The index of industrial production in July increased by a mere 1.8% against the previous month, the lowest figure in the past seven months. As a result of social distancing measures, industrial production fell sharply by double digits in many localities including Ho Chi Minh City, Long An and Ca Mau. Public investment disbursement dropped 1.7% from the previous month and plummeted 12.4% from a year earlier. Foreign investment was low due to the lack of large projects.

Industrial production fell sharply in many provinces and cities in July due to Covid-19.

It is notable that the number of enterprises forced to close now exceeds that of newly established ones. The plunge in resources invested in production and business was reflected in negative growth figures in capital and the number of workers registered by new enterprises.

In the mean time, the battle against Covid-19 continues to face numerous difficulties as the Delta variant is spreading quickly in factories and residential areas, while the mass vaccination programme has only just begun and herd immunity will not be achieved until late 2021 and early 2022.

Many are worried that the fourth Covid-19 wave could disrupt Vietnam’s economic recovery and Vietnam will likely miss the global rebound.

Amid great urgency, the National Assembly agreed to increase the powers for the Government and the Prime Minister to decide on urgent solutions such as restricting the movement of some vehicles, requiring people to stay at home and applying special emergency measures to prevent the spread of the virus.

The Government and the Prime Minister are also allowed to enact measures not stipulated under the law, or different from existing law, in licensing the circulation, production and procurement of medicines, medical equipment and chemicals as well as well as buying in quantities larger than needed as a backup against the worsening situation.

Along with the government’s flexible policies, the National Assembly’s decision is an important legal framework for Vietnam to soon curb the epidemic and return to normal life.

Vietnam’s economy to maintain position as fourth largest in ASEAN

Vietnam’s GDP in 2020 reached about US$343 billion, surpassing Singapore (with about US$337.5 billion) to rank fourth in ASEAN and among the top 40 largest economies in the world.

How Covid-19 impacts Vietnam’s economy

Vietnam’s economy is recovering from a low base last year, but the number of businesses leaving the market remains high amid growth prospects narrowed by several outbreaks.

Bac Giang looks to develop night-time economy

The People's Committee of Bac Giang province has approved a night-time economic development project for the 2021 - 2030 period with the aim to promote the development of evening economic activities in the locality, and turn Bac Giang into a vibrant and attractive destination, meeting the needs of working, entertaining, shopping, enjoying food and experiencing the nightlife of locals and visitors.

Provincial leader orders to firmly maintain disease safety to sell lychee and develop economy

(BGO) – Chairman of Bac Giang provincial People’s Committee (PPC) Le Anh Duong on June 9 paid a field trip to inspect the task of Covid-19 Prevention and Control as well as lychee consumption promotion in Luc Ngan district.

Source: NDO