Rice exports are likely to hit a record high of 9 million tonnes in 2024, given a total volume of nearly 8.5 million tonnes shipped abroad in the first 11 months, according to insiders.

Statistics from the Ministry of Agriculture and Rural Development show that Vietnam exported 700,000 tonnes in November for 444.9 million USD, bringing the total volume and value in the 11 months to nearly 8.5 million tonnes and 5.31 billion USD, up 10.6% and 22.4% respectively year-on-year.

The Philippines was the largest importer of Vietnamese rice in the first 10 months of this year, accounting for 46.1% of the market share. It was followed by Indonesia and Malaysia, with respective proportions of 13.5% and 8.2%. Compared to the same period last year, the value of rice exports to the Philippines surged by 59.1%, while shipments to Indonesia and Malaysia increased by 20.2% and 2.2 times, respectively.

Among the top 15 markets, Vietnam saw the strongest rice export growth in Malaysia. Conversely, China experienced the sharpest decline, with a 71.3% drop.

This marked the first time Vietnam’s rice export value has exceeded 5 billion USD, as the average export price in the first 11 months of 2024 reported a year-on-year rise of 10.6% to around 627.9 USD per tonne./.

Vietnam's ETFs withdraw nearly 53 million USD in November

VNDirect Research reports that exchange-traded funds (ETFs) in Vietnam continued to experience significant net capital outflows in November, totalling over 1.34 trillion VND (52.8 million USD).

This brings the cumulative net capital outflows since the beginning of the year to over 20.3 trillion VND.

Last month, the outflows from ETFs were primarily driven by significant withdrawals from funds such as VanEck Vector Vietnam ETF (641 billion VND), DCVFM VN30 ETF (over 300 billion VND), Xtrackers FTSE Vietnam ETF (214 billion VND) and DCVFMVN Diamond ETF (203 billion VND).

By contrast KIM Growth VN30 ETF and SSIAM VNFIN Lead ETF recorded net inflows of over 34 billion VND and 16 billion VND, respectively.

Foreign investors continued to increase their net selling activities in November, with total net sales exceeding 11.8 trillion VND. ETFs accounted for approximately 11.3% of this total net selling value.

For the first 11 months, net foreign selling value stands at nearly 89.8 trillion VND.

In November, foreign investors sold a net value of 12 trillion VND on the Ho Chi Minh Stock Exchange (HoSE), 342 billion VND on the Hanoi Stock Exchange (HNX), while making net purchases of 460 billion VND on the UpCOM.

The top stocks that foreign investors heavily sold off in November include Vinhomes (VHM), SSI Securities Corporation (SSI), Masan Group (MSN), HDBank (HDB) and Vietnamconk (VCB). Conversely, stocks that saw significant net buying from foreign investors in November were Vietinbank (CTG), Masan Consumer Corporation (MCH), Ha Do Group JSC (HDG), Techcombank (TCB) and Petrovietnam Fertilizer & Chemicals Corporation (DPM).

Since the beginning of November, foreign investors have been increasing their selling activities amid a resurgence in the dollar index following Donald Trump's re-election in the US presidential election.

Market concerns have risen regarding the potential import tariff hikes under the new administration, which could lead to increased inflation in the US in 2025, potentially limiting monetary policy flexibility and requiring caution in the US Federal Reserve (Fed)’s interest rate reduction trajectory.

During this period, US Government bond yields have also surged from 4% to nearly 4.5%, widening the gap with Vietnam's 10-year Government bond yields.

However, by the final week of November, after President-elect Donald Trump nominated Scott Bessent as the new Secretary of the Treasury, financial markets responded positively as investors perceived Bessent's moderate views favourably.

There is optimism that he might influence Trump towards a more lenient approach on tariffs.

With signs of a cooling dollar index, the retreat of 10-year US Government bond yields and indications of foreign investor capital returning to the Vietnamese market, the financial landscape is evolving./.

Vietnam, Cuba enhance cooperation in rice production

Vietnam's Minister of Construction Nguyen Thanh Nghi and Cuba's Minister of Agriculture Ydael Jesus Perez Brito discussed strengthening collaboration in rice production at a meeting in Hanoi on December 9.

Nghi emphasised that as the agency in charge of the Vietnamese subcommittee of the Vietnam - Cuba Intergovernmental Committee, the Ministry of Construction (MoC) has made consistent efforts to facilitate economic, trade, and investment cooperation between the two nations, with agriculture being a key priority.

Vietnam is currently supporting Cuba with three projects, namely a project on rice production development for the 2019 - 2025 period, and the other two on aquaculture and maize production for 2023 - 2025 period.

The Vietnamese Government has tasked the Ministry of Agriculture and Rural Development (MARD) with developing a proposal for a new Vietnam - Cuba rice production cooperation project for the 2025 - 2027 period. This initiative aims to establish an effective agricultural cooperation model to help strengthen Cuba's food security, he said.

The MoC has expedited procedures to supply rice for Cuba as agreed upon by leaders of both countries. Additionally, it is actively encouraging Vietnamese enterprises, such as Agri-VMA Co. Ltd. to invest in agricultural production in Cuba. It is also supporting the Thai Binh company in preparing a feasibility study for a project on rice, soybean production, soybean oil processing, and livestock farming in the Caribbean nation.

The minister asked the Cuban Ministry of Agriculture to collaborate closely with Cuban agencies and the MARD to address obstacles faced by Vietnamese businesses investing in agriculture in Cuba. He also highlighted the need for joint efforts to implement the countries' high-level agreements and tackle specific issues such as land use, labour policy, material importation, taxation, and foreign exchange.

For his part, Minister Perez Brito shared that Cuba had established a working group led by Deputy Prime Minister Ricardo Cabrisas Ruiz to oversee the implementation of bilateral agreements.

To meet the annual domestic demand of 600,000 tonnes of rice, Cuba proposed increasing its rice cultivation area from 20,000ha to 100,000ha, he said, noting that it now has 200,000ha available for rice farming, and all conditions from human, seedlings, infrastructure to irrigation systems, machinery, and transport are also ready.

The Cuban minister expressed confidence in the success of the cooperation projects, anticipating that they will attract more Vietnamese businesses to invest in Cuba.

He highlighted the strong measures Cuba has implemented to support Vietnamese investors, including granting the land use right free of charge and permitting Vietnamese enterprises to directly recruit Cuban workers—marking the first time such initiatives were offered to foreign investors in Cuba.

Cuba's Ministry of Agriculture expressed the hope that the MoC will advocate some policies supporting Vietnamese enterprises investing in Cuba.

Nghi acknowledged the positive progress achieved so far and called for continued efforts to overcome remaining challenges, ensuring the successful implementation of Vietnamese firms' rice production projects in Cuba.

Regarding Cuba's proposal to expand the rice cultivation area, Nghị emphasised the importance of successfully completing the initial phase to encourage other companies to engage in production expansion. He also recommended that Cuba consider adopting multi-crop farming techniques, drawing on Vietnam's expertise, to boost rice yields.

He pledged that the MoC will continue working with relevant agencies to propose favourable policies and create conditions for the success of the rice production cooperation./.

HCM City lays out plans for sound business climate with Japanese firms

Ho Chi Minh City pledges to develop an equal and transparent business climate for foreign firms, including those from Japan, to aid in business development plans in the southern economic hub, Vice Chairman of the municipal People’s Committee Vo Van Hoan said on December 9.

At a roundtable jointly held by the city Trade and Investment Promotion Centre (ITPC) and the Japanese Business Association of Ho Chi Minh City (JCCH), Hoan stressed that Japan is now the third largest investor among 127 countries and territories landing investment in the city, pouring over 5.88 billion USD into 1,767 valid projects.

The city wants to remove roadblocks to improve the investment environment and become a priority destination for Japanese businesses, he said, as well as meet investor requirements regarding technical and social infrastructure and human resources.

Onose Takahisa, Vice President and head of the tax-customs board at JCCH, highlighted persistent challenges with value-added tax (VAT) refund processes, with businesses reporting extensive delays in the refund procedures due to complex verification processes causing significant cash flow disruptions.

The local tax authority responded by clarifying existing regulations and urged the Japanese firms to provide full and accurate dossiers so as to push ahead tax refund. It added more personnel have been arranged while information technology application boosted to speed up refund and facilitate tax payment and management.

A critical concern raised by Nakagawa Motohisha, Vice President and head of the business environment board at JCCH, centred on the Tan Thuan Export Processing Zone, saying with only 17 years remaining on the current land lease, businesses urgently seek to clarify future development plans to make rational decisions about workforce, infrastructure, and technological investments.

In response, local authorities said the city presented a comprehensive development plan for export processing and industrial zones for the 2023 - 2030 period with a vision towards 2045. The scheme prioritises maintaining industrial land areas while encouraging technological transformation. Specifically, the Tan Thuan Export Processing Zone will focus on attracting high-technology projects until 2041.

The city will soon announce the criteria and support policies to facilitate technological innovation for existing enterprises, enabling them to make suitable transformation choices. The city is encouraging companies to boldly transition their technological approaches and business models to meet green and sustainable production standards, officials noted./.

Vietnam Airlines expands fleet to serve travel demand during Lunar New Year

To meet the increasing travel demand during the upcoming Lunar New Year (Tet), Vietnam Airlines has received three new aircraft in December, which will provide over 100,000 seats for the peak travel period in the largest festival in a year of the Vietnamese people.

Specifically, the carrier received an Airbus A320neo on December 7, and a Boeing 787-10 on December 8, and is expected to receive another Airbus A320neo by the end of this month.

The new aircraft will bring the total fleet of the national flag carrier to 103 aircraft in 2024. Specifically, the airline's wide-body fleet, which includes Boeing 787-9, Boeing 787-10, and Airbus A350, now consists of 31 aircraft.

A representative of Vietnam Airlines stated that the newly received Boeing 787-10 will primarily be used on domestic and Northeast Asia routes, while the Airbus A320neo aircraft will serve only on domestic flights.

The addition of these aircraft at the end of the year will not only help the carrier meet the increasing travel demand during the holiday season but also reaffirms its commitment to enhancing service quality, and providing passengers with a comfortable and modern travel experience./.

Vietnamese entrepreneurs join hands to seize growth opportunities

A seminar on business connection between domestic and US-based Vietnamese entrepreneurs opened in Ho Chi Minh City on December 9.

Jointly organised by Saigon Entrepreneur Magazine, Saigon Entrepreneurs Club, and the Business Association of Overseas Vietnamese (BAOOV), the event also featured a signing ceremony of a Memorandum of understanding (MOU) between business associations to enhance support for Vietnamese brands in the global market.

BAOOV Chairman Nguyen Hong Hue highlighted that the event brought together Vietnamese businesses from eight countries and territories both online and in person. This initiative aims to foster sustainable collaborations beyond networking, helping enterprises find long-term strategic partners in key markets.

Dr. Nguyen Manh Quyen, head of the Vietnamese Trade Office in Houston, Texas, emphasised the US as Vietnam's largest export market, urging businesses to adapt to shifting trade policies and leverage opportunities to boost competitiveness.

Dr. Huynh The Du from Indiana University advised Vietnamese enterprises to keep a close watch on US policies, saying despite growing US trade protections, Vietnam remains a vital trade partner, presenting both challenges and opportunities, particularly regarding tariffs and market access.

Chairwoman of the Overseas Vietnamese Committee of HCM City Vu Thi Huynh Mai noted that over 2.8 million Vietnamese abroad maintain ties with the city, with around 500 experts and intellectuals contributing directly to its growth.

The seminar and MoU signing marked a significant step in strengthening ties between domestic and overseas Vietnamese entrepreneurs, Mai said.

Lu Nguyen Xuan Vu, President of the Saigon Entrepreneurs Club, said the event featured over 100 businesses and showcased diverse products for upcoming holidays. These initiatives aim to boost trade, expand cooperation, and highlight Vietnamese products on the global stage, fostering long-term partnerships./.

PM calls for transformative energy projects

Prime Minister Pham Minh Chinh has laid stress on the critical need for innovative power projects that are able to transform the nation’s energy landscape and prevent power shortages while addressing at a hybrid conference to review the investment and construction of the 500kV circuit-3 power transmission line linking Quang Trach in the central province of Quang Binh and Pho Noi in the northern province of Hung Yen on December 8.

At the event, the Government leader said the move is part of the efforts to deliver on the breakthrough growth target of more than 8% in 2025, a step towards the new era – the era of the nation’s rise, becoming a developing country with upper middle-income and modern industry by 2030 and a developed and high-income one by 2045.

PM Chinh acknowledged and spoke highly of the energy sector, competent forces, local administrations and residents’ contributions to the success of the 500kVcircuit-3 power transmission line project, which has not only enhanced national energy security but also improved the position and prestige of the sector both domestically and internationally.

Key to the project’s success, he said, was the great national solidarity strength, engagement of the whole political system, innovative vision, settlement of institutional challenges, high determination, and prevention of negative phenomena and wastefulness.

He ordered competent sides to continue pushing ahead with completing payment and project acceptance procedures, and taking care of residents who had to relocate for the construction, while establishing mechanisms to reward individuals and teams with exceptional performance and contributions.

He called on the power sector to promote its resilience, mettle, creativity and innovation to ensure effective electricity distribution and use, urging the sector to remove institutional roadblocks, capitalise on such cutting-edge technologies as Internet of Things, cloud computing, AI and data analytics to create a smarter energy system, and continue negative phenomena and wastefulness prevention work.

With unwavering confidence, he expressed his hope that the sector will continue carving out further achievements to better serve the socio-economic development and enter the era of the nation’s rise.

According to the Vietnam Electricity, the 500kVcircuit-3 power transmission line, invested by the National Power Transmission Corporation at the total cost of over 22.3 trillion VND (878.4 million USD), stretches 519 kilometres across nine provinces and represents a milestone in Vietnam’s infrastructure development.

It involved massive logistical challenges, including site clearance across 183 hectares, affecting 5,248 households and 96 organisations. Construction teams completed extraordinary volumes of work, including excavating 2.54 million cubic meters of earth, pouring 705,000 cubic meters of concrete, and installing 1,177 steel towers weighing a total of 139,000 tonnes.

Despite challenges, the project was completed in just more than six months instead of three-four years as usual, a testament to the national determination, drastic management, collaborative efforts, as well as removal of bottlenecks in a timely fashion, and a valuable lesson for major projects in the coming time regarding investment procedures, conversion of land-use purposes, site clearance, purchase of materials and equipment, and organisation of construction, among others./.

Over 218,500 enterprises established, resume operations in 11 months

More than 218,500 enterprises were established and resumed operations in Vietnam in the past 11 months of 2024, a year-on-year increase of 7.4%, according to the General Statistics Office (GSO).

In November alone, the country recorded nearly 11,200 new enterprises with total registered capital of 138.6 trillion VND (5.46 billion USD). The figures represented a 21.3% decline in the number of firms, and a drop of 9.8% in capital compared to the previous month.

The average registered capital of a newly-established enterprise in the month reached 12.4 billion VND, up 14.7% over the previous month and down 5.8% over the same period last year.

Meanwhile, more than 7,700 enterprises resumed their operations in November, down 10.9% from the previous month and up 17.4% year-on-year.

During the January-November period, the country saw over 147,200 new enterprises set up with total registered capital of over 1.45 quadrillion VND, a reduction of 0.5% in the number of enterprises while the registered capital is relatively equal to that of the same period last year.

The average registered capital of a newly-established enterprise in the 11 months of 2024 reached 9.9 billion VND, an increase of 0.5% compared to the same period in 2023.

In the reviewed period, nearly 71,300 enterprises resumed their operations, an increase of 28.5% over the same period in 2023.

On the opposite side, nearly 4,250 enterprises temporarily halted operations in November, a decline of 22.2% compared to the previous month and a drop of 5.9% year-on-year. About 7,550 companies ceased operations waiting dissolution procedures, up 39.2% month-on-month and up 14.4% year-on-year. Meanwhile, nearly 1,910 businesses completed dissolution procedures, down 3.9% month-on-month, and up 14.2% year-on-year.

Since the beginning of the year, more than 96,200 enterprises has temporarily suspended business, an increase of 12.6% over the same period last year.

Nearly 57,700 businesses stopped operating, waiting for dissolution procedures, an increase of 0.9% and nearly 19,300 businesses completed dissolution procedures, an increase of 19.8%. In the first 11 months of this year, the total number of businesses withdrawing from the market was 173,200 businesses, an increase of 9.1%./.

Southernmost Ca Mau province moves to fully tap tourism potential

The Ca Mau World Biosphere Reserve, which includes the Ca Mau National Park, the U Minh Ha National Park, and the coastal protective forests, not only offers substantial economic benefits but also provides a clean environment that can provide many attractive ecological tourism experiences for visitors.

Director of the provincial Department of Culture, Sports, and Tourism Tran Hieu Hung said that the province now has over 30 ecological and community-based tourism sites with diverse tourism products, such as Ca Mau Cape national tourist area, Khai Long tourist area, Ngoc Hien Bird Sanctuary, Ca Mau city's Bird Sanctuary, and Ca Mau eco-tourism area.

Vice Chairman of the provincial People's Committee Nguyen Minh Luan said that by leveraging its geographic advantage as the southernmost province of the country, local authorities are actively building, positioning, and enhancing the tourism brand of Ca Mau with the slogan "Southernmost Land - Explore - Environment - Connect."

Ca Mau's tourism has witnessed significant growth this year. The number of visitors to the province is estimated to reach over 2.15 million, with total revenue projected to be around 3 trillion VND (118 billion USD), an increase of 5.9% compared to 2023.

Promoting historical, cultural tourismCa Mau's Tran Van Thoi district is home to ecological tourism sites and the national historical and cultural relic of Hon Da Bac where Vietnamese police defeated a counter-revolutionary organisation from 1981 to 1984.

Meanwhile, Vo Doi forest village relic represents a unique aspect of people's war in Ca Mau, and Nguyen Long Phi folk artist memorial site commemorates the storyteller known for humorous and optimistic folk tales related to the history of land reclamation and the lives of southern farmers.

Luan noted that the tourism route connecting Ca Mau city, U Minh Ha National Park, Hon Da Bac, the historical sites in Song Doc town, and Thi Tuong lagoon to the Ca Mau Cape is one of the main tourism routes actively exploited by many travel companies.

Nguyen The Chau, Chairman of the Tran Van Thoi District People’s Committee, said that the district is improving infrastructure to facilitate tourism development at ecological sites linked to historical and cultural relics and craft villages.

Meanwhile, Thoi Binh district boasts 14 national and provincial historical and cultural sites, as well as an intangible cultural heritage recognised at the national level - the large drum music of the Khmer people.

Tran Minh Nhan, Vice Chairman of the Thoi Binh District People’s Committee, said that the district is enhancing connections between ecological tourism sites and historical and cultural relics, aiming to establish at least five tourism tours in the area by 2025, attracting approximately 50,000 visitors./.

HCM City's travel companies light up new spring tours

Travel companies in Ho Chi Minh City have launched a diverse array of tour packages for the end-of-year travel season and innovated domestic tour packages to attract tourists.

Thousands of attractive tour routes are offered from now to February 2025 at competitive prices. The tours feature journeys from the North to the South, where travellers can experience the distinctive characteristics of various regions like Moc Chau, Sa Pa, and Ha Giang. Notably, travel companies are also introducing "green" trips that include environmental and community activities, allowing tourists to explore while contributing to nature conservation.

Tours to Cuc Phuong National Park in Ninh Binh province allow tourists to participate in tree planting, experience the “Bringing Animals Home” programme for wildlife rehabilitation, and learn about the rescue and conservation of rare primate species.

The Net Zero tour in Da Nang reflects Vietravel's commitment to green tourism, minimising tourism's impact on the environment for a sustainable future.

The 2025 Lunar New Year (Tet) with an extended holiday period, is expected to create great opportunities for spring tours. Travel agencies in Ho Chi Minh City are focusing on domestic destinations like Da Nang, Nha Trang, Phu Quoc, and Ha Giang, highlighting traditional Tet activities such as making "chung" cake, experiencing cultural Tet festivals, and enjoying traditional New Year delicacies during Gala dinners.

A representative of Viet Media Travel Joint Stock Company said that the demand for Tet travel this year is expected to rise significantly, particularly among young families who prefer travelling to traditional celebrations at home. This trend is likely to increase as many tourists seek to avoid the pressures of traditional Tet preparations while enjoying fresh cultural experiences. The longer holiday this year will facilitate this trend's expansion.

Similarly, a representative of Vietravel emphasised that the Vietnamese tourism industry is gradually adapting to new trends to meet the diverse needs of travellers. To deliver quality products that align with customer preferences, travel companies must research and develop innovative tours that optimize costs. Depending on the annual travel trends, products need specific highlights and unique experiences, with seasonal promotions to enhance customer benefits.

Survey results from travel companies in Ho Chi Minh City indicate that more families are choosing multi-generational travel to enjoy time together in new environments, strengthening family bonds and creating lasting memories.

Recognising this new travel demand, travel companies are designing tour packages that cater to all family members, from the elderly to young adults and children, ensuring that each journey meets the diverse needs of different generations. Additionally, substantial cash-back promotions are being strongly promoted by travel companies to offer special privileges for these groups.

The digital travel platform Agoda has recently released a list of the most affordable year-end travel destinations, providing various options for those seeking budget accommodation.

In Vietnam, Da Lat stands out as the most wallet-friendly destination, with an average room price of just 1.57 million VND (61 USD) per night. Da Lat continues to affirm its status as the most affordable destination in Vietnam, presenting its unique beauty with a cool mountain climate, ideal for travellers looking to enjoy a memorable year-end holiday.

Vu Ngoc Lam, Director of Agoda in Vietnam, said families tend to spend the year-end holiday together. But travelling at this time can be expensive, making budget a top concern. Therefore, travel companies can generate tourism numbers by providing offers that help customers maximize savings on flights, accommodation, and experiences./.

Zero tolerance for corruption in national transport projects: PM

Bidding should not be used as a safe haven for corruption and negative phenomena, Prime Minister Pham Minh Chinh sent a clear message while chairing the 15th meeting of the State Steering Committee for key national transport projects on December 6.

The hybrid meeting, linking with 44 cities and provinces housing key national transport projects, focused on the progress of 40 critical projects, encompassing 92 sub-projects in roads, railways, and aviation. These include expressways, ring roads in Hanoi and Ho Chi Minh City, urban railways, and airports.

PM Chinh, who is head of the committee, asked ministries, agencies and localities to ensure that these projects meet high standards of quality and progress, bring them into use as soon as possible as next year marks the 95th founding anniversary of the Communist Party of Vietnam, the 50th anniversary of the southern liberation and national reunification, the 135th birth anniversary of President Ho Chi Minh, and the 80th founding anniversary of the nation.

It is a decisive year for Vietnam as it prepares for Party Congresses at all levels, culminating in the 14th National Party Congress. This year is pivotal for achieving the goals set for the 2021-2025 period, including the completion of 3,000km of expressways and the eradication of temporary and dilapidated houses nationwide.

To meet these goals, PM Chinh called on localities to mobilise the participation of the entire political system, socio-political and mass organisations in accelerating site clearance. It is imperative that displaced residents are able to settle in new places before the Lunar New Year, he said.

Highlighting the critical role of regulation review, PM Chinh described it as a top political task. He directed relevant ministries and localities to scrutinise and amend regulations to address any shortcomings in legal frameworks and investment procedures, aiming to create a seamless and efficient implementation process, ensuring that projects are not slowed down by bureaucratic hurdles.

The government leader also assigned specific tasks to relevant ministries and localities to guarantee smooth implementation of the projects./.

Vietnam's Mercantile Exchange, CWT International Limited sign cooperation MoU

The Mercantile Exchange of Vietnam (MXV) and Singapore-based CWT International Limited, a leading provider of logistics and related engineering services, on December 5 signed a Memorandum of Understanding (MoU) for strategic cooperation in commodity logistics.

This collaboration marks a significant milestone in expanding international partnerships and sets the stage for robust growth in Vietnam’s logistics and supply chain sectors.

Under the MoU, CWT will provide logistics and warehousing services, supporting the import and export of goods for businesses trading commodities via MXV. The partnership enables domestic enterprises to leverage CWT’s advanced warehousing systems in Vietnam and abroad, optimising transport, storage, operational costs, and delivery processes.

Speaking at the event, Nguyen Duc Dung, MXV Deputy General Director stressed that collaborating with a globally reputable partner like CWT is expected to provide exceptional value to businesses in Vietnam and significantly contribute to the development of the national supply chain while promoting international trade.

CWT operates a vast logistics network, including warehousing systems and logistics distribution centres across 200 seaports and 1,600 domestic destinations worldwide. Its services range from physical goods transport and supply chain management to strategic logistics consulting.

Raymond Sha, Executive Vice President of CWT, underscored Vietnam’s immense potential in logistics and commodity trading, saying that Vietnam has all the elements to become a logistics hub in the region.

The combination between CWT’s global network and MXV’s deep understanding of the local market marks a significant step in delivering comprehensive logistics solutions for Vietnam and the Southeast Asian region, he said./.

Vietnam, US strengthen supply chain cooperation in global marketplace

The 2024 Vietnam-US Cooperation Forum, held in Ho Chi Minh City, focused on new US policy directions and opportunities to enhance bilateral economic and trade relations.

The event was co-organised by Vietnam’s Ministry of Industry and Trade, the US Embassy in Vietnam, and AmCham Vietnam.

Ta Hoang Linh, Director of the Europe-Americas Market Department under the Ministry of Industry and Trade, told the forum that Vietnam has become the eighth-largest trade partner of the US, and its fourth-largest export market in ASEAN. As of October 2024, bilateral trade reached 123.2 billion USD, up 19.3% year-on-year.

Meanwhile, the US is the second-biggest trade partner and the largest export market of Vietnam.

Linh cited statistics of the US Census Bureau that showed Vietnam exported 112.7 billion USD worth of goods to the US in the first 10 months of this year, while its imports from the US totaled 10.5 billion USD, a 29.4% increase. Vietnam holds a trade surplus of 102.2 billion USD with the US, ranking third globally.

Top exports to the US include wood furniture, machinery, office equipment, hand-held tools, footwear, rubber, and plastics.

The two nations have identified 10 key pillars for cooperation, emphasising economic, trade, and investment collaboration, and capacity building for Vietnamese enterprises to participate deeper in global supply and value chains along with US partners. Areas of focus include supply of materials, components, and equipment for energy, aviation, digital economy, semiconductors, and AI.

Anne Benjaminson, Acting US Consul General in Ho Chi Minh City, highlighted Vietnam’s increasingly important role in global supply chains and its strategic partnership with the US, underscoring that the US is working with Vietnam to develop e-commerce to enable enterprises of all sizes to sell their products on line and access new markets.

The US will also expand public-private partnership with Vietnam to assist with technical skill training and human resources development, and improve Vietnam's capacity in power planning and operation. The US-Vietnam cooperation is expected to bring mutual prosperity and sustainability in supply chains for both nations, she said./.

Top legislator attends celebration marking 30 years of Vietnam-Japan direct air route

Chairman of the Vietnamese National Assembly (NA) Tran Thanh Man and his spouse attended a ceremony in Tokyo on December 6 to mark 30 years since the opening of a direct air route between the two countries of the national flag carrier Vietnam Airlines.

Speaking at the event, Deputy Minister of Transport Nguyen Xuan Sang said that the ministry praises the airline for fulfilling its role as an aviation bridge between Vietnam and Japan. Over the past 30 years, its record of absolutely safe flights to Japan has not only involved the transportation of goods and passengers but has also significantly contributed to fostering economic cooperation, and cultural and artistic exchanges, and enhancing mutual understanding and connections between their people.

The carrier's celebration coincides with the official visit by the NA Chairman holds great significance in the journey to develop and upgrade the bilateral relationship to a Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World, Sang said, adding that it also lays a solid foundation for the two nations to continue effective cooperation for their mutual benefits and for peace and prosperity in the region and the world.

He expressed his confidence that the Vietnam-Japan relationship will surely continue to develop more deeply, with aviation being one of the key connections. To accomplish this, Vietnam Airlines needs to increase flight frequency, expand its network of routes, continue improving service quality, invest in a modern fleet, and strengthen cooperation with Japanese partners to better meet the growing demand for this important route.

Vietnam Airlines President & CEO Le Hong Ha stated that the decision to open the route to Japan 30 years ago was considered a strategic move of the carrier, as its flights have become a bridge that helps strengthen the increasingly good and close friendship between the two countries.

In the coming time, the airline will increase flight frequency, explore new routes, focus on enhancing service quality, and further strengthen cooperation with Japanese partners.

At the witness of the top legislators and senior delegates from both countries, Vietnam Airlines signed Memoranda of Understanding (MOUs) on trilateral cooperation between Vietnam Airlines, SaigonTourist Group, and MS Tourist Agency; as well as between Vietnam Airlines, SaigonTourist Group, and Japan Dream Tour Co., Ltd. The MoUs aim to strengthen the long-term partnership and foster cooperation in expanding the aviation and tourism markets between Vietnam and Japan./.

Vietnamese businesses explore Indonesian market

A business networking session between a delegation from the Ho Chi Minh City Association of Mechanical-Electrical Enterprises (HAMEE) and the Indonesian Chamber of Commerce and Industry (KADIN) was held on December 5 in Jakarta.

The event provided an opportunity for Vietnamese firms to explore business and investment cooperation in the promising market of Indonesia.

Vietnamese businesses showcased their products and gathered information on the demands of the Indonesian market, especially in mechanical and electrical industries.

According to Pham The Cuong, Trade Counselor at the Vietnam Trade Office in Indonesia, Indonesia's large and diverse market, growing middle class, abundant natural resources, and high import demand present significant opportunities.

As ASEAN members with a Free Trade Agreement (FTA), Vietnam and Indonesia enjoy reduced trade barriers. Similarities in culture and geographic proximity further enhance the competitiveness of Vietnamese products.

Edwin Setiawan Tjie, Chairman of the Vietnam Committee at KADIN, highlighted the growing trade relationship between the two nations, with bilateral trade exceeding 14.5 billion USD.

Indonesia’s ambitious infrastructure projects offer additional opportunities for Vietnamese businesses, he said./.

November’s CPI grows 0.13%

Vietnam's consumer price index (CPI) for November rose by 0.13% from the previous month and 2.77% compared to the same period last year, announced the General Statistics Office (GSO) on December 6.

Eight groups of goods and services saw price increases and three experienced declines, it said.

The group of housing, electricity, water, fuel and construction materials recorded the highest increase of 0.87% due to a 3.57% rise in kerosene prices following multiple price adjustments in November and a 2.25% expansion in domestic gas prices from the beginning of the month. Other groups grew between 0.26% and 0.62%.

Meanwhile, the prices of transportation services went down by 0.07%, postal and communication services fell 0.3%, and restaurants and catering services inched down 0.22%.

Domestic gold prices dropped 2.26% as compared to October while rising by 32.91% against December last year and 38.2% year-on-year.

The average US dollar price in the free market was around 25,483 VND as of November 27, up 1.76% month-on-month and 3.63% over the same period last year.

Core inflation in the 11-month period expanded 2.7% from the same period in 2023 but was lower than the average CPI increase of 3.69%. The reason is that the prices of food, foodstuffs, electricity, education services, and medical services only affect CPI growth as they are excluded from calculating core inflation./.

Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Total registered foreign direct investment (FDI) into Vietnam, including new and additional investments, and capital contributions via share purchases, reached 31.4 billion USD in the first 11 months of 2024.

Nearly 17.39 billion USD was poured into 3,035 new projects, while 9.93 billion USD was added to 1,350 existing projects, and 4.06 billion USD was spent by foreign investors to purchase shares.

In November alone, 4.12 billion USD worth of FDI was registered, according to the Ministry of Planning and Investment’s Foreign Investment Agency.

In January-November, a total of 21.68 billion USD was disbursed, up 7.1% against the same period last year.

Foreign investors invested in 18 out of 21 sectors of the national economy. Among these, the processing and manufacturing industry led with total investment capital reaching nearly 20.2 billion USD, accounting for approximately 64.4% of the total, down 8.7% year-on-year. It was followed by real estate business, with a combined capital of 5.63 billion USD, or 17.9% of the total, and up 89.1% year-on-year.

In the reviewed period, Vietnam attracted investments from 110 nations and territories, with Singapore topping the list, pouring nearly 9.14 billion USD into the country, making up 29.1% of the total, up 53.7% year-on-year. The Republic of Korea ranked second, with 3.89 billion USD, accounting for 12.4% of the total, down 9% year-on-year.

The northern province of Bac Ninh led the nation in terms of FDI capital, with 5.04 billion USD, or 16% of the total, representing an over threefold increase compared to the same period last year. It was followed by the northern border province of Quang Ninh, with 2.29 billion USD, making up 7.3%, down 26.3% year-on-year.

Meanwhile, Ho Chi Minh City topped the country in terms of the number of projects./.

Vietnam, Malaysia hold great potential for trade cooperation

Ample room remain for boosting trade cooperation between Vietnam and Malaysia, including the export of Vietnamese tra (pangsius) fish, as both countries strive to capitalise on regional trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), experts have said.

The Vietnam Association of Seafood Exporters and Producers (VASEP) reports that Vietnamese pangasius products consistently rank among the most favoured white fish in global markets, with Malaysia being no exception. Exports of this fish to Malaysia have shown steady growth in recent years, it said.

Shipment of Vietnam's pangasius to Malaysia reached an estimated 31 million USD in the first 11 months of this year, marking a year-on-year increase of over 21%, according to VASEP representatives.

Nguyen Thi Thu Hang, a market expert from VASEP, noted that frozen pangasius fillets are Malaysia's most imported whitefish product. Vietnam stands out as the largest supplier of frozen pangasius fillets to Malaysia, accounting for 96% of the country’s total imports in this category.

To Thi Tuong Lan, Deputy Secretary-General of VASEP, highlighted Malaysia as a vital market within the Halal economy. To maintain and expand their foothold in this market, Vietnamese pangasius exporters must adhere to Halal certification standards and excel in meeting these requirements./.

VNA/VNN/VNS/VOV