Pandemic

The Government is expected to soon issue an overall economic recovery plan, which serves as the basis for localities to carry out their own push for economic development. Vietnam’s GDP growth in 2021 is estimated at around 3-3.5% in 2021, which would translate into a GDP per capita of US$3,660-3,680. Prime Minister Pham Minh Chinh at the National Assembly. Photo: VGP Prime Minister Pham Minh Chinh revealed the figures during a hearing at the National Assembly today [October 20], referring to four out of 12 socio-economic targets set for this year that are unlikely to be met. These include the GDP growth to stay below the 6% objective and the poverty rate under multi-dimensional standards to be reduced by 0.5-1 percentage point against the target of 1-1.5 percentage points. According to Chinh, the emergence of Covid-19 outbreaks and new variants have caused severe impacts on socio-economic activities. “The economic resilience has weakened, reflected by … [Read more...] about Vietnamese Gov’t lowers GDP growth forecast to 3.5% this year

An investor looking at the stock trading board inside the Ho Chi Minh Stock Exchange (HoSE)'s building. — VNA Photo Even though foreign investors have become net sellers on the stock market, they have fled to bonds and are waiting for future investment opportunities, said Tran Van Dung, Chairman of the State Securities Commission of Viet Nam (SSC). In the first nine months of the year, foreign investors net sold nearly VND30.2 trillion (US$1.3 billion) on the country’s stock market. Of which, foreign investors net sold over VND40.3 trillion of shares and net bought VND10.1 trillion of bonds. Compared to the international market, the net sold value of foreign investors on Viet Nam’s stock market is lower than that of other countries in the region. In a press conference, the chairman of SSC said that the net selling was due to a number of factors such as the impact of COVID-19 and profit-taking on portfolios that have been disbursed in 2019 and 2020, after the stock market … [Read more...] about Foreign cash flows remain high despite continuous net selling

The expert from the RMIT University told The Hanoi Times about solutions for the foreign-invested businesses' labor-intensive fields. How would you comment on the losses of foreign enterprises operating in the labor-intensive fields after a long social distancing period? Dr. Seng Kiat Kok, Senior Program Manager of Human Resource Management and Entrepreneurship at RMIT University. Photo: RMIT This is a very challenging and difficult time for all businesses. Some companies have not been able to pivot or look at alternative approaches to operate their business, whereas others have been able to invest in either machinery or altered their product offerings to meet Covid-safe regulations for the workplace and also for lockdown demand. Others have not only seen resourcing issues when supporting their staff through the lockdown but have faced an extended period with little to no income. This has been particularly testing, although some have also seen the … [Read more...] about Foreign enterprises need investing in upskilling Vietnamese laborers: RMIT expert

Era Dabla-Norris, Anne-Marie Gulde-Wolf, and Francois Painchaud, staff at the IMF Asia and Pacific Department, have offered their analysis of Vietnam's success in fighting Covid-19. The father of the Vietnamese nation, Ho Chi Minh, once noted that: “The storm is a good opportunity for the pine and the cypress to show their strength and their stability.” Vietnam has so far shown strength and stability in weathering the Covid-19 storm, and offers a successful example of how a developing country can fight a pandemic. Reaping the containment dividend Rapid introduction of containment measures Aggressive and cost-effective control measures Whole-of-society fight … [Read more...] about Vietnam’s success in containing Covid-19 offers roadmap for other developing countries

Denise Sandquist, Fika co-founder and CEO What is Fika's biggest achievement so far and what will Fika do next after the successful fund raising? Fika’s accumulated biggest achievement so far is definitely to have become Vietnam’s fastest-growing social and dating app, building up a community of almost 50,000 members in our Facebook group where people can discuss and share tips about dating and relationships, being very active at top universities in Vietnam, and boasting a network with hundreds of Campus Brand Ambassadors whose skills we have helped improve in marketing, entrepreneurship, and events. We have created job opportunities for 30 people in Vietnam so far. Raising $1.6 million is an amazing achievement in itself, showing that international and local investors believe in our vision of creating a female-focused social and dating app, helping people with their self-growth and being with them from learning more and loving themselves, creating meaningful connections … [Read more...] about Denise Sandquist, one of the youngest female CEOs of a technology startup in Vietnam

The Coca-Cola Foundation grants $400,000 for COVID-19 relief and response in Vietnam The funding will be used to purchase essential supplies for healthcare workers in Ho Chi Minh City and give them extra support in the critical transition time to the “new normal” following Directive No.18/CT-UBND of the People’s Committee of Ho Chi Minh City. It will provide essential supplies and personal protective equipment (PPE), such as hygiene and nutrition packages containing hand gel, vitamin C supplements, nutrition drinks, hand towels, digital thermometers, face shields, phone cards, medical uniforms, and so on, for volunteers and healthcare staff in Ho Chi Minh City. The donation aims to benefit 5,000 frontline personnel including VRCS staff, volunteers, and healthcare staff, along with 30,000 community members coming to the vaccination sites, local authorities, and mass organisations in the target locations, during these most challenging times. With the new grant, the total support … [Read more...] about The Coca-Cola Foundation grants $400,000 for COVID-19 relief and response in Vietnam