Illustrative image. — VNA/VNS Photo Foreign investment into Vietnamese startups is predicted to increase although the COVID-19 pandemic has left negative impacts on the economy, according to experts. HSBC Bank Vietnam announced that it has supported General Atlantic and Dragoneer Investment Group in co-leading a US$250 million in Series B funding round in VNLIFE Corporation Joint Stock Company (VNLIFE), a leading technology company pioneering the development of Viet Nam’s digital ecosystem. This is considered the largest capital raising deal revealed in the venture capital market in Viet Nam recently. The injection of capital is expected to accelerate the growth of VNLIFE’s existing businesses and support its development of new platforms and technologies to better serve its merchant partners and Vietnamese consumers. Similarly, VinaCapital Ventures (V2), the technology investment platform of VinaCapital Group, said it has invested in GlobalCare, an insurtech company that …
Vietnam’s wood industry maintains growth momentum despite Covid-19
The wood industry maintains growth momentum despite Covid-19 According to Binh Duong Furniture Association (BIFA), in the first 8 months of 2021, the export turnover of wood products was estimated at nearly US$4.78 billion, up 44.2 percent over the same period last year; accounting for 21.5 percent of the province's export turnover with the key markets such as Japan, Singapore, Hong Kong, Taiwan (China), the European Union (EU), especially the US market accounting for more than 65 percent. Many years ago, businesses in the region did conquer the US market having stable orders and large output. A leader of Tan Nhat Company in Nam Tan Uyen Industrial Park said that the company received most orders of tables, chairs, cabinets, and other interior products. About 600 wood exporters in the Southern Province of Binh Duong are currently promoting the restructuring of production with a focus on high-value products plus changes in the trade promotion method from direct to online through …
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Covid-19 pandemic and the golden season of digital transformation
On September 5, when the Covid-19 outbreak was still rampant, the new school year started online for millions of students. The legal corridor for the development of 4.0 technologies in Vietnam is still primitive. Difficulties appeared, and immediately, Prime Minister Pham Minh Chinh assigned the Ministry of Information and Communications to implement a program to promptly support online learning and promote development of the digital society. According to Viettel, during the time of social distancing, Viettel Study software had nearly 50 million visits within one month and was used in thousands of schools, with 30,000 lessons at different levels. As for VNPT E-learning software of VNPT, the number of visits increased by four times, peaking at 100,000 visits in one hour. That’s the education sector. In socio-economic life, many activities from the real world have been transferred to the digital world under the pressure of the Covid-19 pandemic. When it broke out, …
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Mooncake market plummets amid Covid-19 pandemic
Demand for mooncakes has taken a sharp fall this year due to social distancing for Covid-19 prevention. Mooncake market plummets amid Covid-19 pandemic Mobile mooncake stores can normally be seen everywhere in Hanoi in the weeks leading up to the Mid-autumn Festival. However, this year is different. The famous mooncake stores along Thuy Khue Street have seen much fewer customers compared to long lines of buyers in previous years. Pham Hai Dang, head of Bao Phuong Store said it was difficult to hire new staff from other provinces. Production costs are 20% higher than usual and they have struggled to find customers. "Our output has dropped by 80% due to lack of staff. Our staff stay at work," he said. "Despite higher input costs, our prices will stay the same at VND40,000 (USD1.70) to VND80,000 per cake. Our revenue will drop by VND2bn (USD87,400) compared to previous years." Nguyen Thi Binh, head of Binh Chung Mooncake Factory in Tay Ho District said they could …
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ADB bullish on Vietnam’s economic growth despite COVID-19 slowdown
ADB has reduced its GDP forecast for Vietnam but remains optimistic on its post-pandemic prospects The country’s economy is expected to grow 3.8 per cent this year and 6.5 per cent in 2022, according to the Asian Development Outlook (ADO) 2021 Update . Growth picked up in the first half of 2021, largely because of higher trade volumes, but slowed down in the second half of the year as the fourth wave of the pandemic took a toll on business and the labor market. Inflation will be muted in 2021 and 2022 due to the slower growth. “The prolonged COVID-19 pandemic and extended lockdowns have weakened consumption and investment, hampering Vietnam’s growth prospects," said ADB’s country director for Vietnam Andrew Jeffries. “But the Vietnamese economy will bounce back if the COVID-19 pandemic is brought under control by the end of 2021 and 70 per cent of the country’s population are vaccinated by the second quarter of 2022.” The COVID-19 pandemic is expected to drag down 2021’s …
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Seven fined over $3,000 for partying despite COVID-19 restrictions in Vietnam
Police in Vietnam’s Central Highlands province of Dak Nong have penalized a group of seven people for getting together for a bash in violation of COVID-19 social distancing regulations. They have been fined a total of VND70 million (US$3,060) after being caught enjoying their party at a café in the province’s Dak R’Lap District last week, local police reported on Monday. They disregarded the current COVID-19 social distancing rules under the prime minister’s Directive No. 16, including mandatory face mask donning, a stay-home order, and a ban on gatherings larger than two people outside the home, police said. “This act has defied the epidemic prevention measures, so it must be strictly punished as a warning to others,” a district leader said. Local authorities have applied safety regulations after the recent detection of over 100 coronavirus infections from two clusters in the district. Dak Nong has documented 460 COVID-19 cases, including 174 recoveries and no fatality, …
Hanoi ready to co-exist with COVID-19 pandemic
Hanoi is ready to listen to recommendations and adjust plans for COVID-19 prevention and control as restrictions are eased in the capital city. People receive COVID-19 vaccinations in Hanoi. Deputy secretary of the municipal Party Committee Nguyen Van Phong made the statement during a press conference on Tuesday morning. Phong said that the capital city's authorities will learn from experience, always ask for advice, and is ready to listen, including to opposing opinions, to make appropriate adjustments. Dũng said the city had already set plans for the second dose of vaccine for residents. By September 18, the city had given the first dose to 94 per cent of the city’s population, and the second dose to 12 per cent of residents. Phong said that despite initial results, Hà Nội was still at risk of another outbreak. City leaders will work to live peacefully and safely with the pandemic, as the city could not close the gate because it is the political, …
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Efforts made to bring a special Mid-Autumn Festival for kids amid COVID-19 pandemic
A representative of HCM City's Youth Union wears the costume of Hằng Nga, a traditional character of the Mid-Autumn Festival, as she presents gifts for children of migrant workers in dormitories in HCM City. VNA/VNS Photo HCM CITY – Many children in HCM City, the country’s coronavirus epicentre, have enjoyed a special Mid-Autumn Festival this year despite social distancing regulations thanks to joint efforts of authorities, organisations and volunteers. In the past three days, the dormitories of migrant workers in Sơn Kỳ, Tây Thạnh wards in Tân Phú District; Tân Nhựt, An Phú Tây wards in Bình Chánh District; and Hiệp Phước Industrial Zone in Nhà Bè District have been full of the sounds of happiness with children’s laughter. Youngsters celebrated their Mid-Autumn Festival with mooncakes, milk, small boxes of candy and biscuits, as well colourful paper lanterns. These are in gift packages for the full-moon festival local authorities, youth unions and benefactors, in the …
HCMC gives monthly allowance to orphans whose parents die of Covid-19
A child under four years old whose both parents died of the coronavirus will be granted VND900,000 a month while those over four years old will receive VND 540,000 per month, A child is being treated in a hospital According to the government’s decree 20/2021, a child under four years old whose both parents died of the coronavirus will be granted VND900,000 a month while those over four years old will receive VND 540,000 per month, said Le Minh Tan, director of the municipal Department of Labor, Invalids and Social Affairs, yesterday. He added that the number of children whose parents died of Covid-19 has currently risen to 252 including 7 orphans both parents succumbed to Covid-19 and 245 orphans whose one parent died of the disease. Children will be eligible for allowance till they are 16. After 16 years old, if children continue pursuit of education in colleges, they will be eligible for social benefits till 22 years old. Additionally, they will be granted medical …
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People urged to not put off medical visits despite COVID-19
A newborn baby with dengue fever is treated at HCM City Children's Hospital. — Photo suckhoedoisong.vn HÀ NỘI — Children who have a fever for two straight days and other early symptoms of dengue fever should visit doctors as soon as possible to prevent complicated development of the disease, especially when the rainy season is coming, which can worsen dengue fever outbreaks. Doctors also raised concerns that due to fears of COVID-19 infections, many people have been delaying visits to doctors. According to the Centre for Children’s Tropical Diseases under the Hà Nội-based National Children’s Hospital, in the last two months, the centre received more than 60 children with dengue fever. Among them, the youngest was only six days old. A mother named Trang whose son was treated at the hospital for ten days said that he had a high temperature of up to 41 degrees Celsius and vomited a few times a day. Trang said that she gave her son pain relief tablets for a few days but they did …
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