The pandemic hit Viet Nam’s economy hard, but the nation has taken decisive steps to limit both the health and economic fallout, according to the International Monetary Fund (IMF)’s latest annual assessment of Viet Nam’s economy.
Swift introduction of containment measures, combined with aggressive contact tracing, targeted testing, and isolation of suspected COVID-19 cases, helped keep recorded infections and death rates notably low on a per capita basis, the IMF highlighted.
Viet Nam entered the pandemic with solid economic fundamentals and policy buffers, although some structural challenges remain to be addressed, the IMF’s annual assessment referred, adding that he country made considerable progress in consolidating public finances prior to COVID-19. The build-up of these fiscal, external, and financial buffers prior to the pandemic made Viet Nam more resilient to the shock.
The IMF suggested macroeconomic policies need to remain supportive in 2021 to ensure a resilient and inclusive recovery and policies should aim at reducing labor informality by improving labor skills and lowering hiring/firing costs for formal workers, and encouraging firm formalization.
A sustained recovery also hinges on safeguarding financial stability, the annual assessment stressed, adding that continued strong supervision, together with timely efforts to address problem loans and strengthen regulatory and supervisory frameworks, will help address financial system risks.
More decisive reforms are needed to make the most of Viet Nam’s considerable growth potential, the IMF recommended.
Meanwhile, priority should be given to improving the business environment and ensuring a level playing field for small and medium-sized enterprises, with reforms geared towards reducing regulatory burden faced by firms, improving their access to resources, enhancing governance and access to technology and innovation, and reducing skills mismatches..
In February, Viglacera Corporation’s profit reached 227% of the monthly plan and increased 83 billion dong over the same period – figures were recorded at the February 2021 briefing meeting. The parent company still performed well the leading role with the profit of 195% of the plan, the efficiency brought from the Real Estate and VIFG Float Glass group, the other indexes of the whole Corporation basically followed and exceeded the plan. In the first 2 months, the Corporation has achieved and exceeded the plan of Quarter I/2021.
Overview of the meeting
In addition to the data on financial indicators, in the early days of Tan Suu new year, Viglacera continuously received good investment signals when receiving investment licenses for new open industrial park, the interest in creating favorable conditions of local leaders on the investment and development of industrial park to focus on the economic spearhead of the province. Housing for workers projects have also been restarted with a combination of projects under the Vietnam General Confederation of Labor.
General Director Nguyen Anh Tuan directed at the meeting
At the meeting, General Director Nguyen Anh Tuan directed: the positive results of the first 2 months of the year will be the motivation for the whole corporation to strive to fulfill the business and investment plan of 2021 and 5-year plan 2021-2025.
On the afternoon of February 25, Viglacera Corporation had a meeting with the Provincial Standing Committee of Yen Bai to report on the investment idea of a number of projects in the province.
Attending the meeting, regarding Viglacera Corporation – JSC, there were Mr. Luyen Cong Minh – Vice Chairman of the Board of Directors; Mr. Nguyen Anh Tuan – General Director of Viglacera Corporation with the Deputy General Director, leaders and professional staff of the Real Estate Department. On the side of Yen Bai province, there were comrades: Do Duc Duy – Member of the Central Committee, Provincial Party secretary; Ta Van Long – Provincial Party Politburo Deputy Secretary; Tran Huy Tuan – Provincial Party Deputy Secretary, Chairman of the Provincial People’s Committee; comrades in the Provincial Standing Committee Department; related departments, branches and localities.
Comrade Nguyen Anh Tuan, General Director of the Corporation presenting the investment idea of an industrial – urban – service complex project in Yen Bai province.
At the meeting, Viglacera Corporation asked Yen Bai province to approve the Corporation to research and invest in an industrial – urban – service complex at the intersection of IC 12, Noi Bai – Lao Cai expressway with a size of about 496 ha is located in Tran Yen district and Yen Bai city; of which nearly 420 hectares are for industrial park development, and the rest is for about 80 hectares for urban and service development. All 3 locations that the Corporation plans to invest are located on Au Co route in the direction from IC 12 intersection to the center of Yen Bai province.
Viglacera Corporation commits to allocate capital to invest in an industrial – urban – service complex in Yen Bai province to meet the criteria of a modern, synchronous industrial park to attract high-tech investors, electronics, telecommunications …; provide social utility services, use land effectively, contribute to increase budget revenue, ensure efficient and sustainable socio-economic development of Yen Bai province. At the same time, it is committed to strictly and fully implement the obligations of investors in accordance with the current regulations of the State.
The Corporation also proposed Yen Bai province to soon submit to the Prime Minister for approval the general planning of industrial parks of Yen Bai province in the coming period, waste treatment system planning … as the basis for the Corporation to implement the project in the area.
The comrades of the Politburo, the Provincial Standing Committee of Yen Bai province, departments, branches and localities highly appreciated the idea of Viglacera Corporation’s integrated investment. The locations that Viglacera investors choose are all located on Au Co route, the motivation urban axis of Yen Bai province, especially convenient for transportation. After just over 1 month of research, the Corporation had an official meeting with the province to show the seriousness, science and determination of the investor. Relevant departments, branches and localities of the province are all ready to support, accompany and create the most favorable conditions for site clearance work, and support legal procedures for investors to deploy the Project.
Concluding the meeting, Comrade Do Duc Duy Provincial Party Secretary highly appreciated the capacity and experience of Viglacera Corporation in the construction, infrastructure business, management and operation of the above industrial park in nationwide range.
The Provincial Party Secretary said that after approaching, investors have actively researched, proposed ideas and had the first research products. These proposed ideas are completely consistent with the socio-economic development orientation in general and the industrial development orientation of the province, especially in the spirit of the Resolution of the XIX Congress of the Provincial Party Committee.
The Provincial Party Secretary also highly appreciated Viglacera’s investment proposals in all 3 areas, including: industrial, urban and service zones to ensure the province’s harmonious development.
Yen Bai province agreed on the policy of allowing investors to research, survey, plan and propose investment in the area of IC 12 intersection according to the proposed documents. The two sides will jointly study and propose to the Prime Minister to permit the formation of new industrial parks in the areas proposed by the investor. The province will set up a working group to support solving legal procedures as well as difficulties and problems when investing in the Project.
The Provincial Party Secretary also assigned relevant departments, branches and localities to review all projects that have been granted investment policy decisions in the area with the current land and population status to provide information for Corporation. Yen Bai province commits to support in all aspects for Viglacera investors to deploy the project in the most favorable way.
At the meeting, Tran Huy Tuan Chairman of the Provincial People’s Committee; handed over a written approval for Viglacera Corporation to study, survey, plan and propose investment in the intersection area of IC 12 Yen Bai province.
On February 24, 2021, Mr. Bui Minh Chau – Member of the Executive Committee, Provincial Party secretary, Chairman of the Provincial People’s Council, Head of the Member of Congress visited and checked the progress of infrastructure construction of industrial parks (IPs) and production and business situation in Phu Ha Industrial Park (Phu Tho Town).
Along with the comrades: Pham Truong Giang – Member of the Standing Committee, Director of the Provincial Public Security; Phan Trong Tan – TUV, Vice Chairman of the People’s Committee and leaders of related departments and units.
Phu Ha Industrial Park, Phu Tho town phase I with a scale of over 350ha, total investment of over 1,900 billion VND, is divided into 2 subdivisions: Northern subdivision and southern subdivision. Up to now, clearance compensation has reached 80% of the total area. For the southern subdivision, it has completed 100% of the clearance work, completed construction of the technical infrastructure system and attracted 25 enterprises to invest in production and business. For the northern subdivision, the site has been cleared 70% of the area, basically completed the third phase of technical infrastructure.
At the meeting, the leaders of Phu Tho town and the investor of Vigracera Corporation also request and proposed to the province for guidance on the support plan for the new households, build the construction, building on land after the announcement of the planning; adjusting the quota for allocation of resettlement land to people; proposing a plan to expand the scale of the industrial park by 100 hectares to the North; for the policy of investment in construction of social housing for workers.
Mr. Bui Minh Chau, Provincial Party secretary acknowledged and highly appreciated the efforts of the departments, branches, town of Phu Tho and the investor in the construction of Phu Ha Industrial Park. He emphasized: The Resolution of the XIXth Provincial Party Congress has identified a breakthrough in strongly improving the investment and business environment; 2021 is also the year the province focuses on implementing key tasks of site clearance and project implementation. Therefore, in the coming time, departments of the province, Phu Tho town and investors need to concentrate resources, striving to complete phase I of the project in 2021, creating all favorable conditions for to build Phu Ha industrial park into a model industrial park of the province.
Provincial Party secretary Bui Minh Chau presents flowers to congratulate the officials and workers of Phu Ha Industrial Park
Besides, he affirmed that it is necessary to focus on speeding up the site clearance progress, creating a clean land fund; attracting potential investors with high investment value; ensure electricity supply, traffic safety and order in the area, creating a favorable environment for production and business. In particular, priority must be given to speeding up, completing resettlement areas, and stabilizing people’s lives.
Regarding the recommendations of Phu Tho town and the investor, the Provincial Party secretary Bui Minh Chau assigned relevant departments and branches to coordinate with Phu Tho town, the investor to calculate and propose specific directions according to the most suitable judgment. Policies ensure the maximum benefit of the people but must comply with the procedures, regulations and consistency with ongoing projects. The province also agreed with the policy of expanding 100ha more to the North, will soon complete the procedures under the jurisdiction of the province, and report to the ministries and central branches for other procedures.
For more information, please contact: Viglacera Real Estate Company – Hotline: (+84) 888 25 22 88 | Website: https://viglaceraip.com
Groundbreaking ceremony of Tuyen Quang – Phu Tho highway connecting connecting two northern provinces of Tuyen Quang, Phu Tho and Noi Bai – Lao Cai highway was held on February 23, 2021.
The expressway, estimated at 40.2 kilometers in length, allows a maximum speed of 80 kilometers per hour, with the first phase of the project scheduled to complete by 2023.
The starting point of the expressway is located at Luong Vuong commune, Tuyen Quang province, and the final point at IC9 interchange of Noi Bai – Lao Cai expressway in Phu Tho province.
“Vietnam is entering the year of 2021 with both opportunities and challenges. Along with strong efforts against the Covid-19 pandemic, the country should ensure no disruption to economic activities to boost growth,” stated Minister of Planning and Investment Nguyen Chi Dung at the ceremony.
“To realize this goal, investment into economic and transport infrastructure is one of the three strategic breakthroughs for the economy,” he stated and stressed that the move is key to enhance the economy’s competitiveness and reduce input costs for the business community.
“In this regard, the Tuyen Quang – Phu Tho expressway project linking with Noi Bai – Lao Cai expressway is essential.”
Once completed, the project would be a key component under the Kunming (China) – Hai Phong transport corridor, which is a cooperation program among six countries in the Greater Mekong Subregion.
Financed by public funds, the expressway project is expected to reduce travel time among provinces of Ha Giang, Tuyen Quang, Phu Tho and the northern key economic zone.
Prime Minister Nguyen Xuan Phuc has approved investment intention in a project on infrastructure development at the Thuan Thuan I Industrial Park in northern Bac Ninh province.
The project covers a total area of some 250 ha in Ninh Xa, Tram Lo and Nghia Dao communes of Thuan Thanh district, Bac Ninh province, with total investment of 2.84 trillion VND (over 123 million USD), of which 859.73 billion VND comes from its investor – Viglacera Corporation.
The construction is scheduled to last for 36 months since the land hand-over, and the project is set to operate within 50 years as from February 17, 2021.
The PM required the provincial People’s Committee to ensure the accuracy of information and data reported, and carry out land reclamation, site clearance, compensation and land lease in line with approved documents.
The construction must comply with the detailed planning scheme that has been approved, he said, stressing that the committee needs to instruct the management board of industrial parks in Bac Ninh and relevant agencies to supervise and assess the implementation of the project.
The PM also highlighted the building of houses, and social, cultural and sport facilities for labourers in the industrial park, as well as employment and vocational training support to local residents who have to relocate to make way for the project.
With more than 20 years of experience, Viglacera was one of the first developers of large-scale industrial zones in Vietnam. The group is now running 11 industrial parks, including 10 in Vietnam and one in Cuba, covering a total area of more than 4,000 ha and housing more than 300 investors around the world. Tenants include well-reputed global brands like Samsung, Orion, Canon, Foxconn, Hyosung, Qisda and Toyoda Gosei. The places where Viglacera sets foot always become reliable destinations for investors and importantly contribute to local socioeconomic development.
For more information, please contact:
Viglacera Real Estate Company
2nd Floor, Viglacera Tower, No. 1 Thang Long Boulevard, Me Tri, Nam Tu Liem, Hanoi, Vietnam.
Hotline: +84 888 25 22 88
On February 17, 2020, on the 6th day of the New Year, in the new spring atmosphere full of vitality, Viglacera Corporation held the Launching Ceremony of Tan Suu Spring Tree Planting Festival in 2021 at Yen Phong Industrial Park, Bac Ninh province.
Attending and directly participating in tree planting, towards Bac Ninh province, there were Comrade Dao Hong Lan, Member of the Party Central Committee, Secretary of the Provincial Party Committee, Comrade Dao Quang Khai, Member of the Standing Committee, Vice Chairman of the Provincial People’s Committee. , leaders of some Departments, branches and Yen Phong district. On the side of Viglacera Corporation, there were Comrade Nguyen Van Tuan, Chairman of the Board of Directors of the Corporation, Comrade Nguyen Anh Tuan, General Director of the Corporation and leaders of the Division and Department.
General Director of Corporation Nguyen Anh Tuan reports on production and business situation and prevention and control of COVID-19 of Viglacera Corporation
In 2020, in the context of common difficulties due to the impact of the Covid-19 epidemic, Viglacera Corporation has well implemented its dual goal, both preventing and combating epidemics and ensuring production and business activities. The company has exceeded the set plan with total revenue of 9,500 billion, profit increased 15% compared to the plan. Yen Phong expansion and Yen Phong II-C Industrial Park have attracted more than 10 enterprises with a total investment capital of more than 300 million USD.
In 2021, along with continuing to implement of measures to prevent and control epidemics, at the expanded Yen Phong Industrial Park and Yen Phong II-C Industrial Park, the Company plans to complete about 200 hectares of clean land, ready to welcome big investors, using high technology. After being approved by the Prime Minister on the investment policy of Thuan Thanh Industrial Park, the Company proposed the province to soon make a decision on the establishment of the Industrial Park, issue the Investment Certificate and instruct the local government to coordinate in the ground clearance to start construction soon.
Comrade Dao Hong Lan expressed her delight at the results achieved by Viglacera Corporation
The Secretary of the Provincial Party Committee expressed her pleasure at the results that the company achieved in 2020 and the spirit of production in the first days of the new year. Emphasized, Viglacera is a business that has been chosen by provincial leaders for many years as a place to visit and work on the first working day after the Lunar New Year holiday. Comrade Dao Hong Lan also shared her joy with the enterprise, at the beginning of the New Year, Tan Suu, the Prime Minister approved Thuan Thanh Industrial Park invested by Viglacera Corporation, expected to start construction in 2021, creating motivation. promote the growth of Bac Ninh in the coming time.
Provincial leaders believe that with the prestige and position that Viglacera has built up in Bac Ninh as well as the country over the past time, will make an important contribution to the achievement of the goals of the Resolution of the Twentieth Party Congress XIII Assembly of the Party has proposed. In addition, it is proposed that the Provincial People’s Committee, departments, agencies and localities together support businesses, continue to care for employees.
Delegates participated in planting trees in the cultural institution of workers in Yen Phong Industrial Park
With the image, the atmosphere of the tree planting ceremony and the number of trees planted in Yen Phong Industrial Park will be a good start for the movement of planting trees, taking care of the landscape, protecting the environment, contributing to building the country for comprehensive and sustainable development.
Some other pictures:
Enterprise code number (ECN) is not only Tax number, but also Social Insurance Participation number
ECN has been previously made the same number as Tax number. With new regulation, the simplification process advanced a step further by making the Social Insurance Participation number the same as the formers. From now on, the enterprises need to remember only one designated number while working with enterprise management, tax or social insurance administrations. Moreover, the branch/representative office number is made the same number as its tax number.
Abolition of paper application submission for the online enterprise registration
Formerly, after registering online and being notified, within 30 days, the enterprises had to submit paper application for the registration agency’s comparison with the electronic version before the enterprise registration certificate could be officially issued. The purpose of this provision is preventing document counterfeiting, but it also made procedures become complicated unnecessarily.
Therefore, with new regulation, the requirement of paper application submission has been completely abolished. It is not only the simplification of administrative procedures, but also signs of digital transformation and building e-government which is more business-friendly.
The enterprises are entitled to file lawsuit if disagree with refusal of expected enterprise name registration
The Vietnam enterprise law requires several standards for the enterprise’s name, such as not to cause confusion, infringe upon the others’ trademark or violate the mores and fine customs. The licensing agencies shall evaluate and may reject the expected enterprise’s name for registration. The former regulation stated that this decision is final and unable to be objected.
Decree 01/2021 points out a new way for the enterprises disagreeing with the above decision: filing administrative lawsuit. This provision clarifies a fundamental and legitimate right of the enterprises and ensures that the registration agencies’ decisions would be judged independently, objectively and under multi-dimensional perspectives after due hearing of the parties according to legal procedures.
Refund of publication fee if enterprise registration is rejected
The enterprises must pay the enterprise registration publication fee (currently VND 100,000) prior to receipt of results from State agencies. However, previously, if their application is rejected, the laws did not specify whether the enterprises are entitled to receive the reimbursed publication fees.
Therefore, Decree 01/2021 reasonably clarifies that such publication fees shall then be reimbursed to the enterprises. The new regulations contribute to the elimination of previous confusing gaps, create favorable conditions and aim at protecting the benefits – though not much but justifiable – of the investors.
1. 2019 Labor Code
2019 Labor Code contains noticeable new regulations, including:
– There are now 2 contract types left.
– Workers or employees may unilaterally terminate their contracts without cause.
– Employers must bear costs incurred from the opening of accounts for workers and employees which are used for paying them salaries via banks.
2. 2020 Investment Law
2020 Investment Law contains several significant new regulations, including:
Firstly, business of debt collection services is officially banned.
Secondly, the number of conditional business lines is reduced to 227.
Thirdly, more business lines eligible for investment incentives are added.
Fourthly, additional investment incentives are regulated.
Fifthly, new regulations on special investment incentive and assistance policies are set out;
Sixthly, List of business lines restricted to foreign investors will be issued.
Seventhly, 4 cases in which investors are exempted from the requirement for placement of deposits as security for project execution obligations.
3. 2020 Law on Enterprises
2020 Law on Enterprises contains several significant new regulations, including:
Firstly, abolishing regulations regarding the notice of corporate stamp specimens before use.
Secondly, adding more entities prohibited from establishing businesses.
Thirdly, shortening time limit for prior notice of temporary business suspension from 2021.
Fourthly, changing the “state enterprise” definition.
4. 2020 Law on Amendments to Construction Law
2020 Law on Amendments to Construction Law contains several significant new regulations, including:
Firstly, 09 types of construction works are exempted from the construction permit requirement
Secondly, shortening the duration of processing of application for construction permits to 20 days
Thirdly, in order to build homes with 7 or more stories in rural areas, application for construction permits is required
Fourthly, regulations on management of investment costs of construction works are amended
Fifthly, a lot of new regulations regarding construction permits are set out
On January 4, 2021, Viglacera Corporation held a briefing meeting for the first month of 2021, evaluating the results of production and business in December and estimating the implementation for the whole year 2020. With the recorded results, the mother company has exceeded the profit target approved at the General Meeting of Shareholders.
Overview of the meeting at the beginning of the year.
By 2020, the entire Viglacera Corporation has successfully completed the main targets, estimated profit reached 115% of the plan, the mother company still shows a good leading role in maintaining and fulfilling the targets profit is estimated at 122% of the year plan.
With the right directions, specific objectives throughout the implementation process, the closely and drastically direction and administration of the leaders of the Corporation, the solidarity, attachment and high determination of the leaders, officers and employees of the whole Corporation, the results of the Corporation have successfully completed the tasks of the 2020 Business Plan approved by the General Meeting of the Corporation.
General Director Nguyen Anh Tuan directed at the meeting.
With the gross domestic product (GDP) in 2020 increasing by 2.91% over the previous year, Vietnam is in the group of countries with the highest growth in the world. In the context that the COVID-19 epidemic had a negative impact on all socio-economic fields, this was a great success.
Also according to the General Statistics Office, GDP in quarter 4-2020 increased 4.48% over the same period last year. This flourishing growth was achieved due to the tight control of the COVID-19 epidemic, the economy gradually resumed working under new normal conditions.
Regarding the quality of economic growth, the productivity of the whole economy at current prices by 2020 is estimated at 117.9 million VND/employee, equivalent to 5,081 USD/employee, an increase of 290 USD (equivalent to an increase of 5.4%) compared to 2019. This shows that the labor productivity of Vietnamese people is improving in a positive direction, labor skills are improved.
In 2020, the whole country has 134.9 thousand newly registered enterprises, reduce 2.3% from the previous year but with the average registered capital per enterprise reaching 16.6 billion VND, up 32.3 %. Business trends of enterprises in processing and manufacturing industries show that enterprises are optimistic about their production and business situation.
Compared to the fourth quarter of 2020, 42.8% of enterprises rated that the trend would be better in the first quarter of 2021, 19% of businesses forecasted it would be more difficult and 38.2% of businesses said that the production and business will be stable.
In the coming time, Vietnam’s outlook is considered positive as the economy is forecast to grow at around 6.8% in 2021 and will stabilize around 6.5% in the following years.
Ben Rung Bridge has a total length of about 4.5 km with total estimated investment of about 2,220 billion VND.
According to Quang Ninh website, the Standing Committee of the Quang Ninh Provincial Party Committee recently had a meeting to comment on the investment in the construction of Ben Rung bridge connecting Thuy Nguyen district (Hai Phong city) with Quang Yen town (Quang Ninh province).
Previously, in October 2020, the People’s Committee of Hai Phong City sent a proposal to Ministry of Planning and Investment to consider, and reported to the Prime Minister to support budget to implement Ben Rung Bridge investment project.
Accordingly, the project has an area of about 14.5 hectares of land (of which Hai Phong 5.17 hectares; Quang Ninh 9.42 hectares). The total investment of the project is more than 2,280 billion VND.
The investment in the construction of Ben Rung bridge to replace Pha Rung now is very necessary, creating a system connecting inter-regional traffic, meeting the needs of travelling of local people and transportation of enterprises; connecting Dong Mai Industrial Park (located in Quang Yen town, Quang Ninh province) with economic zones (EZs), coastal industrial zones (IZs) in Hai Phong city and the international gateway port in Lach Huyen to promote trade in goods with the region and the world, contributing to the increase on export turnover and attracting domestic and foreign investment, creating a driving force for the socio-economic development of Hai Phong city and Quang Ninh province in particular and the northern key economy and delta area in general.