Vietnam in the last week has lifted most social distancing restrictions relating to the second wave Covid-19 outbreak in Danang. There are now plans to allow international flights from low risk countries to fly to and from Vietnam. Wary of the economic impact on businesses, the government is making efforts and seeking measures to remove difficulties, especially those business facing and issues relating to social welfare and laborers.
It’s noticeable that The Ministry of Planning and Industry (MPI) is developing a new decree to guide State-owned enterprises (SOEs) on disclosing information, aiming to develop a national SOE database.
The past week spotlight
MPI prepares new decree on SOE information disclosure
The Ministry of Planning and Industry (MPI) is developing a new decree to guide State-owned enterprises (SOEs) on disclosing information, aiming to develop a national SOE database.— Photo tinnhanhchungkhoan.vn
The Ministry of Planning and Industry (MPI) is developing a new decree to guide State-owned enterprises (SOEs) on disclosing information, aiming to develop a national SOE database.
The decree will replace Decree 81/2015/ND-CP issued on September 18, 2015 – which also regulates SOEs’ information disclosure.
After five years of implementing the decree, SOEs have improved in disclosing their business information. The number of SOEs revealing their operational information increased to 333 in 2019 from 241 in 2016.
Let’s look at some other related financial and business news during the past week:
1. US$20 billion in FDI inflow over eight months and positive signals
After slowing down in the first few months of 2020, FDI inflow into Vietnam has increased sharply in recent months.
According to a report of the Ministry of Planning and Investment (MPI), as of August 20, Vietnam’s FDI attraction reached US$19.54 billion, which is equal to only 86.3% of the figure from the same period last year, but is seen by experts as a sign of a new wave of investment in Vietnam.
Prime Minister Nguyen Xuan Phuc on September 7 held a dialogue with Japanese economic groups and businesses interested in expanding investment in Vietnam.
Speaking at the event, PM Phuc expressed his delight that 15 Japanese firms want to expand investment in Vietnam, which will provide a source of encouragement for the nation to continue improving its business environment and create favourable conditions for firms to do successful business, including those from Japan.
3. Vietnam gov’t to fully integrate e-payment on public portals before Sept 15
Online payment is essential as the government targets to provide at least 30% of online public services at advanced stages of 3 and 4 in 2020.
The Vietnamese government aims to fully integrate the online payment function on the national public services portal by September 15, aiming to ensure convenience for the people and businesses in realizing public services, according to Mai Tien Dung, minister of the Government Office.
5. Vietnam economy may surpass Thailand, Indonesia soon: Expert
As a production hubs of world major tech firms such as Samsung, Vietnam is capable of manufacturing sophisticated products with high technological content, said an expert.
Vietnam’s economy could surpass Thailand, Indonesia or the Philippines in coming years, according to C.K. Tong, CEO of BW Industrial Development, a joint venture between the US private equity fund Warburg Pincus and Vietnam’s Investment and Industrial Development Corporation (Becamex IDC).
6. Vietnam soars high in global M&A attractiveness ranking
Vietnam ranks second out of 50 economies in the mergers and acquisitions environment attractiveness index released by market research firm Euromonitor.
The M&A Investment Index looked at 314,002 deals in over 150 industries between 2015 and 2020 to assess M&A attractiveness and opportunities for this and next year by giving the markets a score between zero and 250.
7. Vietnam market big enough for Japanese business ambitions: PM
The Vietnam market is big enough for Japanese companies to implement ambitious investment plans and shift supply chains, says PM Nguyen Xuan Phuc.
Through Vietnam, Japanese companies can access the ASEAN bloc with a population of nearly 650 million, he said at a Monday meeting with 15 Japanese companies that plan to expand their business in Vietnam.
8. Vietnam, India seek to boost garment and textile cooperation
Strengthening cooperation with India plays a crucial role in Vietnam’s garment and textile industry, aiming to enhance competitiveness and boost exports, especially as the COVID-19 pandemic is rippling through the world economy and causing disruptions in global supply chains.
The statement was made by delegates to the virtual seminar themed “Promoting Vietnam-India business relations in the areas of garments, textiles and health”, organised by the Vietnamese Embassy in India on September 10.
9. FDI inflows in Vietnam will recover after the pandemic, says JETRO chief representative
Foreign direct investment (FDI) inflows in Vietnam will soon recover after the COVID-19 pandemic is brought under control, said Takeo Nakajima, Chief Representative of the Japan External Trade Organisation (JETRO) in Hanoi.
Speaking at a Vietnam-Japan investment connection seminar on September 9, Nakajima said that Vietnam’s FDI attraction had increased constantly up until 2019, with many global businesses, including those from Japan, having strengthened their investment in the country.
10. Vietnam shares COVID-19 response experience at G20 meeting
A Vietnamese Minister on September 10 introduced practical measures the government has taken to cushion the impact of the novel coronavirus (COVID-19) pandemic at the G20 Labour and Employment Ministers’ Meeting.
Joining ministers of the Group of Twenty (G20) at the meeting virtually hosted by Saudi Arabia, Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung affirmed Vietnam’s commitment to ironing out business snags and supporting people in need.
On 14 December 2020, the Government promulgated Decree No. 145/2020/ND-CP detailing and guiding the implementation of a number of articles of the Labor Code regarding labor conditions and labor relation (“Decree 145”). Such Decree provides for labor management, labor contract, labor outsourcing, dialogue at workplace, salary, working hour & rest hour, labor discipline & material liability, female employees & gender equality, domestic worker and labor dispute.
For the upcoming 2021, we are delighted to offer this “Compliance Calendar 2021” in English and Vietnamese with the hope to help enterprises not missing any important deadlines. The issues include periodic requirements of tax and labour compliance as stipulated in the latest legal documents. Please kindly find the bilingual calendar in the Downloads section below and let us know if you have any questions about the deadlines or would like assistance in meeting them.