Even though the National Day (September 2) holidays is still nearly a month away, surveys indicated that prices of domestic flight tickets have been pushed up.

Accordingly, the prices of round-trip tickets for flights from September 1 to September 4 from Hanoi/Ho Chi Minh City to tourist attractions such as Da Nang, Da Lat, Hue and Nha Trang range from 3-4 million VND (126 - 168 USD), doubling the normal prices.

Airlines hope for a higher travel demand during this upcoming holidays compared to the Hung Kings' Commemoration Day and the National Reunification Day (April 30) and International Labour Day (May 1) holidays this year.

They are collaborating with relevant agencies to apply modern technological solutions, especially the automated passport scanning system and electronic identity verification accounts, in order to provide passengers with safe and comfortable flights.

According to the Civil Aviation Authority of Vietnam (CAAV), the use of Level 2 electronic identification (VNeID) authentication has been applied from August 2 for air passengers on domestic flights.

The airlines said the use of the VNeID app helps facilitate management at the airports and minimises security risks while saving time in processing procedures. This is one of the important measures aimed at enhancing the quality of  aviation services of Vietnam.

Previously, the Ministry of Transport piloted the integration of VNeID through a QR code reader to serve passengers’ check-in at 22 airports nationwide from June 1.

Vietnamese gold demand shrinks in Q2

Demand for gold in Vietnam shrank 9% in the second quarter this year compared to the same period last year, according to the World Gold Council’s latest report.

Vietnamese purchased 12.7 tonnes of gold in Q2, down 1.3 tonnes year-on-year.

Vietnam’s economy experienced a sluggish growth in the first two quarters of this year, affecting local market sentiment and jewelry demand.

Local demand for gold bars and coins dropped by 5% year-on-year from 9.6 tonnes in Q2 last year to 9.1 tonnes in the same period this year.

Meanwhile, demand for gold jewelry lowered from 4.5 tonnes to 3.7 tonnes.

Shaokai Fan, Head of Asia-Pacific (exclude China) and Global Head of Central Banks at the World Gold Council, said the Q2 downward trend in Vietnam was like those in other markets in the ASEAN region.

The demand for gold bars and coins was also limited due to low liquidity, affected by the downturn of the stock market and real estate, he added.

Ample room remains for exports of wooden products and furniture

Enterprises in the woodworking industry have begun to receive orders again to serve the furniture shopping season in the year-end months on the world market, heard a recent forum.

The volatility and unpredictability in global markets may have caused challenges for many industries, including woodworking, but offered opportunities to agile businesses, experts said at the forum.

The Department of Forestry reported that forestry product exports amounted to an estimated 6.42 billion USD in the first six months of the year, a 28.8% year-on-year decrease, with wood and wood product exports dropping by 29% to 5.96 billion USD.

A preliminary survey by the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) found that export orders of enterprises in the industry decreased by 30% at the start of the year, but began to recover in July ahead of the global year-end furniture shopping season.

Speaking at the Vietnam Wood and Furniture Industry Forum held by HAWA in HCM City last week, Pham Phu Ngoc Trai, Chairman of Global Integration Business Consultants, said the current reduction in export orders is temporary and the furniture industry has considerable growth potential for the next five to ten years.

Compared to global GDP that is forecasted to growth by 3% this year, the world furniture industry's compounded growth rate stands at 4.5%.

According to Statista Market Insights, the world furniture market revenue may reach 766 billion USD in 2023 and is estimated to hit approximately 932 billion USD in 2027, he said.

Vietnam ranks among the world's five largest wooden furniture exporters, underlining its solid internal resources, he added.

HAWA Chairman Nguyen Quoc Khanh has a similar view, stating that woodworking firms showcased their business integration initiative. During market downturns, businesses remained proactive by reorganising production and streamlining operations to reduce costs while also seeking support from trade promotion agencies to explore new markets.

Khanh pointed out a new trend in the woodworking industry, where significant furniture brands from Vietnam are expanding into promising export markets, notably super-rich countries in the Middle East such as Saudi Arabia and Dubai with an eye on supplying products to new super real estate projects there.

With the industry's internal strength and the return of orders, the industry's export target for 2023 is considered attainable, he said.

Experts at the forum emphasised the importance of businesses strengthening their internal resources to be prepared for order resumptions in the recovering market and embracing green transformation to improve competitiveness.

Sustainability in interior products is now a mandatory requirement, not just a voluntary standard, Trai said.

He said Vietnamese businesses will face new demands such as the EU's Carbon Border Adjustment Mechanism (CBAM), effective from October 2023.

Goods imported into the European market may incur additional costs if they fail to adopt a lower-emission production model and earn carbon credits.

Vietnam's wood industry possesses significant reserves of planted forests, which, if well-managed and connected, offer opportunities for Vietnamese furniture enterprises to capitalize on the carbon credit market, he said.

The woodworking industry should reposition its goals and vision to become the world's green and sustainable furniture hub, he added.

Pham Thi Ngoc Thuy, Director of the Private Economic Development Research Board, pointed out that market challenges related to the European Union Timber Regulation (EUTR) and net-zero goal will push Vietnam's wood and forest product processing industry in a more positive direction, encouraging further outreach and attracting foreign investment.

VietFood & Beverage – ProPack Vietnam 2023 to take place this month

The 27th VietFood, Beverage and Professional Packing Machines (VietFood & Beverage – ProPack Vietnam 2023) will be held at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City from August 10-12.

It will feature 800 booths by 700 businesses from 20 countries and territories. A wide range of products will be on display, including food, beverages, nutritional supplements, medicinal food, functional food, seafood, as well as machinery and equipment for food production, packaging, and preservation, the organisers said at an August 2 press conference on the event. 

A highlight of this year's expo is the presence of nine national pavilions from India, Poland, the Republic of Korea, Greece, Russia, Japan, Singapore, and Thailand, showcasing meticulously designed and diverse food and beverage products of these countries.

According to Nguyen Dang Hien, Vice President of the Food and Foodstuff Association of HCM City, the gathering of two major industries in this event provides opportunities for partners and customers to quickly assess and understand market demands, thereby identifying necessary development trends for businesses. This is also an opportunity to form partnerships and collaboration among enterprises, manufacturers, and distributors both domestically and internationally, contributing to the expansion of global supply chains.

Bamboo Airways named most punctual airline over five-month period

Bamboo Airways was the most punctual airline in the country during the first five months of the year, with an on-time performance (OTP) rate of 95.6%, according to details given by the Civil Aviation Authority of Vietnam.      

Furthermore, Vietnam Airlines and VietJet Air recorded an OTP rate of 89.4% and 84.8%, respectively.

In the reviewed period, a total of 13,762 flights were delayed by Vietnamese airlines, thereby accounting for 11.7% of the total, up 2% compared to the same period from last year. In addition, 380 flights were cancelled, making up 0.3% and a drop of 0.6%.

In terms of delayed flights, Bamboo Airways also recorded the lowest rate of 4.4%, in comparison with the 10.6% of Vietnam Airlines and 15.2% of VietJet Air.

There were several main reasons behind the flight delays, including equipment and services at the port, flight control and management, inclement weather, late arrival of aircraft, along with other factors.

Top 30 social impact businesses announced

Thirty outstanding social impact businesses (SIB) participating in the 2023 COVID-19 recovery programme was announced on August 3 by the Agency for Enterprise Development under the Ministry of Planning and Investment, the Global Affairs Canada, and the United Nations Development Programme (UNDP).

The winners will undergo intensive training and receive 100 million VND (4,208 USD) each to reform their business models and products, and recover after the pandemic.

The programme forms part of the "Leveraging Vietnam's Social Impact Business Ecosystem in Response to COVID-19" (ISEE-COVID) project that provides technical and financial support for SIB with feasible business models and significant impacts on agriculture, tourism, education and health care.

The 30 were selected from 239 businesses nationwide, of which more than two-thirds have put women at the centre.

In his remarks, Deputy Minister of Planning and Investment Tran Duy Dong noted that the 2021 support package has proven effective as it has helped 31 SIB outline their business strategies integrated with sustainable development factors like environment, climate change response and social welfare.

Notably, the turnover of all the 31 has recovered and increased from 2021, the official said.

Canadian Ambassador to Vietnam Shawn Steil lauded the role of SIB in addressing social gaps and environmental issues, and creating positive impacts in Vietnam.

They have generated jobs for vulnerable groups, promoted environmentally-friendly products, and increased values for products, he added.

UNDP Resident Representative Ramla Al Khalidi expressed her belief that the selected businesses will optimise benefits from the programme to develop and perfect their products and services.

Da Nang creates favourable conditions for Malaysian tourists, investors

Da Nang always welcomes Malaysian enterprises to invest in the city and creates favourable conditions for Malaysian tourists, Secretary of the city's Party Committee Nguyen Van Quang affirmed on August 3 at the meeting with Malaysian Ambassador Dato' Tan Yang Thai.

Quang said that Da Nang is one of the tourist destinations attracting Malaysian tourists. In the first six months of 2023, the number of Malaysian visitors to the city increased sharply.

According to reports, Malaysia is among the top 10 international tourist markets of the city. In the first half of this year, Da Nang attracted 68,619 Malaysian visitors.

In addition, the city's export turnover to Malaysia reached 6 million USD and its import turnover, 5.2 million USD. The city currently has 18 projects from Malaysian investors.

Quang said he believes that the Malaysian Ambassador will contribute to promoting Vietnam-Malaysia diplomatic relations in general and between Da Nang and Malaysia in particular.

For his part, Ambassador Dato' Tan Yang Thai said that Da Nang has always been an attractive destination for Malaysian tourists. Many Malaysian investors are intending to expand their investment in the city.

He said that Malaysian Prime Minister Anwar Ibrahim just made an official visit to Vietnam on the occasion of the two countries' 50th anniversary of the establishment of their diplomatic relations (1973-2023).

The two governments signed a memorandum of understanding on increasing flights between localities of the two countries.

The diplomat said he hopes there will be more flights connecting Da Nang and Malaysia to help promote people-to-people exchange, tourism, investment, and trade cooperation between the two sides.

Clear policies, legal regulations needed for renewable energy development: Experts

Relevant authorities need to have preferential policies regarding prices and tax rates, and those providing support for investors in accessing loans for renewable energy projects, said insiders.

Renewable energy plays a crucial role and is an essential requirement for sustainable development. However, in recent years, after the boom in solar and wind power, many clean energy projects have almost come to a standstill.

According to Nguyen Viet Dung, Vice Chairman of the Board of Directors of Halcom Vietnam, it is also necessary to soon perfect the legal framework, including guiding documents for implementing the National Power Development Plan VIII (PDP8), incentive mechanisms, direct power purchase and sale contracts for projects, so that investors can have a basis for calculation and investment preparation.

Policies for renewable energy development are not really clear, especially in negotiations of electricity purchase and sale contracts, and electricity selling prices, Dung said.

He added that there are no documents and regulations guiding the implementation of renewable energy projects after the approval of PDP8; and at the same time, preferential policies are currently not attractive to foreign investors.

Nguyen Anh Tuan from the Vietnam Energy Association said there are three significant challenges that impact the energy transition in Vietnam, including future electricity pricing, demand for load balancing, and building green hydrogen strategy.

The legal framework has allowed all economic sectors to invest in the transmission grid, but there are no legal documents guiding the implementation, Tuan said.

He underlined the need to study and issue a detailed Renewable Energy Law soon, focusing regulations on promoting Vietnam's energy transition in the near future.

Supporting mechanisms and policies must be detailed in the law to ensure stable and long-term support for sustainable and reasonable energy transition in the country, he said.

The Government's supportive mechanisms and policies in recent times have led to a remarkable leap in the development of renewable energy in Vietnam, said insiders.

From having a negligible capacity in 2018, renewable energy sources now account for about 30% of the total capacity in the national power system.

According to international recommendations, countries that pursue low-carbon development strategies will have more opportunities to access resources for economic development in the 21st century.

Experts said that Vietnam’s mechanisms to encourage the development of renewable energy have not yet shown a long-term orientation, and many policies remain inadequate.

Financial institutions and commercial banks often hesitate to provide loans for renewable energy projects due to the high capital requirements and risks involved.

Energy expert Nguyen Van Vy said that the renewable energy market needs clear policies and legal procedures to attract more attention from investors.

PM calls for joint efforts to remove roadblocks to real estate market

Prime Minister Pham Minh Chinh highlighted joint efforts by ministries, agencies, businesses and people in handling pending issues related to the real estate market while chairing an online conference on August 3.

The conference, which was connected to 63 centrally-run cities and provinces, reviewed the implementation of the Government’s Resolution No. 33/NQ-CP dated March 11, 2023 on a number of solutions to remove obstacles to the real estate market and boost its safe, healthy and sustainable development.

The government leader lauded the sector for its significant contributions to socio-economic achievements Vietnam recorded over the past time, and emphasised its direct and widespread impacts on people, enterprises, and the national economy.
 
Following the issuance of the resolution, ministries and agencies have proposed the Government and the PM issue many mechanisms and policies to quickly untangle knots in the market, according to PM Chinh.

Thanks to such mechanisms and policies, along with others on banking, credit and investment, the property market has seen signs of recovery, he noted.

However, its operations have remained unstable and the recovery has remained sluggish, pushing many real estate firms into difficulties, he said, stressing that such issues need time and joint efforts to be addressed.

At the conference, participants looked into causes behind the problems and proposed tasks and solutions to promote the market in the time ahead.

Nghi Son refinery's maintenance leads firms to import petroleum products

Major petroleum enterprises are planning to increase petrol imports to compensate for the shortage of petroleum supply due to the temporary closure of Nghi Son Refinery for maintenance from August 25.

A representative of the Vietnam National Petroleum Group (Petrolimex) said that the Nghi Son Refinery will still supply petrol products as normal in August but will stop deliveries in September and October.

Petrolimex has known about the overall maintenance plan of the Nghi Son Refinery, so it has signed a contract to import petrol products to meet domestic demand during the maintenance at Nghi Son Refinery which is expected to last for 55 days.

Chairman of the Vietnam Oil Corporation (PV OIL) Cao Hoai Duong also said that PV OIL has proactively planned to import petroleum products of all kinds since the beginning of the year to ensure the supply for the market.

Duong also said that the Vietnam Oil and Gas Group (Petrovietnam) and two oil refineries, Dung Quat and Nghi Son, worked closely to avoid the maintenance at the same time, affecting the supply for the domestic market. 

Binh Son Refining and Petrochemical Company (BSR), the unit that manages and operates Dung Quat Oil Refinery Plant, said the refinery is running at full designed capacity to meet the market demand for petroleum.

BSR also plans to ensure the supply of crude oil for the refinery. BSR's reserves of crude oil now ensure Dung Quat Oil Refinery will operate at high capacity in both the third and fourth quarters.

So Hasegawa, General Director of Nghi Son Refining and Petrochemical Company Limited (NSRP), said NSRP is coordinating and working closely with relevant authorities to ensure that the overall maintenance will not affect the operation of the domestic petroleum market as well as consumers.

In 2023, NSRP estimates to process about 7.96 million tonnes of crude oil. NSRP's petroleum products now meet about 40% of domestic gasoline demand.

According to the General Department of Customs, by July 15, Vietnam imported more than 5.68 million tonnes of petroleum, 600,000 tonnes higher than the same period last year.

Deputy General Director of the Vietnam Commodity Exchange Duong Duc Quang said oil prices are on the rebound due to concerns that supply will shrink in major exporting countries in the world.

"However, the prices will struggle to surpass the level of $100 per barrel, because the economic outlook and consumption in major economies is still variable," Quang said.

"In the scenario of a decrease in both supply and demand, the oil prices will likely be relatively stable in the second half of 2023, possibly ranging between 65 USD and 85 USD per barrel."

Gasoline prices play an important role in the transportation costs, accounting for 35-40%, so fluctuations in oil prices will affect the prices of many other goods.

"With a stable oil price scenario, it is expected to keep stability in commodity prices on the market, thereby curbing inflation at the target level and supporting economic growth," Quang said.

According to the Ministry of Industry and Trade, by 2045, Vietnam is estimated to lack about 12 million tonnes of petroleum per year and 3.5 million tonnes of petrochemical products per year.

With limited technological and financial capacity, Vietnam needs to work with foreign partners to get the most advanced technology possible as well as to mobilise capital for the development of the petrochemical industry.

Seven-month budget collection from export-import down nearly 20%

State budget collection in the first seven months of this year stood at 211.23 trillion VND (8.89 billon USD), equivalent to 49.7% of the estimate, down 19.6% year-on-year, the General Department of Vietnam Customs reported on August 3.

The total export-import value in July reached 57.07 billion USD, a month-on-month increase of 2.3%. However, the seven-month figure, at 374.36 billion USD, was down 13.8% from the same period last year.

The department has taken measures to facilitate trade and raise the efficiency of State management in order to achieve the budget collection estimate of 425 trillion VND assigned by the National Assembly.

The department said it will continue its close coordination with ministries and agencies in implementing the national and ASEAN single window mechanisms, promoting logistics services and further facilitating trade in the time ahead.

Nearly 33 trillion VND worth of G-bonds raised in July

The Hanoi Stock Exchange (HNX) held 30 auctions of Government bonds and government-guaranteed bonds with a total volume of 33.2 trillion (1.4 billion USD) in July.

The amount of capital raised via this channel by the State Treasury came to 28.8 trillion VND while the Vietnam Bank for Social Policies (VBSP) mobilised 4.4 trillion VND.

The State Treasury raised over 208.7 trillion VND worth of Government bonds in the first seven months of this year, equivalent to 52.18% of the plan set for 2023 while VBSP mobilised 4.45 trillion VND, equal to 18.27% of the year’s target.

On the secondary market, the total trading value of G-bonds during the month reached 109.6 trillion VND, down by 29.23% from the previous month, with an average trading value of 5.2 trillion VND per session.

The total volume traded via outright transactions made up 79.7% of the total.

Bonds with 15-, 20-25-, and 10-year maturity were traded the most, accounting for 21.45%; 18.58% and 17.23%, respectively.

Taxation sector’s budget revenue reaches 36.6 billion USD in 7 months

The taxation sector’s total state budget revenue in the first seven months of 2023 was estimated at 868.6 trillion VND (36.6 billion USD), equal to 63.3% of the estimate, and 94.5% compared with that of the same period last year, the General Department of Taxation released on August 4.

To date, 58 foreign suppliers have registered to declare and pay taxes through an electronic portal dedicated to them, which was put into operation on March 21, 2022.

Since the beginning of this year, they have declared and paid over 3.4 trillion VND worth of taxes via this portal.

There are 334 e-commerce platforms that send data to provide information to tax authorities, of which many have a large market share such as Shopee, Lazada, Sendo, Voso and Tiki.

Seven-month public investment disbursement meets nearly 35.5% of target

The total disbursement of public investment reached 267.6 trillion VND (11.2 billion USD) as of the end of July, fulfilling only 35.49% of the plan set for 2023, but higher than the 34.47% recorded in the same period last year, according to the Ministry of Finance.

Twelve ministries and 39 localities recorded disbursement rates higher than the national average, the ministry said.

Localities and agencies recording high disbursement include Dong Thap (58.29%), Tien Giang (56.3%), Long An (54.29%), the Vietnam Development Bank (100%), the State Bank of Vietnam (63.38%), the Vietnam Bank for Social Policies (62.75%), and the Vietnam Academy of Science and Technology (47.14%).

Among 40 ministries and 24 localities posting disbursement rates lower than the country’s average, 32 ministries and central agencies and four localities disbursed less than 20% of their annual plans.

The ministry attributed the slow progress of disbursement to a number of obstacles. For example, some projects have not yet completed investment procedures or not allocated and disbursed capital from the 2023 plan. Some others using foreign investment capital are behind schedule because the procurement of equipment using ODA takes much time, it added.

It will require all sectors to make greater efforts to meet the disbursement target of at least 95% of the total capital plan assigned by the Prime Minister. Therefore, the ministry asked ministries, central agencies and localities to focus on removing difficulties to effectively implement key tasks in public investment disbursement as well as review demand for adjusting central budget capital plans.

Regional connectivity key to development of local cooperatives

As Vietnam pushes for greater implementation of an economic model that emphasises innovation, restructuring and enhancing national competitiveness, bolstering regional connectivity has become a key target for the development of local cooperatives, said participants at a conference in Hanoi on August 3.

According to Nguyen Van Thinh, Vice Chairman of the Vietnam Cooperative Alliance, as of the end of June 2023, there were a total of 30,425 cooperatives and 120,983 collaborative groups registered in the country, including 76,456 agricultural CGs.

He said improving regional connectivity is to play a crucial role in helping these cooperatives and collaborative groups operate more efficiently and gain advantages through economies of scale.

In order to realise such an objective, Thinh said it's high time cooperatives and collaborative groups broke away from the old and started embracing the ways of a knowledge-based economy, green economy, and environmental protection.

Top priorities for future development involves developing industries with high technological level, creating additional added value, and promoting the dynamism of industrial zones in line with the new growth strategy.

Ideally, he added, the country should establish industry clusters, which are to replace individual factories, enterprises and cooperatives that operate separately from one another.

The vice chairman said local governments must be at the forefront of making changes and providing support to businesses. It is essential to establish communication channels to promote coordination among local authorities, to enhance regional competitiveness, utilise resources to support regional linkage activities and projects, and to ensure sustainable socio-economic development of the region.

"Local leaders should regularly exchange and engage in dialogues with businesses, cooperatives and collaborative groups to understand their needs and difficulties," he said.

In addition, there is a need to establish a shared database on key products of different provinces, including requirements for scale, processes, quality standards, pricing, and product standards, which will facilitate supply chain coordination.

Tran Thi Hong Minh, Director of the Central Institute for Economic Management (CIEM), said Vietnam is facing both many opportunities and challenges in promoting regional linkages.

She said the global economy is forecast to continue on a recovery path, but there are still uncertainties and unpredictable developments. As the country actively pushes for greater international integration and continues to engage in regional and international collaboration efforts, economic cooperation, including with foreign partners, will likely see a new height in the near future. This will provide many opportunities for cooperatives and collaborative groups to participate in the global supply chain network.

"It is vital that in the coming years, localities across the country start building an interconnected supply chain and leveraging the advantages brought by economies of scale," she said.

She urged local governments and enterprises to start investing in measures to offset the adverse effects of climate change, as Vietnam has been said to be among some of the most affected. Climate change will likely pose numerous challenges for many regions across the country, and solutions will require collaborative efforts and coordination among local authorities.

"Climate change is a shared challenge, but it also produces a pressure to drive stronger regional linkages," she said.

Minh advised regions to start organising production models based on circular economy principles, which allow resource cycling and closed-loop processes, greater efficiency and are more environmentally friendly.

According to Hoang Anh Tuan, Deputy Director of the Domestic Market Department under the Ministry of Industry and Trade, economic development during the last few decades has raised numerous issues that cannot be solved by individual localities alone.

For example, he said major problems such as climate change and pollution can only be addressed when localities start putting resources, infrastructure, and scientific and technological knowledge together. He urged key economic regions to fully play their role as leaders and called for greater efforts to close the gap between developed and underdeveloped regions across the country.

Tuan stressed the importance of creating an effective network of regional production based on careful planning and development to help increase Vietnamese products’ competitiveness in the global market. He also advised local governments to start campaigns aiming at raising awareness of various benefits to be realised with an improved network of regional production such as increased trade of products, reduced oversupply and shortage, lower risks for farmers and faster adjustment to new market changes.

Flying directly to Tiruchirappalli, India, with Vietjet from 0 VND

Vietjet continues to pioneer launching direct flights between Ho Chi Minh City and Tiruchirappalli, ready to bring tourists comfortably to India's largest light festival season.

Discovering India has never been so easy, and you'll be even more enchanted with tickets from only 0 VND (excluding taxes, fees), which will be on sale every Wednesday, Thursday, and Friday from August 2, 2023 at www.vietjetair.com and Vietjet Air mobile app. The colorful South Indian land appears in front of your eyes after nearly 5 flight hours.

The first direct flight connecting HCM City to Tiruchirappalli will fly daily from November 2, 2023 with three return flights per week. Flights from Ho Chi Minh City to Tiruchirappalli on Sundays, Tuesdays and Thursdays take off at 20:00, land at 23:30 (local time). Flights from Tiruchirappalli to Ho Chi Minh City take off at 00:30 and land at 7:00 (local time) on Mondays, Wednesdays, Fridays.

With the new direct rute HCM City - Tiruchirappalli, Vietjet has officially increased its total number of flights connecting Vietnam with India to nearly 70 flights per week. Hundreds of thousands of tickets from 0 VND (excluding taxes, fees) are open for sale every Wednesday, Thursday, Friday on website www.vietjetair.com and mobile app Vietjet Air, are waiting to bring travel enthusiasts to colorful India.

Besides the direct route Ho Chi Minh City - Tiruchirappalli, passengers also have opportunities to experience flexible flights with the extensive connecting flight network of Vietjet in the region, connecting from India to Australia (Melbourne, Sydney, Brisbane, Perth) and Japan, the Republic of Korea and Southeast Asian countries.

Each Vietjet flight will bring many interesting experiences, as soon as passengers step on the aircraft. Those are rich culinary experiences, with a diverse menu of Indian dishes made from green and organic specialties. That is a fun experience with friendly, hospitable and professional cabin crews. Especially, Vietjet is the only airline to offer Sky Care Comprehensive Travel Insurance to all passengers, passengers will have benefits including reimbursement of medical expenses incurred due to accidents or illnesses (including COVID-19), flight-related problems (including flight delay, baggage delay, baggage loss or damage, lost travel documents), and Global Travel and Medical Support Services 24/7.

Located in the heart of South India, Tiruchirappalli (also known as Trichy or Tiruchi) is a city steeped in ancient architecture, with magnificent colorful temples, left over from the Chola Dynasty, ancient cultures once had a great influence on South Asia and Southeast Asia. Tiruchirappalli promises to be an attractive destination, attracting passionate travelers from all over the world.

Vietnamese, Thai localities and businesses boost cooperative ties

A conference to boost trade cooperation between Vietnam and Thailand as well as between Quang Tri and Thai localities was held in the central province of Quang Tri from August 3-4.

“Meet Thailand”, the first of its kind, was organised by the provincial People’s Committee, the Ministry of Foreign Affairs and the Thai Embassy in Vietnam to mark the 47th founding  anniversary of diplomatic relations (1976-2023) and 10 years of strategic partnership between Vietnam and Thailand.

Addressing the event, Chairman of the provincial People’s Committee Vo Van Hung said the province has always paid attention to expanding regional connectivity to promote advantages of localities along the East-West Economic Corridor.

Hung acknowledged that Quang Tri and Thailand’s Mukdahan provinces established their friendship relations nearly 20 years ago. The ties are expected to be strengthened and elevated in the time ahead.

Besides, a Memorandum of Understanding on establishing friendship relations between Quang Tri and Ubon Ratchathani provinces is scheduled to sign in 2023, thereby opening up new opportunities and development steps in their ties, he said.

Hung noted that the event was a forum for localities and businesses of both sides to exchange and seek investment cooperation. Quang Tri will create the most favourable conditions for Thai investors investing in the province, especially in the areas of industry, tourism, hi-tech agriculture, port and logistics services, among others.

For his part, Thai Ambassador to Vietnam Nikorndej Balankura revealed that the event shared ideas about renewable energy and hi-tech agriculture as well as orientations in bolstering supply chain through the East-West Economic Corridor, hence lifting Thailand and Vietnam’s roles in the cooperative framework of the Greater Mekong Subregion and the Ayeyawady - Chao Phraya - Mekong Economic Cooperation Strategy (ACMECS).

The ambassador also expected that the event will enhance connectivity between Thailand and Vietnam in various fields, thus creating momentum for the two countries to reach their trade target of 25 billion USD by 2025 and helping Thailand to become the fifth biggest investor in Vietnam in 2024.

Several activities were held during the two-day event, including a display of photos of culture, tourism, investment promotion and outstanding products of Quang Tri, and fact-finding tours of economic and cultural establishment in the province, and business-to-business matching sessions between Vietnamese and Thai businesses.

Mechanism for direct power purchase proposed

The Ministry of Industry and Trade has submitted a report to the Prime Minister about options for a direct power purchase agreement mechanism (DPPA) between renewable power generators and large electricity users without going through Vietnam Electricity (EVN).

Specifically, in the first option, the buying and selling of electricity would be conducted through a private transmission line invested by the private sector. With this option, the purchasing and selling of electricity would not be limited in terms of capacity, output, connection voltage level and electricity use purpose.

The power generators would be responsible for investing in the construction of power projects in line with the power development planning. The plants and the customers must comply with the established regulations on electricity purchase and sale.

The electricity retail prices for large users were regulated under Decision No 1062 dated May 4, with the average price at 1,920.3732 per kWh.

In the second option, electricity purchase and sale would be conducted through the national grid system, meaning that the trading must go through EVN, which currently holds a monopoly in electricity retailing.

As for this option, wind and solar power plants must be connected to the national power system and have an installed capacity of at least 10 MW. Customers were required to purchase electricity for production purposes with a voltage of 22 kW or more.

In the period when the Law on Price had not come into effect, the retail electricity prices for production purposes would be regulated by the Prime Minister’s Decision No 24/2017 about the average electricity retail prices and Decision No 28/2014 about the electricity price bracket.

After the Law on Price came into effect, the electricity prices would reflect properly and fully the charges on-the-spot electricity market plus service changes.

The ministry said that it would give a push to the implementation of the first option.

An expert said that the DPPA mechanism would help ease the burden on EVN in investing in power generation and transmission while encouraging the participation of the private sector in the power industry.

In many cases, customers could buy electricity at lower or higher prices, depending on the production costs of the generators.

In mid-July, Prime Minister Pham Minh Chinh asked the Ministry of Industry and Trade to complete the study on DPPA in an effort to speed up energy transition projects.

Da Nang hosts East-West trade, tourism, investment fair

The International East-West Economic Corridor (EWEC) Trade, Tourism and Investment Fair - Da Nang 2023 (EWEC Da Nang 2023) opened in the central city of Da Nang on August 3, featuring 300 booths by more than 150 businesses, including 27 foreign firms.

The annual event aims to popularise the image, socio-economic potential as well as investment, trade and tourism opportunities of localities across the country to organisations, businesses and investors along the EWEC.

Products on display include electricity and electronic products, technological equipment, household appliances, furniture, interior decoration, handicrafts, gifts, along with consumer products such as food, beverages, textiles, fashion, pharmaceuticals, cosmetics, as well as travel services, logistics, education and health care products.

Many investment promotion events will be held within the framework of the event, including a conference on trade connection and export promotion, and another to discuss the expansion of business opportunities with Canada basing on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

An exhibition on Da Nang’s potential in industry, trade, investment and tourism is also underway.

Le Kim Cuong, Director of the Da Nang Department of Industry and Trade, said that along with providing a venue for businesses to showcase their products, the event also offers them a chance to seek partners and promote cooperation in many areas.

Tran Chi Cuong, Vice Chairman of the Da Nang People’s Committee, said that the event is expected to foster partnership, understanding and mutual trust among countries along the EWEC and in the region.

Cuong said that Da Nang plays an important role in expanding trade ties between Vietnam and countries in the region and the word thanks to its harmonious and modern infrastructure system.

The city is focusing on supporting local firms in recovering and developing, especially those in tourism and service sector.

The event will take place until August 8.

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