Industry

A worker at Lecas' factory during the fourth wave of COVID-19 outbreak. VNS Photo Viet Thang Even though efforts to contain the spread of COVID-19 have helped the country’s footwear and handbag industry attract more orders from international brands, it has still been hit hard by the pandemic in many aspects. The industry, which is considered to be one of the driving forces for Viet Nam economic growth, even recorded double-digit growth in footwear export turnover in the first five months of the year. Statistics from the General Department of Viet Nam Customs showed that during this period, the country’s export turnover of footwear rose 25.4 per cent compared to the same period last year to nearly US8.4 billion, while the export turnover of handbags also grew 5.9 per cent to nearly $1.4 billion. Footwear is one of six industries posting export turnover of more than US$5 billion in the first five months of 2021. However, the footwear and handbag industry has been heavily …

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Vietnam needs more high skilled workers for manufacturing industry: experts The Saigon Times People work at a Japanese-invested electronic company in Vietnam – PHOTO: VNA HCMC – Following the recent wave of rising foreign investment in Vietnam, experts have forecast that the human resource structure will see a fundamental change once the foreign direct investment (FDI) flows to the manufacturing and processing industries that require medium to high skilled workers, instead of a low or unskilled workforce. The year 2020 marked an important milestone in the economic and social context of Vietnam as Covid-19 affected about 93% of the world’s population, said experts at a webinar jointly organized by ManpowerGroup Vietnam and the Institute of Labor and Social Affairs on July 22. Vietnam has been severely impacted by the pandemic, although the manufacturing and processing industry continues to play a key role in leading the growth of the economy. In particular, …

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A consumer uses Vietel pay to buy a drinl. Viettel has been ranked the top technology company in Viet Nam by the Vietnam Report. — Photo Viettel Pay The Military Industry and Telecoms Group (Viettel) topped the list of the 10 most prestigious technology companies in Viet Nam in 2021, according to Vietnam Report JSC. FPT Group came second in the list, which also includes Mobifone, Vinaphone, CMC Corp, VNG, HANEL, Vietnam Technology & Telecommunication JSC (VNTT) and Hanoi Telecom. According to Vietnam Report’s general director Vu Dang Vinh, COVID-19 has driven businesses toward digital transformations as well as to invest in technology, creating great opportunities for technology companies. He said that digital transformations may become even more common when customers realise the benefits of the process particularly in reducing costs and increasing productivity. Vinh cited a survey by Vietnam Report in March 2021, which showed the ICT was among the top seven sectors …

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Customers buy pork at a supermarket in Hanoi. Russia ranked first in terms of exports of pork to Vietnam in the first half of this year. (Photo: VNA) Hanoi (VNS/VNA) - More than 100 Vietnamese companies took part in an online business matching event with entrepreneurs from Moscow, Russia, on July 20. The event was organised by the Moscow Export Center with the support of the Ministry of Industry and Trade of the Russian Federation and the trade mission of Russia in Vietnam. Businesses in Moscow are interested in penetrating the markets of Southeast Asian countries and are looking for opportunities to develop business relationships with Vietnamese partners. During the event, 20 Moscow companies working in the fields of medicine, information technology, food, construction, machinery and equipment introduced their products to Vietnamese partners. The Russian trade mission in Vietnam noted positive growth in trade between the two countries. The trade office …

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The plant will become one of two largest hydropower plants in Southeast Asia once put into operation by 2024. Vietnam Electricity (EVN) has begun construction of a VND9.22 trillion (US$400 million)-hydropower extension plant that is located on Da River or Black River. Overview of Hoa Binh Hydropower Extension Plant. Source: EVN The investment for Hoa Binh Hydropower Extension Plant includes 30% of the investor and 70% from Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Agence Française de Développement (AFD). A consortium of domestic contractors namely the Ministry of National Defence’s Truong Son Construction Corporation, Construction Joint Stock Company 47, and Lilama 10 Joint Stock Company will build the extension plant capacity 480 megawatts (MW). Once put into operation in 2024, the extension will raise Hoa Binh Hydropower Plant to 2,400 MW, equal to Son La Hydropower Plant, the largest hydropower project in Southeast …

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Good policy for all stakeholders will enable Vietnam to continue its sustainable energy transition in the coming decades. Vietnam Electricity (EVN) said it would halt all activities relating to the installation and purchase of rooftop solar power after December 31, 2020. The move has triggered concerns among developers on the continuity of policies applied for this electricity segment. Hanoitimes talked with Ms. Vu Chi Mai, Head of Component Renewable Energy and Mr. Nguyen Anh Dung, Project Officer of the Renewable Energy and Energy Efficiency (4E) Project / GIZ on the issue. 1/ How do you think about EVN’s move? Have businesses been informed of the halt? How will possibly the move affect businesses and the development of rooftop solar power in Vietnam in general? Your recommendations from GIZ’s perspective for the long-term development of rooftop solar power? Ms. Vu Chi Mai, Head of Component Renewable Energy, 4E Project. Photo: GIZ Vietnam …

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Prime Minister Prayut Chan-o-cha holds talks with business leaders via video conference at Government House on July 22. (Photo: Government House) Bangkok (VNA) – Thai Prime Minister Prayut Chan-o-cha and 40 CEOs and business leaders discussed ways to reconstruct the country’s economy after COVID-19 crisis during their online meeting on July 21. At the event, hosted by the Federation of Thai Industries (FTI), the CEOs said that the country should design more generous economic relief and a clear alternative plan after a missed vaccination procurement target. FTI chairman Supant Mongkolsuthree was quoted by local media as saying that the 40 CEOs have offered the government a four-point strategy on helping the business sector survive amid the worsening outbreak. On measures to control the disease, they held that the government must work with private partners to establish non-hospital vaccine units to boost the inoculation rate as well as provide rapid testing to …

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Leaders of HCM City and the Arizona State University pose for a photo at the meeting on May 26 (Photo: VNA) HCM City (VNA) – Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong on May 26 received Jefferey S. Goss, Associate Vice Provost at the Arizona State University (ASU) of the US, who is paying a working visit to the city. Highly valuing the ASU’s standing and prestige in the fields of research and innovation, Phong applauded its cooperation activities in Vietnam to help the country improve training and human resources quality, noting that these programmes have helped HCM City reform training to provide the local manpower with work readiness and soft skills. Discussing cooperation orientations, he welcomed Goss’s vision and idea to work with HCM City to turn the city into a centre for training and developing high-quality human resources . The cooperation ideas match the city’s target of developing international-standard human resources …

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A car tyre factory in Binh Duong province (Photo: VNA) Hanoi (VNA) – The US Department of Commerce (DOC) has issued a positive conclusion for Vietnam in the anti-dumping and countervailing duty probes into imported automobile tyres. On May 24, the DOC issued its final conclusion about the anti-dumping and countervailing duty investigations into automobile tyres imported from the Republic of Korea, Taiwan (China), Thailand, and Vietnam. For the anti-dumping duty content, the DOC maintained its decisions made in the preliminary conclusion. Accordingly, most of the businesses that account for 95.5 percent of Vietnam’s total car tyre exports to the US are considered free of dumping their products and thus, not subject to anti-dumping duties , while a tax rate of 22.3 percent is imposed on the remainders. For the countervailing duty content, the tax rates on the Vietnamese enterprises are set at between 6.23 percent and 7.89 percent, down from the 6.23 percent – 10.08 …

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Domestic and foreign businesses are pushing for more efficient support from local authorities in charge. Photo: Le Toan Management boards are supporting financiers and businesses to carry out administrative procedures related to setting up projects in the industrial zones (IZs), export processing zones (EPZs), and economic zones (EZs). However, their support has been criticised by investors. Nguyen Mai Dung, deputy director of Nam Anh Trading JSC said, “Our dossier had met all requirements of Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA), but we were requested to redo it over and over again. Moreover, the official of the authority asked us to revise the application, but did not clarify how,” said Dung. Nam Anh is one of Vietnam’s leading dye and textile manufacturers, supplying for local and foreign fashion companies in Japan, South Korea, Germany, Australia, and the United States. In addition to the factory in the southern province of Dong Nai …

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