Business news stories this week

Packing line at Trieu Phu Loc Furniture Co in Binh Duong province. The Government, localities and businesses are rushing to put the economy back on track. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam’s economy has recently received many optimistic signals from the business community, which are fuelling expectations of a stable and rapid recovery after a long disruption due to the COVID-19 pandemic. At a press conference on October 18, Nguyen Van Lam, Deputy Director of Ho Chi Minh City's Department of Labour, Invalids and Social Affairs, said nearly 135,000 workers had returned to work at export processing zones and high-tech zones, and 5,000 workers resumed work at enterprises outside industrial zones. Last week, the Dong Nai Industrial Zone Authority announced nearly 1,400 enterprises, or more than 80 percent of those operating in 31 industrial parks in the province, have resumed operations, drawing more than 334,000 workers back to work which represents 54 percent of total …

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Illustrative image (Source: VNA) Can Tho (VNA) – The COVID-19 pandemic has forced up to 7,941 enterprises in the Mekong Delta to suspend their operations or register for dissolution in the first nine months of this year. According to the Can Tho branch of the Vietnam Chamber of Commerce and Industry (VCCI), a total of 6,109 firms were established in the region from January to September, equivalent to only 34 percent of the number recorded in the same period last year. Six out of 13 Mekong Delta localities experienced decreases in the number of newly-established firms, namely Hau Giang, Tien Giang, An Giang, Soc Trang, Ben Tre and Vinh Long. Nguyen Phuong Lam, Director of VCCI Can Tho, said the region’s monthly export turnover stood at around 1 billion USD in August and September, the lowest so far this year. However, thanks to good performance in the previous months, most of the localities saw increases in export value for the nine-month period, with the highest …

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A Vietnamese designer showcased his newest collection at the New York Fashion Week (NYFW), one of the ‘Big Four’ fashion weeks in the world, on February 11 (EST), becoming the first haute couturier of his country to have such an honor. Nguyen Cong Tri impressed the world with his fall/winter haute couture collection named “Cuoc dao choi cua nhung vi sao,” literally translated as "The walk of the stars," for which he worked with one of the most renowned stylists of New York. The 15-minute show consisted of 42 ball gown dresses most suitable for red-carpet events, a common theme for many designers at NYFW. Having cooperated with Kate Young, one of the ten most powerful stylists of Hollywood, the haute couture dresses designed by Tri all boast modern and trendy looks that many global celebrities are currently searching for. “For me, women are like shining stars in someone else’s heart,” the Vietnamese designer said of the source of inspiration for his newest collection. “I …

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Check out the news you should not miss today: Society — The Hanoi Center for Disease Control is looking for passengers who were on the same bus of Van Tuyen Bus Line, which traveled from the southern province of Binh Duong and arrived at My Dinh Bus Station in Hanoi at around 3:30 pm on Wednesday, after a passenger on the vehicle tested positive for COVID-19. — Local authorities in the northern province of Bac Ninh’s Que Vo District on Wednesday afternoon said the locality had just detected a cluster of 11 local transmissions related to COVID-19 cases at Sao Mai Preschool in Bac Ninh City ten days earlier. — A vaccination spot in the Mekong Delta city of Can Tho’s Cai Rang District on Wednesday afternoon had to stop midway after thousands of people jostled to get the jabs. — Those who provide reliable information for the prevention of COVID-19 in the northern province of Vinh Phuc from October 20 will be rewarded with VND1-2 million (US$44 to 88), local authorities …

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Phong Phú-Phú Yên International Investment JSC's workers maintain operations amid the pandemic. Financial issues are the most important for businesses to reopen. VNA/VNS Photo By Mai Hương HÀ NỘI — After the pandemic is gradually put under control in many provinces, local authorities and businesses are striving to get the economy back to normal. However, for businesses, to resume operation, capital for production is one of the most important issues besides the shortage of labourers. Data of the General Statistics Offices has revealed alarming numbers, that in the first nine months, about 85,500 new enterprises entered the market, but the number of firms withdrawing from the market reached 90,300, averaging 10,000 per month. This is also the first time the number of dissolved enterprises was higher than the newly registered businesses. According to Chu Tiến Dũng, chairman of HCM City’s Business Association, in the past three months, the city’s businesses have made great …

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Illustrative image (Source: VNA) Hanoi (VNA) – While Vietnam is not out of the woods yet, it has enough pull factors to encourage investors to continue their business operations and even move their manufacturing operations to the country, according to Vietnam Briefing. Economic activities gradually resuming The news site noted that Vietnam has announced a phased plan to reopen the economy ensuring pandemic prevention in line with health authorities. It reported that approximately two-thirds of industries in Ho Chi Minh City have reopened. The number of businesses in export processing zones and industrial parks in Ho Chi Minh City resuming operations has reached approximately 66 percent while at HCM City’s Saigon Hi-Tech park the rate is 74 percent. Intel and Samsung are targeting to resume full operations of their factories in HCM City by the end of November, which may ease some disruption to supply chains. Domestic flights are gradually resuming along with …

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National Assembly (NA) Chairman Vuong Dinh Hue has signed for issuance a resolution of the NA Standing Committee on a number of solutions to support businesses and people affected by the COVID-19 pandemic. The resolution took effect on October 19. National Assembly (NA) Chairman Vuong Dinh Hue has signed for issuance a resolution of the NA Standing Committee on a number of solutions to support businesses and people affected by the COVID-19 pandemic. The resolution took effect on October 19. Accordingly, the NA Standing Committee decided to reduce 30 percent of corporate income tax for enterprises whose revenue in 2021 is less than 200 billion VND (8.7 million USD) and experiencing a revenue reduction compared with that of 2019. The reduction is not applied for taxpayers who are newly established, merged or separated in 2020 and 2021 tax period. The NA Standing Committee also agreed to exempt personal income tax, value added tax and other taxes in the third and …

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Major Nguyễn Trung Kiên (first, right) with Châu in a quarantined area in Tân Phú Ward, Thủ Đức City. Photo qdnd.vn HÀ NỘI — Major Nguyễn Trung Kiên, a military officer of Thủ Đức City’s Military Command, has adopted three children orphaned by COVID-19 in HCM City. Kiên said he felt extreme sorrow when the four-year-old girl welcomed him as he brought the ashes of her mother, who died of COVID-19, to the woman’s rented room in the city’s Tân Phú Ward on August 8. The four-year-old girl, named Phạm Thị Bảo Châu, was the only known relative of the woman, Kiên said. “I was very surprised and sadden that she was the only relative of the woman at that time,” Kiên said. “When I saw her naively touch her mother’s ash box, as a father of two children, it was a heartbreaking moment," he added. Kiên said he found Châu living alone in the rented room. Neighbours, who were also infected with COVID-19 and were self-monitoring at home, took care of Châu when her mother was being treated …

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Many localities reopen pilot interprovincial bus transport from October 13-18. — VNA/VNS Photo HÀ NỘI — Many localities still have strict regulations on testing and isolating people returning home, the Ministry of Transport (MoT) reported after a week of piloting passenger transport activities. The MoT has sent a report to Deputy Prime Minister Lê Văn Thành to assess the results of the pilot implementation for inter-provincial transport and work out future directions. According to Deputy Minister of Transport Lê Anh Tuấn, passengers were still concerned about travelling by interprovincial public bus. MoT reported that from October 13-18, 48 localities, after receiving approval from their provincial People's Committees, restored inter-provincial passenger transport under a pilot programme. Fifteen provincial departments of transport have reported to the provincial people's committees on plans to restore passenger transport activities. From October 13 to 18, the number of …

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Prime Minister Phạm Minh Chính reports on the socio-economic development plan for 2022. — VNA/VNS Photo HÀ NỘI — Prime Minister Phạm Minh Chính has presented to the National Assembly a draft socio-economic development plan for 2022 which aims for a GDP growth of at about 6-6.5 per cent in 2022. The PM delivered the plan at the second session of the 15th National Assembly which opened in Hà Nội on Wednesday. The Government’s socio-economic development plan for next year sets forth 16 key targets regarding the economy, social affairs and the environment, including keeping the consumer price index (CPI) growth at around 4 per cent and State budget overspending over GDP at 4 per cent. To realise those goals, the Government has outlined major tasks and solutions, focusing on implementing the master strategy on pandemic prevention and control, with a roadmap on safe, flexible adaptation to and effective control of COVID-19. According to the PM, 2022 is a significant year as it …

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