Vietnamese Goods Week in Thailand in full swing

The annual Vietnamese Goods Week in Thailand is taking place in Bangkok, featuring a record number of some 100 Vietnamese firms showcasing their products.

Jointly organised by Vietnam’s Ministry of Industry and Trade and Thai leading retail company Central Retail, the expo is promoting the culture, tourism, and specialties from the Mekong Delta region and Ho Chi Minh City. It is also popularising goods under the One Commune One Product (OCOP) programme from various Vietnamese localities. Simultaneously, it is offering opportunities for Vietnamese businesses to connect and engage in trade with retail distribution systems in Thailand.

Addressing the opening ceremony on August 16, Deputy Minister of Industry and Trade Do Thang Hai emphasised that in recent years, the Vietnamese government has facilitated the direct exports to distribution systems in various markets, including Thailand. The 2023 Vietnamese Goods Week in Thailand is expected to boost the positive growth of the nations’ trade via connecting hundreds of small- and medium-sized enterprises.

Thai Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit remarked that the countries share a close and robust relationship within the Association of Southeast Asian Nations (ASEAN). The trade event, according to him, provides a great opportunity to enhance the bilateral trade, investment, and tourism ties.

As part of the programme, organisers have scheduled a networking activity to help link supply and demand between the sides’ business communities, particularly regarding the areas of  food, household items, furniture, and hotel operations, among many others.

The event, in its sixth edition, lasts until August 20.

HCM City’s leader vows favourable conditions for Korean investors

Ho Chi Minh City’s authorities will improve the local investment environment and create favourable conditions for foreign enterprises, particularly those from the Republic of Korea (RoK), to do long-term business stably and effectively, a municipal official has said.

Speaking at a conference between HCM City’s leaders and Korean businesses on August 16, Chairman of the municipal People's Committee Phan Van Mai hoped that Korean investors would continue to pay due attention to and invest in projects in the city in the coming time for mutual benefits.

The RoK is currently one of HCM City’s largest trading partners, ranking fourth out of 120 countries and territories in terms of investment. 

The event, jointly organised by the HCM City Investment and Trade Promotion Centre (ITPC) and the RoK’s Consulate General in HCM City, aimed to remove difficulties and obstacles for Korean investors.

Advanced advertising equipment, technology displayed in HCM City

The Vietnam International Advertising Equipment and Technology Exhibition (VIETAD 2023) kicked off in Ho Chi Minh City on August 16.

The event is held at the Saigon Exhibition and Convention Centre in District 7 by the Vietnam Advertising Association, the HCM City Advertising Association, and the Dong Nam Advertising and Commercial Promotion JSC.

Lasting through August 18, it features 300 booths showcasing cutting-edge advertising machinery and equipment.

Nguyen Thanh Dao, Chairman of the HCM City Advertising Association, said the advertising sector is closely connected with a number of economic activities while the technological boom has fueled the development of advertising.

In that context, VIETAD has established itself as the biggest advertising-specialised exhibition in Vietnam and was recognised as an international-standard event by the Global Association of the Exhibition Industry (UFI).

It creates a chance for leading experts and suppliers to directly meet and discuss with one another, and for businesses to stay updated with the latest advertising technologies, Dao added.

First Vietnam steel maker receives int’l certificate on environment

Posco Yamato Vina Steel Joint Stock Company has become the first steel maker in Vietnam officially granted the international EPD (Environmental Product Declaration) certificate.

It obtained the certificate for completing the provision of EPD environmental product declaration documents on the international EPD system.

This is considered the commitment of the business in measuring and reducing the environmental impact of the steel products that the company trades as well as transparently reporting these impacts.

Three products of Posco Yamato Vina certified by international EPD are hot rolled sections, including H-shaped steel, U-shaped steel and V-shaped steel for a period of five years from June this year.

Dong Nai’s industrial parks lure nearly 780 million USD in FDI

Close to 780 million USD in FDI and over 2.2 trillion VND (91.8 million USD) in domestic capital have so far  been poured into industrial parks (IP) in the southern province of Dong Nai since the beginning of the year.

The figures were unveiled at a recent meeting between the provincial People’s Committee and investors in the local IP infrastructure.

Taking into account the investors’ comments on the slow land clearance work, weak transport connection, and high land leasing costs, among others, authorities of the major industrial hub in the south tasked relevant sectors and localities with effectively tackling these problems in the time to come.

According to the approved plan, Dong Nai has 40 IPs with an area of about 19,000ha. It is now home to 32 IPs that are already in operation, with an occupancy rate of over 85%. The remaining IPs are yet to be built due to obstacles regarding investment procedures, rubber plantation and forest land processing, auction and bidding, and zone planning.

Disease-free zones critical to expand exports of husbandry products

Establishing disease-free zones was critical for Vietnam to promote the export of husbandry products, according to the Department of Animal Health.

Nguyen Van Long, the department’s director, said that the animal farming industry of Vietnam expanded strongly in recent years, but the export of husbandry products remained modest. Long cited statistics that the export of husbandry products was at around 400 million USD.

The department’s statistics showed that Vietnam exported 232 million USD worth of husbandry products in the first half of this year but imported 1.67 billion USD, meaning a deficit of more than 1.4 billion USD.

Long pointed out that scattered farming remained a problem to the development of the animal husbandry industry which made it difficult to ensure veterinary hygiene. Import countries were still concerned about the risk of disease transmission between animals and animals, animals and people.

To increase the export of animal husbandry products, Long said it was necessary for disease-free zones for animal farming, Long said.

Long added that as part of the effort, in late July, the Government approved a national plan to strengthen capacity for disease control and ensure food safety of animal origin for the 2023-30 period.

The agriculture ministry also issued Circular No 24/2022, amending Circular No 14.2017 about regulations on disease-free animal zones.

Long said that the provisions of Circular 24 basically meet the requirements of the World Organisation for Animal Health with an aim to lead Vietnam’s livestock industry to approach global standards.

Vietnam signed 17 free trade agreements which required the amendments of corresponding regulations following international commitments, Long said, adding that the department reviewed the existing legal documents for amendments to cut administrative procedures and create favourable conditions for production and business, especially in the context of rapid integration.

Nguyen Ngoc Tien from the department said that certified disease-free zones would get many benefits, including priority in choosing breeds, animals and animal products. In addition, animal products originating from certified establishments would get a quarantine certificate within just one day after registration.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said in an interview with Vietnam News Agency early this month that the focus was being placed on developing disease-free zones in the Southeast because the region had a large scale of animal farming.

Tien also stressed that a combination of solutions was needed to promote the development of husbandry products towards increasing exports, including breeds, animal feed, veterinary medicine and processing.

There were about 2,230 establishments in 55 provinces and cities certified disease-free in Vietnam to date.

Southern localities diversify tourism products to lure more visitors

Local businesses, tour operators, and accommodation providers in the southern region have been diversifying travel products to attract more holiday-makers in the coming National Day holiday from September 1-4.

Statistics from some travel firms operating in the region show that by mid-August, the number of tour and accommodation bookings for the holiday has increased compared to regular days.

According to Saigontourist Group, the firm has developed many tour packages with attractive destinations and compettive prices, with the aim of luring more visitors.

Meanwhile, Vietravel has offered tours to the country’s tourism atractions namely Phu Quoc (Kien Giang), Nha Trang (Khanh Hoa), Quy Nhon (Binh Dinh), Phan Thiet (Binh Thuan), Ninh Binh, Hanoi, Lao Cai, and Ha Giang.

According to Trinh Hang, Director of the Department of Tourism of the southern province of Ba Ria – Vung Tau, many resorts and tourist destinations in Vung Tau city, Xuyen Moc, and Long Dien have been adding new products and services, and organising entertainment activities, art performances, and beach sports competitions to attract tourists.

Director of the Department of Culture, Sports and Tourism of the Mekong Delta province of Ca Mau Tran Hieu Hung said destinations like the Ca Mau Cape national tourism area, community ecotourism sites in Ngoc Hien, U Minh, Nam Can, and Tran Van Thoi districts have prepared diversified activities to serve tourists during the four-day holiday.

Promotion activities have been also strengthened in international tourism fairs in recent times.

According to Vice Director of the Department of Tourism of Ho Chi Minh City Le Truong Hien Hoa, the 17th International Travel Expo Ho Chi Minh City 2023 will take place from September 7-9, featuring trade promotion activities and events to connect key tourism markets.

This will offer a good chance for localities to promote their tourism prodfucts, contributing to increasing the number of foreign visitors to Vietnam, Hoa said.

Nguyen Van Khoa, Chairman of the Binh Thuan Tourism Association, stated that the new visa policy, along with tourism promotion programmes in the National Tourism Year 2023 “Binh Thuan -Green Convergence”, is creating favourable conditions for the locality’s tourism industry. Binh Thuan aims to welcome around 400,000 - 500,000 international tourists this year./.

Australia decides not to impose anti-dumping duties on ammonium nitrate from Vietnam

 The Anti-Dumping Commission of Australia (ADC) has officially concluded its investigation and decided not to impose anti-dumping duties on ammonium nitrate products originating from Lithuania and Vietnam, the Ministry of Industry and Trade’s Trade Remedies Authority of Vietnam (TRAV) has announced.

In this case, Vietnamese manufacturers and exporters cooperated fully with and provided the required data and information for the ADC, significantly contributing to the positive outcome of the case.

TRAV said Australia's trade remedy investigation activities were also assessed as fairly objective and transparent, with comprehensive consideration of the information and data provided by Vietnam. This provides an opportunity for the Vietnamese product to be exported to this market again.

Earlier, the ADC reported that ammonium nitrate products were to be subject to dumping during the investigation period from April 1, 2021 to March 31, 2022.

According to the Trade Remedies Authority of Vietnam, ammonium nitrate products imported from Lithuania and Vietnam account for approximately 0.8% and 0.2% of the total market share in Australia, respectively.

Previously, the case was initiated by the ADC on June 8, 2022, involving Chile, Lithuania, and Vietnam. In August 2022, the ADC announced the termination of the investigation into Chile as the country did not export ammonium nitrate during the investigation period.

As scheduled, the deadline for submitting comments on the Statement of Essential Facts (SEF) is within 20 days from the publication date of the SEF (expected to be June 19, 2023).

The final investigation report was issued on August 8. The Minister for Industry, Science, Energy, and Resources of Australia will make an official decision (expected) within 30 days from the date of receiving the final investigation report.

Documents and information related to the case are posted by the ADC at the following address: https://www.industry.gov.au/regulations-and-standards/anti-dumping-and-countervailing-system/anti-dumping-commission-current-cases/605.

VND2-trillion park planning by Vung Tau beach approved

The southern province of Ba Ria-Vung Tau has approved planning for a VND2-trillion (USD86.11 million) park by a local beach.

The 25-hectare project will be located along Thuy Van Street by Bai Sau Beach in Vung Tau City. It will include a two-hectare square, a children's play area, sports facilities, beach rescue stations, park service kiosks, and parking lots. The park is also connected to Hoang Hoa Tham and Nguyen An Ninh streets. 

The project is expected to help address the existing issues of Bai Sau Beach such as limited access to the beach, deteriorating infrastructure and the lack of open space for organising major events.

The land plot in Bai Sau area was previously handed over to Ba Ria Vung Tau Construction Joint Stock Company to serve visitors. However, the firm leased it out to many other companies. Some of them owe back taxes of VND320 billion. The local authorities decided to confiscate the entire plot in 2021.

According to the Vung Tau City People’s Committee, five of nine businesses have agreed to hand over 107,414 square metres for the project.

Once approved, the project is expected to be completed in 2027.

HCM City to promote consumption of OCOP products

The HCM City Department of Industry and Trade, Department of Agriculture and Rural Development and Tiki will coordinate to promote consumption of products under the One Commune One Product programme of HCM City and other provinces and cities involved in the city’s socio-economic development co-operation progarmme via an e-commerce platform.

This is a part of their cooperation programme named “1,000 OCOP product stories” that the trio signed in HCM City on August 14.

Speaking at the signing ceremony, Nguyễn Nguyên Phương, deputy director of the Department of Industry and Trade, said localities have developed a wide range of OCOP-certified products, of which many are recognised at ‘four-star’ and ‘five-star’, signifying their potential to reach international standards, but the products have encountered difficulties in consumption.

The cooperation between the three plays an important role in promoting, advertising and bringing OCOP products to consumers and will solve problems involved in the production and consumption of OCOP products, he said.

Nguyễn Quách Nhi, food and FMCG commercial director at Tiki, said most of the current OCOP products are recognised at ‘three-star’. But their brand awareness is not popular; the distribution channels for OCOP products remain modest.

The "1,000 OCOP product stories" programme will create an effective supporting environment and system of tools for businesses, cooperatives and OCOP subjects to promote their products to consumers nationwide through the e-commerce channel, he said.

The programme’s biggest goal goes beyond just selling OCOP products of HCM City and other provinces and cities on the Tiki e-commerce platform, to telling the unique product story of each OCOP product, which represents the culture of a specific locality, to consumers. This will create a differentiation for the products and add more value to them, he added.

Initially, the programme will focus on promoting four- and five-star OCOP products by setting up OCOP booths of provinces and cities on Tiki, with each booth featuring about 50-100 of the most typical and unique OCOP products of each locality.

The programme needs support from the authorities of localities involved in the programme to ensure selecting the right products to win consumers’ trust.

Nguyễn Hữu Hoài Phú, deputy director of the Department of Agriculture and Rural Development, said the city has 66 OCOP certified products at three stars and above and targets 100 more getting OCOP designation by the end of this year.

“The ‘1,000 OCOP stories’ programme will help the city’s OCOP products and those of other cities and provinces associated with the city to develop further,” he said.

Also on August 14, the trio and the People's Committee of Cần Giờ District signed a cooperation agreement for a programme on building brands for Cần Giờ agricultural products.

In the initial phase, the programme will focus on improving design and competitiveness for Cần Giờ edible bird nest products as well as promoting their consumption in the local and international market.

"Việt Nam's edible bird nests are being evaluated by major markets as having the best quality, and could be priced higher than similar products from other countries,” Nhi said.

The world's edible bird nest market size is estimated to be worth more than US$8 billion a year, while it is estimated at $800 million a year in Việt Nam, with an annual average growth rate of 20 per cent. The swift-bird breeding industry has been included in the national livestock development strategy.

Cần Giờ bird nest has a number of advantages to build into the "world's best" bird nest brand, he said.

Trương Tiến Triển, deputy chairman of Cần Giờ District People's Committee, said the district has 519 houses raising the birds, of which 459 houses have been harvested, with output estimated at 14.96 tonnes worth about VNĐ250 billion a year.

Most of the products are consumed in the domestic market, Triển said.

He suggested the authorities soon issue a document guiding registration and granting of codes for swiftlet-raising establishments to help in the preparation of documents for bird nest exports. 

International Travel Expo ITE HCMC 2023 to get underway in September

About 400 travel companies and 250 high-level buyers from more than 40 countries and territories worldwide are expected to participate in the International Travel Expo Ho Chi Minh City 2023 (ITE HCMC 2023) due to take place at the Saigon Exhibition and Convention Centre from September 7-9.

Among the registered exhibitors are those from Cambodia, Chile, Taiwan (China), Laos, Malaysia, Myanmar, Japan, the Philippines and Thailand.

The 17th expo, the largest of its kind in Vietnam themed Connectivity, Growth and Sustainability, aims to enhance exchanges, tourism promotion and business opportunities for domestic and foreign tourism companies.

Moreover, ITE HCMC 2023 will be held in a hybrid format, a combination of physical booths and online events such as 2D Online Booths, and Online Appointment Schedules between international buyers and sellers.

It is expected to contribute breakthrough solutions, stimulate the international tourism market, help Vietnam tourism develop sustainably, and create opportunities to popularize Vietnam’s profile among international friends.

The expo will feature a diverse range of activities, including a working programme between international buyers and exhibitors, a high-level tourism forum on digital transformation for tourism development, a series of specialized tourism seminars, an ITE HCMC Award 2023 ceremony, and an Asia-Pacific World Travel Awards ceremony.

The ITE HCMC 2023 will jointly be held by the Vietnam National Authority of Tourism, Ho Chi Minh City Department of Tourism, C.I.S Vietnam Advertising & Exhibition JSC, and Le & Brothers Company Limited.

The tourism industry is expected to develop strongly and sustainably in the post-pandemic period, to make Vietnam one of the 30 countries with the world’s leading tourism competitiveness, said Le Truong Hien Hoa, deputy director of the Ho Chi Minh City Department of Tourism, in the press release.

Vietnam welcomed nearly 6.6 million foreign arrivals in the first seven months of the year, meeting 83% of the target set for the whole year.

National grid gets extra 1,000 MW from renewable energy projects

Eighteen entire and partial renewable energy projects with a combined capacity of over 952MW have been connected to the national grid.

According to the Vietnam Electricity Group (EVN), as of August 11, nearly 93% of the transitional renewable power projects have sent their documents to the Electricity Power Trading Company (EPTC) under EVN for pricing talks and power purchase agreements. However, there are six projects, totaling 285 MW, which have yet to provide their paperwork.

Among these projects, 67 have proposed initial prices set at 50% of the price ceiling established by the Ministry of Industry and Trade. The proposed prices range from VND754 to VND908, exclusive of value-added tax. EVN has engaged in price negotiations and signed power purchase agreements with 59 projects, of which 58 tentative prices have gained approval from the Ministry of Industry and Trade.

Till now, 18 projects have fulfilled the necessary protocols for commercial operation and have successfully connected to the national grid, amassing a combined capacity of 952 MW. The cumulative electricity output from these renewable power projects, starting from the date of commercial operation up to August 10, is estimated at 268 million kWh. This contribution accounts for 0.4% of the total electricity supplied to the national grid on a daily basis.

SBV tells banks to further cut lending rates

The State Bank of Vietnam (SBV), the country’s central bank, has written to commercial banks asking them to further lower lending rates.

Domestic banks and foreign bank branches in Vietnam should take necessary steps to decrease rates by 1.5 to 2.0 percentage points to support businesses and households to resume and develop production and business post pandemic.

Rate cuts should apply to outstanding and new loans, according to the central bank.

Prime Minister Pham Minh Chinh earlier requested the SBV to find ways to make commercial loans cheaper for businesses and households amid the ongoing economic doldrums.

Commercial banks will have to keep the central bank updated about their rate lowering plans for this year before August 25.

In the year till now, the SBV has lowered key interest rates four times, leading to an overall decrease of 0.5-2 percentage points.

ACV told to address Hoa Lu’s complaint about Long Thanh terminal bidding

The Ministry of Planning and Investment has requested the Airports Corporation of Vietnam (ACV) to look into a complaint lodged by the Hoa Lu consortium about the VND35-trillion bidding package for the Long Thanh International Airport passenger terminal.

The Hoa Lu consortium submitted two documents to the Department of Public Procurement under the Ministry of Planning and Investment, expressing dissatisfaction with the technical round of the bidding package 5.10 for the construction of the passenger terminal.

As a result, the ministry has requested ACV to address the complaint in accordance with the law, aiming to prevent any negative impacts on the schedule of the package and the overall project.

According to the Bidding Law, a contractor can file a complaint with the investor before the selection of the winning bidder is announced. If the contractor is not satisfied with the investor’s response, they can raise their complaint to the Ministry of Transport.

Even after the announcement of the bidding winner, if the bidding participants remain dissatisfied with the outcome, they can still have the right to file a complaint to both the investor and the competent authority.

If the bidding participants disagree with the resolution by the investor, they can choose to take legal action to safeguard their legitimate interests in accordance with the law.

In response to the ministry’s request, ACV stated that the corporation has responded to the Hoa Lu consortium regarding the bidding package 5.10.

On August 1, ACV announced that the Vietur consortium, led by Turkish company IC ISTAS, meets the technical requirements for the bidding package 5.10 and has advanced to the next round of the bidding process. This decision resulted in the elimination of two other competing consortiums from the race.

Following Vietur’s selection for the next round, the Hoa Lu consortium, consisting of Hoa Binh, Central An Phong, Delta, Unicons, Thanh An, and Thailand’s Powerline Engineering Public Company Limited, called for a thorough review of the appraisal and selection process for this significant bidding package.

Ministry urges careful watch over global, local rice market

The Minister of Industry and Trade urged related agencies to watch closely the rice market in the world and the country.

It is Directive No. 07 issued on August 15, 2023, on strengthening the work of market information, trade promotion, development of the export market and stabilizing the domestic market in the current period, the Ministry of Industry and Trade said the global unpredictable food trade market has been affecting Vietnam's rice production, trading, processing, consumption and export activities.

To ensure rice export while still guaranteeing the interests of rice growers, the Minister of Industry and Trade requested the Vietnam Food Association to closely monitor the development of the world rice market for a forecast of import market demand and developments in the domestic market.

The Ministry of Industry and Trade also requested the Vietnam Directorate of Market Surveillance to closely monitor the situation of rice prices, inspect and control business establishments, and wholesalers as well as enhance inspection to prevent the transportation and trading of rice of unknown origin.

The Domestic Market Department is responsible for closely monitoring the market situation to direct localities to have a plan of preparation for supply. The Department should ensure the quality and balance supply and demand of rice in the domestic market to meet the needs of local consumers fully to stabilize rice prices particularly and food prices generally and the national food security.

18 renewable energy power plants now online

According to recent data released by Vietnam Electricity (EVN), as of August 11, nearly 93 per cent of renewable-energy transition projects have submitted their profiles to the Power Purchase Department for price negotiations and power purchase agreement (PPA) consultations, a substantial achievement for just over three months of rigorous effort.
 
However, six projects, accounting for an approximate capacity of 285MW, are yet to initiate their price negotiation with EVN. From those that have already tabled their documents, 67 projects, with a combined capacity close to 3,850MW, have proposed a provisional price that is about half of the ceiling rate set by the Ministry of Industry and Trade (MoIT). Depending on the energy source - solar or wind - this translates to between VND754 and 908 per kWh, excluding VAT.

In fact, EVN and project developers have successfully negotiated and temporarily signed PPAs with 59 projects, with 58 of these so far approved by the MoIT, with a combined capacity of over 3,180MW.

To date, 18 of these projects have completed their commercial operation date (COD), delivering a joint capacity of more than 950MW. The aggregate energy production of these transitioning renewable energy projects since their COD up to August 10 stands at approximately 268 million kWh. Remarkably, this mobilisation rate has surged nearly twofold compared to figures from a month ago. On average, these projects collectively contribute around 0.4 per cent to the national power system's total daily energy production.

The combined capacity of renewable energy projects that have fallen behind their operation schedules is over 4,600MW. Nearly 2,100MW is from 34 transitional projects that have finished construction and testing. These projects are not eligible for preferential feed-in tariffs for a 20-year period and are required to negotiate electricity prices with EVN based on the power framework that the MoIT introduced earlier this year. The rates are around 20-30 per cent lower than previous figures.

The MoIT clarified that the delays in negotiations and operation of these renewable-energy transition projects are due to multiple breaches by developers concerning planning, land regulations, and investment. Others have yet to finalise the necessary paperwork for obtaining an electricity operation licence.

IFC launches greenhouse gas emissions inventory and reporting manual

Companies in Vietnam will find it easier to log and report their greenhouse gas (GHG) emissions thanks to the manual published by the International Finance Corporation (IFC).
 
The State Securities Commission of Vietnam (SSC), together with the IFC, has launched a manual on GHG emissions inventory and reporting.

The manual was developed with technical support from the IFC, the Swiss Federal Economic Commission, and the UK National Standards Agency in Vietnam in an attempt to support businesses and make it easier for them to document their GHG emissions.

This document comprises three parts, with the first providing general background information and related definitions.

The second section clarifies Vietnam’s regulations and standards, as well as the international equivalents that are in force related to GHG inventory and reporting.

The third part, and also the most critical, introduces the GHG inventory and reporting process. It outlines the key steps and required procedures.

There are brief introductions that define the scope and boundaries for the organisations, identifying the base year and sources of GHGs. Furthermore, it provides guides to identify measures that can be applied to reduce or eliminate emissions, and solutions to verify and assess the results.

SSC vice chairman Pham Hong Son said that the book is helpful for businesses when implementing legal regulations on information disclosure and sustainable development.

Son stated, “The promotion of green and sustainable finance is a long-term priority for the SSC. The commission has called for active participation among the business community and investors to create a sustainable foundation for green growth and development.”

“The handbook will also help businesses to determine and manage risks, while simultaneously identifying new business opportunities,” he said.

In 2022, the government publicised Decision No.01/2022/QD-TTG, clarifying a list of sectors and establishments that must create a GHG inventory.

Accompanying Decision 01 is a list of 1,900 enterprises that are required to declare their GHG emissions, divided into energy, transportation, construction, industrial processes, agriculture, forestry and land use, and waste.

134th China Import and Export Fair introduced in HCM City

The Vietnam Chamber of Commerce and Industry – Ho Chi Minh City Branch (VCCI-HCM City), in collaboration with China Foreign Trade Centre and Guangdong Enterprise Confederation under Chinese Business Association in Vietnam, held a conference on August 16 to introduce the 134th China Import and Export Fair (Canton Fair).

The Canton Fair is the largest trade fair which has been held biannually in Guangzhou every spring and autumn since 1957. This year's edition, which is scheduled to take place in October, will cover 1.55 million sq.m with 74,000 pavilions.

According to Zhang Sihong, Vice President of China Foreign Trade Centre, the fair has become one of the reliable destinations for businesses from all over the world to explore the Chinese market. This fair not only provides an opportunity for suppliers and buyers to exchange but also an ideal platform to introduce new products, discover new markets and seek new customers, he noted.

A variety of products will be showcased at the event, including electronics and household appliances, telecommunications equipment; building materials; textiles and garments; food and pharmaceuticals, he said, adding that the number of Vietnamese businesses participating in the fairs increases year by year.

Vo Tan Thanh, Vice Chairman of VCCI-HCM, said the fair not only helps businesses access the Chinese market, but also a large consumption market with opportunities to expand trade globally.

China is the biggest trading partner among 200 countries and territories that have import-export relations with Vietnam. Meanwhile, Vietnam is China's largest trading partner in the Association of Southeast Asian Nations (ASEAN) and the eighth largest trading partner of the neighbouring country in the world.

In the first six months of this year, two-way trade turnover between Vietnam and China reached over 75.5 billion USD. Vietnam’s main export items to China include mobile phones and components, computers and components, crude oil, coal, seafood, agricultural products and footwear.

Kon Tum grants first Ngoc Linh ginseng geographical indication certs

The Department of Science and Technology of the Central Highlands Kon Tum province has granted its very first geographical indication certificates for Ngoc Linh ginseng products of two local companies.

Accordingly, the Ngoc Linh Kontum Ginseng Joint Stocks Company has been granted the "Ngoc Linh" certificate for 10,000 ginseng roots aged over 10 years in Mang Ri commune, Tu Mo Rong district.

The other company is Ngoc Linh Tu Mo Rong Kon Tum Ginseng Joint Stock Company, with 2,200 roots aged over six years from the same district’s Ngoc Lay commune.

Huynh Trung Kim, Deputy Director of the department, emphasised that after receiving the certificates, the two companies must affix geographical indication labels to their Ngoc Linh ginseng products.

Over 1,700 hectares of the ginseng are currently being cultivated across the local districts of Tu Mo Rong and Dak Glei.

Ngoc Linh ginseng (Panax vietnamensis, or Vietnamese ginseng), a rare medical root containing 52 saponin compounds helpful to health, was found on Ngoc Linh Mountain on the boundary between Kon Tum and Quang Nam in the late 1960s.

Besides saponin, Ngoc Linh ginseng contains 17 amino acids, 20 trace minerals and 0.1 percent of attar. The ginseng has high effects in anti-stress and anti-aging conditions. It helps improve immunity, enhance liver function, and lower cholesterol. It also works well with antibiotics and diabetes medications.

One of the world’s most precious, the ginseng was approved as a national product under the Prime Minister’s Decision 787/QD-TTg dated June 5, 2017.

Vietnam makes remarkable reforms on public debt management: workshop

International experts shared experience in public debt management and gave recommendations to Vietnam at a consultation workshop in Hanoi on August 17.

Such recommendations are expected to help the Ministry of Finance complete its mid-term review of the five-year plan for public debt borrowing and repayment for the 2021-2025 period.

The workshop was held by the ministry in coordination with the World Bank and the Swiss State Secretariat of Economic Affairs.

Representatives from ministries, agencies and localities also shared views on the mobilisation and use of loans in the period.

According to Truong Hung Long, head of the Department of Debt Management and External Finance under the finance ministry, Vietnam has become a middle-income country, meaning official development assistance (ODA) loans to the country will be gradually cut off in the time ahead.

The proportion of concessional loans and loans under market conditions will increase, leading to an increase in borrowing costs, especially in the context that world interest rates remained high, he continued.

Long highlighted outstanding achievements Vietnam has recorded in public debt management over the past time, saying public debt safety has been maintained within the limit approved by the National Assembly.

Thanks to such efforts, both Moody’s and S&P, the two international credit rating agencies, upgraded Vietnam’s ratings, while Fitch maintained its ratings last year, the official noted.

Andrea Coppola, the WB’s Lead Country Economist, lauded Vietnam’s reforms in public debt management in terms of legal framework and institutional management.

Vietnam will need more investment with the middle-income status, and the upper income status in the future, he pointed out, urging the country to post higher growth.

However, it is not easy as climate change is posing a host of challenges to the Southeast Asian nation, and in that context, the country should further reform its debt management, he said.

The Department of Debt Management and External Finance said in implementing the National Assembly’s Resolution No. 23/2021/QH15 on the national financial plan and public debt borrowing and repayment for the 2021 – 2025 period, targets set by the legislature have all been achieved, with the Government’s total loans reaching about 1.37 quadrillion VND (57.4 billion USD).

Wood enterprises step up trade promotion due to lack of orders

Wood producers and exporters are pinning high hope on trade fairs and expos, as the lack of orders is causing difficulties for their production and business activities, according to insiders.

In the first seven months of this year, the export turnover of wood and wood products reached only 7.1 billion USD, down 25% year-on-year.

Notably, the demand of the US – a key export market which accounts for about 60% of the export turnover of Vietnam's wooden products, has fallen sharply for a long time and has not shown any signs of recovery.

Tran Hoai Huu, Manager of Gia Nhien Company specialising in the production of sailboat models for export, said that the number of the company’s orders from the US has dropped to a very low level, equal to only 20-30% of that before the COVID-19 outbreak.

Tran Ngoc Liem, Manager of the Vietnam Chamber of Commerce and Industry branch in Ho Chi Minh City, said that currently, there are many forms of trade promotion, but fairs and exhibitions remain an effective channel to attract a large number of domestic and foreign buyers, thus bringing practical effects to businesses. Through those fairs and exhibitions, buyers can have direct look on products, visit factories to verify suppliers' capacity, and have more confidence to sign orders.

To support businesses, the first Vietnam ASEAN International Furniture & Home Accessories Fair (VIFA ASEAN 2023) will be held in Ho Chi Minh City from August 29 to September 1.

It is expected to comprise 600 booths of domestic firms and those from the US, the Republic of Korea, China, Japan, India, the Netherlands, Hong Kong (China), Malaysia, Thailand and Cambodia.

Meanwhile, the 15th edition of the Vietnam International Furniture and Home Accessories Fair (VIFA EXPO 2024) will be organised in the largest economic hub of Vietnam from February 26-29. The fair is hoped to attract the participation of 600 businesses with 2,000 stalls.

Economic diplomacy to be promoted to fuel agricultural development

Minister of Foreign Affairs Bui Thanh Son and Minister of Agriculture and Rural Development Le Minh Hoan on August 17 signed an action plan for implementing economic diplomacy to help promote agricultural development in the 2023 - 2026 period.

Applauding the agriculture and rural development sector’s achievements, Son said agriculture has established itself as a true pillar of support in the national economy, an essential contributor to social security, and a leading strength of Vietnam’s international cooperation and diplomatic activities.

In 2022, agriculture, forestry and fisheries expanded 3.36% to substantially contribute the overall GDP growth of 8.02%. Agro-forestry-fishery exports topped 53 billion USD, resulting in a trade surplus of over 8.5 billion USD or nearly 76% of the economy’s total trade surplus, statistics show.

Agriculture has played a crucial role in ensuring domestic food security, political stability, and social security, especially amid the food crisis that has led to political and social instability in many countries, the Foreign Minister noted.

The sector has also helped promote Vietnam’s stature and prestige in the international arena, he went on, adding that from an agriculturally underdeveloped country, Vietnam has become one of the world’s top producers and exporters of agro-forestry-fishery products and a role model on safeguarding food security .

At bilateral meetings and on the sidelines of multilateral conferences, foreign leaders have recognised and valued Vietnam’s experience in agricultural development as well as its important role in global and regional food production and supply chains, Son said.

He highlighted the moves taken by the Foreign Ministry and Vietnam’s overseas representative agencies to help expand markets for agro-forestry-fishery products, attract resources for agricultural development, and assist the agricultural sector to integrate into the world.

As the global, regional and domestic situations are predicted to face complex and unpredictable developments in the time ahead, Minister Son stressed the critical necessity for stepping up economic diplomacy to support the sector, thus helping facilitate the export of agro-forestry-fishery products and maintain economic growth.

Appreciating the diplomatic sector’s assistance, Minister Hoan expressed his hope that the diplomatic sector, especially overseas representative agencies of Vietnam, will continue assisting the agricultural sector to weather challenges and seize opportunities to bring Vietnamese farm produce to more markets.

He also considered the overseas representative agencies a trustworthy and effective information channel for the agricultural sector to access advanced scientific and technological achievements of global agriculture so as to undertake reforms, improve production capacity, and improve on quality.

Following the meeting, the two ministers signed an action plan for implementing economic diplomacy to help with agricultural development for 2023 - 2026.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes