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Congratulations on Cambodia Independence Day AT A GLANCE
BILATERAL TIES VALUED GREATLY VIETNAM - US PARTNERSHIP
During his working session on action plans the Vietnamese Government has prepared to boost
September 30 with a high-rank- bilateral economic, trade, and investment cooperation between
ing delegation from the US- the two countries. He thanked the valuable support the US Gov-
ASEAN Business Council ernment, people, and businesses have given to Vietnam in Covid-
(USABC), held at the request 19 prevention and control, especially through vaccine provision,
of the Council’s President and helping the country control the pandemic and gradually resume
CEO Mr. Ted Osius, who is a former US Ambassador to Vietnam, production and economic development. For his part, Mr. Osius
National Assembly Chairman Vuong Dinh Hue spoke highly of hailed Vietnam’s efforts to ensure that all people and businesses
the major contributions made by Mr. Osius and other US officials can adapt to the new circumstances and improve approaches to
to Vietnam-US relations over the years, as well as the contributions Covid-19. He underlined the USABC’s hope of cooperating with
of the US business community and the USABC to Vietnam’s the Vietnamese Government in maintaining production, creating
economic development. Practical outcomes have been seen in jobs, and promoting economic development.
DIGITAL TECHNOLOGY $74 BLN IN EARNINGS BY 2030 PREDICTED
According to a report presented by AlphaBeta, a strategic and policies to promote its growth.
economics consultancy, at a workshop in Hanoi on October 18, Speaking at the event, Deputy Min-
digital technology, if fully exploited, could bring over VND1.733 ister of Planning and Investment
quadrillion ($74 billion) to Vietnam by 2030, with manufacturing, Tran Duy Dong said that given it
agriculture, food, and education and training to benefit the most. has been severely affected by the Covid-19 pandemic, Vietnam
The report also pointed out a number of barriers in exploiting needs to accelerate the digital economy’s development on the
the benefits of digital technology, including regulatory requirements, basis of science and technology and innovation to improve quality
digital connectivity, and a shortage of digitally skilled human of life, productivity, efficiency, and competitiveness. World Bank
resources. Co-organized by the Ministry of Planning and Invest- Lead Economist for Vietnam, Mr. Jacques Morisset, said it is
ment’s Vietnam National Innovation Centre (NIC) and Google, necessary for Vietnam to focus on upgrading digital skills for
the workshop reviewed the current situation and possible devel- workers, encouraging business innovation, and enhancing the
opment of Vietnam’s digital economy, as well as mechanisms accessibility and quality of information.
VIETNAMESE NETWORK IN EUROPE DEBUTS JOINT INNOVATION
The Vietnamese Innovation Net- scientists in Europe to share knowledge and experience in science
work in Europe was launched and technology, thereby contributing to innovation and socio-eco-
via videoconference on October nomic development in Vietnam. The establishment of the Network
16 at the Vietnamese Embassy is hoped to enhance access to technology and innovation in
in Germany. Speaking at the European nations via Vietnamese experts, as well as expand oppor-
event, Dr. Nguyen Manh Hai, tunities in cooperation, investment, and trade for Vietnam’s inno-
Counsellor in charge of investment at the Embassy, said the vation activities, notably in the fields of artificial intelligence, big
Network’s establishment will offer a platform to intellectuals and data, and healthcare.
DEVELOPMENT FUNDING ODA REMAINS A KEY SOURCE
During a meeting between the government and six foreign development of Finance shows that about $287.6
banks in Hanoi on September 30, Permanent Deputy Prime Minister million in foreign capital was disbursed
Pham Binh Minh said the government continues to consider official in the first nine months of this year, or
development assistance (ODA) as an important capital source and 12.69 per cent of the annual plan. Rep-
will allocate part of it for socio-economic development in the mid- resentatives from foreign development banks spoke highly of the gov-
term public investment plan. According to Deputy Minister of ernment’s efforts in institution building, project implementation, and
Planning and Investment Tran Quoc Phuong, 2021 is the first year of ODA disbursement. Some suggested that projects with regional connectivity
conducting tasks in the mid-term public investment plan for the and large scale be approved in each locality to raise efficiency. WB
2021-2025 period, but the progress of foreign capital disbursement Country Director in Vietnam, Ms. Carolyn Turk, expressed a wish to
has been affected by the Covid-19 pandemic. Data from the Ministry cooperate with the government in major projects with greater impact.
WB LOWERS 2021 FORECAST GDP GROWTH
Vietnam’s GDP growth forecast of the economic rebound in the fourth quarter, GDP growth
for this year has been lowered for 2021 is projected to be in the 2 to 2.5 per cent range; well
to 2-2.5 per cent, the Vietnam below its August forecast of 4.8 per cent. The WB also suggested
News Agency on October 13 that foreign investors remain confident in the longer-term
quoted the World Bank (WB)’s potential of Vietnam’s economy, as its goods trade balance
October 2021 Vietnam Macro Monitoring as reporting. GDP has improved and FDI grew for a third month in succession.
in the third quarter was down 6.2 per cent year-on-year, which It recommended that the government continue with testing
is the steepest decline since Vietnam began releasing quarterly and vaccinations on a large scale and adopt a more expansionary
GDP figures, the WB said, adding that given the sharp con- fiscal policy, using the various fiscal tools available to support
traction in GDP in the quarter and depending on the strength the economic rebound.
www.en.vneconomy.vn NOVEMBER 2021 | VIETNAM ECONOMIC TIMES | 3