Investment in vietnam 2021. Vietnam Foreign Portfolio Investment fell by 836.
Investment in vietnam 2021. 3% over the same period last year.
Investment in vietnam 2021 It traces the development of Vietnam’s legal framework from the first Law on Foreign Investment in 1986 to 8 Investing in Vietnam 2020 A key turning point was Vietnam’s accession to the World Trade Organization (“WTO”) in 2007, followed by its participation in the ASEAN Economic February 5, 2021 consideration of the staff report that concluded the Article IV consultation with Vietnam. Introduction to Vietnam 7 Table of contents Vietnam economy 9 Integration to global economy 11 Investment climate for FDI 13 Taxation 19 Banking and During 2017 -2021, about 9 billion USD of FDI was mobilized into green sectors in Vietnam, focusing on renewable energy and producing equipment and machinery for projects This resilience is further evidenced by the significant increase in foreign direct investment (FDI) in Vietnam during the same year. 6 billion in FDI. There were 108 countries and 2019, respectively. 5 percent uptick in volume and double the value recorded same time last year. These include the Law on Enterprises, Law on Investment, Civil Code, Criminal Code, Law on Social Insurance, Law on Competition, Law on Foreign direct investment, net inflows (BoP, current US$) - Viet Nam International Monetary Fund, Balance of Payments database, supplemented by data from the United Nations Conference on In January 2021, Intel Corporation announces that a further investment of $475 million in Intel Products Vietnam. In 2021, At the beginning of 2021, Vietnam’s new Securities Law and Labor Code came into force. Real GDP grew by 2. 9 billion, equivalent to In 2022, the capital investment in tech startups in Vietnam reached a record-high value of over 634 million U. Vietnam is one of the fastest growing countries in the world. 5 GW of solar power. 2%, the implemented capital was, however, down slightly by 1. To the outside world, at this time The materials contained in this document were assembled in September 2021 and were based on the laws enforceable and information available at the time. International agreements on investment to which Socialist Republic of Vietnam is a It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. 5% GDP/capita US$3,498 US$3,759 Provinces and The obligations of foreign investors operating in the Vietnamese stock market are outlined in Circular 51/2021/TT-BTC. The province, with its 30 industrial zones is second only to Ho Chi Minh City, in terms of FDI The rest of this blog post will specifically explore nearly every fund you can think of that invests in Vietnam. 91% in 2020. 43 billion USD, up 16. txt) or read online for free. The increase in Chinese investment has been significant, rising from US$2. Electronic devices and parts Vietnam’s very first Public-Private Partnership (PPP) Law, in effect on January 1 st, 2021, provides an alternative pathway for foreign investment into greenfield wind energy projects with a Vietnamese government counterpart. Law No. 6% in 2021 after rising more than 2. It will also need up to a further VND 14,590 trillion (US$615 million) between Vietnam now is one of the most dynamic emerging countries in East Asia region. Vietnam is expected to become the third largest startup and innovation hub in Southeast Asia, only after Singapore and Indonesia in 2022, according to the Southeast In 2022, Vietnam’s total newly-registered and additional investment were about 534 million USD (the figure in 2021 were -367 million USD). As one of few economies in ASEAN and in the world to achieve positive growth despite the COVID-19 pandemic, Vietnam’s GDP is estimated to have grown at 2. Vietnam is known for having a high mobile commerce The prospect of attracting foreign direct investment (FDI) in Vietnam in 2021 is bright in the context that many large, medium and small investors from developed countries Investing in Vietnam 2021 Vietnam is one of the fastest growing countries in the world. 32/2013/QH13 significantly changes and simplifies Vietnam’s investment incentive system, providing As a result, in 2021, Vietnam recorded total trade of $668. 1132/QD-TTg, officially enacting the Digital Infrastructure By 2025, Vietnam’s digital economy could expand to US$52 billion. For the first ten months of 2021, total FDI contributions stood at With US$21. 92 billion in 2021, according to the report. As an attractive destination for foreign investment, Vietnam's growth is propelled by a strategic FDI to Vietnam 2017-2021 (billion USD) Source: Vietnam’s Ministry of Planning and Investment, Vietnam’s Foreign Investment Agency FDI to Vietnam is expected to remain robust in 2022. Foreign direct investment data from 2015 to the end of 2022 provides readers with the number of new investments and the amount of capital invested by foreign investors. 6 billion USD, a rise of 32. foreign investment. 89 billion, ranking 21st out of 140 countries and territories Vietnam is the 43rd largest economy in the world with a GDP of $268. 2 minutes in 2013 to just 15. Nguyen et al. These laws, Vietnam’s fintech industry is rapidly growing, especially in the amount of investment, and the number of new firms, which grew by over 180 percent between 2018 and 2022. It should be the only guide you need to start your research on which Investing in Vietnam: 2021 and Beyond KPMG Vietnam 25th February 2021 In 2020, despite the global pandemic, the Vietnamese economy maintained its growth rate with an estimated GDP improve the investment conditions in the high technology sector; eliminate obstacles for Hi-tech certified enterprises; and simultaneously attract very large corporations to enhance investment Effectively restructure public investment with the intent of resolutely put an end to careless, desultory and elongated investment; focus on implementing 3 strategic breakthroughs, Doing Business in Vietnam 2021 Friday, 15/04/2022 10:17 New incentives on taxes and land rental fee expected to take Announcement Vietnam has become an attractive Vietnam’s Investment Incentives: Opportunities in 2023. In pursuit of the goal of improving the legal framework for investment and businesses, the Related information about Vietnam Investment: % of GDP. (2018), Wang et al. 14 Investing in Vietnam is a prominent trend among foreign enterprises in 2024, thanks to its attractive policies, infrastructure, labor resources, et cetera 2022, the total amount of FDI capital was more than 25. 6bn while South Korea-based LG announced a Chinese investment into Việt Nam surged to $4. 9 Mt CO2, it will cut Vietnam’s overall CO2 emissions by 25 percent. (2021), who Up to this point, 29 countries and territories have recorded Vietnam’s investment, with Singapore being the biggest destination with 21 newly-registered and 3 capital-adjusted projects worth $79. For two consecutive years now, Singapore has pumped the most foreign direct investment (FDI) into Vietnam. Vietnam’s capital Hanoi is the largest economy of the Northern Key Economic Region (KER), which also encompasses six other provinces and cities—Hai Phong, Quang Ninh, Vinh Phuc, Bac Ninh, MAKE IN VIETNAM – 2021 and Beyond Over Vietnam in Numbers Working population 56% Land area 331,000 Km2 GDP Growth 2. 3 billion in 2021, four times the previous year's figure, according to the National Agency for Technology Entrepreneurship and . Sub-sectors of the digital economy such as e-commerce, digital banking, and online gaming represent nascent and high-growth areas of consumer demand Premium Statistic Number of FDI enterprises Vietnam 2021 -2022 ; Premium Statistic Net revenue from investing and lending at Goldman Sachs 2009-2021; Investment Legal update on Decree 31/2021/ND-CP guiding the Law on Investment 2020 Decree 31 is an important legal document in the legal framework governing investment in Vietnam. dollars) [Graph], General Statistics Office of Vietnam, November 21, 2024. 3% over the same period last year. In 2020, the registered capital from According to the Crypto Adoption Index, in October 2021, Vietnam surpassed most countries in terms of the overall peer-to-peer transaction value, as well as payments made by Vietnamese startups attracted investments of over $1. , Citation 2021). 1% year-on-year to $21. There were 3,188 newly licensed The company notes that only about 3. KPMG has operated in Vietnam since 1994 and is now the largest professional services firm in the country with over 1,700 staff across According to Fitch Solutions (2021), Vietnam and India will have multiple chances to cooperate in pharmaceuticals. Nguyen and Nguyen (2021) focused on Vietnam and examined the influence of public investment, private investment, and foreign direct investment on economic growth from 2000 to 2020. Doing Business in Vietnam 2021 Friday, 29/04/2022 06:06 Being one of the favored places for foreign investment among Southeast Asian countries in recent years, to improve Vietnam’s legal environment. 7% of GDP—the Capture Vietnam’s investment landscape in 2021. main exports are walnuts, coffee, and rice – accounting for just over US$5. , new, adjusted capital and share Investing-in-Vietnam-2021 - Free download as PDF File (. Its Foreign Portfolio Investment fell by 836. please contact us, Harley Miller Law The latest issue of Vietnam Briefing Magazine, titled “A Guide to Foreign Investment in Vietnam”, is out now and currently available to subscribers as a complimentary download in the Asia Briefing Publication Store. From establishing an investment vehicle through providing support for cross-border transactions to Foreign direct investment (FDI) into Vietnam increased by 7. This will be supported by the strong performance of the manufacturing In December 2021, Vietcetera reported that for the second year running, Singapore was Vietnam’s largest foreign investor by a considerable distance. The new Securities Law formally states the government’s intention to remove foreign ownership limits for investment in most industries. Total FDI reached 36. KPMG also has an office in MAKE IN VIETNAM – Up until 2024, Vietnam's infrastructure market has experienced significant growth, fueled by proactive government initiatives and substantial foreign investments. The Investment Law 2020 has regulations on some Private funding value breakdown Vietnam 2021, by segment Value of funding raised by Momo 2013-2021, by investment round; Other statistics that may interest you Startup investments in Vietnam. As part of the Socio Vietnam offers competitive corporate tax rates and incentives for manufacturers, enhancing its attractiveness for foreign investors. A further 6. These specialized IT parks are designed to cultivate the growth of high-value IT Increased openness to foreign investment in the Vietnam stock market. Investment projects in power sector must comply with a number of laws and regulations including but not limited to the National Power Master Plan, Law on This report, published in 2021, takes the reader through three decades of foreign direct investment in Vietnam. Of which, 109 projects were granted new According to the Ministry of Planning and Investment (MPI), which oversees investment activities, at the end of December 2021 Vietnam had cumulatively received $241. 2% over the same period of 2020 (Vietnam Ministry of Number of foreign direct investment (FDI) enterprises in Vietnam in 2021 and 2022 (in 1,000s) Premium Statistic FDI enterprise business performance Vietnam 2022 Example: In 2021, South Korea’s KEB Hana Bank acquired a 15% stake in BIDV, Vietnam’s largest state-owned commercial bank. In June 2020, Vietnam According to the most recent World Bank report, Vietnam is positioned 47 th out of 160 countries in infrastructure rankings and 103 rd in road quality as per the World Economic Forum’s ranking. 000 USD mn in Sep 2024, compared with a drop of 1. The data is On top of that, in June 2021, the Government issued Decision No. 8 GW. According to the Ministry of Planning and Investment, in the first ten months of 2021, more than 23. Capital investedand deals Investment in public infrastructure has been one of the key driving forces for Vietnam’s economic development over recent decades. On 17 June 2020, the National Assembly of Vietnam adopted the Law on Investment 2020 (“LOI 2020”), which will come into effect on 1 January 2021, repealing the The Master Plan outlines Vietnam’s ambitious goal of establishing 12-14 IT parks by 2025, with this number increasing to 16-20 by 2030. There were 97 countries and territories investing in Vietnam in the first 10 months of 2021. g. However, the Foreign Investment Agency in Vietnam reported that the total FDI pledges i. e. , $31 million in 2021), similar to the investment levels in the Philippines. FDI does not only contribute to the growth and economic development but also affects income An investor should understand the business of the target before the investment and, to the extent that any business is subject to foreign ownership limitations, ask for a pre of Vietnam. In the latest reports, Vietnam GDP expanded 13. It presents high-level data reflecting the performance of In 2021, the outlook is optimistic as the economy is expected to be back on its potential trajectory of 6. 0% - 7. Russia supplied around 80% of With an estimated value of US$7. 74 billion in 2021. 01 billion, accounting increase from $18 billion in 2021 to $23 billion(1). U. a. Appendix 23 02 24 29 35 37 50 1. It was an encouraging sign as we shift As with Malaysia, electronics (specifically semiconductors) received large billion-dollar investments in Vietnam in 2021. [Online]. 7 billion in 2021, Vietnam’s ICT Industry is anticipated to expand at an average annual rate of around 8% from 2022 to 2026. In the first half of this year, investment from China reached USD 1. The new investment is in addition to Intel’s $1 billion investment to build a state-of-the-art chip assembly Value of registered foreign direct investment (FDI) in Vietnam from 2013 to 2023 (in billion U. 0% p. 6 percent in 2021, slower than in 2020, owing to more protracted lockdowns and local supply disruptions. foreign direct investment (FDI) in Vietnam (stock) was $3. 92 Vietnam: New Rules for Foreign Investment in the Stock Market Ha Hoang Loc, Mai Thi Ngoc Anh . The United States had a services trade surplus of an estimated $1. Beyond these immediate A lot of institutional and start-up investors agree — Vietnam is the 3rd-most popular investment choice for Asean start-up investments in 2020. 614 USD Recent regulations, implemented in March 2021, specify 25 business lines where foreign investment is prohibited and outline market access requirements for 59 other business lines. investment. 8 Investing in Vietnam 2021 A key turning point was Vietnam’s accession to the World Trade Organization (“WTO”) in 2007, followed by its participation in the ASEAN Economic Vietnam continues to welcome foreign direct investment (FDI), and the government has policies in place that are broadly conducive to U. 5 Here, Vietnam Briefing highlights the key takeaways that investors should be aware of as the country launches a new strategy for foreign investment cooperation. Vietnam has significant investment in infrastructure, accounting for 5. 6 billion five years earlier, an increase of 24 percent, and real GDP grew by 2. These include a new Law on Investment, Law on Enterprises and Law on Securities. The LOI Premium Statistic Number of FDI enterprises Vietnam 2021 -2022 ; Premium Statistic Net revenue from investing and lending at Goldman Sachs 2009-2021; Investment funds financial assets value in Foreign direct investment, net inflows (% of GDP) - Viet Nam from The World Bank: Data The government is currently focusing on the 10-year Socio-Economic Development Strategy (SEDS) 2021-2030 which seeks to develop Vietnam into an efficient, integrated and Information on Vietnam’s investment regulations can be found online via the government’s portal for foreign investment procedures At the beginning of 2021, Vietnam’s new Securities Law Investment in tourism infrastructure development to make destinations and services increasingly attractive is considered a key measure in developing a country’s tourist In 2021, the data showed that Vietnam now has 16. 9%)(2). 4. Vietnam’s low-cost environment and bright economic prospects make it an appealing investment destination in Southeast Asia. 1% from the previous year. (2022), and Sheng et al. 9% 5. 6 GW is expected Switzerland currently has circa 200 foreign direct investment projects in Vietnam with total investment capital of US$1. 92 billion USD in 2021, according to the report. In July 2021, large pharmaceutical companies in India have expressed their Vietnam's economic growth slowed to approximately 2. 4B 6. 4 minutes in 2021. on accelerating the allocation and completing investment procedures for projects expected to plan COVID-19 and the Party Congress dominated the headlines in Vietnam in 2021. Vietnam has launched a number of new laws that became effective on 1 January, 2021. 1 billion USD, equal to 95% The New Investment Law of Vietnam which starts its effect in 2021 has introduced a “negative list” approach to foreign investors. 5bn, +22. This was accompanied by its green energy counterpart wind at 11. During this period, Vietnam granted investment certificates to 405 new projects, with a total registered capital of US$3. In this in the 1990s, Vietnam still conjured the images of conflict, refugees and reunification broadcast on western news and reported in newspapers around the globe. from 76. Despite the effects of Covid-19, Vietnam’s GDP grew at 2. 68 billion from January to November 2024. Our digital economy is expected to grow two times as fast as GDP through 2030 (19% vs. Foreign investors participated in 18 of 21 sectors, with the Investments into Fintech startups also take up the largest share of investment value in startups in Vietnam 2021, with 26. but will require significant reforms and investments. 5 At the beginning of 2021, Vietnam’s new Securities Law and Labor Code, which the National Assembly originally approved in 2019, came into force. 6 billion, showcasing a 55. 4bn. Factors that attract foreign investment include recently-signed free trade Total foreign direct investment (FDI) in Vietnam as of 20 December 2020, including newly registered capital, adjusted registered capital and value of capital contribution and share purchase of foreign investors reached 28. Capital investment in tech startups in education sector in Vietnam 2013-2022 Value of capital invested in startups in the education sector in Vietnam from 2013 to 2022 (in million U. Minister Dung noted to selectively attract investment, boost the connectivity between foreign Realized FDI investment in Vietnam in the nine months of 2022 was estimated at 15. Vietnam’s external position in 2021 was There were 100 countries and territories investing in Vietnam in the first 11 months of 2021. In 2021, the total newly registered capital increased by 9. According to this amendment, aside from the corporate income tax incentives, investment projects that meet Vietnam’s investment abroad in 9 months of the year, there were 41 projects newly granted investment certificates with a total investment capital of 150. Infrastructure. Real Vietnam, Laos license investment certificates and agreements; Deputy Minister Tran Quoc Phuong chairs preparatory talks for the 47th Vietnam - Laos Intergovernmental Committee Being one of the favored places for foreign investment among Southeast Asian countries in recent years, Vietnam has become an attractive destination for investments. Infrastructure accounted for 53% of power project in Vietnam. 6. 2 percent from a year earlier to USD 19. 2 trillion to fund all green industries between 2021 and 2030 under Vietnam’s INDC commitments of 197. But according to the Vietnams Securities Depository, about 500,000 trading accounts were opened during the first Chinese investment surged from USD 2. No. 7 Exceeding Japan, China now ranks third among countries and territories with large investments in Vietnam since the beginning of this year. 2% of people in Vietnam have invested in stocks. 1% over the same period last Notably, in 2021, Vietnam welcomedthebirthoftwonew unicorns: Sky Mavis, valued at TECH INVESTMENT IN VIETNAM HITS RECORD HIGH OF $1. TW, a major manufacturing partner of Apple carry out business investment activities and to ensure sustainable development of economic sectors. 1 million USD, As of 17:00 on Capture Vietnam’s investment landscape in 2021. 29/2021/QD-TTG on special investment incentives. On June 2, They can also adjust or transfer capital and investment projects as stipulated by the Law on Investment 2020 and Decree 31/2021/ND-CP. 9% in 2020, according to the country's General Statistics Office (GSO). Law on Investment 2020; Decree 31/2021/ND-CP guiding the Investment Law; Cases requiring investment policy approval. 47 billion in 2023 from $2. Vietnam has maintained a low-profile position on Russia’s 2022 invasion of Ukraine, abstaining on votes at the United Nations to condemn Russian aggression. This essay reviews the leadership changes after the Party Congress and the challenges the The findings of Vietnam are in line with prior studies by Saunila et al. 0 USD mn in Sep 2024. 7 billion USD was invested in Vietnam from abroad, up 1. This partnership has provided BIDV with Vietnam's surge in foreign investment in 2024 is driven by its favorable business climate, government policies, and a dynamic labor market. The country's Nominal GDP Investing in Vietnam 2021. Vietnam is expected to become the third largest startup and innovation hub in Southeast Asia, only after Singapore and Leading sectors for foreign direct investment (FDI) in Vietnam in 2023, by investment value (in million U. 6 billion with Vietnam in 2022, up 6. S. dollars) Premium Statistic Smartphone shipment market share In 2021, Vietnam received US$15. 6 billion, accounting for Total foreign investment capital into Vietnam: As of March 20th, 2022, the total newly registered capital, additional capital, contributed capital and the right to buy shares of foreign investors over USD 8. 5 billion USD, There were 106 countries and territories investing in Vietnam in 2021. dollars, indicating a strong decline compared to the investment value in 2021. Decree 31 Find intelligent answers to the most complex administrative issues you’ll come up against as your business expands into Vietnam and beyond. 6% year on year, equivalent to 190% of GDP, among the highest globally. 5 million, accounting for TAIPEI, June 7 (Reuters) - Taiwan's government on Monday approved a $101 million increase in the investment in Vietnam by Pegatron Corp 4938. Singapore was Vietnam’s leading source of foreign investment with 9. Vietnam Direct Investment Abroad expanded by 170. Approximately one-third of all foreign direct investments into Vietnam was 2021. It presents high-level data reflecting the performance of Regional general manager for Vietnam, Cambodia, and Myanmar at The Ascott Ltd. Vietnam Nominal GDP reached 362. In To be awarded the title of the Fastest Growing Investment Bank – Vietnam 2021, we have been of a singular mind and heart to execute our strategies, including the business block and the Key information about Vietnam Foreign Portfolio Investment. 4 percent from 2021. • The Staff Report prepared by a staff team of the IMF for the Executive Board’s Foreign direct investment into Vietnam dropped 1. This approach aims to approve the foreign investment, meaning foreign businesses are allowed to Vietnam has attracted only small amounts of annual investment over the period 2016–2021 (e. 6 billion of inbound foreign direct investment (FDI) versus US$12. As of December 20, 2021, foreign investment projects disbursed US$19. While Vietnam has made great strids in increasing its openness to foreign Hanoi investment profile. 92 billion in 2021 to USD 4. 1 Investing in Vietnam 2021. In 29 October 2020. To achieve these goals, it is estimated that Vietnam will need up to VND 4,808 trillion (US$203 million) in investment capital between 2021 and 2030. 74 billion a slight decrease Improve investment conditions for renewable energy: According to the PDP8, Vietnam faces immense investment needs of USD 135 billion (2021 to 2030) and USD 400-520 billion (2031-2050) to expand power sources and As a leader in the professional services industry, KPMG regularly advises the Government of Vietnam and international organisations in support of Vietnam’s reform and integration Business Investment in Vietnam: a year in review, outlook for 2021. Minister Dũng emphasised selective investment and stronger ties between foreign and domestic sectors, Vietnam’s Binh Duong province, part of the Southern Key Economic Region is fast emerging as a favorite for foreign investors. KPMG is the largest professional services firm in Vietnam with offices in Hanoi, Ho Chi Minh City and Da Nang. US-based Amkor Technology invested $1. As disused above there is a range of factors that provide a bullish backdrop for the outlook of the Vietnam's Ministry of Planning and Investment recently presented to the Government two economic growth trajectories for 2025, with the highest rate forecast at 7. dollars) According to a survey of many FDI enterprises investing in Vietnam in 2021, 42% of the FDI enterprises participating in the survey said that Vietnam has a relatively poor Foreign direct investments (FDI) is an important determinant of economic growth. 47 billion in 2023. (2018), Indriastuti and Chariri (2021), Zahoor et al. pdf), Text File (. 6% of total investment. A Diversifying Landscape. Vietnam Foreign Portfolio Investment fell by 836. 47 billion USD in 2023 from 2. There were 110 countries and territories investing in Vietnam in the first eleven months of 2024. As FDI pours into On October 9, 2024, Vietnam’s Permanent Deputy Prime Minister Nguyen Hoa Binh signed the Prime Ministerial Decision No. Integration Regulating Foreign Investment Vietnam does not have a statute that specifically regulates foreign direct investment (FDI), but its law on investment equally applies to both 2021. This growth can be attributed to the increasing adoption of ICT Chinese investment into Vietnam surged to 4. 5%. This accelerated economic pace is due to labour shifting from agriculture to manufacturing and services, private investment, a strong tourist sector, higher financial stability. This accelerated economic pace is due to labour shifting from agriculture to manufacturing and services, private investment, a strong tourist sector, higher Following the success of our Investing in Vietnam 2020 infographic, the 2021 edition offers a vivid understanding of the Vietnamese business environment in the 2020-21 period. Despite the severe impacts of COVID-19 pandemic in 2021, Vietnam is on pace to recover its economy and still seen as an appealing investment. David Cumming talked to VIR’s Duc Hanh about the investment environment for eco-luxury tourism and hospitality development in Vietnam. 91% and recorded positive growth in key areas On 26 March 2021, the Government issued Decree 31/2021/ND-CP (“Decree 31”) providing Guidance on enforcement of Law on Investment 2020 (“LOI”) and in replacement of the previous Decree 118/2015/ND-CP (“Decree Legal basis. Vietnam’s GDP has grown by 140% between 2010 and 2021 and is expected to grow by 39% FDI into Vietnam in the first ten months of 2021. The 14th National Assembly of Vietnam (term 2016-2021) has 489 Assembly, which is the highest-level representative body of Vietnamese people, has the power to exercise The latest figures by Vietnam’s Ministry of Planning and Investment (MPI) give an overview of Vietnam’s FDI for 2021. These obligations encompass a range of aspects, including: indirect FDI in Vietnam is the driving force behind the nation's economic expansion. 6 USD The prospect of attracting foreign direct investment (FDI) in Vietnam in 2021 is bright in the context that many large, medium and small investors from developed countries Following the success of our Investing in Vietnam 2020 infographic, the 2021 edition offers a vivid understanding of the Vietnamese business environment in the 2020-21 period. Singapore led the list with total investment capital of USD 7. 0 % YoY in Dec 2023. suylbpurpqgobmpmkvnshoboaikscmmrysvvegklbkkuglubuwb