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AT A GLANCE

PLAN TO RESTORE INDUSTRIAL PRODUCTION ECONOMIC RECOVERY
Deputy Prime Minister Le Van certain essential services to serve employees. Relevant ministries
Thanh signed a directive on Octo- and government agencies are required to take action in favor of
ber 3 on behalf of the Prime Min- businesses, such as issuing specific regulations on social distancing
ister on restoring production at and Covid-19 testing in production and business at enterprises,
industrial production areas amid guiding localities in ensuring the circulation of commodities to
the Covid-19 pandemic. The directive asks enterprises to closely serve the recovery of production and business, providing instructions
coordinate with the People’s Committees of cities and provinces and guidance to remove difficulties in terms of investment procedures
nationwide to reach agreement on plans on the production and and infrastructure development at industrial and economic zones,
circulation of goods, the travel and accommodation of workers, removing difficulties and obstacles and creating favorable conditions
and ensuring pandemic prevention and control. Municipal and for foreign experts and workers to enter the country, reviewing and
provincial People’s Committees have been requested to work with guiding the implementation of policies and regulations on tax
the Ministry of Health to speed up the allocation of Covid-19 exemptions and reductions, and issuing mechanisms on interest
vaccines for inoculating workers and to consider the resumption of rates and credit support for enterprises.

VIETNAM - AUSTRALIA ECONOMIC TIES ECONOMIC ENGAGEMENT STRATEGY TO BE LAUNCHED
At the second Vietnam-Australia Economic Partnership Meeting further boost to the realization of the
(EPM), held online on October 8, Minister of Planning and Investment shared aim of being among each
Nguyen Chi Dung and Australian Minister for Trade, Investment other’s top 10 trade partners and
and Tourism Dan Tehan shared a hope that the Australia-Vietnam doubling total investment. The joint
Enhanced Economic Engagement Strategy in 2021-2025 will be statement welcomed the many Australian and Vietnamese corpo-
launched this year. According to a joint statement issued following rations that were proactively pursuing investment projects in both
the meeting, the strategy recognizes the substantial two-way business countries. The two ministers also announced the appointment of
opportunities available across sectors, including agriculture, energy “Business Champions”, including Vietnam’s TH Group, Vietcombank,
and resources, manufacturing, tourism and hotels, education and and Hoa Phat Group, and Australia’s Aurecon Corporation, RMIT
professional services, and technology and digital economy, and University, and SunRice Group. Business Champions are industry
focuses on measures to speed up post-pandemic economic recovery. leaders who will promote trade and investment opportunities to
The ministers assessed that the Vietnam-Australia strategic partnership business communities in Vietnam and Australia. These are honorary
and the action plan signed between the two sides have provided a positions appointed for an initial one-year term.

“BLUE ECONOMY” PARTNERSHIP GROUP PROPOSED MARITIME ENVIRONMENT
With the aim of mobilizing the Vietnam Administration of Sea and Islands (VASI) at the Ministry
participation of stakeholders for of Natural Resources and Environment and the World Bank
the efficient management and (WB). According to the WB, the blue economy refers to the sus-
sustainable development of its tainable and integrated development of economic sectors for
maritime economy, Vietnam pro- healthy oceans and seas. An expert from VASI said the blue
posed building a partnership group on the “blue economy” at an economy model aims to improve welfare and social fairness, and
online consultation workshop held jointly on October 19 by the mitigate risks in environment and scarcity.

ICT MARKET RAPID DIGITALIZATION GOOD NEWS
Information and Communications Technology (ICT) enterprises in profits of more than VND333.8 billion
Vietnam have benefited greatly from the trend towards rapid digitalization, ($14.7 million) last year, up 47.6 per
with revenues rising despite the Covid-19 pandemic, the Vietnam cent and nearly 59 per cent year-on-
News Agency on October 4 quoted Google’s e-Conomy SEA 2020 year, respectively. The respective figures
report as announcing. According to the report, the Covid-19 pandemic this year are forecast at 58.5 per cent and over 84 per cent. Experts
has led to an acceleration in digital consumption as users try new from the Bao Viet Securities Company said that laptops and tablets
digital services for the first time. Among all users of digital services in hold potential for strong growth in Vietnam thanks to the trend
Vietnam, 41 per cent are new users; higher than the Southeast Asian towards work-from-home and online schooling. According to the
average. Benefiting from the trend, the Digiworld JSC earned over Mobile World Investment Corporation and the FPT Digital Retail
VND12.5 trillion ($543 million) in revenue and recorded pre-tax JSC, demand for laptops in August doubled year-on-year.

500 MOST PROFITABLE ENTERPRISES ANNOUNCED LEADING BUSINESSES
Vietnam Report and online news- logical and Commercial Joint Stock Bank (Techcombank), the
paper VietNamNet on October Hoa Phat Group JSC, Electricity of Vietnam (EVN), Vingroup,
15 announced the Profit 500 list, and the Vietnam Dairy Products JSC (Vinamilk). According to
featuring the top 500 most prof- Mr. Vu Dang Vinh, General Director of the Vietnam Report JSC,
itable enterprises in Vietnam this year. Prominent were the during the 2017-2021 period, the three sectors of property devel-
Samsung Electronics Thai Nguyen Co. Ltd, the Viettel Military opment and construction, finance, and food and beverages had
Industry and Telecoms Group (Viettel), the Vietnam Oil and Gas the largest number of companies in the rankings. The compound
Group (PetroVietnam), the Joint Stock Commercial Bank for annual growth rate (CAGR) of all companies in the Profit 500 list
Foreign Trade of Vietnam (Vietcombank), the Vietnam Techno- this year averaged 10.12 per cent.

4 | VIETNAM ECONOMIC TIMES | NOVEMBER 2021 www.en.vneconomy.vn