The National Innovation Centre (NIC) in collaboration with the Japan Trade Promotion Agency (JETRO) and the Japanese Embassy in Vietnam on August 29 held a ceremony to announce the programme “Inno Vietnam – Japan Fast Track Pitch 2023” (Vietnam – Japan Innovation: The Road to Success) in Hanoi.

The programme is within the framework of the "ASEAN - Japan Co-Creation Fast Track Initiative" activity co-chaired by the Ministry of Planning and Investment and the Ministry of Economy, Trade and Industry of Japan.

At the ceremony, six large enterprises and corporations possessing challenges from Japan and Vietnam announced details of their 2023 challenges, including VinGroup, FPT Corporation, Corporation technology MoMo (Vietnam); Kokyu Corporation, Money Forward Corporation, and Fujikin Danang Research, Development and Production Centre (Japan).

According to a representative from NIC, the programme held in Vietnam for the first time aims to attract innovative and start-up businesses from Japan and Southeast Asia to solve urgent problems that major businesses and corporations are encountering. The partnership between the challenger and the solution-proposer helps with promoting knowledge exchange and increasing the effectiveness of the application of the achievements of the Fourth Industrial Revolution.

It is also a good opportunity for innovative businesses and startups to introduce products and solutions to potential large customers. In particular, excellent products and solutions will have an opportunity to be supported by challengers to develop and invest in the future, toward market expansion and participation in the global value chain.

Ishikawa Hiroshi, Executive Director of JETRO, and Special Advisor to the Minister of Economy, Trade and Industry of Japan, said that the programme is the fastest way for innovative businesses and startups to set up businesses, access support organisations and other Government resources.

Hanoi's August CPI rose 1.08% from last month

Hanoi’s consumer price index (CPI) in August rose 1.08% month on month, 1.6% from December 2022, and 0.78% from a year earlier, the municipal Statistics Office reported.

The eight-month CPI inched up 0.96% from the same period last year, it noted.

In August, the capital recorded month-on-month price hikes in 10 of the 11 categories of goods and services. Transport was up 3.74%, education 3.61%, housing, electricity, water, fuel and construction materials 0.9%, while food and catering services were up 0.69%. In other areas, beverages and cigarettes were up 0.33%, while apparel was up 0.28%. Culture, entertainment and tourism was up just 0.12%, while household equipment and appliances increased by 0.07% and medicine and health services did so by 0.02%. A measure of other goods and services revealed a slightly larger increase of 0.44%.

Postal and telecommunications services saw a decline of 0.39% from July.

Meanwhile, Hanoi has welcomed about 437,000 tourist arrivals in August, up 8.9% from the previous month and 62.3% year on year. They include an estimated 280,000 international visitors, rising 12.7% month on month and 2.3-fold year on year.

The number of tourist arrivals over the first eight months of the year totaled 3.06 million, surging 2.2-fold from the same period last year. That includes almost 2 million foreign arrivals, shooting up 4.2-fold from a year earlier, according to the Statistics Office.

Tuyen Quang creates maximum support for RoK investors: official

Tuyen Quang pledges to create the best conditions for investors from the Republic of Korea (RoK) to invest in the northern mountainous province, Chau Van Lam, Secretary of the provincial Party Committee said at a seminar between Tuyen Quang leaders and representatives of RoK enterprises in Seoul on August 29.

The event, co-organised by the Vietnamese Embassy in the RoK and the Korea Federation of Small and Medium Business, aims to connect and promote investment attraction between Tuyen Quang province and Korean partners and investors.

In his speech, the provincial leader highlighted local potential, such as natural conditions, abundant labour resources which are favourable for the development of agriculture, forestry, processing industry, commerce and service industries.

Lam emphasised that in recent years, to attract domestic and foreign investment, Tuyen Quang province has issued incentive policies to encourage investment relating to tax, site clearance support and building an infrastructure system that facilitates production and business.

Tuyen Quang wishes to seek cooperative relationships with Korean partners and businesses in the fields of hi-tech agriculture and forestry, agricultural product processing; building industrial park infrastructure, investing in building factories to manufacture and assemble electronic components as well as smart urban areas, ecological urban areas, resorts and golf courses, he continued.

Vietnamese Ambassador to the RoK Nguyen Vu Tung said that Vietnam and the RoK are opening a new stage in cooperation after 30 years of establishing diplomatic ties, based on a comprehensive strategic partnership.

In the first half of this year, friendship and cooperation between the two countries, with economic collaboration being a very important pillar, continued to have many highlights. Locality-to-locality cooperation activities were also active and substantive. Leaders of Vietnamese localities have visited the RoK and vice versa, opening up new cooperation in the fields of economy, trade, investment, tourism, people-to-people exchanges, education and human resources development, he said.

He emphasised ample room remains for Vietnam and the RoK to enhance bilateral cooperation.

At the seminar, representatives of Tuyen Quang province introduced projects that call for investment and proposed cooperation with Korean partners along with briefing Korean enterprises on the locality's investment environment, incentive mechanisms to attract capital, focusing on those of manufacturing and assembling automobiles, electronic components, wood processing and biomass power.

Businesses of the two sides also discussed their cooperation opportunities.

Vietnamese, Singaporean firms licensed to take first steps of offshore renewable energy project

The Petrovietnam Technical Services Corporation (PTSC) and its Singaporean partner Sembcorp Utilities Pte Ltd have been granted a survey license and a letter of content to carry out the steps related to a project on developing offshore renewable energy in Vietnam and exporting clean electricity to Singapore.

The granting, in the presence of Prime Ministers Pham Minh Chinh and Lee Hsien Loong, was part of a conference held in Hanoi on August 29 to promote investment cooperation projects between the two countries.

There, the Vietnamese Ministry of Natural Resources and Environment (MoNRE) handed over a decision approving the monitoring, investigation, surveying, and assessment of marine resources to PTSC, a member of the Vietnam Oil and Gas Group (Petrovietnam). Meanwhile, the Singaporean Ministry of Trade and Industry presented a letter of intent approving this project to Sembcorp.

The moves enabled the two enterprises to take the next steps in their offshore renewable energy project in Vietnam to export clean electricity to Singapore.

With this license, PTSC is currently the first and only investor in Vietnam to have been permitted by the MoNRE to monitor, investigate, survey, and assess marine resources to develop offshore wind power.

In February 2023, PTSC and Sembcorp signed a joint development agreement on the cooperation in investing in and exporting electricity produced from offshore renewable energy in Vietnam to the city state.

Accordingly, their project will turn out some 2.3GW of power and export to Singapore through a submarine cable system to meet the country’s clean electricity demand from 2030.

It is expected to help realise the two countries’ memorandum of understanding on building the partnerships in green economy and digital economy.

Eight-month veggie, fruit exports up 57.5%

Vietnam earned 3.45 billion USD from exporting vegetables and fruits in the first eight months of 2023, up 57.5% year-on-year, according to the Ministry of Agriculture and Rural Development.

The figure exceeded last year’s export turnover of 3.16 billion USD. And with that growth pace, it is expected to surpass the record of 3.81 billion USD set in 2018.

According to Deputy Minister of Agriculture and Rural Development Hoang Trung, in the coming time, the Central Highlands region will enter the main durian crop which is off-season compared to other countries. This will be an advantage helping the export value surge.

To date, more than 300 durian growing area codes and nearly 100 packaging codes have been granted.

Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetables Association (Vinafruit), said that with the current two-digit growth rate, the export revenue of vegetables and fruits may hit the 5 billion USD mark.

Currently, China remains Vietnam’s veggie and fruit importer, accounting for 65% of the revenue.

Dong Thap, China's Guangxi eye stronger trade ties

A workshop updating information related to regulations on agro-aquatic export to the Chinese market, and promoting connections between businesses of the Mekong Delta province of Dong Thap and the Guangxi Zhuang Autonomous Region of China was held in Cao Lanh city on August 29.

Addressing the event, Deng Wenjuan from the Department of Commerce of Guangxi province introduced the potential and strengths of the Chinese locality, saying that Guangxi shares several border gates with Vietnam. Infrastructure facilities have been comprehensively invested to facilitate the import and export of fruits and aquatic products.

Guangxi will propose more measures to deepen substantial trade cooperation in fruit and aquatic products with Vietnam, including Dong Thap, thus facilitating economic and trade cooperation between Vietnam and China, she stated.

To Ngoc Son, Deputy Director of the Asia-Africa Market Department under the Ministry of Industry and Trade, said Guangxi holds an important position in the economic and trade cooperation with Vietnam as it is the only Chinese locality that has border crossings in all forms of transportation (road, river, rail, and sea).

Guangxi stands as one of the top-tier crucial gateways for Vietnamese goods, especially for farm produce to enter the Chinese market, Son stressed, underlining the significance of the event as offering a chance for businesses operating in the field of agricultural, fisheries, and logistics of the two sides to explore trade cooperation opportunities.

According to the Asia-Africa Market Department, China is Vietnam's largest trade partner and the biggest consumer of Vietnamese goods, particularly agricultural and aquatic products.

However, amidst the global economic downturn, the Vietnam-China trade relationship has been affected. Two-way trade in the first half of 2023 decreased by 13.6% year-on-year.

At the workshop, representatives from nearly 20 businesses in Guangxi and many businesses in Dong Thap engaged in discussions to seek opportunities for trade links in the agricultural and aquatic sectors.

In the first 6 months of 2023, trade between Dong Thap and China reached 126 million USD, with the main exports to China being aquatic products, rice and rice products, and footwear.

Int'l apparel, textiles trade fair to be held in HCM City next year

The Vietnam International Trade Fair for Apparel, Textiles and Textile Technologies (VIATT) will take place in Ho Chi Minh City from February 28 to March 1, 2024, co-organisers announced on August 29 at a press conference.

Messe Frankfurt (HK) Ltd and the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade said they expect over 500 exhibitors and around 35,000 visitors will come to visit the first edition of VIATT.

Wendy Wen, managing director of Messe Frankfurt (HK) Ltd, said that serving as a supplementary trade fair to existing events in China, VIATT will effectively extend China’s market reach into Southeast Asia.

“We’ve designed it to reinforce our global Texpertise Network, spanning the entire textile value chain. The network, which links over half a million textile professionals globally and organises more than 50 international textile trade fairs across 11 different countries, will lend its full support to the fair,” she said 

Vu Ba Phu, director general of VIETRADE, said that Vietnam has emerged as one of the leading textiles exporting countries worldwide, with growth in the past 10 years ranging from 15% to 20% yearly.

“VIATT 2024 will be an important hub helping suppliers and buyers in all categories to meet, source and unleash the full potential of this market,” Phu said.

Eight elevated stations of Nhon-Hanoi Station metro line completed

As of August 28, about 99.5% of the work on the construction of the elevated section of the Nhon-Hanoi Station metro line had been completed, including the accomplishment of eight elevated stations across the line, according to the Hanoi Urban Railway Project Management Board.

An elevated station measures 22.5m in height and 24m in width, which is 8m above the road surface.

The eight stations are named according to the geographical locations that the metro route passes through, including Nhon Station, Minh Khai Station, Phu Dien Station, Cau Dien Station, Le Duc Tho Station, National University Station, Chua Ha Station, and Cau Giay Station. Each elevated station is also designed with specific images to promote Hanoi’s culture and values.

The Nhon - Hanoi Station metro project has a total length of 12.5km. The line passes through eight elevated and four underground stations.

Work on the line started in 2009 and was initially scheduled for completion in 2015. After four deadline extensions, it is expected to be finished in 2027.

Export of agro-forestry-aquatic products down 9.5% in eight months

Vietnam's total export-import turnover of agro-forestry and aquatic products in the eight months of this year was estimated at 59.69 billion USD, reported the Ministry of Agriculture and Rural Development.

Of the figure, 33.21 billion USD was worth of exports, down 9.5% annually, but still resulting in a trade surplus of 6.72 billion USD.

In August alone, agro-forestry-aquatic products brought home 4.36 billion USD from exports, down 6.5% annually.

Several commodity groups posted an increase in export value such as fruits and vegetables, rice, and coffee.

Meanwhile, rubber, tea, cashew nuts, pepper, and cassava and its products saw their export prices fall by 2.6-19.6%.

China, the US, and Japan remained the top three importers, with China accounting for 21.9%, up 9.8%; the US 20.6%, down 27.4%; and Japan 7.6%, down 10.6%.

Seizing market opportunities, especially in commodity groups of strength, the ministry has instructed localities to regulate production plans and boost exports, step up negotiations and market access for official exports while expanding export markets.

It is also working with localities to hold the Vietnam Rice Festival 2023 in the Mekong Delta province of Hau Giang.

HCM City’s CPI inches up 0.7% in August

Ho Chi Minh City’s consumer price index (CPI) rose by 0.7% in August, with eight out of the 11 groups of commodities and services witnessing an increase in prices, according to the municipal Statistics Office.

The office reported that transportation prices recorded the highest growth of 4.15%.

On the downward trend, the prices of post and telecommunications, culture and entertainment, and drugs and medical services decreased by 0.40%, 0.04%, and 0.02% compared to the previous month, respectively.

Gold price in August increased by 0.33%, while the price of US dollar rose by 0.51% compared to those in July.

According to the office, the CPI of the country's biggest city rose by 3.45% in the first eight months of 2023.

Vietnam-Japan Business Day to be held in November

The Vietnam Business Association in Japan (VJBA) has introduced a plan to organise the Vietnam-Japan Business Day, which is slated for November 2 and aims to promote exchange, experience sharing and connections in economy and trade between Vietnam and Japan.

The plan was revealed at the VJBA congress on August 29to review its performance in the 2021-2023 tenure and introduced its executive board for the 2023-2025 term.

The Vietnam-Japan Business Day expects to draw the participation of leaders of the two countries, economists, and leaders of leading Vietnamese and Japanese enterprises.

VJAB Standing Vice President in the 2021-2023 tenure Le Van Ky said that over the past three years, despite the COVID-19 pandemic, the association has maintained and promoted its role in connecting the Vietnamese business community in Japan, while creating chances for enterprises of the two countries to meet and exchange, and supporting firms in processing investment procedures and joining trade and export promotion activities.

VJBA newly-elected President Tong Thi Kim Giao said that in the future, the association will strengthen cooperation with the governments of the two countries and relevant agencies to build a sustainable business environment, and expand its network in Japan as well as in the world.

Established in September 2013, VJBA is a non-profit organisation representing Vietnamese businesses in Japan and connecting Vietnamese and Japanese firms.

Construction of Vietnam-Singapore Industrial Parks in Thai Binh, Ha Tinh allowed

Deputy Prime Minister Tran Luu Quang recently signed a decision approving the investment policy for a project on building and operating the infrastructure of the Vietnam-Singapore Industrial Park (VSIP) in the northern province of Thai Binh.  

Accordingly, the 211.8 million USD project will be invested by the Vietnam Singapore Industrial Park and Township Development JSC, a joint venture between Singapore’s Sembcorp Development and Vietnam’s Becamex IDC.

It is located in An Tan and Thuy Truong communes, Thai Thuy district, on a total site of 333.4 ha.

The official also signed another decision allowing the company to build and operate infrastructure of Bac Thanh Ha VSIP in the first phase in Thach Ha district, the central province of Ha Tinh.

The project will sit in Thach Lien and Viet Tien communes on a site of 190.41 ha. Its total cost is more than 1.55 trillion VND and operational period is 50 years starting from August 29.

The new IP will be home to facilities for electronic components, automatic equipment, high-tech components, food processing, consumer goods, transportation services, warehousing, construction materials, garments, leather shoes, automobile parts, and others.

Assigned by the Governments of Vietnam and Singapore to operate VSIP projects in Vietnam in 1996, the joint venture has to date expanded to 13 developments across the country.

On February 10, 2023, in Singapore, Sembcorp announced new collaborations with Becamex, witnessed by visiting Vietnamese Prime Minister Pham Minh Chinh, to develop five new VSIPs in Vietnam valued at approximately 1 billion USD.

Hanoi records 21,100 new enterprises in eight months

As many as 21,100 new enterprises were established in Hanoi in the first eight months of 2023, with total registered capital of 208.8 trillion VND (nearly 8.65 billion USD).

The figures represent a year-on-year increase of 7% in the number of enterprises and a year-on-year decrease of 2% in registered capital.

In the period, 2,400 enterprises completed dissolution procedures, a year-on-year decline of 1% while 15,900 others registered to suspend operations, up 21%. Besides, 6,300 businesses resumed their operations, down 17% compared to the same period last year.

In August alone, there were over 2,716 new enterprises in the city, increasing by 19% over last year’s corresponding period, with total registered capital of 31.2 trillion VND, up 41%.

However, 294 firms were dissolved and 1,116 enterprises registered to suspend operations, up 5% and 12%, respectively. Meanwhile, 588 companies began their operations again, a 9% rise.

According to the municipal Statistics Office, 29 foreign-invested projects worth 22.4 million USD were licensed in August.

During the January-August period, Hanoi attracted 2.34 billion USD of foreign direct investment (FDI), with 262 new projects worth 120 million USD and 116 projects permitted to increase investment capital by 197 million USD.

A total of 225 foreign investors contributed capital and bought shares worth 2.02 billion USD in the reviewed period. Japanese investor Sumitomo bought shares of VPBank with a transaction value of 1.5 billion USD.

Domestic flights record booking rates of over 70% for National Day holiday

As of August 29, several domestic flights recorded booking rates of over 70% for August 31 and September 1, the first days of the National Day holidays, reported the Civil Aviation Authority of Vietnam (CAAV).

On August 31, flights on routes from the capital city of Hanoi to popular tourist destinations such as Da Lat, Quy Nhon, Hue, Phu Quoc, Con Dao, and Nha Trang had booking rates ranging from 73%-97%. The Hanoi-Dong Hoi route was fully booked.

Flights from Ho Chi Minh City to the above tourist destinations on the same day also sold over 70% of their seats.

Meanwhile, flights on the major route between Hanoi and Ho Chi Minh City during the four-day holiday has sold between 52%-64% of its seats. Only the Hanoi - Da Nang and Ho Chi Minh City - Da Nang routes have booking rates reaching 72%-82% for August 31 and September 4.

On September 4, the last day of the holiday, flights returning from Da Lat, Quy Nhon, Nha Trang, Phu Quoc, Tuy Hoa, Con Dao, and Dong Hoi to Hanoi and Ho Chi Minh City have booking rates over 70%.

The CAAV also asked relevant agencies and units to roll out aviation security measures during the period.

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