Though rapidly rising Delta Covid-19 infections have hit manufacturing in Ho Chi Minh City, Vietnam’s commercial hub, the big-picture story of Vietnam being a favoured destination for foreign investment is not expected to change, the daily newspaper said. Even as forecasts are trimmed, economists have faith the nation will bounce back.

Production of electronic parts at Youngbag Micromotor Vietnam in Vinh Phuc's Binh Xuyen Industrial Park.

“In recent decades, Vietnam has excelled in reeling in the big fish in electronics, footwear and clothing,” it said. “Low labour costs, reliable infrastructure and a smooth bureaucratic process have attracted the likes of Samsung, Foxconn, Nike, Adidas, Gap and Levis.” Many factories that are still open are striving to maintain production under the “3 in 1” policy whereby employees eat, sleep and work on site.

While some expats have cleared out, many others have stayed. “The small and medium-sized business owners who have investments here have stayed. Most are not panicking. They want to be here, so their companies can recover as soon as possible,” it quoted Simon Fraser, executive director of the Australian Chamber of Commerce (AustCham) in Vietnam, as saying.

HSBC has cut its economic growth forecast for Vietnam from 6.1 percent this year to 5.1 percent. “Despite near-term challenges Vietnam’s recovery prospects still look rosy with strong fundamentals,” wrote HSBC economist Yun Liu.

“Vietnam will bounce back because it has such a competitive advantage in labour costs,” she said.

Bac Giang attracts over 870 million USD of investment in eight months

(BGO) – The northern province of Bac Giang attracted total investment of 72.4 million USD in August 2021, accounting for 93.18 percent against the figure at the same period last year.

Foreign investment poured in Vietnam despite Covid-19

Despite impacts of the Covid-19 pandemic, Vietnam is still attracting foreign investment in its electronic industry, technology website Digitimes, based in Taiwan (China), has reported.

PM orders law revision to solve difficulties in investment, business

Prime Minister Pham Minh Chinh has sent a dispatch to several ministers, ordering a revision of laws to address difficulties in investment and business amidst complex developments of the Covid-19 pandemic.

Project approved to enhance effectiveness of investment attraction to Bac Giang by 2030

(BGO) - The Bac Giang provincial People’s Committee has recently issued Decision No.797/QD-UBND to approve for the Project to enhance the effectiveness of investment attraction to Bac  Giang province by 2030, with focal points of opinion, orientation, tasks and solutions in the upcoming time.

Source: NDO/VNA