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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
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