Mekong Memo Vietnam Weekly, October 5, 2023: Business, politics, finance, trade & legal news.
We monitor and filter the very best and most insightful business stories from Southeast Asia directly to your inbox every week.
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With that said, here is your Mekong Memo Vietnam for the week of October 5, 2023:
Hanoi's Leap into Digital Education Transformation
Hanoi's education sector has made significant strides in the 2022-2023 school year, expanding its educational scale, recognizing high-quality schools, and investing in modern facilities. Despite these achievements, challenges persist, including outdated school infrastructure and limited IT application in management. Recognizing these issues, Hanoi is prioritizing digital transformation for the upcoming academic year, with a focus on online enrollment to ensure fairness and transparency. The Minister of Education emphasizes the importance of leveraging digital technology to enhance the quality and efficiency of the education system.
Read more: VEN CongThuong
HCMC Enterprises Anticipate Workforce Reductions
A recent survey involving nearly 10,000 firms in Ho Chi Minh City reveals plans for significant labor cuts across various sectors, including construction, real estate, and retail. The majority of businesses are opting for reduced working hours or alternating layoffs. FALMI Director Nguyen Hoang Hieu forecasts continued challenges for labor-intensive industries, with many firms in export-processing zones and industrial parks lacking new orders. This trend aligns with the General Statistics Office's observations on the negative impacts of global economic shifts on Vietnamese businesses.
Read more: TalkVietnam
Billion-Dollar Bet on Vietnam's Tech Future
South Korean semiconductor giant, Hana Micron, is set to invest $1 billion by 2025 in chip production in Vietnam. The company has inaugurated its second factory in Bac Giang Province, aiming to generate $800 million in revenue and create over 4,000 jobs. This move is aligned with Vietnam's strategy to attract semiconductor investments, amidst global chipmakers diversifying supply chains. However, challenges like infrastructure demands and power shortages persist. Vietnam offers incentives, including potential tax exemptions, to attract such high-tech investments.
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