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Vietnam businesses urged to rethink towards sustainable and digital future

November 12, 2020 by hanoitimes.vn

The Hanoitimes – Covid-19 has revealed, and even deepened the skills gaps between the current skills and what required to deliver an agile fit-for-the-future business strategy, stated a PwC Vietnam senior executive.

To build resilience and emerge stronger through this health crisis, businesses in Vietnam need to rethink business structure, embrace digitalisation, and engage the workforce in a more sustainable way, according to Dinh Thi Quynh Van, general director of PwC Vietnam.

Dinh Thi Quynh Van, general director of PwC Vietnam.

Ms. Van made the suggestion at the Vietnam Business Summit (VBS), one of Vietnam’s largest international business events organized annually by the Vietnam Chamber of Commerce and Industry (VCCI) on November 12.

Under the theme “Digitized Vietnam: Toward Resilient Responsive and Sustainable Development”, the summit provided a platform for leaders from both the public and private sectors to engage in an open dialog on the development of key sectors, share experiences of businesses who have found success in Vietnam, and discuss investment opportunities in the digital era. This year the event received participation of around 300 representatives from the business community in Vietnam and foreign investors.

Against the backdrop of Covid-19, the summit program covered three key areas: Vietnam’s investment climate and opportunities, smart logistics to enhance its position in the global value chain, and the advancement of high-tech agriculture.

Overview of the discussion session at the VBS 2020.

Vietnam economic resilience in the spotlight

Although Vietnam is not immune to the global economic downturn, the country has managed a rare growth of 2.9% in 2020 as projected by the World Bank’s report in August — making it the only economy in ASEAN that can hold on to a positive growth rate this year, stated Ms. Van, adding this could be largely attributable to some very early and concerted actions taken by the government and the ensuing effective relief measures.

“The impacts of the Covid-19 on both global and local scale are increasingly evident and making enduring changes to the economic landscape. Vietnam’s bright prospect for recovery can be considered remarkable in this context of global downturn. However, to get out of this crisis stronger and in better shape, Vietnam shall be ready to navigate new challenges and opportunities ahead,” she noted.

Engage in a more sustainable way to reinvent the future

In the recent global CEO Panel Survey by PwC in July 2020, two key themes emerged among global CEOs when being asked about their priorities in a Covid-19 world: the emphasis on digitalization and the future of more employee-oriented workforce. Specifically, 41% CEOs have top priority to make their companies more digital and virtual, and 26% CEOs plan to develop a more flexible and employee-oriented workforce.

These trends were also deeply reflected in the summit discussion.

“This is the time for businesses to look back at their business models, assess internal capabilities and make realistic plans for different scenarios ahead. To navigate this new world of uncertainties, businesses need to adopt new mindsets, embrace digitalization and proactively make changes to their businesses,” added Ms. Van.

Covid-19 is accelerating the digital economy, allowing companies who are ahead of the digital transformation journey to have major advantages. According to the same PwC CEO panel survey, 76% of CEOs believe the shift to automation will be enduring, meaning that there will need to be significant resources to facilitate digital transformation including upskilling their people. Going forward, a lot of focus will be placed on what companies need to do to improve the digital capabilities of the workforce.

“Covid-19 has revealed, and even deepened the skills gaps between the current skills and what required to deliver an agile fit-for-the-future business strategy. The need to upskill is an urgent yet complex problem that will require decision-makers — from both the government and businesses — to come together,” she concluded.

Filed Under: Industry Covid-19, PwC Vietnam, digitalization, sustainable, business community, Digitized Vietnam, VCCI, wri creating a sustainable food future, sustain digital, sustain digital recruitment, china urges banks to boost small business financing, why businesses are experiencing a digital transformation, rethinking the 4ps harvard business review, construction materials methods and techniques building for a sustainable future, a sustainable future, environmental science toward a sustainable future, renewable energy: power for a sustainable future, business ethics and the environment imagining a sustainable future, business council for sustainable development

Vietnam M&A activity in strong position for recovery in 2021: PwC

February 14, 2021 by hanoitimes.vn

The Hanoitimes – Covid-19 accelerates deals activity for digital and technology assets in a highly competitive market.

While the market has adopted a cautious approach so far, Vietnam’s M&A activity is in a strong position for recovery as the country started 2021 with a positive economic outlook.

Ong Tiong Hooi, Partner of Transaction Services, PwC Vietnam gave his assessment following the launch of PwC’s latest Global M&A Industry Trends analysis.

Global Deal Volumes and Values.

Covering the last six months of 2020, the analysis examines global deals activity and incorporates insights from PwC’s deals industry specialists to identify the key trends driving M&A activity, and anticipated investment hotspots in 2021.

In spite of the uncertainty created by Covid-19, the second half of 2020 saw a surge in M&A activity.

Deal-making jumped in the second half of the year with total global deal volumes and values increasing by 18% and 94%, respectively compared to the first half of the year. In addition, both deal volumes and deal values increased compared to the last six months of 2019.

The technology and telecom sub-sectors saw the highest growth in deal volumes and values in the second half of 2020, with technology deal volumes up 34% and values up 118%. Telecom deal volumes were up 15% and values significantly rose by almost 300% due to three telecom megadeals.

Deal Volume and Value in Asia Pacific.

On a regional basis, deal volumes increased by 20% in the Americas, 17% in Europe, the Middle East and Asia, and 17% in Asia Pacific between the first and second half of 2020. The Americas saw the biggest growth in deal values of over 200%, primarily due to some significant megadeals in the second half of the year.

“Reflecting the global trend, the Vietnam M&A landscape is likely to remain active this year,” stated Mr. Ong.

“Furthermore, pent-up demand is likely to kick in as investor and consumer confidence increases in light of the news on the Covid-19 vaccine development,” he noted.

Sharing the view, Brian Levy, PwC’s Global Deals Industries Leader said Covid-19 gave companies a rare glimpse into their future.

“An acceleration of digitalization and transformation of their businesses instantly became a top priority, with M&A the fastest way to make that happen — creating a highly competitive landscape for the right deals,” stated Mr. Levy.

Mr. Ong Tiong Hooi commented: “The new circumstances and challenges caused by Covid-19 have created particular demand and opportunities for digital services and the underlying technology that help our societies and businesses function. Thus, the ongoing acceleration of all things digital has become essential across industries. And it is at the speed that demand has grown favors a buy-versus-build strategy for many companies. This increases the competition to acquire the necessary business infrastructure and forces premium valuations.”

By comparison, assets in sectors that have been hardest hit by the pandemic like industrial manufacturing or those being shaped by factors such as the transformation to net zero carbon emissions are creating structural changes that companies will need to address. Where the future viability of their business models is challenged, companies may look to distressed M&A opportunities or restructuring to preserve value.

Deal makers turn to non-traditional sources

Non-traditional sources of value creation such as the impact of environmental, social and governance factors (ESG) are increasingly being considered by deal makers and factored into strategic decision-making and due diligence, as they focus on protecting and maximizing returns from high valuations and fierce demand.

Last year, the combined M&A transaction value in Vietnam was estimated to decline by 51.4% year-on-year to US$3.5 billion. A strong economic rebound in 2021 could help M&A activities in Vietnam recover from mid-2021 and take the market size to the pre-Covid-19 level of around US$5 billion per year.

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Data governance key to promote growth in Vietnam’s banking sector

November 28, 2019 by hanoitimes.vn

The Hanoitimes – For banks in Vietnam, data governance is an important step to realize the vision of becoming a leading data-driven bank, said a PwC expert.

Vietnam’s banking industry should aim at data governance to promote its growth, according to experts.

Dinh Hong Hanh, deputy general director of PwC Vietnam Consulting.

“Data governance can be considered as an opportunity to build a well-controlled environment, creating tangible benefits of business, saving capital, facilitating the development of digital banks,” said Dinh Hong Hanh, deputy general director of PwC Vietnam Consulting.

“For banks in Vietnam, data governance is an important step to realize the vision of becoming a leading data-driven business, using data as a development platform to meet the requirements of Circular 41, prescribing the capital adequacy ratios in line with Basel II standards, and Circular 13, stipulating the internal control systems, which includes the requirements for an Internal Capital Adequacy and Assessment Process (ICAAP) to implement Basel II’s pillar 2,” said Hanh at a workshop themed “Data Governance – powering control and growth of the data-enabled banking industry” on November 26 in Hanoi.

A quick on-site survey was conducted with workshop participants to assess the maturity level of data governance with 33 Bank’s management representatives. The result showed 88% of participants agreed that good data governance can help improve competitive capabilities through developing digital banking and advanced analytics.

However, most banks are still in the early stages of their enterprise data governance implementation journey.

Less than 50% of responses mentioned that their bank has implemented data governance or Data Governance Policies and Procedures as well as developed and determined the role of data stakeholders.

Meanwhile, over 66% answered that the bank has not operated the criteria establishment to measure data quality. Only 18% indicated that they have built a technology architecture (e.g. platform, tools, etc.) to support for managing bank-wide data.

Irene Liu, deputy general director of PwC Singapore Consulting, said data governance is often approached by banks with two main objectives. Some banks implement data governance to innovate and automate their business processes while the others expect data governance helps them promote compliance, improve effectiveness and efficiency.

“Over the past 2 years, data governance capabilities have rapidly grown in many financial institutions across the globe. However, it is important to note that the evolution of data governance has recently commenced and we are at a starting point of this journey,” said Liu.

When it comes to an overall data governance framework,  David Yakowitz, global leader of Basel committee’s BCBS 239 implementation and compliance, expressed: “The regulators increasingly focus on data governance in risk management and compliance reporting, reflected by the issuance of BCBS 239 in 2013.”

More importantly, the primary concentration in data governance is that  critical data elements (CDEs) need to be managed on the foundation of developing consistent enterprise-wide standards about data definition, data ownership, data quality. Hence, these issues must be specifically regulated in data governance policies and procedures. This is the key point that allows data governance to be applied widely, stated Yakowitz.

PwC Vietnam’s Hanh said she strongly believes that Vietnamese banks have sufficient capabilities to become data-driven organizations.

“It can be said that as obtained from specific case of ensuring data quality of risk reporting in the roadmap of implementing Basel II framework, the banks will be able to realize that data governance is necessary for innovation activities such as digital banking development, customer segmentation, product improvement through advanced analysis,” said Hanh.

Filed Under: Uncategorized Data governance, Vietnam, PwC, data-driven banks, banking sector, Singapore, banking sector index, banking sector in oman, banking sector job, banking sector kenya, banking sector salary, banking sector trends, what is banking sector, jobs at banking sector, tanzania banking sector performance review 2016, corporate governance in banking sector pdf, data mining in banking sector ppt, promoting growth mindset

Overseas packaging groups expand towards Vietnam

March 6, 2021 by www.vir.com.vn

1533 p5 overseas packaging groups expand towards vietnam
With its enticing business and investment conditions, Vietnam’s packaging sector has seen an array of M&A deals in recent years, Photo: Duc Thanh

Thailand’s Siam Cement Group PLC (SCG) last month made a big splash in the market by entering into a 70-per-cent share purchase agreement with Duy Tan Plastics JSC. The former’s subsidiary SCG Packaging (SCGP) is to work with its Vietnamese partners under a 10-billion-baht ($332 million) investment to expand its packaging solution business in Vietnam, where demand for such products is growing.

The investment is part of a 20-billion-baht ($664 million) budget for business expansion and merger and acquisition (M&A) plans. SCGP chief executive Wichan Jitpukdee told The Bangkok Post that the company has been expanding its operations in Vietnam and generated a revenue growth of more than 10 per cent annually.

Last year, SCGP announced the closing of its consolidation with Sovi Packaging JSC in the southern province of Dong Nai’s Bien Hoa city, a company specialising in corrugated boxes and offset laminated packaging. In 2015, SCGP expanded its flexible packaging business by acquiring an 80 per cent stake in Tin Thanh Packing JSC, one of the top five manufacturers of such wares in Vietnam.

SCGP also invested in its packaging paper production base at Vina Kraft Paper Co., Ltd. to meet the rapid demand in the country. The enterprise has holdings in a clutch of other domestic producers including Alcamax Packaging, Packamex Packaging, AP Packaging, and New Asia Industries.

Besides this, global investors like SCGP are also shifting their focus to the market, thus driving their sustainability agenda forward. The company has been implementing its environmental social governance strategy in the past few years, thereby focusing on corporate social responsibility towards the environment and society.

SCGP is also a pioneer in green manufacturing, with various innovations ranging from paper to flexible packaging. With the latest expansion in Vietnam, SCGP is looking forward to partnering with local players to grow its market share in Vietnam sustainably.

“Through all our recent expansion projects, we are expecting to increase sales to an additional 8.5 billion baht ($282.38 million) per year,” Wichan said.

Ong Tiong Hooi, transaction services partner of PwC Vietnam cited the Bank of Thailand’s 2019 data that shows that about 30 per cent of Thai investments in the manufacturing sector have been within the ASEAN region, including Vietnam.

“This is mainly due to active expansion strategies from corporate investors with surplus cash that needs to be deployed,” said Hooi, “as these look into areas and sectors that complement both their growth plans and overall value chain.”

“As Vietnam takes the position of a favoured manufacturing hub, I am not surprised that selected corporate clients have been snapping up packaging companies over the past few years to cater to their manufacturing capabilities as well as provide ancillary services to other companies within Vietnam,” he added.

Flurry of activity

Samuel Son-Tung Vu, partner at law firm Bae, Kim & Lee LLC, noted that SCG’s acquisition of packaging companies could be a restructuring and consolidation of market players, and may be aimed at meeting the growing demand of major consumer product and retail players such as Metro, Big C, Masan Consumer, and SABECO.

Furthermore, SCG’s acquisition could also result from the goal to consume materials provided by its upstream project, the Long Son petrochemical complex in the southern province of Ba Ria-Vung Tau, which is the company’s largest project in Vietnam.

In addition to Thai investors, the packaging industry has drawn attention of other foreign investors. Last year, the International Finance Corporation (IFC) announced a $20-million debt investment in An Phat Holdings to fund its first compostable material manufacturing plant in the northern province of Hai Duong.

The plant with a capacity of 20,000 tonnes per year will be built in about 18 months and completed by the end of 2022. An Phat targets that, by 2023, compostable products will contribute 40-50 per cent to the group’s packaging revenue.

South Korea’s Dongwon Systems also completed the takeover of Tan Tien Packaging (TTP) for $97.08 million, and fully acquired Minh Viet Packaging (MVP) for $21 million. Dongwon Systems is now leveraging the cost competitiveness of TTP and MVP to further expand into the Vietnamese and regional market.

Likewise, Japanese investors are also keen on the local packaging market. In 2018, Sojitz Pla-Net Corporation entered into the packaging material business in Vietnam through equity participation in Rang Dong Long An Plastic JSC (RLP), a subsidiary of major Vietnamese plastics manufacturer Rang Dong Plastic JSC. Previously, Sojitz Pla-Net spent around $4-5 million to scoop up a 20 per cent stake in RLP.

In 2017, Sekisui Chemical acquired 15 per cent of outstanding shares of Tien Phong Plastic JSC, a plastic pipe manufacturer in the northern city of Haiphong. Another Japanese investor, Oji Holdings Corporation, also bought major shares at United Packaging in 2013. Meanwhile, Japan’s Meiwa Pax took over 93 per cent of Saigon Trading and Packaging (Sapaco) for $16.5 million in 2014.

Considering the environment

Ho Duc Lam, chairman of the Vietnam Plastics Association, said that Vietnam’s plastic and packaging industry has been in the spotlight of investors from Thailand, South Korea, and Japan in the past few years. These East Asian investors prefer striking up deals with local partners as a shortcut to penetrate the market.

“In addition, more European and American investors have strengthened their presence in the domestic market. Unlike Eastern investors, Western companies prefer to develop their own facilities in Vietnam rather than acquiring local assets,” Lam added.

Despite the vibrant M&A activities, Vu from Bae, Kim & Lee pointed out some challenges for investors in the packaging industry. Firstly, their products are mainly based on polymers, such as plastic bags, packaging, and bottles, which are largely import dependent.

“Secondly, the treatment of wastes from the production of such products is also a hot topic and raises concerns about environmental protection,” he explained. “Under the Law on Investment, projects that adversely affect the environment will not be considered for extension of operation. Accordingly, local authorities are considering environmental issues when appraising M&A applications of foreign investors, which can be a hindrance.”

Last but not least, to his knowledge, profit margins of packaging companies are often low which makes profit-seeking investors less interested in this sector.

Despite the take up by foreign investors, local packaging businesses can still focus on some key trends to recover and drive their growth during the pandemic-stricken era. Vu believes that the future of the packaging industry lies in biodegradable and eco-friendly products which have great room for growth in Vietnam.

Some Vietnamese companies have made certain achievements in the development and sales of biodegradable packaging products, for example An Phat Bioplastics JSC.

“If local companies can keep up the pace with this global trend, there will be opportunities for them to rise, grow, and find their position in the market, not just domestically but also regionally and even globally,” Vu said.

By Thanh Van

Filed Under: Uncategorized Vietnam’s packaging industry, packaging industry, Overseas packaging groups, Siam Cement Group PLC, Duy Tan Plastics JSC, packaging..., excel group expand top, overseas leisure group, write about kinh ethnic group in vietnam, ingenious packaging group, all4labels global packaging group, packaging group iii, best packaging group, packages holiday to vietnam, hubei overseas travel group, 54 ethnic groups of vietnam, unified global packaging group, anheuser-busch packaging group/metal container corporation

Vietnam c.bank to finalize legal framework for fintech, digital banking

September 9, 2020 by hanoitimes.vn

The Hanoitimes – The government is responsible for not only promoting innovation in the banking sector, but also maintaining stability and safety of the financial market.

The State Bank of Vietnam (SBV), the country’s central bank, is in the process of revising the Law on Credit Institutions, aiming to create a complete legal framework for fintech and support the digitalization process in the banking sector, according to SBV Governor Le Minh Hung.

SBV’s Governor Le Minh Hung. Photo: VGP.

The rapid development of fintech is putting state authorities under pressure of anti-money laundering/combating the financing of terrorism (AML/CFT), as well as coping with risks related to data privacy and cyber security, among others, said Mr. Hung said at an online conference on September 7.

Under this circumstance, the state is responsible for not only promoting innovation in the banking sector, but also maintaining stability and safety of the financial market and contributing to economic growth, Mr. Hung suggested.

Like many other countries, Vietnam currently does not have proper legislation to regulate operations of fintech companies such as peer-to-peer lending (P2P lending), new payment methods, cross-border transactions, or user information sharing via open application programming interfaces (Open APIs).

Therefore, Mr. Hung stressed the importance of establishing a regulatory sandbox, which would be applied to new and unregulated services.

The SBV is cooperating with related government agencies in drafting a new decree on fintech regulatory sandbox in the banking sector, stated Mr. Hung.

Overview of the conference. Photo: SBV.

In the meantime, the SBV is expected to revise current legislations to support credit institutions and banks applying new technologies during their operation, including new guidance in cashless payment, the adoption of remote verification process, namely e-KYC (electronic Know-Your Customers), or the revision of the Law on Prevention of Money Laundering, among others.

A report on fintech in ASEAN conducted by United Overseas Bank (UOB), PwC and the Singapore Fintech Association (SFA) revealed Vietnam came second behind Singapore in terms of funding attraction for fintech in ASEAN in 2019, accounting for 36% of the total in the region and up 0.4% in 2018.

With regard to the number of funding deals in 2019, Vietnam ranked third at 8% of total deals, up from 2% in 2018, behind Singapore and Indonesia with 51% and 28%, respectively.

Singapore continues to be the preferred base of fintech firms in ASEAN, which is home to 1,157 or 45% of all fintech in ASEAN , while Vietnam, with 136, is hosting the fewest among ASEAN-6 countries (Singapore, Indonesia, Malaysia, Thailand, the Philippines, Vietnam).

Filed Under: Uncategorized Vietnam, central bank, SBV, fintech, digital banking, cashless payment, financial market, innovation, digital marketing in banking sector pdf, royal bank of scotland digital banking, final notice letter before legal action, bank vietnam, mizuho bank vietnam tuyển dụng, far east national bank vietnam, sbi digital banking, bank account digits, digital signature legal, chase bank legal department, citizens bank legal department, comerica bank legal department

Vietnam and Aspirations

February 24, 2021 by vietnamnet.vn

VietNamNet has organized an online roundtable with the theme “Vietnam Aspirations”.

The guests – Dr. Nguyen Van Dang from the Ho Chi Minh National Academy of Politics and Prof. Le Anh Vinh from the Vietnam Academy of Educational Science – share their views on national development aspirations in a new period, which are highlighted in the documents submitted to the 13th Congress of Communist Party of Vietnam (CPV).

Đất nước và những khát vọng vươn tới

Dr. Nguyen Van Dang: I hope that after the 13th Party Congress Party building work will be strengthened. Photo: Pham Hai

At the opening session of 13th National Party Congress (January 26), Party General Secretary and State President Nguyen Phu Trong presented the report of the 12th Party Central Committee on documents submitted to the Congress. The report emphasized lessons learned from Doi Moi (reform). The first lesson is that the Party building and reorganization must be carried out drastically, comprehensively, synchronously, regularly and effectively in terms of politics, ideology, morality, organization and personnel.

Dr. Nguyen Van Dang, what do you think about the Party building and reorganization during the 5-year term fo the 12th Party Congress term and what do you expect in the work of building and reorganizing the Party in the new term?

Dr. Nguyen Van Dang: Party building and reorganization is a regular and consistent activity that has been carried out by the Party in recent terms, especially since Doi Moi.

Why? Because in the past, one of the factors that brought power to the Party in the revolutionary leadership process was organizational discipline. As we carried out Doi Moi, the country’s context changed, and new challenges also arose. One of the challenges is to maintain organizational discipline as well as Party building work. Because that is the maintenance and continuation of strength for the ruling Party. During the 12th term, the Party discipline work was implemented very well, very strictly, reflected through objective data: Over 100 high-ranking officials were disciplined. Obviously, this has helped improve the people’s trust in the Party.

I hope that after the 13th National Congress, the Party building work will continue to be enhanced and implemented consistently. As I have said, Party building work is a regular and continuous work, and the factor ensures the strength of organizational discipline and thereby improves leadership capacity of the Party. Therefore, it will be a regular task. When the context changes, the Party building task must also be associated with the change.

The document submitted to the 13th Party Congress emphasized the orientation and vision in the new period: the aspiration to bring the country to prosperity and happiness. What do you think about the country’s development orientation in the coming time, Prof. Vinh?

Prof. Le Anh Vinh: I have two ideas. Firstly, for the aspirations for our country to prosper, according to the goal set in the documents of the Party Congress: By 2025, Vietnam will be a developing country with modern technology and surpass the average income level; by 2030, Vietnam will be a developing country with modern industry, and high middle income; and by 2045, the country’s 100th anniversary, Vietnam will be a developed country with high income.

PwC’s “World in 2050” report stated that Vietnam has the potential to be in the top 20 economies in the world by 2050.

Therefore, I think this goal has been well-grounded and carefully considered based on the resources of Vietnamese people as well as the very stable development of Vietnam in the past period.

In fact, many countries in the period of rapid economic development experienced trade-offs in terms of social development. So we strive for the aspiration for a prosperious country alongside happiness.

This is a universal goal of any development. Because the goal for the development of the country is also for every human being to have a happy life, each family a happy life, from which we will have a happy society, a happy people.

Đất nước và những khát vọng vươn tới

Prof. Le Anh Vinh. Photo: Pham Hai

Dr. Dang, what is your view about this issue?

Dr. Nguyen Van Dang: Before the 13th Congress, public opinion was quite excited about the vision set out in the draft documents: by 2045, Vietnam will become a developed country with a socialist orientation.

Becoming a socialist-oriented developed country creates a difference. Because becoming a developed country is not only based on criteria on material, economics, national income or per capita income. The concept of development is also associated with environmental protection and especially social development.

We see a new point in the draft documents of the 13th Congress: there is a section (8) on social development management – something that the documents of the previous Party Congresses did not have. So why did the Party outline the content on social development management for the present and the future?

We aim for a developed society that is not only rich and economically prosperous, not only protecting the environment, but also a society that balances and harmonizes interests among classes and social groups. A harmonious society towards unity, cooperation, and balance.

In the report on documents submitted to the 13th Party Congress, General Secretary and President Nguyen Phu Trong emphasized on taking the people as the root, respecting the people, trusting the people, letting the people know, discuss, do, inspect, supervise and especially the people benefit. This is the first time the phrase “the people benefit” has been specifically included in the draft documents. What is your comment about this, Dr. Dang?

Đất nước và những khát vọng vươn tới

Dr. Nguyen Van Dang: In recent years, we have been familiar with the Party’s saying, slogans and policies, which are “people know, people discuss, people do, people inspect”. But this Congress we see the addition of two new phrases “people supervise” and “people benefit”.

The phrase “people benefit”, in my opinion, represents a very practical viewpoint of the Party. Firstly, it emphasizes that the people benefit from the fruits of development. “People benefit” is not only people benefit from something, but also aims to satisfy diverse interests in society to turn benefits into a driving force for development.

Secondly, the phrase “people benefit” emphasizes that all policies must create real life changes, that is change by creating a positive change in the life of people, the benefits enjoyed by people.

Thirdly, when mentioning the concept “people benefit”, meaning people in general, all classes, not just social groups or classes with favorable conditions.

I think this is a new point and obviously it is also the completion of the Party’s guidelines in the process of developing and leading the country.

Prof. Le Anh Vinh: I think, for the phrase “people benefit”, it is a people-centered perspective, which means that all socio-economic development will serve the needs of people. It is also linked to the aspirations they have set out, that is, to develop a prosperous country in order to make the lives of the people happy and full.

I very much hope that the phrase “people benefit” will bring about specific and practical meaning to each person.

VietNamNet

Filed Under: Uncategorized party congress, vietnam economy, party building, Vietnam breaking news, Vietnam news, Vietnam latest news, vietnam..., appetites and aspirations in vietnam

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