Meaning of flaw

A year on since the Covid-19 pandemic first began Vietnamese are taking more control of their health and finance, driving greater interest in fitness and well-being along with insurance and retirement planning. — Photo courtesy of Manulife

HCM CITY — A year on since the Covid-19 pandemic first began Vietnamese are taking more control of their health and finance, driving greater interest in fitness and well-being along with insurance and retirement planning, as Asia looks to the longer-term impact of the disease, according to new research from Manulife.

The latest version of the ‘Manulife Asia Care Survey’ takes a closer look into customers’ concerns, priorities and aspirations, polling 4,000 people across the region who either own insurance or intend to buy it in the next six months, including around 520 in Việt Nam.

Nearly all (95 per cent) of those who worry most about Covid have made an effort on a personal level to improve their overall health, mostly through more regular exercise (58 per cent) and improved diet (54 per cent).

In Việt Nam, all the respondents said they had taken action to help them manage Covid, with 72 per cent saying this included doing more regular exercise. More people in Hà Nội (85 per cent) do more regular exercise than in HCM City (73 per cent).

Almost everyone is self-monitoring health, and Vietnamese pay the most attention to the number of steps walked (44 per cent) among the four emerging markets covered in the survey, against a regional average of 38 per cent.

Three out of five (60 per cent) of Vietnamese also own fitness wearables, well above the regional average of 46 per cent.

A large majority of Vietnamese (79 per cent) also said retirement planning has become more important since Covid-19 started, below the Philippines (90 per cent), Indonesia (88 per cent) and Malaysia (83 per cent) but higher than all the developed markets.

The regional average is 73 per cent.

This high level of interest in retirement ties in with their concerns about personal wealth.

In Việt Nam, more than half (52 per cent) thought their personal wealth would decline as a result of Covid-19. The rate was only higher in Hong Kong (58 per cent) and Singapore (55 per cent).

Aligned with taking better control of health and finance is an interest to buy new insurance.

In Việt Nam, a remarkable nine out of ten (91 per cent) said they intend to buy new insurance in the next six months, higher than anywhere else in the region. The regional average is 71 per cent.

The Vietnamese respondents were most interested in life, hospitalisation, accident and critical illness cover.

Three quarters (75 per cent) of Vietnamese respondents, again more than anywhere else in the region, said they prefer to manage their policies through digital means such as mobile apps, including for claims and payment.

The survey found that 71 per cent of them had spoken to an agent about purchasing insurance, well above the regional average of 64 per cent, with only Hong Kong (77 per cent) and mainland China (76 per cent) scoring higher.

“Vietnamese insurance customers are seeking more digital touchpoints that are safe, simple and convenient,” Sang Lee, CEO of Manulife Vietnam, said.

“While those digital habits are here for the long term, a good many still like to speak to their agents. This underscores the importance of our omnichannel approach, one that fully integrates digital, while maximising our human qualities of empathy, trust and a holistic understanding of our customers’ needs.” — VNS

According to the Ministry of Planning and Investment (MPI), newly registered capital, supplemented capital and capital contributions of foreign investors in the first four months of 2020 reached a total of US$12.33 billion, equivalent to 84.5% of the figure for the same period in 2019.

The decrease in FDI pledges in the four-month period was also less than the decrease in the three-month period. This is an indication that the decline of FDI inflow will soon end and it is expected to increase sharply in the near future.

According to economic experts, Vietnam’s successful control of the COVID-19 pandemic will be the driving force to lure FDI inflow into Vietnam in the near future. Not only FDI, Vietnam has the opportunity to attract investors who wish to relocate their projects.

American, Japanese, and European enterprises who intended to move their production out of China due to increasing labour prices and the impacts of the US-China trade war will accelerate this process amid the pressure from the COVID-19 pandemic. Moreover, the transition process will also receive support from their own countries.

Specifically, Japan will spend approximately US$2.2 billion to support Japanese enterprises in relocating their factories to Japan or to diversify production facilities by moving to the Southeast Asia region.

According to Dr. Nguyen Dinh Cung, a member of the Prime Minister’s Economic Advisory Group, before the outbreak of the COVID-19 pandemic, the shift of production chains out of China appeared mainly due to the need to diversify the supply chain and to reduce risks of over-reliance on a single market, the increasing labour costs in China and especially the effect of the US-China trade war.

Amid the development of the pandemic, the trend has become more visible. The production in China has been recovering but production and transportation costs have become more expensive. The COVID-19 pandemic has promoted the shift of investment out of China, the restructuring of the value chain and the trend of bringing production closer to the consumer market.

When the US-China trade war began, Vietnam was forecast to be an attractive location for many foreign investors that may receive a wave of investment movement from China. However, Vietnam has yet to see benefits as expected.

Dr. Nguyen Dinh Cung said that, from the perspective of globalisation, where has better financial efficiency and cheaper costs will attract more investment capital. China became the “factory of the world” because it met the conditions of investors. It means that if Vietnam wants to attract production chains, it needs to meet the above conditions, and even exceed them.

Regarding industry, it is necessary to revise the industrialisation strategy with specific plans for the 2021-2030 period, with a vision to 2045, including solutions to help Vietnamese enterprises to participate in the global supply chain.

The “2019 Supplier Day” event, held for the first time by the US Agency for International Development (USAID) and the American Chamber of Commerce (Amcham) in Hanoi on April 25, 2019, attracted more than 60 Vietnamese suppliers and more than 300 businessmen, including representatives from large US enterprises. The event marked an important development step in the quality and scale of the programme on connecting global value chains in Vietnam.

According to US enterprises, Vietnam is one of the fastest growing economies in the world, particularly in the past two decades. American businesses have looked forward to doing business with Vietnam businesses, helping Vietnamese businesses to participate in global value chains. This was also the clearest evidence of the attractiveness of the Vietnamese market and the most specific opportunity that Vietnamese businesses need to seize.

In fact, there is a wave of enterprises moving away from China and looking to Vietnam, but about 90% of Vietnamese enterprises are currently not ready to provide services for international businesses.

On the other hand, Vietnam needs to have young and high-quality human resources. But Vietnam currently has an aging population and the supply of labour will only be able to meet the demand of the manufacturing and assembly industries in the next 10 years. This is a problem that Vietnam should have a solution for in the near future.

According to Dr. Tran Toan Thang from the National Centre for Socio-Economic Information and Forecast (Ministry of Planning and Investment), FDI attraction is very important but keeping investors, especially large enterprises, is more important. Incentives regarding tax, land, natural resources, and cheap labour can only attract foreign investors but it is difficult to keep them.

If Vietnam wants to keep foreign investors, besides open and transparent business environment, modern and synchronous transport infrastructure, and stable law systems, the country must have high-quality human resources, a large enough domestic market and a system of domestic enterprises capable of providing supporting industry products for FDI enterprises.

An increasing number of hospitals in Vietnam are adding robotic surgery to their medical arsenal, hoping the extra set of mechanical hands will help give their patients some much needed relief.

Robotic surgery, computer-assisted surgery, and robot-assisted surgery are terms for technological developments that use robotic systems to aid in surgical procedures.

In 2014, the Vietnam National Children’s Hospital in Hanoi was the first to deploy the U.S.-made DaVinci surgery system for children’s endoscopic operations.

Between 2016 and 2017, more modern versions of the DaVinci robot began appearing at Binh Dan Hospital and Cho Ray Hospital, both located in Ho Chi Minh City, as well as at Bach Mai Hospital in Hanoi.

Dr. Pham Gia Hien, head of the pediatric neurosurgery center of Vietnam National Children’s Hospital, stressed that this type of technology, despite its astronomical cost, is the future of surgery.

A wonder tool for surgeons

In February 2019, the People’s Hospital 115 in Ho Chi Minh City amazed medical experts with a successful brain operation using a system known as Modus V Synaptive II from Canada.

This state-of-the-art surgery tool cost US$2.3 million, and marked its host hospital as the pioneer in applying robotic assistance in neurosurgery.

The equipment will aid the hospital’s staff with its 2,350 yearly neurological operations.

On February 15, surgeons at the People’s Hospital 115 spent a mere 1.5 hours performing a successful brain tumor operation on a female patient from Tay Ninh, a province neighboring Ho Chi Minh City.

Such an achievement came with the expertise from Dr. Chu Tan Si – head of the nerve surgery department – who undertook training in the U.S. in 2017 and in Switzerland in 2018, and the assistance of Professor Amin Kassam – vice-president of neurosciences at Aurora Health Care, a U.S.-based non-profit health care network.

“Thanks to the robotic system, operations can take place in a much shorter amount of time compared to microsurgery – that is, using a microscope without any robotic navigation,” Dr. Si said.

“Instead of looking at your hands, you look at a large screen while manipulating the robotic system.”

A group of doctors perform a surgery using computer-assisted technology. Photo: Tuoi Tre

According to its website, Modus V Synaptive II provides a larger field of view, a higher depth of field and more natural color reproduction.

This makes for a clear view of critical anatomical structures throughout the operation.

Dr. Si noted the benefits that such robotic surgery offers to both surgeons and patients.

“It adds confidence to the doctor with its AI [artificial intelligence] technology that can tell the difference between sensory neurotransmitters and can even advise the best approach route to avoid damage.”

Less pain, quicker recovery, lower cost

To the patients, computer-assisted surgery means fast-track recovery and reduced pain.

An elderly patient at Binh Dan Hospital could move around and eat normally only two days after her liver removal operation in August 2017.

“The surgeons and their robotic arms made this surgery such an easy pill to swallow. Now I can be up and running again,” the patient said.

As proof of the minimal pain robotically-assisted surgery can offer, doctors at Cho Ray Hospital have performed two successful live kidney transplants using robotic assistance.

T.V.T., a 59-year-old patient from the coastal city of Vung Tau, managed to walk about by himself and eat light rice porridge only days after his esophageal surgery here.

Dr. Do Ba Hung, deputy director of Binh Dan Hospital, said that robotic surgery allows a 3D field of view with high-definition resolution and a 12x magnification effect.

Binh Dan Hospital now offers robotic surgery service for urinary excretion operations and general surgery, with prices ranging around VND117-131 million ($5,000-5,600).

This amount is much lower than that for the same service in Singapore (around $26,000) and in the U.S. (around $41,000).

Also, the medical insurance policy has recently approved its coverage of certain robotic surgery types such as spinal and joint replacement operations.

According to Nguyen Ta Tinh, head of the policy faculty from Vietnam Social Security, children, the elderly and people who have made contributions to the country are entitled to 40 percent of the total cost, and regular patients 30 percent.

Surgeons operate the robotic arms while watching an HD screen. Photo: Tuoi Tre

A cause for concern

The robotic systems are an expensive investment, priced from $2.3 million to $3.5 million, according to data gathered by TuoiTre (Youth) newspaper.

Surveys have revealed that there are around 3,000 robotic surgery systems in the U.S., 100 in South Korea and around ten in Vietnam.

Besides those available in Ho Chi Minh City and Hanoi, the Maternity and Pediatrics Hospital in the northern province of Quang Ninh performed for the first time a hysterectomy surgery on a 49-year-old patient from Van Don District in November 2018.

Its director, Nguyen Quoc Hung, said that he felt a need for a more powerful device after this test run.

Robotic surgery systems, according to medical experts, is a cautious investment as the cost can be up to $4.3 million apiece.

Hospitals are advised to think twice regarding the functionality of the tool and their target patients.

According to Dr. Hien from Vietnam National Children’s Hospital, the cost of robotic surgery, for the patient, is 20 times as high as that of regular endoscopic operations.

He cautions against a technology race, quoting what happened in the Philippines, where hospitals paid through the nose for devices that fall into disuse because of understaffing.

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