How COVID-19 is speeding up Vietnam’s digital transformation
23 February 2021
Authors: Quan Vu Le, Fulbright University Vietnam and Jason Quang Nguyen, VNU-HCMC
The Lunar New Year, ‘Tet’ in Vietnamese, is the most important celebration in the country. This year’s festival on 12 February was accompanied by much uncertainty as Vietnam was hit by a third COVID-19 outbreak just days prior.
The first case of the UK variant of the virus was discovered in Hai Duong province on 28 January and quickly spread to 13 provinces and cities throughout Vietnam, resulting in over 791 new community cases since the beginning of this third wave.
Thursday, January 28, 2021, 17:02 GMT+7
Nam Cau Kien Industrial Park in Vietnam s Hai Phong City is attracting streams of FDI investments. Photo: Nam Tran / Tuoi Tre
As big tech begins to shift away from China-based production centers, a host of international firms, including major suppliers for Apple, Sony, and Microsoft, are finding a new home in Vietnam.
With big-name contract manufacturers such as Foxconn, Luxshare-ICT, and Pegatron making the move announcing the expansion of production centers in Vietnam, experts expect a new wave of investments into the Southeast Asian country.
What remains to be seen, however, is whether or not Vietnam will find a way to pull itself out of the assembler pigeonhole and move upward in the global supply chain.
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Four decades ago, the GDP of the tiny archipelago of the Cayman Islands in the Caribbean was near zero, but after establishment of an offshore IFC, daily cash flow through the Caymans has amounted to $2 trillion.
As a British overseas territory, it now attracts around 80 per cent of global hedge funds, even if the actual hedge fund managers work almost exclusively in New York or London. The islands also inherited a professional legal system as per English common law, which was attractive to multinational corporations and investors.
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Many economists have said the Vietnamese economy is set to speed up this year.
Viet Nam s economy is forecast to grow this year. Photo baotintuc.vn
Viet Nam s economy grew quite slowly due to the impact of the COVID-19 pandemic last year, but many experts have said the country’s economy is like a coiled spring, just waiting for the opportunity to bounce back.
Therefore, the Government has set a growth target of 6.5 per cent for this year, twice the growth rate of last year. This is a big challenge as the pandemic is still complex, there are many risks related to trade conflicts between major economies and global political instability.
Thursday, January 14, 2021, 08:00 GMT+7
As the eastern gateway to Ho Chi Minh City, District 9 is considered a crucial socio-economic center.
The district was recently approved to be part of the newly-established Thu Duc City.
Vietnam’s National Assembly Standing Committee passed a resolution on December 9, 2020 to combine District 2, District 9, and Thu Duc into a single new city.
Henceforth known as Thu Duc City, the 211-square-kilometre area will be home to more than one million people.
Strategically located adjacent to District 1, District 4, District 7, and Binh Thanh District, as well as satellite cities Dong Nai and Binh Duong, Thu Duc City is expected to become a leading financial center for Southeast Asia.