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Rs2 vietnam hidden achievements

First Vietnam medical achievement award calls 16 winners

February 26, 2021 by en.vietnamplus.vn

First Vietnam medical achievement award calls 16 winners hinh anh 1 At the event (Photo: VNA)

HCM City (VNA) – The Voice of Ho Chi Minh City (VOH), the local official radio broadcasting station, together with the municipal Health Department hosted the first Vietnam medical achievement award ceremony on February 26 to honour 16 contributions to the community’s wellbeing in 2020 from across the nation.

The contributions were voted by the public from 22 nominations selected by the award’s council of professionals. Three months after its launch, the award received more than 60 nominations from medical facilities nationwide.

Among the winners were the work of doctors at the Cu Chi COVID-19 treatment hospital – the first of its kind in Vietnam, and medical staff at the HCM City Centre for Diseases Control. Since the pandemic begin in the country, hundreds of medical workers in Ho Chi Minh City have taken turns to be at the hospital, while preventive medicine workers at the centre have worked day and night on contact-tracing and testing sample collection.

Another was the operation that separated 16-month-old conjoined twins – Truc Nhi and Dieu Nhi, with the sisters now able to walk on their own.  The surgery was performed by 93 doctors and nurses.

VOH Director Le Cong Dong said the award is now an annual event in celebration of Vietnamese Doctors’ Day (February 27).

Duong Anh Duc, Vice Chairman of the municipal People’s Committee, hoped the award will encourage more contributions to the health of the community to be made in the future./.

VNA

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VIETNAM BUSINESS NEWS FEBRUARY 8

August 2, 2021 by vietnamnet.vn

Flower growers look to online sales amid COVID-19 resurgence

Workers at a flower farm in Da Lat City.

Traditionally, city dwellers shop for flowers and botanicals at flower markets to fill their home with the most cheerful blooms to celebrate the new year.

But many flower growers said that flower markets were not busy this year, leaving them with an oversupply.

Nguyen Duy, a flower farm owner in Da Lat City, said that COVID-19 outbreaks in many localities would likely affect people’s purchasing power for flowers ahead of Tet festival.

Thuy Vu, director of the The Gioi Hoa Tuoi JSC, a wholesale supplier of flowers, said it would not focus on retail sales for the Tet festival this year due to market uncertainty.

Nguyen Thi Ngoc Lan, a flower vendor at Ho Thi Ky flower market in HCM City, said flowers stockpiled for the Tet market this year were not as numerous as last year due to concerns over weak purchasing power.

Purchasing orders with flower farms are expected to change in the next few days depending on the control of COVID-19, Lan said.

Flower farms in Da Lat City have seen a 55 per cent drop in orders from wholesale markets in other cities and provinces, according to a survey of the Da Lat City People’s Committee.

The committee, however, has reported a boom in online sales of agricultural produce, flowers and botanicals ahead of Tet.

It advised farms to use bank transfer payments for retail orders and to sign contracts with merchants for wholesale orders to ensure the success of online deals.

Livestreams

Shoppers can find various types of flowers from flower farms and merchants on online shopping platforms.

Nguyen Thi Bich Thuy from Biofresh Company in Da Lat City has hosted livestreams via Facebook to guide viewers through different types of flowers and plants available on the farm.

Amid the pandemic, live commerce has helped promote and sell products, and engaged potential shoppers, Thuy said.

Tran Van Tam, a flower grower in Da Lat City, said that flower farms in the city adopted online sales to reach new buyers as wholesale buyers were reluctant to close deals due to worries about weak demand.

This year, flower farm owners are concerned that they will be left with an oversupply of flowers, so they expect to quickly sell stocked products at reasonable prices, Tam said.

Dalat Hasfarm is offering Tet collections of flower vases and combo deals for cut flowers and pot plants with discounts on online orders.

Online flower markets are also featuring extensive selections of imported flower products such as forsythia, ilex, and Japanese peach flowers. A vase of imported flowers costs VND3-9 million (US$130-390). 

Rice trading businesses post good results on higher rice price

Vietnamese agricultural companies recorded high profit in 2020 as the country’s rice exports saw good results.

In 2020, Viet Nam’s rice export volume fell by 1.9 per cent year-on-year to 6.2 million tonnes, but export value increased 11.2 per cent to $3.1 billion, according to calculations based on data from the General Department of Viet Nam Customs.

Climate change and disruptions in supply chains due to COVID-19 have affected Viet Nam’s rice production, resulting in an increase in the rice price. Last year, Viet Nam’s average rice price for export rose 13.3 per cent year-on-year to nearly US$499.3/ton.

The rice price was also boosted by rising demand around the world as many countries stockpiled food due to concerns over the pandemic.

This helped rice trading companies like Loc Troi Group JSC (LTG), Vietnam National Seed Group JSC – Vinanseed – (NSC) and Trung An Hi – Tech Farming JSC (TAR).

The fourth quarter financial report showed that Loc Troi’s revenue surged nearly 77.5 per cent year-on-year to VND3.5 trillion in the last quarter of 2020. The company’s profit after tax was VND163.7 billion in the same period, four times higher than that of 2019.

In the whole of 2020, Loc Troi’s revenue declined by nearly 9.7 per cent to VND7.5 trillion, but it still recorded an increase of over 10 per cent year-on-year in profit after tax to nearly VND369 billion as its expenses reduced.

Loc Troi is a leading company in trading agriculture commodities, such as pesticides and seeds, and food which mainly is rice.

Vinaseed also saw a sharp increase in revenue in the fourth quarter after slowing down in the first three quarters.

The company’s revenue climbed 22 per cent year-on-year to nearly VND666.6 billion in the last quarter, but its profit after tax fell 6.2 per cent to over VND70 billion as sales and administrative expenses increased 15.6 per cent and 10.5 per cent, respectively. It’s profit after tax in 2020 also decreased to VND194.5 billion.

The seed sector, which mainly is rice, plays an important role in Vinaseed’s businesses, accounting for more than 93 per cent of revenue and profit. Last year, Vinaseed’s industrial centre for seed and agricultural product processing in Dong Thap Province was opened, increasing its production capacity by over 40 per cent.

In the fourth quarter, Trung An reported a rise of 8.5 per cent year-on-year in net revenue to VND613.1 billion, while its profit after tax fell sharply in the same period as its financial activities and other expenses rose. The company’s profit after tax decreased by 81 per cent year-on-year to nearly VND6.3 billion.

However, thanks to good results in the first nine months of 2020, Trung An’s profit after tax for the whole year still increased 46.5 per cent to VND88.2 billion.

With the rally of rice prices since the beginning of 2021, investors expect businesses in the industry to take advantage of this trend to see positive results in the first quarter of this year.

Viet Nam’s rice price for export was quoted around US$500/ton in January, according to a report from the United States Department of Agriculture. 

Local wood industry to capitalise on export opportunities to US

With the housing market in the United States enjoying strong growth, demand for wooden furniture is expected to rise considerably, opening up bright export prospects for the Vietnamese wood industry.

According to data released by the United States International Trade Commission, during the opening 11 months of last year, the US’ imports for wooden furniture endured a decline of 0.6% to US$16.8 billion compared to the same period from 2019.

Vietnam remained as the largest supplier of wooden furniture to the United States throughout the reviewed period, with the export turnover reaching US$6.26 billion, a rise of 30.9% on-year.

The proportion of imports from the country accounts for 37.2% of the total import value, up 9% compared to last year’s corresponding period.

Most notably, Vietnam is the largest market for bedroom furniture for the US, making up 49.7% of the US’ total import value, followed by Malaysia, China, and Indonesia.

Nguyen Liem, chairman of Lam Viet Joint Stock Company, attributed this increase in US demand for wooden furniture to the impact of the novel coronavirus (COVID-19) pandemic as it has forced many Americans to remain indoors and focus on activities such as renovating their homes and purchasing new furniture.

He emphasised that Vietnamese wood brands in the US market have significantly improved in recent years due to American people being willing to purchase Vietnamese wooden furniture at more expensive prices over similar products from the Chinese market.

Do Xuan Lap, chairman of the Vietnam Timber and Forest Products Association, pointed out that the wood industry’s strategic export products in the US market will be kitchen cabinets and bathroom cabinets.

Due to this, Lap advised local firms to be aware of market changes and appropriate product strategies, while enhancing their competitiveness to deeper penetrate into the global supply in order to increase exports to the demanding market.

US to impose anti-dumping tax on Vietnamese copper pipes

The US Department of Commerce (DOC) has issued a preliminary conclusion regarding an anti-dumping investigation into copper pipes which originate from Vietnam, according to the Ministry of Industry and Trade.

This includes copper pipes coded: 7411.10.1030; 7411.10 .1090; 7407.10.1500; 7419.99.5050; 8415.90.8065; and 8415.90.8085

In line with the preliminary conclusion reached by the DOC, copper pipes have been imported from Vietnam and subsequently dumped in the US with a margin of 8.05%, which is far lower than the plaintiff’s initial allegation of 110%, along with the anti-dumping tax of up to 60% that the US is currently applying to copper pipes from China.

Based on these conclusions, the US is set to impose a preliminary anti-dumping tax rate of 8.05% on Vietnamese copper pipes.

The DOC also stated that due to the impact of the novel coronavirus (COVID-19) pandemic, it will not conduct on-site verification as part of the investigation. Instead, it will make the final determinations through use of alternative methods.

The DOC is poised to announce a deadline for stakeholders to submit its written comments, while concerned parties may also request a hearing by submitting a written request to the DOC within 30 days since the notice of the preliminary conclusion.

Vietnam’s export turnover of copper pipe products to the US in 2019 and 2020 reached US$151.1 million and US$183.9 million, respectively.

Industrial park developers promote sustainability to attract “eagles”

It is these industry leaders who are driving a movement as they look for a partner that matches their same sustainable outlook and goals.

As a result, local businesses in Vietnam, and industrial park developers in particular, are transforming their business model as well as adapting to international standards to attract these “eagles”. Although it can be tricky for industrial parks to balance profitability, concern for environment, and social commitments, there are still multiple ways they can do to stay sustainable.

In 2020, the “Eco-industrial Park Intervention in Vietnam – Perspective from the Global Eco-Industrial Parks Programme” project was launched in Ho Chi Minh City by the Ministry of Planning and Investment (MPI) and the United Nations Industrial Development Organisation (UNIDO).

At the workshop, five industrial parks across the country were chosen to implement eco-industrial park initiatives. The project will be carried out in a period of three years with an aim to establish a more sustainable industrial park model and pave the way to the replication of this model across Vietnam in the future.

One of the five pilot industrial parks is DEEP C Hai Phong I (also known as Dinh Vu Industrial Zone), the first footprint of DEEP C group in Vietnam. The industrial park cluster has gained a reputation as the only European-managed industrial park in Vietnam, with compatible European quality in all business aspects, from general infrastructures, utilities supply to park operations. Located in Hai Phong City and Quang Ninh province, DEEP C Industrial Zones is the northern representative of the project.

Long before the recent selection, DEEP C implemented their environmental sustainability strategy on four pillars: power, water, waste, and green zone. The main goal is taking the complexity out of investing in Vietnam while achieving common sustainability goals with investors. Overall, the strategy is to drive economic growth in a sustainable manner for DEEP C, investors and local community.

Depending on the nature of each industrial park, the developers can adopt different practices to stay sustainable. For DEEP C, they are the first industrial park to make a road from recycled plastics and a smart electricity grid possible in Vietnam. The recycled plastics road currently lies in DEEP C Hai Phong II Industrial Park in Hai Phong. More asphalt roads using recycled plastic will be stretched out all over DEEP C Industrial Zones as an innovative solution to address plastics waste and advance circular economy in Vietnam.

The group is now working on the generation of renewable energy from rooftop solar panel and wind turbine. By 2030, it aims to supply 50% of energy demand within its industrial park. Sustainability is also present in reusing of treated wastewater for various industrial purposes such as cooling tower of tenants, preserving mangrove forest along our port area as a natural buffering.

Construction work comply with strict standards on safety and environment before, during and after construction such as innovation (road made from plastics), sustainable sourcing of materials (containers), sustainable sites, energy efficiency (optimising solar and wind energy), indoor environment quality and water efficiency. In the years to come, DEEP C’s ready-built factories will be designed in the most nature-friendly way possible with LEED standards.

“We believe that eco-industrial park is the future of the industry and are happy to raise the standards for developing infrastructures inside industrial park and spread the benefits of eco manufacturing,” said Koen Soenens, General Sales and Marketing Director at DEEP C Industrial Zones.

“Sure it’s good for the environment, but it’s also good for the image, the quality of working and living, and it’s cost-saving for the maintenance and operations.”

DEEP C Industrial Zones launched its base in Hai Phong City, Vietnam in 1997 with the development project of Dinh Vu Industrial Zone (nowadays known as DEEP C Hải Phòng I), a collaboration between Belgian group Rent-A-Port and Hai Phong People’s Committee.

Over the past 23 years, DEEP C has evolved to be one of the largest industrial park developers in Vietnam with five sub-zones covering 3,400 ha of industrial land, forming an industrial cluster in Hai Phong City and Quang Ninh province – the most dynamic growing region in the northern region.

To date, DEEP C Industrial Zones are home to 120 projects with a total investment of US$4 billion, backed by multinational companies like Bridgestone, Idemitsu, Knauf, Chevron, tesa.

Efforts made to promote sale of crops in virus-hit provinces

According to the Ministry of Agriculture and Rural Development, the total winter crop area which had not been harvested was more than 7,830 ha, or 35 per cent of the northern province’s total crop area. In Kinh Mon district, there was about 3,500 ha of onion, 350 ha of carrot in Nam Sach and 400 ha in Cam Giang, 200 ha of vegetables in Gia Loc, 200 ha in Tu Ky and 400 ha in Kim Thanh.

In Quang Ninh, the total unharvested crop area was more than 2,000 ha, mainly potato, corn and vegetables with a total yield of about 30,000 tonnes.

The ministry said that it was important to raise solutions to promote the sale of farm produce for farmers in locked-down areas.

The ministry said that prices of farm produce in Hai Duong had decreased by around 10-20% since the outbreak of virus clusters late last month.

Nguyen Nhu Cuong, Director of the ministry’s Department of Crop Production, the sale of carrot and potato was the most difficult at the moment because these two products had high output volume while domestic consumption accounted for just 10 percent and the rest must be exported.

The capacity of cold storage in Hai Duong was limited, which would be a problem if the virus was not put under control before Tet, he said.

He added that the transportation of goods to/from locked-down areas was very difficult. Local markets were also tightening disease control measures.

Hanoi, Hai Phong and Quang Ninh were the major markets for the consumption of Hai Duong’s farm produce. However, these provinces were banning all vehicles and people from Hai Duong, which affected the consumption. Wholesalers from other provinces did not want to come to Hai Duong to collect farm produce with hesitation over the virus and worries that they must practice social distancing.

According to the Hai Duong provincial Department of Agriculture and Rural Development, around 128,000 tonnes of vegetables, meat and fish in the province were waiting for consumption.

In that context, it was important to promote consumption in the province, increase storage and implement processing for longer preservation, the ministry said.

It was a must to apply prevention measures following the guidance of the Ministry of Finance when transporting products out of the virus-hit areas, the agriculture ministry said.

At the same time, preparations must be made for the next cultivation season.

Recently, the Quang Ninh provincial Department of Industry and Trade helped connect for the sale and 17 million potatoes, worth VND153 million (US$6,600).  

Six enterprises also bought more than 10,000 chickens for farmers in Chi Linh city.

First Chilean cherries enter Vietnamese market

A launching ceremony took place recently at Thu Duc wholesale market and Biovegi store in Ho Chi Minh City to mark Chilean cherries penetrating the Vietnamese market for the first time.

To meet the increasing demands of consumers, the Chilean Fruit Exporters Association (ASOEX) has been co-operating alongside the Chilean embassy and the Chilean trade promotion agency in Vietnam (ProChile) to accelerate the import and distribution of Chilean cherries within the Vietnamese market.

Cherries are popular among Vietnamese consumers due to their taste and health benefits, especially their antioxidant capacity. Indeed, the consumption season for Chilean cherries usually begins in December and lasts until the end of February.

After being imported into Vietnam, cherries will then be distributed to shopping malls, supermarkets, convenience stores, and wet markets throughout the country.

The promotional scheme started on February 5 and is due to run for the duration of February.

Agribank among most valuable global banking brands

The Vietnam Bank for Agriculture and Rural Development (Agribank) ranks 173rd among the world’s 500 most valuable banking brands, according to a list recently released by the world’s leading independent brand valuation and strategy consultancy Brand Finance.

Featuring in the Brand Finance Banking 500 list for 2021, Agribank climbs a total of 17 notches compared to the 2020 version, earning the highest spot among the eight commercial Vietnamese banks to be named on the list.

Last year saw the Vietnamese banking industry face many changes and challenges as the entire country coped with the impact of the novel coronavirus (COVID-19) pandemic.

Throughout 2020 Agribank continued to confirm its prestige by winning major prizes such as Vietnamese national brand, being among the top 10 of the VNR500 which features the 500 largest local enterprises, and being named the bank for the community.

Brand Finance is a leading independent brand valuation and global strategy consultancy that was founded in London, the UK, in 1996.

The consultancy evaluates 5,000 brands globally and announces over 100 reports annually.

HCM City industries make good start to 2021

HCM City’s Index of Industrial Production rose by 34.5 per cent in January despite the continuing problems caused by the COVID-19 pandemic.

The city’s four main industries have seen year-on-year growth, with electronics achieving the highest rate of 61.9 per cent.

The remaining three industries are mechanics (44.3 per cent growth); food and beverages (27.3 per cent); and chemical, rubber and plastic (up by 51.7 per cent).

Others such as wood and bamboo processing and automobile also reported growth.

Nguyen Phuong Dong, director of the Department of Industry and Trade, said that due to the city’s efforts to control the pandemic, economic activities are recovering.

Business activity has generally picked up, with more than 3,300 businesses reopening.

Retail sales and services were worth nearly VND120 trillion (US$5.2 billion), a 4 per cent increase.

Exports were up by 16.4 per cent.

The local authority said the city will seek to keep the pandemic under control while still ensuring economic growth.

It is guaranteeing sufficient supply of foodstuff and other high-quality goods and steady prices during Tet, and will organise festival and entertainment events for the festival while complying with the Government’s COVID-19 requirements.

It is focusing on carry out the 13th National Party Congress’ resolution (which contains social-economic targets and national development orientations) and the city’s 11th Party Congress resolution. 

Digital Transformation will “give a hand” to businesses in the new era

Digital transformation holds the key to businesses keeping up with market trends, overcoming challenges and seizing opportunities amid the current unpredictable situation.

And, Microsoft’s ‘Tech Intensity’ will play a key role in enhancing businesses’ resilience and transformation of organisations.

According to a Microsoft-IDS study, 74% of all business decision-makers in the Asia Pacific say that innovation is an imperative now. They see the ability to innovate, especially digital transformation, as vital to performance and resilience before and after the Covid-19 pandemic.

Always the pioneer in technology, Microsoft has never stopped researching or developing tools and solutions to enhance digital transformation globally, especially by businesses.

In Viet Nam, it keeps businesses abreast of new digital transformation trends by organising programmes to introduce digital transformation solutions and share the experiences of businesses that have achieved the transformation.

Digital transformation is always an urgent requirement for business to survive and thrive, especially amid the pandemic. To enable businesses to embrace innovation, Microsoft has introduced the concept of Tech Intensity, which determines the success of businesses amid the current crisis.

Tech Intensity consists of four key pillars that enable the success of an organisation during the transformation process.

The first is vision and strategy. Businesses need to become more resilient to change, and also need to think beyond what organisations think is possible, especially at a time when speed and agility are vital to survive.

The next is culture, which supports strategy and vision to activate and empower employees. Organisations that are successful in digital transformation will have their employees unite and work based on a vision in which employees are shared.

The third one is differentiation of potential. Those businesses that discover the differentiation of potential of their organisations will respond and adapt to any circumstance more easily.

The last one is capacity, a combination of human capacity and technology. Businesses need human capital equipped with the right skills as well as appropriate and secure technology platforms with the ability to empower employees with remote access and promote business development under any circumstances.

Pham The Truong, General Manager of Microsoft Vietnam, said, “The combination between people and technology within an organisation will create new opportunities for businesses.”

Nanoco, a leading electrical equipment distributor, has chosen Microsoft as a trusted partner for its digital transformation. To meet its business development and market expansion needs, the company has adopted Microsoft’s digital transformation solutions and achieved much success.

Luong Luc Van, General Director of Nanoco, said: “We are really pleased with our experience with [Micosoft solutions] from Office application to Teams tool and cloud storage solution OneDrive. It is also very easy to collaborate and share documents.”

With its diverse and flexible solutions, Microsoft will continue to help businesses achieve digital transformation, successfully exploit digital data, improve their efficiency, and optimise their operation process.

Food company Vissan profit tops $9.01 million

Vissan Joint Stock Company reported pre-tax profits of nearly VND208 billion (US$9.01 million) on revenues of VND5.16 trillion ($223.4 million) for last year, in both cases achieving the targets it set for itself.

Its production of beef and processed products also met the targets while pork output fell slightly short.

It launched many new products last year, including pork braised with eggs and coconut water, beef ball, dragon fruit dumpling, gac fruit dumpling, pumpkin dumpling, five-spice mushroom spring roll, and ready-to-cook pork.

It began selling via a hotline, 19001960, Fanpage and website at vissanmart.com, and launched online stores on Sendo, Lomart and Grab.

In 2021, amid shrinking pork supply due to the African swine fever epidemic, Vissan plans to find more farms that meet VietGAP standards and TE-FOOD traceability to ensure steady pig supply.

It also plans to develop more fresh meat products using chilled meat processing technology and modified atmosphere packaging technology, and expand its distribution system, especially online.

HCM City to throw the book at high-end property developers for violations

The HCM City Department of Natural Resources and Environment plans to review the progress of high-end property projects and fine or even withdraw the licences of those found violating regulations.

If they are excessively late, their land might be repossessed as permitted by the law.

At the same time, the city’s authorities will publicise the mortgaged projects, according to the city People’s Committee.

It has instructed the Department of Planning and Investment to tighten control over foreign investment in property and the repatriation of profits to prevent money laundering and tax evasion.

The city will also review mortgaged and long-delayed projects facing obstacles caused by land regulations, delay in paying land-use fees or the slow handover of house use right certificates.

The Department of Construction has been ordered to keep a close watch on the property market to avoid price bubbles.

The directives seek to redress the imbalance in the housing market caused by the huge supply of high-end apartments and shortage of housing for low-income people.

The shortage of social housing and mid- and low-priced houses is making it hard to ensure social welfare, according to a recent report by the HCM City Real Estate Association.

It has called on developers to increase their investment in the mid- and low-priced segments to address the imbalance. 

Tourism firms ask for help during new Covid-19 outbreak

Tourism firms in HCM City are calling for support from local authorities after thousands of customers cancelled their Tet tours following the new Covid-19 outbreak.

Nguyen Thi Khanh, chairwoman of the Tourism Association of HCM City, said they had sent an official document to the Ministry of Culture, Sports and Tourism, Vietnam National Administration of Tourism, HCM City People’s Committee, Vietnam National Tourism Association and HCM City Department of Tourism about support policies for tourism firms.

According to Khanh, many tourism firms in the city are facing great difficulties as thousands of customers have cancelled their bookings following the recent Covid-19 outbreak. 

The official said that the government’s response to new community Covid-19 infection cases has resulted in many achievements but there are still several shortcomings. For example, tourism firms still have to pay both corporate taxes and VAT on time while the deadline for at least VAT was extended for six months in March 2020. Firms were still suffering from losses.

The programme to reduce electricity charges for restaurants ended in 2020. Khanh also sought support policy to extend the deadline to pay social insurance. Currently, the deadline will only be extended for firms who already cut 50% of their staff.

The Tourism Association of HCM City asked to waive or reduce the VAT by 50% for 2021 because most accommodation establishments, tourism firms, transportation firms and tourism sites have little to no income while having to pay interest and other costs. The government should exempt land rental fees in 2021 and 2022, help tourism firms access preferential loan packages, extend the repayment period to avoid bad debts and help renew and issue business licenses for free in 2021.

Other requests include reducing electricity charges in 2021, extending the deadline for social insurance payment until June 2022 and adjusting the requirements for unemployment insurance benefits like reducing minimum working time requirements from 12 to 3 months.

Statistics from the Department of Tourism show that 453 accommodation facilities in HCM City had electricity charges reduced, 600 tour guides were given support packages, 21 firms had various fees reduced and some firms which had collaterals had repayment deadlines extended for interest rates lowered.

In the future, firms will get support from Vietnam Bank for Social Policies so that they can access lower interest rates or longer deadlines without needing collateral.

Home cleaning services in high demand as Tet nears

Home cleaning services are in great demand again in Hanoi as busy homeowners want clean houses for Tet. 

Thuy Quynh from Hai Ba Trung District said both she and her husband were all too busy at year-end so they decided to a hire cleaning service.

“Both I and my husband are not allowed to have an early break. We only have enough time to buy food for Tet,” she said. “We called many places but they were all full of orders. We kept calling and finally were able to find a provider that was still receiving orders.”

Despite higher fees, Phuong Hoa from Hoang Mai District said it was still acceptable.

Nguyen Thu Trang, an employee at Alin Cleaning Services said only a few slots left. They have different packages for cleaning apartments while the cost for cleaning houses will be calculated by square metres. A cleaning package for an apartment that is less than 60 square metres is around VND1.2m (USD52). The prices are VND22,000 per square metre for penthouse apartments that are over 150 square metres.

The services remain open until the 28th day of lunar December.

The detail of the service will be given to the customers. Another service provider in Cau Giay said they had to visit the houses or apartments first to gauge the size and materials they have to work with to set the prices. It will also be varied depending on the cleaning chemicals the owners want to use.

The usual prices are VND15,000 to VND20,000 per square metre. At year-end, the prices often increased by 20%.

Vietnamese and foreign investors open more stock trading accounts

Both Vietnamese and foreign investors continue to open more accounts as the local stock market to capitalise on perceived opportunities in the market.

According to fresh data from on stock trading from Vietnam Securities Depository (VSD), the number of newly opened domestic individual investor accounts in January 2021 reached a record high with 86,107 accounts – an increase of 36.5 per cent compared to December 2020.

This is also the fifth consecutive month domestic individual investors have opened more than 30,000 new accounts a month. Meanwhile, domestic institutions opened 162 new accounts in January, down from 168 accounts in December 2020.

As of January 31, the total number of securities accounts of domestic investors reached more than 2.8 million, an increase of 86,269 accounts compared to the previous month.

In January, the VN-Index hit 1,200 points and created a short-term market peak. Around the beginning of January, trading value on Vietnam’s stock market continuously set a record high and reached more than VND20 trillion ($870 million) in one trading session.

However, due to strong fluctuations at the end of January, trading liquidity in the first sessions of February decreased significantly and was only around VND15 trillion ($652 million) per session.

Meanwhile, foreign investors opened 476 new accounts in January, up about 23.3 per cent on-month. This is also the highest level since June 2018. Of this, foreign individual investors have opened 460 new accounts, while 16 accounts are from institutional investors. By the end of January 31, foreign investors had a total of 35,547 accounts in Vietnam’s stock market.

Which Vietnamese banks have been keeping NPLs under 1 per cent?

While a number of banks experienced sharp increases in non-performing loans (NPLs) due to the unprecedented pandemic, some lenders have successfully kept their NPL ratios below 1 per cent. 

Meanwhile, Vietcombank – one of the largest state-owned lenders in Vietnam – recorded VND5.229 trillion ($227.35 million), down more than 50 per cent compared to the end of September and down 10 per cent compared to the beginning of 2020.

The bank’s NPL ratio dropped sharply from 1.01 per cent at the end of this year’s third quarter to 0.62 per cent by the end of 2020 – also the lowest level in its history.

ACB’s NPL ratio remains one of the lowest levels in the landscape. According to the bank’s financial statements, soured debts at the end of 2020 were VND1.840 trillion ($80 million), up 27 per cent compared to the beginning of the year.

Similarly, BAC A BANK’’s NPL ratio increased slightly but was still controlled below 1 per cent. The bank’s NPLs at the end of 2020 amounted to VND628 billion ($27.3 million), up 25.6 per cent from the beginning of the year.

The fifth lender reporting an NPL ratio below 1 per cent is ViettinBank (around 0.94 per cent as of December 31, 2020), according to local newswire Doanh nghiep & Tiep thi. This is also its lowest NPL ratio in the 2016-2020 period.

VietinBank and ACB in 2020 have signed exclusive bancassurance contracts with major life insurers (VietinBank with Manulife, ACB with Sun Life). These deals are envisaged to provide the two lenders with a large amount of revenue, while also boosting their stock value.

HDBank and MB had more than 1 per cent NPL ratios due to their consumer finance companies (HD Saison of HDBank, and MCredit of MB). However, the asset quality of the parent banks remains basically good in the domestic banking system.

The bad debt ratio of HDBank’s banking arm by the end of 2020 was only 0.93 per cent, while that of MB was 0.92 per cent.

Another local lender below the 1 per cent threshold is NamABank, the newly-listed ticker in UPCoM. The bank’s total bad debt ratio decreased from 1.97 per cent at the end of 2019 to 0.83 per cent as of December 2020.

Insurance segment sits in good stead

Despite several challenges stemming from intense competition, the health crisis, and low interest rates, the local insurance landscape is predicted to maintain its growth momentum in 2021. 

Other insurers are also going public or working with foreigners. For instance, Petrolimex Insurance JSC – a subsidiary of Petrolimex – has confirmed to raise its foreign cap from 49 per cent to 100 per cent.

Currently Vietnam boasts 31 non-life insurers, 18 life insurers, 16 brokers, and two reinsurers. Many reputable foreign insurance companies have a presence in Vietnam in both life and non-life sectors.

However, according to brokerage Saigon Securities Incorporation (SSI), aviation, travel, and freight insurances, which make up for around 6 per cent of the total non-life insurance premium revenue, were heavily affected by the COVID-19 pandemic.

The premium revenue for both health and life insurance reported a plunge in the social distancing period in March and April of 2020. However, these segments witnessed a steady recovery in the following months.

According to the Association of Vietnam Insurance, the health and life insurance premium revenue in the first three quarters of 2020 increased by 25.6 and 21.2 per cent, respectively, against the same period of 2019.

SSI indicated that the two largest enterprises are losing market share in life and non-life insurance, demonstrating fierce industry competition.

In the first three quarters of last year, the non-life market share of Bao Viet Holdings Group and PetroVietnam Insurance decreased while six companies increased their life insurance market share – Manulife, AIA, Generali, MB Ageas, FWD, and Aviva. Others lost market shares, such as BaoViet Life, Prudential, Dai-ichi Life, Chubb Life, and Hanwha Life.

In late December, VietinBank and Canadian insurer Manulife inked an exclusive 16-year bancassurance partnership to better meet the growing financial and insurance needs of Vietnamese people.

Manulife would also acquire insurance firm Aviva Vietnam since the latter formed a joint venture with VietinBank to distribute insurance products. Manulife’s life insurance market share is predicted to reach 18.5 per cent – nearly equal to Prudential’s share of 18.8 per cent.

“We’re in an exclusive bancassurance agreement with Techcombank, SCB, and VietinBank, three prestigious groups, and are putting in our best efforts to become the market leader in this regard,” said Hoe Shin Koh, chief partnership distribution officer at Manulife Vietnam. “Bancassurance is our strategic approach not just in Vietnam, but in the entire Asian market. For instance, in 2015, Manulife Asia paid $1.2 billion to Singapore’s DBS Group Holdings for a 15-year partnership, allowing us to sell products through this lender’s Asian branch network.”

Experts at SSI forecasted that the growth of the premium revenue for life and non-life insurance segments in 2021 would be 22 and 10-12 per cent on-year, respectively.

“However, the insurance industry will still face numerous roadblocks, including low-interest rates and increasing re-insurance costs. These factors will consequently reduce insurers’ profit because their investment portfolios are bank deposits and government bonds. Also, if the government bond yields drop, profits will be negatively impeded due to higher life-insurance reserves,” said SSI.

In 2020, in spite of the pandemic, the insurance market still maintained growth momentum with total property insurance of approximately VND552.4 trillion ($24.01 billion), up 21.5 per cent on-year, according to the statistics published by the Ministry of Finance (MoF).

Total equity capital was estimated at VND113.5 trillion ($4.9 billion) and total insurance premium was VND184.7 trillion ($8.03 billion), signifying increases by 27 and 15.2 per cent respectively. The claim cost was VND48.2 trillion ($2.09 trillion).

Data revealed by the MoF also showed that between 2016 and 2020, the total assets of the insurance market witnessed an average hike by 19 per cent on-year, with the figure for 2020 estimated at VND526 trillion ($22.87 billion).

The total money that insurance companies invested back to the economy saw an average increase by 19.4 per cent, with an estimated VND416 trillion ($18.09 billion) in 2020. The whole premium income boosts an average of 19.3 per cent and was estimated at VND226 trillion ($9.83 billion) last year.

The MoF continued to improve the draft decree on compulsory civil liability insurance for motor vehicle owners, replacing Decree No.103/2008/ND-CP dated 2008 and Decree No.214/2013/ND-CP from 2013. In addition, vehicle insurance is forecast to grow strongly, especially after Decree No.70/2020/ND-CP from last year introduced a registration fee cut of 50 per cent for cars.

KIS Securities believed the local government’s eagerness to accelerate development of the domestic car market will lay a vital foundation for vehicle insurance in particular.

Source: VNA/VNN/VNS/SGGP/VOV/NDO/Dtinews/SGT/VIR   

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VIETNAM NEWS HEADLINES FEB. 28

February 28, 2021 by vietnamnet.vn

Vietnam has no COVID-19 case to report on February 28 morning

Vietnam saw no new COVID-19 case over the past 12 hours to 6am February 28, making the national tally unchanged at 2,432, according to the National Steering Committee for COVID-19 Prevention and Control.

Among the total, 1,530 were locally infected, including 837 cases since January 27.

A total 1,844 COVID-19 patients have recovered so far, and the death toll remains at 35.

Among those still under treatment, 32 have tested negative for SARS-CoV-2 once, 50 twice and 100 thrice.

By February 27 afternoon, 10 provinces and cities had gone through 14 consecutive days without new locally-infected cases of COVID-19.

As many as 63,054 people who had close contact with confirmed patients or returned from pandemic-hit regions are being quarantine across the country./.

First Vietnam medical achievement award calls 16 winners

VIETNAM NEWS HEADLINES FEB. 28

The Voice of Ho Chi Minh City (VOH), the local official radio broadcasting station, together with the municipal Health Department hosted the first Vietnam medical achievement award ceremony on February 26 to honour 16 contributions to the community’s wellbeing in 2020 from across the nation.

The contributions were voted by the public from 22 nominations selected by the award’s council of professionals. Three months after its launch, the award received more than 60 nominations from medical facilities nationwide.

Among the winners were the work of doctors at the Cu Chi COVID-19 treatment hospital – the first of its kind in Vietnam, and medical staff at the HCM City Centre for Diseases Control. Since the pandemic begin in the country, hundreds of medical workers in Ho Chi Minh City have taken turns to be at the hospital, while preventive medicine workers at the centre have worked day and night on contact-tracing and testing sample collection.

Another was the operation that separated 16-month-old conjoined twins – Truc Nhi and Dieu Nhi, with the sisters now able to walk on their own. The surgery was performed by 93 doctors and nurses.

VOH Director Le Cong Dong said the award is now an annual event in celebration of Vietnamese Doctors’ Day (February 27).

Duong Anh Duc, Vice Chairman of the municipal People’s Committee, hoped the award will encourage more contributions to the health of the community to be made in the future./.

Sapa – Safe destination during epidemic

Sapa has always been among the most popular destinations for tourists during the Lunar New Year (Tet) holiday, and despite COVID-19 still raging around the world, the northern hill town again greeted a large number of visitors this time around.

Lao Cai province in general and Sapa in particular are considered safe, with zero cases of community transmission of the coronavirus. As a key tourism destination in the province, Sapa quickly adopted COVID-19 prevention measures at the beginning of the outbreak. Thanks to this, it was still able to welcome a huge number of visitors during the recent Lunar New Year holiday, with 60% of accommodation providers and restaurants open for business.

Every hotel and restaurant in town has carried out sanitation processes and strictly followed safety measures to protect visitors.

With mesmerising natural landscapes along with appropriate measures being carried out by local authorities, Sapa was one of the most popular and safest destinations in the country during the recent holiday./.

Aid offered for development of homegrown COVID-19 vaccine

The Ministry of Health (MoH) on February 27 received 20 billion VND (866,620 USD) from conglomerate Vingroup for the clinical trials of homegrown COVID-19 vaccine COVIVAC.

The candidate vaccine is being developed by the MoH’s Institute of Vaccines and Medical Biologicals (IVAC).

Speaking at the handover ceremony, Minister of Health Nguyen Thanh Long spoke highly of the support of enterprises, organisations and individuals for Vietnam’s fight against the COVID-19 pandemic.

The first “Made-in-Vietnam” ventilators were produced under the collaboration of the ministry and Vingroup, he noted, adding that the machines have been provided to localities nationwide.

Vietnamese scientists have regarded vaccine development as the key factor to contain the pandemic, and the MoH has spared no efforts in the research for vaccine in order to be able to produce the vaccine as soon as possible.

The COVIVAC vaccine project has been rolled out since May 2020.

Results of pre-clinical trials affirmed its safety and efficiency, and the IVAC has been able to produce three batches of vaccine consisting between 50,000 and 10,000 doses each.

Clinical trials of the vaccines are projected to start this March and complete by October, said IVAC Director Dr Duong Huu Thai.

A dose may cost no higher than 60,000 VND and the vaccine is effective against emerging coronavirus SARS-CoV-2 variants originated from the UK and South Africa, he affirmed.

Meanwhile, the third domestic candidate vaccine VABIOTECH developed by the Company for Vaccine and Biological Production No 1, is also set to enter clinical trials in the coming time./.

Politburo holds meeting with former Party officials

The Politburo and the Party Central Committee’s Secretariat hosted a gathering in Hanoi on February 27 with former members of the 12th Politburo, the Party Central Committee’s Secretariat and Party Central Committee.

Chairing the event, Party General Secretary and State President Nguyen Phu Trong said the Politburo and Secretariat highly value the great contributions that the former officials have made to the Party, people and country during the time they held important positions in central and local agencies.

He highlighted that the country had reaped comprehensive achievements last year. The entire Party, people and army stood united and fulfilled the working programme for the tenure.

After the 13th National Party Congress, the people have demonstrated their trust in the Party’s leadership and the country’s future, despite the impact of the pandemic.

The Party chief wished that the former Party officials will continue to make contributions to the Party, people and nation, and lend their experience in addressing important issues of the country.

Participants expressed their belief that the 13th Politburo, Secretariat and Party Central Committee will lead the country to a higher development level in the near future.

They pledged to continue contributing to the Party’s cause and strengthening solidarity in the Party.

Expressing pride in being a Party member, they vowed to set examples and lead the way in implementing the Party’s policies, mechanism and resolutions to build a prosperous country with democratic, equal and civilized society./.

US pledges to enhance cooperation with Mekong subregion’s countries

The US will bolster support for countries in the Mekong subregion through the Mekong-US partnership, US Principal Deputy Assistant Secretary of State for the Bureau of East Asian and Pacific Affairs Atul Keshap said at a recent online seminar to reveal results of a report on transboundary rivers and addressing challenges in Mekong River.

The report was based on outcomes of a virtual Indo-Pacific conference on enhancing management of transboundary rivers hosted by the East-West Centre last October.

Speakers at the event said that the Mekong subregion is facing challenges in security, development and climate change.

Keshap expressed the US’s concerns over impacts of hydropower dams in the Mekong River’s upper reaches on food security, economic development and environmental conditions of countries in lower reaches.

The US highly appreciates Vietnam’s efforts in pushing ASEAN’s cooperation to help the Mekong subregion cope with such challenges, he said.

Congressman Ted Lieu also affirmed that the US Congress wants the US government to further boost cooperation with the Mekong sub-region via the US-Mekong partnership. Since the launch of the Lower Mekong Initiative in 2009, the US has earmarked 3.5 billion USD for countries in Mekong River’s lower reaches.

At the event, Vietnamese Ambassador to the US Ha Kim Ngoc underscored the significance of water security, especially transboundary water resources, to peace and prosperity in the region.

Countries in the Mekong subregion share responsibilities for the use and management of Mekong River’s water resources in a sustainable manner in a bid to offset impacts on development and the environment, he added.

The diplomat affirmed that Vietnam is always a responsible member in joint efforts to cope with challenges in environmental issues, climate change, economic development and security in the Mekong subregion.

He proposed that countries work together to build regulations and legally binding frameworks to manage transboundary rivers.

He also called on the US and other partners to invest in the region in the spheres of energy, infrastructure, climate change adaptation and sustainable development./.

VIETNAM NEWS HEADLINES FEB. 28
Bars and beer clubs on Bui Vien pedestrian street of HCM City

The municipal People’s Committee has ordered continued closure of dance halls, bars, karaoke parlours, pubs, beer clubs, and facilities for indoor sports activities like gym, fitness, billiards, and yoga centres.

Others not included in this list can be reopened but have to carry out all anti-coronavirus measures regulated by health authorities.

Besides, the set of safety assessment criteria in COVID-19 prevention and control must be seriously implemented in the fields of tourism, transport, and restaurant services, as well as at wholesale and retail markets, supermarkets, trade centres, relic sites, and libraries.

A distance of at least one metre from each other must be kept in those activities, and food service supplying establishments are not permitted to serve more than 30 people at the same time, according to the administration.

Meanwhile, religious activities and rituals at local places of worship can take place with no more than 50 participants at the same time. They also have to comply with other disease prevention measures regulated by the health sector, the People’s Committee said.

Earlier, the committee also permitted schools across the city to be reopened from March 1.

On February 23, the lockdown on an apartment block in Ward 13 of Tan Binh district was lifted. This was the last of the 35 sealed-off sites that had their COVID-19 lockdown removed in HCM City./.

Campaigns to provide 90,000 job opportunities to Vietnamese youngsters

The Ho Chi Minh Communist Youth Union’s Hanoi chapter has cooperated with recruitment platform TopCV.vn  to launch a campaign to provide 90,000 job opportunities to Vietnamese students and youngsters in and outside the country.

Running from March 1 to September 1, the campaign aims to support the youngsters and students to connect with enterprises having recruitment demands, while bringing more employment and internship chances to them, said Deputy Secretary of the chapter Tran Quang Hung.

Hung said that the campaign will assist 5 million young people in Hanoi and Hai Duong and Vietnamese students abroad to seek suitable employment, while helping them design curriculum vitae and necessary job applying skills.

Besides, it will support colleges and universities to link with companies having recruitment demands on TopCV.vn.

A number of online job bazaars will be organised, while a series of online training courses will be held to equip job seekers with skills to apply for employment, added Hung./.

PM asks for timely, transparent COVID-19 vaccine distribution

Prime Minister Nguyen Xuan Phuc has asked the Health Ministry to take responsibility for importing, receiving and distributing COVID-19 vaccines in a timely and transparent manner in line with instructions of the Politburo and Party Central Committee’s Secretariat.

The request was noted in Notice No.31/TB-VPCP dated February 25 along with other instructions that the Government leader made at a meeting of permanent Government members on pandemic prevention work.

The Health Ministry must work with the Foreign Ministry, especially Vietnamese embassies abroad, to access vaccine suppliers.

Vaccination for priority cases must be conducted quickly in accordance with the Government’s Resolution.

The PM also agreed with proposals by a number of localities including Hanoi and Hai Phong on buying vaccines using private financial sources.

Authorities of centrally-run cities and provinces are required to take the initiative in adopting suitable prevention and control measures based on the level of risk in each area, while ensuring smooth flows of goods, production and trade, thus minimizing negative impacts on trade and production and people’s lives.

The PM also demanded the strict enforcement of the 5K principle, especially the wearing of face masks, and pandemic prevention rules at workplaces, factories and trade and public facilities.

Authorities of pandemic-hit localities, especially Hai Duong and Hai Phong, must continue contact tracing, quarantining and testing in order to prevent any outbreak from spreading.

The Transport Ministry was assigned to partner with the Ministry of Industry and Trade (MoIT) and the Health Ministry to issue regulations on ensuring safety in transportation to/from and in pandemic-hit areas, particularly in key economic areas such as Hai Phong, Quang Ninh and Hai Duong.

The MoIT will be responsible for working with the Ministry of Agriculture and Rural Development and the Health Ministry to regulate the procedures for buying farm produce from pandemic-affected areas.

The PM assigned Deputy Prime Minister Pham Binh Minh to direct the repatriation of citizens from abroad and conduct timely quarantine in line with regulations./.

First 35 volunteers receive injections of home-grown COVID-19 vaccine in second-stage trial

The first 35 volunteers received injections of the home-grown Nano Covax in the second phase of human trial at the Military Medical University on February 26.

Developed by the Nanogen Pharmaceutical Biotechnology JSC and the Military Medical University, Nanocovax is Vietnam’s first COVID-19 vaccine to reach the human trial stage.

The 35 volunteers were chosen among about 300 people who registered to participate in the second-stage trial of the vaccine at the University after undergoing rigorous medical examinations. They are divided into three groups for receiving three different doses of 25mcg, 50mcg and 75mcg, and one group with five people getting placebo.

According to a representative from the University, a total 560 volunteers, aged 18-60, including those with several diseases such as hypertension, dyslipidemia and diabetes, among others, will participate in the second-stage trial, which is carried out in Hanoi and the Mekong Delta province of Long An.

Lieutenant-General Do Quyet, Director of the Military Medical University, said since the trial sees the participation of volunteers with underlying health conditions, competent authorities have been prepared for all scenarios and ensure safety for all volunteers.

Results of the trial will be announced in May 2021 before preparing for the third-stage trial during which only one single shot of the vaccine will be administered to 10,000-15,000 people from both domestic and foreign pandemic-hit regions, Quyet added.

Present at the second-stage trial of Nano Covax at Military Medical University, Deputy Prime Minister Vu Duc Dam encouraged the volunteers and the medical workers, while expressing his firm belief in the ability of the Vietnamese scientists in successfully developing COVID-19 vaccines.

The first-stage trial of the Nano Covax vaccine showed that it is likely to be effective against B117 variant from the UK.

Vietnam is one among 40 countries in the world that have started human trials of a COVID-19 vaccine, after successfully producing coronavirus test kits early into the pandemic.

The country also has several other COVID-19 candidate vaccines being developed, which are IVAC by the Institute of Vaccines and Medical Biologicals, VABIOTECH by the Company for Vaccine and Biological Production No 1, and POLYVAC by the Centre for Research and Production of Vaccines and Biologicals./.

First Hanoi market to be installed with solar panels

The government of Hanoi has approved a pilot project to install rooftop solar power panels for the iconic Dong Xuan Market in Hoan Kiem District, making it the first wet market in the capital city to be equipped with the solar power system, aimed at saving energy and reducing carbon dioxide emissions.

The market will be installed with 600 solar panels, which account for 18% of total area of the market’s roof. The system will generate 198 kWp of electricity.

The project is funded by the German non-profit limited company Engagement Global’s Servicestelle Kommunen in der Einen Welt (SKEW) through the following activities: enhancing the qualification and skills of employees of the district, which is in charge of operating and managing the pilot project using renewable energy; protecting the environment, saving energy, and using clean energy.

The project requires over 274,000 euros (US$333,000) in investment, with over 246,000 euros being provided by the German firm and the remaining amount being mobilized from legal sources by the district’s government. The project would be implemented from the date it was approved by the authorities to November 30, 2022.

After the pilot project is completed and proves effective, Hanoi will scale up the project to other places in the district.

Further, the government of Hanoi tasked the departments of Science and Technology, Industry and Trade, Natural Resources and Environment, Police and the Hanoi Power Corporation with instructing the project’s investor to conduct investment procedures, electricity connection, measuring and pricing activities in line with the prime minister’s decision on encouraging the development of solar power in Vietnam.

Trial on violations at Phu Tho ethanol plant to open on March 8

The Hanoi People’s Court will open a 10-day trial on March 8 to hear a case of violations of regulations on investment in construction works, causing serious consequences, at an ethanol plant in the northern province of Phu Tho.

The 12 defendants include former Chairman of the Board of Directors of the Vietnam National Oil and Gas Group (PetroVietnam) Dinh La Thang, former Chairman of the Board of Directors and former General Director of the PetroVietnam Construction JSC (PVC) Trinh Xuan Thanh, former General Director of the PetroVietnam PetroChemicals and Biofuel JSC (PVB) Vu Thanh Ha, former General Deputy Director of PetroVietnam Tran Thi Binh, former General Director of PVC Pham Xuan Dieu, former Deputy General Director of PVC Nguyen Ngoc Dung, former head of PVC’s economic and planning board Do Van Quang, former deputy head of PVB’s investment office Nguyen Xuan Thuy, former deputy head of PVB’s commercial office Khuong Anh Tuan, former head of PVB’s business office Le Thanh Thai, former chief accountant at PVB Hoang Dinh Tam, and Chairman of the Board of Directors and General Director of the Kinh Bac Petroleum Construction and Investment JSC Do Van Hong.

Trinh Xuan Thanh has been charged with “violating regulations on investment in construction works, causing serious consequences”, under Article 224, Clause 3 of the Criminal Code 2015, and “abusing position and power while performing duties” under Article 356, Clause 3.

Do Van Hong has been charged with “abusing position and power while performing duties”.

The 10  remaining defendants are facing charges of “violating regulations on investment in construction works, causing serious consequences”.

According to the indictment, Thang signed a resolution to approve the investment in the project in October 2007. With Thanh’s support, PVC/Alfa Laval/Delta-T joint contractors, who had no previous experience in carrying out ethanol projects, were assigned to be in charge of the project.

As a result, the project was continuously lagged behind schedule and stopped in March 2013 with no construction items done.

Wrongdoings of the defendants were said to cause a loss of more than 543 billion VND (23.49 million USD) for PVB./.

Vinh Phuc moves towards sustainable population development

The northern province of Vinh Phuc plans to have its entire population managed by the national population database system.

Under the province’s population strategy in the 2021-2025 period, it will provide health insurance and offer medical examinations and treatment to all elderly people at home and in healthcare facilities.

Vinh Phuc aims to maintain a reasonable age structure, with the ratio of children under 15 years old to be 23.5 percent and people aged 65 and over to be 9 percent.

It will bring the fertility rate closer to the replacement fertility level, increase the rate of women of reproductive age having convenient access to modern contraception and support in reproductive health to 95 percent, and halve the number of unwanted pregnancies.

The province aims to have 70 percent of young men and women obtaining health advice and check-ups before marriage, 50 percent of pregnant women being screened for at least four of the most common birth defects, and 70 percent of new-born babies being screened for at least the five most common congenital diseases.

It expects to see life expectancy of 75 years, while the urban population rate is to stand at 50 percent of the total.

The province is working to fully tap into its “golden population structure”, adapt to population aging, and improve quality of the population, thus contributing to its socio-economic development.

To reach these targets, provincial authorities will focus on improving mechanisms, policies, and laws on population, and bolstering the quality of population-related services.

It also has policies to encourage organisations, businesses, individuals, and production and distribution establishments to provide population-related services./.

Investors confident in Vietnam’s innovative startup ecosystem

Investors are confident in the potential of Vietnam’s innovative startup ecosystem, and believe the country will become a big investment market in the region and the world, according to head of the Vietnam representative office of Genesia Ventures, an investment fund of Japan, Hoang Thi Kim Dung.

According to a report published by Do Ventures – a venture capital fund that focuses on making investments in tech startups in Vietnam and Southeast Asia – in 2020, Vietnam’s innovative startup ecosystem ranked third in Southeast Asia, after Singapore and Indonesia.

Vietnam’s national innovation startup ecosystem is likely to earn a berth in the top 15 emerging ones in the Asia-Pacific region by 2030, the report said.

The Prime Minister in 2016 approved a project to support the national innovative startup ecosystem through 2025 under Decision No. 844/ QD-TTg (Project 844), which was designed to promote and support the formation and development of startup projects or startup enterprises and urgently complete the legal system to support innovative startups.

To further promote the development of Vietnam’s innovative startup ecosystem in an intensive manner, recently the PM has approved the amending and supplementing of a number of articles in Decision No 844/QD-TTg.

Vietnam hopes to establish international cooperation programmes with partners in at least five prestigious innovative startup ecosystems in the world by 2025, and attract more foreign resources to support domestic innovation startups.

According to statistics from the Project 844’s office, there are nearly 100 venture capital funds in Vietnam, including about 20 domestic funds. Each investment fund has different networks and strengths, so startups need to thoroughly research and group potential investors in accordance with their development orientation and goals./.

Vietnamese airlines gear up to transport COVID-19 vaccine

National flag carrier Vietnam Airlines and Bamboo Airways have said they are well prepared for the transport of COVID-19 vaccines for local pandemic prevention.

Bamboo Airways have put necessary resources in place for a couple of months, including the best possible means of transport, standardised vaccine storage, and effective arrangement of human resources.

A representative from the carrier said that wide-body aircraft Boeing 787-9 Dreamliner will be deployed for the mission, while staff with considerable experience will serve on the flights carrying COVID-19 vaccines.

Rehearsal was held regularly to ensure smooth transport of the vaccines, the representative said, adding logistics services, warehouses and refrigerated containers are ready for the mission as well.

Bamboo Airways also has experience in transporting critical goods to Northeast Asia, Europe, the Middle East and Australia. The carrier has receive good response from its customers and logistics firms.

In the meantime, Vietnam Airlines has proposed it be officially permitted by authorised health agencies to transport COVID-19 vaccines from overseas.

The carrier said it has prepared all necessary resources to meet the strictest requirements on vaccine transportation by air. It has sufficient logistics services, modern cold storage systems, and trained human resources that meet international standards.

It is ready to introduce refrigerated container services for carrying vaccines, as poor preservation can affect quality and efficiency.

The carrier will also set up a specialised unit to perform these tasks.

Vietnam Airlines also has experience in transporting medical supplies, such as medicine and surgical instruments, as wells organs for transplant, even in time-sensitive emergencies.

It can deploy a fleet of wide-body aircraft such as Airbus A350s and Boeing 787s to transport large quantities of vaccines.

Transporting COVID-19 vaccine is seen as a century mission of the global aviation sector.

In Vietnam, ensuring sufficient COVID-19 vaccine supply in 2021 is a priority of the Ministry of Health and competent ministries and sector.

The Ministry of Health said it is working to secure 90 million COVID-19 doses this year, and to implement the biggest vaccination drive in Vietnam’s history./.

Australian-funded course helps improve social work for abused women, children amid COVID-19

More than 30 consultants and social workers, on February 26, began a three-day Australian-funded course that helps them improve their work toward abused women and children during the current time of pandemic.

Sponsored by the Australian Government, the course is co-organised by the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) and Vietnam’s Centre for Women and Development (CWD) as part of a project on emergency response to violence against women and children amid COVID-19.

Participants are currently working at the CWD in Ho Chi Minh City and Da Nang, as well as hospitals and social centres in the two cities.

During the training session, they will be provided with knowledge and skills to identify symptoms of stress and types of psychological trauma as well as practice some first aid and psychological care methods.

Statistics showed that, in the context of the pandemic, the rate of violence against women and children in Vietnam and in the world has increased by between 30 and 300 percent.

Nguyen Thi Thu Hoai, a social worker at CWD, said amid surging number of calls to a CWD hotline for abused women and children in conjunction with the pandemic happening, knowledge from the course will help her better approach and support the victims to soon ease their trauma./.

Vice President presents title of “People’s Doctor” to five doctors

A ceremony was held in Hanoi on February 26 to present the title of “People’s Doctor” to five lecturers of the Hanoi Medical University on the occasion of the Vietnamese Doctors’ Day (February 27).

Vice President Dang Thi Ngoc Thinh presented the title of “People’s Doctor” to Associate Prof. Dr. Tran Huu Binh; Associate Prof, Dr. Doan Quoc Hung; Associate Prof. Dr. Nguyen Quang Tuan; Associate Prof. Dr. Nguyen Huu Uoc, and Associate Prof. Dr. Nguyen Kim Viet. They are former and incumbent leaders of important faculties and institutes of different central hospitals.

Associate Prof. Dr. Doan Quoc Hung, Vice Principal of the Hanoi Medical University, said that he is proud of his contributions to the health sector and the caring for people’s health and the community as a doctor and a teacher.

Authorities of Saint Petersburg city updated with result of 13th National Party Congress

The Party Central Committee’s Commission for External Relations held a teleconference on February 25 to inform authorities of Saint Petersburg city and several agencies in Russia about the results of the 13th National Party Congress.

Speaking at the event, head of the commission Hoang Binh Quan briefed the participants on the freshly-concluded congress’s main outcomes, including the review of the implementation of the 12th congress’ Resolution, achievements during 35-year reform and 30-year implementation of the Platform on national development.

He also shared vision, goals, development orientations, tasks and measures decided by the 13th National Party Congress and personnel work.

About external policy for the tenure of the Congress, he affirmed that Vietnam continues the consistent external policy of independence, self-reliance, multilateralisation and diversification of external relations, active and proactive global integration, while maintaining an environment of peace and stability, and further improve Vietnam’s position and prestige on international arena.

The Vietnamese Party and State consistently treasure traditional ties and comprehensive strategic partnership with Russia, he said.

Participants said documents at the Congress reflect the strong will of the Vietnamese Party and people for a country of prosperity and well-being for citizens. They also highly valued Vietnam’s achievements in the cause of national construction and development.

Vice Governor of Saint Petersburg N.Bondarenko vowed to work with Vietnam to improve the efficiency of bilateral cooperation, step up practical projects in the fields of economy, trade, investment, tourism and people-to-people exchange, especially among the young generation.

Both sides also discussed orientations and several specific cooperation plans in the near future./.

Da Nang working to preserve, develop Cham relics

Leaders in the central city of Da Nang recently handed over a certificate to authorities in Hoa Tho Dong ward in Cam Le district recognising the Cham Phong Le archaeological site as a city-level relic, in an effort to improve the management and preservation of the site.

Vice Chairman of the municipal People’s Committee Le Quang Nam said the city is now home to two national special, 17 national, and 60 city-level relics.

Of these, only Cham Phong Le is named an archaeological relic, demonstrating its importance and exceptional values.

Excavations and studies reveal it is a large-scale architectural construction and part of the Cham tower system in the central region. The lives of Cham people in Amaravati land, as they called the area around Da Nang, between the 10th and 12th centuries are reflected through unearthed exhibits.

Nam took the occasion to request that Cam Le district leaders, people, and relevant agencies work together in the conservation and development of the relics.

The site was discovered by local residents in April 2011. The foundations of a brick construction and other elements were then found during an excavation by the Da Nang Museum of Cham Sculpture.

After three excavations on nearly 790 sq m, the entire scale and basic structure of a large Cham tower was exposed.

It is believed to be have been built by the Cham in early 10th century and remained a place of worship until the 12th century at least.

The Champa Kingdom, from where the Cham ethnic minority people originated, ruled what is today Vietnam’s central coastal region between the 4th and 13th centuries.

They built a range of distinctive towers across the kingdom. Some still stand today, such as Po Nagar in Nha Trang, Khanh Hoa province, Po Klong Garai and Po Rome in Ninh Thuan province, Nhan tower in Phu Yen province, and, especially, the 21 towers at the UNESCO-recognised My Son Sanctuary in Quang Nam province./.

Vice President presents title of “People’s Doctor” to five doctors

A ceremony was held in Hanoi on February 26 to present the title of “People’s Doctor” to five lecturers of the Hanoi Medical University on the occasion of the Vietnamese Doctors’ Day (February 27).

Vice President Dang Thi Ngoc Thinh presented the title of “People’s Doctor” to Associate Prof. Dr. Tran Huu Binh; Associate Prof, Dr. Doan Quoc Hung; Associate Prof. Dr. Nguyen Quang Tuan; Associate Prof. Dr. Nguyen Huu Uoc, and Associate Prof. Dr. Nguyen Kim Viet. They are former and incumbent leaders of important faculties and institutes of different central hospitals.

Associate Prof. Dr. Doan Quoc Hung, Vice Principal of the Hanoi Medical University, said that he is proud of his contributions to the health sector and the caring for people’s health and the community as a doctor and a teacher.

Australian-funded course helps improve social work for abused women, children amid COVID-19

More than 30 consultants and social workers, on February 26, began a three-day Australian-funded course that helps them improve their work toward abused women and children during the current time of pandemic.

Sponsored by the Australian Government, the course is co-organised by the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) and Vietnam’s Centre for Women and Development (CWD) as part of a project on emergency response to violence against women and children amid COVID-19.

Participants are currently working at the CWD in Ho Chi Minh City and Da Nang, as well as hospitals and social centres in the two cities.

During the training session, they will be provided with knowledge and skills to identify symptoms of stress and types of psychological trauma as well as practice some first aid and psychological care methods.

Statistics showed that, in the context of the pandemic, the rate of violence against women and children in Vietnam and in the world has increased by between 30 and 300 percent.

Nguyen Thi Thu Hoai, a social worker at CWD, said amid surging number of calls to a CWD hotline for abused women and children in conjunction with the pandemic happening, knowledge from the course will help her better approach and support the victims to soon ease their trauma./.

GEF-funded project proves effective

The “Energy Efficiency Improvement in Commercial and High-Rise Residential Buildings in Vietnam” (EECB) project is expected to complete some of its commitments in 2021.

Funded by the Global Environment Facility (GEF) through the UN Development Programme (UNDP), the project’s goals are to reduce the intensity of greenhouse gas emissions from Vietnam’s building sector and to improve energy utilisation at commercial and high-rise residential buildings in HCM City and Hanoi.

Completion will be achieved through the implementation of the three following components: improved enforcement of energy efficiency building codes, building market development support initiatives, and building EE technology applications and replications.

Each component comprises a number of complementary activities designed to remove barriers to the stringent enforcement of the revised EEBC, and for the greater uptake of energy-efficient technologies, systems, and practices in commercial and residential buildings.

Vu Ngoc Anh, Director of the Science and Technology and Environment Department at the Ministry of Construction, who is also EECB director, said the project will complete mechanisms recognising energy consumption and announcing information on energy consumption, along with documents guiding the design, construction, and assessment of energy-efficient projects.

It has already studied energy consumption at 250 projects and recognised energy-efficient facilities. Many training courses within its framework have been organised nationwide.

The project fulfilled 11 of 14 set targets, including major targets like providing consultation for the national target programme on the economical and efficient use of energy, and contributing opinions on the Law on Construction.

The project is supporting the Ministry of Construction in amending a decree on the management of projects and their quality, and other documents.

UNDP Deputy Resident Representative in Vietnam Sitara Syed said relevant parties have made great efforts over recent times. But, she added, they need to further their close coordination and flexibly adopt different solutions to optimise results brought about by the project./.

Ca Mau: Nam Can crab, U Minh Hot Pot named among Vietnam’s Top 100 specialties

A species of crab in Nam Can district and a fish sauce hot pot in the U Minh Forest in the southernmost province of Ca Mau have been listed among the Top 100 specialties in Vietnam in 2020-2021 by the Vietnam Record Organisation (Vietkings).

Ca Mau dried shrimp and U Minh honey, meanwhile, are in the Top 100 Vietnamese specialty gifts.

The specialties will be granted certificates at an event on April 24 in Ho Chi Minh City.

Over the past 10 years, Vietkings has sought and promoted Vietnamese cuisine, contributing to elevating the Vietnamese catering and tourism industries./.

VFF Central Committee gives guidance on introducing candidates for upcoming elections

The Vietnam Fatherland Front (VFF) Central Committee’s Standing Board has issued a guiding document on the organisation of negotiations to introduce candidates for election to the 15th National Assembly (NA) and People’s Councils at all levels in the 2021-2026 tenure and election campaigns in localities hit by COVID-19.

Localities are instructed to hold the elections flexibly in accordance with the situation on the ground, ensuring the strict implementation of COVID-19 prevention and control measures.

Along with direct meetings, localities can choose other formats to collect voters’ opinions, such as online conferences or via email, SMS, mobile apps such as Zalo and Viber, and the post.

Earlier, on February 20 in Hanoi, Vice President and General Secretary of the VFF Central Committee Hau A Lenh and Vice President of the VFF Central Committee Nguyen Huu Dung co-chaired a meeting on guiding procedures to introduce candidates from central agencies, organisations, and units.

In the final step, an expanded meeting of leaders of the agency, organisation, or unit will be convened to discuss and make a final decision on the candidates to be introduced.

Candidates must complete documents for nomination by 5pm on March 14.

Addressing the meeting, Lenh said that from March 18, the VFF Central Committee Presidium will organise the second round of negotiations to discuss and make a list of candidates running for a seat at the 15th legislature.

The elections of deputies to the 15th NA and People’s Councils at all levels will take place in May./.

Nearly 300 volunteers in Long An engage in second-stage trials of Nano Covax

Nearly 300 volunteers in the Mekong Delta province of Long An are set to receive injections of Nano Covax in the second-stage human clinical trials of the COVID-19 vaccine candidate from Vietnam.

The Ministry of Health began the second phase of human trials at the healthcare centre of Ben Luc district on February 26.

The volunteers, chosen from more than 800 people who registered to take part, consist of two age groups: from 18 to 60 and over 60.

They will receive two doses of either the vaccine or the placebo AIPO4, with an interval of 28 days. Each volunteer will be monitored for 12 months after the first dose.

Volunteers receiving jabs on the morning of February 26 will receive the second dose in late March.

The research outcomes of these second-phase trials will be available in late April.

The second stage human trials of Nano Covax are also underway in Hanoi.

Developed by the Nanogen Pharmaceutical Biotechnology JSC and the Hanoi-based Military Medical University, Nano Covax is Vietnam’s first COVID-19 vaccine to reach the human trial stage.

According to a representative from the university, a total of 560 volunteers, including those with other ailments such as hypertension or diabetes, among others, will participate in the second-stage trials in both localities.

Lieutenant-General Do Quyet, Director of the Military Medical University, said that since the trial is seeing the participation of volunteers with underlying health conditions, relevant authorities are prepared for all possible scenarios and will ensure the safety of all volunteers.

The first-stage trial of the Nano Covax vaccine showed that it is likely to be effective against the B117 variant from the UK.

Vietnam is one of 40 countries and territories in the world to have begun human trials of a COVID-19 vaccine, after successfully producing coronavirus test kits early in the pandemic.

The country also has other COVID-19 candidate vaccines being developed: IVAC from the Institute of Vaccines and Medical Biologicals, VABIOTECH from the Company for Vaccine and Biological Production No 1, and POLYVAC from the Centre for Research and Production of Vaccines and Biologicals./.

Source: VNA/VNS/VOV/VIR/SGT/Nhan Dan/Hanoitimes

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Vietnam determined to fulfil socio-economic development goals in 2021

January 14, 2021 by en.nhandan.org.vn

Despite facing unprecedented difficulties and challenges due to the COVID-19 pandemic, along with the negative impacts of climate change, last year Vietnam still maintained positive economic growth in the context of a severe global economic recession and overall negative global growth of 4%. Moreover, the country still realised quite comprehensively the goals set out not only for 2020 but also for the 2016-2020 period with many new outstanding efforts.

Bright spot in global growth

Vietnam’s great success in a turbulent year was fulfilling a “dual goal” of both effectively controlling the epidemic and maintaining economic growth. Minister of Planning and Investment Nguyen Chi Dung said that 2020 is to be considered a year of great difficulties and challenges for all countries, including Vietnam, due to COVID-19. However, with drastic and effective solutions in realising the above-mentioned dual goal, Vietnam still achieved positive results while maintaining positive economic growth.

2020 was also the last year in the national socio-economic development plan for 2016-2020, a period in which Vietnam overcame many challenges to achieve important and comprehensive progress across most fields. These can be mentioned as the whole country focused on coping well with COVID-19, thereby creating favourable conditions for socio-economic recovery and development. The macro economy was stable, inflation was controlled at a low level, and the quality of growth was improved. More investment was poured into socio-economic infrastructure system development, with many important works and projects completed last year. Economic restructuring associated with growth model innovation was accelerated and achieved significant results, along with administrative reform and the improvement of the business environment. Foreign affairs and international integration activities were actively promoted and achieved important results.

Data from the General Statistics Office showed that GDP in 2020 increased by 2.91%, although this was the lowest rate in the recent decade but still a great success in the context of the complicated COVID-19 epidemic, placing Vietnam in the group of countries with the highest economic growth in the world.

Notably, the quality of economic growth had a positive change as labour productivity is estimated at VND117.9 million per employee (equivalent to US$5,081/employee, up US$290 compared to 2019). The Incremental Capital-Output Ratio (ICOR) also continues to be improved. The added value of the whole industrial sector increased by 3.36% over the previous year, of which, manufacturing increased by 5.82%, playing a key role in leading the overall growth of industry and the economy in general. Public investment disbursement reached 91.1% of the yearly plan with the highest capital growth rate in the past 10 years.

In the context of global trade and investment breaking down due to the impact of the epidemic, the attraction of foreign investment into Vietnam decreased less than the global decline, while total export turnover still increased by 5.1% and a trade surplus was maintained at a record figure of US$19.1 billion, the highest in five years.

With these impressive growth results, Vietnam has become a bright spot in global economic growth. This has been recognised through the simultaneous adjustment to raise the forecast of Vietnam’s economic growth in 2020 by prestigious international financial institutions. For example, the World Bank (WB), in its review report published at the end of December last year, raised its forecast for Vietnam’s economic growth to nearly 2.8%, while the International Monetary Fund (IMF) adjusted its growth forecast to 2.4% instead of the 1.6% put forward in the third quarter, and the Asian Development Bank also raised its forecast for Vietnamese economic growth from 1.8% to 2.3%.

According to the IMF, the scale of Vietnam’s economy has now reached more than US$340 billion, among the top 40 economies in the world, equal to or surpassing some highly developed economies in the region. British magazine The Economist ranked the country in the top 16 most successful emerging economies in the world. According to WB data, with an average economic growth rate of 6.8% a year during the 2016-2019 period, Vietnam is among the top 10 highest growing countries in the world.

The Government’s report on economic development in 2020 and the 2016-2020 period emphasised that one of the highlights of Vietnam’s current economic growth is that it has been much more inclusive, not just in urban but also rural areas, not only in the deltas but also in mountainous and border areas and on islands. Economic growth no longer depends overly on any one economic sector. In addition to the state-owned enterprise sector and foreign-invested enterprises, the role of the private economic sector is gradually being confirmed as an important driving force for the country’s development as stated in Resolution No. 10 NQ/TW of the 12th Party Central Committee. Vietnam’s economic growth also does not focus on only a few economic sectors, as the structure of industry, services, and especially agriculture all play the same role and make important contributions to the whole picture.

Boosting economic recovery, regaining growth momentum

Resolution No. 124/2020/QH14, issued by the National Assembly on the socio-economic development plan in 2021, states that the international and domestic situation is forecast to see a mixture of both opportunities and difficulties, of which, the COVID-19 pandemic continues to be the main negative factor across many fields. In that context, it is necessary to focus on effectively implementing the dual goals of both preventing and combating the epidemic and protecting the people’s health, while boosting socio-economic recovery and development on the basis of maintaining macroeconomic stability, controlling inflation and ensuring an economic balance. Other tasks include strongly promoting economic restructuring associated with growth model innovation, improving productivity, autonomy and competitiveness, and strongly developing the domestic market, in addition to accelerating the implementation of important national projects, promoting the role of key economic regions and big cities, and strengthening the digital transformation.

In 2021, Vietnam’s economic growth is expected to rebound strongly on the solid foundation of macroeconomic stability and maintain positive growth, despite the unprecedented damage caused by the COVID-19 pandemic. There are multiple challenges in the current situation, but the Government is determined to increase GDP growth to 6.5%, 0.5 percentage points above the target assigned by the National Assembly.

Dr. Nguyen Dinh Cung, a member of the Economic Advisory Group of the Prime Minister, said there is still room for growth in 2021. With the right solutions, Vietnam’s economy may achieve more positive growth. The key task for 2021 is to speed up economic recovery even more with a focus on encouraging the development of new businesses and careers in addition to continuing support policies to save troubled businesses from bankruptcy due to the impact of COVID-19.

According to Dr. Cung, improving the business environment was also a highlight during the 2016-2020 period with the inheritance of Resolution No. 19 but being much broadened and focusing more on removing barriers for business freedom across all areas. However, the business environment reform in 2020 faltered because it was no longer urgent task as the Government focused on pandemic control. In 2021, the task of reforming the business environment should be promoted to create conditions for the business community to recover and develop, thereby promoting economic growth.

Associate Professor, Dr. Tran Dinh Thien, Chairman of the Economic Advisory Council to the Vietnam Fatherland Front Central Committee, said that Vietnam’s economic growth at 2.91% in the past year should be considered a miracle, because while all major economies recorded negative growth, the Vietnamese economy, with its very high level of openness, should have been more affected by external shocks as the world’s supply chains broke down, but it overcame the challenge successfully.

Maintaining macroeconomic stability and positive growth is an important foundation for Vietnam’s economy to recover strongly from the pandemic, Dr. Thien said, suggesting that in this crisis, Vietnam needs to make use of the opportunity to take a step forward in its development, by adhering to growth model innovation, innovative startup promotion policies, and synchronous digital transformation in both the business community and State management.

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Vietnam’s 2020 achievements stand out against pandemic backdrop

February 15, 2021 by ven.vn

vietnams 2020 achievements stand out against pandemic backdrop
Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh

Last year brought unprecedented change, but Vietnam’s external activities were implemented effectively in both bilateral and multilateral respects. Could you highlight Vietnam’s achievements in 2020?

2020 was a special year with the regional and global situation changing quickly and the Covid-19 pandemic affecting all aspects of life. Under the leadership of the party, the entire political system fully fulfilled the dual task of fighting the Covid-19 pandemic and maintaining a stable environment for socioeconomic development. External activities were implemented effectively in both bilateral and multilateral respects. Vietnamese leaders conducted more than 33 phone talks with leaders of various countries to discuss strengthening relations.

Vietnam successfully performed the roles of ASEAN Chair 2020, Chair of the 41st ASEAN Inter-Parliamentary Assembly (AIPA) and non-permanent member of the UN Security Council for the 2020-2021 tenure.

The country also saw progress in international economic integration with the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA), the Regional Comprehensive Economic Partnership (RCEP), and a free trade agreement with the UK.

The protection of Vietnamese citizens abroad was ensured by providing flights to safely bring home Vietnamese citizens from countries and territories worldwide.

What were Vietnam’s imprints as ASEAN Chair 2020?

According to the assessment of the international community, ASEAN countries and public opinion, Vietnam performed remarkably well its role as ASEAN Chair 2020. The country put forward 32 initiatives and 28 of them were written into documents.

ASEAN was one of the few regional organizations quickly adapting to the new normal. Vietnam, as ASEAN Chair 2020, organized special meetings on Covid-19 within ASEAN and between ASEAN and partners, and achieved four major targets – setting up an ASEAN fund for Covid-19 response, developing a regional reserve for medical supplies, devising plans to deal with the pandemic, and providing a post-pandemic recovery framework.

Vietnam changed the mode of meeting and working, with more than 550 meetings going online. The change was accomplished quickly and efficiently to make sure of achieving the political-security, economic and cultural-social agenda.

vietnams 2020 achievements stand out against pandemic backdrop
Prime Minister Nguyen Xuan Phuc speaks at the opening ceremony of the 36th ASEAN Summit

What are Vietnam’s 2021 foreign relations priorities?

The regional and global situation will see more volatile changes. Therefore, Vietnam will continue to consolidate and deepen its ties with other nations, especially neighboring countries and strategic and comprehensive partners.

The country will pursue further international integration in its capacity on the UN Security Council. Within ASEAN, Vietnam will strive to promote the agenda of the Chairmanship Year 2020.

With the implementation of free trade agreements and the further signing of new trade deals, Vietnam needs to perform in an effective manner in order to make good use of incentives offered by these deals.

The highest priority remains upholding a peaceful and stable environment, and protecting independence and sovereignty over islands and sea.

Recorded by Thu Phuong

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Vietnam capable of overcoming unprecedented Covid-19 crisis: ADB

September 3, 2020 by hanoitimes.vn

The Hanoitimes – Most countries that fended off the first Covid-19 wave and reopened their economies such as South Korea, Japan, and Vietnam, are now facing a second wave.

“Vietnam has the right capability and creativity to deal with the Covid-19 crisis efficiently,” Nguyen Minh Cuong, principal country economist of the Asian Development Bank (ADB) in Vietnam, told Hanoitimes .

Principal Country Economist of the ADB in Vietnam Nguyen Minh Cuong.

What is your assessment of Vietnam’s achievements in socio-economic development, especially since the Doi moi (Reform) in 1986?

Vietnam has four major achievements in socio-economic development:

Firstly , Vietnam has been able to maintain a rapid, consistent, and comprehensive economic development since 1986. This is a considerable feat, in my point of view. Indeed, Vietnam’s development is only behind China in terms of stability, and much better than regional peers.

It is worth mentioning that Vietnam did not rely purely on any single driving force for growth. And the country’s inclusive growth translates into benefits for all economic participants.

Secondly, Vietnam’s success in eradicating poverty has been recognized widely by international communities and organizations, including the ADB, the World Bank and UNDP. In a short period of time, Vietnam’s GDP per capita had surged from an extremely low point of US$100 to US$2,700 in 2019.

As a result, the rate of poverty plunged from 60% in the 1990s to around 6% in 2019, which, I suppose only Vietnam and China are capable of making this accomplishment. Notably, Vietnam has fulfilled the Millennium Development Goals (MDSs) in eradicating extreme poverty and hunger in 2005, ten years in advanced of its deadline.

Thirdly, Vietnam has successfully transitioned from a centrally planned to a market economy. During this process, many key economic sectors have been restructured to become compatible with the market mechanism. Especially, the agricultural sector embraced a fundamental change and permitted farmland use right transfer.

Another key aspect is the business reform effort. In 1990, four years since the Doi moi, the introduction of the Law on Private Enterprises and the Law on Enterprises after that served as the platform for the development of a market economy in Vietnam.

Fourthly, Vietnam has actively integrated into the global economy. This integration process has been carefully planned and implemented step by step, and began with the country’s entry into ASEAN in 1995, and later APEC in 1998, WTO in 2007. Most recently, Vietnam’s international economic integration was accelerated by the signing of the Comprehensive and Progressive Agreement of Trans Pacific Partnership (CPTPP) and the EU – Vietnam Free Trade Agreement (EVFTA).

Vietnam’s efforts showed its consistent open-door policy and mitigated potential negative impacts that countries like Malaysia or Indonesia have gone through during their respective integration processes.

What should Vietnam focus on to maintain a rapid and sustainable economic growth?

Three decades ago, instead of banking on innovation and technologies, Vietnam was highly dependent on natural resources and cheap labor cost for growth, which unfortunately resulted in low labor productivity.

However, at the moment, the country has gained a solid step in improving labor productivity by diversifying growth driving forces, as all economic components have played their parts for growth, be it the agriculture, services, industry, exports or FDI.

For the next phase, Vietnam should further diversify sources for growth, meaning a more balance in contribution between the FDI, state, private sectors or domestic consumption.

In addition, the government should pay more attention to rural infrastructures and address the weak linkages between various transportation models. For instance, the cost of freight from a train station to the expressway could be higher than the fee for taking them from the North to the South.

And the legal framework remains an issue of utmost importance. To illustrate this point, let me give you a simple example. With favorable regulatory mechanisms, traffic participants will still ride on a rough, bumpy road even though it might affect the speed of the traffic stream. On the other hand, there would be no traffic on a road in excellent condition if the mechanism is inefficient.

This showcases the significance in improving the institutional environment, which is directly related to the business environment, the quality of legislation and the subsequent law enforcement process.

What do you think about the government’s efforts in pursuing the dual target of containing the Covid-19 pandemic and simultaneously boosting economic growth?

Until this moment, Vietnam is among a handful of countries that have successfully contained the Covid-19 pandemic. However, there is no doubt that keeping pace with such a dual target is very challenging.

Nevertheless, Vietnam has acted quickly with various relief programs, including financial support for vulnerable people, waiving and freezing of taxes and fees, among others.

Similar to other countries, the issue that Vietnam was facing lied in the implementation process of these programs, which came on the back of the unprecedented scale of the pandemic and its unexpected timing.

I strongly believe that with Vietnam’s experience of dealing with hard decision, i.e. the transition to market economy in 1986 and the decision of joining ASEAN, the country has the right capability and creativity to come up with solutions to mitigate Covid-19 economic impacts in the upcoming months.

Prime Minister Nguyen Xuan Phuc has repeatedly mentioned the necessity of an expansionary fiscal policy to aid the economy. What do you think about the efficiency of this measure and what are your recommendations for the government?

There are similarities between Vietnam’s fiscal policy and that of others in terms of objectives, including support for workers, the business community and economic recovery. Besides, fiscal stimulus packages were offered in a timely manner in March and April, around the peak of the first Covid-19 wave.

A major difference is the scale of the fiscal support, which was dependent on the size of the economy. For example, Singapore’s fiscal stimulus package was around 20% of its GDP, Thailand’s at 10%, Indonesia’s at 7%, Vietnam and the Philippines’ at 4%.

But if we take into account the VND700 trillion (US$30.2 billion), or 10% of Vietnam’s GDP, in public investment funds, the combined figure would be 14% of GDP.

As international practices have demonstrated in case of an unprecedented and dual crisis such as the Covid-19 pandemic, governments tend to not care much about public debt or fiscal deficit and instead adopt a “countercyclical” fiscal policy (increasing spending and cutting taxes during a recession).

Vietnam should give this a thought when dealing with public debt and fiscal deficit amid the current crisis.

Of course these are important matters. But if you look into a broader picture with macro-economic conditions taken into consideration, Vietnam remains a country with high economic stability. This is also a major advantage to attract foreign investors to the country rather than those with lower public debt to GDP ratio, such as the Philippines and Indonesia.

The Vietnamese government has to mull over its economic recovery outlook post-Covid-19, as this is the key for Vietnam to solve the issues of public debt and fiscal deficits. Once the global economy returns to its recovery track, Vietnam would find itself in an increasingly difficult situation to rebound since a massive number of Vietnamese enterprises are already bankrupt, and the unemployment rate is considerably high.

To have a broader perspective in supporting the economic recovery process, Vietnam may need to establish a national committee specialized in dealing with crisis and supporting economic recovery post-crisis. For sure, the issue of economic recovery would be at the center of Vietnam’s socio-economic development plan in the 2021 – 2025 period. Such a committee with specific tasks would be able to see things from multiple facets, not only from a fiscal or monetary perspective, but also from economic restructuring, global integration, and social security, among others.

Thank you very much!

Filed Under: Uncategorized Vietnam, ADB, Nguyen Minh Cuong, Covid-19, Doi moi, Reform 1986, South Korea, Japan, poverty, Coronavirus, ncov, pandemic, ansys 19 capabilities chart, 19 vietnam song

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