Vietnam News Today (Aug. 14): Vietnam Targets Launch of Modern Digital Finance Platform by 2025

Ilustrative image. Photo: VNA

Vietnam logs 1,815 new coronavirus cases on August 13

Vietnam logged an additional 1,815 Covid-19 cases on August 13, according to the Ministry of Health.

The new infections raised the country’s total caseload since the pandemic broke out to 11,364,355.

A total 5,186 Covid-19 patients were given the all clear on the day, bringing the number of recoveries so far to 10,014,637. There are 137 patients in serious conditions needing breathing support, cited VNA.

One death from Covid-19 was recorded in the past 24 hours. The total fatalities stood at 43,097.

On August 12, 582,931 doses of Covid-19 vaccines were administered, raising the total number of shots given out to 250,992,746.

The ministry said its advisory council is yet to give recommendations regarding the vaccination against Covid-19 for children under 5.

Vietnam targets launch of modern digital finance platform by 2025

Minister of Finance Ho Duc Phoc has signed a decision promulgating the Ministry of Finance’s digital transformation plan to 2025, with vision to 2030.

The goal is to establish a national modern, sustainable and integrated digital financial platform, contributing to strengthening the growth and resilience of the economy, and ensuring macroeconomic stability and financial security.

Photo: VOV

The ministry will proactively apply technological achievements from the 4th Industrial Revolution and follow the results of e-Government development towards gradually implementing the digital transformation of the financial sector, providing digital financial services, and actively participating in the development of a digital government, economy and society.

Indicators of e-finance development are hoped to be completed in 2022, according to VOV.

The ministry will strive to set up a modern, public and transparent digital financial platform by 2025 based on big data and open financial data. By 2030, a rich and modern digital financial ecosystem will be formed in all fields, ensuring the effectiveness and safety of information.

The finance sector will play a vital role in creating, connecting, sharing data and digitising platforms, comprehensively meeting the need of public finance transactions and use of digital information by the Government, people, businesses and organisations.

Additionally, civil servants and public employees will be trained on digital skills to facilitate the process.

Vietnamese blue-beret doctors support South Sudan people amid flooding

Doctors of the Level-2 Field Hospital No. 4 of Vietnam in South Sudan have provided free health checkups to locals and supported the Bentiu General Hospital in overcoming consequences of flooding.

Recently, heavy rains have caused widespread flooding in South Sudan, forcing many people to evacuate and causing the outbreaks of many diseases.

Vietnamese blue-beret doctors give health checkups to locals in South Sudan. Photo: BVDC 2.4

In that context, the Vietnamese blue-beret doctors, led by Major Le Viet Anh, presented medicines, cleaning chemicals and medical equipment to the Bentiu General Hospital. They also offered free medical examination and treatment as well as medicines to more than 200 people hardest hit by floods, focusing on women and the elderly.

The Director of Bentiu General Hospital thanked the delegation and Vietnamese people for their helpful support.

Along with the charity activities, Vietnamese doctors have shown strong professional performance. Recently, they have successfully treated a Mongolian patient who suffered acute pancreatitis, reported VNA.

Before arriving at the Level-2 Field Hospital No. 4 of Vietnam, the patient took treatment at a level-1 hospital of Mongolia, but his condition did not improve.

After 10 days of treatment, the patient recovered and was discharged from the hospital.

Vietnam and Southeast Asia able to maintain economic stability

The nation and the Southeast Asian region as a whole have made every effort to maintain economic stability and growth, despite enduring the impact of Covid-19 and the Russia-Ukraine conflict, according to experts.

Amid global disruption caused by China’s border closure as it continues to pursue a “Zero-Covid” policy, many semi-conductor producers have started the process of switching their operations to Southeast Asia in a bid to ease shortages.

Last year saw chip producer GlobalFoundries announce an investment of around US$4 billion in a Singapore-based factory, while Intel outlined its plans to pour more than US$7 billion into a chip factory in Penang, Malaysia.

Photo: Pham Hung

Foxconn Technology Group of Taiwan (China), a supplier of Apple, is in the process of building a US$270 million factory in order to manufacture and process laptops and tablets near Hanoi.

With global supply chain adjustments being made, the nation boasts several advantages after tapping into opportunities from the supply chain shift. In 2020, the country received a significant portion of the investment shift wave from China. Furthermore, 2021 saw FDI inflows into the nation reach US$31.15 billion, up 9.2% compared to 2020, despite being hard hit by the impact of Covid-19, cited VOV.

Rajiv Biswas, executive director and chief economist for Asia-Pacific of S&P Global, said that Southeast Asia represents an important part of the global manufacturing supply chain, especially in relation to the electronics industry. Due to supply chain disruptions and severe delivery delays to key components in the global electronics industry during the pandemic, electronics companies are increasingly seeking to diversify their supply chains to Southeast Asia.

Mick Aw, senior adviser at Moore Stephens, said that Southeast Asian countries are increasingly playing a more crucial role in the global supply chain as businesses start to move away from China after the pandemic.

In terms of Vietnam, the Central Institute for Economic Management (CIEM) gave two scenarios for economic growth this year. In the brighter scenario, CIEM forecast that Vietnamese economic growth in 2022 can reach 6.9%, relatively high compared to the base scenario of 6.7%. With this scenario, the growth rate for the year will be close to the 7% target the Government has set.

Regarding solutions for the final six months of the year, Tran Thi Hong Minh, director of the CIEM, said that the institute has proposed speeding up reforms, even in the context of economic recovery, with the ultimate aim of reducing pressure on inflation and creating new space for businesses to further develop.

Vietnam expected to see new wave of investment, say experts

A forum was held on August 11 in Ho Chi Minh City to discuss measures to attract high-quality foreign direct investment (FDI) and the key factors that could unleash a new wave of investment in industrial parks in Vietnam.

At the event, government officials, experts and businesses also discussed new policies on developing high-tech and ecological industrial parks, as well as labor supply for industrial parks.

Deputy Minister of Planning and Investment Tran Quoc Phuong speaking at the event. Photo: NDO

According to experts and international organizations, Vietnam has a golden opportunity to attract a new wave FDI.

Nguyen Anh Tuan, the Deputy Director of the Foreign Investment Agency under the Ministry of Planning and Investment (MPI), said such an opportunity is the result of Vietnam’s effective containment of Covid-19 and economic stability, which make the country a safe and attractive destination for foreign investors looking to diversify their supply chains.

He also highlighted other factors such as Vietnam’s enhanced international standing, the government’s determination to create a favorable business climate, and a large population with a growing middle class, NDO reported.

According to MPI Deputy Minister Tran Quoc Phuong, recent years have seen FDI pledges to industrial parks and economic zones account for 35-40% of the total FDI capital, with the figure reaching 70-80% for the manufacturing sector.

He added that industrial parks and economic zones have become key magnets for large projects and favourite destinations of major foreign corporations such as Samsung, Canon, LG, Sumitomo and Foxconn.

Enterprises in industrial parks and economic zones are making greater contributions to government revenue and job creation, helping to accelerate Vietnam’s industrialization, modernization and international integration.