News Bulletin 86 - Week 4, October 2021

Amidst the reopening of Vietnam’s economy after months of strict lockdown, the Vietnamese government are contemplating a number of measures to help businesses restart.

The People’s Committee of the capital city held a dialogue with foreign-invested enterprises in the city on October 19 to seek measures to tackle difficulties faced by foreign firms amid the COVID-19 pandemic.

Speaking at the event, Secretary of the municipal Party Committee Dinh Tien Dung said Hanoi has so far basically controlled the pandemic and gradually returned to new normal. He appreciated the support and contribution of the foreign business community in the city to the pandemic fight.

The official reiterated the city's policy that considers the foreign-invested economic sector an important driving force for the city's development, and stressed that the municipal authorities always respect and protect legitimate rights and interests of investors, and ensure harmony in interests among the State, investors and workers.

The past week highlight:

HCMC firms have difficulty resuming operations

Enterprises in HCMC that have resumed business said they are still facing high production costs, difficulties in inter-provincial transport and labor shortages.

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

1. Vietnam Report announces top 10 prestigious retailers in 2021

The Vietnam Report JSC has announced a list of top 10 prestigious retailers in 2021. Honourees in fast consumption and supermarket group include Central Retail Vietnam, Wincommerce, Saigon Coop, MM Mega Market, Aeon Vietnam, Lotte Vietnam, SATRA, SASCO, IPP Group and Hapro.

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2. Gas price hike not affecting GDP

The sharp increase in gas prices recently will surely affect the speed of economic recovery and increase prices of goods. However, this is not the time to intervene and regulate the domestic petroleum market through tax exemption or reduction.

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3. HCMC proposed to tighten management of online business

There have been unhealthy online business activities in Ho Chi Minh City, especially during the latest Covid-19 outbreak. They have unavoidably decreased customer trust in general online commerce while led to tax revenue loss, which is why the municipal authorities must take measures to rectify the situation immediately.

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4. Vietnam to build $305mn airport in northern resort town

Prime Minister Pham Minh Chinh issued a decision on Thursday to approve the construction of an airport in Sa Pa, a famous resort town in the northern Vietnamese province of Lao Cai, at an estimated cost of almost VND7 trillion (US$305 million).

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5. Vietnam mulls stepwise plan to relaunch regular international flights, welcome back foreign tourists

The Civil Aviation Authority of Vietnam (CAAV) has proposed a four-step plan for the resumption of inbound international flights, which would allow the country to welcome back foreign tourists after months of imposing tight border controls.

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6. ADB ready to support HCM City in economic recovery: Country Director

The Asian Development Bank (ADB) stands ready to provide comprehensive assistance for Ho Chi Minh City’s economic recovery in the short term, as well as its economic development in both medium and long terms.

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7. Vietnamese ports among top 50 effective container seaports

Three Vietnamese seaports have been named among the top 50 of the Container Port Performance Index (CPPI) launched by the World Bank and IHS Markit.

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8. Hanoi tackles difficulties faced by foreign investors

The People’s Committee of the capital city held a dialogue with foreign-invested enterprises in the city on October 19 to seek measures to tackle difficulties faced by foreign firms amid the COVID-19 pandemic.

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9. Vietnam PM promises economy will rebound from COVID-19 hit

Vietnam's exports are likely to rise 10.7% in 2021, with annual inflation expected below 4%, the prime minister said on Wednesday, promising lawmakers that economic revival lay ahead.

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10. Overseas remittances to HCMC up 22 percent despite Covid-19

The flow of overseas remittances to Ho Chi Minh City reached US$5.1 billion  in the first nine months of 2021, up 22 percent year on year, the State Bank of Vietnam’s Branch in the city has reported.

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