Business News

The issuance of a new decree is deemed an important piece to complete the puzzle in terms of data protection in Vietnam. Dang The Duc and Thai Gia Han from Indochine Counsel point out the major highlights while also noting where some confusion or overlap may remain.

Determined to promote investment attraction, especially in economic zones (EZs), industrial parks (IPs) as the driving force and lever for economic growth, in recent years, investment attraction activities, the development of EZs and IPs have always been paid special attention by Hai Phong city and obtained positive results. These have contributed to promoting production, creating jobs for laborers and generating budget revenue.

According to Dr. Bui Sy Loi, former Vice Chairman of the National Assembly's Social Affairs Committee, after more than 35 years of national renewal, the labor market in Vietnam has made remarkable progress in terms of scale, quality and structure, this is a significant step forward on the path of development, innovation and integration.

China has remained Vietnam’s biggest trade partner, while Vietnam has continued to be the sixth largest trade partner of the neighbouring country, and the biggest in ASEAN despites impacts of the COVID-19 pandemic and geopolitical upheavals in the world. Two-way trade was valued at 165.8 billion USD in 2021, up 24.6% from the previous year.

In the January-October period, 125,800 businesses were established with total registered capital of VND1,379 trillion and 835,000 employees, according to the General Statistics Office. Compared to the same period last year, the number of businesses rose 34.3%, capital increased 5.7% and employment increased 18%.

Although the total export value in the first three quarters of the year increased robustly and resulted in a high trade surplus, many of Vietnam’s exports are forecast to face unpredictable challenges in the coming time.

The Small and Medium Enterprises Support Programme for Digital Transformation (SMEdx) of the Ministry of Information and Communications has reached about 490,000 SMEs by the end of last month, accounting for 61 per cent of the total number of enterprises nationwide, achieving an average growth rate of 20 per cent per month.

The Vietnamese logistics sector is eyeing the urgent need for renovation, overall solutions and vision as well as new development orientations to catch up with the global trend, creating a breakthrough for the country’s socio-economic recovery and development, according to experts.