Shortages supply

Workers receive their vaccines to help businesses maintain "three-on-site" production in the Noi Bai Industrial Zone. — VNA/VNS Photo 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. 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 “green cards” …

Continue Reading about Firms struggle with labour shortage due to the COVID-19 pandemic →

The Covi-19 pandemic has not prevented the rise in the bilateral relationship, which has been fortified with a focus on mutual support in pandemic response and economic cooperation. Hanoi seeks further support from Russia in the fight against the Covid-19 pandemic, including access to vaccine supplies. Secretary of the Hanoi Party Committee Dinh Tien Dung and Russian Ambassador to Vietnam Gennady Stepanovich. Photos: Thanh Hai Secretary of the Hanoi Party Committee Dinh Tien Dung stressed the view in a meeting with the newly-appointed Russian Ambassador to Vietnam Gennady Stepanovich on September 23. At the meeting, the Hanoi Party chief expressed his delight at the progress in Vietnam-Russia comprehensive strategic partnership that was established in 2012. “The Covi-19 pandemic has not prevented the rise in the bilateral relationship, which has been fortified with a focus on mutual support in pandemic response and economic cooperation,” Dung said. …

Continue Reading about Hanoi seeks further support from Russia in vaccine supplies →

Answers arrive to salvage construction, illustration photo/ freepik.com Earlier this month, a handful of domestic construction contractors including Delta Group, Vinaconex Corporation, CIENCO4, Eurowindow, and Phuc Hung Holdings proposed to the Vietnam Association of Construction Contractors (VACC) and the government to urge for a swift response from local authorities to address their problems. The VACC, likewise, also expressed its concerns over the skyrocketing prices of construction materials. “These difficulties are paralysing the construction sector, particularly in the south of Vietnam, where most localities are severely affected by the pandemic,” the association noted. According to Delta Group, the number of workers involved in projects is insufficient, affecting construction output and the progress of projects. In addition, the price increase and scarcity of input materials, such as the price of construction materials, increased by 25 per cent compared to the beginning …

Continue Reading about Answers arrive to salvage construction →

Many smaller companies are struggling to keep up with insurance payments while halting production. Photo: Le Toan Nguyen Khanh Trinh, chairman of digital advertising service provider CleverGroup, has voiced his impatience about insurance expenses. “CleverGroup has branches in Hanoi, Danang, and Ho Chi Minh City but despite all employees having to suspend work, the company still pays full premiums of social insurance, health insurance, and unemployment insurance for them," Trinh said. These premiums cost CleverGroup thousands of US dollars. "If a small- or medium-sized group like us cannot arrange the cash flow for at least three months in advance, they may go bankrupt,” Trinh said. “The problem is that businesses have to pay full fees for insurance, and they will be fined for delays in payment, while employees having to temporarily stop work due to the pandemic are not receiving unemployment insurance,” he added. CleverGroup is just one example. Last week, 11 business …

Continue Reading about Associations seek more insurance-led assistance →

A private sector-led low-carbon economic growth model can enable Vietnam’s goal of becoming a high-income country by 2045. As Vietnam fights another wave of Covid-19, accelerating the pace of reforms, upgrading workforce skills and infrastructure will strengthen the private sector to help the country recover from the pandemic and unlock its potential, according to a new World Bank Group report. A manufacturing facility in Hanoi. Photo: Nguyen Viet The Vietnam Country Private Sector Diagnostic (CPSD) report, by IFC and the World Bank, says while the private sector has played a frontline role in Vietnam’s outstanding development in recent years, it’s now time to fully exploit the potential of the private sector to boost productivity growth so Vietnam can achieve its goal of becoming a high-income country by 2045. “The private sector has helped propel Vietnam to join the ranks of middle-income economies in just one generation, and the country was preparing for …

Continue Reading about Strong private sector key to Vietnam economic transformation: Report →

Dien made the statement at a working session with leaders of the U.S.'s AES Corporation in New York on September 21 (local time) to discuss the group's investment and business activities in Vietnam. At the meeting, the leaders of AES Corporation informed that a joint venture agreement has been completed for the Son My LNG port warehouse project on the basis of the main terms of the joint venture contract of Son My LNG (liquefied gas) port warehouse project signed in October 2020. This is an important milestone in the development of the entire project, obtained thanks to the approval and direction of the Government, the Ministry of Industry and Trade, the Commission for the Management of State Capital at Enterprises, the Vietnam National Oil and Gas Group (PetroVietnam) and relevant agencies of Vietnam. Minister Dien said leading U.S. firms’ success in Vietnam not only holds economic significance but also promotes Vietnam as a trustworthy investment destination for U.S. investors …

Continue Reading about Vietnam to facilitate U.S. investment projects, says minister →

These enterprises included the GE Group, CFM International, AviaWorld LCC, Cantor Fitzgerald, Weidner Asset Management Steelman Partners, DeLong, Valero, AGP, and UPC Group. President Phuc, who has been in New York to attend the high-level debate of the U.N. General Assembly's 76th session, said that Vietnam treasures and wants to further develop its comprehensive partnership with the U.S. in a more practical, stable and long-term manner. Vietnam is determined to accelerate comprehensive and synchronous economic reforms and improve its business environment for foreign enterprises to expand their operations, he said. The State leader highly evaluated U.S. companies investing in Vietnam and shared their difficulties amid the COVID-19 pandemic. The Vietnamese Government is urgently carrying out a series of measures to put the epidemic under control, sustain supply chains, and recover production, he said. President Phuc said investment, cooperation, and experience-sharing …

Continue Reading about President Nguyen Xuan Phuc receives leaders of U.S. enterprises in New York →

Vietnamese Ambassador to the U.S. Ha Kim Ngoc said that the Vietnamese community in the U.S. has actively engaged in COVID-19 prevention and control efforts in the home country by providing medical supplies, contributing and raising funds for Vietnam's COVID-19 vaccine fund and calling on the U.S. Government and organisations to donate COVID-19 vaccines to Vietnam. Despite impacts from the COVID-19 pandemic, Vietnamese representative agencies in the U.S. have considered citizen protection as the top priority, he said. President Phuc affirmed that amid difficulties caused by the pandemic, the Party and State highly valued contributions by overseas Vietnamese. Briefing them on the conclusion of the Party Central Committee on overseas Vietnamese affairs, the President affirmed that the Party and State consider the Vietnamese community abroad is an indispensable part of the Vietnamese nation and an important resource for the cause of national construction, development and defense. …

Continue Reading about President meets representatives of Vietnamese community in U.S. →

Cars have been selling very slowly in amid Covid-19 and social distancing. A gloomy future has been predicted for the automobile industry. The Vietnam Automobile Manufacturers’ Association (VAMA) reported that its member companies sold 8,884 cars in August, a sharp fall of 45 percent compared with July and 57 percent with August 2020. This was the fifth consecutive month the market saw sales decrease. August saw the lowest sales since 2015. The decline has also been reported by TC Motor, not a member of VAMA, with 2,182 cars sold in August, down by 54 percent compared with July and 60 percent with August 2020. Meanwhile, VinFast sold 2,310 cars, a decrease from the 3,782 cars in July, but it was still 1,494 cars higher than August 2020. August coincided with the seven month of the lunar year, the month of forsaken spirits, and people do not make important purchases in that month. This, plus social distancing applied in many cities and provinces, had a strong impact on the …

Continue Reading about Tens of thousands of cars unsold, factories may have to stop production →

The national digital transformation program says Vietnam will develop hi-technology agriculture with a focus on smart and precise agriculture, while increasing the proportion of digital agriculture in the economy. Opening the forum on digital transformation in Vietnam’s agriculture, Truong Gia Binh, Chair of the Vietnam Digital Agriculture Association (VIDA), stressed that it’s necessary to conduct strong digital transformation in e-commerce, e-payment, logistics and agriculture operations. If Vietnam can successfully do these, it will become a country with great competitive potential. “Our land is situated in the area which doesn’t need heating in winter. It allows us to harvest many crops all year round. We still develop agriculture with 2/3 of population in rural areas. Vietnam’s IT is developing rapidly. All these factors will turn Vietnam into a farm produce granary of the world,” Binh said. Deputy Minister of Information and Communications Nguyen Huy Dung said the …

Continue Reading about Vietnam aims to become world’s farm produce granary →