Vietnamese ports handled a total of 59,338 vessels between January and July, an annual decrease of 3%, reported the Vietnam Maritime Administration.

Of the total volume, there were 26,973 foreign and 32,365 domestic ships, down 5% and 2% year-on-year, respectively.

In July alone, the vessel throughput marked an annual rise of 21% to hit 10,770, including 4,940 of foreign nationals.

As a result, the amount of goods handled at ports in the month reached 70.8 million tonnes, up 15% annually, with container cargo volume increasing by 6% to top 22 million tonnes.

Vietnam Airlines to offer promotions at ITE HCMC 2023

The Vietnam Airlines will offer flight promotions at the 17th International Travel Expo Ho Chi Minh City 2023 (ITE HCMC 2023) which is scheduled from September 7-9 in Ho Chi Minh City.

The national flag carrier will offer a 20% discount on domestic airfares from Ho Chi Minh City on Economy Flex, Economy Classic, and Economy Lite with departure time from September 18 to December 28, 2023.

It will also offer a 20% discount for the above booking classes with tickets for international flights from Ho Chi Minh City to Laos, Cambodia, Thailand, Singapore, Malaysia, Indonesia, India, China, Hong Kong (China), Taiwan (China), Japan, and Republic of Korea with departure time from December 1, 2023 to February 28, 2024.

Visitors to Vietnam Airlines’ booth at the exhibition can buy gift cards at a discount of 15% (except for upgrade cards).

ITE HCMC 2023 is expected to draw over 400 exhibitors and 250 high-level buyers from over 40 countries and territories.

The expo is organised by the Ho Chi Minh City Department of Tourism, the Vietnam National Authority of Tourism, and the Ho Chi Minh City Tourism Promotion Centre.

Vietnam Trade Office in Sweden publishes book on EGD

The Trade Office of Vietnam in Sweden said that in order to support enterprises exporting to the EU in general and the Nordic countries in particular, it has compiled the book about the common European agreements and their impacts on exporters to the Nordic region.

The European Commission announced the European Green Deal (EGD) in 2019, according to the Vietnam Trade Office in Sweden.
EGD is a package of actions aimed at reducing greenhouse gas emissions and minimising resource use while achieving economic growth.

This means that products sold in the EU market need to meet higher sustainability standards. This agreement has an impact beyond the territory of the EU, directly affecting global manufacturers and exporters, including Vietnam.

Nordic countries are always at the forefront of environmental protection. During the COP27 Climate Change Forum, all Nordic countries reaffirmed and highlighted the importance of responsibility for protecting the environment and reducing the impact of climate change.

In this year’s budget estimates of these countries, there are budget expenditures for green investment activities and support for environmental protection.

The issue of environmental protection will continue to affect the consumption behaviour of Nordic people.

With the book, the trade office hopes that Vietnamese businesses will promptly grasp regulations and market trends to adjust production and have access to new markets.

InnoEx 2023 offers opportunities for businesses to facilitate innovations

InnoEx 2023 is expected to offer a wealth of opportunities for firms seeking to make innovations, promote cooperation and investment, and create sustainable competitive advantages for businesses, according to insiders.

Addressing the opening ceremony on August 24, Truong Ly Hoang Phi, vice president of HCM City Young Entrepreneurs Association, emphasised InnoEx 2023 provides an ideal venue for local enterprises to keep up with advanced technologies and innovation trends occurring around the world and the wider region, giving fresh impetus for breakthrough growth.

Furthermore, the event has also helped firms to introduce their typical innovative products and solutions to the business community and consumers, as well as seeking co-operative opportunities alongside strategic partners, international investment funds, and gaining greater insights into practical experiences. This therefore helps firms to anticipate technology trends and fully tap into the potential for breakthrough growth in the future.

For his part, Duong Anh Duc, vice chairman of the Ho Chi Minh City People's Committee, stressed that the gathering of large businesses, investors, scientists, and startups at the event has been a positive sign for facilitating innovations among businesses.

He went on to express his hope that through InnoEx 2023, relevant stakeholders will ramp up ties and promote the spirit of innovation within the business community, while accelerating support activities for business innovation.

Ho Chi Minh City always creates the most optimal conditions possible for businesses to promote innovation, which is a key factor in achieving the goal of sustainable development, he noted.

InnoEx 2023 has attracted the participation of nearly 2,000 business leaders, experts, along with representatives from 50 investment funds and over 200 businesses from 52 countries around the world.

Most notably, at the Vietnam CEO forum, the largest annual forum for Vietnamese CEOs, will be held during the two-day event, bringing together over 10,000 CEOs along with more than 1,000 policymakers and associations.

Thailand attracts Vietnamese delegations for MICE events

Up to 35,000 Vietnamese have headed to Thailand for MICE (Meetings, Incentives, Conferences, and Exhibitions) events since the beginning of this year, accounting for 10% of the total Asian MICE visitors arriving in the neighbouring country.

From now until the end of the year, Thailand aims to attract additional 15,000 MICE visitors from Vietnam, thereby bringing the total number of Vietnamese MICE visitors up to 50,000.

This information was revealed by Puripan Bunnag, senior vice president of the Thailand Convention and Exhibition Bureau (TCEB), at a business forum held in Ho Chi Minh City on August 24.

Addressing the event, Bunnag noted that Vietnamese enterprises are specifically interested in the fields of imports and exports, logistics, heavy industry, and manufacturing industry. 

When participating in exhibitions in Thailand, he said Vietnamese enterprises have the chance to meet with Thai consumers, business partners, and manufacturers, along with international businesses.

They also have the opportunity to gain access to a wide range of technologies which help to boost industrial development and innovation in the nation, Bunnag added.

He emphasised that the remarkable level of Vietnamese economic growth, particularly in the manufacturing and innovation sectors, along with its increasing amount of foreign investments, makes it a promising market for the MICE industry.

Bunnag affirmed that the dynamic is particularly noticeable in the interactions between Thai and Vietnamese investments, with two countries boasting an ongoing relationship and a consistent flow of investment opportunities. TCEB has pinpointed Vietnam as a crucial partner for fostering shared expansion.

As Vietnam seeks further opportunities to bolster its growth, Thailand offers an enticing proposition through its array of trade exhibitions, he shared.

Thailand is widely viewed as a prime exhibition destination with its impressive line-up of 145 international shows scheduled for this year, covering a diverse range of sectors, from livestock, manufacturing to packaging and beyond.

These events typically serve as valuable platforms for showcasing technology, innovations and fostering industry collaboration. In addition, there are events that also aim to support the 12 targeted s-curve industries, which in turn can enhance Vietnamese industries, he concluded.

Sabeco plans raising charter capital to $534 million through bonus shares

Saigon Beer-Alcohol-Beverage Corporation, also called Sabeco, has approved a plan to issue more than 641 million bonus shares to raise its charter capital.

The shares will be given to existing shareholders at the rate of 1:1, meaning that a shareholder owning 1 share will receive 1 additional issued share. The issuance source is taken from surplus equity and retained earnings as of December 31, 2022, according to the audited single financial statements for 2022.

The deadline for shareholders to register is September 15, while the ex-dividend date is September 14.

After the issuance is completed, Sabeco's charter capital is expected to increase from more than VNĐ6.4 trillion (US$267.2 million) to nearly VNĐ12.83 trillion.

Vietnam Beverage Co., Ltd., Sabeco's largest shareholder with an ownership of 53.59 per cent of the capital, is expected to receive an additional 343.6 million shares, while the Ministry of Industry and Trade, which holds 36 per cent of capital, will receive nearly 231 million units.

With a record profit after tax of VNĐ5.5 trillion in 2022, the company's 2023 Annual General Meeting of Shareholders approved an increase of 15 per cent in cash dividend to 50 per cent, meaning a shareholder will receive VNĐ5,000 a share.

The Vietnamese leading brewer also decided to reward shareholders with shares at the rate of 1:1.

This is the company's highest dividend level after it was acquired by a Thai enterprise in 2017.

In the first six months of the year, Sabeco posted a net revenue of VNĐ14.5 trillion and net profit of over VNĐ2.1 trillion, down 10.9 per cent and 27 per cent, respectively, compared to last year.

According to Viet Capital Securities (VCSC), Sabeco's business result is expected to recover in the second half of 2023 and in 2024 thanks to the improvement of consumer confidence, reduced VAT (VAT), and rising tourism activities.

However, in a more cautious report in June, Vietcombank Securities Company (VBSC) said that in the short term, the beer industry's outlook is expected to slow down in 2023 as consumers tighten their spending.

Sabeco's executive board forecasts that the company's gross profit margin will remain stable this year despite the impact of high input costs. The company also expects input costs to reduce in 2024 while profit margins will be supported by other cost optimisation measures.

In 2023, Sabeco set targets of VNĐ14.5 trillion in revenue and over VNĐ2.2 trillion in profit after tax.

On the stock market, Sabeco's shares are traded on the Hồ Chí Minh Stock Exchange (HoSE) with a ticker symbol SAB. SAB closed Thursday at VNĐ153,500 a share, a gain of 2.27 per cent.

Private bond market grows stably after first month operation

After one month of operation, the privately-placed corporate bond trading system at the Hà Nội Stock Exchange (HNX) has seen growth in size and stability in liquidity, said HNX.

The system, which started running on July 17, has operated safely and smoothly, without technical problems.

From 19 bond codes at the first trading session, there are 31 bonds from five companies that are now being traded on the HNX trading system.

BIDV, Vietcombank, VinFast Trading and Production JSC, Transport and Industry Development Investment JSC, and Phan Vũ Investment Corporation are among the businesses. Vietcombank, in particular, has the highest registered trading volume of VNĐ7.24 trillion (US$301.7 million) with 15 bond codes.

As of August 18, the market's total liquidity reached VNĐ5.76 trillion, equivalent to a trading volume of over 23.3 million bonds.

The trading volume averaged 1 million bonds for each session, worth VNĐ250.6 billion per session. Of which, Vietcombank bonds had the highest trading value of over VNĐ3.4 trillion, followed by BIDV bonds with a trading value of VNĐ1.8 trillion.

Up to now, domestic investors accounted for 100 per cent of the market's transactions.

Statistics showed that there were 16 issuances of privately-placed corporate bonds in June, worth VNĐ7.6 trillion while July recorded 32 bond issuances totaling VNĐ28.75 trillion, according to HNX. Since the beginning of August, 18 batches of privately-placed corporate bonds have been released, worth over VNĐ29.8 trillion.

According to HNX, the bond trading system has eight securities company members. And 15 more securities firms and one commercial bank are completing the documents to be a part of the market. 

SBV fixes law in favour of economic growth

The State Bank of Vietnam (SBV) has suspended the implementation of some clauses in Circular No.39 dated December 30, 2016, to make it easier for borrowers to get bank loans.

Circular No. 39, that regulates the lending activities of credit institutions and branches of foreign banks, was revised by Circular No. 06 issued in June 28, 2023, with additional clauses designed to shield banks from risky loans.

SBV later found that those "some clauses", which bar banks from making loans under certain conditions, were not a wise choice amid the economic downturn: they would create a barrier for ailing companies to get bank money for recovery.

"SVB, therefore, has repealed three clauses of Article 8 to support economic growth," said an SVB representative.

Under the three clauses of Article 8 of Circular No. 39, banks are not allowed to make loans to borrowers who would use the loans to make capital contributions to LLDs, Partnerships, or unlisted JSC, or to leverage themselves.

Lê Hoàng Châu, chairman of the Real Estate Association of HCM City, said he was truly grateful to Prime Minister Phạm Minh Chính, who had pushed hard for the abolishment of the three clauses in Circular No.39.

The repeal of the clauses, he said, would significantly improve access to bank credits for the business community and individual borrowers.

Ngô Đức Sơn, director-general of DRH Holdings, said SBV's move was good news for real estate companies in dire need of capital as it removed the barrier for them to obtain bank loans.

He believed that what the government had pulled off would soon bring the real estate market back on track.

Economic expert Đinh Trọng Thịnh said SBV's move on Circular No. 39 would give banks more elbow room in lending. However, more room for loans does not necessarily mean a lower bar for borrowers.

He said banks should remain cautious when weighing the risks and returns associated with their loans to ensure a safe capital structure.

"Banks would be unable to recover their loans if they make loans to a company using the loans to make a five-year capital contribution to a project that only begins construction 10 years later," Thịnh said.

He said the suspension of the three clauses was a testament to SVB's efforts in ensuring not a single voice goes unheard.

Vietnamese businesses urged to promote digital tranformation for sustainable development

Vietnamese businesses should optimise achievements of the Fourth Industrial Revolution and promote digital transformation to serve sustainable development, said Deputy Prime Minister Trần Hồng Hà at the 10th Việt Nam Corporate Sustainability Forum in Hà Nội on August 23.

In addition, nature-related policies should be integrated into business strategies and plans, Hà said.

To contribute to achieving sustainable development goals (SDGs) and fulfilling Việt Nam’s relevant commitments, more investments should be made in nature-based solutions to enhance ecosystem services, reduce greenhouse gas emissions, increase resilience to climate change, and create new opportunities for innovation and growth, he said.

Apart from big firms, small-and medium-sized enterprises, which are considered the backbone of the national economy, should play a role in sustainable development, the Deputy PM stressed.

He suggested domestic enterprises study and put in place regulations and criteria for sustainable development, promote the environmental, social, and governance (ESG) practice in business administration, join environmental protection efforts.

The Deputy PM also affirmed the Government’s strong commitment to building a favourable legal environment for businesses to complete the SDGs.

With a strategic vision, the Party and the State have identified policies and roadmaps to perfect mechanisms, policies and laws on green economy, low-carbon economy and circular economy towards net zero emissions, he stressed.

The Government always listens to opinions of the business community and focuses on policies and pilot models for the Just Energy Transition Partnership (JETP) in an effort to create an “ecosystem” of the renewable energy industry.

The Government will issue more mechanisms and policies on enhancing green economy and circular economy, and supporting businesses in technology transformation and research and development centre building, while promoting personnel training with new mindset of taking people as the subject, centre, momentum and resources of development, he said.

Vice chairman of the Việt Nam Chamber of Commerce and Industry (VCCI) and chairman of the Việt Nam Business Council for Sustainable Development (VBCSD) Nguyễn Quang Vinh provided updates on global sustainable business trends.

He stressed that the success of businesses should include their adaptation, resilience and recovery amid unprecedented challenges, as well as sustainable interests of the community, the society and the environment.

Vinh also suggested businesses change value and supply chains towards sustainability.

Also at the forum, Binu Jacob, managing director of Nestlé Việt Nam and VCBSD co-chairperson, shared about "dual transformation" in his business. Accordingly, innovation and sustainable development need to be carried out together to achieve business goals and also address social and environmental issues.

For decades, businesses have focused on total shareholder return (TSR). However, according to Binu Jacob, for sustainable development, businesses not only create value for shareholders but also need to create an impact for society (total societal impact - TSI).

At present, investors are increasingly interested in businesses that operate effectively and the operation also has a positive impact on the environment and society, contributing to solving social problems or climate change.

In Việt Nam, as one of the leading businesses in sustainable development, Nestlé is implementing many sustainable initiatives to create a positive impact on the environment and society, with priorities including physical and nutrition development for children, responsible purchasing, climate action, sustainable packaging, sustainable sourcing, and caring for water.

Cao Thị Ngọc Dung, VBCSD vice chairperson and chairwoman of Phú Nhuận Jewelry Joint Stock Company (PNJ) emphasised: “At present, balance between economic development and environmental protection has become one of the most important issues and an indispensable requirement for survival. With rapid change of technology, businesses cannot miss the opportunity to create a low-carbon, balanced and sustainable economy.”

According to Dung, the businesses are required to have innovation, grasp smart solutions, and use natural resources effectively. This not only helps the businesses to minimise the negative impact on the environment, but also to create a sustainable competitive advantage in the future.

In order to develop the supply chain of environmentally friendly products and services, Nguyễn Thị Ngọc Huệ, Director of Communications and External Affairs, AEON Việt Nam said the supermarket system has had a number of initiatives, such as use of eco-friendly bags.

However, Huệ said that the business has encountered some difficulties, including the high cost of environmentally friendly packaging materials due to the lack of technology investment and financial support for mass production.

AEON Việt Nam's representative suggested that the Government soon complete policies, regulations and infrastructure for the circular economy model as well as policies on environment and sustainable development.

According to Huệ, these policies will pave the way for manufacturers and distributors to increase investment in technology innovation, thereby making ecological products and materials more accessible to consumers.

The forum, jointly held by the VCCI and VBCSD, brought together more than 300 delegates, who discussed such issues as the circular economy, low carbon emissions, green supply chain, biodiversity preservation, and sustainable energy transition, among others. 

Experts spell out what textile industry needs to do to recover

The textile industry has to proactively combat the challenges it faces such as low demand, a slowing economy, inflation, and low prices, experts have said.

According to the Ministry of Industry and Trade, textile exports fell by 15.1 per cent year-on-year in the first two quarters to US$18.93 billion.

Nguyễn Văn Hải, general director of the Hòa Thọ Textile - Garment JSC, said this year, textile businesses, including his, have suffered from decreasing demand and plummeting prices.

This was due to a decline in orders from many major markets like the US and the EU, said Nguyễn Hải Đường, chairman and general director of textile and garment company M2 Vietnam JSC.

Cao Hữu Hiếu, general director of the Việt Nam National Textile and Garment Group (Vinatex), said the problem was exacerbated by the global economic downturn and increasing competition for the shrinking pie, with exports to the US falling again in the third quarter after a 26 per cent drop in the second.

While exports to Japan rose by 3 per cent in the first half of the year, shipments to the EU, South Korea and China declined respectively by 10 per cent, 7 per cent and 17 per cent, he said.

Đường said though exports might go up this year the problems would generally continue for a while since many enterprises have not received sufficient orders for the second half of the year.

Other nations are also seeing decreasing exports, with some experiencing a fall of 20-25 per cent.

Đường said enterprises should not depend solely on exports, but push promotions and expand the domestic market too.

Hiếu said improving internal training and management post-training, reducing production costs and adopting digital management are crucial to revive the industry.

To enhance productivity, Vinatex has been developing a rigid framework between departments to create production chains, applying technical analysis for buying materials and improving market analysis, he added.

Bùi Văn Tiến, general director of the Viettien General Garment JSC, said his company has been restructuring its management, investing in technology and diversifying products and customer demographics. 

Trương Văn Cẩm, vice chairman and secretary general of the Việt Nam Textile and Apparel Association, said textile companies should also focus on retaining skilled workers, training, fostering customer loyalty, receiving special orders, and cutting costs. 

VN to continue strong support for industrial zone development

Việt Nam aims to provide stronger support for industrial growth in the coming decades, said deputy minister of planning and investment Trần Quốc Phương at a forum discussing the development of the country's future industrial parks yesterday in HCM City.

"To outbid competitors in the region in attracting foreign direct investment, Việt Nam has been introducing numerous policies and strategies in recent years to cater to the needs of both foreign and domestic investors," he said.

Phương said the end goal was to help businesses improve their capabilities and effectiveness and integration in the global supply chain. In addition, the government place a high priority on projects with advanced technologies and modern management system that produce high-value commodities with key positions in the global supply chain and connectivity.

Local authorities have been instructed to focus on maximising regional advantages to plan and organise the development of their industrial bases, in harmony with the central government's development plan for their regions and as a whole to enhance the economy's and businesses' competitiveness.

"One of our key objectives is to build a strong institutional foundation for the development of industrial zones that suits the characteristics of industries while taking advantage of regional linkage and synchrony," the deputy minister said.

The MPI has been working closely with local authorities and other governmental agencies to build on the country's current Law on Industrial and Economic Zones, addressing major concerns of investors.

Việt Nam's objectives for the 2021-30 period include increasing the number of multinational corporations within the top 500 largest global corporations having a presence in the country by 50% and registered investment capital share of developed economies such as South Korea, Japan, Singapore, France, Germany, Italy, Spain, the United Kingdom and the United States by 70 per cent.

According to a report by the MPI, there were more than 400 established industrial zones across the country, many of which possessed highly advanced infrastructure and technologies.

In the coming decades, the Southeast Asian country is to stay committed to maintaining macroeconomic stability, and inflation control; boosting exports and trade surplus, and pushing for deeper integration in the global supply chain.

Việt Nam saw a surge in FDI in 2022 with a total amount of US$22.4 billion, the highest in the last five years. In the first seven months of 2023, newly registered FDI capital and newly licensed FDI projects increased by 38.6% and 75.5% respectively compared to the same period in 2022. 

New fees on gas emissions receive range of commentary

The draft decree drawn up by the Ministry of Finance, which imposes fees on gas emissions, has prompted a flurry of commentary from experts.

Lê Thanh Hải, Head of the Institute for Environment and Resources, Việt Nam National University of HCM City, said the idea of using economic incentives to drive gas emissions is a step in the right direction.

However, the devil lies in the details. The lump-sum part of the fees, which is set at VNĐ3 million (US$126) per year per facility, could trigger dismay among small facilities as it disregards the fact that they are likely to release less gas into the atmosphere than large ones.

The discrepancy between observatory data and environmental realities is another matter of concern for the institute head, given the limited number of observatory organisations in the country. Hải said the disparity would be pronounced in instances where emissions occur sporadically.

Võ Đình Long from the Institute of Environmental Science, Engineering, and Management, Industrial University of HCM City, said the fees would help improve the environmental consciousness among gas-emitting facilities and serve as a supplementary source of funding for environmental efforts.

However, the scope of the draft, Long said, should be expanded to encompass quarries, which are major contributors to air pollution with their emissions of stone dust and particles.

He also called for a rise in the fee levels to capture the true extent of damage the facilities cause to the environment. Current levels are believed to be insufficient to offset their environmental impact.

"We could learn from the fee systems in other countries to design a better one for our own," Long said.

Meanwhile, Hoàng Dương Tùng, former Director-General of the Việt Nam Environment Administration, Ministry of Natural Resources and Environment, said the scope of the draft is too broad and should be narrowed down to facilities with environmental permits.

"Those without environmental permits should be exempt from the fees for now," Tùng said.

He also said the lump-sum part of the fees should be applied only to facilities with low gas emissions whereas the per-unit part to those emitting higher quantities.

New incentives should factored into the fees to encourage the use of the Best Available Techniques that have been specified in the Law on Environment Protection.

Đỗ Duy Thái, chairman of Pomina Steel JSC, was at odds with the fees. He said it was not the right time to introduce new fees, given that the business community was in distress amid the global economic downturn.

"The fees should not be implemented until the economy recovers and companies get back on their feet," Thái urged.

The chairman also claimed that all steel mills operated by Pomina had made the grade environmentally and the corporation had always been eager to pay new fees for the sake of the environment.

However, environmental watchdogs, on their part, should be more transparent about how the fees would be used and to what extent they would contribute to the government's efforts to protect the environment. 

HCM City’s sourcing fair connects supporting-industry buyers, suppliers

The 2023 Sourcing Fair of Supporting Industries (SFS) was held in Ho Chi Minh City on August 25, attracting some 20 buyers and 130 suppliers.

The buyers, including Samsung Electronics Vietnam, Techtronic Tools Vietnam, Nidec Powertrain System (Vietnam) Co. Ltd.
and Mabuchi Motor Vietnam, presented their lists of more than 350 components in demand from domestic suppliers operating in electricity and electronics, manufacturing mechanics, precision mechanics, robotics and factory automation, automatic transmission equipment, and 3D printing, among many other fields.

The event featured more than 500 pre-arranged hybrid networking sessions between the sides involved.

Addressing the opening ceremony, Vice Director of the HCM City Department of Industry and Trade Le Huynh Minh Tu said main activities like product displays and workshops are expected to help Vietnamese producers in the sector come up with long-term investment plans and step by step engage in global supply chains.

This year’s fair is hoped to promote solutions that can increase foreign funding in production via linking FDI firms to a network of domestic suppliers, the official noted.

According to statistics, five editions of the SFS drew the participation of 96 FDI business, industrial end-product manufacturers, and 370 supporting industrial enterprises from the southern economic hub and other provinces, with 1,320 face-to-face networking sessions held.

Vietnam attends ASEAN Finance Ministers & Central Bank Governors Meeting

Deputy Minister of Finance Vo Thanh Hung highlighted Vietnam’s flexible monetary policy management in an effort to promote consumption, investment and business while addressing the 10th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) which was held in Indonesia on August 24 and 25.

The Vietnamese Government has taken strong measures to recover economic growth, he said, elaborating on the country’s socio-economic recovery and development programme, and the exemption, reduction and extension of payment deadlines of land-related taxes and fees, interest rate support for businesses and households, and public investment promotion.

At the same time, the country has consolidated its institutions and strived to ensure a transparent environment to lure more investors, he continued.

The official also stressed Vietnam’s contributions to financial cooperation of the Association of Southeast Asian Nations (ASEAN), notably the 26th ASEAN Insurance Regulators' Meeting (AIRM) to be held in Ha Long city in the northern province of Quang Ninh from December 5-8.

Delegates, including representatives from international organisations, looked into the regional and global economic and financial situation, and took note of the ten-member group's economic recovery, which has contributed to global economic growth.

They also stressed the need for the bloc to consolidate macro policies and flexibly use policy tools to achieve growth targets and maintain economic stability.

The 10th AFMGM approved a joint statement, pledging to further tighten the solidarity and cooperation for the common goal of building a strong, united and self-reliant ASEAN Community.

Vietnam Trade Office supports exports to EU

The Trade Office of Vietnam in Sweden and Northern Europe has compiled a book on the European Green Deal (EGD) and its impacts on exporters to the Nordic region.

The European Commission announced the EGD in 2019, a package of actions aimed at reducing greenhouse gas emissions and minimising resources use while achieving economic growth.

This means that products sold in the EU market need to meet higher sustainability standards. This agreement has an impact beyond the territory of the EU, directly affecting global manufacturers and exporters, including Vietnam.

Nordic countries are always at the forefront of environmental protection. At COP27, all Nordic countries reaffirmed and highlighted the importance of responsibility for protecting the environment and reducing the impact of climate change.

In this year’s budget estimates of these countries, there are budget expenditures for green investment activities and support for environmental protection.

The issue of environmental protection will continue to affect the consumption behaviour of Nordic people.

The trade office said the deal may impact some Vietnamese sectors like garment-textile, footwear, agriculture, fishery and steel, as it requires environmentally friendly materials and procedures.

With the book, the trade office hopes that Vietnamese businesses will promptly grasp regulations and market trends to adjust production and have access to new markets.

Apart from challenges, the EGD also offers new opportunities, it said, suggesting Vietnamese firms optimise them to create sustainable, environmentally friendly products in order to get long-term benefits.

The office has also popularised Vietnam International Sourcing 2023 to be held by the Ministry of Industry and Trade in Ho Chi Minh City from September 13-15, aiming to support domestic firms to engage more deeply into the global production and supply chains.

According to the ministry, many foreign supermarkets, distributors and retailers are making their shopping list for products from Vietnamese suppliers at the event, which is expected to connect foreign importers and domestic manufacturers and exporters.

The Vietnam International Sourcing 2023 will include a series of activities, including conferences, trade exchange programmes. It expects the participation of 300 businesses from different areas in the international supply chain.

The Vietnam International Sourcing 2023 is a reputable event that draws leading firms in various fields, including food, garment and textile, footwear, handbag, sportswear, home appliances, furniture, and supporting industries.

This year’s event expects to welcome 8,000 visitors and 150 delegations from 30 countries and territories. It has received greatest-ever interest from world leading companies.

Various trade, tourism promotion activities held in HCM City

Multiple activities have been held in Ho Chi Minh City from August 25-27 to promote trade, tourism and cuisine in the southern largest economic hub.

Food & Beverage Networking Fair 2023 opened in District 1 on August 25, attracting 120 businesses with nearly 60 booths. The three-day event also features thematic workshops, among other activities for businesses and consumers.

The same day, a three-day vegan food festival kicked off in District 7 with more than 200 booths. Notably, the festival will offer meals to 200 disadvantaged children.

HCM City led the nation in terms of revenue from tourism in the first half of 2023, with 80.8 trillion VND (3.39 billion USD). The figure represents a year-on-year rise of 62.7%, and is equivalent to 50.5% of the yearly target.

According to the municipal Department of Tourism, in the January-June period, the city served over 1.9 million foreign tourists, up 306% year-on-year, but equal to only 38.8% of the yearly target.

Over 17 tonnes of sugarcane from Hoa Binh exported to the US

A ceremony was held in the northern mountainous province of Hoa Binh on August 25 to ship a batch of 17.3 tonnes of fresh sugarcane to the US.

The event was co-hosted by Tien Ngan Trading and Investment Co. Ltd and the provincial Department of Agriculture and Rural Development.

Director of the provincial Department of Quality Control of Agriculture, Forestry and Fisheries Nguyen Huu Tai said sugarcane is a crop with great export potential and well-suited to the local climate and soil conditions, so it could be grown more to generate high economic efficiency.

Nguyen Le Diep, Director of the Tien Ngan Trading and Investment Co. Ltd, said the company plans to ship 300-500 tonnes of sugarcane to the Republic of Korea, the UK and the EU this year.

According to the provincial Department of Agriculture and Rural Development, local sugarcane has not only been present in various regions nationwide but has also found its way into foreign markets. Starting with just a 120-kg sample batch of purple sugarcane exported to Japan, its export volume has rapidly increased over the years, reaching 5.7 tonnes in 2020, 74 tonnes in 2021 and 300 tonnes in 2022.

The first batch of 20 tonnes of sugarcane was exported to the US on March 19.

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