Covid 19 impacts

Local firms are taking advantage of opportunities from the deal at a time when trading activities are struggling with Covid-19 impacts. Despite the severe Covid-19 pandemic, Vietnam recorded a trade surplus of over US$1.44 billion to six markets in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), including the likes of Chile, Peru, or Australia during the eight-month period. “This is a positive signal showing local firms are taking advantage of opportunities from the deal at a time when trading activities are struggling with Covid-19 impacts,” said Nguyen Cam Trang, deputy director of the Ministry of Industry and Trade’s (MoIT) Agency for Foreign Trade. “Vietnam key export products to CPTPP markets mainly focus on garments, footwear, or furniture,” Trang added, noting Mexico and Canada in the CPTPP are the two markets having a first-ever free trade deal with Vietnam. According to Trang, with a deep tariff cut of up to 94.9% of tax rates, the …

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Artists in HCM City are providing online training courses in theatre and film-making on YouTube to encourage fans during the pandemic. Artists in HCM City are offering online training courses in theatre and film-making on YouTube as their way to encourage fans in the virus fight. — Photo courtesy of Sun&Moon Film director Vo Thanh Hoa offers a film-making programme on his Facebook fan page targeting students from art schools and young people involved in movies. Through his programme, Hoa has shared information, skills and experiences in film, including casting, shooting, and pre-and post-production. Basic knowledge and latest information about independent film-making are featured, and script writing and casting courses are also included. Hoa’s programme has included online workshops on topics about documentaries, short films, feature films and TV series. Challenges that young filmmakers face today are also discussed. “Through my online programme, I …

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At the event (Photo: VNA) Hanoi (VNA) – Lao Prime Minister Phankham Viphavan gave a number of proposals to ensure the progress of the Greater Mekong Subregion (GMS) cooperation and settling COVID-19 impacts, including the strengthening of collaboration in COVID-19 vaccination and control during the seventh GMS Summit on September 9. The Lao PM underlined the need to minimise COVID-19 impacts on socio-economic development through the creating of incomes for enterprises and people during and after the pandemic by creating new jobs and maintaining business operations in the new situation. Along with keeping harmony between pandemic control and economic development, regional countries should work closely together to support vulnerable groups, while working toward re-opening of borders and resuming of tourism activities in the new normal situation, he said. He also suggested the strengthening of micro and macro-economic research and development activities among GMS …

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Truong Gia Binh, Chairman of the FPT Board of Management decided to open a school for 1,000 children who lost their parents to COVID-19. Truong Gia Binh, Chairman of the FPT Board of Management More than 1,500 children have become orphans due to the pandemic, according to the HCM City Department of Education and Training at the start of the 2021 – 2022 school year. Another 10,073 students and 3,386 teachers are F0 patients. According to Bình, the school will foster, offer education and provide for the orphans until they come of age. As a leading technology enterprise of 40,000 employees, FPT wants to take in these children and help them grow up to be productive members of society. “This is what we can do and must do,” said Bình. Bình said the school committed to receive 1,000 orphans and provide education for them in the next 20 years. The annual cost could reach approximately VNĐ80 billion. The location is expected to be FPT City Da Nang, …

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An increase in foreign direct investment commitment in Vietnam last month despite the raging pandemic has suggested foreign investors’ continued confidence in the Southeast Asian country’s economic potential, the World Bank (WB) has commented. The WB made the statement in the latest Vietnam Macro Monitoring report released on Wednesday. Over the first eight months of this year, FDI commitment reached a total of US$14 billion, only two percent lower than the same period in 2020, while disbursement reached $11.7 billion, a year-on-year increase of two percent, the WB stated. In August alone, the FDI commitment amounted to $2.4 billion, a 65 percent rise compared to a month earlier. The higher FDI commitment, which was driven by newly registered capital flowing into the processing and manufacturing industry, has reflected foreign investors’ sustained confidence in Vietnam’s economy in the medium and long term, the WB commented. FDI disbursement in August fell 14.3 percent from …

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According to the Vietnam Association of Beer, Wine and Beverage (VBA), more than 85 percent of drink manufacturers have had difficulties in product distribution. Their inventories are surging, the revenue is decreasing, and hundreds of thousand of workers have been affected. Drink consumption has dropped dramatically. The large distribution channel of drink manufacturers has shrunk by two thirds. The difficulty in goods circulation is one reason behind the supply chain disruption. Many enterprises have had to cut production capacity, the workforce, or stop production. The production cost associated with the ‘three on-site’ principle is increasing, as well as expenses on pandemic prevention, while enterprises cannot collect debts. Analysts say that increases in input material prices, inventories and debts are the "three increases" that have sunk businesses. Having been closed for a long time, restaurants, eateries and tourism sites have become exhausted. Lacking capital …

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A group of 16 commercial banks, accounting for 75% of total outstanding loans, has committed to foregoing around VND20.6 trillion ($906.3 million) in waiving and lowering interest rates for customers in the remainder of the year. From January 23 to August 31, banks have foregone a total of VND26 trillion ($1.14 billion) in profit to support customers, while 16 banks have reduced their profit by VND8.86 trillion ($390 million) from July 15 to August 31, or 43% of their committed amount. Since the first Covid-19 outbreak last year, commercial banks and credit institutions under the instruction of the State Bank of Vietnam (SBV) have been actively providing support for businesses struggling with the Covid-19 impacts and stabilizing the macroeconomy for a speedy recovery. Vietnam Bank for Social Policies at Ba Vi District, Hanoi, provides preferential loans for customers. Photo: Hong Dat In 2020, the SBV cut the policy rates three times with a total of 1.5-2 …

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Local businesses are struggling to recruit new employees due to a labour shortage caused by the fourth wave of COVID-19, according to authorities and business leaders. Workers receive their vaccines to help businesses maintain "three-on-site" production in the Noi Bai Industrial Zone. - VNA/VNS Photo Those who want to be employed must meet the requirements for "green cards", which includes being vaccinated against COVID-19. On top of this, businesses must also outline their plans to safely resume production. This has caused difficulties for both firms and employees. An owner of a garment company in Binh Tan District of HCM City said that, since July 2021, his company has been among 45 firms to receive top priority for vaccinations because they are located in a high-risk zone.  Despite this, not all employees and workers have been fully vaccinated yet. He said HCM City has now offered incentives for businesses to reopen their production. However, only those with …

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Despite COVID-19 impacts, foreign direct investment inflows into Vietnam during the first nine months of this year rose 4.4% year on year to $22.15 billion, reported the Foreign Investment Agency under the Ministry of Planning and Investment. As of September 20, 12.5 billion USD was poured into 1,212 newly-licensed projects, up 20.6 percent in value but the number of projects was down 37.8 percent over the same period last year. Meanwhile, 6.6 billion USD was added into 678 underway projects, a year-on-year rise of 25.6 percent in capital but down 15.8 percent in project number. Foreign investors also invested nearly 3.2 billion USD to share purchase deals, down 43.8 percent compared to the same period last year. So far this year, the disbursement of FDI fell 3.5 percent year on year. Leaders of the Foreign Investment Agency attributed the decreases in the numbers of new and expanded projects to the travel restrictions and long quarantine policy, which made it …

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Ho Chi Minh City transport authorities are fielding suggestions for its draft plan allowing people and vehicles to enter and leave the city since October 1, in preparation for the southern Vietnamese business hub to enter “new normal conditions” amid the COVID-19 fight. The plan aims to facilitate vehicles that transport goods and people with legitimate reasons from the city to other localities and vice versa from next month, when the city is prepared to reopen its economy. Based on the opinions collected, the city’s Transport Department will perfect the plan and submit it to the municipal administration for approval. According to the draft plan, people travelling on vehicles must comply with all required epidemic prevention measures and make health declarations on the website suckhoe.dancuquocgia.gov.vn or through VNEID app. Transport firms must meet conditions specified in the set of epidemic safety criteria applied for transport activities. From October 1, the city will …

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