The digital transformation playbook

The Communist Party is aiming for Vietnam to reach GDP per capita of $5,000 by 2025 and to be a developed country by 2045. Party delegates voted to adopt the Resolution of the 13th National Party Congress at the final session of the Congress held on February 1, 2021. The goals are part of the Resolution of the 13th National Party Congress held from January 25 to February 1, the entirety of which has just been released by the Office of the Party Central Committee. The Resolution noted the highlight of the 12th tenure was the successful handling of the COVID-19 pandemic resulting in significant economic achievements – including stable macroeconomics, controlled inflation and high GDP growth, while people’s living standards were improved. The fight against corruption, loss and waste was intensified, while the socio-political situation remained stable, foreign relations deepened and Vietnam’s profile on the international stage grew. However, numerous shortcomings – including … [Read more...] about Vietnam aims for GDP per capita of $5,000 by 2025, developed country status by 2045: 13th Party Congress’s Resolution

Masan Group achieved higher earnings in 2020 despite the global health crisis Reporting its management accounts for the fourth quarter and 2020 as a whole, Masan Group achieved the targets set in its AGM, with net revenues of VND77 trillion ($3.34 billion) for the full year, within the range of VND75-85 trillion ($3.25-$3.69 billion) set, and net profit after tax post minority interest of VND1.23 trillion ($53.42 million), also within the VND1-3 trillion ($43.3-$130.29 million) goal. The CrownX – which consolidates Masan’s interest in Vincommerce (VCM) and Masan Consumer Holdings (MCH) – the second-largest consumer business in Vietnam by revenue, delivered a net revenue of VND54.27 billion ($2.5 billion) delivered in the 2020 financial year, up 18.1 per cent on-year and increasing earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin by 280 basis points to 8.3 per cent. VCM delivered a positive EBITDA of VND16 billion ($695,000) in the fourth quarter, … [Read more...] about Masan records revenue doubling amid crisis

Foreign tourists mainly were technical experts and skilled workers who are allowed to enter Vietnam to work, and truck drivers transporting goods through international border gates. In the first two months, the country welcomed 28,700 foreign visitors, a year-on-year decrease of 99.1 percent. According to the report, HCMC saw a decline of 14.1 percent, Ba Ria-Vung Tau Province and Da Nang City decreased 15.9 and 16.1 percent, Hanoi and Hai Duong slid 7.6 and 7.8 percent compared with last year. Tourism revenue fell 62.1 percent over the same period last year to VND2,500 billion (US$108.6 million). The most severe drops were seen in Hanoi at 47.7 percent, Da Nang by 67.7 percent, HCMC by 69.2 percent, Thua Thien-Hue Province by 73.3 percent and Hai Duong Province by 89.4. The tourism industry has proposed many preferential policies to support travel firms and laborers that have been severely affected by the Covid-19. However, there was not much support and many businesses … [Read more...] about Number of foreign visitors to Vietnam in February falls sharply

Võ Trí Thành *Võ Trí Thành Việt Nam has outlined its next-decade of socio-development strategy, setting its sights on becoming a developed and upper-middle-income country with modern industry by 2030. However, as success in the past cannot guarantee future triumphs, what are the keys to Việt Nam’s success in the next period? We have talked about Việt Nam’s aspirations to become the next Asian economic dragon and the country has made great strides towards its goals. Amid a volatile world and unprecedented challenges arising from the pandemic, Việt Nam’s success in response to COVID-19 has been praised by international media. To ensure long-term growth, the country is also seeking solutions to key issues such as structural reforms, sustainable and inclusive development and innovation. After many phases of reforms, Việt Nam has basically achieved its goals such as ensuring macroeconomic stabilisation, expanding more opportunities for all economic subjects to develop through … [Read more...] about Learning spirit, confidence and creativity key to Việt Nam’s future success

Bangkok (VNA) – Thailand’s National Economic and Social Development Council ( NESDC ) has approved a framework for the country's 13th national economic and social development plan , spanning from 2022 to 2026, with the focus placed on high value-added economic development. The next national economic and social development plan should aim to provide Thailand a high value-added economy , according to the state planning unit. This is an appropriate time for Thailand to restructure the manufacturing sector to focus more on high value-added activities, said Danucha Pichayanan, Secretary-General of the NESDC. A high value-added economy focuses on those activities that generate a large margin between the final price of a product or service and the cost of the inputs used to produce it, thus creating higher profits for businesses and higher wages for workers. He said under the 13th national plan, Thailand's development will focus mainly on four areas over the next five … [Read more...] about Thailand shifts focus to high value-added economy