Vietnam remains favoured destination for foreign investment despite COVID-19: Australian newspaper
Vietnam is likely to remain foreign investors’ favoured destination despite the COVID-19 resurgence ravaging across the country, The Australia Financial Review (ARF) said in a story published earlier this week.
Production of electronic parts at Youngbag Micromotor Vietnam in Vinh Phuc's Binh Xuyen Industrial Park. (Photo: VNA)
Sydney (VNA) – Vietnam is likely to remain foreigninvestors’ favoured destination despite the COVID-19 resurgence ravaging acrossthe country, The Australia Financial Review (ARF) said in a story published earlierthis week.
Though rapidly rising Delta COVID-19 infections have hitmanufacturing in Ho Chi Minh City, Vietnam’s commercial hub, the big-picturestory of Vietnam being a favoured destination for foreign investment is not expectedto change, the daily newspaper said. Even as forecasts are trimmed, economistshave faith the nation will bounce back.
“In recent decades, Vietnam has excelled in reeling in thebig fish in electronics, footwear and clothing,” it said. “Low labour costs,reliable infrastructure and a smooth bureaucratic process have attracted thelikes of Samsung, Foxconn, Nike, Adidas, Gap and Levis.” Many factories thatare still open are striving to maintain production under the “3 in 1” policywhereby 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 havestayed. Most are not panicking. They want to be here, so their companies canrecover as soon as possible,” it quoted Simon Fraser, executive director of theAustralian Chamber of Commerce (AustCham) in Vietnam, as saying.
HSBC has cut its economic growth forecast for Vietnam from6.1 percent this year to 5.1 percent. “Despite near-term challenges Vietnam’srecovery prospects still look rosy with strong fundamentals,” wrote HSBCeconomist Yun Liu.
“Vietnam will bounce back because it has such a competitiveadvantage in labour costs,” she said./.
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In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Production of electronic parts at Youngbag Micromotor Vietnam in Vinh Phuc's Binh Xuyen Industrial Park. (Photo: VNA)
