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As Vietnam moves toward recovery, the development of a productive and diversified private sector will become more imperative given scarce public resources, international experts have recommended. Workers check bags of instant coffee at Trung Nguyen Co's factory in Bac Giang Province. Building a stronger private sector is key to Vietnam's economic transformation. — VNA/VNS Photo Danh Lam Vietnam has demonstrated leadership and swift action in containing the virus since it broke out in early 2020 which made it one of the few countries in the world to register positive growth last year. However, the latest wave of COVID-19 infections since July this year has dealt a severe blow to business and employment, mirroring the downward pressure on Vietnam’s recovery path. To resume its ambition of realising a high-income growth trajectory by 2045, Vietnam needs to strengthen private sector development to help the country recover from the pandemic and unlock its potential, … [Read more...] about Productive and diversified private sector key to Vietnam’s economic transformation

Customs clearance time for exports shortens The average duration for customs clearance for exports last year stood at 38.4 hours, a decline by 57.38 hours compared to 2019, according to a survey of an inter-sectoral working group. The cost for such procedures averaged 338 USD, falling 81.72 USD against 2019. Meanwhile, the time for imports was 54.8 hours, a drop of 48.88 hours. Total cost for the procedures hit 313.17 USD, plunging 256.41 USD. Document digitalisation is among important reasons that help businesses save time and costs for customs clearance for cross-border trade. The deployment of the Vietnam Automated System for Seaport Customs Management (VASSCM) also facilitates port-related activities. According to the General Department of Vietnam Customs, import and export documents in 2020 amounted to 6.75 million and 6.98 million, respectively. Trading across borders indicator set is part of the World Bank’s annual Doing Business rankings since 2001. The set … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 24

Vietnam is positioned as a strong contender and potential representative for the e-sports competition at the SEA Games this year. Team Flash AOV Vietnam is crowned world champion in the Arena of Valor competition. — Photo courtesy of AWC 2019 Team Flash AOV Vietnam is the first e-sport team in Vietnam to be crowned the world champion for the Arena of Valor (AOV)/Lien Quan mobile e-sports competition. The victory marks Vietnam’s first-ever world championship title in e-sports. Team Flash AOV Vietnam, which includes seven Vietnamese members, beat Taiwan with a score of 4-3 in the final competition at the major e-sports event, Arena of Valor (AOV) World Cup 2019 (AWC 2019). AOV is among the six titles at the SEA Games for e-sports this year, where e-sports will be included as an official medal sport for the first time. Terence Ting, CEO of Team Flash from Singapore, said: “Considering that Vietnam has just been crowned World Champions which includes the wider APAC … [Read more...] about Vietnam is contender for SEA Games’ e-sport competition

Indonesia has agreed to allow Sun Cable's Australia-Asia PowerLink or AAPowerLink route through Indonesian waters (Photo: Sun Cable) Jakarta (VNA) - Indonesia n authorities announced on September 23 that the country had approved a giant solar power link between Australia and Singapore after a 2.5 billion USD investment commitment. Specifically, the country has agreed to allow Sun Cable's Australia -Asia PowerLink or AAPowerLink route through Indonesian waters and approved the undersea survey permit. Addressing a virtual press conference in Jakarta, Indonesian Coordinating Minister of Maritime and Investment Luhut Binsar Panjaitan said this project is expected to have a sustainable impact on the country’s economy through various procurement programmes that will benefit the industry and the government's revenue. AAPowerlink will generate solar electricity from one of the world's biggest solar farm projects and transmit it from Darwin to Singapore starting in … [Read more...] about Indonesia approves solar power link between Australia, Singapore

Flight QH9149 departed Noi Bai International Airport (Hanoi) at 7:55 p.m. (local time) on Sept. 23 and landed at 8:15 p.m. (local time) at San Francisco International Airport (California, U.S.). This is also the first nonstop flight connecting Vietnam and the U.S. operated by Bamboo Airways after it received permission. Bamboo Airways is officially trialing IATA Travel Pass. Before the flight, passengers are required to take a Covid-19 test at Hong Ngoc General Hospital. Licensed by the Ministry of Health, this is currently the only unit in Vietnam designated by IATA. Developed by International Air Transport Association (IATA), IATA Travel Pass is aimed at helping travelers easily and securely manage their travel health credentials in line with government requirements for Covid-19 tests or vaccines. Bamboo Airways officially trials IATA Travel Pass on a flight departing Hanoi for San Francisco on Sept. 23, 2021. Photo by Bamboo Airways Bamboo Airways’ trial of IATA … [Read more...] about Bamboo Airways pilots IATA Travel Pass on special authorization flight connecting Vietnam-US

Businesses from the Republic of Korea (RoK) poured over 2.43 billion USD into Vietnam in the first eight months of 2021, ranking third in terms of total registered capital after Singapore and Japan. According to the Foreign Investment Agency under the Ministry of Industry and Trade, RoK firms invested in 251 new projects worth nearly 759 million USD and pumped an additional 1.18 trillion USD into 179 existing projects. Meanwhile, their capital contributions and share purchases reached 494.46 million USD. With 9,159 valid projects worth 72.34 billion USD, the RoK now is the biggest foreign investor in Vietnam, the agency said. This proves that RoK businesses have great confidence in Vietnam’s investment environment, Vice Chairman of the Vietnam Association of Foreign-Invested Enterprises Nguyen Van Toan told the Cong Thuong (Industry and Trade) newspaper. Despite the complicated developments of the COVID-19 pandemic, the number of newly-registered and capital-added … [Read more...] about Korean firms pour US$2.43 billion into Vietnam in eight months