A report released Monday places Vietnam in 44th position overall and first position among the lower-middle income economies. It retains its top position in the lower middle-income bracket from last year. With a score of 37, Vietnam is placed behind Thailand and ahead of Russia in the worldwide ranking and ahead of India in the lower middle-income bracket. The report mentions Vietnam as one of four economies (the others being Turkey, India and the Philippines) with the potential to change the global innovation landscape, systematically catching up with other economies like China. Vietnam in particular is among several developing economies that have held the record for over-performing on innovation relative to their level of development for the 11th year in the row, the report says. In Asia (excluding Western Asia), Vietnam is ranked 8th among 25 economies in the region, behind Thailand and ahead of India. The 2021 Global Innovation Index, issued by the World Intellectual … [Read more...] about Vietnam top innovator among lower middle-income economies: report
An MRC press release said Tuesday that a major joint study undertaken by all the six Mekong riparian countries will examine changes in hydrological conditions found in the Mekong River Basin. The study was approved at a virtual meeting of the Mekong River Commission (MRC) and its Dialogue Partners. The annual 25th Dialogue Partners meeting on September 17 was attended by MRC members Cambodia, Laos, Thailand and Vietnam as well as representatives from China and Myanmar. The joint study's approval followed an earlier green light by the MRC Joint Committee and Joint Working Group of Lancang-Mekong Cooperation (LMC) Water Center on Lancang-Mekong Water Resources Cooperation. Phonepaseuth Phouliphanh, Acting Chairperson of the MRC Joint Committee for 2021, said the need for the joint study was underscored by the Mekong River Basin’s increasing propensity for floods and droughts, which have been attributed to adverse changes in climate and water infrastructure. He said the study … [Read more...] about China joins study of Mekong River hydrological changes
After acquisition of Mobicast and Reddi, can Masan become the “Reliance Jio” of Vietnam? On September 21, The Sherpa, a subsidiary of Masan Group Corporation, announced an investment of $13 million to acquire a 70-per-cent stake in mobile virtual network operator (MVNO) Mobicast and officially expand to the telecommunications sector. This is Masan's first step into the digital services sector. Mobicast's services target tech-savvy customers with great demand for data usage and digital lifestyle. As a result, the startup can help Masan to complete its offline-to-online offerings of necessities and financial services. An MVNO offers a fast and cost-efficient system to build transmission and reception network infrastructure. Besides this, an MVNO is considered a catalyst for competition in the mobile telecommunications market. MVNO players will develop value-added services on mobile devices, helping to improve quality and diversify experiences. It is estimated that necessities … [Read more...] about After acquisition of Mobicast and Reddi, can Masan become the “Reliance Jio” of Vietnam?
Vietnam inked a deal to purchase 10 million doses of Cuban-developed Abdala vaccine against the novel coronavirus during the visit of State Present Nguyen Xuan Phuc to Cuba that ended on Monday. “I am pleased to announce that Vietnam has signed a contract to buy 10 million doses of Cuban-made Abdala vaccine,” President Nguyen Xuan Phuc said during a meeting with the general director of the Mariel Special Development Zone (ZED Mariel) in La Habana, Cuba, on Monday morning. With the signing of the vaccine procurement deal, the Cuba visit of the Vietnamese delegation was a success, demonstrating the special traditional relationship between the two countries, Phuc said. The Vietnamese government had issued a resolution on the purchase of the Abdala vaccine and assigned the Ministry of Health to proceed with the procurement and effective use of the jab in the fight against COVID-19. The three-shot vaccine is developed by the Center for Genetic Engineering and Biotechnology (CIGB) … [Read more...] about Vietnam signs deal to buy 10 million doses of Cuban-made COVID-19 vaccine
UOB headquarters in HCM City. — Photo courtesy of the bank The United Overseas Bank (UOB) has increased its charter capital in Viet Nam from VND3 trillion (US$128.8 million) to VND5 trillion ($214.6 million), following approval from the State Bank of Viet Nam earlier this month. “This fresh injection of capital demonstrates UOB’s commitment to deepening our presence in Viet Nam, and contributing to the country’s ongoing development," said Wee Ee Cheong, UOB Deputy Chairman and CEO. "UOB Vietnam has grown from a representative office in 1993 to a wholly-owned subsidiary bank in 2018. Over the last three years, UOB Vietnam has grown steadily and achieved a 53 per cent compounded annual growth rate in assets. This increased capital will allow us to continue supporting both new and existing customers in Viet Nam, through progressive solutions and the connectivity we can offer across UOB Group’s regional network,” he said. UOB Vietnam is focused on meeting the financial needs of … [Read more...] about UOB raises charter capital in Viet Nam
Carolyn Turk and Kyle Kelhofer The country’s robust and sustained economic growth was driven by open trade, sector liberalization, and an export-oriented growth model, in which the private sector played a leading role. With success comes confidence, and Vietnam set a goal of becoming a high-income country by 2045. Then came Covid-19, though, even before the pandemic, some of the forces fueling Vietnam’s growth had evolved. For example, while technological change is reshaping the country’s manufacturing-led export strategy, other challenges include an aging population, the need for improved regulations, enhanced competition, upgraded infrastructure, skilled workforce, and better access to finance. During the first wave of Covid-19, Vietnam set a global example by taking swift action to contain the virus. The country was one of the few economies globally to register growth in 2020, and its output was well above its pre-pandemic level by the end of the second quarter of 2021. … [Read more...] about Strengthening the private sector can get Vietnam back in the fast lane