The Vietnamese Embassy in the Netherlands is ready to be a bridge and a channel to send recommendations from Dutch businesses to the Vietnamese government to improve mechanisms and create favourable conditions for investors operating in Vietnam, said Ambassador Ngo Huong Nam.

He made the statement at an event “Meet Ambassador” held on December 8 by the Vietnamese Embassy in the Netherlands and the Dutch Business Association Vietnam (DBAV).

The event aimed to enhance dialogue and exchanges between the embassies and the business communities of the two countries. This was also an opportunity for businesses that are planning to invest and do business in Vietnam to listen to the experience of those who have been investing in the Southeast Asian nation.

At the meeting, the ambassador reviewed some outstanding activities of the two countries in 2023 on the occasion of the 50th anniversary of diplomatic ties, starting with the visit to the Netherlands by Vietnamese Prime Minister Pham Minh Chinh in December 2022, and ending with the visit to Vietnam by Dutch Prime Minister Mark Rutte in November 2023.

Regarding cooperation in trade and investment between the two countries, Nam highlighted achievements obtained after more than three years of implementing the Vietnam-EU Free Trade Agreement (EVFTA).

Bilateral trade has grown impressively at an average of 22% in the 2020-2022 period, reaching 11.1 billion USD last year.

The Netherlands has become Vietnam's second-largest trading partner and largest investor in the EU with 432 valid projects and total registered capital of 14.3 billion USD.

As the Netherlands is one of 10 countries that have not yet ratified the EU-Vietnam Investment Protection Agreement (EVIPA), the ambassador expressed his wish that the Dutch business community, through DBAV as well as the European Chamber of Commerce in Vietnam, propose the Dutch Parliament and Government to soon ratify the deal.

Representatives from Dutch ministries and agencies as well as businesses appreciated the steering role of the Vietnamese Government given many difficulties and challenges in the world and regional situations in the past two years. With macroeconomic stability, relatively high growth and controlled inflation, Vietnam is said to have a good business investment environment for foreign investors, including those from the Netherlands, they said.

Vietnam seeks to step up trade, investment ties with Canada’s Alberta province

Vietnamese Consul General in Vancouver Nguyen Quang Trung has held working sessions with representatives of Alberta province as part of efforts to promote trade and investment collaboration  between Vietnam and the Canadian locality.

During working sessions with Lieutenant Governor of Alberta Salma Lakhani and Deputy Premier and Minister of Public Safety and Emergency Services of Alberta Mike Elli, Trung thanked and appreciated the provincial government's facilitation to the Vietnamese Canadian community to integrate and contribute to Canadian society, while still maintaining close relations with their homeland.

Alberta’s leaders highly valued the friendly relationship between the locality and Vietnam, and pledged to continue strengthening economic, trade and investment relations between the two sides.

Alberta exports many products such as petroleum, machinery and especially agricultural products to, while importing garments, electronics and footwear from Vietnam.

Statistics from the Canadian province shows that during the five years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Alberta averagely exports more than 140 million CAD (103 million USD) worth of goods to and spends nearly 345 million CAD (254 million USD) on imports from Vietnam per year.

At seminars to promote  trade and investment cooperation with local businesses, Trung briefed them on the investment environment, and business opportunities in Vietnam in the context that both countries are members of the CPTPP.

Free trade agreements like CPTPP are opening up many opportunities for businesses in both nations, he said, adding that this is the "golden" time for small and medium enterprises of the two sides to reach out to the world. 

According to Alberta’s investment promotion agency, with the effective exploitation of CPTPP, Vietnamese and Canadian businesses will get insights into each other's product structure, thus further intensifying trade and investment ties.

Vietnam is considered an important trading partner of Canada and Alberta in particular. Vietnam has been Canada's largest partner in ASEAN since 2015.

The Alberta Intergovernmental Relations is coordinating with Vietnam to develop programmes to help local businesses adjust products and services to suit the Vietnamese market. This agency has offices in more than 160 cities, including Hanoi and Ho Chi Minh City.

Previously, representatives of the Vietnamese Consulate General visited University of Alberta, where more than 200 Vietnamese students are studying. The Canadian university is planning to cooperate with Hanoi Medical University.

Banking sector promotes digital transformation to improve the customer experience

Digital transformation is now an important part of businesses in the 4.0 era and the banking sector is not an exception, according to experts.

According to the State Bank of Vietnam (SBV), the banking sector has invested over 15 trillion VND (617.6 million USD) in digital transformation by the end of 2022.

The country maintained a 40% growth rate in digital payments in the last four years, making it one of the world's fastest-growing economies in banking digital transformation.

At least 96% of Vietnamese banks have devised plans for digital transformation and 92% have developed internet and mobile application services, the SBV said.

The Vietnam Bank for Agriculture and Rural Development (Agribank), for instance, is one of the banks that take the lead in piloting new technologies and business models to improve customer experience based on a breakthrough digital banking ecosystem.

Determining that digital transformation is a key task, Agribank has spent a lot of resources in the development and application of information technology systems. Notably, in 2022, the bank deployed Agribank Digital, which is fully equipped with the functions of a transaction office such as identification, online account opening, registration for electronic banking services and financial transactions using biometrics.

Vu Thanh Trung, Director of Digital Bank at Military Bank (MB), said that the bank has implemented a digital transformation strategy since 2018 through strategic cooperation with the US’s IBM Technology Group.

As a pioneer in the deployment of "self-serving" and "all-in-one-app" trends, MB's products aim at creating convenience and flexibility for individuals and businesses, he said, adding the bank spends about 50 million USD on digital transformation each year on average.

The number of transactions on digital channels reached 1.6 billion by the end of October, of which the MBBank App alone recorded 20 million transactions a day.

MB’s pre-tax profit topped 21.9 trillion VND in the first ten months of 2023, up 10% over the same period last year and equivalent to 84% of the year’s target.

Surveys conducted by some consulting firms such as McKinsey and BCG pointed out that more than 70% of digital transformation projects fall short of their goals.

According to SBV Deputy Governor Pham Tien Dung, the banking industry has been facing several challenges, including those relating to synchronisation and standardisation of technical infrastructure, which aim to facilitate interconnection and integration between the industry and other sectors to form a digital ecosystem, providing multi-utility services to customers. Therefore, all SBV’s plans on digital transformation set forth tasks and solutions relating to research and deployment of centralised infrastructure which allows data connection, exploitation and sharing with the National Population Database and those of other industries to verify information, classify, and evaluate customers.

The SBV has regularly reviewed and completed the legal corridor to create favourable conditions for data connection and exploitation, and technology application to promote digital transformation on the basis of ensuring security, safety and confidentiality in banking activities, he said.

He went on to say that in the coming time, the SBV will continue to proactively coordinate with stakeholders to effectively deploy solutions under the cashless payment project for the 2021-2025 period. It will also work with the digital transformation plan and Project 06 of the banking industry, which focuses on perfecting the legal framework to promote digital transformation, including policies on data connection and exploitation.

Proud of Vietnamese Goods programme 2023 kicks off in Hanoi

The “Proud of Vietnamese Goods” programme 2023 was kicked off by the Ministry of Industry and Trade in Hanoi on December 9.

Speaking at the ceremony, Deputy Minister of Industry and Trade Do Thang Hai said results of the “Vietnamese people prioritise using Vietnamese goods" campaign and the “Proud of Vietnamese Goods” programme have contributed to successfully completing economic targets in the direction of curbing inflation and stabilising the macro economy.

He noted that since 2009, the total annual revenue of retail goods and services has grown by around 10% year-on-year. Even during the COVID-19 epidemic or in the current period of declining world demand, the domestic market is a large enough space for businesses to continue maintaining the growth momentum of retail sales of goods and services.

The three-day event features a range of activities, including a run with the participation of more than 1,000 runners on Hoan Kiem pedestrian street, mini games, activities to spread the message “Vietnamese people prioritise using Vietnamese goods”, among others.

In addition, the festival also introduces, promotes and honours Vietnamese goods and services with strengths and high quality, a fashion show, art performances and exchanges.

A forum discussing development trends in production and consumption of Vietnamese goods in the new situation; experience and solutions to enhance position and increase recognition of Vietnamese products in the domestic market; solutions to effectively tap the quintessential characteristics of Vietnamese goods; creative solutions and ways to boost linkages in sale of Vietnamese goods in the new context will also be held. 

The event runs until December 11.

Vietnam, Laos boost cooperation in coal trading

Minister of Industry and Trade Nguyen Hong Dien has asked stakeholders to speed up progress, complete procedures for importing electricity and coal, and build new transmission lines from Laos to Vietnam.

He made the requirement at a conference held on December 9 to promote coal trading cooperation between Vietnam and Laos.

Dien said that the Ministry of Industry and Trade (MoIT) of Vietnam and the Lao Ministry of Energy and Mines has signed a memorandum of understanding on cooperation in the coal sector.

He went on to say that importing electricity and coal from Laos not only helps boost economic development between the two countries but also fulfills the dual goals of ensuring national security and defence and providing energy for the economy.

Regarding the coal import plan, the MoIT requested the Vietnam National Coal - Mineral Industries Holding Corporation Limited (Vinacomin) and the Dong Bac Corporation to urgently negotiate to sign coal import and supply contracts for thermal power plants as well as coordinate with relevant units to propose specific mechanisms for coal import, especially coal from Laos under an intergovernmental agreement to the Prime Minister or competent authorities for approval.

Vinacomin and Dong Bac Corporation were assigned to put forth a mechanism on importing coal from Laos to Vietnam, and solutions to improve the capacity to receive coal to Vietnam as well as sign in-principle contracts with Lao partners relating to output, which will be carried out immediately after the agreement is approved.

Chinese airline opens flights to Hanoi

China’s Sichuan Airlines started operating the first flight from Sichuan’s Chengdu City to Noi Bai International Airport in Hanoi on Friday.

Flight 3U3905 landed at Noi Bai International Airport at around 3:30 pm.

The Chengdu-Hanoi air route will have one daily return flight, using the Airbus A320/A321. It takes around two hours to fly from Chengdu to Hanoi.

Sichuan Airlines has expanded its flight network to the domestic market and many Asian, North American and Oceania countries.

Sichuan Airlines was the third international airline to launch flights to Hanoi this year behind Starlux Airlines and Xiamen Airlines. It is also among six airlines connecting Hanoi and China.

Zhang Chang Heng, chief representative of Sichuan Airlines in Hanoi, said that the Chengdu-Hanoi air route will help Vietnamese visit Sichuan tourism destinations.

On Friday, Vietnam Airlines also launched the first direct flight from the Australian city of Perth to HCM City.

Stores and supermarkets launch great year-end sale promotions

Stores and supermarkets launch great year-end promotions offering attractive discounts, even 100 percent to increase sales and attract customers.

The Ministry of Industry and Trade has just launched a National Promotion Program from December 4, 2023 to January 10, 2024, to stimulate consumption across the country.

According to Deputy Minister of Industry and Trade Do Thang Hai, the 2023 National Promotion Program will be one of the important contents, helping to maximize the exploitation of the domestic market that is gradually recovering, contributing to the growth of the economy.

Ho Chi Minh City Department of Industry and Trade further informed that to stimulate consumer demand, the amount of goods to stabilize the market for Tet this year accounts for 25 – 43 percent of market demand.

On average, each month is expected to supply 5,000 tons of rice, 70 million poultry eggs, 2,000 tons of sugar, 1,000 tons of processed foods, 2,000 tons of cooking oil, 10,000 tons of vegetables and fruits, 6,000 tons of livestock, and 8,000 tons of meat. poultry, 200 tons of seafood. It is estimated that sales for the 2024 Tet holidays ( the Lunar New Year) increased by 11 – 13 percent over the same period last year.

 Customers visit a shop to sell birdnest in District 10

In related news, the People's Committee in District 10 has also just launched the Central Promotion program - Shopping Season’s phase 2 of 2023 from November 15 to December 31, 2023.

Mr. Nguyen Huy Chien, Vice Chairman of District 10 People's Committee, said that the program aims to stimulate consumption at the end of the year; attracting domestic and foreign tourists to visit the city’s landscape and enjoy entertainment activities. To offer more choices for visitors, District 10 also coordinates with travel businesses to introduce new tours and routes so that travelers can know more about the district.

This promotion program takes place in specialized streets in District 10, such as Ho Thi Ky flower street; Ngo Gia Tu interior decoration street; a street specializing in construction materials; the street selling pharmaceutical and medical equipment; health care services; commercial centers, supermarkets such as Van Hanh Mall, BigC.

Forms of promotion include promotional golden days, golden hours, discounts, gifts, prize draws, free use for shoppers.

HCM City ready to welcome businesses in semiconductor industry: official

Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan said on December 8 that the city is ready to welcome businesses in the semiconductor industry while receiving President and CEO of the US Semiconductor Industry Association (SIA) John Neuffer.

Hoan said that together with available advantages, the city has made efforts to be well prepared in land funds, policies and mechanisms, human resources, and investor trust building.

He said that the city is aiming for green growth criteria, applying digital technology and promoting in-depth investment in semiconductor chips and artificial intelligence that serve high technology industries. The city also targets investors in semiconductor chips, artificial intelligence, and chain-forming production.

Hoan suggested that US businesses form a US technology park in Ho Chi Minh City to facilitate infrastructure development and administration.

The city has a sufficient land fund for businesses to form the park, Hoan said, adding that the local authorities always listen to businesses to make proper policy adjustments and create favourable conditions for them to invest in the locality.

For his part, John Neuffer said that US semiconductor industry enterprises are currently operating strongly in the southern region of Vietnam. Under the impact of the COVID-19 pandemic as well as the general world context, they have to rebalance their supply chains.

The supply chain of the semiconductor industry is not only developed domestically but must be linked with other countries, including Vietnam, he said, adding that mechanisms to attract and encourage investment, and human resources are important factors for US businesses to consider and choose to invest in.

According to Neuffer, on the map of the world semiconductor industry, Vietnam is currently in the stages of testing – packaging, and back-end design (designing codes and programmes to operate applications or websites). In the coming time, Vietnam can promote the development of other stages in the semiconductor chip supply chain such as designing.

Amid the bilateral cooperative relationship, John Neuffer believes that cooperation in the semiconductor industry between the US and Vietnam in general, and Ho Chi Minh City in particular, will be promoted in the coming time.

The same day, the US business delegation visited the Saigon Hi-Tech Park to learn about hi-tech development infrastructure.

Founded in 1977, the SIA gathers a network of member companies accounting for up to 99% of the semiconductor industry's revenue in the U.S., with two-thirds from foreign enterprises. It has played a proactive role in prompting the U.S. to foster cooperation efforts in developing Vietnam's semiconductor ecosystem.

Efforts made to promote digital transformation in transport

The Ministry of Transport (MoI) has rolled out various measures to promote digital transformation in transport and logistics, which is one of the eight prioritised areas in the national digital transformation programme to 2030, according to Minister Nguyen Van Thang.

The minister said that all activities of the ministry have been brought to the digital environment, heading to the data-driven management over three prioritised aspects of transport infrastructure, transportation and traffic safety.

The effort is expected to speed up the progress and reduce the cost of projects in transport infrastructure construction, he said.

Le Thanh Tung, Director of the ministry's IT Centre, said that all agencies of the ministry have been asked to develop their own database connected with the online public service system, heading to the provision of full public services to the people online.

Currently, three areas with highest public service demands are road, vehicle registration, and maritime services, Tung said.

Nguyen Xuan Cuong, Director of the ministry’s Department for Roads of Vietnam said that the department has provided 66 online pubic services, including the conversion of driving licences on the online national public service portal starting from November 14, 2022.

Meanwhile, Director of the Vietnam Registration Nguyen Chien Thang said that thanks to the application of technology, businesses and people can process all registration procedures online, helping save time and cost.

In the maritime area, Hoang Hong Giang, Vice Director of the Vietnam Maritime Administration, said that 97.5% of administrative procedures for vessel entry-exit activities at port are processed online, helping shorten the time for the procedures to about 20-30 minutes, thus saving cost.

Tung said that the MoT is providing 291 online public services out of total 404 services, accounting for 72%.

The ministry aims to complete a database on vehicles and drivers in all five transport areas by the end of this year, and complete the digitalisation of all data on transport infrastructure by June 2024, he said.

However, Tung said that there are many difficulties in the digital transformation process, including those during the update of health certification during the driver's licence conversion process. Only about 30% of medical facilities connecting with the ministry's public service portal can upload the certificates to the system. At the same time, difficulties also come from policy, mechanism and legal regulations, he said.

Vietnam Maritime Corporation Deputy General Director Le Quang Trung stressed the need for technology firms like Viettel and FPT to engage more deeply in the digital transformation process of logistics firms.

Domestic enterprises advised to meet EU’s green, sustainable development requirements: forum

Domestic firms should transform to adapt to the green and sustainable development requirements of the EU to further enter the supply chain in this market, heard a recent trade forum.

After the pandemic and ongoing geopolitical instabilities accelerating the supply chain shift, many major partners in the world, including the EU, are actively diversifying their supply sources and choosing Vietnam as a strategic destination in the Indo-Pacific region, said Ta Hoang Linh, Director General of the Ministry of Industry and Trade’s European-American Market Department, at the Vietnam-EU trade forum held recently in Ho Chi Minh City.

He noted that the EU is currently the third-largest export market and the fifth-largest import market of Vietnam. Meanwhile, Vietnam has surpassed Singapore to become the largest trading partner of the EU in ASEAN and ranks 11th among the biggest commodity suppliers to the bloc.

According to customs statistics, two-way trade was valued at USD 62.24 billion USD last year, up 9.2% year-on-year, with Vietnam's exports to the EU hitting 46.82 billion USD, an annual rise of 16.7%. In the third quarter of 2023, bilateral trade turnover stood at 15.12 billion USD, down 1.5% year-on-year. However, this decline is considered temporary, as the slowdown has significantly eased and the EU's economy is gradually recovering.

Linh added that the EU-Vietnam Free Trade Agreement (EVFTA) has effectively supported the sides’ goods in accessing each other's markets, meeting their diversification needs.

President of EuroCham Vietnam Gabor Fluit stressed that Vietnam's strong commitment to the EU standards in sustainability will be a key driver attracting FDI, particularly from Europe.

Compliance with new market regulations from the bloc, especially the Carbon Border Adjustment Mechanism (CBAM) and the Corporate Sustainability Due Diligence Directive (CSDDD), requires significant investment from Vietnam in modernising infrastructure, advancing green technology, and developing human resources, he noted.

Fluit underscored Vietnam’s appeal to European investors, citing the country’s robust sustainability standards and initiatives in renewable energy. He mentioned the significant growth in EU investment in Vietnam, particularly in high-tech manufacturing, as evidence of the effectiveness of Vietnam’s free trade agreements. 

He cited a survey by EuroCham showing that 31% of its members define Vietnam as one of their three leading destinations globally, while more than a half of them plan to increase investment in Vietnam from late 2023.

Linh urged enterprises to actively renovate their businesses, enhancing their awareness and capacity to quickly adapt to and develop towards a green and sustainability roadmap.

Vinamilk CEO Nguyen Quoc Khanh asserted that despite the high cost, the benefits from green and sustainable transition following market demands will be much higher.

Vietjet inaugurates two int'l routes

Vietjet on Sunday inaugurated two new international routes connecting Hà Nội with Jakarta and Phú Quốc with Busan, linking Việt Nam’s top destinations to popular destinations across the region.

Vietjet’s new route between Hà Nội and Jakarta operates four return flights per week on Mondays, Wednesdays, Fridays, and Sundays, with a flight time of just over four hours per leg. Meanwhile, the Phú Quốc-Busan route operates seven round-trip flights per week, with a flight time of only 5 hours and 30 minutes per leg.

The thousand-year-old capital of Hà Nội and the Pearl Island of Phú Quốc are the top tourist destinations in Việt Nam, renowned for their unique cultural features, scenic landscapes, and diverse cuisine while Jakarta is a leading metropolis not only in Indonesia but also in South East Asia, and Busan is the largest coastal city in "the land of Kimchi," a bustling central seaport of the region and the world.

Lang Son approves VND11.2 trillion highway

The northern province of Lang Son has approved a VND11.2-trillion (USD462.81 million) highway project.

The 60-kilometre highway connects Huu Nghi Border Gate with Chi Lang District, including 43.43 kilometres of the Huu Nghi Border Gate-Chi Lang section and a 16.44-km section linking Tan Thanh with Coc Nam border gates.

The six-lane road will have 24 bridges and cover a total area of 640 hectares. Once operated, it will help to connect the Nanning (China) - Lang Son - Haiphong - Quang Ninh economic corridor to form a trans-Asia economic corridor.

It will also help link the Dong Dang-Tra Linh Expressway and promote Lang Son’s sustainable socio-economic development.

The project’s investor is set to be chosen in the first quarter of next year.

Vietnam to host development of digital technology enterprises forum

The Ministry of Information and Communications (MIC) will organise the national forum on development of Vietnamese digital technology enterprises in the northern province of Quang Ninh on December 11.
This information was announced by the MIC on December 7 at a press conference to discuss the sector’s performance; as well as activities and tasks for the upcoming months.

Addressing the event, Nguyen Thien Nghia, deputy head of the Authority of IT and Communication Industry under the MIC said that the forum had the theme “Digital technology enterprises - Popularising digital technologies into life.”

The events is expected to have the participation of leaders of the Party, the National Assembly, and the government; as well as representatives from ministries, agencies, and localities; the business community; domestic and international organisations; and experts, among others.

“The forum is a major event to summarise and evaluate the development of Vietnamese digital technology enterprises over the past four years, conveying core ideas about digital technology development, the Made-in-Vietnam spirit, developing digital technology businesses, contributing to increasing labour productivity, promoting rapid, sustainable, inclusive development, thus enabling the country to escape from the middle-income trap, transforming Vietnam into a developed country,” said Nghia.

During the event, there will be discussions about successful stories about bringing digital technologies to life, helping change Vietnam and the world. There will be discussions about the development of products based on new technologies such as the Internet of Things, AI, semiconductor microchips, and how to bring them to domestic and international markets.

It is expected that government leaders will issue messages of encouragement to the digital technology business community to build the position of Vietnam's digital technology industry, affirming Vietnamese intelligence on the world map.

Also at the event, the MIC will announce and award Made-in-Vietnam digital technology products 2023 to honour Vietnamese businesses and organisations with excellent digital technology products, solutions and services to help solve global issues.

To concretise the policies of the Party and the government on developing digital technology businesses, since 2019, the National Forum for Digital Technology Business Development has become a large annual event, attracting the participation of Vietnam's digital technology business community.

The forum is an important event of the ICT industry attended by leaders of the Party, National Assembly, and government, and well-supported by the Vietnamese digital technology business community.

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