The positive sentiment of foreign investors towards the business environment in Vietnam is largely due to the country’s high vaccination rate.
March 8, 2022 marked one year since Vietnam launched the Covid-19 vaccination campaign, which helped the country rank among the six nations with the highest vaccination rate.
|Vaccination in a residential area of Hanoi in 2021. Hanoi Times Photo: Le Tuan Thanh|
After a year of efforts, Vietnam has administered over 198 million doses, bringing vaccination coverage (fully immunized) to 98.7% of adults over 18, 94% of children 12-17 and 38 .4% of adults who received booster shots.
Meanwhile, 11 million children aged 5 to 11 are undergoing the next rollout of the vaccine which is now fully prepared. According to the Ministry of Health (MOH), seven million doses out of 22 million inked with Pfizer Inc. will arrive in Vietnam within the next one or two weeks.
Additionally, the ministry plans to administer the fourth shots to boost immunity.
Statistics from the Ministry of Health showed that although the number of infections has increased by 198% in the past 30 days, the death rate from infections fell to 0.1% on March 3 from 0.9% on February 1 and critical cases decreased by 43%.
In mid-2021, when the Covid-19 epidemic was widespread in the south, the death rate was sometimes 2.4%, a little higher than the global average of 2.04%.
Health Minister Nguyen Thanh Long said vaccination remains the special remedy to bring down the rate of critical cases and deaths. For this reason, vaccination should be the top priority in the fight against the pandemic.
Vaccination was seen as key to Vietnam’s Covid-19 response strategy when the country shifted from its zero-Covid anti-pandemic strategy to flexible adaptation to the virus in October 2021, six months after the epidemic ravaged the southern region, putting a brake on production there.
Prime Minister Pham Minh Chinh had demanded a rapid vaccination campaign, saying the campaign would allow Vietnam to reopen the economy in a safe and sustainable way.
Explaining the shift in pandemic response policy, Carl Thayer, professor emeritus at the University of New South Wales (UNSW), Canberra, said Vietnam abandoned its Zero Covid-19 policy following a recommendation of the National Steering Committee for the Prevention and Control of Covid-19. that this goal was unrealistic, if not impossible to achieve while the Delta variant was active. Another factor weighing on the decision was the financial impact of a prolonged lockdown on the economy and associated mental health issues.
Currently, the country is undergoing the spring inoculation campaign with the aim of bringing the full number of children back to school as soon as possible and opening the borders to all international tourists from March 15.
|Vaccination rates in Vietnam. Photo: Ourworldindata|
As of March 8, 2021, the Vietnam rollout plan has yielded impressive results with the approval of nine vaccines, namely AstraZeneca, SputnikV, Janssen (Johnson & Johnson), Spikevax (Moderna), Comirnaty (Pfizer), Vero Cell (Sinopharm), Hayat-Vax, Abdala and Covaxin.
The sources of the vaccines are from purchases and donations which include the COVAX Facility global vaccine sharing program and donor countries. So far, the country has received 53 million doses of COVAX and tens of millions from donors. The E. others.
The COVAX facility is co-led by WHO, the Coalition for Epidemic Preparedness and Innovations (CEPI) and GAVI – the Vaccine Alliance, and with UNICEF as a key delivery partner.
One of the reasons for the high vaccination rate in Vietnam is the sentiment towards vaccines. A global survey conducted from October to December 2020 found that Vietnam had the highest vaccine acceptance rate in the world, as 98% of respondents said they would definitely or probably get vaccinated when a vaccine Covid-19 would become available, compared to 91% in India. and China, 87% in Denmark and South Korea, 51% in Paraguay, 44% in France and Lebanon, 38% in Serbia, according to the book deployment” published in March 2021 by The Lancet, a weekly general medical journal independent international organization founded in 1823.
|Vaccine acceptance rate in Vietnam and other countries. Source: The Lancet|
As concerns over the disruption of global supply chains persist due to severe Covid-19 outbreaks, Vietnam is trying to stay ahead with continued business confidence and an influx of foreign investment. The positive sentiment of foreign investors towards the business environment in Vietnam is largely due to the country’s high vaccination rate.
Data from the European Chamber of Commerce in Vietnam (EuroCham) shows that European business leaders started 2021 with positive and optimistic feelings about Vietnam’s business and investment environment. EuroCham’s business climate index reached 73.9 points in the first quarter of 2021, the highest score recorded since the third quarter of 2019 before the Covid-19 pandemic inflicted damage on trade and global investment.
Vietnam posted strong GDP growth of 5.8% in the fourth quarter of 2021, beating market expectations for moderate growth (HSBC: 3.8%; Bloomberg: 3.9%). HSBC attributed the growth to a rapid improvement in manufacturing productivity and record export turnover.
Vietnam’s economy is expected to return to solid growth of 6.5% in 2022, although the spread of Omicron poses local and global risks, HSBC predicted.
Source: Hanoi Times
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