News Bulletin 83 - Week 1, October 2021

The biggest news coming out of Vietnam last week was the ending of strict Covid-19 lockdown in Ho Chi Minh City, the biggest city in Vietnam. Vietnam’s largest city today lifted its coronavirus lockdown to bring to an end nearly three months of restrictions on all activities to curb a deadly surge in the pandemic.

Le Hoa Binh, deputy chairman of Ho Chi Minh City’s people's committee, said the lockdown restrictions will go step by step to restore social and economic activities and bring people’s life to normalcy.

As the city begins to recover and rebuild from four months of strict lockdown, and In order to help both individuals and businesses to overcome obstacles in the Covid-19 pandemic, the Government and ministries have issued various practical legal documents effective as of this October.

Resolution No.116/NQ-CP about supports for employees and employers affected by Covid-19 from the Unemployment Insurance Fund (UIF) applies to people participating in the unemployment insurance as of September 30, 2021 (not including officials in state units, socio-political organizations, the people’s armed force units, and public businesses financed by state budget). Concerned people will receive financial aid from October 1 to December 31 at the latest.

The past week highlight:

Vietnam ends Covid-19 lockdown in Ho Chi Minh City

Vietnam’s largest city today lifted its coronavirius lockdown to bring to an end nearly three months of restrictions on all activities to curb a deadly surge in the pandemic.

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

1. Vietnam's COVID-19 relief packages totalled $10.45 billion in 2021

In 2021, Vietnam has launched a number of COVID-19 relief packages worth about $10.45 billion or equivalent to 2.84 per cent of GDP.

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2. Resuming manufacturing a priority: PM

Local governments need to help businesses resume operations by prioritizing vaccination for their workers and approving their work plans, according to a directive from Prime Minister Pham Minh Chinh.

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3. Vietnam strives for GDP growth of 6.5-7 percent annually during 2021-2025

The Ministry of Planning and Investment (MPI) is coordinating with relevant ministries, sectors and localities to study and build a program on economic recovery and development in association with improvement of the economy’s internal capacity and self-reliance by 2023, with a goal to achieve an annual average GDP growth rate of 6.5-7 percent during 2021-2025.

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4. HCMC finalizes plan to bring back workers

To return to HCMC, workers need to have received their first vaccine dose 14 days prior to entry, carry a Covid-19 recovery certificate, or test negative in the previous 72 hours.

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5. Vietnam adopting policies to support citizens, businesses this October

In order to help both individuals and businesses to overcome obstacles in the Covid-19 pandemic, the Government and ministries have issued various practical legal documents effective as of this October.

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6. Official: Vietnam could achieve trade balance this year

Vietnam could achieve trade balance, or even a trade surplus this year, deputy head of the Ministry of Industry and Trade’s Agency of Foreign Trade Tran Thanh Hai told a regular press conference of the ministry in Hanoi on September 30.

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7. Vietnam supply chains not affected by China power shortages: official

The current electricity shortage in China will not immediately affect production chains in Vietnam, but might increase the prices of some imports, an official has said.

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8. Vietnamese airlines inked big jet-engine deals with U.S firms

Vietnam’s Bamboo Airways JSC will outfit its new Boeing Co. 787-9 Dreamliners with engines made by a General Electric Co. venture in a deal valued at around $2 billion, according to Bamboo Airways CEO Dang Tat Thang.

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9. Vietnam’s 2021 exports forecast to exceed US$315 billion

Vietnam’s export turnover is forecast to surpass US$315 billion this year, which, however, requires more drastic measures.

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10. UNGA 76: President Nguyen Xuan Phuc attends general debate’s opening session

President Nguyen Xuan Phuc attended the opening session of the high-level general debate of the General Assembly’s 76th session on September 21 (New York time).

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