Fri. PM KTFA Vietnam News Articles 11-5-21

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Vietnam News:

Samson » November 5th, 2021

Việt Nam, UK enhance cooperation in digital economy, digital transformation

2nd November, 2021

Vietnamese Minister of Information and Communications Nguyễn Mạnh Hùng and the UK’s Parliamentary Under Secretary of State at the Department for Digital, Culture, Media and Sport Chris Philp signed a Letter of Intent on cooperation in the digital economy and digital transformation on Monday (London time).

The two officials shared strategic orientations, national programmes and projects on the development of the digital economy and digital society of each country, as well as initiatives and policies in support of digital economic development.

They also exchanged opinions on possibilities to expand cooperation and strengthen coordination between management agencies on digital transformation, digital economy, digital business connection, and discussed measures to jointly develop and organise the implementation of initiatives within the framework of the UK-ASEAN Digital Innovation Partnership and the Asia-Pacific Digital Trade Network.

Philp introduced a plan to implement initiatives to expand cooperation in digital economic development with Asia-Pacific and ASEAN, through the UK-ASEAN Digital Innovation Partnership, and a programme to support ASEAN in carrying out digital trade platforms, and standards and architectural frameworks for smart building.

On the same day, Hùng had a working session with representatives from the trade association techUK and the UK-ASEAN Business Council, during which he said cooperation between the two countries’ digital enterprises holds much potential and needs to be expanded.

From 2022, the Ministry of Information and Communications will consider implementing Việt Nam-UK digital forums, investment promotion programmes and seminars so that businesses can find partners, expand markets and cooperate in projects on digital economy and digital transformation.

Hung is accompanying Prime Minister Phạm Minh Chính on his trip for the 26th United Nations Climate Change Conference of the Parties (COP26) and a working visit to the UK.  LINK

State Bank of Vietnam to study and propose policies on national digital currency

2nd November, 2021

The Prime Minister has assigned the State Bank of Việt Nam (SBV) to study and propose policies on a national digital currency.

In addition, the SBV will issue a mechanism for controlled testing of financial technology (Fintech) activities in the banking sector in order to create a legal framework, meet management requirements, promote innovation and creativity, and deploy new co-operation and business models in payment service provision.  LINK

The Government officially approved the project to develop non-cash payments in Việt Nam for the 2021-25 period on Thursday.

The overall objective of the project is to create a positive change in non-cash payment in the economy with high growth, and to make the use of non-cash payment methods a habit of people in urban areas and gradually developing in rural and remote areas, and reduce the social costs associated with cash.

In the project, the Government has proposed many solutions, including completing the legal corridor and mechanisms and policies to develop non-cash payments in the 2021-25 period.

Specifically, the Government assigned SBV to co-ordinate with the Ministry of Justice and relevant ministries to review and propose amendments and supplements to a number of payment-related provisions in current legal documents.

Notably, the Government assigned SBV to complete the development and promulgation of a controlled trial mechanism for financial technology (Fintech) activities in the banking sector in order to create a legal framework to meet regulatory requirements, promote innovation, creativity and implementation of new business and co-operation models in payment service provision.

At the same time, the SBV must study and propose mechanisms and policies on national digital currency.

In addition, the Government assigned the Ministry of Information and Communications to co-ordinate with the Ministry of Justice, SBV and relevant ministries and agencies to review and propose amendments and supplements to legal regulations on electronic transactions, cyber security, ensuring safety, data security and user protection in order to support and facilitate the application of technology and innovation and creativity, ensuring security and safety in payment activities.

The Ministry of Finance will study solutions to continue to encourage non-cash payments to contribute to tax management.  LINK

Vietnam : Firms encouraged to prepare workforce for digital economy

29th October, 2021

The Fourth Industrial Revolution is both creating opportunities and posing challenges to developed countries and countries entering the 4.0 revolution, including Việt Nam, from a perspective of readiness, ability integration and adaptation of the workforce.

To prepare the national workforce for the coming digital economy, multilateral cooperation initiatives that keep up with the requirements of the corporate environment, as well as in society generally, are needed.

This information was released at the Multi-stake Holder Forum (MSF) 2021 with the theme “Partnership in preparing a future-ready workforce for an inclusive digital economy in Việt Nam”, held in Hà Nội on Thursday. The forum was jointly organised by the Việt Nam Chamber of Commerce and Industry (VCCI) and the Việt Nam General Confederation of Labour and Samsung, under the technical co-operation of Việt Nam Business Council for Sustainable Development and Institute for Development and Community Health (LIGHT).

Phạm Tấn Công, the VCCI’s chairman said: “The inclusive digital economy enables all employees and businesses to contribute to the growth process and enjoy the results of that growth. This is completely in line with the sustainable development goals set by the Vietnamese Government, most recently the National Action Plan to implement the 2030 Agenda for Sustainable Development in response to the United Nations Sustainable Development Goals.”

Công said that as a national organisation representing employers in Việt Nam, VCCI always worked closely with the stakeholders in developing and promoting harmonious and progressive labour relations at enterprises, as well as solving the problem of a skilled workforce that meets the requirements of businesses and the economy. This included training skills for vulnerable groups such as women and young people. 

This was also achieved through co-organising stakeholders including VCCI, Samsung Vietnam and the Việt Nam General Confederation of Labour for this year’s Multi-Stakeholder Forum 2021. The aim was to build harmonious labour relations in the inclusive digital economy, bringing both economic and human values.

Ngô Duy Hiểu, Vice President of the Việt Nam General Confederation of Labour said: “The COVID-19 pandemic has created unprecedented difficulties for the majority of employees and the business community. Resonating with the enormous challenges from the Industrial Revolution 4.0, it has set unprecedented and extremely difficult demands for every single employee in the present and future. Only quickly changing mindsets, catching up on awareness, improving self-efficacy, and finding the fastest approach will help employees have firm foothold in their work and be proactive in life and not be left behind. As a representative organisation of employees in Việt Nam, the Việt Nam Trade Union wishes and believes that all stakeholders will work together in good faith. This will help to define a common vision and come up with effective solutions to improve the adaptability of employees amid rapidly changing socio-economic conditions while industrial relations 4.0 is getting clearer.”

Choi Joo Ho, President of Samsung Việt Nam, said: “The global crisis caused by COVID-19 in the past two years has not only caused difficulties for the world economy but also poses unprecedented challenges to the competitive advantages that Việt Nam has built up in the global supply chain. On the way to overcome and fight against the COVID-19 pandemic, we are more and more aware of the value of health and life, and once again Samsung’s business philosophy, ‘People first’, is inspired and motivated. Through the 2021 multi-stakeholder forum, Samsung hopes to be able to share more of our insights with stakeholders and discuss with them the new opportunities that the Fourth Industrial Revolution has brought for employees, especially the vulnerable, in accessing learning and development opportunities. This will make a positive and useful contribution to the sustainable development of Việt Nam.”

The Multi-Stakeholder Forum (MSF) is an initiative of Samsung Vietnam, which has been held annually in Việt Nam since 2018. The forum aims to connect the knowledge, enthusiasm, resources and energy of all stakeholders, including policymakers, NGOs, civil society, experts, researchers and businesses. Through this annual event, ideas, solutions and initiatives are shared and discussed, from which inspiration for action is spread, contributing to solving Việt Nam’s important social problems effectively.

The forum was attended by more than 300 delegates from government agencies, ministries, sectors, non-governmental organisations, social organisations, associations, businesses, research institutes, international and domestic trade union organisations, and professionals to participate directly at the event and through an online form.   LINK

Việt Nam sees public-private partnership as key driver for recovery, growth

30th November, 2021

World Economic Forum (WEF) Founder and Executive Chairman Professor Klaus Schwab and Prime Minister Phạm Minh Chính on October 29 co-chaired the Country Strategy Dialogue on Việt Nam for the first time in an online format with the theme ” Public-private partnership: The key driver for comprehensive recovery and sustainable, resilient and innovative growth”.

WEF President Borge Brende, Vietnamese ministry and sector leaders, and nearly 70 leaders from top global corporations and enterprises participated in the dialogue.

In his opening remarks, Professor Klaus Schwab emphasised that the Vietnamese Government and the Prime Minister personally worked tirelessly to protect the lives and livelihoods of the Vietnamese people. He expressed his pleasure that Việt Nam had rapidly and drastically implemented the vaccination strategy and that this is a positive signal that the difficulties caused by the pandemic could be overcome, and it would continue to be firmly on the path to becoming the economic locomotive of the region.

Professor Klaus Schwab believed that Vietnam would continue to maintain its impressive development momentum in the coming decades. However, the new context created by the pandemic and the Fourth Industrial Revolution  adaptability and innovation in all aspects. The professor highly appreciated the Prime Minister’s approach through this dialogue with global business leaders. 

Prime Minister Pham Minh Chính then delivered an important speech with a strong policy message affirming Việt Nam’s efforts and determination in recovery and socio-economic development, realising the vision, goals and aspirations of developing the country.

The Prime Minister emphasised that this was a time to test the bravery, creativity and adaptability of both the Government and businesses; This was also the time when the Government and businesses need to strengthen the public-private partnership to overcome difficulties together in the spirit of sharing both risks and benefits in harmony.

The Prime Minister said Việt Nam’s socio-economic situation recovered in October because the pandemic was basically controlled and the economy gradually opened. In the first 10 months of the year, newly registered FDI capital increased by 11.6 per cent and realised capital reached over US$15 billion; exports increased by 16.6 per cent over the same period in 2020. Compared with September, the number of newly established enterprises in October increased by 111 per cent, registered capital increased by 74 per cent. Especially, total demand recovered strongly, total retail sales of consumer goods and services increased by over 18 per cent. The average consumer price index in 10 months only increased by 1.81 per cent. 

This showed that the current difficulty is only temporary; The potential, advantages, new driving force for long-term development and macro foundation, the major balances of Việt Nam’s economy were still outstanding, stable and solid.

The Prime Minister shared about the master plan for economic recovery and development in the coming period, including the master program to open the economy associated with COVID-19 disease prevention and control; programmes on social security and job creation; restoring enterprises, cooperatives and business households; developing infrastructure, unleashing social resources for development investment. The Prime Minister affirmed Việt Nam’s determination in accelerating institutional improvement, reducing administrative procedures, and fighting corruption and negative phenomena.

Chính expressed his heartfelt thanks for the cooperation, consensus and support of the whole society and the international community, including foreign investors, in the recent efforts to control the epidemic and recover the socio-economic situation in Việt Nam.

The Prime Minister emphasised Việt Nam’s six important policy directions, including: Restoring the supply chains, ensuring goods circulation, and safe and smooth production and business activities of enterprises in the new normal; supporting businesses and people to promote production and business in order to restore economic growth and stabilise the society; drastic implementation of large-scale investment programmes.

Especially inter-regional transport infrastructure, energy, green infrastructure, national digital infrastructure projects to create a driving force for the economy; remove difficulties for businesses, including FDI enterprises in Việt Nam; improving the quality and modernising institutions according to international standards is a prerequisite, one of three strategic breakthroughs for the country’s development in the next 10 years; The most important factor is human resources in order to best utilise the most important resource, the Vietnamese people, as both the subject and the highest goal of development.

Simultaneously, Vietnam prioritises promoting economic restructuring in association with strongly renovating the growth model, improving productivity, quality, efficiency, and self-reliance of the economy in line with the needs of the changing economy after the COVID-19 pandemic.

On the basis of Vietnam’s development orientations, the Prime Minister called on investors to cooperate in implementing the policy of safely restoring production in industrial parks, economic zones, high-tech parks, export processing zones to meet orders, maintain the supply chains; invest in the fields Việt Nam is giving priority and offering many special incentives such as high technology, information technology, supporting industries, smart agriculture, environmental protection, renewable energy; building infrastructure and projects for social security, training high-quality human resources, promoting research and development, innovation, contributing to making Việt Nam one of the centres in the regional and global value chains.

The Prime Minister affirmed that the Vietnamese Government was ready to strengthen dialogue and coordination within the framework of public-private partnership to encourage the response and participation of all businesses and people. The Prime Minister suggested that models such as the Public-Private Partnership Program for Sustainable Agriculture would be replicated in other potential areas of cooperation; The Việt Nam  country strategy dialogue – WEF will become a regular mechanism between the leaders of the Government of Việt Nam  and WEF businesses and experts.

Many regional and global business leaders responded warmly, highly appreciated the Vietnamese Government’s decision to safely adapt to the epidemic; recognised Việt Nam’s efforts in the campaign of universal vaccination, disease control and support packages for businesses and workers. The foreign business community made many policy recommendations to revive and stimulate the economy, promote FDI, and improve domestic and cross-border goods transport connections.

Large technology corporations suggested policies to promote public-private cooperation to develop digital infrastructure, encourage investment in digital transformation, strategies to take advantage of 4IR technology to respond and for post-pandemic recovery. The business community strongly welcomed the acceleration and implementation of Việt Nam’s carbon neutrality commitments to 2050 and related environmental regulations; proposed policies to promote new growth drivers such as green economy, circular economy, etc.

In the field of renewable energy, an enterprise proposed that Việt Nam set up an Energy Forum with the participation of the private sector and the Government to strengthen cooperation in this area. The global business community highly appreciated Việt Nam’s potential, aspiration and development goals, shared the determination of the Government and the Prime Minister personally and committed to accompanying Việt Nam on the development road.

Closing the Dialogue, Professor Klaus Schwab once again expressed his belief in the potential and position of Vietnam and said that WEF would continue to give maximum cooperation and support to the Government of Việt Nam.

The country strategy dialogue on Việt Nam is one of the most important events in the program of the WEF in 2021 to support global corporations to expand their investment and business, and anticipate new trends in the context of the recovering global economy.

 For Việt Nam, the dialogue is an opportunity for the Prime Minister to discuss directly with global business leaders to mobilize resources, promote public-private relations to serve the implementation of the Government’s plan for recovery and socio-economic development as well as realising its aspiration and development goals in the medium and long term.  LINK

Trade cooperation provides momentum for Việt Nam-US ties

5th November, 2021

The relations between Việt Nam and the US would continue to grow stably in the future, with economic and trade cooperation the centre and key momentum of bilateral ties, Vietnamese and US officials said.

Deputy Minister of Industry and Trade Đỗ Thắng Hài, also Vice Chairman of the Việt Nam-US Trade and Investment Framework Agreement (TIFA) Council, and Dawn Shackleford, Assistant US Trade Representative (USTR) for the Office of Southeast Asia and the Pacific, shared the view during their working session in Hà Nội on Thursday.

 Hai said Việt Nam always considers the US a leading important partner and hopes the economic and trade ties will develop stably and sustainably, and serve as a pillar of the Việt Nam-US comprehensive relationship. The deputy minister highlighted joint efforts in rolling out an action plan towards harmonious and sustainable trade with strong measures, contributing to building strategic trust between the two nations.

Việt Nam supports fair trade and has no intention to impose any measures that would cause discrimination, place a burden on trade activities, or harm the production and labourers in the US, he said. The Vietnamese Government will continue to cooperate with US partners to address issues of shared concern in a comprehensive manner, thus maintaining stable trade ties, towards harmonious, sustainable and mutually beneficial trade balance, Hải pledged.

As Vice Chairman of the TIFA Council, Hải called on the US to issue objective and fair assessments in line with WTO rules during investigations into trade remedies. He welcomed the US’ recommendations on Việt Nam’s legal framework, which he said helped to create an open business environment and bring benefits to both sides.

For her part, Shackleford highly valued the Ministry of Industry and Trade (MoIT)’s views on fair trade and acknowledged results of substantive, effective policy dialogues between the two countries. She said issues relating to economy, trade and rights of labourers will be priorities under President Joe Biden’s administration, and the USTR will continue to hold working programmes with Vietnamese ministries and agencies within the dialogue framework of the TIFA.  LINK

According to the European-American Market Department under the MoIT, Việt Nam’s export value to the US expanded 230 per cent over the past five years, while the US’ exports to the Southeast Asian nation increased more than 175 per cent.

The US has become Việt Nam’s biggest buyer and Việt Nam is also the US’ 10th biggest trade partner.

Statistics from the General Department of Việt Nam Customs show that this year to September, two-way trade reached US$80.6 billion and the figure is expected to hit $100 billion this year. 

Source: Dinar Recaps

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