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President Phúc encourages young entrepreneurs to overcome hurdles caused by pandemic

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President Nguyễn Xuân Phúc meets with representatives from more than 10,000 businesses of the Việt Nam Young Entrepreneurs Association in HCM City on the occasion of Việt Nam Entrepreneurs’ Day (Oct 13). VNA/ Photo

HCM CITY — President Nguyễn Xuân Phúc has urged young entrepreneurs to keep faith in overcoming the challenges caused by the COVID-19 pandemic to ensure economic recovery.

The president spoke at a meeting with representatives from more than 10,000 businesses belonging to the Việt Nam Young Entrepreneurs Association in HCM City on the occasion of the Việt Nam Entrepreneurs’ Day (October 13).

He spoke highly of the young Vietnamese entrepreneurs for their efforts offered to vulnerable people in areas most affected by the outbreak. 

“I’d like to extend my gratitude to all Vietnamese entrepreneurs, business organisations and associations which play a major role in the country’s economy.” 

Phúc acknowledged the huge challenges facing businesses during the lockdown period.

More than 100,000 enterprises stopped production, including some 16,000 enterprises in the city which have ceased operation, have been dissolved or have gone bankrupt, according to Phúc.

“This problem has seriously affected the city’s employment, revenue, budget, and social security.

“Enterprises are the backbone of the country,” he said. “Every business has its own challenges, but I do believe they can all overcome them. They do need to have a strong belief and should never lose faith.” 

Phúc said the government will listen to all the recommendations for implementation of numerous policies to support the economy.

Phúc urged HCM City authorities in particular to soon issue specific policies to ensure labour supply and smooth supply chains.

Phúc said it was of paramount importance for the city to focus on the both domestic and export market as well as public investment. 

Also speaking at the event, Phan Văn Mãi, chairman of HCM City People’s Committee, said the city would complete an economic recovery plan for the rest of the year and for 2022, stressing the major roles to be played by businesses and each resident in pandemic prevention and economic recovery. 

“The city will work closely with the business community to discuss policies to remove their difficulties.” 

In addition, a number of delayed projects, mostly key traffic projects, will resume this month, according to Mãi.

Mãi proposed that the National Assembly and the central Government focus on major production and services, especially small and medium enterprises, to help them resume production as soon as possible. 

Đặng Hồng Anh, chairman of the Việt Nam Young Entrepreneurs Association, said that most businesses and entrepreneurs, especially small and medium enterprises and start-ups, were greatly affected by the fourth wave of the outbreak.

The business community wants to have support policies in the long run, especially in administrative reform, to level the playing field for all and to improve efficiency and transparency, according to Anh.

“An open, public, transparent and fair mechanism is needed.”  

Businesses also recommended the Government issue a comprehensive national programme to support economic recovery. —   

Source: https://vietnamnews.vn/economy/1058735/president-phuc-encourages-young-entrepreneurs-to-overcome-hurdles-caused-by-pandemic.html

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IT giant FPT reports high profits over first nine months of 2021

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FPT’s new headquarters on Phạm Văn Bạch Street in Hà Nội. — FPT.com.vn

HÀ NỘI – Information technology giant FPT has recorded VNĐ24.95 trillion (over US$1 billion) in sales and VNĐ4.57 trillion ($198 million) in pre-tax profits over the first nine months of 2021, up by 17.9 per cent and 20 per cent respectively.

Both revenue and profit enjoyed positive growth, with the technology and telecommunications sectors providing the primary impetus.

FPT’s technology sector accounted for 22.1 per cent of its revenue and 30.4 per cent of its pre-tax profit.

Overseas, sales increased in all of the major markets, especially in the US and Europe, due to high COVID-19 vaccination rates and steady economic recovery. FPT has consistently received substantial orders.

Revenue from digital transformation reached VNĐ3.94 trillion over the nine months, up by 59.6 per cent, thanks to growth in key technologies such as cloud computing (Cloud), Artificial Intelligence (AI), and low-code.

FPT secured 16 projects totalling more than $5 million by the end of the third quarter this year.

After three quarters of 2021, the group has achieved 72 per cent of its revenue target and 74 per cent of its profit target for this year, indicating that it is on track to meet its full-year targets.

FPT’s telecommunications sector has generated revenue of VNĐ9.23 trillion, an increase of 11 per cent with a pre-tax profit of VNĐ1.78 trillion, a 21.9 per cent increase over the same period last year.

Due to increased profits from PayTV, combined with the postponement of infrastructure investment due to the pandemic, the pre-tax profit margin of telecommunications services, including broadband and other services, continued to improve in the first nine months of 2021, reaching 20.8 per cent and 14 per cent, respectively. —

Source: https://vietnamnews.vn/economy/1063618/it-giant-fpt-reports-high-profits-over-first-nine-months-of-2021.html

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Vietnam to build $305mn airport in northern resort town

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Prime Minister Pham Minh Chinh issued a decision on Thursday to approve the construction of an airport in Sa Pa, a famous resort town in the northern Vietnamese province of Lao Cai, at an estimated cost of almost VND7 trillion (US$305 million).

The project, developed under the public-private partnership (PPP) format, is located on a 371-hectare plot in Cam Con Commune, Bao Yen District.

The first phase of the construction will start this year and will build the airport to a capacity of 1.5 million passengers a year before doubling it to three million passengers following the second stage in 2028.

The government will be charged with site clearance while private companies will undertake construction of the project. 

The government will contribute VND2.73 trillion ($119.8 million), or 39 percent of the funds, and private investors will cover the rest. 

Construction is expected to last four years and the investors are forecast to break even after 46 years. 

Sa Pa Airport is one of six new airports approved for construction by 2030.

Vietnam has 22 airports at present.

In the first six months of 2021, Lao Cai welcomed 1.1 million tourists, up 21 percent year on year, according to the Ministry of Culture, Sports, and Tourism.

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Source: https://tuoitrenews.vn/news/business/20211022/vietnam-to-build-305mn-airport-in-northern-resort-town/63719.html

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Effective linkage chain of safe agricultural production in Hà Nội

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Leaders of Hà Nội Department of Agriculture and Rural Development visited a linkage model of chicken raising for eggs with high economic efficiency in Liên Châu Commune, Thanh Oai District, Hà Nội. — Photo courtesy of Hà Nội Department of Agriculture and Rural Development

HÀ NỘI — Despite the complicated developments of the COVID-19 pandemic, thanks to agricultural production in the direction of safety, clear origin, and signing of product consumption contracts, agricultural product chains in Hà Nội are still promoting efficiency.

Director of An Phát General Agricultural Service Cooperative in Thanh Trì District Lưu Ngọc Nam said that in order to ensure a stable source of safe vegetables for supermarkets, convenience stores and collective kitchens, the cooperative has linked with 120 farming households in Yên Mỹ Commune, Thanh Trì District to produce more than 20ha of clean vegetables.

In addition, it also signed a contract to cover all vegetables produced in accordance with VietGAP standards in the communes of Yên Mỹ, Duyên Hà, and Vạn Phúc.

Director of Hoàng Long Cooperative in Thanh Oai District Nguyễn Trọng Long said that the cooperative supplied more than two tonnes of pork to the market every day.

Thanks to close links with the distribution system, the A-Z pork consumption chain of the cooperative has been maintained stably during the pandemic.

It is expected that people’s demand for food will increase by 15-20 per cent at the end of the year.

The cooperative was promoting re-herding and taking good care of the herd to supply the market at the end of the year with a possible output of more than 100 tonnes per month, said the director.

Production line of the Ba Vì Farm Milk Joint Stock Company. — Photo hoinongdan.org.vn

The modern milk production line of the Ba Vì Farm Milk Joint Stock Company has an initial capacity of about 6 tonnes per day.

To ensure the source of raw milk, the company has co-operated with more than 20 dairy farming households in Ba Vì District, purchasing about 1.5-2 tonnes of milk per day for pasteurised milk production and other dairy products.

With a modern double-sealed technology platform, a processing capacity of approximately 2,000 tonnes per year, the company has now launched more than 20 types of products, with a wide consumption market across the country.

Not only bringing good revenue, the linkage model of cow milk production also brings stable income for dozens of livestock households and about 50 employees.

Assessing the effectiveness of the chain of agricultural product consumption, the director of the Hà Nội Agro – Forestry – Fisheries Quality Assurance Sub-Department Nguyễn Thị Thu Hằng said that 141 chain links from production to consumption in Hà Nội was currently showing good results. The production in the linked chain not only helped increase economic value but also contributed to raise income for workers.

Consumers also benefit from agricultural products with clear origin, safety and quality assurance.

Currently, in the context of the COVID-19 pandemic, measures to stabilise the supply of food are very important.

In order for the chains to continue to be effective in all situations, Vice Chairman of Thanh Oai District People’s Committee Nguyễn Trọng Khiển said that the district has a policy to support funding for communes to increase training courses, raise awareness and production techniques of typical local agricultural products, build brands, and connect with businesses to sign contracts to consume products.

Nguyễn Văn Chí, director of the Hà Nội Rural Development Sub-Department and deputy chief of the standing office of the co-ordination office of the Hà Nội New Rural Development Programme, said that to support agricultural production and consumption, Hà Nội was trying to implement the form of consuming agricultural products through online channels and social networks in order not to disrupt the production and supply chains of agricultural products in the area.

Deputy Director of Hà Nội Department of Agriculture and Rural Development Nguyễn Ngọc Sơn emphasised that in order to support entities participating in the chain, Hà Nội’s agriculture sector was creating favorable conditions for localities to promote the transformation of agricultural economic models in the direction of concentrated farming, thereby forming a large commodity supply chain.

At the same time, it also provided loans from the Hà Nội National Agriculture Extension Center (NAEC) for agricultural producers and developers to apply high technology to ensure a safe supply of agricultural products for consumers.

Source: https://vietnamnews.vn/economy/1063199/effective-linkage-chain-of-safe-agricultural-production-in-ha-noi.html

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