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Vietnam boost for Harvey Nash

Dec 1, 2012 RECRUITMENT company Harvey Nash said the growth of its IT outsourcing business in Vietnam had helped it to offset a four per cent decline in permanent recruitment in the UK and Ireland.

The group, which employs 4,000 people in 40 offices around the world, said it had performed ahead of expectations with revenue and gross profits up 10 per cent and five per cent respectively between August 1 and November 29.

Chief executive Albert Ellis said: “The economic uncertainty throughout the world has meant clients have tended to favour flexible contract and temporary hiring above permanent recruitment.

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Airlines get ready for TET Lunar New Year rush

With three months to go for Tet (Lunar New Year), the most important festival of the year in Viet Nam, all domestic carriers are getting ready for the peak travel season.

The national flag carrier, Vietnam Airlines, began selling Tet tickets on November 1. The tickets are for travel between January 25 and March 2, 2013.

TET Lunar New Year Festival Holidays: February 11-15 (Mon-Fri)

The State-owned carrier said it plans an additional 1,000 flights, or 174,500 seats, to meet Tet demand.

The tickets will be sold in two phases. The first one will be from November 1 until mid-December, when 75 per cent of the seats will be sold. The other 25 per cent will be sold from mid-December onwards.

Most of these flights are on the Ha Noi – HCM City – Ha Noi route, which will see an addition of 82,600 seats, an increase of 27 per cent over normal days.

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ADB Country Partnership Strategy for Vietnam, 2012 – 2015

Much success but large challenge

According to ADB’s reports, Vietnam has met with much success over the past two decades.

From 2007 to 2011, Vietnam’s average annual GDP growth rate stood at 6.6 per cent, while per-head GDP rose to $ 1,409 in 2011 from $ 843 in 2007. However, Vietnam is now still in the list of lower middle-income nations.

In addition, Vietnam achieved many targets in regard to poverty reduction. While the poverty rate in Vietnam was 58.1 per cent in 1993, it fell to 14.5 per cent in 2008. Vietnam is also seen as a good example of exercising gender equality. The rate of females in the Vietnamese workforce is relatively high and female deputies in the National assembly make up 25.8 per cent, a high rate in the region. What is more, Vietnam has maintained socio-political stability, which has helped the nation focus its all efforts and assets on socio-economic development.

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Apparel firms lower export outlook

HCM CITY — A plunge in export growth and declining orders have led the Viet Nam Textile and Apparel Association to scale down its export-value target from US$19 billion to US$17-17.5 billion.

Domestic exporters said the weak global economy and sinking textile and garment consumption were the reasons behind the move.

Figures from the Ministry of Industry and Trade showed that the sector’s export value increased 14.7 per cent year-on-year in the first four months of 2012, hitting $4.4 billion.

However, in the first five months, growth fell to 7.7 per cent, reaching $5.3 billion, and in the first seven months, the sector’s export growth was at 8.8 per cent, much lower than the country’s general year-on-year export growth of 19 per cent.

Although exports of textiles, garments and fibres increased 7.5 per cent year on-year to $9.2 billion for the first seven months, the figure was much lower compared to the 30-per-cent increase over the same seven-month period last year.

Only big textile and garment exporters have orders for the third quarter of this year, while many small – and medium-sized enterprises have to cut production because of a shortage of orders.

Consumption demands in the EU have fallen strongly in the past months and export orders have decreased by 20-30 per cent compared to the same period last year.

Le Tien Truong, VITAS deputy chairman, said the apparel industry accounts for 15-16 per cent of the country’s total exports, and employs 2.5 million workers.

WTO membership enabled many garment companies to find new markets as well as enjoy priorities such as the most favoured nation status, he said. It had also brought many foreign investors into the Vietnamese garment industry, he said. In 2007 alone the industry attracted 150 projects with a total investment of $690 million. In 2007-12 there have been 485 FDI projects worth more than $2 billion.

But there have also been many challenges.

The association said the global recession was having a severe impact on the industry, with prices and orders declining significantly.

Truong said the industry’s long-time advantage of cheap human resources has also mostly evaporated.

The industry is under severe pressure and faces a risk of losing even the domestic market, he warned.

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Garment firms lower outlook, Vietnam News, Aug 15, 2012

WTO boosts garment trade, Vietnam News, Aug 20, 2012

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