Economic – Social News January 2020
Domestic and International Political News
New US President Joe Biden officially took office on January 21, 2021. The victory of the new Democratic President is expected to heal America and better control the COVID-19 pandemic. In addition, the US-China foreign policy is expected to be softer under the New President, although the policy line is expected to remain the same.
The XIII National Party Congress took place from January 25, 2021 to February 1, 2021. Comrade Nguyen Phu Trong continued to vote for the position of General Secretary. With a stable political system, Vietnam is expected to continue implementing many socio-economic development policies.
Fluctuations in global trade and production when the epidemic showed no signs of abating
The trade war between the world’s two largest economies paved the way for global supply chain shifts. A series of large manufacturing groups in the world with factories and production lines in China are looking for new destinations to avoid tariff barriers when exporting to the US, while reducing their dependence on China.
Vietnam is one of the economies on the list of potential choices of the “giants” in the electronics and textiles industry with stable politics, favorable mechanisms to promote cooperation and foreign investment. In addition, in the context of the disease epidemic in 2020, Vietnam will be given more chance due to its good disease control, and the economy is not frozen by the epidemic.
The value of foreign direct investment in January 2021 clearly demonstrated the impact of the COVID-19 epidemic on outside investment activities. In which, January 2021 witnessed a strong decrease in investment value, newly registered capital as well as the number of newly registered projects.
Industrial project development trend in Vietnam
Although the entry restriction policy is enforced, Vietnam remains an attractive destination for foreign investors, especially electronics manufacturers: average investment value of the projects increased 59% over the same period last year.
Based on industrial projects data in the form of foreign direct investment (FDI) and domestic direct investment (DDI) on the HOUSELINK platform; We synthesize, analyze data and make reports on projects under construction activities in January 2021; as well as projects that are undergoing preparatory steps (project preparation, design, contractor selection) to prepare for construction in 2021.
Read the report here.