Vietnam enjoyed a trade surplus of 16.25 billion USD as of August 15, according to the General Department of Customs.

Top exports include phones and accessories (2.42 billion USD); computers, electronic products and components (2.38 billion USD); garments and textiles (1.55 billion USD); and machinery and equipment (1.53 billion USD).

Meanwhile, the country spent 14.2 billion USD on importing commodities in the reviewed period, up 5.3% against the same period last year. 

The Ministry of Industry and Trade said it will continue to support businesses to optimise benefits from free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the UK – Vietnam FTA (UKVFTA), in an effort to boost exports amid a global market slump.

The ministry has also worked with the Ministry of Agriculture and Rural Development to negotiate with China to open its market to other fruits and vegetables of Vietnam such as green-skinned pomelo, fresh coconut, avocado, pineapple, star apple, lemon, and cantaloupe.

Vietnamese products introduced at Apparel Textile Sourcing Canada 2023

Two Vietnamese companies joined more than 200 other exhibitors at a fair called Apparel Textile Sourcing Canada 2023 held in Toronto from August 21-23.

Along with Viet Vuong and Vietnam Export Garments that had their own stalls at the fair, the Vietnam Trade Office in Canada introduced products produced by four others, namely Thai Son, May Hai, Tuong Long and Wisermax, at its booth.

Executive Director of the Canadian Apparel Federation Bob Kirke said that Vietnam's garment industry has many opportunities because its factories have long invested in implementing environmental measures and using energy efficiently. Therefore, their products have high competitiveness.

The Canadian garment and textile market is considered to have a very large consumption capacity, at up to 10 billion USD per year. However, Vietnam's exports to this market are still modest, even though the average annual growth has reached more than 40%.

Data from the Canada Border Services Agency showed that Vietnam's garment and textile export value reached about 1.8 billion USD in 2022, up 41.2% year-on-year. Vietnam has surpassed Bangladesh, a country with lower production costs, to become the second largest exporter of apparel and textiles to Canada, after China, with a market share of more than 12%.

Trade Counsellor at the Vietnamese Embassy Tran Thu Quynh said that with the trend of finding new partners of Canadian businesses, Vietnam is emerging as a country capable of supplying high-quality garments and textiles in large quantity.

Thanks to advantages of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canadian enterprises are very interested in the supply of goods from Vietnam. However, so far, the utilisation of this trade deal by Vietnamese firms remains low, she noted.

Currently, the Vietnam Trade Office in Canada is supporting Vietnamese companies by connecting and disseminating information about the Canadian market to help them make most of the principle of origin of the CPTPP in garment and textiles; and understand the change in Canadian thinking about apparel consumption as well as how to participate in the apparel textile sourcing fair in this country in the most effective way, she added.

Singaporean firms explore investment opportunities in Ha Nam

A delegation of Singaporean businesses on August 25 came to learn about the investment climate in the northern province of Ha Nam, expressing their intention to invest in the fields of solar energy, environmental protection, and finance - banking here.

At a meeting with the provincial People’s Committee, George Choo - President of the Association of Telecommunications and Technology Industry of Singapore (ATiS), said that Ha Nam, situated next to Hanoi and boasting a number of transport and geographical location advantages, has attracted great attention from businesses of many countries, including ATiS members.

They are planning to invest in the three main areas of solar energy, environmental protection and finance - banking, and their investments will help the province secure sustainable development in the future, he noted.

Highlighting local potential and advantages for investment attraction, Vice Chairman of the Ha Nam People’s Committee Nguyen Duc Vuong said his province pays special attention to trade, tourism, and economic development.

It is working to expand industrial parks to ready grounds for businesses to make investment, improve the quality of services at those parks, and boost training to supply qualified human resources for companies, he went on.

Ha Nam is accommodating seven Singaporean enterprises which have invested over 117 million USD and been operating fruitfully in the province, Vuong noted, adding that local authorities will continue providing optimal conditions for production and business activities of Singaporean investors.

The official also expressed his hope that after the ATiS delegation’s visit, more companies from Singapore will come to invest in Ha Nam.

Earlier, the Singaporean delegation paid a fact-finding trip of Dong Van III and IV industrial parks in Duy Tien town. They also had a working session with the Wistron Infocomm Vietnam Co. Ltd in Dong Van III Industrial Park./.

Ba Ria-Vung Tau strives to become regional-scale logistics centre

The southern province of Ba Ria-Vung Tau plans to expand its Cai Mep Ha Logistics Centre to 2,204 hectares, turning itself into a logistics hub of the region, according to an action plan on enhancing the locality’s logistics competitiveness and development until 2025.

The action plan, approved by the provincial People’s Committee recently to replace the 2017 version, aims to meet the current logistics service development requirements.

Objectives of the scheme include developing logistics services into a sector with high added value, associating logistics services with the expansion of goods production, import-export activities in the locality and the whole country, and promoting the development of transport and information technology infrastructure.

In 2025, the province expects to become a focal point of logistics service in the southeast region with a healthy growth of the logistics service market, attracting domestic and foreign investment, contributing to turning Ba Ria-Vung Tau into a port urban area in the future.

Specifically, in 2025, the province aims for about 4.4% of contributions from the logistics sector to the province’s gross regional domestic product (GRDP), with a growth rate of 8% and total volume of goods handled by the local port system reaching 100 million tonnes per year.

The province will focus on calling for investment to promoting the development of the logistics infrastructure in Phu My township and Vung Tau city, thus enhancing the efficiency of connections among the localities in the northern key economic region, the Mekong Delta region as well as between them and countries in the development triangle.

Ba Ria-Vung Tau will encourage the establishment of logistics service businesses, as well as the application of new technologies and the training of professional human resources in logistics.

Under a planning on Cai Mep Ha Logistics Centre that was approved in September 2020, the centre covers 1,763 hectares, including a logistic centre and Cai Mep Ha downstream port with an area of more than 984 hectares. Its surface area is over 455 hectares. The land for clean energy storage is more than 197 hectares and the potential water surface area, more than 125 hectares.

This is a functional area belonging to the new Phu My urban area planning, serving as a goods transshipment centre at regional and global scales, receiving and transshipping goods to/from domestic localities and countries around the world through sea, inland waterway and road.

At the same time, it is also a centre for receiving, storing, and processing raw materials, and packing, labeling and distributing goods, serving neighbouring industrial zones as well as the Cai Mep - Thi Vai port cluster, Vung Tau port and the whole seaports in Group 5, which includes seaports in the southeast region.

It also provides other supporting services for customs, coast control, quarantine, banking, and logistics training activities, among others.

However, in order to expand the Cai Mep Ha port into being able to receive vessels with a capacity of 250,000 tonnes or 24,000 TEU, the 2020 planning has been adjusted,

After the adjustments, the centre’s total area will be 2,204 hectares. The area of the Cai Mep Ha downstream port will increase to 1,485 hectares, and the water surface area 202 hectares.

Land for storage of clean energy will be switched into that for logistics and ports. The remaining area will become the potential water surface area.

Ba Ria-Vung Tau has a system of deep-water seaports spanning nearly 20km, which is classified as a national special one and serves as a gateway to the East Sea of the southern region. The local Cai Mep-Thi Vai is now the only port cluster in Vietnam that accommodates ships carrying containers directly to Europe and America, without transhipment through a third country.

The province has identified tourism development as one of its important economic pillars toward becoming a high-quality, world-class tourism hub. Currently, the local tourism activities mainly take place in the Vung Tau - Long Hai - Phuoc Hai - Binh Chau national tourist areas, as well as on Con Dao island.

German expert suggests ways to help Vietnamese firms further optimise EVFTA

Marko Walde, Chief Representative of the Delegation of the German Industry and Commerce in Vietnam, Myanmar, Cambodia and Laos, has suggested Vietnamese businesses to utilise the support of competent agencies, international trade promotion agencies and associations in order to further penetrate into the demanding EU market.

In an interview granted to the Vietnam News Agency (VNA)’s correspondents in Berlin on the occasion of the three years of implementing the EU-Vietnam Free Trade Agreement (EVFTA) (August 1, 2020), the expert noted that Vietnamese firms would benefit more from the deal.

This is the fourth free trade agreement the EU has signed with an Asian nation, and the second with a member of the Association of Southeast Asian Nations (ASEAN), he stressed.

Walde said thanks to the deal, trade between the two sides has been growing despite impacts of the COVID-19 pandemic over the past three years, adding it has also created more opportunities for German enterprises in Vietnam.

However, Vietnamese businesses have yet to take full advantage of the agreement, with Vietnamese goods making up only about 2% of the EU’s total imports, he said.

The expert pointed out that complex administrative procedures are a main barrier to companies from Germany in particular and Europe in general although Vietnam has made efforts in streamlining them.

Other limitations are infrastructure, he said, suggesting Vietnam improve its capacity, especially in renewable energy to maintain economic growth, and modernise its roads, railways, seaports and airports to ensure smooth business and trade operations.

According to Walde, partnerships with European businesses, including those from Germany, have facilitated technology transfer and Vietnam’s integration into supply chains.

Vietnamese enterprises need to raise their awareness and understanding about standards and regulations set by the EU, he continued, suggesting them seek support from competent agencies, especially through programmes launched by the Government, in order to sharpen their competitiveness.

They should optimise technical support from the EU and Germany to improve supply chain connectivity, he said.

Besides, visa and work permit procedures remain a challenge, he went on, stressing the need for Vietnam to invest more in human resources development to become more attractive to European investors who are seeking skilled labourers and long-term partnership.

Samsung Vietnam supports 12 businesses to develop smart factories

Samsung Vietnam, in collaboration with the Ministry of Industry and Trade and localities, held the closing ceremony of the "Smart Factory Development Cooperation Project", phase 1/2023 at 12 participating enterprises in the North to summarise and evaluate the performance of the project.

After nearly three months of implementation (from June 7 to August 23, 2023), the first Smart Factory Development Cooperation Project has achieved many impressive results. Vietnamese consultants, together with Korean Samsung consultants, directly survey, evaluate and consult businesses.

The project also supported the development of smart factory models for 12 enterprises, including five from Bac Ninh, one from Vinh Phuc, two from Hanoi, three from Hung Yen and one from Ha Nam, and achieved many positive results.

Kweon Hyeogchel, a consultant from Samsung Korea, said: “I clearly felt the strong spirit of business leaders during project implementation towards the goal of developing the Smart Factory model, further improving its own competitiveness in the context of intense competition and current economic difficulties.”

Choi Joo Ho, President of Samsung Vietnam, said: “I am really delighted and proud to be able to visit the site and witness with my own eyes the spectacular change of businesses as a result of their participation in the Smart Factory Development Cooperation Project. Every nook and cranny of the factory appears to be taken care of by experts.”

“Furthermore, I believe that when businesses are determined to realise the smart factory model, the Vietnamese Government could ease the burden on these enterprises by applying policies that support cost subsidies or tax breaks,” he added.

Pham Tuan Anh, Deputy Director of the Department of Industry, said: "The enterprises participating in the project have promoted their strengths, applied creativity effectively, actively and proactively in the implementation of tasks and support solutions from experts, and have achieved important and positive results.”

Thang Long Packaging Production and Import-Export Joint Stock Company is one of the enterprises participating in this project.

Nguyen Minh Ngoc, general director of the company said: "Previously, we managed data entirely by manual methods. This project helped us digitise and manage the data on the software and the system.”

The project "Support for the development of smart factories" phase 2/2023 will be implemented in the southern region from September 2023, and will also advise 12 businesses.

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.

Fruit and vegetable exports hit record high over eight-month period

Fruit and vegetable exports during the past eight months stood at an estimated US$3.5 billion, up nearly 56% over the same period from last year, hitting a record high for the fruit and vegetable industry, according to statistics released by the General Department of Vietnam Customs.

Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association, attributed this sharp increase to the reopening of the Chinese market, adding that the export turnover of this item may reach US$1.5 billion this year.

According to information given by a representative of the Vietnam Fruit and Vegetable Association, Vietnamese jackfruit will also see robust growth in the Chinese market moving forward as the northern neighbour's demand for the fruit increases.

Currently, China is considering Vietnamese fresh coconut products for official exported in the time ahead. Furthermore, Vietnamese coconut exports will enjoy many breakthroughs as the United States has just given the greenlight to these items.

The Vietnam Fruit and Vegetable Association therefore forecasts that this year's fruit and vegetable exports may exceed the US$4 billion mark.

The Plant Protection Department under the Ministry of Agriculture and Rural Development revealed that since 2021, the Plant Protection Department has received 107 warnings about export shipments that fail to meet relevant food hygiene and safety requirements.

In order to strengthen the overall quality management of exported agricultural products, the Ministry of Agriculture and Rural Development has proposed that the Government devise two decrees relating to management of the growing area areas and the packaging facilities for fruit and vegetable exports.

Vietnam Airlines named among top 10 international airlines of 2023

National flag carrier Vietnam Airlines has officially entered the top 10 international airlines of 2023, according to the rankings conducted by Bounce, a US-based luggage storage service company that operates in over 1,000 cities worldwide.

Bounce's experts scored 60 global airlines based on criteria such as on-time flight performance, the number of cancellations/delays, quality of in-flight services, onboard meals, seating, staff service, ground support, among others.

Japan Airlines took the lead in the rankings with a score of 8.28 out of 10, followed by Singapore Airlines 7.63 and Qatar Airways 7.5. 

Apart from Vietnam Airlines and the three above carriers, Korean Air, Vistara, All Nippon Airways, Ethiopian Airlines, Air India, Azul Airlines, and Emirates Airline also made them into the top 10.

Vietnam Airlines shares the 10th position with Emirates Airline, both achieving a total score of 5.16.

Viet Nam to face shortage of charging stations

With the increasing domestic sales of electric vehicles (EV), active participation of imported electric car manufacturers, and the flourishing of electric vehicle transportation services, Việt Nam is facing numerous challenges regarding charging station infrastructure in the coming years.

During 2018-22, there were 7,780 registered EVs nationwide. However, since the beginning of 2023, this figure has increased to nearly 20,000, with a large portion contributed by the rise in popularity of VinFast, the country's largest EV maker.

In addition, a number of domestic brands, including TMT Motor, THACO and TC Motor have since been making their moves in a bid to compete with VinFast for the Việt Nam market, on top of foreign brands such as OMODA, Wuling, Haima, Haval, Zhidou and Lynk & Co. Industry experts have said there are reasons to anticipate a rapid growth period for EV production in Việt Nam in the near future.

Meanwhile, the country's charging station infrastructure has been trailing behind with VinFast being the only major service provider with more than 150,000 stations across the country as reported in 2021. In the last few years, the company, however, has been focusing on new products, battery technology, transport services, exports and the construction of its factory in the US.

There has been no announcement from the company regarding a plan for the expansion of Việt Nam's charging station network. The company has also made it public that it will not be sharing charging stations with other brands, at least for the next 10 years, a move similar to Tesla at the beginning of the proliferation of EVs in the US.

Despite efforts by other brands to build additional charging stations, demand will likely significantly outpace supply in the next few years, experts say. They have been voicing their concerns over the next phase in the development of EVs in Việt Nam and calling on the government to take additional steps to support it.

In a recent proposal by the Ministry of Transport, the ministry urged the government to implement a series of policies to encourage new investment and renovation projects to establish charging station networks in the country. The ministry stressed the importance of financial support, transparent legal framework, tariff and tax cuts, electricity pricing and supply as key components for the development and operation of charging stations.

Notably, the ministry proposed a scheme for electricity pricing in which retail electricity prices (for charging stations) are categorised based on voltage level, normal hours, off-peak hours, and peak hours. The lowest rate was 68 per cent of the average retail electricity price (1,306 VND/kWh), and the highest would be 205 per cent of the average retail electricity price (3,937 VND/kWh), VAT not included.

"Giving charging station companies a lower electricity rate is a significant support policy, which will encourage more companies to invest in the new industry and in my opinion it's something that should be done immediately," said Nguyễn Ngọc Cường, CEO of EverEV Corporation, a company specialising in charging station infrastructure.

He said many Vietnamese companies already possessed the know-how in manufacturing and installing charging stations. However, due to a lack of domestic suppliers, they must still work with foreign partners. A streamlined import protocol for charging technologies and components, therefore, is crucial to their operations.

Even VinFast's charging station network has started showing signs of being congested with the rapid increase in the number of EVs in recent years, especially after the company debuted its own EV taxi service, Taxi Xanh SM in June.

Another approach to solve the issue is home charging, which has been a popular choice for many new owners of EVs. However, it is a solution not readily available to many owners who do not have their own garages or sufficient space and power supply. 

Cyber immunity key to creating a secure digital world: experts

International cooperation is needed to enhance cyber immunity and create a secure digital world, experts said at a conference on Thursday in Indonesia.

Speaking at the meeting, Eugene Kaspersky, CEO of Kaspersky, the event’s organiser, said cybercriminals do not adhere to national or geographic boundaries, making it essential for countries to have cybercrime laws in place.

It’s vital for countries to have the legal authority to assist foreign countries in investigations, even if they have not suffered any damage themselves, he said.

“By establishing international guidelines for combating cybercrime, the process of digital investigations involving multiple countries can be streamlined, eliminating regions where cybercriminals can escape the reach of national laws,” he said.

The concept of cyber immunity centres around implementing a level of protection that makes attacking a company more costly than the potential benefits, according to Kaspersky.

“It is impossible to guarantee 100 per cent protection in the current IT landscape, where everything is vulnerable to hacking,” he said.

The key is to make attacks financially unprofitable for potential criminals, according to Kaspersky.

Kaspersky recently trademarked their approach, known as Kaspersky Cyber Immunity, which aims to create virtually invulnerable solutions and minimise potential vulnerabilities.

The cyber immunity approach separates the IT system into isolated parts and controls the interactions between them, making most attacks ineffective and allowing the system to continue performing critical functions even in aggressive environments, thus stopping potential attackers in their tracks.

“In an age where technology can be used by good guys and bad guys alike, traditional cybersecurity is no longer enough. We need to revolutionise our defences to ensure we create a more secure digital world,” he noted.

The conference also discussed the intersection of artificial intelligence (AI) and cybersecurity.

AI has emerged as a powerful tool in the field of cybersecurity and beyond, experts said. The arrival of ChatGPT at the end of 2022 sparked debates on AI’s tangible effects and its potential to disrupt industries globally.

Noushin Shabab, senior security researcher for Asia Pacific Global Research and Analysis Team, said while AI has proven to be a powerful tool in various fields, including cybersecurity, it can also be exploited by cybercriminals for advanced persistent threat (APT) attacks.

AI can assist cybercriminals in various stages of a sophisticated cyberattack, from reconnaissance to data exfiltration, she said.

To counter these AI-assisted APT attacks, experts recommended implementing advanced security solutions, keeping software updated, providing employee training on cybersecurity best practices, and enforcing multi-factor authentication for critical systems.

Adrian Hia, managing director for Asia Pacific at Kaspersky, emphasised the growing awareness of leveraging AI for business benefits in the APAC region.

He pointed out that AI spending in the region is expected to double in three years, indicating a promising future for AI implementation.

However, he stressed the importance of prioritising cybersecurity alongside AI adoption to ensure its advantages are enjoyed without compromise.

With the exponential growth of internet-connected devices, cyber threats have become more prevalent than ever, experts warned.

The conference titled “Deus Ex Machina: Setting Secure Directives for Smart Machines,” was organised by Kaspersky, a global cybersecurity company founded in 1997 in Russia.

The company has signed agreements with various countries, including Việt Nam, to provide solutions to protect against cyber threats.

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. 

Measures to further deepen trade ties between Việt Nam and UK discussed

Measures were discussed at the Second Trade Committee Meeting of the Việt Nam-UK Free Trade Agreement (UKVFTA) to boost trade between the two countries. 

The meeting, which was held on Thurday, was co-chaired by Vietnamese Deputy Minister of Industry and Trade Phan Thị Thắng and British Minister of State for International Trade Nigel Huddleston.

Reports on previous meetings of professional committees were presented at the meeting. 

Thắng and Huddleston appreciated the efforts of the committees in coordinating to solve problems and updating each other on each side’s legal regulations, contributing to effectively implementing the UKVFTA.

The two sides also discussed a wide range of sectors, including measures to increase access for Vietnamese rice in the UK market and to calculate the FTA utilisation rate.

At the end of the meeting, Thắng and Huddleston agreed on continuing to actively and closely cooperate at all levels to further enhance the exploitation of commitments of the deal, contributing to promoting bilateral trade and investment.

The same day, Thắng and Huddleston co-chaired the 13th meeting of the Joint Committee on Economic and Trade Cooperation between Việt Nam and the UK (JETCO 13) in Hà Nội.

Deputy Minister Thắng said the cooperation mechanism of the joint committee has recorded sustainable development, contributing to resolving policy obstacles, and building a more favourable business environment for enterprises of both sides.

The bilateral cooperative relationship between the two countries has witnessed remarkable leaps across economic sectors, she stressed.

During the meeting, both sides frankly discussed the fields of energy, healthcare, finance-banking, trade and investment, and tourism.

Việt Nam updated the UK side on the implementation of the National Power Development Plan VIII, as well as details about the direct power purchase agreement (DPPA) mechanism between renewable energy generators and big electricity consumers.

The Vietnamese side thanked the UK for its support in the Just Energy Transition Partnership (JETP) mechanism, and proposed the UK further support Việt Nam's energy transition process, and help Việt Nam improve its capacity in managing and operating the power system, and developing the electricity market.

Regarding healthcare partnerships, Việt Nam provided the UK with information regarding the amended Pharmacy Law, a topic that the UK is interest in. Việt Nam also proposed the UK cooperate in scientific research, technology transfer, medicine and vaccine production, and enhance academic exchange between the two countries.

The UK side expressed its willingness to cooperate with Việt Nam in healthcare, while mentioning the ASEAN health programme and the health innovation centre in HCM City which the UK plans to implement.

For agriculture, food and beverage, the UK showed interest in Việt Nam's guidance and support for market opening registration for the UK's poultry, beef, and seafood products in Việt Nam. Meanwhile, Việt Nam hoped that the UK would support Việt Nam in improving the capacity for research on infectious diseases from animals to humans, as well as in technology transfer for producing new vaccines against new viruses.

Both sides shared their special interest in Fintech, expressing their hope for more cooperation opportunities in building capacity in this area in the near future.

Regarding bilateral trade and investment, Việt Nam welcomed the UK’s membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and proposed the UK provide relevant technical assistance programmes for Việt Nam.

Notably, the two sides agreed to promote discussion on tourism cooperation, saying that the tourism development between the two countries will help promote bilateral trade, investment and education-training collaboration.

Huddleston affirmed the matters discussed at JETCO 13 will be further implemented through technical cooperation programmes between the two nations, towards lifting the bilateral relations to a new height.

Trade between the countries declined in the first months of 2023 but rebounded in recent months. According to data from the General Department of Vietnam Customs, trade between Việt Nam and the UK rose 0.5 per cent to US$3.95 billion in the first seven months of the year, of which Việt Nam's exports of nearly $3.5 billion, down slightly by 0.1 per cent year-on-year.

Meanwhile, Việt Nam's imports from the UK rose 6 per cent on-year to $460.1 million over the same period last year.

During the period, the UK invested in 28 new projects with total registered capital of £44.9 million in Việt Nam.

The UK currently has run 536 direct investment projects in the country with total registered capital of $4.28 billion, ranking 15th among 143 foreign investors in the country.

The UKVFTA officially took effect on May 1, 2021. Many Vietnamese strong products have the opportunity to access the UK market as many countries do not have an FTA with the UK.

The third meeting of the UKVFTA Trade Committee is expected to hold in London in 2024. 

Flash Sale Holiday to be launched in HCM City

The HCM City Department of Industry and Trade will hold a Flash Sale Holiday on September 8-10, giving people a good chance to buy discounted branded products.

The event will be held at Tan Son Nhat Pavilion Hotel in Phu Nhuan District. Great discounts for famous luxury products will be offered.

HCM City is also organising the Shopping Season Promotional Programme.

The Vietnam News Agency reported that the number of participating businesses increased by 7.50 percent that of promotional programmes, by about 20 percent over the same period in 2022. About 30 percent of the promotions had discounts exceeding 50 percent.

Thua Thien-Hue ginseng growers face crop failure

Bo Chinh ginseng growers in the central province of Thua Thien-Hue are facing losses because of widespread crop failure.

A Luoi District is home to 8.20 hectares of Bo Chinh ginseng, but the majority died due to a fungal infection. 

Pham Minh Tu, a farmer in Quang Nham Commune, said that last year, his family piloted the Bo Chinh Ginseng plantation. The trees developed very well. So, early this year, he increased the ginseng area to nearly 1,000 square metres. But in June, while in bloom, many of the ginseng trees showed symptoms of wilting, leaf drop, and flower drop, followed by a gradual decay from their leaves down to the roots.

The yield collapse has caused his family to lose around tens of millions of VND.

Famers in A Luoi have collaborated with SBC Hoang Gia Company Ltd. Co. to grow Bo Chinh ginseng trees.

According to Nguyen Hai Teo, director of Quang Nham Co-operative, local authorities sent the affected ginseng samples to the Plant Protection Institute for testing. The institute concluded that the massive deaths were due to a kind of fungus named Fusarium.

The recent prolonged rainy weather is the main reason for the disease.

US startup transfers water treatment technology to Vietnamese firm

ZwitterCo, a US startup that develops filtration membranes to treat the most challenging wastewaters, has successfully transferred the Nano-enabled water treatment technology to Vietnam’s technology-farm produce export-import Co., Ltd.

 Speaking at the technology transfer ceremony in the southern province of Ba Ria-Vung Tau on August 27, Pham Hong Quat, Director of the National Agency for Technology Entrepreneurship and Commercialisation Development (NATEC) under the Ministry of Science and Technology, said with the transfer of this breakthrough water treatment technology, industrial parks can use it to create a shared platform and infrastructure in order to reduce costs for businesses.

On this occasion, the National Startup Support Centre at the NATEC signed cooperation agreements with units to promote the commercialisation of technology projects in Vietnam.

Vietnam, Singapore reinforce economic connectivity in five pillars

The 17th Vietnam - Singapore Connectivity Ministerial Meeting took place in Hanoi on August 27 under the co-chair of Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Singaporean Second Minister for Trade and Industry and Minister for Manpower Tan See Leng.

The event gathered the two countries’ officials related to the five economic cooperation pillars of energy connectivity, sustainable development, infrastructure, digital techniques and innovation, and connectivity (including in such sectors as education, finance, information technology and telecommunications, tourism, investment, trade, services, and transport).

The five pillars are specified in an upgraded connectivity framework agreement expected to be signed during Singaporean Prime Minister Lee Hsien Loong’s ongoing official visit to Vietnam.

The existing connectivity framework agreement, signed by the two Governments in 2005, is a cooperation programme focusing on finance, education and training, transport, information technology and communications, investment, trade, and services. To explore new potential cooperation areas, the two Governments agreed to expand the deal’s coverage to energy and sustainable development.

In the first 10 months of 2022, bilateral trade reached 7.7 billion USD, up 15.8% year on year. Singapore is currently one of the leading foreign investors in Vietnam, with about 3,030 valid projects worth nearly 70.3 billion USD. Among those projects, the Vietnam - Singapore Industrial Parks (VSIPs), which cover over 7,000ha of land, attract about 18 billion USD in investment and create more than 312,000 jobs, are considered symbols of the countries’ economic partnerships.

At the meeting, Minister Dung stated that Vietnam pledges to continue improving the investment climate, perfecting the legal system and foreign investment attraction policies, and assisting Singaporean investors.

He suggested the city state transform the VSIPs into ecological ones; boost investment in the key and priority fields of Vietnam such as electronics, big data, high technology, new materials, renewable energy, supporting industries, e-commerce, and smart city building; and help Vietnam develop such industries as textile - garment, wood processing, shipbuilding, industrial infrastructure, chemical production, and petrochemistry.

On this occasion, the two ministers witnessed the signing of an MoU on innovation cooperation between the National Innovation Centre of Vietnam and the Advanced Remanufacturing and Technology Centre under Singapore’s Agency for Science, Technology and Research (ASTAR), along with another on cooperation in training Vietnamese interns in the fields of supply chains and logistics between the Vinh Phuc provincial People’s Committee and the YCH Group Pte. Ltd of Singapore.

Thai banking giant keen to inject capital into Vietnamese market

Kasikornbank (KBank), the second largest bank in Thailand, has unveiled plans to pour more than US$1 billion into Vietnam before 2027, in an attempt to tap into this lucrative market of more than 100 million consumers, recently announced Pipit Aneaknithi, president of KBank.

According to plan, the majority of the investment, approx. US$735 million, will be pumped into banking operations, while the remainder will be used for KBank's two subsidiaries in Vietnam, with US$336 million to be funneled into KVision investment fund and US$7 million into KBTG technology company.

Currently, KBank has a representative office in Hanoi along with a branch in Ho Chi Minh City which has been licensed to operate since 2021 with an initial charter capital of US$80 million.

In May 2023, the Thai bank increased its charter capital to US$285 million, becoming the foreign bank branch with the second highest charter capital in Vietnam.

Vietnam is viewed as KBank’s key development hub in the Southeast Asian region thanks to its outstanding advantages in terms of young population and the large number of engineering graduates that can help the country to engage more deeply in the global supply chain, said Aneaknithi.

Furthermore, the Government has also deployed drastic policies to accelerate economic growth and support local firms, he added.

The KBank representative revealed that with the increase of investment capital in the Vietnamese market, the Thai banking giant intends to target small and medium-sized enterprises (SMEs) which make up more than 97% of enterprises in the country, but account for just 20% of the market share in the credit capital market structure.

By the end of this year the KBank branch in Ho Chi Minh City aims to disburse US$40 million for SMEs and business households via an online platform.

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