Vietnam business culture

Vu Thu Hang, head of sales with TNI Holdings Vietnam, enumerated several problems with land clearance at a recent webinar on "Identifying new trends in Industrial Park development." She said infrastructure investors were forced to pay site clearance compensation in stages and the process was prolonged even further because of legal and procedural hassles. This, in turn, interferes with enterprises' planning process and reduces project duration for investors, she added. "Businesses have lost many opportunities, especially when there were many orders that could not be met because site clearance did not happen in time," Hang said. A wave of factory relocations from China has heated up Vietnam's industrial real estate market generating high demand and increasing rentals. While investors are willing pay a premium to sign leases, complete licensing procedures and begin operations, land clearance continued to be a bottleneck for industrial real estate investment enterprises, Hang …

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Illustrative image (Photo: VNA) Hanoi (VNA) - The ADB has revised down Vietnam's 2021 GDP growth forecast from 6.7 percent to 3.8 percent due to a resurgence of the COVID-19 pandemic that has tightened the labour market, lowered industrial output, and disrupted agricultural value chains, according to a report released by the bank on September 22. At a virtual press conference, ADB country director Andrew Jeffries said the prolonged COVID-19 pandemic and extended lockdowns have weakened consumption and investment, hampering Vietnam’s growth prospects. “But the Vietnamese economy will bounce back if the COVID-19 pandemic is brought under control by the end of 2021 and 70 percent of the country’s population are vaccinated by the second quarter of 2022," he said. ADB remains bullish on the country’s prospects in the medium and long term. Growth could be aided by a revival of domestic demand, an acceleration in the disbursement of public investment, and an expansion to new export …

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At the signing ceremony between firms of Vietnam and the US (Photo: VNA) Hanoi (VNA) – The T&T Group on September 21 signed several MoUs and contracts with US partners within the framework of President Nguyen Xuan Phuc’s working trip to the US. The Vietnamese firm inked an MoU with UPC Renewables on working together in offshore and nearshore wind and solar power projects in several provinces in Vietnam with a combined capacity of nearly 1,500 MW and total investment of about 2.5 billion USD. T&T Group also sealed two deals in buying animal feed materials totalling 525 million USD. Accordingly, its agricultural arm T&T Agri will import 1.25 million tonnes of materials worth 450 million USD from The Delong Company next year. The other is an agreement in principle valuing at 75 million USD per year also between T&T Agri and US firm Valero. Meanwhile, the group's pharmaceutical arm, T&T Pharma reached a deal worth 23 million USD to be the sole distributor of …

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HCM City to implement third relief package worth 7.3 trillion VND Ho Chi Minh City will carry out the third relief package worth 7.3 trillion VND (around 320.7 million USD) sourced from the local budget to help more households and informal workers affected by the COVID-19 pandemic, said Vo Van Hoan, Vice Chairman of the municipal People’s Committee. Speaking at a press conference held by the city’s Steering Committee for COVID-19 Prevention and Control on September 20, Hoan said given complicated developments of the COVID-19 pandemic in the city and prolonged social distancing, people face more difficulties due to job loss and having no income. Therefore, in addition to the social security relief packages of the city's Vietnam Fatherland Front Committee and other organisations and individuals, the municipal People's Committee continues to implement the third relief package to help ease difficulties for local residents. According to reports from the People's Committees of …

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The ancient urban area of Provins (France) was placed on the list of world cultural heritage sites in December 2001 as a special and authentic example of a medieval Champagne trading town. An exhibition introducing 200 photos, documents and objects featuring “Provins ancient urban area (France) and the Thang Long Imperial Citadel - Hanoi: cultural heritage in the heart of the city” is underway, hosted by the Thang Long Heritage Conservation Center - Hanoi. The delegates cut the ribbon to open the display on November 23. Photo: Lai Tan The event is part of a series of events to celebrate the 75th anniversary of the UNESCO and the 15th anniversary of Vietnam Cultural Heritage Day (2005 - 2020). Attending the exhibition opening were Secretary of the Hanoi Party Committee Vuong Dinh Hue; former member of the Politburo, former Secretary of the Hanoi Party Committee Pham Quang Nghi; Chairman of the Hanoi People's Committee Chu Ngoc Anh; former permanent Deputy …

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South Korean President Moon Jae In has announced that they would send over one million Covid-19 vaccine doses to assist Vietnam in its Covid-19 fight. South Korean President Moon Jae-in (R) meets with Vietnamese State President Nguyen Xuan Phuc in New York on September 21 on the sidelines of the 76th UN General Assembly. President Moon announced the vaccine donation plan during his meeting with Vietnamese President Nguyen Xuan Phuc in New York on the sidelines of the United Nations General Assembly’s 76th session on September 21 (New York time). According to President Moon, the vaccine donation to Vietnam will be South Korea’s first direct provision of the vaccine to a foreign nation, except for its financial support through the COVAX Facility. The vaccine is expected to be sent to Vietnam in October. Thanking the South Korean Government for timely vaccine support, President Phuc emphasized that Vietnam would continue to create favourable conditions for South …

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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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The private sector will be integral in Vietnam's recovery from COVID-19. Photo: baodautu.vn The Vietnam Country Private Sector Diagnostic (CPSD) report, by the International Finance Corporation (IFC) and the World Bank, says while the private sector has played a frontline role in Vietnam’s outstanding development in recent years, it is 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 its next economic transformation when the COVID-19 hit,” said Kim-See Lim, IFC regional director for East Asia and the Pacific. “With another wave, it’s all the more imperative for Vietnam to help develop a dynamic, diversified, and innovative private sector for the post-COVID 19 recovery phase, as public resources become scarce.” The …

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A Vietjet Air plane (Photo: Vietjet Air) Hanoi (VNA) - Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its half-year audited financial statements for 2021, which saw a bigger post-tax profit of the parent company over its compiled reports. According to the financial statement s audited by PwC, Vietjet as a parent company had its transport revenue reaching 5,022 billion VND (approx. 220 million USD) for the first six months of this year. Its profit after tax was reported at 34.2 billion VND (approx. 1.5 million USD), a year-on-year leap of 102 percent thanks to profits gained from new project investments. The airline’s audited after-tax profit has also increased by 148 percent compared to that in its compiled reports. Vietjet posted its consolidated revenue at 7,556 billion VND (approx. 332 million USD) while the consolidated profit after tax reached 121.8 billion VND (approx. 5.3 million USD), showing a remarkable year-on-year growth of 161 percent. …

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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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