Global firepower

Vietnam climbs up in global happiness ranking

March 20, 2021 by e.vnexpress.net

Vietnam scored 5.411 points, up from the 5.353 it got last year, according to the latest report released by the Sustainable Development Solutions Network, a global initiative launched by the United Nations in 2012.

Using data from a Gallup World Poll, the ranking measured the happiness level in 149 economies across the world, based on six factors: GDP per capita, social support, healthy life expectancy, freedom to make life choices, generosity, and absence of corruption.

In Southeast Asia, Vietnam’s position was better than Malaysia (81), Indonesia (82), Laos (100), Cambodia (114) and Myanmar (126). It ranked behind Singapore (32), Thailand (54th) and the Philippines (61).

Among the six factors, Vietnam performed best in freedom to make life choices, ranking 9th globally, while its generosity factor fared worst, at 112nd, with Vietnamese people deemed less generous than neighboring peers.

Life expectancy at birth in Vietnam is 68 years, putting the country in 50th place, while Singapore tops the world at 77 years, the report said.

Vietnam ranked 67th in social support and 98th in per capita GDP.

The country’s per capita income in 2020 was at $2,750, nearly 1.3 times higher than $2,109 in 2015.

In terms of corruption perception, Vietnam was in 68th place, much higher than Asian peers like South Korea and Japan.

Vietnam has been engaged in prolonged corruption spearheaded by Party chief and State President Nguyen Phu Trong. The crackdown has seen several high-profile government officials, top military officers and businessmen arrested and jailed for crimes from graft to money laundering.

Finland took the top spot in the ranking as the happiest country in the world, followed by Iceland and Denmark.

Countries at the bottom of the list were those afflicted by extreme poverty and violence, like Zimbabwe, South Sudan and Afghanistan.

This year’s ranking was collated slightly differently this time because of the Covid-19 pandemic.

Not only were researchers unable to complete face-to-face interviews in a number of countries, they also had to switch things up by focusing on the relationship between well-being and Covid-19.

Experts consider how Vietnam can attract greater investment from global firms

March 25, 2021 by vov.vn

The past five years has seen the foreign-invested sector make significant contributions to Vietnamese socio-economic development.

Furthermore, the country has always represented an attractive investment destination for foreign investors due to Vietnamese FDI attraction increasing from US$24.1 billion in 2015 to US$38 billion in 2019, with the figure being recorded at US$28.53 billion in 2020 despite the impact of the novel coronavirus (COVID-19) pandemic.

Do Nhat Hoang, director of the Foreign Investment Agency under the Ministry of Planning and Investment, attributes investment inflows into the country to a number of recently-signed free trade agreements (FTAs). This includes the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP).

The enforcement of these various FTAs has created a wealth of opportunities for large foreign corporations, especially those in hi-tech fields, to invest domestically as they can maximise the benefits and incentives from these FTAs, Hoang adds.

Furthermore, he underscores the importance of attracting technology projects relating to AI, blochain, fintech, and training high-quality human resources that can meet the requirements for Vietnamese socio-economic development.

Nguyen Hoa Cuong, deputy director of the Central Institute for Economic Management (CIEM), emphasises the need to effectively invest in innovation for businesses whilst helping small firms gain access to funding sources from banks.

He therefore stressed that although the country can be considered vulnerable to the spread of the COVID-19 pandemic, the international community has highlighted Vietnamese containment efforts and determination to improve the local business environment and turn the country into an ideal destination for investors.

Nakajima Takeo, chief representative of Japan External Trade Organization (JETRO) in Hanoi, says while other countries are still struggling with the impact of the COVID-19 pandemic, the Vietnamese economy has rapidly recovered, with Vietnam becoming the first nation to enjoy the various advantages of the diversification of the global supply chains.

Moreover, with keen interest from foreign investors, including Japanese investors, the country should strive to improve the local business climate to attract more high-tech investors whilst fine-tuning the legal system and supporting firms to overcome the adverse impact of the COVID-19 epidemic, the JETRO representative states.

According to Nguyen Van Toan, vice chairman of the Vietnam Association of Foreign Investment Enterprises, it is essential to promote technology transfer and corporate governance for Vietnamese enterprises, while also being proactive in inviting multinational corporations and companies with popular brands to invest in the country.

Economic experts have therefore stated that it is necessary to complete the legal framework regarding anti-transfer pricing, revise regulations on tax management, whilst also increasing fines and penalties for acts of transfer pricing to ensure the strictness of law. This should be done alongside building and perfecting the database system and national information on FDI projects and enterprises.

Miss Vietnam Global 2021 to move online

March 29, 2021 by vov.vn

Contestants aged 18 and above with Vietnamese nationality are able to register for the beauty contest.

Each entrant must submit four photos, including one portrait and three photos which showcase them wearing an Ao Dai, a traditional long dress, an evening gown, and a sports outfit.

The contestants must also send in a one-minute video clip as part of the introduction about themselves, whilst also stating their goals and special talent.

The judging panel will consist of numerous celebrities, including head of the organizing board and people’s artist Tran Nhuong, actor Nguyen Cong, in addition actor and film producer Tran Bao Son.

The subcategories will get underway through an online format, with the award-giving ceremony slated for August 28 in the southern province of Ba Ria-Vung Tau.

The competition’s winners will then be invited to visit various sightseeing spots in the United States and participate in a music gala which will take place in the country in December.

Miss Vietnam Global is an annual beauty contest which is held for Vietnamese women from all around the world, with this year marking the 15th edition of the pageant.

The most recent award went to Miss Vietnam Global 2019 Hoang Bao Ngan from the University of Houston in Texas. The beauty contest was cancelled in 2020 due to the complicated developments relating to the COVID-19 pandemic.

Philippine shares reverse losses, lead region higher on global recovery bets

March 29, 2021 by tuoitrenews.vn

The Philippines reversed early losses to rise more than 1% on Monday, leading gains across Asia’s emerging stock markets after Wall Street ended last week with strong gains on bets for a faster economic recovery.

Stricter COVID-19 restrictions in Manila for this week initially sent shares down 1.7%. But they were lifted as investors await details of a proposed U.S. fiscal spending package that could spur the global economy.

Stocks in Taiwan, Vietnam and Thailand climbed around 1%.

“The positive sentiment should lift regional shares today,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.

Inflation concerns remained, however, and the dollar held firm with 10-year Treasury yields still elevated, keeping pressure on Asia’s risk-sensitive and higher-yielding currencies.

The Malaysian ringgit was little changed, while the yield on its benchmark 10-year bonds was marginally off ahead of the FTSE Russel decision on whether Malaysian debt will stay in the government bond index.

OCBC Bank expects Malaysia to stay in the index and be removed from the watchlist, which it says will see sentiment for bonds improve at the margin.

A surprise removal could prompt outflows.

In other news, Malaysian exports in February rose a higher-than-expected 17.6% on shipments of electrical and electronic goods as well as commodity-based products.

Vietnam shares rose after data showed the economy grew 4.5% in the first quarter, supported by robust exports.

“Vietnam’s growth prospects will continue to outshine regional peers,” Mizuho Bank said in a note.

The southeast Asian nation has been successful in controlling the spread of COVID-19 through stringent measures, which have helped it reopen its economy earlier than most other regional peers.

Indian markets were closed for a public holiday.

Vietnam soars in global supply chains on favourable conditions: Counterpoint

March 31, 2021 by en.vietnamplus.vn

Inside a factory at the Binh Xuyen II industrial park in the northern province of Vinh Phuc (Photo: VNA)

Hanoi (VNA) – In an era of protectionism where the jitters of COVID-19 are still being felt by many economies, Vietnam is soaring to become one of the prime locations for export manufacturers, said a recent article published on the Hong Kong-based global industry analysis firm Counterpoint .

According to the article, titled “Vietnam soars in global supply chains on favourable conditions”, with more companies moving their operations to Vietnam, the leasing demand in the country’s industrial zones is soaring.

Vietnam’s growing competitiveness, market reforms, and steady progress in ease of doing business (evident in its higher scores in the World Economic Forum’s competitiveness index) are making it rise above the rest.

The article said the Vietnamese electronics manufacturing services (EMS) market will grow at a compound annual growth rate (CAGR) of 5 percent between 2020 and 2026.

It also cited data from the Vietnam’s General Statistics Office (GSO). Accordingly, the country’s consumer electronics sector recorded its highest ever production at 369.6 million units in October 2020, followed by the electronic components sector at 325.7 million units.

Given the exponential growth in its manufacturing sector along with growing domestic demand and exports, primarily in electronics and automobiles, the EMS business is projected to scale new heights in the country. Many global original equipment manufacturers (OEMs) and EMS providers like Samsung, LG and Foxconn are investing in the production of printed circuit boards, camera modules, printers, servers, phones, networking equipment, televisions and other electronics equipment in the country.

The author mentioned Samsung, one of the largest FDI players in the country, noting that Vietnam has one of the company’s largest smartphone production bases outside the Republic of Korea. By 2022, Samsung is also projected to complete its 220-million-USD research and development centre in Vietnam.

The article highlighted that constant improvement in investment and business policies, participation in bilateral and multilateral free trade agreements, increased FDI and a favourable geographical location have all been active factors in making Vietnam an attractive destination for manufacturers./.

VNA

Vietnamese market continues to soar in global supply chains amid favourable conditions

March 31, 2021 by vov.vn

The article outlines how the Vietnamese electronics manufacturing services (EMS) market is set to grow at a CAGR of 5% between 2020 and 2026.

As the world is currently in an era of protectionism where issues relating to the novel coronavirus (COVID-19) are still being felt by many economies globally, the nation is striving to become one of the prime locations for export manufacturers.

According to figures released by Vietnam’s General Statistics Office (GSO), the country’s consumer electronics sector recorded its highest ever production of 369.6 million units in October, 2020, followed by the electronic components sector which was able to produce a total of 325.7 million units.

Given exponential growth witnessed in the manufacturing sector, coupled with growing domestic demand and exports, primarily in relation to electronics and automobiles, the EMS business is projected to scale new heights moving forward.

Many global OEMs and EMS providers such as Samsung, LG, and Foxconn, who are Apple’s contract manufacturer, are now investing in the production of printed circuit boards, camera modules, printers, servers, phones, networking equipment, televisions, and other electronics equipment in the nation.

Samsung, which in 2020 held approximately 70% of the handset market share in the country, also represents one of the largest FDI players locally, with the nation hosting one of Samsung’s largest smartphone production bases outside of the Republic of Korea.

Moving ahead to 2022, Samsung is projected to complete construction on its US$220-million Vietnamese research and development centre.

The article also states that there are a range of factors which make Vietnam a favourable destination for manufacturers, including the constant improvement in investment and business policies, Vietnamese participation in bilateral and multilateral free trade agreements, increased FDI, and geographical proximity to China.

Pegatron has made roughly US$1 billion worth of investment in its Vietnamese plant which will be rolled out over three phases and will specifically target investments in computing, communications, and consumer electronics facilities by 2027.

Furthermore, Foxconn is also moving some parts of its iPad and MacBook assemblies to the country from China, with this occurring amid increasing tensions between the United States and the northern neighbour, as the firm seeks to reduce risk for its production. In addition, it has also been awarded a license to develop a US$270-million plant that will produce laptops and tablets within the nation.

Moreover, Google is also keen to move production of its smartphone brand Pixel for the US market to the country. Indeed, it is also likely that the company may end up moving its hardware production to Vietnam, with similar plans underway at companies such as Samsung, Intel, and Microsoft.

Xiaomi is also aiming to take advantage of local factors such as cheap labour and other favourable market conditions, with the company most recently opening its first phone assembly factory in the nation.

The article concludes by stating that the country is known for its comprehensive and five-year to ten-year strategies, including ‘Made in Vietnam 2025: Industrial Policy and Strategy 2025’ and ‘Vision for 2035’. These policies have not only helped to change the Vietnamese growth story which started 30 years ago, but have also facilitated absorption of industry from China, including numerous shifts triggered by trade wars.