Retail sales in Ho Chi Minh City rang in at over 567.98 billion VND (22.36 million USD) in 2024, a year-on-year rise of 11%, the municipal Department of Industry and Trade has reported.

The department said that commercial activities have continued to recover and grow. This year marks the second in a row of the city's market stabilisation programme, with participating businesses strictly adhering to regulations. The drive has so far helped prevent supply shortages and price spikes during the year. As a result, the city’s average consumer price index (CPI) for the first 11 months went up by just 3.19% year-on-year, below the national figure of 3.69%.

A representative from the department pointed out several key measures set by the sector for the months leading up to the 2025 Lunar New Year (Tet) – Vietnam’s biggest traditional festival. These include close monitoring and evaluation of supply and demand for goods, notably essential ones like rice, meat, eggs, vegetables, and others.

For items normally experiencing a surge in demand during Tet, such as confectionery and beverages, contingency plans are in place to ensure supply-demand balance and price stability, avoiding any goods shortages or price hikes.

Retailers and businesses are also being encouraged to offer more discounts and share costs to ease price pressures on consumers, especially for products under the market stabilisation programme, as well as those deemed essential. Additionally, mobile sales campaigns will be ramped up in suburban districts, outlying areas, and worker accommodations./.

Mekong Connect Forum 2024 opens in An Giang

The Mekong Connect Forum 2024 kicked off in the Mekong Delta province of An Giang on December 17, focusing on seeking measures to enhance economic, trade, and technological cooperation in the region, Ho Chi Minh City, and the rest of the country towards sustainable development in a new competition landscape.

First held in 2015, the forum has become an annual reputable event that serves as a solid bridge connecting Mekong Delta localities with HCM City and others across the country.

The initiative began with the regional ABCD (An Giang, Ben Tre, Can Tho, Dong Thap) Mekong linkage initaitive and now includes HCM City, with this year’s event also engaged by the provinces of Vinh Long and Hau Giang. Mekong Connect is not only a platform for exchanging ideas and initiatives but also a space for local administration, businesses, experts, and policymakers to discuss practical solutions for promoting sustainable development across the region.

This year, the two-day forum focuses on three key areas to strengthen cooperation, namely economy, trade, and technology. The aim is to promote regional economic linkages, optimise local resources, and connect with HCM City and the rest of the country, with a focus on green and sustainable development.

Le Van Phuoc, Vice Chairman of the People’s Committee of An Giang, said that along with fostering connections and cooperation, the event is expected to create opportunities for developing value chains based on better understanding of market trends, agricultural product strategies, and technology application. It is also hoped to connect tourism routes and foster Vietnam-Cambodia border trade development, he said.

Following the opening ceremony, an exhibition spotlighting cooperation among businesses of HCM City and the Mekong Delta for sustainable development was launched, making a highlight of Mekong Connect 2024.

The exhibition features products of nearly 100 businesses from HCM City, An Giang, Ben Tre, Dong Thap, Can Tho, Vinh Long, and Hau Giang. It not only showcases their economic and social values but also sends a strong message about regional integration and sustainable development in the context of new competition.

Companies leading green transition, digital transformation, and climate-resilient economic projects from the participating localities were also spotlighted at the exhibition.

Within the Mekong Connect 2024 framework, a series of events will be held, including an international green startup festival, a Livestream sales session for agricultural products from the Mekong Delta, and a workshop on developing local resources and local economies through regional linkages in the context of new competition./.

Vietnam emerges as Mexico’s potential trade partner

Amid Mexico’s increasing import taxes on countries without a Free Trade Agreement (FTA), Vietnam is gaining recognition as a promising trade partner for this Latin American nation.

In an interview with a Vietnam News Agency (VNA) correspondent in Mexico, Vietnamese Trade Counselor Luu Van Khang highlighted that in 2024, many leading Mexican importers and distributors have turned to Vietnam for goods supplies, especially apparel, footwear, plastics, and furniture - the country's strengths.

Both Vietnam and Mexico are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which offers preferential import-export tariffs. According to Khang, Vietnamese businesses should leverage this new-generation FTA to enhance their presence in Mexico’s 130-million-strong market. Under the CPTPP, Mexico has pledged to eliminate tariffs on 77% of its import lines, accounting for 36.5% of its import value from Vietnam, and will increase this figure to 98% by the 10th year of the agreement.

This preferential framework has driven impressive growth in Vietnamese exports, including seafood, coffee, rubber, mobile phones, components, and automobile parts. At the same time, Mexico has gradually boosted the shipment of beef, pork, agricultural products, and beverages to Vietnam, demonstrating the complementary nature of trade between the two nations.

According to Khang, in addition to the CPTPP benefits, Vietnamese products have gained a price advantage in Mexico. Over the past year, the Mexican government has increased import taxes on over 500 product categories from countries without an FTA, with tariffs as high as 50%.

He noted that efforts by businesses and relevant agencies in both countries, coupled with the shift of Mexican importers toward Vietnam as an alternative market, have propelled bilateral trade to 5.9 billion USD between January and November. This figure is projected to reach 6.4 billion USD by the end of the year, marking a 23% increase compared to 2023.

The year 2024 has also witnessed notable collaborations between Vietnamese businesses and Mexican partners. Among these is the signing of a Memorandum of Understanding (MoU) between electric vehicle maker VinFast and the Durango Drivers' Union to promote green transportation. This includes a potential purchase of 3,000 VF 5 electric cars and 300 electric buses by the union.

Additionally, Vietnam’s Formula Air successfully completed an industrial ventilation system installation for Volkswagen’s automotive production facility in Puebla state. Meanwhile, Vietnam's tech giant FPT Corporation expanded its presence in Latin America, growing its network to 1,000 collaborators.

Looking ahead to 2025, Khang emphasised the significant potential for expanding bilateral trade between Vietnam and Mexico. Both countries, with their large populations and substantial purchasing power, share similar market characteristics and offer opportunities for mutually beneficial trade across various sectors.

However, he advised Vietnamese businesses operating in Mexico to enhance their product documentation, particularly certificates of origin and production processes, as the Mexican government tightens legal regulations to protect domestic industries and comply with the US-Mexico-Canada Agreement (USMCA)./.

Embassy promotes Vietnam-Bangladesh economic trade ties

A delegation from the Vietnamese Embassy in Bangladesh and a group of Vietnamese businesses led by Ambassador Nguyen Manh Cuong visited and worked with government agencies and business partners in Sylhet city, Moulvibazar province, and Habiganj province.

At the meeting between the Vietnamese delegation and head of the Sylhet city administration office Muhammad Sher Mahbub Murad, both sides agreed to promote cultural exchanges, tourism, and business connection, thereby enhancing mutual understanding and bringing the two countries' people closer together.

The host noted that Sylhet is currently one of the fastest-growing cities in the country, with strengths in tourism, agricultural production, and natural gas extraction. However, due to climate change and environmental pollution, it faces extreme weather patterns such as floods, heatwaves, and fog. The local government is actively researching international experience, particularly Vietnam's, in responding to and mitigating the negative impacts of climate change. Additionally, he said he hopes to gain insights from Vietnam on developing high-tech and sustainable agriculture to ensure domestic food security and serve exports.

For his part, Ambassador Cuong expressed his confidence that Sylhet will soon become a major economic hub of Bangladesh, successfully developing into a smart tourism city in the future.

Emphasising that Vietnam is a coastal country with favourable conditions for agricultural and tourism development, the ambassador suggested both sides explore the potential for connectivity, exchanges, and parnerships between their localities, thereby enhancing collaboration and sharing development experience in various fields, as well as promoting economic, trade, and investment cooperation, and people-to-people exchanges.

In Moulvibazar province, the Vietnamese delegation visited the tea and agricultural production factory of Paragon Group, one of the oldest food companies in Bangladesh. Some Vietnamese businesses had the opportunity to meet with the group's leaders. They are seeking trade cooperation opportunities, particularly exporting Vietnam’s frozen food and key agricultural products to the Bangladeshi market.

In Habiganj province, the delegation met with the leaders of the multi-sector manufacturing industrial zone belonging to PRAN-RFL Group, one of the largest manufacturers and exporters in Bangladesh. During the meeting, Vietnamese businesses discussed with group leaders about their strengths and cooperation opportunities in areas such as food imports and exports, preservation and packaging technology, and production technology transfer.

On this occasion, the embassy coordinated with the Bangladesh-Vietnam Chamber of Commerce and Industry (BVCCI) to organise a seminar on the current business, trade, and investment environment in Bangladesh and potential for collaboration between Vietnamese and Bangladeshi businesses./.

Total retail sales of goods, services in 11 months up 8.8%

Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 8.8% to more than 5.8 quadrillion VND (228.4 billion USD) in January – November, according to the General Statistics Office (GSO).

Revenue from retail sale of goods for the 11-month span hit 4.48 quadrillion VND, accounting for 77.1% of the total revenue and rising 8.1% against the same time last year. Good growth was seen in the sales of food (10.8%), household equipment (5.9%), clothing (8.1%), transport vehicles (7.4%), and cultural and educational materials (5.6%).

Several localities showed positive retail sales trend, including Hai Phong city (up 9.5%), Quang Ninh province (up 9.3%), Da Nang city (up 7.4%), Hanoi (up 6.5%) and Ho Chi Minh City (up 5.2%).

Accommodation and catering industries generated an estimated 669 trillion VND, a year-on-year rise of 13%. Localities with strong surge in the revenue included Khanh Hoa (17%), Hai Phong (13.2%), Can Tho (12.6%), and Hanoi (10.7%).

Tourism services demonstrated exceptional performance, with an estimated 17.3% growth in revenue, totaling 57.5 trillion VND, as localities have scaled up tourism promotion activities from the outset of the year.

Turnover from other services was estimated at 608.5 trillion VND, up 9.1% year-on-year.

With a view to ensuring market development until the end of the year, the GSO has recommended the Ministry of Industry and Trade accelerate the review and completion of legal frameworks on domestic market management while joining hands with ministries and sectors to keep a close watch on market developments to ensure sufficient supply of essential items and prevent price surges.

As major holidays are approaching, including Christmas, the New Year, and the Lunar New Year, retailers are launching consumption stimulus campaigns. Winmart, for instance, has introduced "Year-End Super Sale" and "Festive New Year Offers" with significant discounts, including 50% off on various items and member-exclusive promotions.

Meanwhile, small vendors have reported challenging sales conditions, with reducing customer footfall and higher procurement costs./.

Vietnam's textile export turnover hits 44 billion USD in 2024

Vietnam's textile and garment industry has fulfilled its 44-billion-USD export turnover target in 2024, an increase of over 11% compared to 2023, thanks to efforts in market diversification, technological innovation, and effectively capitalising on the shift in orders.

According to the Vietnam Textile and Apparel Association (VITAS), the achievements in 2024 and positive market signals at present provide a solid foundation for the industry to set an ambitious goal of 47-48 billion USD in 2025.

To date, many businesses have signed order agreements for the first quarter of 2025 and are negotiating for the second quarter.

According to VITAS Chairman Vu Duc Giang, although global consumption of textile and garment products did not increase in 2024, Vietnam's exports still recorded positive results. Thanks to its production capacity, and social and political stability, Vietnam has become one of the preferred alternative supply sources for foreign textile and garment buyers.

Vietnam's efforts to diversify markets, customer partnerships, and export products in recent years have proven effective. Vietnamese textiles and garments are now exported to over 100 markets worldwide, including traditional markets such as the US, the European Union, Japan, China, CPTPP member countries, and ASEAN, and new markets like Africa and the Middle East.

The implementation of FTAs has also brought significant advantages, opening up a vast market for Vietnam's textile products. With advantages brought by the Vietnam - Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA), Vietnam's textile exports to the Russian market saw a remarkable surge to 1 billion USD this year.

In a recent analysis report for the sector, experts from SSI Securities Corporation noted that Vietnam will continue to benefit from the shift of orders from China, due to its lower labour costs and the lower import tariffs imposed by the US on Vietnamese goods compared to Chinese products. Vietnam also holds an advantage in having a more skilled workforce than India and Bangladesh.

Tran Nhu Tung, Chairman of the Board of Directors of the Thanh Cong Textile Garment - Investment - Trading JSC, and Vice Chairman of VITAS, predicted that in 2025, the textile industry can maintain a growth rate of around 10%, with export turnover expected to reach 47-48 billion USD.

To realise this goal, businesses need to promote technological innovation, digital transformation, increase financial investment, and improve the quality of human resources, to further enhance their competitiveness, he suggested./.

Many banks increase deposit interest rates in year-end period

In the year-end period, savings interest rates have become a focal point, with many banks adjusting their offerings, showing clear divergence.

Some banks are maintaining attractive rates, particularly for long-term deposits or large sums, to attract funds, while others have slightly lowered rates on selected terms to manage capital costs.

The “Big 4” state-owned banks (Vietcombank, Vietinbank, BIDV and Agribank) continue to offer relatively stable rates, around 4.7 - 4.8% per annum for terms of 12 months or longer, and approximately 3% for terms under a year.

By contrast, commercial joint stock banks like Global Petroleum Bank (GPBank), Construction Bank (CBBank), and National Citizen Bank (NCB) offer six-month online deposit rates ranging from 5.45 to 5.65% per annum, while others like ABBank, NCB, and Nam A Bank have slightly reduced rates or capped maximum rates for long-term deposits. This reflects varied strategies, with some banks raising rates to attract capital, while others optimise operations by lowering rates for certain terms.

However, some banks, including PVcomBank and Vietnam Maritime Bank (MSB), still offer higher rates for substantial deposits, with some rates reaching up to 9.5% per annum. These offers, however, come with conditions on minimum deposit amounts, limiting access for most depositors.

Nguyen Tri Hieu, a financial and banking expert said: "The pressure from the USD/VND exchange rate, coupled with banks’ need to mobilise idle funds, will likely continue driving savings interest rates upwards in the near future."

This trend is particularly critical as the year-end period sees heightened capital demand, with banks needing to ensure liquidity and meet business requirements.

According to forecasts from VPBank Securities, interest rates in 2025 are expected to stabilise or slightly increase, depending on economic developments and monetary policy. The divergence among banks is anticipated to become more pronounced with smaller banks likely to maintain higher rates to attract funds, while larger banks with abundant liquidity will see less volatility.

In this context, depositors are advised to closely monitor market movements and select suitable terms and banks to optimise their returns.

Experts recommend that in a fluctuating market, savings decisions should be carefully considered, balancing profitability and security. The year-end period of 2024 and the early months of 2025, with numerous variables at play, promise to keep savings interest rates in the spotlight for both depositors and banks./.

Vietnam strives to complete 100,000 social houses by 2025

Based on statistics reported by localities, the Ministry of Construction projects that over 100,000 social housing units will be completed nationwide in 2025.

Additionally, the average housing area per capita across the country is expected to reach 27 square metres of floor space, and the national urbanisation rate is targeted to reach at least 45%, heard the ministry’s conference on December 14.

On December 10, Prime Minister Pham Minh Chinh issued an official dispatch emphasising the urgent need to address obstacles hindering the progress of social housing projects, aiming to enhance the effectiveness of social housing development and meet the growing demands of people.

Localities were asked to strictly adhere to regulations mandating land allocation for workers' housing in industrial parks and reserving 20% of residential land with completed technical infrastructure in commercial and urban projects for social housing development.

Chairpersons of provincial and municipal People’s Committees were tasked with implementing the national project to build at least 1 million social housing units for low-income earners and industrial workers during the 2021–2030 period.

The Governor of the State Bank of Vietnam was required to work with relevant ministries and agencies to speed up the disbursement of the 120 trillion VND (4.7 billion USD) credit package for social housing and worker housing development.

Speaking at the conference, Chief of the Office of the ministry Ngo Lam said that one of the notable achievements in implementing the national project is the ministry's organisation of a meeting to carry out the project and assign specific targets to localities to complete 130,000 social housing units in 2024.

To date, 644 social housing projects have been launched nationwide, with a total of 580,109 units. Among these, 96 projects have been completed, providing 57,652 units; 133 projects are under construction, comprising 110,217 units; and 415 projects have received investment policy approval, with a total of 412,240 units.

Additionally, 16 projects have signed loan agreements under the 120 trillion VND credit programme to support social housing, with total committed credit allocation reaching 4.2 trillion VND, and the outstanding loan balance at 1.72 trillion VND.

Deputy Minister Nguyen Van Sinh commended Ho Chi Minh City for its efforts in addressing challenges faced by real estate projects, and organising investment promotion conferences. He also acknowledged the city's serious commitment to allocating 20% of its land fund for social housing, as required by regulations.

The Ministry of Construction will continue to work closely with localities to accelerate the implementation of social housing projects nationwide so as to better meet the growing housing demand of the people, Sinh affirmed./.

Hai Phong tops centrally-run cities in public investment disbursement

The northern port city of Hai Phong disbursed about 13.5 trillion VND (531.6 million USD) of public investment capital in the first 11 months of this year, equal to 79.2% of the annual plan assigned by the Prime Minister and 64.2% of its own target, according to the Ministry of Finance.

With this result, Hai Phong ranks first among centrally-run cities in terms of public investment capital disbursement.

According the municipal People’s Committee, the top priority has always been given to public investment disbursement. The Standing Committee of the Hai Phong Party Committee has issued monthly directions regarding the issue. In October 2024, Secretary of the Party Committee Le Tien Chau held two working sessions with the Standing Boards of the Party Committees of An Duong and Hai An districts, providing guidance on the disbursement in these localities.

The municipal People's Committee also established two working groups led by the chairman and vice chairman of the committee to inspect, speed up, and resolve difficulties and obstacles to accelerate the disbursement.

With the guidance and involvement of the entire political system, public investment capital has been allocated in accordance with principles, criteria, and priorities set by the municipal People's Council, ensuring efficient use that helps realise economic growth targets and address social welfare issues.

Chairman of the Hai Phong People’s Committee Nguyen Van Tung said that in 2024, the city has focused on disbursing public investment capital for building model new-style rural areas and providing housing support for families of revolution contributors. Additionally, the capital has also been allocated for planning, investment preparation, supporting districts in developing parks and green spaces, as well as completing important and urgent projects./.

Vietnam, India enjoy robust economic-trade ties in 2024: trade counsellor

Vietnam and India have witnessed thriving trade and economic cooperation over the recent past, with many highlights observed in 2024, according to Vietnamese Trade Counsellor in the South Asian country Bui Trung Thuong.

He told the Vietnam News Agency that the year was particularly distinguished by Prime Minister Pham Minh Chinh’s landmark visit to India, the first by a Vietnamese Government leader in a decade, which yielded substantial economic and trade cooperation results.

The visit’s highlights included a business forum that attracted more than 300 Indian enterprises, including many giants like Adani and HCL expressing strong investment interests in Vietnam. The two countries signed various economic and trade collaboration agreements to deliver on their “five better” strategy.

Two-way trade is expected to exceed 15 billion USD this year and even 20 billion USD in the coming time, he said, adding the Vietnam Trade Office in India has been instrumental in driving the target through a multitude of trade promotion activities, including the “Vibrant Gujarat” programme that featured an exhibition and a business forum, a five-day fair in Uttar Pradesh – a state boasting huge economic cooperation potential with Vietnam, and a Vietnam cuisine week.

Tourism, he said, saw remarkable growth, with the number of Indian visitors to Vietnam increasing three to four-fold, potentially reaching 500,000 - 600,000 tourists in 2024. India is now in Top 6 regarding the visitor number to Vietnam, significantly contributing to the domestic economy.

Thuong described investment as another bright spot in the bilateral ties. He elaborated that VinFast's groundbreaking 2 billion USD investment in India, the first 100% Vietnamese-owned enterprise to make such a substantial investment in the country, is a milestone in the five-decade cooperation between the two countries.

Regarding challenges in the bilateral economic - trade ties, he said they stem from many countries' protection measures, including India’s application of stringent standards on imports, requiring Vietnamese firms to make meticulous preparation before accessing global markets. Another challenge is the passive approach of Vietnamese businesses in exploring market entry opportunities in India. Despite extensive support from the trade office, some Vietnamese companies have still demonstrated insufficient proactive engagement in market exploration.

Looking ahead to 2025, Thuong said both countries see promising opportunities in strengthen their collaboration in such emerging sectors as digital economy, green technology, semiconductor and AI. The complementary strengths of their startup ecosystems present exciting cooperation prospects.

He pointed out that agriculture, renewable energy, and nuclear energy technology are potential areas for cooperation, adding they can work together to navigate global economic headwinds and learn from each other’s experience.

With a view to strengthening economic - trade links between the two countries, the Vietnam Trade Office has proposed negotiating a bilateral free trade agreement (FTA), considering it a crucial mechanism for breakthrough cooperation, especially in the context that India is requesting to review the existing ASEAN-India Trade in Goods Agreement.

For a breakthrough in their economic - trade ties, the two countries need their own cooperation mechanisms and policies, the counsellor said, describing an FTA as the key to this success./.

Int'l rankings reflect impressive Vietnam's economic, social progress: Australian expert

Vietnam's economy has continued to perform strongly in 2024, evidenced by the latest Asian Development Bank’s Asian Development Outlook, which highlights Vietnam’s impressive economic performance, said Hal Hill, an emeritus professor at the Crawford School of Public Policy at the Australian National University.

In a recent interview with the Vietnam News Agency (VNA), Hill noted that international rankings consistently showcase Vietnam's remarkable economic and social progress. He held that Vietnam is on track to achieve "upper-middle income economy" status - a milestone that would have seemed unthinkable in the late 20th century. However, he also cautioned that the country faces significant development challenges.

Globally the economic-security environment is highly volatile and uncertain, especially relations between the two global superpowers China and the US. Moreover, upper-middle income economies require major ongoing policy reforms, especially higher quality governance, stronger and more independent institutions (including the judiciary), and a level playing field for all enterprises, regardless of ownership. He also noted that the “easy phase” of export-oriented industrialisation has come to an end, wages are rising, the dualistic economic structure will need to be modified.

On the diplomatic front, Hill emphasised the importance of diversifying Vietnam’s economic and strategic partnerships in an era of global uncertainty. In 2024, Vietnam upgraded its diplomatic ties to comprehensive strategic partnerships with Australia (March), France (October), and Malaysia (November). These milestones, he said, are significant but should not remain merely symbolic. Instead, they must translate into actionable outcomes, particularly in fostering stronger business-to-business relationships.

According to the expert, Australia and Vietnam have a close working relationship which is likely to grow quickly, with the Australian Vietnamese community playing an important facilitating role. But Australian investment abroad continues to go mainly to traditional business partners, especially the US and the UK, thereby missing out on the remarkable dynamism in Southeast Asia.

For his part, Layton Pike, a member of the Australia-Vietnam Policy Institute’s advisory board said that balancing regional and global relations is a prominent feature of Vietnam's foreign policy. He expressed confidence that after the leadership transition in 2024, the Southeast Asian nation will continue to navigate effectively in an increasingly complex geopolitical context in the coming years./.

Vietnam’s GDP growth poised for robust growth in 2024: officials

With just days remaining in 2024, the Vietnamese economic landscape looks promising, with the GDP growth expected to exceed the set target of 7% thanks to concerted efforts by ministries and sectors, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

Phuong said most international organisations have upgraded the country’s economic growth projections as compared to their previous predictions, adding his ministry’s economic scenario, reported to the Government in Quarter 3, suggests that without significant disruptions such as typhoons, floods and adverse global impacts, Vietnam has a solid foundation to obtain its 7% growth goal.

Key growth drivers include a remarkable revival in export orders while export growth demonstrating exceptional performance. Notably, despite the global gloomy investment panorama, foreign direct investment (FDI) in Vietnam has been on a good trajectory. Besides, the number of newly-registered businesses has rebounded over the past few months, signaling restored and growing economic confidence from investors, he pointed out.

Regarding consumer spending, Phuong said although the growth has not met expectations yet, consumption could be boosted during the Christmas Day and New Year holiday.

Meanwhile, Deputy Director of the General Statistics Office’s System of National Accounts Department Nguyen Dieu Huyen held that the US Federal Reserve (FED)’s potential interest rate reductions will help stabilise the macroeconomy and fuel GDP growth despite inherent time lag.

2024 is expected to be a year of stable economic expansion on the back of the recovery of the global economy and the Government’s support policies, she said, adding Vietnam could continue its robust growth momentum, with FED’s loosened monetary policy and stable macroeconomic conditions.

Looking ahead to 2025, Phuong said the National Assembly eyes 6.5 - 7% in economic growth, and asks ministries, sectors and localities to strive for 7 - 7.5%. Prime Minister Pham Minh Chinh has drastically pushed for an 8% growth target, which is grounded in the momentum from 2024 and significant institutional reforms.

Recent legislative changes, a breakthrough mindset to remove bottlenecks and simplify administrative procedures for investors, will take effect in early 2025, potentially unleashing long-blocked resource potentials, he stressed.

This growth strategy is part of Vietnam’s preparation for a new era – that of the nation’s rise. The country is striving to become an upper middle-income one with a modern industrial base by 2030 – the time when it will celebrate the 100th anniversary of the Communist Party of Vietnam./.

Vietnam, GGGI continue cooperating in green growth

The Ministry of Planning and Investment (MPI) and the Global Green Growth Institute (GGGI) have launched the Vietnam-GGGI Country Planning Framework (CPF) for the 2024-2028 period to enhance their cooperation in the next five years, according to the ministry.

This framework aims to support Vietnam's green growth and climate action objectives, including achieving net-zero emissions by 2050.

Over the next five years, the GGGI will assist the Vietnamese government in creating favourable conditions to attract green investments and preparing projects that direct investment flows into sustainable energy, improving energy efficiency, climate-resilient agriculture, and waste management.

Specifically, the GGGI will focus on clean energy to help Vietnam reach its net-zero emissions target by 2050. The organisation plans to expand successful projects related to green bonds and promote climate technology startups, aiming to increase climate finance from both private and public sectors.

The GGGI’s national programme for Vietnam proposes solutions for implementing the CPF, including green investments, green industry, climate-resilient agriculture, waste management, green buildings, and carbon pricing.

MPI Deputy Minister Nguyen Thi Bich Ngoc said that the partnership between Vietnam and GGGI began in 2012, adding that at that time the country ratified an establishment agreement, becoming one of the GGGI's founding members. This collaboration has continued with the signing of national planning frameworks for the 2012-2016 and 2016-2020 periods.

The national planning framework for 2016-2020 achieved significant results, including the development of green investment guidelines, integration of green growth indicators into socio-economic development plans, an evaluation of the five-year implementation of the national green growth strategy, and organising consultation workshops and building training materials to support to make planning on green growth action plans, greenhouse gas inventory, and green finance.

In the 2020-2024 period, cooperation continued through important projects, including the design of policies for international carbon trading under Article 6 of the Paris Agreement, green growth planning for provinces, and the implementation of green transformation investment programmes.

The new CPF for 2024-2028 has been developed based on assessments of Vietnam’s challenges, opportunities, and advantages, identifying priority directions for green growth, green investment, climate action, and waste management.

These are core goals, crucial for Vietnam's future, she said.

Juhern Kim, GGGI Country Representative to Vietnam, highlighted the partnership between the GGGI and Vietnam, which has saw significant outcomes on policy advice, such as such as the development of the MPI's green growth guidelines, the urban green growth index, and the Vietnam urban green growth development plan by 2030.

In terms of investment, the GGGI has facilitated the mobilisation of around 410 million USD in green investment for projects such as waste-to-energy plants and green bond issuance by local financial institutions and private enterprises.

According to him, the CPF focuses on supporting Vietnam in maintaining a solid economic growth roadmap with comprehensive green growth projects without causing environment degradation.

Vietnam is entering a new phase with a strong revolution in institutional building and implementation of the goal of becoming a developed high-income developed nation by 2045./.

Hanoi promotes key industrial products

Thirty-six products from 25 businesses were selected and recognised as Hanoi’s key industrial products for 2024.

Of these, the 10 highest-scoring products were named in the Top 10 Key Industrial Products of Hanoi for 2024.

Among the recognised companies, eight achieved revenues exceeding 1 trillion VND (39.3 million USD) each, and ten were listed in the Top 500 Largest Enterprises in Vietnam in 2024, as reported by Vietnam Report in collaboration with VietnamNet.

The total revenue of these 36 products reached nearly 50 trillion VND, with export turnover approximating 1 billion USD.

During the awards ceremony, Nguyen Kieu Oanh, Acting Director of the municipal Department of Industry and Trade, highlighted that the city issued a plan on December 15, 2023, to implement the 2024 development programme for Hanoi’s key industrial products.

The Department of Industry and Trade was tasked with leading the initiative, working with other units to evaluate and recognise products under the city's development strategy for key industrial products through 2025.

Businesses participating in the programme have embraced advanced scientific and technological methods, implementing automation, digital transformation, and smart factory models in their production processes.

As a result, the recognised key industrial products demonstrate high competitiveness, setting benchmarks for similar products and enhancing the reputation and market presence of these businesses domestically and internationally.

The key industrial product manufacturers have reinforced their role as pioneers and key drivers of Hanoi’s industrial development. These businesses contribute significantly to the city's economic landscape, accounting for a substantial proportion of industrial production value while aligning with Hanoi’s socio-economic development strategy.

Notably, several companies, such as Asia Technical Industrial Joint Stock Company, Hanoi Plastics Joint Stock Company, and Eurowindow Joint Stock Company, earned the prestigious "National Brand" title in 2024, further solidifying their influence and credibility./.

Hai Phong creates breakthroughs in FDI attraction

The northern port city of Hai Phong has emerged as a leader in foreign direct investment (FDI) attraction, showcasing a robust portfolio of environmentally friendly projects.

This achievement underscores the city's strengths in modern infrastructure, favourable policies, and a strong commitment to sustainability and environmental protection.

Despite global economic and political complexities, Hai Phong has shown remarkable resilience and adaptability, achieving significant economic milestones in 2024.

According to Nguyen Van Tung, Chairman of the municipal People’s Committee, the city attracted approximately 3.35 billion USD in FDI this year, a remarkable 92.52% increase from the previous year.

Notably, the city licensed 12 key projects in November, totaling an additional 1.8 billion USD. These projects are expected to create 17,000 jobs in the coming years. Among them is LG Display Vietnam's expansion in the Trang Due Industrial Zone, which raised its investment by 1 billion USD to 5.65 billion USD. This facility, producing 14 million high-tech OLED displays monthly, has generated over 22,000 jobs and annual exports averaging 5.8 billion USD since its inception in 2016.

Others include Heesung's 154 million USD expansion, bringing its total capital to 279 million USD, and Smart Logistics Service's 20 million USD logistics hub at Hai Phong International Gateway Port, projected to generate 100 million USD in annual revenue.

Hai Phong now ranks among Vietnam's top six localities in FDI attraction, with 1,000 projects from 40 countries totaling 32.2 billion USD. Its industrial parks, notably the Dinh Vu-Cat Hai Economic Zone, have attracted 26.2 billion USD, accounting for over 80% of the city’s total FDI. The average investment density in Hai Phong reaches 13 million USD per hectare, triple the national average.

Foreign investors, such as those in the Nam Cau Kien Eco-Industrial Park, recognise Hai Phong's advanced infrastructure and investor-friendly policies, including tax incentives and streamlined administrative processes.

Hai Phong aims to enhance its economic and urban spaces while emphasising digital transformation and green initiatives. Key projects include Lach Huyen International Gateway Port, regional highways, and Nam Do Son Port, positioning Hai Phong as a modern logistics hub and international gateway.

Deputy Minister of Planning and Investment Tran Quoc Phuong highlighted Vietnam’s stable and investor-friendly environment, attracting high-tech industries such as semiconductors, EV batteries, and electronics.

He reaffirmed the government’s commitment to reforming administrative procedures and maintaining consistent policies to support long-term investment.

Hai Phong's strategic location and innovative approach make it a pivotal player in Vietnam's FDI landscape, connecting global enterprises to a dynamic and sustainable market./.

Compliance with EUDR offers long-term benefits to rubber industry

The EU Deforestation Regulation (EUDR) poses challenges for Vietnam's rubber industry, but it also opens doors to new opportunities.

By adhering to the regulation, the sector can achieve sustainable growth and greater market access, insiders affirmed at an international rubber conference in HCM City on December 12.

Organised by the Vietnam Rubber Association, the conference with the theme “Rubber Industry 2025: Global Price Trends and New Opportunities with EUDR” attracted industry leaders, businesses, and local and international experts.

At the conference, Le Thanh Hung, Chairman of the Vietnam Rubber Association, noted that 2024 is a challenging year for the global economy, influenced by geopolitical instability, climate change, and the shift toward green development.

The rubber industry, closely tied to sectors like automotive, construction, and consumer goods, has faced challenges due to changes in supply chains, rising inflation, and carbon emission reduction pressure, as well as shifts in consumption demand and technical standards in international markets, particularly in the EU, he said.

However, these challenges also present substantial opportunities for the industry to transform, innovate, and sustainably develop.

He underscored: "Despite these challenges, Vietnam’s rubber industry has maintained its growth trajectory and adhered to its strategic goals. In 2024, the sector's total export turnover is projected to reach approximately 10.2 billion USD, including 3.1 billion USD from natural rubber, 4.6 billion USD from processed rubber products, and 2.5 billion USD from rubberwood. These figures highlight the industry's continued prominence in the global supply chain.”

He as well as other speakers at the conference mentioned the EUDR as a significant challenge faced by the sector.

The EUDR mandates that rubber imported into the EU must be sourced from deforestation-free areas, with full traceability and documentation to prove compliance. Producers must also conduct due diligence to ensure that their supply chains meet these standards.

Enterprises therefore must invest in production processes and improve traceability to meet these international market requirements, especially those of the EU, Hung said.

Prof. Joseph Adelegan, Secretary General of the International Rubber Study Group, emphasised the importance of traceability and sustainable production, saying that Southeast Asian countries, especially Vietnam, need to focus on improving quality and traceability to comply with the stringent requirements of the EU. Meeting these standards will help the country’s rubber industry achieve sustainable development.

He highlighted that Thailand, the world's largest producer of natural rubber, has long prepared for EUDR compliance, allowing it to export high-value products to major EU markets. Vietnam has favourable conditions comparable to Thailand and has seen promising developments.

Compliance with EUDR regulations imposes challenges such as high production costs, and limited technical capacity in developing regions, but compliant producers will have opportunities to “gain market access to the EU for deforestation-free products, premium pricing for sustainably sourced rubber, and long-term competitiveness through enhanced supply chain transparency,” he pointed out.

Vo Hoang An, the association’s General Secretary, said rubber exports to the EU were worth 587.6 million USD in the first ten months of the year, accounting for 6% of the sector’s total export revenue.

While not Vietnam’s leading export market, the EU is an attractive market for Vietnamese enterprises given the market’s high purchasing power and advantages brought from the EU - Vietnam Free Trade Agreement, he said.

“Therefore, evaluating opportunities and challenges related to EUDR is vital for building effective adaptation strategies,” he said.

He highlighted that the regulation has raised substantial concerns within Vietnam’s rubber industry. In response, relevant ministries, the association, and businesses have initiated preparatory activities to meet the new requirements.

At the conference, representatives of the Vietnam Rubber Group and Dong Nai Rubber Corporation spoke about their efforts to comply with the EUDR./.

Vietnamese coconut becomes high-value export

A forum on connecting coconut production and consumption took place in the Mekong Delta province of Ben Tre on December 13, offering a venue for relevant parties to discuss ways to fully tap the potential of both domestic and international markets to develop coconut into a billion-USD industry.

Jointly organised by the Vietnam Agriculture Newspaper, the Ministry of Agriculture and Rural Development (MARD)'s Department of Quality, Processing and Market Development, and relevant agencies, the event served as a strategic bridge in the coconut value chain, allowing stakeholders to connect towards fully tapping cooperation opportunities together.

In her opening speech, Nguyen Thi Thanh Thuy, Director of the MARD’s Department of Science, Technology and Environment, said Vietnamese coconut is becoming a high-value export commodity, and processed coconut products are expected to increase the value of coconut cultivation and raise income for farmers.

According to statistics, 30% of coconut plantations have been certified as meeting VietGAP standards, and 30% have been granted planting area codes.

Thuy said Vietnam aims to have over 200,000 ha of coconut nationwide by 2030 with key coconut-growing regions being the Mekong Delta (about 175,000 ha) and the south-central coastal region.

Deputy Director of the Ben Tre provincial Department of Agriculture and Rural Development Huynh Quang Duc, Ben Tre is known as the "coconut capital" of Vietnam with over 80,000 ha, accounting for 88% of the total coconut area in the Mekong Delta, and nearly 42% of that nationwide. The coconut has been identified as a key crop that brings a major source of income for over 200,000 rural households in the locality.

Ben Tre now has 133 coconut cultivation areas granted with codes and 14 businesses licensed for packaging fresh coconut products for export to the Chinese market. Each year, the province earns over 350 million USD from exporting coconut per year.

The provincial Department of Agriculture and Rural Development has collaborated with agencies and local authorities to develop an organic coconut material area of over 20,700 ha. The locality has formed a value chain with eight large enterprises that use modern processing technology to produce and export organic coconut products to markets such as the US, the European Union (EU), Japan, China, Canada, and the Republic of Korea.

Coconut is one of the six key crops included in the scheme for developing key industrial crops until 2030 issued by the MARD, which sets to increase coconut plantation areas to about 195,000-210,000 ha by 2030.

Coconut exports helped Vietnam rake in 900 million USD in 2023, and the figure is expected to exceed 1 billion USD this year. Positive advancements, such as the approval of Vietnamese coconuts by the US and Europe, along with ongoing negotiations with China for official export to the country, have laid a strong foundation for expanding markets and promoting sustainable development of the industry.

The Government and the MARD have implemented numerous policies to develop the coconut industry, Deputy Director of the Department of Quality, Processing and Market Development Le Thanh Hoa said, adding that localities need to leverage these policies to support the production activities of farmers.

Meanwhile, Vietnamese businesses must have strategies to increase product prices in markets, so that the added value can be used to subsidise farmers, he noted./.

Cao Bang, China’s Baise city forge stronger economic ties

An economic and trade cooperation talks between the northern mountainous province of Cao Bang and Baise city of China’s Guangxi took place in Cao Bang city on December 13.

Vice Chairwoman of the provincial People's Committee Nguyen Thi Bich Ngoc said in the coming time, Cao Bang will actively collaborate with Baise city to boost trade promotion and export-import activities via holding international trade fairs, exhibitions, and business networking events. It will also build border gate infrastructure, improve customs clearance services, and encourage firms from Cao Bang and Baise to join trade fairs hosted by them.

She highlighted the need to diversify the range of goods exchanged through the border gates, with a particular focus on expanding the list of fruits allowed into the Chinese market. This move aims to ensure that agricultural products flow efficiently and flexibly to China, thereby preventing congestion at border checkpoints.

Both sides reached a consensus on accelerating the opening and upgrade of border gates and enhancing transportation connectivity. Key projects include the opening of the Po Peo (Vietnam) - Yuewei (China) border gate pair and exploring the construction of a smart border gate between Tra Linh (Vietnam) and Longbang (China). Additionally, procedures will be finalised for a dedicated goods transport route at the Soc Giang (Vietnam) - Pingmeng (China) border gate.

Vice Mayor of Baise city Li Jianhua suggested that both sides continue streamlining the flow of goods to reduce congestion at border gate pairs, promoting exchanges and cooperation, particularly in economic and commercial activities, while accelerating the construction of smart border gates to improve customs clearance efficiency. She also urged the swift reopening of border gate pairs that were closed due to the COVID-19 pandemic.

The talks reaffirmed the achievements in cooperation between Cao Bang and Baise city across various fields, with a particular focus on recommending upgrade for the Tra Linh (Vietnam) - Longbang (China) border gate pair to international status, including the Na Doong (Vietnam) - Na Ray (China) customs clearance route.

In a related event, the 2024 Cao Bang - Baise International Trade Fair, themed “Promoting comprehensive cooperation, sustainable development”, kicked off just a day earlier, as part of a trade promotion programme between Cao Bang and Guangxi.

Ngoc revealed that the total export-import turnover through Cao Bang's border gates is estimated at 900 million USD this year, up 21.9% from 2023.

With its advantageous geographical location, convenient border gate system, and improving transportation infrastructure, Cao Bang is poised to further solidify its position as a key overland gateway connecting Vietnam and ASEAN countries with the Chinese market, she said.

Vice Mayor Li noted that the fair serves as a platform for both localities to boost trade in various sectors, including agricultural processing, household appliances, mechanical equipment and electronics.
The event will run until December 17, featuring nearly 200 domestic and foreign enterprises and 350 booths./.

Hanoi ensures sufficient goods stockpiles for Tet holiday

The Hanoi Department of Industry and Trade and enterprises are gearing up for the upcoming Tet (Lunar New Year) holiday with plans to ensure a robust supply of goods and stabilise prices to meet consumer needs during the peak shopping season.

Deputy Director of the department Nguyen The Hiep said that businesses have already increased their stockpiling by an average of 7-25% as compared to the previous Tet preparation. Notably, domestically-made products, particularly those under the One Commune, One Product programme, make up 90% of the offerings.

Cuoi Quy high-tech organic vegetable cooperative in Dan Phuong district outlined Tet production plans in early October. They plan to expand the cultivation of leafy greens and high-quality vegetables under VietGAP standards so as to supply the market with a wide range of offerings.

Similarly, Vissan Joint Stock Company, a leading meat processing firm in the country, has increased its inventory by an additional 10-20%. It is ramping up production to provide nearly 1,200 tonnes of fresh food and 4,000 tonnes of processed products for more than 120,000 retailers nationwide.

Hiep said retailers negotiated with producers regarding supply sources and prices three to six months in advance.

Saigon Co.op, BRGMart, HaproMart, and Central Retail have prepared business plans to serve the nation’s biggest holiday, with inventory rising 25-30% against the previous season.

MM Mega Market's business director Dinh Quang Khoi revealed that the company finalised its plans with major suppliers a month ago. Meanwhile, BRGMart's marketing external relations manager Nguyen Thi Hien said the firm is collaborating with suppliers to forecast consumption and outline inventory plans, projecting a 2-3-time increase compared to regular monthly volumes.

According to Director of Co.opmart Hanoi Nguyen Thi Kim Dung, the year-end inventory increases around 30-40% as compared to the normal level and nearly 10% from the previous Tet holiday. The company is committed to maintaining stable prices and even increasing promotional offers.

Hiep stressed that along with market regulation measures, the department will continue working with enterprises to stabilise the market while joining hands with competent authorities to supervise food safety compliance among enterprises./.

Vietnamese fisheries sector navigating headwinds in US market

Vietnam's fisheries exporters stand at a critical juncture in the US market, facing a complex landscape of potential opportunities and significant challenges in the coming years.

The US remains Vietnam's largest seafood export destination, with annual export values ranging between 1.5 billion and 2.1 billion USD over the past five years. Therefore, economic and political changes in the market will affect the Southeast Asian nation's aquatic shipments.

According to communications director at the Vietnam Association of Seafood Exporters and Producers (VASEP) Le Hang, amidst the ongoing US-China trade tensions, US importers are actively seeking alternative seafood sources and Vietnam is well-positioned to fill this gap due to its improving product quality and reputation in shrimp and pangasius (catfish) exports.

However, Vietnamese exporters should stay prudent with anti-dumping and anti-subsidy taxes and tough trade barriers in this market that could result in a more intense competition with such rivals as India, Ecuador, and Indonesia, she said, adding rigorous quality standards set by the US Food and Drug Administration require firms to strictly comply with sustainable production and food safety protocols.

The shrimp sector has particularly felt the brunt of the US’s tariffs. Chairman of Sao Ta Foods Joint Stock Company Ho Quoc Luc said that Vietnam is currently the fourth largest shrimp supplier for the market, holding an approximately 8% market share, behind India (31%), Ecuador (26%), and Indonesia (17%).

He described high prices as the most significant disadvantage for Vietnamese shrimp, adding if import duties remain unchanged, Vietnam could maintain its current market share in the US but if the country levies import taxes between 3 and 5%, exporters would find it hard to uphold their presence there.

Without price advantages, Vietnamese businesses must concentrate on intensively processing goods to add value not subject to taxation so as to maintain a foothold in the US market.

Kim Thu, a shrimp market expert, said Vietnam gained 646 million USD from shrimp export in January – October, up 10% year-on-year. The US remained Vietnam's single largest shrimp import market, accounting for about 20% of total export value.

Shrimp export under the incoming Donald Trump administration could face both opportunities and challenges, depending on the level of tariffs that it could impose. Previously, Trump proposed a 10% tariff on all imported goods to the US.

US consumers are increasingly interested in sustainability, environmental protection, and social responsibility. Vietnamese firms should adhere to international standards like GlobalGAP and those of the Aquaculture Stewardship Council and Marine Stewardship Council. They also must ensure transparency regarding production process and origin of materials to build consumer confidence, Thu said.

Looking ahead to 2025, VASEP said the Vietnamese seafood industry may encounter new challenges from the US’s new policies. Successful navigation quires meticulous preparation as well as capitalisation on existing free trade agreements to expand markets./.

Vietnam Post launches e-commerce platform for agricultural products

Vietnam Post has launched an e-commerce platform to foster the trading of high-quality agricultural products in the country.

The platform, nongsan.buudien.vn, aims to connect farmers, producers and consumers of agricultural products domestically and internationally, including to foreign markets such as China, the Republic of Korea, and Japan.

It operates based on four principles: the best quality in the market, the fastest delivery, enhancing cultural value and supporting brand building, marketing and sales.

According to Vietnam Post, the products selected for the platform will be chosen under strict criteria and undergo a quality-checking process in line with national regulations and quality standards, to ensure food safety and protect consumers' health.

The company’s advantages in storage systems, specialised vehicles and experience operating e-commerce platforms will ensure that the products reach consumers fast and in good condition.

Speaking at the launch event on December 12, Nguyen Truong Giang, head of the member council at Vietnam Post, said: “Vietnam is increasingly attracting international attention, not only for being a friendly, peaceful country but also for its cuisine and culture.

“With the mission entrusted by the State to develop new rural areas by selling OCOP (One Commune–One Product) products through e-commerce, we proudly introduce the platform today after many years of work and improvement.”

At the event, Vietnam Post and the social media platform TikTok also signed a cooperation agreement to promote agricultural products and local cultures through short videos and livestream sessions. /.

Vietnam needs 14 billion USD to develop EV charging stations

To building a green transport system, Vietnam will need nearly 14 billion USD to develop a network of charging stations, said insiders.

This is expected to reduce greenhouse gas emissions, and create great tremendous opportunities for the electric vehicles (EV) market.

The transition to EVs is a huge effort toward Vietnam's net zero goal and environmental protection, and it will also boost the national economy, especially in reducing oil import costs and creating millions of jobs.

According to a report from the World Bank, for EVs to become mainstream, especially among first-time car buyers, the charging station system plays a key role. It is estimated that Vietnam needs 2.2 billion USD by 2030 to build a network of public charging stations, and this figure will increase to 13.9 billion USD by 2040, and 32.6 billion USD by 2050 to meet most of the population's EV demand.

With the rapid development of EV technology and the trend towards green transportation, the demand for this type of vehicles is expected to increase strongly in the near future. It is predicted that more than 2.8 million EVs will be consumed from 2024 to 2035, and another 3 million in the 2036 - 2050 period if the development of the charging station network is accelerated.

Major manufacturers such as VinFast have pioneered in this field, not only investing themselves but also implementing the franchise model that enables businesses and people to participate in developing the charing network. This model helps promote not only the use of EVs but also the sustainability of the EV industry in Vietnam.

Public-private partnership models are also evaluated as a key for luring investment in charging stations. Electricity companies, fuel distributors, and specialised charging service providers can also contribute to the scheme.

Insiders said to further promote the scheme, the Vietnamese Government needs to have favourable and clear policies that facilitate the engagement of the private sector. This can be achieved through financial and non-financial incentives and the formation of a clear roadmap for EV adoption with strict technical standards for charging infrastructure.

International studies have shown that subsidies for developing charging infrastructure are 5-6 times more effective than subsidies for purchasing EVs. This demonstrates that if the Government focuses on building charging stations, Vietnam can accelerate the transition to EVs while reducing the dependence on fossil fuel energy sources.

Assoc. Prof. Dr. Dam Hoang Phuc from Hanoi University of Science and Technology said a clear mechanism will attract investors, thereby driving the development of Vietnam's charging station network.

Meanwhile, Nguyen Thi Phuong Hien, Deputy Director of the Institute of Transport Strategy and Development, said strong policies on energy transition are now available, but there is still a shortage of support policies for charing infrastructure development. Given this, investing in charging stations is an essential step for the Government to effectively boost the transition to EVs and green transport./.

CPTPP, UKVFTA to boost UK - Vietnam trade relations

Together with the UK - Vietnam Free Trade Agreement (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will create new opportunities for companies and consumers in the UK and Vietnam, affirmed British Ambassador to Vietnam Iain Frew.

At the CPTPP Business Reception, which was organised at the British Ambassador’s Residence in Hanoi recently, he stressed that trade between the UK and Vietnam has been growing, and has already doubled over the past decade to 6.4 billion GBP (7.7 billion USD).

Frew in an interview with Viet Nam News stressed that “we've already seen growth and we expect that the CPTPP agreement will build on that and open up new areas for that growth and that development in our trade relationship. I think overall, this creates new opportunities. And the two different agreements work together very well to open up opportunities for our companies and for our consumers.”

As one of the world’s largest and most dynamic free trade agreements, the CPTPP presents significant opportunities for economic growth and enhanced collaboration among its member nations.

Looking forward to 2025, the UK’s first year of CPTPP implementation, the reception served as a platform for CPTPP member businesses to connect and share experiences in effectively leveraging the benefits of the agreement, especially in enhancing their capacity to participate in global supply chains within the free trade bloc.

Effective implementation of the CPTPP requires close collaboration between governments, the private sector, and trade associations to ensure that provisions, ranging from tariff reductions to rules of origin and digital trade facilitation, deliver maximum impact.

The UK and Vietnam have already enjoyed a robust trade and investment relationship over the past few decades. Bilateral trade between the countries reached over 6.4 billion GBP in 2024, reflecting consistent growth despite global uncertainties.

Key sectors such as agriculture, textiles, renewable energy, education, financial services, and technology underscore the complementary strengths of the UK and Vietnamese economies and the potential for deeper cooperation.

The CPTPP represents a new chapter in this economic partnership, unlocking opportunities to strengthen trade, attract investment, and deepen collaboration across a wide range of sectors.

For UK businesses, the agreement provides improved access to one of the fastest-growing economic regions globally. For Vietnam, it offers access to the UK’s cutting-edge expertise, innovation, and global networks while creating opportunities to diversify exports and attract high-quality investment.

"The UK is committed to being a proactive and reliable partner in CPTPP. We stand ready to support Vietnam’s ambitions for sustainable growth and innovation while promoting inclusive trade that benefits all. Moreover, we see Vietnam as a gateway to Southeast Asia and a key ally in addressing shared global challenges, such as climate change and economic resilience.

“The UK reaffirms our commitment to work hand-in-hand with the Government of Vietnam to ensure that UK and Vietnam businesses and investors utilise the benefits brought by the UKVFTA and CPTPP in the years to come,” he added.

On December 15, the CPTPP comes into effect between the UK and eight of the ratified CPTPP members including Japan, Singapore, Chile, New Zealand, Vietnam, Malaysia, Peru and Brunei, and between the UK and Australia on December 24./.

Source: VNA/VNN/VNS/VOV