Day: September 27, 2021

The southern province of Tay Ninh saw 185 foreign-invested and domestic companies, or close to 70 percent of its total, across local industrial parks and economic zone registered to resume their operations as of September 27.

According to Ha Van Cung, head of management board of the Tay Ninh Economic Zone, the production resumption attracted 56,000 workers, or over 40 percent of the province’s total, returning to work.

To ensure COVID-19 prevention and control, the provincial authorities continue guiding firms to conduct the in-place production method, regular testing, and vaccinations for workers.

To date, nearly 30,000 labourers at the local industrial parks and economic zone have been vaccinated against COVID-19.

Tay Ninh currently houses six industrial parks in the planning of Vietnam’s industrial parks approved by the Prime Minister, spanning a total natural land area of 3,969 ha. Five of them, covering 3,385 ha in total, have been licensed to operate, with their occupation rate reaching 61.14 percent. Before the fourth wave of COVID-19 hit Vietnam in late April, these parks had 268 enterprises operating with more than 133,000 employees.

Source: Vietnam News Agency

The Vietnam-US trade ties have enjoyed impressive growth during 26 years since the normalization of diplomatic ties.

Looking back at the past 20 years in international trade, there is no relationship which has such a fast growth rate like that of the Vietnam-US trade relationship, said Nguyen Xuan Thanh, senior lecturer at Fulbright School of Public Policy and Management in Vietnam.

Prof. David Dapice, leading expert on development economics in Southeast Asia, Harvard Kennedy School, Harvard University, used the word “spectacular” to describe the development of economic cooperation between Vietnam and the US.

Two-way trade rose from over 400 million USD in 1995 to more than 90 billion USD in 2020.

Vietnam’s total export turnover to the US from 1 billion USD in 2000 increased to 10 billion USD in 2007, mainly thanks to the bilateral trade agreement taking effect in 2001. After 2007, Vietnam’s exports continued to increase, partly due to the shift in the global supply chain, as foreign investors entered Vietnam to take advantage of cheap labour, David Dapice stated.

Over the last five years, Vietnam’s export value to the US has increased by 230 percent, while exports from the US to Vietnam have also jumped 175 percent. The US has become Vietnam’s largest importer, while the latter has become the former’s 10th largest trading partner.

Deputy Foreign Minister Nguyen Quoc Dung emphasized that the Vietnam – US relations have made significant strides since 1995, with the most salient aspect being the economic cooperation. With a comprehensive partnership, trade and investment flows from the US have paved the way for Vietnam to further its international economic integration and gradually boost growth, thereby moving away from the status of a less developed to a middle-income country.

For US businesses, Vietnam’s fast-growing market of 100 million people with a young, industrious workforce seems to be highly promising. The country’s increasing demands for development and its being situated in one of the most dynamically growing areas of the world also offer great opportunities likewise.

Meanwhile, the US, as the biggest importer in the world with abundant capital and technology, is a potential destination for Vietnamese exporters.

What is more important is that the governments and business communities of both countries want to promote economic and trade cooperation.

Source: Vietnam News Agency

In response to Party General Secretary Nguyen Phu Trong’s appeal for greater national solidarity to fight COVID-19, Vietnamese people inside and outside the country have supported the work of the Party, Government, and administrations at all levels and sectors in pandemic prevention and control.

To date, donors, businesses, entrepreneurs, collectives, and individuals at home and abroad have not only participated in but also contributed money, medical equipment and supplies and food, with a total value of tens of thousands of billion Vietnamese dongs to efforts to the prevention and control of the pandemic and the protection and care for people’s health.

Despite their own difficulties, many overseas Vietnamese have collected and sent medical supplies, food and cash to the home country; shared experience in pandemic prevention and control; and even volunteered to join the frontline against the pandemic.

Up to now, overseas Vietnamese have sent more than 60 billion VND (2.6 million USD) to assist the country, along with medical equipment and products. In addition, nearly 30 Vietnamese associations in France, the US and Canada have launched such campaigns as “Join hands for Vietnam” and “10,000 doses of vaccine for Vietnam” around the world.

These noble gestures all come from the heart’s command, contributing to the fight against the pandemic in Vietnam, and showing the love for the motherland, the spirit of mutual affection and the tradition of good solidarity of the Vietnamese people.

Given the current complexity of COVID-19 with the fast spread of the virus that threatens people’s health and all aspects of life, Party General Secretary Nguyen Phu Trong called on the entire Party, military and people at home and abroad to try harder and intensify their solidarity and determination in order to push back the pandemic.

He expressed his belief that such will and actions coupled with support from international friends would result in a victory in the fight, contributing to common global efforts for a world of safety, peace, friendship, cooperation, and prosperity.

Source: Vietnam News Agency

Experts shared opinions and proposed measures to promote quality and sustainable socio-economic development amidst and after the COVID-19 pandemic at a consultation chaired by National Assembly Vuong Dinh Hue on September 27.

According to Dr Tran Thi Hong Minh, Director of the Central Institute for Economic Management (CIEM), international organizations have made optimistic, though cautious, assessments on global economic recovery momentum in 2021.

However, research and policy discussions shared the view that the world economic growth recovery is still under the influence of three main risk groups, including complicated developments of the COVID-19 pandemic, geopolitical competition, and inflation and debt risks, she went on.

Experts shared opinions and proposed measures to promote quality and sustainable socio-economic development amidst and after the COVID-19 pandemic at a consultation chaired by National Assembly Vuong Dinh Hue on September 27.

According to Dr Tran Thi Hong Minh, Director of the Central Institute for Economic Management (CIEM), international organizations have made optimistic, though cautious, assessments on global economic recovery momentum in 2021.

However, research and policy discussions shared the view that the world economic growth recovery is still under the influence of three main risk groups, including complicated developments of the COVID-19 pandemic, geopolitical competition, and inflation and debt risks, she went on.

A representative from the World Bank proposed four lessons to accelerate the recovery process in Vietnam and help the country enter the new normal situation.

The WB underlined the importance of vaccination against COVID-19 along with testing in controlling the pandemic and minimizing economic losses, adding that it is necessary to find a suitable balance between fiscal policy and monetary policy, and increase social assistance to prevent financial distress among vulnerable groups and inequality from widening.

Vietnam needs to strengthen its resilience through a strong and flexible social assistance system, it said, recommending allocating more capital social assistance programme.

Source: Vietnam News Agency

The Association of Francophone Universities (AUF) on September 27 opened two employment support centres in Hanoi and Ho Chi Minh City, with the aim of connecting students with job opportunities, increase their integration into the labour market and encourage their start-up spirit.

One centre – named the Centre d’employabilité francophone (CEF) in French – is based in Hanoi University, while the other is based in the southern branch of the Vietnam Academy of Social Sciences in HCM City.

The two centres will have projects relating to consultation, job-seeking support, soft-skills training, occupational certification and start-ups.

Jean-Marc Lavest, Director of AUF Asia and Pacific, said that in May 2020 the AUF launched a global poll. Feedback was received from more than 15,000 state agencies, university managers, lecturers and students, from over 75 countries.

This feedback helped the AUF and its partners to develop training roadmaps for the francophone university, allowing them to address real-world issues, he said.

The feedback showed that student integration into the labour market was one of the top concerns in Asian countries, he said.

Nguyen Thi Cuc Phuong, vice-principal of Hanoi University, said that the CEF in Hanoi aimed to help secondary school students to select suitable courses to attend in university.

In addition, the centre expected to equip university students with the necessary skills to integrate into the labour market confidently and more easily, she said.

Truong Huy, a student of the University of Social Sciences and Humanities, HCM City National University, said that, with the support of the CEF, he hoped that Vietnamese students could access more job opportunities in both Vietnam and francophone countries.

There are eight CEFs in the Asia- Pacific region, including the two newly opened centres in Vietnam; Cambodia, China, Laos, Mongolia, Thailand and Vanuatu each has one.

A total of 69 CEFs across the world are connected with each other through an integrated platform that provides distance learning programmes and shares events and best practices in the field of employment support for students.

This is also a place to share educational resources, creating optimal conditions to connect schools and businesses.

Source: Vietnam News Agency

Vietnam is spreading a message among domestic and foreign business community that the country will not let COVID-19 to hold back its pace of development and Vietnam has been and will continue to be the top destination for investors, said Vu Tien Loc, President of the Vietnam International Arbitration Centre (VIAC).

Speaking at an online meeting between Prime Minister Pham Minh Chinh with businesses and localities on September 26 on measures to support them amid COVID-19, Loc, who was President of the Vietnam Chamber of Commerce and Industry (VCCI) in the previous tenure, held that the adjustment of COVID-19 response strategy from no COVID-19 to safely and flexibly adapting to and effectively controlling the pandemic is a sound and timely decision.

The amendments in vaccine strategy as well as efforts to increase supply and speed up injection speed as well as the definition of prioritised groups have brought about encouraging results, he said.

The business leader held that this is a firm foundation for the Government to launch a process of loosening social distancing, recovering the stagnant production and business activities, and creating a “golden time” for the rescue of enterprises. “If we re-open any slower, we will have to pay a more expensive price,” stated Loc.

However, Loc said that opening the door does not mean neglecting safety. The Prime Minister has directed the Ministry of Health to coordinate with ministries, sectors and the business community as well as experts to draft a guidance on safely and flexibly adapting to and effectively controlling the pandemic.

Loc suggested that no additional licences or new business conditions should be created during this process.

In order to assist enterprises in quickly switching to the safe operation amid COVID-19, thus completing the dual targets, Loc proposed that economic forces be given greater presence in the National Steering Committee on COVID-19 Prevention and Control, and the committee be renamed National Steering Committee on COVID-19 Prevention and Control and Economic Recover to reflect the dual targets.

He added that the same change be made to the steering committees in all localities.

Source: Vietnam News Agency

Vietnamese investment overseas reached 572.3 million USD in the first nine months of 2021, up 32.4 percent over the same period last year, according to the Ministry of Planning and Investment.

Of the figure, over 150.1 million USD, equivalent to 55.9 percent of the total, was poured into 41 new projects and over 422.1 million USD was added to 15 existing projects, nearly 2.6 times higher than the same period last year.

The sharp increase in adjusted investment was attributed to 300 million USD that Vingroup added to its project in the United States, 76 million USD of the Indochina Rubber Investment and Development Co. Ltd project in Cambodia and 32 million USD for a project of Vinfast in Germany.

Vietnamese investors have invested in 13 industries, including science and technology; wholesale and retail; agriculture, forestry, fisheries and support services.

The US was the top destination for Vietnamese capital in the period with 302.8 million USD, holding a lion’s share of 52.9 percent.

Cambodia came second with 89.4 million USD, followed by Laos, Canada with 47.8 million USD and nearly 32.1 million USD, respectively.

As of September 20, Vietnam had 1,429 valid overseas investment projects with a total capital of over 21.8 billion USD.

Source: Vietnam News Agency

An international conference with the theme of “Algerian economy with a vision to 2030” was organised for the first time in Skikda province on September 25-26, aimed to promote the entrepreneurship among young Algerians.

The conference was organised by the Algerian Youth Association, under the auspices of the Minister in charge of entrepreneurship in Algeria and the Governor of Skikda province, a southern locality which holds potential in oil, agriculture, tourism and seaports.

It attracted a large number of local officials, business leaders and representatives of a number of embassies and diplomatic missions in Algeria such as Poland, Uganda and Zimbabwe.

According to Abdelmalek Benlaouar, President of the Algerian Youth Association, the conference provided an opportunity to enhance the spirit of business among young people and enabled the emergence of a new generation of entrepreneurs and project leaders who have the capacity and ability to penetrate new markets.

It aimed to realise the ambitions of young people, especially business owners who play an important role in promoting national production and exploring foreign markets, and can create a new impetus for the Algerian economy, especially in the post-COVID-19 period, he said.

Benlaouar said the conference was an opportunity to help the country increase exports of non-petroleum products through the signing of trade and investment agreements.

Addressing the event, Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan talked about bilateral trade and investment relations between Vietnam and Algeria, sharing experience and information about the startup environment in Vietnam as well as measures of the Vietnamese government in supporting young people and start-ups in innovation and creativity, especially in the fields of science and technology, e-commerce, media and entertainment.

Nhuan also had meetings with the Director of the Department of Commerce, the President of the Chamber of Commerce as well as businesses of Skikda province to discuss cooperation and investment opportunities between the two countries.

An exhibition displaying local and foreign products in information technology, electronics, farm produce and traditional clothes also took place within the framework of the international conference.

Source: Vietnam News Agency