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Vietnamese prioritise health, finance following pandemic: survey

February 25, 2021 by vietnamnews.vn

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

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.

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

Vietnam concerned about use of force in international relations

February 25, 2021 by en.vietnamplus.vn

Ambassador Dang Dinh Quy , Permanent Representative of Vietnam to the UN (Photo: VNA)

New York (VNA) – Vietnam is concerned about cases of using or threatening to use force in international relations, which go against the UN Charter and harm international peace and security, Ambassador Dang Dinh Quy, Permanent Representative of Vietnam to the UN, has said.

Quy was addressing an UN Security Council (UNSC)’s videoconference Arria-formula meeting on February 24 themed “Upholding the collective security system of the UN Charter: the use of force in international law, non-state actors and legitimate self-defense” with the participants of nearly 30 member countries of the UN Security Council and the UN.

He stressed that all countries are obliged to build friendship relations and form a culture of upholding the UN Charter and international law as well as abiding by principles in sovereignty and territorial integrity, not interfering into internal affairs of other states, not using or threatening to use force, and dealing with disputes peacefully.

The diplomat said that the UNSC should work to enhance the observance of international law and promote the role of international law and UN Charter as a vital tool in maintaining international peace and security, while increasing its coordination with regional organisations and international legal agencies in coping with disputes, maintaining peace and preventing conflicts.

He underlined the need to avoid the abuse and re-explanation of the UN Charter, suggesting the UNSC continue to creating favourable conditions for countries to get access to affairs and documents of the council to promote open and transparent discussions in the field.

Noting that this topic has been mostly discussed among scholars, Naz Modirzadeh, Director of the Harvard Law School Programme on International Law and Armed Conflict, said that all countries are authorised and responsible in building international law, including the responsibility in protecting the principle of not using force.

She proposed that all countries should actively engage in open discussions on the theory of the rights to self-defence and improve the capacity to get access to announcements and discussions at the UNSC in the field.

Participants at the event underlined the principle of not using or threatening to use force, which is a foundation for the collective security system in line with the UN Charter and the UNSC’s function in maintaining international peace and security.

They affirmed that the only exception is the case that is allowed by the UNSC or to implement the right to self-defence. They called for the upholding of the UN Charter in maintaining international peace and stability, while exchanging ideas on the explanation and application of Article 51 of the UN Charter on the legal basis for the use of force as a means of self-defence, as well as on the situation in specific countries and regions./.

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.

US warships in South China Sea, Vietnam appeals for peace

February 25, 2021 by e.vnexpress.net

Vietnam hopes all countries will continue contributing positively to maintaining peace and stability on the basis of international law in the East Sea, Foreign Ministry spokesperson Le Thi Thu Hang said at a press meet Thursday.

In Vietnam, the South China Sea is called the East Sea.

Hang said maintaining peace, stability, order, security, safety, freedom of navigation and overflight, obeying the law, respecting sovereignty, sovereign rights and jurisdiction of countries along the East Sea in accordance with the 1982 United Nations Convention on the Law of the Sea (UNCLOS) should be the common goal, interest, responsibility and aspiration of all concerned states as well as the international community.

“The activities of all countries in the East Sea need to contribute to this common goal. As a responsible member of the international community and a member of UNCLOS, Vietnam abides by the convention’s provisions, including regulations relating to maritime and aviation operations in the sea area that have been set up in accordance with the convention,” she added.

The destroyer USS John S. McCain on February 5 sailed near Vietnam’s Hoang Sa (Paracel) Islands in the East Sea in a freedom of navigation operation, marking the first such mission under President Joe Biden’s new administration.

On February 17, U.S. destroyer USS Russell conducted another freedom of navigation operation, sailing near Vietnam’s Truong Sa (Spratly) Islands.

Washington has denounced what it calls Beijing’s attempts to bully neighbors with competing interests; and China has similarly denounced what it calls U.S. efforts to foment unrest in the region and interfere in what it regards as its internal affairs.

The recent actions suggest that the Biden administration is not about to scale back operations challenging Beijing’s claims after the ramp-up seen during the Trump administration, analysts have noted.

China seized the Paracel Islands from South Vietnam by force in 1974, and has been illegally occupying a number of reefs in the Spratly Islands since 1988.

Vietnam has repeatedly affirmed that it has full legal basis and historical evidence to assert its sovereignty over the Paracel and Spratly islands in the South China Sea in accordance with international law.