Month: June 2021

Minister of State for Trade Policy under the UK Department for International Trade Greg Hands and UK Ambassador to Vietnam Gareth Ward visited British University Vietnam’s (BUV) campus and attended the Inauguration Ceremony of BUV’s newly expanded campus area.

During the visit, the Minister and the Ambassador also attended an online meeting with the 2021 British Ambassador’s Scholarship candidates and held a panel discussion with BUV students. In particular, Minister Hands and the Ambassador opened the inauguration ceremony for the expanded learning area of BUV’s Ecopark Campus and toured the newly finished campus expansion which includes modern lecture halls and multi-functional classrooms. With the integration of state-of-the-art educational technologies, BUV will provide an even greater array of study opportunities in an international-standard environment for the young generation of Vietnam.

Located within the BUV Ecopark campus which holds a total investment of up to 70 million USD for its three phases, the newly inaugurated learning area, including specialised practice rooms for such fields as tourism management, international hospitality management, computer science, and computer games design and programming, is fully equipped with the world’s most advanced computer systems and equipment. The area offers students high-quality learning spaces to encourage creative conversation between students and faculty, inspire students to explore and improve their capacity for impactful study and research. The beautiful architecture embedded in the modern and inspirational design of the BUV campus is further developed within this expanded campus area.

During the visit, Minister Hands and Ambassador Ward joined BUV students in a panel discussion at the new lecture hall. According to Minister Hands, with the UK – Vietnam Free Trade Agreement (UKVFTA), which officially came into force this May, the focus of the agreement in 2021 is on strengthening business ties, eliminating trade barriers, and increasing access to services including education. Education holds a special place in the relationship between the two countries, with the UK being among the top five destinations for Vietnamese students to study overseas alongside holding the highest number of joint educational programmes with Vietnam.

In addition, the two officials also shared with students their university experiences, emphasising the importance of innovation and the ability to foresee and enhance practical skills in the next 10 or 20 years. Minister Hands also sent words of encouragement to the students: “Wherever and whatever you choose to study, flexibility and creativity will be more important than ever in the new post-COVID-19 era. Young people like you will lead the way in developing innovative solutions and new ways of working. I believe you have all the tools and capability to do that when graduating from BUV”.

At the end of the reception, Prof. Dr. Raymond Gordon – President of BUV expressed gratitude to Minister Hands and Ambassador Ward. He also emphasised the continuous effort and the commitment of BUV to the mission of bringing world-class British education to Vietnam.

“We will begin further major extensions in 2022. We have an investment plan that will result in more experiential learning spaces, practice-based classrooms and learning technologies. With the development of the strategic educational cooperation policy between UK Government and the Government of Vietnam, BUV students will have the opportunity to experience international volunteering activities, internships, jobs and exchange programmes between Vietnam and the UK,” he said.

Considered as a successful model in the strategic educational cooperation relationship between the two governments of Vietnam and the United Kingdom, BUV was built with the goal of improving both local and international higher education standards.

BUV currently offers 11 undergraduate programmes and one MBA programme, fully taught in English, by 100 percent international faculty and awarded by not only BUV but also two prestigious UK institutions: Staffordshire University (SU) and University of London (UoL). BUV’s training programmes and lecturers are regularly assessed by both universities to ensure that they meet the exacting standards, which are governed by UK Government and endorsed by the Quality Assurance Agency (QAA) who grants permission for degrees to be offered and ensures that the quality of the institutions and their awards are of the highest level./.

Source: Vietnam News Agency

The Ministry of Finance has continued to cut a number of charges and fees to support and remove difficulties caused by the COVID-19 pandemic for businesses and individuals.

The ministry issued Circular No 47/2021/TT-BTC on June 25 to reduce 30 business fees and charges worth around 1 trillion VND (43 million USD), effective from July 1 to December 31, 2021.

Specifically, 29 items have been omitted since 2020 and the first six months of 2021, and one more additional reduction recently took effect for the agricultural sector.

Of which, business registration fees are cut by 70 percent; and corporate information disclosure rates are reduced by 67 percent. Appraisal charges for granting of amendments and supplements for postal operation licences are reduced by 50-70 percent.

Fees for granting operation licences for credit institutions, appraisal charge rates for construction investment projects and 20 out of 22 fees and charges in the securities sector are reduced by 50 percent.

From January 1, 2022, the charge and fee rates specified above shall comply with the original circulars.

The policy is aimed to reduce the financial burden for domestic industries affected by the pandemic, according to the ministry.

It said at present, the pandemic continues to impact countries worldwide and also Vietnam, disrupting the global supply chain and affecting economic development.

Global economic development is forecast to be continuously affected by the pandemic throughout 2021. Many domestic industries and sectors face difficulties, so production and business activities of enterprises are stagnant, especially businesses in the sectors of tourism, aviation and transportation.

Therefore, the ministry has continued to issue circular 47 based on the Resolution No 124/2020/QH14 of the National Assembly on the socio-economic development plan in 2021 and the Government’s Resolution No 01/NQ-CP dated January 1, 2021 on the main tasks and solutions to implement this socio-economic development plan and the state budget estimates in 2021.

According to those resolutions, ministries, sectors and localities promulgate and implement specific policies in line with the developments occurring in the year to remove difficulties and support businesses and people affected by the pandemic.

Previously, due to the impact of COVID-19, the finance ministry issued Circular 112/2020/TT-BTC to reduce 29 fees and charge by 50-100 percent from January 1, 2021, until the end of June 30, 2021.

They included a 50-percent reduction in the citizen identification fee, a 30-percent reduction in fee rates of the health sector, reduction of 10-30 percent in road usage fees for passenger vehicles, and a 10-percent reduction in fee rates relating to food hygiene and safety./.

Source: Vietnam News Agency

The Party Committee of the Central Agencies’ Bloc organised a conference on June 30 to introduce and step up the implementation of the Resolution of its 13th Congress in the 2020-2025 tenure as well as an action programme on the implementation of the 13th National Party Congress’s Resolution.

The content of Party General Secretary Nguyen Phu Trong’s article entitled “A number of theoretical and practical issues on socialism and the path towards socialism in Vietnam” was also briefed at the event.

The online conference was connected with 252 locations, attracting the participation of nearly 6,000 Party members.

Huynh Tan Viet, member of the Party Central Committee and Secretary of the Party Committee of the Central Agencies’ Bloc, said that after each Party congress, studying and implementing the congress’s resolution is a mandatory requirement for Party organisations and Party members.

He expressed his belief that with the determination of the entire Party Committee, the efforts of all agencies and units, and the consensus and solidarity all officials, Party members and employees, the Resolutions adopted at the 13th National Party Congress and the 13th Congress of the Party Organisation of the Central Agencies’ Bloc will soon come to life, helping turn the decisions of the Congresses into reality./.

Source: Vietnam News Agency

Vietnam Report Joint Stock Company has recently announced Vietnam’s Top 10 prestigious and effective public companies in 2021 with six of them in banking and finance sectors including Vietcombank, ACB, VPBank, VIB, MBBank and Techcombank.

Over the past two years, these enterprises have been recognised by economists and investors for their financial strength and communication capacities, their growth potential, level of sustainable development, quality of corporate governance and the positions in their industries.

According to analysts, these above-mentioned banks have helped the banking industry affirm its position as one of the major pillars of Vietnam’s economy as the sector has contributed to regulating financial supply and demand for businesses and individuals, especially in the context of the economy which has encountered many challenges due to the COVID-19 pandemic.

By the end of June 10, 2021, the banking industry accounted for 34 percent of Ho Chi Minh Stock Exchange’s market capitalisation with the stock prices growing 18 percent in one month, 40 percent in three months and 77 percent in six months, respectively.

A JP Morgan report showed that Vietnamese banks offer the best combination of growth and return on equity (ROE) in ASEAN with 18 percent, doubling that of other countries in the bloc.

Analysts said there are three growth drivers for the strong growth of the banking industry in the medium and long term including the strength of the local economy, self-improvement and digital transformation.

Bright prospect of local economy

According to the World Bank, though Vietnam has been affected by the COVID-19 pandemic, the local economy has still gained many positive achievements, demonstrating its sustainable internal strength.

Meanwhile, Vietnam is among the few economies that are predicted to grow positively in the coming years with major drivers being domestic production and consumption and exports. The banking industry, with its role as a financial support for the whole economy, is also forecast to continue growing in resonance with the national economy.

At the same time, Vietnam’s population is expected to reach 120 million people by 2050, an increase of over 20 percent compared to the present, and the proportion of the middle-class will double from 13 percent to 26 percent by 2026. That will open up golden opportunities for banks especially those that have considered retail business as a core area.

Currently, Vietnam International Bank (VIB), Asia Commercial Bank (ACB), Sai Gon Thuong Tin Commercial Joint Stock Bank (STB), Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and Military Commercial Joint Stock Bank (MBBank) are recognised as five leading private banks with the top retail loans.

Notably, VIB and MBBank rank top with compound growth rate of 49 percent and 31 percent respectively over the past five years. VIB has been also considered the leading retail bank as its outstanding retail balance has accounted for over 86 percent of total outstanding balance, of which over 95 percent of retail loans have collateral.

The sector’s strong self-improvement

The banking industry has been experiencing positive changes in recent years. The dynamic business model, the effective application of digital transformation and the significant improvement in internal strength have brought impressive business results.

In addition, the State Bank of Vietnam has accelerated the application of international risk management standards. That has contributed to improving the transparency of information, enhancing the prestige of local banks to domestic and international investors.

Quickly embracing digital transformation

The banking sector’s strong growth in recent years is also attributable to the endless efforts of local banks in quickly embracing digital transformation. These banks which have actively participated in digital transformation will meet the increasing needs of customers while launching new products and services to both better serve their clients and increase their business efficiency.

Among them are VIB, MBBank and Techcombank which have launched digital product packages such as digital accounts, bank cards and completely free digital banking services to better facilitate their customers.

Amid the COVID-19 pandemic, digital solutions offered by these banks have assisted customers who can make transactions and other basic banking services online instead visiting banks’ branches or transaction offices.

Analysts said banks which have a clear digitalisation strategy will soon boost their market share and quickly lead the sector in terms of the growth rate and quality of services offered to customers. That has happened in markets like the US, Australia and Singapore.

They added with the three above-mentioned growth drivers, the sustainable development with many distinctive imprints of the six banks in the Top 10 is expected to be a bright spot for the banking industry and the Vietnamese economy as well in the future./.

Source: Vietnam News Agency

The central city of Da Nang on June 30 announced the appointment of the first Vice Chairman of the People’s Committee of its Hoang Sa island district.

Le Phu Nguyen, Deputy Director of the municipal Department of Home Affairs and Office Chief of Hoang Sa district’s People’s Committee, will serve as Vice Chairman of the district People’s Committee for the 2021-2026 tenure.

Meanwhile, Vo Ngoc Dong, Director of the Department of Home Affairs and Chairman of Hoang Sa district’s People’s Committee in the 2016-2021 tenure, was re-appointed as the district’s Chairman for the 2021-2026 tenure.

Also at the ceremony, the municipal People’s Committee announced decisions on the appointment of six Chairpersons and 13 Vice Chairpersons of the People’s Committees of Hai Chau, Thanh Khe, Lien Chieu, Son Tra, Ngu Hanh Son and Cam Le districts.

The officials will face heavy duties when taking up the leadership of the districts as Da Nang has begun to pilot the urban administration model, said Nguyen Van Quang, Secretary of the municipal Party Committee.

He urged the officials to make every effort to help Da Nang recover and develop amidst the impact of the COVID-19 pandemic, saying it is a must to renew mindset and management methods, while ensuring the observance of the centralised democracy principle in the Party.

Quang also asked the newly-appointed local leaders to soon issue working mechanisms, along with other typical mechanisms and policies to serve the city’s development./.

Source: Vietnam News Agency

The northern border province of Lang Son has managed to maintain its role as a main gateway for border trade with the Chinese market, despite the significant impact of the COVID-19 pandemic on commercial services and import and export of goods in the locality.

Lang Son has over 231 km of border with Guangxi province (China), with two international border gates, a national border gate and nine auxiliary border gates.

Strict disease preventive measures

At Huu Nghi International Border Gate, which sees the largest volume of people and vehicles transporting goods in the province, a specialised team of drivers who only operate in the border gate area has been set up since the beginning of the COVID-19 pandemic.

These drivers always strictly comply with rules on medical check-ups and health declaration, especially the declaration of their epidemiological history.

Drivers and goods owners from localities with complicated pandemic developments, are allowed to enter the border area only when they can show certificates of testing negative to SARS-CoV-2 virus within a week before arrival.

To prevent the spread of the disease, the International Health Quarantine Centre of Lang Son province sprays disinfectant twice a day through the entire border gate area, parking lot, and the area where customs procedures are carried out.

The border guards regularly check and ask drivers and goods owners to strictly wear masks and not to gather in large groups in the border gate area. They also regulate means of transport to prevent congestion and tighten the management of forest trails to combat illegal entry and exit.

Facilitating import-export activities

At present, five out of 12 border gates in Lang Son are open for cross-border trade. To ensure goods circulation in the context of the pandemic, agencies and units in the province have synchronously implemented solutions, especially removing bottlenecks, creating favourable conditions for import and export activities through the border gates and speeding up the construction of infrastructure.

The Management Board of Dong Dang – Lang Son Border Gate Economic Zone has maintained regular talks with China to reach agreement on cooperation in border trade development, import and export of goods. It also took the initiative in updating relevant authorities and businesses on the two countries’ regulations relating to the import and export of goods.

In the first months of this year, import and export activities at the main border gates of Lang Son have been relatively active with a surge in the number of vehicles carrying import and export goods. To solve the problem, in addition to regulating vehicles, the functional forces of Lang Son province have actively facilitated customs clearance of goods, especially fresh fruits.

According to the Department of Industry and Trade of Lang Son province, the total import-export turnover through the province in the first six months of this year was estimated at 1.96 billion USD, up 41 percent over the same period last year. Of which, export value reached 690 million USD, a year-on-year increase of 13.11 percent and import turnover 1.27 billion USD, up 62.82 percent./.

Source: Vietnam News Agency

State President Nguyen Xuan Phuc held an online meeting on June 30 with Choi Young-joo, President of the Republic of Korea-Vietnam Friendship Association and Chairman of Panko Group, who announced that Korean enterprises had raised 1 million USD to support Vietnam’s fight against the COVID-19 pandemic.

Appreciating the donation, President Phuc said that Vietnam is well controlling the pandemic, and continues exerting extra efforts to soon drive back the pandemic, stabilise production and business, ensure the continuity of supply chains and ensure a safe environment for local people and investors.

Speaking highly of Vietnam’s success in the COVID-19 fight, Choi said he hopes the money donated this time will be sent to Ho Chi Minh City which is being hit hard by the pandemic.

He proposed the Vietnamese State leader maintain attention to boosting the Vietnam-RoK Strategic Partnership so as to facility the RoK’s investment in Vietnam.

He went on to say that Panko and several Korean investors are paying attention to the development of industrial parks, resort tourism, smart cities and commercial centres in Vietnam.

Welcoming Korean businesses’ interest in investing in science and technology, smart city, pharmaceutical industry, President Phuc said a favorable business investment environment, and a rapid increase in the middle class are good conditions for foreign investors to come to Vietnam.

The RoK is the largest foreign investor in Vietnam with 9,200 projects worth about 72 billion USD. Trade between the two countries has also grown well and reached over 66 billion USD last year.

He affirmed that Korean enterprises’ operations have contributed greatly to the development of the bilateral strategic partnership.

The Vietnamese leader showed his hope that the RoK-Vietnam Friendship Association continue mobilizing resources to help Vietnam respond to the pandemic./.

Source: Vietnam News Agency