Economy

Since joining the World Trade Organisation 15 years ago, Viet Nam has become a part of 17 FTAs, which are either under negotiation or underway. This has helped create a momentum for the country's exports. Viet Nam’s total export-import value rise from $84.7 billion in 2006 to $545.3 billion in 2020. Workers make shoes for export. Now, the Ministry of Industry and Trade (MoIT) is enhancing the formation of a portal that will make accessing information on the current and upcoming FTAs easier for Vietnamese businesses. Ngo Chung Khanh, Deputy Director of the MoIT’s Multilateral Trade Policy Department, said that 2021 has been a difficult year for businesses and the wider economy, but there is still hope for the future. He mentioned export turnover as an example, in which traditional markets like China and other ASEAN countries were supplemented by the US and other countries that Viet Nam has signed Free Trade Agreements with. Thanks to two newly-signed FTA's, …

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Demand for industrial, logistics estates at core of enquiries next year: Savills Demand for industrial and logistics estates in addition to ready-built factories and warehouses will continue to be the core of enquiries next year, according to an expert from property consultancy Savills Vietnam. “However, in terms of new trends, data centres and cold storage facilities are in demand and have gained traction in 2020 and 2021,” John Campbell, manager of Industrial Services at Savills Vietnam told the Vietnam Investment Review. “Next year, we expect this to continue, as Vietnam is now on the radar for hyperscale facilities.” Low-value industries are beginning to set up elsewhere in Southeast Asia as Vietnam no longer offers the same incentives, he said, adding that these industries such as textiles and furniture struggle to source affordable labour and land in Vietnam. However, foreign and high value-added investors remain bullish on Vietnam’s long-term growth, …

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Vietnamese President Nguyen Xuan Phuc (standing) speaks at the forum. (Photo: VNA) Bern (VNA) - Vietnamese President Nguyen Xuan Phuc and his Swiss counterpart Guy Parmelin co-chaired a Vietnam - Switzerland Business Forum in Bern on November 26. Addressing the forum with the attendance of representatives from over 100 businesses of the two countries, the Vietnamese leader called on Swiss businesses to invest in Vietnam and partner with Vietnamese enterprises in areas where Swiss firms have strengths and Vietnam is giving priority to, especially in banking and finance, science and hi-technology, innovation and digital transformation. For his part, President Parmelin highlighted the huge potential for stronger cooperation between the two countries, and the necessity to have new cooperation framework s to encourage Swiss businesses to invest in Vietnam. The interest and commitment of businesses and representatives of the private sector of Switzerland at the forum …

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The latest draft of the eighth national power development plan in 2021-2030 shows considerable reductions in coal-fired power and increases in wind power, following Vietnam’s strong commitments at COP26. The eighth plan still has not been issued after many debates. The draft plan continues to be amended after Vietnam made strong commitments at COP26 on the goals and ambitions in obtaining Net Zero by 2050. Because of the commitments, the Ministry of Investment and Trade will have to reconsider the country’s electricity generation sources. In an operating scenario released by the Ministry of Industry and Trade (MOIT) in November, the total capacity of power sources to be installed by 2030 is 155,722 MW, lower by 24,305 MW than the 180,027 MW shown in March scenario. With the scenario, coal-fired electricity capacity would decrease by 6,694 MW, while LNG-fired electricity by 18,550 MW and Vietnam would increase electricity capacity from wind power. Onshore wind power …

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The 13,063 new COVID-19 cases include 15 imported cases and 13,048 local infections detected in Hồ Chí Minh City (1,773), Cần Thơ (954), Bình Dương (716), Bà Rịa - Vũng Tàu (697), Tây Ninh (672), Đồng Tháp (604), Bạc Liêu (574), Đồng Nai (567), Bình Thuận (562), Vĩnh Long (539), Sóc Trăng (449), Kiên Giang (427), Cà Mau (422), Trà Vinh (328), An Giang (324), Hà Nội (310), Hậu Giang (287), Bến Tre (265), Khánh Hòa (239), Bình Định (197), Hà Giang (165), Lâm Đồng (159), Bình Phước (139), Bắc Ninh (137), Nghệ An (124), Tiền Giang (121), Long An (109), Gia Lai (109), Thừa Thiên Huế (106), Vĩnh Phúc (104), Đắk Nông (85), Đà Nẵng (66), Hòa Bình (60), Quảng Nam (59), Quảng Ngãi (56), Thanh Hóa (55), Thái Nguyên (54), Ninh Thuận (46), Hải Dương (39), Phú Yên (36), Phú Thọ (33), Thái Bình (32), Tuyên Quang (29), Nam Định (29), Lạng Sơn (28), Quảng Bình (27), Quảng Trị (24), Hưng Yên (22), Hải Phòng (22), Quảng Ninh (15), Cao Bằng (10), Điện Biên (9), Bắc Giang (9), Hà Tĩnh (8 ), Sơn La (4), Bắc …

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10,321 COVID-19 cases recorded in Việt Nam on Monday Southern provinces strengthen COVID-19 prevention measures as cases increase 9,625 new cases of COVID-19 in Việt Nam on Friday Nearly 8,200 new COVID-19 infections reported in Việt Nam on Sunday 8,176 new COVID-19 cases, 64 more deaths reported on Sunday A student gets a COVID-19 vaccine in Nghệ An Province on Saturday. The provincial Department of Education and Training in coordination with the Department of Health organised vaccination for high school students from November 27 to 30. VNA/VNS Photo HÀ NỘI — The Ministry of Health announced 13,063 new cases of COVID-19 in Việt Nam on Saturday. A further 148 deaths were also recorded across the country. Việt Nam so far has reported 24,692 COVID-related deaths. Among the new cases, 7,160 were found in the community and 15 were imported. The others were in quarantine or locked down areas. Compared to Friday, the number of daily cases fell nationally by …

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Prime Minister Phạm Minh Chính at the meeting with representatives from ministries and agencies in Hanoi on November 27. VNA Photo HÀ NỘI – It is a must to produce COVID-19 vaccines and treatment drugs domestically, Prime Minister Phạm Minh Chính said at a meeting with representatives from ministries and agencies in Hà Nội on November 27. He regarded the “5K principle”, vaccines, treatment drugs, technologies, public awareness and other solutions as crucial factors to safely and flexibly adapt to and effectively control the pandemic. The “5K principle” was issued by the Ministry of Health, covering khẩu trang (facemask), khử khuẩn (disinfection), khoảng cách (distance), không tụ tập (no gathering), and khai báo y tế (health declaration). PM Chính applauded the Ministry of Health and relevant ministries and agencies, especially scientists, researchers and producers of COVID-19 vaccines and treatment drugs for their efforts over the past time. He called for closer coordination …

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Vietnam Airlines wide-body Boeing 787-9 Dreamliner (Photo courtesy of Vietnam Airlines) Hanoi (VNS/VNA) - Vietnam Airlines, the country's national flag carrier, looks to dominate the Vietnam-US route as preparations have been completed for its first direct flight to the US, which is scheduled to take off on November 28, said General Director of Vietnam Airlines Le Hong Ha. The Vietnam-US route was among one of the most in-demand pre-pandemic. There were 24,000 Vietnamese university students and a 2.2 million strong Vietnamese community in the US in 2020. Two-way trade has been on the rise in recent years reaching 90 billion USD in 2020 and projected to hit over 100 billion USD this year, making the Southeast Asian economy one of the US’s top trading partners. As a result, the airline is confident demand will quickly recover once the pandemic is put under control and mobility restrictions relaxed, Ha said. Competition, however, is expected to be fierce as the …

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The view was shared by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Swiss State Secretary for Economic Affairs Marie-Gabrielle Ineichen-Fleisch during their working session on November 26, as part of President Nguyen Xuan Phuc’s ongoing official visit to Switzerland. Dien expressed his belief that economic and trade cooperation will be the center and main momentum of the relations between the two countries, and suggested Switzerland work together with Vietnam to successfully build up new cooperative foundations in the time ahead. Both officials lauded efforts of the two countries’ negotiators during the talks on a free trade agreement between Vietnam and the European Free Trade Association (EFTA). They held that after 16 rounds of official negotiations and various online meetings since 2012, it is time to conclude the talks. Dien proposed Switzerland, with its great role and prestige in the EFTA, urge other members to take a more practical approach, especially …

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President Phuc said Vietnam always attaches importance to consolidating and enhancing the traditional friendship and cooperation with Switzerland, which has been nurtured by people of the two countries over the past 50 years. On behalf of the Vietnamese State and people, he thanked Switzerland for its official development assistance (ODA) and support to Vietnam in socio-economic development, helping the Southeast Asian country to achieve many millennium development goals (MDGs) ahead of schedule. President Phuc highlighted Switzerland’s donation of medial supplies to aid Vietnam in the COVID-19 combat in August. For his part, Aebi affirmed that Vietnam is an important partner of Switzerland in Southeast Asia and Asia-Pacific at large, expressing his hope that President Phuc’s visit will create momentum to boost the bilateral ties in all spheres in the time ahead. The two leaders noted with pleasure the positive development of the Vietnam - Switzerland relationship, both …

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