Invest 100 in bitcoin

Vietnam lures 5.46 billion USD in foreign investment

February 25, 2021 by en.vietnamplus.vn

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

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

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

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

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

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

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

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

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

VNA

US companies continue to see tremendous investment opportunities in Vietnam

July 11, 2020 by hanoitimes.vn

The Hanoitimes – On the occasion of the 25th anniversary of the US-Vietnam diplomatic relations, US companies shared with Hanoitimes their expectations about opportunities for their investment expansions in Vietnam.

Dr. Mason Cobb, chairman of Victoria Healthcare International Clinics

After Vietnam achieved the middle income status and ODA decreased, the Vietnamese government became more accommodating for investment and that continues to this day.

Dr. Mason Cobb, chairman of Victoria Healthcare International Clinics

However, it is still not a truly level playing field with local companies. The attitude and perception, and spirit of cooperation has become much warmer and more understanding than during that difficult middle period.

More importantly, the company’s mission in healthcare as primarily helping Vietnam build a world-class healthcare system. To that end, the company brings Vietnamese to the US and bring educational and other assets to Vietnam to help increase understanding and skills.

AmCham Healthcare Committee Mission has stated: “We are a key strategic partner for promoting health and wellness and shaping the healthcare industry in Vietnam.”

Regarding the healthcare sector, I think there are still regulatory hurdles that could dampen investment atmosphere. For example, the Ministry of Health has proposed that all foreign doctors must speak fluent Vietnamese. In effect, there would be an exodus of international healthcare and its standards. This will inhibit achieving a truly international standard for healthcare here by essentially expelling international influences.

Vietnam is quite unique in its “healthcare consumer”: several attempts from highly developed countries have floundered for not understanding the Vietnamese patient’s unique perceptions. In the best of conditions this must be carefully considered by foreign healthcare investors.

Vietnam has shown itself to be best in the world at handling the Covid-19 pandemic. This has spawned a motivation to make the Vietnamese healthcare system world-class. Individual patient healthcare is quite different, however, and Vietnam will at once be both motivated but headstrong with a tendency to both court foreign investment and discount their contribution.

In fact, continuing a cooperative and supportive relationship with the international medical community is the shortest and surest path to the goal of world-class healthcare.

Decreasing the regulatory burden and reinforcing fair application of rules. Easy access to decision makers in the Vietnamese government is also key.

We will continue to grow and develop our reach and technical skills. We will also invest in human capital with input from the US. We can really contribute to healthcare in Vietnam through a more integrated system, incorporating retail pharmacy, insurance, education, and patient care as a seamless system that is both very efficient and patient-friendly.

Nguyen Ba Luan, country president of Cargill Vietnam

The Vietnamese government should be commended for transforming the country over many years from a centrally planned into a market economy. This transformation has dramatically increased US foreign investment in Vietnam.

Nguyen Ba Luan, country president of Cargill Vietnam

The approach by the Vietnamese government to attract foreign investment and encourage open and free global trade has benefitted the Vietnamese economy and its agricultural and food sector. It has enabled more foreign investment and Cargill has invested heavily in Vietnam since 1995, after the significant event of the normalization of the diplomatic relationship between Vietnam and the US.

The transformation of Vietnam economy by the government has enabled Cargill to grow its business significantly in the country over the past 25 years and now has over 1,500 employees working across 23 locations. Cargill remains committed to conducting its business in the country with the highest level of integrity, accountability and responsibility.

US companies in Vietnam, who can demonstrate social tangible benefits by not only growing the Vietnamese economy but have a strong local Corporate Social Responsibility program improve the relationship between the two countries.

Cargill also enhanced diplomacy between the two countries by acting as a conduction between the US and Vietnam agricultural and food sector by bringing best practices to the Vietnamese sector and working through two-way trade issues as they arise.

While the Vietnamese government is to be congratulated for its on-going efforts in attracting foreign investment, further supporting incentives in the form of tax schemes will encourage more foreign investment.

Further reform of its legal framework relating to business and foreign investment is encouraged and the continuation of aligning the country with international food, export and import standards and practices will give US companies more confidence to grow and invest in Vietnam.

The continuation of building an advanced and integrated transport infrastructure will not only greatly improve the Vietnamese economy but will attract further investment from US companies especially in the Food & Agricultural sector.

Further alignment of policies with international standards, expansion of tax investment schemes and improvements to legal business framework and regulations and policies will go a long way in making Vietnam a for attractive destination for US companies looking to invest.

Also, continuation of dialogue between the Vietnamese government and US companies in Vietnam on policy reform, global best practices and any regulation, legal or policy obstacles will continue to attract further foreign investment by US companies.

Vietnam is important to Cargill globally. We continue to see tremendous opportunity in Vietnam and we intend to keep investing in and growing our business here, both in terms of capacity and capabilities, talents and communities as we fulfill our purpose of nourishing the world.

Vietnam Airlines to invest nearly VND10 trillion in services at Long Thanh airport

February 25, 2021 by english.thesaigontimes.vn

Vietnam Airlines to invest nearly VND10 trillion in services at Long Thanh airport

The Saigon Times

Vietnam Airlines aircraft are parked at the Tan Son Nhat International Airport in HCMC. Vietnam Airlines plans to invest nearly VND10 trillion in services at the Long Thanh International Airport – PHOTO: LE ANH

HCMC – Vietnam Airlines has plans to invest VND9.9 trillion to become a ground services provider for aviation fuel, in-flight meals, duty-free sales and ground technical, cargo terminal, aviation logistics and waiting lounge services at the Long Thanh International Airport project, which is under construction in the southern province of Dong Nai.

In its development strategy for 2021-2030, Vietnam Airlines and its subsidiaries will set aside resources to get involved in projects to develop and exploit infrastructure at the airport, providing services for itself and other carriers, the local media reported.

Of the required investment, 30% will be sourced from Vietnam Airlines and the remainder will come from loans.

Vietnam Airlines and its subsidiaries can either develop facilities at the airport or cooperate with the Airports Corporation of Vietnam to set up joint stock or limited liability companies to conduct the work.

The national flag carrier also proposed the competent agencies issue special policies for it and other members of the Vietnam Airlines Group, including Pacific Airlines and the Vietnam Air Services Company so that they can have enough infrastructure and land for their services at the airport.

At first, the air carrier expected to be allocated a dedicated area at the airport to build a hangar for aircraft maintenance.

According to the Civil Aviation Authority of Vietnam, Vietnam Airlines’ proposal is reasonable as ground services are associated with transport services. However, the airline must participate in the competitive tender process.

Vietnam, US to enhance economic cooperation after Covid-19

February 25, 2021 by hanoitimes.vn

The Hanoitimes – The US state wishes to boost bilateral trade with Vietnam in the energy sector.

Representatives from the Vietnamese Ministry of Industry and Trade and the State of West Virginia (the US) on February 25 signed a memorandum of understanding to enhance cooperation in terms of economics, trade and energy.

An overview of the meeting between he Vietnamese Ministry of Industry and Trade and the State of West Virginia (the US) on February 25. Photo: Bnews

With the signing of this Memorandum of Understanding, the two sides set out the goal of establishing a comprehensive cooperation framework to facilitate trade and investment activities of businesses of the tso countries as well as formlinh a joint Working Group to promote cooperative activities.

Speaking at the signing ceremony, Vietnam Minister of Industry and Trade Tran Tuan Anh emphasized the special importance of Vietnam-US relations and highly appreciated the role and efforts of Carol Miller, the US House member representing West Virginia’s 3rd congressional district and US state’s Governor Jim Justice for promoting bilateral economic and commercial relations between the two sides.

Minister Tuan Anh also believed that this is a very appropriate time for the two sides to promote in-depth cooperation to jointly react to the Covid-19 pandemic and step up economic recovery.

“The US is an important and long-term partner of Vietnam in providing energy sources and technology as well as investment,” he said.

On her side, Carol Miller also wished to further promote trade cooperation, especially in the energy sector between the US state and Vietnam. “Reviving the economy after the pandemic is important, West Virginia and the US are ready to assist partners, especially in the renewable energy sector,” she said.

At an online talk with Miller last May, Minister Tuan Anh raised the initiative of signing an agreement between the ministrg and the US State to foster the collaboration.

Trade cooperation and investment between Vietnam and the US have been thriving, with two-way trade hitting US$90.8 billion in 2020, and are expected to reach US$100 billion this year.

Vietnam’s economy to be Southeast Asia’s growth leader in 2021: Nikkei

February 24, 2021 by en.nhandan.org.vn

In its article, the leading financial newspaper of Japanese media giants Nikkei Inc., said Vietnam is targeting a growth rate of 6.5% this year.

The agency stated Vietnam’s exports will likely continue to be supported by US tariffs on Chinese goods and that in order to avoid US tariffs, importers have shifted demand from China to alternative suppliers, with this trend likely to continue.

According to the agency, before the pandemic, Southeast Asia achieved collective annual growth of about 5% for many years, making it one of the world’s best-performing regions.

The region also became an attractive investment destination, with a relatively young population driving demand and providing plenty of labour. These advantages remain in place, but first the region needs to stamp out COVID-19.

Nikkei also reported that Southeast Asian economies are aiming to this year regain the growth momentum they had before the COVID-19 pandemic caused historic declines in 2020. A look at early forecasts around the region, however, shows a wide range of scenarios as risk continues to lurk.

The agency said that Singapore hopes to achieve its forecast of gross domestic product growth of 4% to 6% for 2021, Indonesia expects GDP to grow by between 4.5% and 5.5% this year, the Philippines projects a growth range of 6.5% to 7.5%, while Thailand has lowered its targets, revising its 2021 forecast down to between 2.5% to 3.5% growth.

Vietnamese female CEOs listed among top global business leaders

February 25, 2021 by vietnamnet.vn

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

Vietnamese female CEOs listed among top global business leaders

Nguyen Thi Bich Van

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

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

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

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

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

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

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

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

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

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

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

Global vision

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

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

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

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

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

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

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

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

V. Ha