News Bulletin 04 - Week 2 March, 2020
Amid the COVID-19 pandemic, the Vietnamese government are making planning for not only an economic recovery post COVID-19, but also to stimulate economic growth after the outbreak is over. Despite obvious challenges, businesses are still asked to ensure uninterrupted economic activities to maintain national economic development even as the pandemic is spreading globally.
Let’s look at some of the latest news to see how the economic and business situation in Vietnam has arrived at the middle of March
1. ADB: COVID-19 impact cost 0.41 per cent of Vietnam’s GDP
The Vietnamese GDP will sustain the ninth-largest impact from the COVID-19 among developing countries in Asia, according to the latest brief from the Asian Development Bank (ADB).
2. Vietnam tops globe in women’s leadership progress
Vietnam tops the world in terms of gender parity initiatives at senior levels in business establishments, a new report says.
The country has higher ratio of companies ensuring equal access to developmental opportunities at 56 percent, compared to the global average of 34 percent, according to a report recent report released by global consulting company Grant Thornton International.
3. 2020 inflation rate rides on outbreak eventualities
Vietnam is likely to experience difficulties in controlling inflation this year due to global uncertainties and unexpected price rises of many items in the local market in the wake of the ongoing coronavirus epidemic.
4. Vietnam overtakes Thailand in rice exports
REA, the association of Thai rice exporters, on February 12 said Thailand may lose its position as the second largest rice exporter when setting up the goal of exporting 7.5 million tons this year, a 7-year low.
5. Tight co-ordination needed to ensure EVFTA benefits
Building an effective trade defence system is increasingly important for Việt Nam – “Việt Nam needs a co-ordinated mechanism for early warnings for businesses so they can take advantage of opportunities but not cause disruption for other markets.”, said by Mr. Lương Hoàng Thái, director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, in light of the EU-Việt Nam Free Trade Agreement.
6. Vietnam’s Phu Quoc Island now accommodates over 10,000 foreign visitors
Phu Quoc Island off southern Vietnam is harboring more than 10,000 foreign visitors despite a 30 percent slump in international tourist arrivals to the province administering the island because of the novel coronavirus disease (COVID-19).
7. US groups flock to ASEAN to further aid business interests
Betting on Vietnam’s future growth potential driven by landmark free trade agreements, investors from both the United States and the ASEAN are releasing new plans to venture further into the lucrative local market, with healthcare being a heavy focus.
8. Vietnam mulls 5-month tax delay for epidemic-hit businesses
The Vietnamese government is considering delaying the tax payment deadline by five months for businesses affected by the novel coronavirus.
9. Businesses asked to ensure uninterrupted activities amid COVID-19 pandemic
Firms need to prepare plans to ensure uninterrupted business activities during the outbreak, said Prime Minister Nguyễn Xuân Phúc on Thursday in a meeting with representatives of private economic groups in tourism, services, aviation, food and industry.