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AT A GLANCE Congratulations on Libya National Day

VINGROUP TO PRODUCE US VACCINE COVID-19 VACCINES
Local conglomerate Vingroup mission for Vingroup’s affiliate VinBioCare to produce the VBC-
has signed an agreement with COV19-154 vaccine, which is effective against new variants of
US medicines biotechnology the coronavirus such as Delta and Alpha. Vingroup is also per-
company Arcturus Therapeutics mitted to manufacture other Arcturus Covid-19 vaccines, like
on the transfer of Covid-19 vac- ARCT-021. The transfer was slated to begin in August. VinBio-
cine production technology. Care’s plant will be located at the Hanoi-based Hoa Lac Hi-
With a capacity to manufacture 200 million doses per year, tech Park and cost over $200 million. Necessary equipment will
Vingroup is projected to produce the first batches of vaccine in be flown into Vietnam by September and installation inside the
early 2022. Under the agreement, the US firm will grant per- plant is forecast to be completed two months later.

TOURISM APPEAL VIETNAM AMONG TOP 10 FRIENDLIEST COUNTRIES
According a survey conducted by InterNations and quoted by the Rankings in the survey change dra-
World Population Review (at https://worldpopulationreview.com/coun- matically every few years as many
try-rankings/friendliest-countries), Vietnam ranked ninth among factors can greatly affect a country’s
the ten friendliest countries in the world (Friendliest Countries attitude towards foreign travelers or
2021), with Portugal topping the list. The ten friendliest countries expats. A friendly attitude with a pos-
received rates from 81 to 94 per cent in friendly attitudes towards itive view of strangers and people of other cultures has helped
foreign residents, far above the global average of 67 per cent. With Vietnam reach the top 10. Experts believe the rank will become one
the exception of Cambodia, all of the top 10 countries also ranked of the favorable factors for tourists choosing Vietnam for a post-
in the top 15 with the highest overall life abroad satisfaction. Covid-19 holiday experience.

VIETNAM RISES IN GARMENT EXPORT RANKINGS EXPORT PERFORMANCE
The Vietnam News Agency turnover of $142 billion. Meanwhile, according to the news agency,
reported on August 17 that Viet- with mobile payments estimated at 29.1 per cent of its population,
nam had overtaken Bangladesh Vietnam ranked third-highest in this regard in the world, after
as the world’s second-largest China and South Korea. In developing Asian countries such as
exporter of ready-made garments, India and Vietnam, though the rate of payment app users is higher
with turnover of $29.8 billion. than the global rate, the amount of money spent by each customer
China remains at the top, with is low, estimated at just $80 and $74 per transaction, respectively.

RENEWABLE ENERGY 106 PROJECTS REGISTERED FOR COMMERCIAL OPERATIONS
A total of 106 wind power plants nationwide with a combined COD recognized before October 31,
capacity of over 5,655 MW have registered to conduct commercial they must submit documents and
operations and join the national grid, according to Electricity of files to EVN before August 3. Investors
Vietnam (EVN). Under Decision No. 39/2018/QD-TTg from the in plants have been asked to promptly
Prime Minister, only wind power projects that generate power com- present a report on their projects’ sit-
mercially prior to November 1, 2021 can enjoy a feed-in-tariff (FIT) uation. They were also requested to register only when all preparations
price for 20 years, starting from the commercial operation date are completed, to avoid any schedule changes and prolonged testing
(COD), when their electricity is purchased by EVN. Based on the as well as to ensure safe, stable, and constant operations of the
Ministry of Industry and Trade’s Circular on regulations on the power system. As of early August, 21 wind power plants with a total
development of wind power projects, if the plants want to have their capacity of 819 MW had begun commercial operations.

SURPLUS FROM FALLING DEMAND GASOLINE MARKET
The People’s Committee of cen- stop buying oil and gas. In July alone, deliveries for some
tral Quang Ngai province, home 230,000 cu m of oil and gas have been either delayed or
to the Binh Son Refinery and cancelled, which caused BSR’s inventories to quickly balloon
Petrochemical Joint Stock Com- within a short period of time. As of now, the refinery is holding
pany (BSR), one of the country’s on to over 200,000 cu m, or 1.2 million barrels, of petrol
largest petrochemical enter- products and nearly 400,000 cu m, or 2.4 million barrels, of
prises and the province’s key economic lifeline, has reported to crude oil. To make matter worse, deliveries for August have
the government that Vietnam should prioritize the use of also been forecast to fall by 40-50 per cent as many traders
gasoline and diesel oil from domestic suppliers and reduce have not made plans with BSR for purchases. Since August 3,
imports in light of crumbling demand during the pandemic. the refinery has been forced to operate at 90 per cent capacity;
According to the report, a sudden fall in demand made traders its minimum technical efficiency.

4 | VIETNAM ECONOMIC TIMES | SEPTEMBER 2021