Vietnam finance news

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 Drug Administration of Vietnam under the Ministry of Health has given the green light to Vimedimex Medi-Pharma JSC to import 30 million doses of the Hayat-Vax vaccine, produced in China and packaged in the UAE. A vial of the Hayat-Vax vaccine. - Photo: VGP Vimedimex had earlier proposed importing the vaccine to meet the urgent demand for the pandemic prevention and control in Vietnam, Lao Dong newspaper reported. The vaccine is made by China’s Beijing Institute of Biological Products Co., Ltd (Sinopharm) and packaged by the UAE’s Gulf Pharmaceutical Industries (Julphar). The Drug Administration of Vietnam required the vaccine batch to meet the requirements attached to a decision approving the Hayat-Vax vaccine. Vimedimex was also asked to take responsibility for the origin and quality of the vaccine and ensure the safe and effective use of the vaccine for the right purpose. The company must also comply with prevailing regulations on the vaccine import and …

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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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The government has accepted a disclaimer for claims related to vaccines and vaccine use as part of the contract, according to a decree issued Tuesday. The Health Ministry will make the purchase. The signing of the contract and the settling of related disputes will be governed by the laws of China. Vietnam has received around 45 million Covid-19 vaccine doses to date, of which Vero Cell, produced by Chinese company Sinopharm, accounts for around 20 million doses. The country has administered 35.6 million Covid-19 doses as of Wednesday. At 6.9 million people, 7.2 percent of the population has been fully vaccinated against the targeted 70 percent. …

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The Ministry of Health reported 11,527 in Vietnam on Wednesday, together with 11,919 discharged patients and 236 deaths. Thirty-five provinces and cities logged 11,525 domestic cases while the country recorded another two imported infections, the health ministry said. The ministry had documented 11,687 locally-infected patients on Tuesday. Nearly 5,900 of the latest domestic cases were found in the community, with the remaining detected in sectioned-off areas or centralized quarantine facilities. Ho Chi Minh City reported 5,435 local infections, down by 1,086 patients from yesterday; Binh Duong Province 4,179, up by 570; Dong Nai Province 930; Long An Province 191; An Giang Province 186; Kien Giang Province 137; Can Tho City 48; Da Nang 10; and Hanoi seven. Vietnam has confirmed 714,497 community transmissions in 62 out of its 63 provinces and cities since the fourth – and worst – virus wave emerged in the country on April 27. Ho Chi Minh City suffers the most with 353,655 …

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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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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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As the capital relaxed its coronavirus restrictions starting Tuesday, thousands of residents flooded the streets at night to celebrate the Mid-Autumn Festival. Streams of vehicles closely packed together could be seen on downtown streets like Trang Thi, Dinh Tien Hoang and Ly Thai To. "If there was any person infected with the Delta variant among the crowds in Hanoi last night, transmission is extremely likely. Once it happens, authorities would find it difficult to contact trace, as they have no idea who's made contact with whom," said Tran Dac Phu, senior advisor at the Public Health Emergency Operations Center. While the capital city authorities had advised people to only go out if necessary despite the relaxed restrictions, the gathering large crowds like Tuesday night without adequate coronavirus control measures may severely impact efforts to fight Covid-19. Even if most people were wearing masks, close proximity can still allow infections to happen, Phu said. However, he …

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Illustrative image (Photo: AFP/VNA) Bangkok (VNA) - Thailand has increased the ceiling of its public debt-to-gross domestic product (GDP) ratio to 70 percent from 60 percent, allowing the government to raise more funds to help a struggling economy. The decision was made by the State Monetary and Fiscal Policy Committee chaired by Prime Minister Prayut Chan-o-cha on September 20. The Southeast Asian country is dealing with its biggest COVID-19 outbreak to date and stricter containment measures have hit economic activities although some have been eased from this month. Last year, the government issued its first emergency loan decree last year to authorise it to borrow 1 trillion THB to fund its stimulus schemes to combat the pandemic. A second decree was issued this year to allow the government to borrow an additional 500 billion THB. Last month, Bank of Thailand Governor Sethaput Suthiwartnarueput said the country would need a further 1 trillion THB in fiscal measures to …

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