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Vietnam offers numerous investment opportunities for Indian businesses

February 26, 2021 by en.vietnamplus.vn

Delegates attend Vietnam-India trade-investment promotion conference (Photo: VNA)

New Delhi (VNA) – The increasing importance of Vietnam in global supply chains is great potential helping to enhance the Vietnam-India relations, particularly between small- and medium-sized enterprises (SME) that are considered the main drivers for economic growth in each country, heard an online conference on February 25.

The bilateral trade-investment promotion conference titled “Boosting trade-investment cooperation opportunities between Vietnam ese and Indian SME s” was jointly organised by the Trade Office of the Vietnamese Embassy in India, Uttar Pradesh state government, the Indian Industries Association (IIA) and the Hanoi SME Association.

IIA President Pankaj Gupta said that several major enterprises of India such as Adani Group, Mahindra, SRF and Suzlon have shown interest in investing in Vietnam.

He suggesting Indian enterprises invest in Vietnam in the fields of energy, mineral exploration, agricultural chemicals, sugar production, tea, coffee, information technology, and automobile components.

Vietnam is currently holding a lot of advantages for investors such as favourable investment policies, numerous free trade agreements, rapid economic growth, stable political situation, cheap labour costs, and young labour force, he stated.

However, participants pointed to several challenges for foreign investors in Vietnam, including high corporate tax rates of 32-50 percent for companies operating in oil and gas exploration and exploitation and other valuable natural resources, complicated administrative procedures, and dependence on cash transactions.

Meanwhile, Vietnamese Ambassador to India Pham Sanh Chau proposed the two countries’ enterprises expand cooperation in supporting industry, automobile and motorbike spare parts, garment and footwear materials and household appliances.

According to the Vietnam Foreign Investment Agency, as of December 2020, India had nearly 300 valid projects in Vietnam with total investment of nearly 900 million USD, ranking 26th among countries and territories pouring capital into the Southeast Asian nation./.

VNA

More than 18,000 new firms set up in first two months

March 1, 2021 by bizhub.vn

More than 18,000 new businesses were established in the first two months of 2021 — Photo VNA

More than 18,000 new businesses were established in the first two months of 2021, a year-on-year decline of 4 per cent, according to the Ministry of Planning and Investment.

The number of employees registered by the newly-established enterprises rose 9.7 per cent to 173,000.

The months saw an addition of VND720.4 trillion (US$32.24 billion) in total registered capital, up 12.4 per cent. The average level in registered capital per enterprise surged 46.4 per cent to reach VND18.5 billion in the period.

About 11,030 enterprises resumed operations in the first two months, down 7.6 per cent while 33,611 others were dissolved, up 18.6 per cent.

In February alone, as many as 8,038 new businesses were set up with a combined registered capital of nearly VND179.74 trillion.

The number of new firms represented a year-on-year drop of 12.3 per cent while the amount of capital surged 85.6 per cent.

The number of workers registered by these businesses reached almost 57,000, down 22.1 per cent. — VNS

New momentum for private investment in healthcare

March 1, 2021 by en.vietnamplus.vn

A surgery conducted at the Vinmec Times City General Hospital, a private hospital in Hanoi (Photo: VNA)

Hanoi (VNA) – Private investment is forecast to keep flowing into the healthcare sector in the time ahead with the appearance of many new drivers, according to the Dau tu (Vietnam Investment Review) newspaper.

Nipro Pharma Vietnam , invested in by the Nipro Pharma Corporation – one of Japan’s leading pharmaceutical companies – is completing necessary procedures to add 270 million USD to its investment in a factory at the Saigon Hi-Tech Park in Ho Chi Minh City.

According to the Japan External Trade Organisation ( JETRO ), a large number of Japanese businesses are seeking the chance to tap into Vietnam’s healthcare market given its substantial potential.

The sector has attracted new investment inflows recently, especially last year, with a number of new projects from both domestic and foreign companies.

In late 2020, a group of investors led by the Singaporean Government’s GIC sovereign wealth fund poured more than 203 million USD into Vingroup’s VMC, which develops and operates the Vinmec hospital system.

VinaCapital’s Vietnam Opportunity Fund, meanwhile, invested 26.7 million USD in the Thu Cuc International General Hospital, while the UK’s Real Capital London debuted the Hong Anh (UK Vietnam) Medical Campus in HCM City, worth about 156 million USD.

Many projects funded by domestic investors were also licensed or became operational last year, such as the TV.Pharm Hi-tech Pharmaceutical Complex, Van Phuc – Sai Gon Hospital, and Hoan My Western Hospital.

Such moves show that hospital investment is increasingly attractive to investors due to growing middle class demand for high-quality healthcare, the newspaper said.

Meanwhile, multinational pharmaceutical groups such as Novartis, Roche, Sanofi, GSK, and AstraZeneca are promoting “social business” via new programmes.

In late January, AstraZeneca worked with the Ministry of Health (MoH) and three specialised associations to launch a communications campaign to help raise awareness in Vietnam about asthma.

The MoH’s Department of Medical Examination and Treatment, the UK Embassy in Vietnam, and GSK recently signed a memorandum of understanding on cooperation in antimicrobial resistance prevention and control for 2021-2023, the paper reported.

The healthcare sector estimated that it needs about 176 trillion VND (over 7.6 billion USD at current exchange rates) for infrastructure development between 2010 and 2015. Since 2010, however, the Government has met only two-thirds of this capital demand.

The sector therefore views private investment as an important source of funding.

Despite this, private investment in healthcare still falls short of expectations, Dau tu noted, adding that the use of public-private partnerships (PPPs) remains modest due to the absence of a legal framework for such investment.

The Law on PPP Investment, which took effect on January 1, is expected to address obstacles relating to the legal framework and facilitate private investment in healthcare. The 2020 Law on Investment and Law on Enterprises are also set to create momentum for capital flows.

In the face of certain barriers, World Bank analysts have recommended prudence in the selection of PPP models and contracts in healthcare, suggesting that the MoH build a circular guiding selection, preparation, implementation, monitoring, and assessment of healthcare PPP projects in a fair and effective manner./.

VNA

Hải Dương starts to ease lockdown measures in places, enters ‘new normal’

March 1, 2021 by vietnamnews.vn

A worker at clothing factory Haivina in Gia Lộc District, Hải Dương Province, is tested for COVID-19 before resuming work. — VNA/VNS Photo Mạnh Minh

HÀ NỘI — With the local COVID-19 outbreaks gradually being brought under control, the northern province of Hải Dương will lift some restrictions in certain areas on March 3, after 15 days of stringent province-wide lockdown measures.

Since January 27, the province has recorded over 600 COVID-19 local infections (nearly 300 have recovered), becoming the largest outbreak in the country since the pandemic began early last year, mostly centred around a number of hotspots.

Phạm Xuân Thăng, Secretary of Hải Dương Party Committee, at Monday’s meeting on COVID-19, said the outbreaks in the province are gradually being brought under control: “It’s time the fight against the pandemic turns to a new chapter, maintaining a balance between socio-economic development and keeping the pandemic in check.”

Hải Dương Party Committee said the anti-pandemic measures must cause the least possible disruptions to socio-economic development, the flow of goods, and business activities in the province.

Hải Dương authorities agreed to divide the localities in the province into two groups under different restrictions depending on the COVID-19 risks.

Four high-risk localities, including Hải Dương City, Kinh Môn township, Cẩm Giàng District and Kim Thành, will be placed under the Government’s Directive 15, the highest level of social distancing first introduced in March last year when the country entered nationwide lockdown. The directive prescribes limiting large gatherings, meetings with over 20 people in-doors or 10 people outdoors, maintaining two metres distance between individuals in public places, non-essential services are shut down, public passenger transport are halted, and travel is heavily restricted.

The remaining eight localities in the province will follow the less restrictive Government’s Directive 19 on social distancing norms.

Hải Dương will continue to halt festivals, religious rituals, sporting events and other unimportant events that require large gatherings in public.

Entertainment venues, tourism venues, sport centres, beauty parlors, hairdressing shops, karaoke bars, massage parlours, bars, discotheques, restaurants, cafes and lottery stalls will continue to be closed.

People are urged to halt weddings, while funerals need to be held with caution in mind.

Factories and plants can resume work, but the owners will need to sign documents with the local authorities affirming their commitment to COVID-19 safety. Factories and plants are urged to routinely test their employees and managers for COVID-19.

Service venues – retail/wholesale trading shops, shopping malls, markets, supermarkets, hotels, accommodation facilities, etc. – can resume operations, but must observe COVID-19 prevention and control measures.

Remote learning will continue until when outbreaks are completely under control, at least March 17.

Inter-provincial and intra-provincial passenger transport can resume, but anti-pandemic measures need to be ensured in line with the guidelines from the Ministry of Transport.

Areas under lockdown due to new cases will continue until the order expires.

Secretary Thăng stressed the outbreaks could still recur if the local authorities are careless and let their guard down, and that the leaders will be held primarily accountable for the situation under their jurisdiction.

In the coming days, there might continue to be new cases found in the quarantine facilities or out in the community, but “we don’t need to be worried, given the sufficient experience and resources,” Thăng said. — VNS

Việt Nam records 13 new COVID-19 cases on Monday

March 1, 2021 by vietnamnews.vn

Workers in an industrial zone in Hải Dương Province’s Cẩm Giàng District provide information to health workers before taking COVID-19 tests. — VNA/VNS Photo Mạnh Tú

Among the new infections, eight locally infected cases were recorded in the northern province of Hải Dương, the country’s largest COVID-19 hotspot, including 6 cases in Chí Linh City, one in Kinnh Môn District and one in Kim Thành District. All the new cases in Hải Dương City were those in close contact with earlier confirmed cases and have been quarantined since February 28.

The five imported cases were found in the southern province of Kiên Giang. All the new imported cases were put under quarantine upon their arrival.

Of the total cases 1,550 were locally infected, including 857 cases since January 27.

With 16 cases reported to have recovered from COVID-19 on Monday, a total of 1,892 COVID-19 patients have recovered in Việt Nam so far, and the death toll remains at 35.

Among those still under treatment, 66 have tested negative for SARS-CoV-2 once, 37 twice and 113 three times.

As many as 60,693 people who had close contact with confirmed patients or returned from pandemic-hit regions are being quarantined across the country. — VNS

Over 18,000 new firms set up in first two months

March 1, 2021 by en.qdnd.vn

The number of employees registered by the newly-established enterprises rose 9.7 percent to 173,000.

The months saw an addition of over 720.4 trillion VND (32.24 billion USD), in total registered capital, up 12.4 percent. Average level in registered capital per enterprise surged 46.4 percent to reach 18.5 billion VND in the period.

About 11,030 enterprises resumed operations in the first two months, down 7.6 percent while 33,611 others were dissolved, an increase of 18.6 percent.

In February alone, as many as 8,038 new businesses were set up with a combined registered capital of nearly 179.74 trillion VND.

The number of new firms represented a year-on-year drop of 12.3 percent while the amount of capital surged 85.6 percent.

The number of workers registered by these businesses reached almost 57,000, down 22.1 percent.

Source: VNA