Vietnam plans to ease coronavirus curbs and allow businesses to restart production from next week to prop up an economy that has suffered under lengthy lockdowns, Prime Minister Pham Minh Chinh said on Saturday.

The most recent data, including the first months of 2021, confirm that global manufacturing production continues to recover, following a major drop during the first half of 2020 due to COVID-19. However, the pace of recovery is unequal. While manufacturing production in some countries, such as China, has reached and exceeded its pre-crisis production level, other countries still show only weak signs of recovery.

Vietnam suffered an unprecedented spell of supply-chain disruption with transportation difficulties and capacity pressure at ports in August.

Helping America’s old war-time foe transition to a more high-tech economy would make the Asian nation a more valuable strategic partner.

Free trade agreements (FTAs) determine the value of tariffs and duties that countries impose on imports and exports. So what are the opportunities for companies doing business in Vietnam?

The HCMC EPZ and IP Authority (HEPZA) has informed factories implementing the stay-at-work model that they can continue operations amidst the tightened restrictions that start Monday.

The announcement was made in an urgent dispatch issued by the city’s administration on Monday regarding measures to be taken for epidemic prevention and control from now until September 15.

According to data from the Vietnam General Statistics Office, Vietnam’s Jan - June GDP growth was estimated at 5.46%, much higher than the growth rate of 1.82% in the first 6 months of 2020.

Despite the effects of the Covid pandemic, Vietnam's processing and manufacturing industry still keeps growing up. It can be seen as a good signal for Vietnam's business during this difficult time. 

Business sentiment eased to a three-month low on worries about the Covid-19 outbreak, but firms remained optimistic overall that output will increase over the coming year.

Vietnam is likely the top-performing Asian economy in 2020 — a feat achieved without a single quarter of economic contraction when many economies globally were weighed down by the Coronavirus pandemic.

Not every Asian economy has reported fourth-quarter and full-year economic numbers, by CNBC from official available sources and institutions such as the International Monetary Fund showed Vietnam outperforming all its regional peers last year.

Manufacturing is an essential part of a developing economy. And with more and more foreign investors start manufacturing businesses in Vietnam, it has become even more important to make early-stage product development and production accessible locally.

It can be said that COVID 19 makes big changes to the global business, many big giants now start seeking for a second manufacturing outsourcing option or consider to move their sourcing from China to the third country.

Several of the world's largest technology corporations plan to shift their production chains to Vietnam post-COVID-19, according to the Ministry of Industry and Trade.

The US-China trade war and the Coronavirus previously put many giant companies in the new decision making, whether they should put their sourcing source to only one country (China) or should they start finding and adding new partners. 

With the Vietnamese economy producing an 11-year record in growth with 7.08 % last year, high-profile international organisations are seeing the country as a big highlight in Asia with strong prospects to grow further in 2019.

With efforts to boost economic reforms and grab opportunities afforded by Industry 4.0 ­continuing apace, Vietnam ­is rising ever higher in the World Economic Forum’s rankings.

To avoid the US’ $200 billion tariffs slapped on Chinese goods, smartphone giant Apple’s manufacturers are looking to shift business from China to Vietnam and other Southeast Asian countries.

Vietnam received 58.1 points in the latest Global Competitiveness Report released by the World Economic Forum (WEF), a slight increase of 0.2 points from its 2017 score.

Vietnam gained 84 points for the second quarter of 2018 in the Business Climate Index (BCI), up six points from the previous quarter, according to new data from the BCI survey released by the European Chamber of Commerce in Vietnam (EuroCham) on October 4.

To maintain growth momentum and move up international value chains, businesses in Vietnam should focus on enhancing their capabilities in three areas: talent, technology and governance, Ms Dinh Thi Quynh Van, General Director of PwC Vietnam, told the Vietnam Business Summit 2018 held in Hanoi on September 13.

The Ministry of Industry and Trade in collaboration with the Ministry of Science and Technology and Ministry of Planning and Investment organised a conference on robotics – mechatronics technology in the industrial revolution 4.0 in Hanoi on Tuesday.

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