Vietnamese enterprises have low productivity: report
The productivity and competitiveness of Vietnamese enterprises remain low, according to a report on the manufacturing and processing industries which was publicized on April 26 by the Vietnam Academy of Social Sciences, the Ministry of Planning and Investment and the UNDP.
A worker at Samsung hi-tech complex in Thai Nguyen province. Illustrative image (Photo: VNA)
Hanoi, (VNA) – The productivityand competitiveness of Vietnamese enterprises remain low, according to a reporton the manufacturing and processing industries which was publicized on April 26by the Vietnam Academy of Social Sciences (VASS), the Ministry of Planning andInvestment (MPI) and the UN Development Programme (UNDP).
At the report launchingworkshop, Vice President of VASS Prof. Dr. Dang Nguyen Anh said with a percapita income slated to reach 3,000 USD in 2020, Vietnam has entered a periodof growth based on efficiency and productivity, according to the World EconomicForum’s methodology.
Anh noted that previous growthdrivers of Vietnam such as natural resources and low-cost labour haveapproached their limits, which means Vietnam must change its growth modeltowards relying more on productivity, innovation and competitiveness of itsenterprises.
The scholar also stressed thatVietnam should shift the focus of its FDI attraction policy from quantity toquality while enhancing the linkage between domestic and FDI enterprises andmoving to the higher level in both local and global value chains.
UNDP Country Director in VietnamCaitlin Wiesen said improving productivity of manufacturing and processingenterprises along with innovation is key for Vietnam to avoid the middle-incometrap and achieve inclusive growth.
Deputy Minister of the MPI VuDai Thang said the report, which makes comprehensive analysis of the processingand manufacturing industries, the productivity and competitiveness of eachsub-industry, will be one of the important sources of input materials for thebuilding of the socio-economic development strategy for 2021-2030 and thesocio-economic development plan for 2021-2025.
The report recommended thatVietnam should give priority to enhancing the productivity and competitivenessof domestic private enterprises in the next development period, which it saidis an indispensable part of reforms in public investment, State-ownedenterprises and policies on foreign investment attraction and use.-VNA
Vietnam will continue to hasten efforts to improve the business climate in terms of quality to create favourable conditions for the private sector to play its role as a driver in promoting rapid and sustainable economic growth.
Increasing profit a few hundred percent, saving billions of dollars in technology costs, operating complex data systems in real time, transforming appropriate business models, improving operational efficiency and personalising customer experience on large-scale digital platforms at fast speed were the benefits of digital transformation, said Dr. Phuong Tram, FPT head consultant on digital transformation and former DuPont CIO at a seminar in Hanoi this week.
Nearly 70 percent of 500 surveyed firms in Vietnam planned to expand their businesses in the near future as most of them were optimistic about business results in 2018.
The Vietnam Chamber of Commerce and Industry (VCCI) held a seminar in Hanoi on March 21 to seek to increase labour productivity to enhance national competitiveness.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
A worker at Samsung hi-tech complex in Thai Nguyen province. Illustrative image (Photo: VNA) 
