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Here is your Mekong Memo Vietnam for January 25, 2024.
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PM’s Successful European Tour
Prime Minister Pham Minh Chinh's recent tour of Europe, including a visit to the World Economic Forum and official visits to Hungary and Romania, saw more than 60 high-level meetings and discussions and is being hailed in the Vietnamese press as a success. The PM’s stated goals of improving the nation’s international standing and reinforcing Vietnam's role as a bridge between ASEAN and Europe seem to have been met.
Rumors Swirl as Political Succession Unclear
Speculation and uncertainty is currently swirling around the health of Nguyen Phu Trong, the Communist Party's General Secretary. Recent rumors about Trong's health, including hospitalization and death, were dispelled when he appeared at a National Assembly session but the hushed gossip is indicative of the delicate nature of political succession in Vietnam, where Trong's prolonged rule has centralized power and challenged traditional collective leadership. The lack of a clear succession plan and potential internal power struggles pose a risk to Vietnam's political stability and the article argues that the Communist Party should institutionalize the succession process to ensure continuity and prevent factional conflicts as a matter of priority.
Read more: FULCRUM
Postal Sector Sees Innovation and Automation
Vietnam's postal industry is undergoing changes, with Viettel Post leading the way in adopting advanced technologies. The company has implemented robot-based parcel sorting in an effort to improve efficiency and accuracy in its Hanoi hub. The robots have apparently more than doubled order throughput speed and reduced errors. The system now processes 6,000 parcels an hour.
Recruitment Market Trends Augur Well
Reports from the recruitment industry see 59% of professionals seeking new career opportunities and 67% expecting pay raises this year. Popular employee demands include competitive compensation, wellbeing strategies, and flexible work arrangements. Businesses say they are planning pay raises between 15-25% for job movers, searching especially for candidates with strong business partnering skills. High-demand sectors for staffing include accounting, finance, engineering, manufacturing, sales, marketing, and HR.
Read more: Vietnam Investment Review
Hanoi Mega Mall Sees Record Revenues
South Korean conglomerate Lotte has reported record revenues of $74.8 million from its Lotte Mall West Lake complex in Hanoi, opened in September last year. The mall, achieving the highest revenue among all shopping centers in Vietnam, welcomed over five million visitors and processed over 600,000 transactions. Lotte attributes this success to high local demand driven by rising incomes in Vietnam. Lotte plans to expand its presence in Vietnam, viewing it as a gateway to Southeast Asia.
Read more: The Investor
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