News Bulletin 82 - Week 4, September 2021

Hanoi has now reopened its city again after almost two months of Covid19 lockdown. In Ho Chi Minh City, the city is preparing to slowly reopen after three months of hard lockdown. The government is making plans to allow fully vaccinated people to go outside, albeit in a controlled manner.

Ho Chi Minh City businesses are eager and preparing to reopen after months of closure due to stringent social distancing orders, but continue to face challenges from tough regulations and staff shortages.  HCMC, the country’s Covid-19 epicenter, is focusing on gradually reopening while also ensuring safety, and its strict preventive measures are expected to be relaxed after September 30 if the outbreak is under control.

In foreign investments news and despite Covid-19 impacts, foreign direct investment (FDI) inflows into Vietnam during the first nine months of this year rose 4.4 percent year on year to US$ 22.15 billion, reported the Foreign Investment Agency under the Ministry of Planning and Investment.

The past week highlight:

Ministry wants to slash electricity and gasoline prices by 10-30%

The Ministry of Planning and Investment has asked the Ministry of Industry and Trade to consider reducing the prices for electricity and gasoline by 10-30%.

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Let’s look at some other related financial and business news during the past week:

1. Phu Quoc delays pilot plan to reopen in November

Kien Giang People's Committee decided to carry out the pilot plan to welcome international visitors to Phu Quoc Island in November instead of October as originally planned.

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2. Registered foreign investment up, disbursement down in Jan-Sep

Foreign investment inflows into Viet Nam during the first nine months of this year rose 4.4 per cent year-on-ear to US$22.15 billion despite the...

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3. HCM City wants to have its own regulations to reopen the economy

With specific conditions, Ho Chi Minh City has asked for the Prime Minister’s permission to apply special regulations to reopen the economy.

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4. Confusion reigns over Covid self-testing plan for shippers in HCMC

Many businesses have expressed unhappiness with the two options they have been given to organize rapid Covid-19 tests for their shippers, citing budgetary and employee retention concerns.

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5. Over half of Covid budget spent

Vietnam has spent nearly 52 percent of its total VND100.11 trillion ($4.39 billion) dedicated to Covid-19 expenses this year.

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6. Nine-month FDI inflows up 4.4 percent despite Covid-19

Despite Covid-19 impacts, foreign direct investment (FDI) inflows into Vietnam during the first nine months of this year rose 4.4 percent year on year to US$ 22.15 billion, reported the Foreign Investment Agency under the Ministry of Planning and Investment.

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7. Businesses eager to resume, but regulation, worker availability worries linger

Ho Chi Minh City businesses are eager and preparing to reopen after months of closure due to stringent social distancing orders, but continue to face challenges from tough regulations and staff shortages.

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8. Banks offer to sell consumer debts of only hundreds of thousand of VND

Banks have put on sale consumer debts with no collateral with very small value. One of the debts has the value of VND483,000, including principal, interest and fine.

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9. Enterprises flexibly maintain production to retain partners

Eighteen percent of orders of European enterprises have moved out of Vietnam. Previously, many large FDI enterprises of Japan and South Korea had also informed Vietnamese enterprises producing supporting industrial products about moving some orders to neighboring countries. To avoid the risk of disruption in the domestic supply chain, Vietnamese enterprises have applied many solutions to maintain production.

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10. Bamboo Airways launches 'historic' direct Vietnam-US flight

Bamboo Airways conducted its first direct flight from Vietnam to the U.S. Thursday night. The QH9149 flight, using the Boeing 787-9 Dreamliner aircraft, took off at 7:55 p.m. from Hanoi's Noi Bai Airport for San Francisco.

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