in business conditions, according to Nikkei and IHS Markit.

The health of the sector has now strengthened in three successive months. A reading below the 50 neutral mark indicates no change from the previous month, while a reading below 50 indicates contractions and above 50 points to an expansion.

Sustained growth of new orders was recorded, helping to drive the improvement in overall business conditions. New work has now increased in six successive months. Total new orders were supported by a return to growth of new export business amid some signs of improving international demand.

Rising new orders was the main factor behind a return to growth of manufacturing production. The slight increase was also partly attributed to efforts to build stocks of finished goods. These efforts were successful in bringing an end to a four-month sequence of falling post-production inventories.

Employment increased for the second time in three months as firms responded to rises in demand and production requirements. This enhanced capacity meant that firms were able to keep on top of workloads and reduced outstanding business again.

A renewed expansion of buying activity was also recorded, but stocks of purchases continued to fall amid the use of inputs to support production.

Problems securing raw materials also contributed to falling stocks of purchases. Suppliers’ delivery times lengthened sharply again. Difficulties sourcing goods from abroad due to a lack of shipping containers and global demand for materials outpacing supply continued to cause longer lead times.

These imbalances led to a further sharp increase in input costs in February. Although the rate of inflation eased to a three-month low, the rise in input prices was still faster than the average seen across the ten-year survey so far.

Manufacturers responded to higher input costs by raising their own selling prices accordingly. That said, the rate of inflation was modest and the slowest since last November.

Business confidence continued to wane in February, dropping for the third month running to the lowest since August 2020. Sentiment was hit by concerns over the ongoing impact of the Covid-19 pandemic. That said, firms remained optimistic on balance, with hopes that the pandemic will be brought under control over the coming year supporting confidence.

“Renewed increases in output, employment and purchasing activity are all welcome signs, but a recent increase in Covid-19 cases sounds a note of caution. In fact, confidence among firms slumped to the lowest since August 2020, the last time a significant outbreak of the pandemic was seen,” said Andrew Harker, associate director at IHS Markit, which compiles the survey.

“Previously, Vietnam has proved successful in quickly suppressing the virus, and should this be the case again we will hopefully see the manufacturing sector remain in growth territory. IHS Markit currently forecasts a rise in industrial production of 6.8% this year.”

What makes Phu Quoc’s real estate attractive to investors?

Population in Phu Quoc likely triples in 2030, resulting high demand for hospitality industry.

The administration upgrading has made Phu Quoc the first island city in Vietnam, opening up an era for the locality equal in size to Singapore.

The move is considered a momentum for the island that is well-known for tourism, creating favorable conditions for the mushrooming of real estate projects, local experts have predicted.

It triggers a question on how Phu Quoc’s real estate attractive to investors. The expertise might offer a broader view of the potential there.

Dang Phuong Hang, managing director, CBRE Vietnam, said that real estate ecosystem models like hospitality will match the tourism-based island.

The development of tourism will support the growth of three-pillar model namely hospitality real estate, entertainment, and high-end housing segment, she added.

Phu Quoc’s real estate sector has significant room to grow thanks to youngling market, plenty of investment opportunities, and reasonable prices. In addition, well-equipped resort projects are expected to drive up the service prices.

Enormous potential for real estate market is obviously seen in newly-established wards like Duong Dong and An Thoi, Hang said.

“The city status will enable Phu Quoc to make master growth planning, including strategies for tourism industry. The city’s population is forecast to triple by 2030, forming elite groups that demand high-end services,” Hang said.

Nguyen Van Dinh, deputy general secretary of the Vietnam Real Estate Association (VNREA), said the three-pillar ecosystem [hospitality real estate/resort – entertainment – high-end housing segment] is the most suitable model for the island tourism city of Phu Quoc.

Notably, the well-invested infrastructure and more convenient transport have fueled the increasing flows of tourists to the island. So far, visitors go to Phu Quoc by high-speed craft with 150-300 passengers on board each and by airplane with 15-20 flights from various part of the country per day.

According to Dr Nguyen Tri Hieu, meanwhile, the upgrading to city has enabled Phu Quoc to have more budget for infrastructure and more open policies.

The local People’s Council has approved a public investment plan worth VND17 trillion (US$739 million) for 2021-25, including infrastructure, key projects, and resettlement models.

In 2020, as many as 20 out of 23 investment projects in Kien Giang Province were committed to going to Phu Quoc. The island welcomed nearly three million visitors in the same year despite Covid-19, up 60% on-year.

Relaxed policies and nature-favored living conditions help support investors’ expansion plans. The city is likely to attract additional 18,000 people by 2030, including high-skilled workers, foreign experts, and overseas Vietnamese.

The figure might be higher thanks to visa exemption scheme (up to 30 days) from July 2020 to foreigners and a stay of up to 10 years for foreign investors having at least VND100 billion (US$4.4 million).

Outlook

Nguyen Manh Ha, deputy head of VNREA, believed that real estate prices in Phu Quoc will set up a new level in a short time, unlike Nha Trang and Danang before. It will take several years to record VND500-600 million (US$21,739-US$26,000) per square meter in some places in Phu Quoc like the rate in Nha Trang currently.

However, it requires a well-prepared planning for the island city, Ha noted.

The island’s southern region is of high expectations with more investment flows in the next five years, local experts predicted.

Islands in southern Phu Quoc, if given well-designed planning, are expected to be destination of wealth-off people in the coming years, according to Dr Le Xuan Nghia, former deputy chairman of the National Financial Supervision Committee.

There remains much to say about procedures and investors need to pay more attention to legality of projects and segments they are investing in, local experts have warned, adding that Phu Quoc’s real estate must be viewed in long-term strategies with possible focus on cleared land and resort projects.

Vietnam named in Agility’s top 10 Emerging Markets Logistics Index 2021

Vietnam’s rise of three ranking positions to 8th overall is the fastest rise in the top half of the Index and displaces regional partner Thailand in the top 10.

Vietnam moved up three places to 8th in the top 10 countries of the Emerging Markets Logistics Index 2021 by Agility, one of the world’s top freight forwarding and contract logistics providers.

Among countries in ASEAN, Vietnam stood at third behind Indonesia (3rd overall) and Malaysia (5th), and was above the likes of Thailand (11th), the Philippines (21st) and Cambodia (41st).

According to Agility, Vietnam’s handling of the Covid-19 pandemic has been one of the most successful globally, with data from Johns Hopkins University showing less than 1,500 reports of Covid-19 cases in the country in 2020.

The combination of social and economic restrictions with a strict and comprehensive testing and tracing system, saw lockdowns last less than three months, and by June many factories were reopened and domestic operations were recovering quickly, it said.

“The steps taken by Vietnam in 2020 propel it into the top 10 ranking in 2021 – its rise of three ranking positions to 8th overall is the fastest rise in the top half of the Index and displaces regional partner Thailand in the top 10,” stated the logistics firm.

“The country’s economy has performed well as a result of the minimal domestic disruptions and is set to be one of the best performing globally in 2020,” noted the report.

The foundation provided by the strong performance in 2020 is expected to underpin a 2021 expansion of 6.5% as domestic and international conditions normalize and the Covid-19 pandemic recedes.

In recent years, Vietnam has added significant hightech manufacturing capacity, helping attract investment from producers higher up the value chain as costs in China increased.

The option to avoid additional costs associated with the US-China trade war has added further motivation for manufacturers to choose Vietnam, noted Agility.

Samsung, which alone contributes a quarter of Vietnam’s exports through smartphone manufacturing activity in the country, will shift PC manufacturing to Vietnam after it shut down a Chinese factory in 2020. Apple is also reported to have requested that Foxconn open a Vietnam production location to add production capacity for iPads and MacBooks.

When the production lines become active in the first half of 2021, it will be the first time iPad manufacture to take place outside China. Meanwhile, chip manufacturer Intel will operate its largest assembly plant in the country and South Korea’s LG electronics announced investment plans during 2020.

With Covid-19 further exposing the risks of over-reliance on China, Vietnam will be an attractive option for relocation – indeed, when asked, 19.2% of survey respondents cited Vietnam as the number one location for those seeking to diversify production locations outside of China.

However, so rapid has the investment and arrival of new businesses been that it is creating challenges of its own, including a shortage of skills and knowledge to produce the highest value goods.

Navigos Group, which owns the country’s largest jobs site, reports that 71% of employers cite a lack of IT skills as their most significant challenge.

By 2025, the country set the contribution rate target for logistics to be at 5-6% of GDP, services growth rate between 15-20%, while the rate for logistics outsourcing to be 50-60%, said the government’s decision No.200 referring to an action plan to enhance the competitiveness and development of Vietnam’s logistics sector through 2025 and ensure its ran in the Logistics Performance Index of at least 50th.

Giants to invest in big projects in Hue

Aeon, a Japanese-based retailer, and Vietravel, a local tourism company, are building commercial and service centers in the central province of Thua Thien Hue.

Aeon Vietnam Co., the investor of the Aeon Mall chain in Vietnam, plans to pour US$150-160 million into a large-scale shopping mall in Hue City, Thua Thien Hue Province.

This was unveiled at the signing ceremony of a memorandum of understanding about the investment research of Aeon Mall in Hue City between the Thua Thien Hue People’s Committee and Aeon Mall Vietnam.

Phan Ngoc Tho, Chairman of Thua Thien Hue Provincial People’s Committee, said the province will strongly support the investor to do studies as well as procedures so that the latter could commence the project this year.

Tho also said apart from the commercial center, the investor was also interested in developing local raw material areas.

Meanwhile, Vietravel is building the Vietravel entertainment and service complex in Hue City. The VND140-billion project will provide a chain of travel services and auxiliary services when it comes into operation by the end of 2021.

In another development, Hue is calling for investment in a complex of hotel, commercial center, floating restaurant and tourist wharf at 121 Nguyen Sinh Cung Street, Hue City with an aim to attract tourists to visit the famous Huong River.

Late last year, the People’s Council of Thua Thien Hue Province approved the socio-economic development plan for 2021, including a list of key projects in 2021.

Some major projects will be kicked off in 2021 such as the international golf project plus the auxiliary service area and resort by ​​BRG Golf Course Joint Stock Company with a total investment capital of VND3,164 and VND1,656-billion Vinh My tourist service area by ​​Heritage Vietnam Real Estate Co.

HCM City’s export turnover surges 25.1 pct. in first 2 months

Ho Chi Minh City exported 8 billion USD worth of goods during the first two months of 2021, according to the municipal Department of Statistics, a 25.1 percent increase year-on-year.

Excluding crude oil, export turnover stood at over 7.6 billion USD in the period, a rise of 26.5 percent compared to the same period last year.

The export value of wood and wooden products posted the highest growth, surging 60.4 percent year-on-year to 224.6 million USD.

China remained the southern city’s biggest buyer, with revenue totalling nearly 1.8 billion USD, a year-on-year increase of 31.6 percent and accounting for 23.2 percent of its export value.

It was followed by the US with 1.2 billion USD, up 15.1 percent.

Local enterprises spent 10.92 billion USD on importing goods in the period, up 53 percent year-on-year./.

Hanoi’s February consumer price index up 1.8 percent

The consumer price index (CPI) in the capital city grew up 1.8 percent in February from the previous month, according to the Hanoi Statistics Office.

Ten out of 11 groups of products and services in the CPI basket recorded higher prices. The group of housing, electricity, water and construction materials posted the highest price increase of 6.02 percent, mostly due to rises in the costs of electricity, gas, and construction services.

The prices of restaurant and catering services jumped 1.44 percent thanks to high consumption demand for the Lunar New Year festival – the biggest traditional festival of Vietnamese people.

Moving in the upward trend were groups of transport (1.24 percent); beverage and tobacco (0.77 percent); apparel, headwear, and footwear (0.06 percent); household equipment (0.04 percent); and other goods and services (0.11 percent). The two groups of medicine and medical services, and education both grew by 0.01 percent.

The postal and telecoms services group was the only one recording a price decline of 0.01 percent.

The Statistics Office also said that the gold price went down by 0.56 percent, while the price of US dollar dropped by 0.27 percent as compared to January./.

Aquatic exports rise 2.2 percent in two months

Export value of aquatic products reached 405 million USD in February, pushing the figure in the first two months of 2021 to over 1 billion USD, up 2.2 percent over the same period last year, reported the Vietnam Association of Seafood Exporters and Producers (VASEP).

According to the association, exports of tra fish saw positive signals since the beginning of this year after consecutive drops in 2020, with a 1.7 percent rise in the first two months of 2021 to 214 million USD.

Meanwhile, shrimp export in February was estimated at 160 million USD, down 18 percent year on year, resulting in over 380 million USD in the first two months of 2021, a slight annual fall of 0.8 percent.

At the same time, seafood exports rose 31.4 percent to 264 million USD in January but dropped 21 percent to 156 million USD in February, resulting in the two-month export value of 420 million USD, up 5.5 percent.

The VASEP said that in the first two months of this year, exports of Vietnamese aquatic products were affected by demands of markets amidst COVID-19 pandemic.

The association forecast that aquatic export value in March will reach about 640 million USD, up 1.5 percent over the same period last year thanks to high demand in the US, EU and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)./.

Vietjet offers free baggage allowance on domestic routes

The budget carrier Vietjet Air has offered free 20kg of checked baggage for passengers on its entire flight network across Vietnam.

Accordingly, from February 27 to March 31, 2021, passengers buying tickets and flying with Vietjet across Vietnam will receive the special gift of 20kg checked baggage in addition with 7kg hand luggage completely for free.

The special offer is for passengers booking tickets at least 3 hours before departure time on Vietjet’s official sales channels at www.vietjetair.com, official Facebook page at https://www.facebook.com/vietjetvietnam/, ticket offices and official agents, applying for all payment methods. The free checked baggage is immediately applied as customers choose to include a 20kg baggage package when booking on all domestic flight routes with the flight time from February 27, 2021 to April 25, 2021.

Especially, passengers do not miss opportunities to fly and experience the new super convenient Deluxe fare type of Vietjet at an unprecedented attractive price from only 399,000 VND (17.25 USD). In addition to the 20kg checked luggage for free, Deluxe passengers can enjoy free changes of flight, date, route for unlimited times; free priority check-in; free seat selection; and included Deluxe Flight Care programme.

Government gives in principle approval to industrial park projects

The Government has given the green light to a number of industrial park projects in the central province of Nghe An and the northern provinces of Nam Dinh and Vinh Phuc.

The Hoang Mai 1 Industrial Park project in Hoang Mai township in Nghe An received in principle approval under Decision No 276/QD-TTg and will have a duration of of 50 years.

Located in the Southeast Nghe An Economic Zone, the project covers 264.77 ha and has total investment of 750 billion VND (32.4 million USD).

In other decisions, Prime Minister Nguyen Xuan Phuc approved in principle the construction and trading of infrastructure at the My Thuan Industrial Park in My Loc and Vu Ban districts in Nam Dinh and the Thai Hoa-Lien Son-Lien Hoa Industrial Park (first phase) in Lap Thanh district in Vinh Phuc.

My Thuan will cover 158.48 ha and have total investment of over 1.6 trillion VND (69.19 million USD), while Thai Hoa-Lien Son-Lien Hoa will sit on 145.27 ha and have total capital of 774.82 billion VND (33.5 million USD)./.

Hanoi’s February consumer price index up 1.8 percent

The consumer price index (CPI) in the capital city grew up 1.8 percent in February from the previous month, according to the Hanoi Statistics Office.

Ten out of 11 groups of products and services in the CPI basket recorded higher prices. The group of housing, electricity, water and construction materials posted the highest price increase of 6.02 percent, mostly due to rises in the costs of electricity, gas, and construction services.

The prices of restaurant and catering services jumped 1.44 percent thanks to high consumption demand for the Lunar New Year festival – the biggest traditional festival of Vietnamese people.

Moving in the upward trend were groups of transport (1.24 percent); beverage and tobacco (0.77 percent); apparel, headwear, and footwear (0.06 percent); household equipment (0.04 percent); and other goods and services (0.11 percent). The two groups of medicine and medical services, and education both grew by 0.01 percent.

The postal and telecoms services group was the only one recording a price decline of 0.01 percent.

The Statistics Office also said that the gold price went down by 0.56 percent, while the price of US dollar dropped by 0.27 percent as compared to January./.

HCMC helps real estate firms to ride out difficulties

HCMC leaders, including the city’s Chairman Nguyen Thanh Phong, Vice Chairman Le Hoa Binh and heads of departments, held a meeting with 16 real estate firms on February 27 to help them ride out their difficulties.

Deputy director of the HCMC Department of Construction Huynh Thanh Khiet said the real estate supply in 2020 dropped 34% year-on-year. As investors have focused more on the up-market segment, the proportion of newly developed luxury apartments and medium apartments jumped from 25% to over 41% and from 23.8% to 57%, respectively. Meanwhile, that of budget apartments dropped from 51% to 1%.

A representative of Novaland Group said some of the group’s projects are facing difficulties related to construction permits, house ownership certificates or legal procedures of the Thu Thiem new urban area.

“We hope that the Government and leaders of the city and departments will help us promptly resolve problems, enabling us to speed up our projects. This will help provide more products for the real estate market, meet the demand of the citizens, improve social security and contribute to the state’s budget,” he said.

Le Huu Nghia, director of Le Thanh Real Estate Company, said his company’s social housing projects have faced difficulties related to the legal procedures and tax policies. The time set for completing social housing project procedures has been shortened from between three and five years to 11 months but poor coordination between departments and districts may lengthen the process.

A representative of Thao Dien Real Estate JSC said the company has completed all procedures required by the relevant agencies. However, the land has not been handed over to the company to build a social housing project over the past 10 years.

Addressing the meeting, chairman of the HCMC Real Estate Association Le Hoang Chau suggested reducing investment license procedures to only four steps to save time and costs for businesses.

HCMC Chairman Nguyen Thanh Phong assigned the city’s Vice Chairman Le Hoa Binh with working with departments to help real estate firms resolve problems related to investment certificates, tax policies and house ownership certificates.

“The city will try to help 61 projects that are struggling to resolve their problems before April 15,” Phong stressed.

Going forward, the city will regard planning as a tool for construction management. The city will support the Department of Planning and Architecture and hire foreign experts to ensure proper planning.

According to Phong, the real estate sector contributes 8.2% to the city’s total revenues. Helping real estate businesses ride out difficulties is therefore vital for the city’s development.

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, philippines business news, recent business news, regional business news, business qui marche, business to business news, vietnam china news, vietnam yahoo news, vietnam business culture, vietnam finance news, vietnam india news

Breakfast @ Tuoi Tre News — March 4

March 4, 2021 by tuoitrenews.vn

Read what is in the news today:

Politics

— Vietnam is slated to repatriate 390 Vietnamese citizens stuck in Myanmar on a Vietnam Airlines flight on Thursday, according to the Vietnamese Embassy in Myanmar. This is the fifth repatriation flight Vietnam has carried out since May 12, 2020.

Society

— Vietnam reported seven new cases of COVID-19 on Wednesday evening, including five community infections in northern Hai Duong Province and two imported cases in southern Kien Giang Province. The national patient tally stood at 2,482, with 1,898 recoveries and 35 virus-related deaths as of Thursday morning.

— The United Nations Food and Agriculture Organization (FAO) and the World Health Organization (WHO) in Vietnam have issued a press release urging the Vietnamese government and the public to keep vigilance on the H5N8 human infection upon the detection of seven farm workers infected with the influenza A (H5N8) at a chicken farm in Russia, the Ministry of Health said on Wednesday.

— Vietnam ranks fifth in the Happy Planet Index, and second in the Asia Pacific region, according to the UK-based New Economics Foundation.

— Architect Tran Ngoc Chinh, chairman of the Vietnam Urban Planning and Development Association, suggested at a seminar on Wednesday that Hanoi build its second airport south of the Vietnamese capital city earlier than previously planned to welcome international arrivals by 2045.

— Another One-Stop Service Office was launched in Can Tho on Wednesday to facilitate sustainable reintegration of returning migrant women in the Mekong Delta city, according to the Vietnam News Agency .

Business

— The administration of Russia’s St. Petersburg City on Wednesday virtually held the second international travel forum with Vietnam to boost tourism between the two sides, the Vietnam News Agency reported.

Lifestyle

— The Ministry of Culture, Sports, and Tourism has granted permission to Institut Français du Vietnam to screen seven classic and modern French movies in ten cities and provinces nationwide from March 1 to December 31.

Sports

— Japan’s government will decide whether to let overseas spectators attend the Summer Olympics in Tokyo by the end of March, Reuters cited Olympics Minister Tamayo Marukawa as saying on Wednesday.

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World News in Brief: March 3

March 3, 2021 by en.nhandan.org.vn

* Indian government ministers and officials were following Prime Minister Narendra Modi’s lead by opting for an Indian-made vaccine instead of the AstraZeneca one.

* Thailand may celebrate its traditional new year Songkran as usual around mid-April, Culture Minister Itthiphol Khunpluem said Wednesday.

* China’s annual coal output will stand at no higher than 4.1 billion tonnes by the end of the 14th Five-Year Plan period (2021-2025), after it climbed 1.4 percent year on year to 3.9 billion tonnes in 2020, said a report issued by the China National Coal Association on Wednesday.

* President Joe Biden said on Tuesday the United States would have enough COVID-19 vaccine for every American adult by the end of May.

* The European Union aims to increase the region’s COVID-19 vaccine production capacity to 2-3 billion doses per year by the end of 2021, Industry Commissioner Thierry Breton was quoted as saying.

* German Chancellor Angela Merkel was expected on Wednesday to agree a gradual relaxation of curbs with regional leaders, but the rules can be tightened again if infections jump.

* Australia will seek the support of the defence forces in its immunisation drive, as it looks to ramp up a vaccination rollout programme that is running behind schedule.

* More than 3.5 million people have been vaccinated in Chile against COVID-19 almost a month after the start of a mass inoculation campaign, the Health Ministry said on Tuesday. It said in a communique that a total of 3,512,326 people have been vaccinated in the country, with 2,259,013 over the age of 60.

* OPEC and other oil producers, a group known as OPEC+, are considering rolling over production cuts into April instead of raising output as oil demand recovery remains fragile due to the coronavirus, three OPEC+ sources told Reuters. OPEC+ ministers hold a full meeting on Thursday.

* Indonesia, with the world’s third biggest rainforest area, reduced the rate of deforestation by 75% last year by controlling forest fires more effectively and limiting clearing of woodland, the Environment Ministry said.

* Negotiators from the Republic of Korea and the United States will hold talks in Washington later this week to discuss how to share the upkeep cost for the US Forces Korea (USFK), Seoul’s foreign ministry said Wednesday.

* The Russian Foreign Ministry urged the US administration “not to play with fire” after Washington on Tuesday announced sanctions against Russian individuals and entities over the alleged poisoning of Kremlin critic Alexei Navalny.

* The US Senate is expected to take up Biden’s US$1.9 trillion relief package on Wednesday, with fellow Democrats seeking to advance key priorities and jettison aspects that have drawn unflattering scrutiny.

* Portuguese hotels lost 73% of total revenues last year compared to 2019, the Portuguese Hotel Association (AHP) said on Wednesday, as the COVID-19 pandemic drastically curbed travel from abroad, weighing on the tourism-dependent economy.

* An earthquake of magnitude 6.2 struck central Greece on Wednesday, sending people rushing from their houses but drawing no immediate reports of casualties or significant damage.

* The World Bank is preparing emergency financing to help about 30 African countries access vaccines, the global lender told Reuters.

* Turkey and Egypt could negotiate a maritime demarcation agreement in the eastern Mediterranean if their ties, which have been strained, allow for such a move, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday.

* Katyusha rockets were fired on Wednesday on a military airbase housing US-led coalition forces in Iraq’s western province of Anbar, security sources said. A brief statement by the Joint Operations Command said that 10 rockets were fired in the morning on Ayn al-Asad airbase without causing casualties, while the Iraqi forces seized the rocket launcher later.

* Iranian President Hassan Rouhani on Tuesday urged the United States to lift sanctions to save the nuclear deal, which is also known as the Joint Comprehensive Plan of Action (JCPOA), official IRNA news agency reported.

* A record number of Ukrainians were taken to hospital with coronavirus over the past 24 hours while the number of deaths remains consistently high.

* Kenya and Senegal received their first batches of the AstraZeneca vaccine under the COVAX vaccine-sharing scheme.

* Merck & Co agreed to make rival Johnson & Johnson’s single-shot COVID-19 vaccine.

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Vietnam stock market watchdog to provide support for businesses

March 11, 2020 by hanoitimes.vn

The Hanoitimes – The head of Vietnam’s stock market watchdog urged players to trust the internal strengths of the economy and the resilience of Vietnam’s stock market.

The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, is considering a number of solutions to help investors and securities firms overcome negative impacts of the Covid-19 epidemic and global turmoil, according to the SSC’s Chairman Tran Van Dung.

Chairman of the SSC Tran Van Dung.

Among them are lowering fees for some brokerage services and easing regulations on margin trading, Dung told Vietnam Financial Times.

At the close on March 9, the benchmark Vn-Index plunged 6.28% to 835.49, the biggest tumble since May 2014 when the standoff between Vietnam and China occurred after China moved an oil rig into Vietnam’s waters.

Dung, however, noted the liquidity of the Hochiminh and Hanoi stock exchanges remained abudant with nearly VND6.5 trillion (US$278.69 million) traded, indicating investors were buying in battered stocks.

Besides, foreign investors remained net sellers but at a moderate amount of VND230 billion (US$9.85 million) on March 9, Dung added.

Dung said the freefall of the stock market was a common situation globally, especially as “all bad news came at one time” that directly impact investor sentiment, including the sharpest decline of oil price since 1991, prompting Goldman Sachs to predict Brent oil could drop to US$20 per barrel this year.

On early March 9, the Japanese government issued lower-than-expected economic data for 2019, heightening fears the global economy may come to a recession under the growing impacts of the Covid-19 epidemic.

The Federal Reserves (FED) on March 3 cut interest rates by 0.5% in an emergency move, prompting 65% of traders to expect the FED to continue lowering interest rates by 0.75% in the upcoming meeting on March 17. If it happens, the cut in the federal funds rate would take the borrowing cost in the short-term markets down to a range of 0.25% – 0.5% and raise concern over the US and global economies going to slow down.

For the Vietnamese stock market, new cases of Covid-19 infections were the main reason for shares going downhill, Dung said. However, Vietnam’s successful containment of the epidemic is just a matter of time, given strong determination of the government and the public.

Moreover, in the mid- and long-term, credit and fiscal support packages from the government will no doubt help enterprises recover, Dung added.

Dung urged enterprises, intermediary financial institutions and investors to trust the internal strengths of the economy and the resilience of Vietnam’s stock market.

Such confidence would help the market to rebound sooner and avoid unnecessary sell-offs, Dung stated.

In the coming time, the SSC would continue to closely monitor the market and only intervene out of necessity, Dung added, stating the authority would strictly punish cases of market manipulation or providing false information for unfair gains.

Filed Under: Uncategorized Vietnam, stock market, SSC, Japan, United States, FED, coronavirus, ncov, Covid-19, Vn-Index, providing business support, forecasting stock market movement direction with support vector machine, stock market vietnam, business stock market, business stock market news, stock market watchdog, stock market resistance and support

Using technology, farmers no longer need produce ‘rescue’ campaigns

March 4, 2021 by vietnamnet.vn

Vietnamese farmers often call on consumers to ‘rescue’ farm produce when there is an oversupply and sales are slow. But the use of e-commerce platforms has changed that.

Using technology, farmers no longer need produce 'rescue' campaigns

Earning his living by cultivating vegetables for many years, Do Van Chung in Gia Loc district in Hai Duong province complained that he has never met such difficulties before.

In previous years, he harvested 4 tons of cabbage and earned VND14-16 million from two sao (1 sao = 360m2) of cultivation area. But he cannot find buyers and is not sure if he can earn VND2 million from each sao.

Phung Danh Ut, the owner of a melon field used with greenhouse technology, also complained that trucks have not come to collect produce for the last two weeks and the price has plunged from VND35,000 per kilogram to VND11,000.

Chung and Ut, who have been living on agricultural production for many years, have become ‘as clumsy as bears’ as goods circulation is stuck.

To solve the problem, Hai Duong provincial authorities decided to utilize IT to boost the distribution of products.

Some groups have been set up on Zalo, including Doanh nghiep nong nghiep Hai Duong (Hai Duong agriculture companies), Nong nghiep Hai Duong vuot qua dai dich (Hai Duong’s agriculture overcomes the pandemic) and Tong hop nhu cau (demand summary).

Leaders of appropriate agencies are also members of the groups, helping connect businesses in Hai Duong province and other provinces, and helping farmers join production, supply and transportation chains.

“We connect businesspeople by using the commune’s electronic information portal and Zalo and invite them to come to Hai Duong to collect farm produce,” said Nguyen Tien Thanh, deputy chair of Pham Tran commune.

“Approximately 800 tons of farm produce were marketed during the social distancing time. About 300 tons of cabbage remains unsold,” he said.

Meanwhile, Do Van Sang, deputy chair of Gia Loc district, said 10,000 tons of vegetables and 200 tons of poultry meat have been sold.

Thanks to the activities connected by technology, Hai Duong’s farm produce has been carried to Hanoi and other localities for sale.

There are other methods that can help ‘rescue’ their farm produce more effectively – e-commerce platforms.

Voso.vn of Viettel Post and Postmart.vn of Vietnam Post in recent years have helped local farm specialties approach millions of consumers throughout the country.

Viettel Post uses a smart logistics system which delivers vegetables directly to consumers within a short time after harvesting to ensure the freshness of produce.

Binh Minh – Trong Dat

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2021 Economic Census to be conducted online

March 4, 2021 by vietnamnews.vn

GSO Director General Nguyễn Thị Hương

The General Statistics Office of Vietnam (GSO) launched the 2021 Economic Census on Monday. Amid challenges in collecting data due to the pandemic, the authority will employ technology to conduct the census. GSO Director General Nguyễn Thị Hương spoke with the Vietnam News Agency about the important survey

The 2021 Economic Census takes place during the complex development of the COVID-19 pandemic. Will this impact the survey?

Collecting enterprises’ information has been implemented every year at different scales and levels. In the 2021 Economic Census, the survey will collect information on all kinds of businesses in all economic sectors nationwide.

This year’s census has many advantages such as the active co-ordination and participation of ministries, departments and localities at all levels and collection of information across the whole country. In addition, census propaganda has been carried out nationwide in many forms to reach all people and enterprises. It has helped improve the awareness and responsibility of enterprises in co-ordinating, providing and sharing information with the Census Steering Committee at all levels.

The 2021 enterprise survey will be implemented online, so despite the pandemic, the investigation still meets the census requirements. This is the second year the statistics industry has conducted the enterprise survey online. Therefore, we have experience in designing, processing and collecting information.

What are the challenges facing the census?

To collect information online, first of all, the information technology infrastructure system must satisfy higher standards than the traditional paper form. At the same time, the security and safety requirements need a higher level of capacity in transmission and storage and handling a large number of accounts for simultaneous access on a wide range.

However, the IT infrastructure of the statistics industry still has many limitations which sometimes lead to an overloaded or interrupted system. The sector has been working closely with the Ministry of Information and Communications and related agencies to upgrade and minimise these problems and shortcomings.

In addition, many Vietnamese enterprises are small and micro size, making them illegible to participate in online reporting on GSO’s website.

What are the differences in this year’s survey?

The information in this year’s electronic format has changed significantly compared to previous years, especially identifying and collecting data of businesses at level 3 in Việt Nam’s standard industrial classification at the commune level.

It means the enterprise survey 2021 will access and update the information of investigated units according to international standards. Enterprises will provide detailed information of their branches and production facilities as well as addresses, sales or quantity of major products, cost of production and quantity of labour.

By collecting information online, businesses will self-declare information on the online questionnaire. To fully collect the quantity and quality of enterprise information is a big challenge for surveyors. Thus, investigators need to know very well the information collection process, information flow and the indicators to be collected to guide and support enterprises.

Many firms are not willing to provide information and it takes a lot of time and effort to persuade them to fill in the questionnaire as well as to check, verify and assist them to complete the form.

The survey time coincides with the resurgence of COVID-19 in some localities, making it difficult to train investigators and disseminate information to businesses.

In addition, the 2021 questionnaire includes many specialised and in-depth contents, requiring investigators to have knowledge of economics, statistics, accounting and proficient use of computers. Therefore, recruiting enough quality enumerators is also a challenge.

What has the GSO done to ensure success?

First of all, it is essential to strengthen the propaganda and dissemination of information on the 2021 Economic Census to enhance businesses’ responsibility in providing information. Along with that, professional training for enumerators at all levels needs to be carefully carried out to prepare themselves with knowledge of online processing.

The General Statistics Office also asked the surveyors to regularly contact businesses to provide guidance, support and respond to their problems to avoid missing information and improve data quality.

If the business is not eligible for filling information, the investigator will collect information directly to ensure the progress of the investigation.

For businesses that do not co-operate, the investigators should immediately report to the standing committee for appropriate handling. It can work with the tax department to request enterprises to provide information or request the district’s or provincial People’s Committee to send a dispatch urging the enterprise to fulfil the obligation to provide information.

To ensure safe, stable and transparent operations during the investigation, the GSO has reviewed the entire IT infrastructure system to assess the response level of the system.

The 2021 Economic Census in general and the 2021 Enterprise Census, in particular, are the hardest censuses of the statistics industry with complicated contents, units and objects of investigation. However, with the collaboration of authorities at all levels, the census will be conducted successfully. — VNS

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