Economy

Vietnam’s economy could take a few positives out of the pandemic and stay competitive in the long run. Vietnam is becoming more attractive during the current global pandemic climate, and therefore, its economic outlook is positive in long term. The manufacturing sector remains a key component of Vietnam's economy. Photo: The Hanoi Times Dau Anh Tuan, director of the Legal Department under the Vietnam Chamber of Commerce and Industry (VCCI), gave his view in a conference held on July 29 on the Vietnamese economy prospects in the final months of 2021. “The pandemic makes many multinationals realize that they should not focus on a certain country, sector or location as an outbreak would disrupt the entire production chain,” Tuan said. Tuan expected there would be a global shift in investment from one country to another, in which Vietnam would emerge as an attractive destination as it has been a part of a series of free trade agreements (FTAs). Another …

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July retail sales plunges nearly 20% due to COVID-19 Total retail sales of goods and services shrank 8.3 percent month-on-month in July to 14.84 billion USD as a result of restrictions induced to stem the ongoing COVID-19 outbreak. Total retail sales of goods and services in the first seven months of this year exceeded 121 billion USD, up 0.7 percent year on year. The Ministry of Industry and Trade is formulating specific plans to stimulate consumption and sustainably develop the domestic market./. Vinamilk posts record high net revenue in Q2 2021 The Vietnam Dairy Products JSC – Vinamilk, the largest dairy company in Vietnam, posted a record high in net revenue of 15.71 trillion VND (682.57 million USD) in the second quarter of 2021, a year-on-year rise of 1.4 percent, according to its financial report. The figure also rose by 19.2 percent compared to the previous quarter. The company’s after-tax profit exceeded 2.86 trillion VND in the period, a year-on-year …

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Ivo Sieber* Commemorating a national day is an exceptional event for any country. On August 1, Swiss nationals in Switzerland and all over the world proudly remember the founding of their country in 1291. Observing this year’s Swiss national day here in Việt Nam is singularly special. Not only is Switzerland reminiscing the 730th centenary of its foundation. This year, Việt Nam and Switzerland are also looking back on half a century of bilateral diplomatic relations. Moreover, 2021 also marks three decades of Swiss-Vietnamese development cooperation. The coincidence of two significant jubilees in our countries’ relations extends well beyond symbolism. Switzerland was one of the very first Western countries to establish bilateral ties with Việt Nam on 11 October 1971. But Swiss-Vietnamese relations already started in the 19th century, thanks to adventurous Swiss trading companies coming to Việt Nam. Later, Swiss born bacteriologist Alexandre Yersin followed: he spent …

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By the end of the second quarter of 2021, the company recognised net after-tax profit of VND2.014 trillion ($87.57 million), up 71 per cent on-year. Total consolidated revenue including revenue from sales of goods and service rendering was about VND7.097 trillion ($308.57 million), an increase of 282 per cent over the same period in 2020. Of this, revenue from sales was VND6.344 trillion ($275.83 million), up by 541 per cent on-year, mainly contributed by project handover such as Saigon Royal, Aqua City, NovaHills Mui Ne, Victoria Village, NovaWorld Ho Tram, NovaWorld Phan Thiet; revenue from service rendering and others reached nearly VND753 billion ($32.74 million). As of June 30, 2021, the company’s total assets were recorded at VND171.5 trillion ($7.46 billion), up 18.7 per cent on-year. Inventories were recorded at VND103.241 trillion ($4.45 billion), up 18.9 per cent year-to-date, mostly from an increase of project development costs at Aqua City, NovaWorld Phan Thiet, NovaWorld …

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Vietnam's express delivery market has been soaring since the coronavirus pandemic The report points out that many domestic express delivery companies are operating in Vietnam and they are constantly witnessing huge growth by investing in the adoption of modern technology to meet the expanding demand in the delivery of goods through e-commerce. High adoption of express delivery services has been observed across major essential sectors, such as food and beverages and healthcare. The demand from Vietnamese customers to receive the items on the same day or in a day's time has increased over the years. The highest adoption is noticed across the healthcare sector. In the healthcare sector, the high demand for quality, availability, accuracy, and cost control place similarly high expectations on logistic solutions. Thus, the above-mentioned factors are likely to influence the growth of the Vietnam express delivery services market during the forecast period. The emergence of …

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An online forum has been organized to discuss solutions to help 19 southern provinces sell their farm produce. Nineteen provinces in the south are experiencing social distancing with restricted travel. It now the high fruit harvesting season with high output that needs to be consumed. A report showed that the provinces need to sell 32,000 tons of mango a month, 41,000 tons of bananas, 48,000 tons of dragon fruit, 25,000 tons of durian, 10,000 tons of rambutan and 20,000 tons of longan. According to Taskforce 970 in charge of coordinating producers and distributors of farm produce for southern provinces amid the pandemic, as of 3 pm on July 26, 414 distributors had registered to provide farm produce with the taskforce, including 107 fruit and 103 vegetable distributors. The problem lies in transportation. It is difficult to carry farm produce to consumption points. The Ministry of Transport’s QR Code registration system is often overloaded for many hours. Many cities and …

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A vial of COVID-19 vaccine Vero Cell from Sinopharm. — XINHUA/VNA Photo HÀ NỘI — One million doses of Sinopharm's COVID-19 vaccine Vero Cell arrived in HCM City on Saturday, as part of a deal to acquire five million doses, the health ministry has announced. Early in July, the health ministry gave permission for the State-owned Saigon Pharmaceutical Group (Sapharco) in HCM City to import the doses. They were partially paid for using money donated to the national COVID-19 vaccine fund by Vạn Thịnh Phát Holdings Group. This was authorised by HCM City People's Committee, according to local media reports. Vạn Thịnh Phát is a private company with a diverse portfolio headquartered in HCM City's District 1. Its founder, and chairman of the board, Trương Mỹ Lan, is a Vietnamese of Chinese origin. With this latest batch of vaccines, HCM City’s total number of doses received has hit three million. This is the biggest share of the country's available stockpile of 16 million doses and …

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Nguyễn Đức Thạch Diễm, a member of the board of directors and CEO of Sacombank. — Photo courtesy of the bank HCM CITY — Sacombank sold out all 81.56 million treasury shares (equivalent to 4.33 per cent of its charter capital) on the stock market on July 27 for more than VNĐ2.438 trillion (US$106.2 million), earning a profit of VNĐ1.684 trillion ($73.4 million). It was one more important mandatory task in its restructuring approved by the State Bank of Vietnam after the merger. Nguyễn Đức Thạch Diễm, a member of the board of directors and CEO of the bank, said, “After handling Sacombank's treasury shares, we have completed one of the objectives of the restructuring project, contributing to increasing liquidity, increasing the efficiency of capital use as well as improving the capital adequacy ratio for the bank.” Sacombank is making unrelenting efforts to soon accomplish the restructing project’s objectives to regain its position in the market and get approval to pay dividends …

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A 1,500-bed field hospital has been set up in Bình Dương Province for COVID-19 patients in Bình Dương New City. Photo sggp.org.vn HCM CITY – Minister of Health Nguyễn Thanh Long has discussed with leaders of Bình Dương the establishment of an intensive care unit for COVID-19 patients in one of the southern province's hospitals. The ICU Centre with 200 ventilators will play a important role in reduce the rate of severe and death of the COVID-19 cases. The ministry has suggested that the ICU should be set up at the province general hospital in Thủ Dầu Một City, and be connected with its professional council and with field hospitals and lower-level hospitals. Long said that the ICU would be managed by Associate Professor Nguyễn Lân Hiếu, director of the Hà Nội Medical University Hospital. He also said his ministry would dispatch more healthcare personnel to support the province with vaccination so that the campaign is effective. Chairman of the province People's Committee, Võ …

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4,564 new cases were announced on Saturday evening. Of these, four were imported and 4,560 were recorded domestically in HCM City (1,677), Binh Duong (1,207), Long An (544), Khanh Hoa (335), Dong Nai (234), Dong Thap (115), Tay Ninh (72), Da Nang (55), Ha Noi (43), Ba Ria - Vung Tau (39), Binh Thuan (37), Phu Yen (30), Dak Lak (21), Binh Dinh (19), Can Tho (17), Hau Giang (17), Binh Phuoc (14), Gia Lai (13), Nghe An (11), Quang Nam (10), Thua Thien - Hue (9), Dak Nong (8 ), Ninh Thuan (5), Thanh Hoa (5), Vinh Phuc (4), Lam Dong (3), Ha Nam (3), Hai Duong (3), Ha Tinh (2), Ninh Binh (2), An Giang (2), Quang Ngai (1), Quang Binh (1), Hai Phong (1), Bac Lieu (1). Of the total domestic cases, 1,072 cases were detected in the community. 145 new deaths were also announced. …

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