The 19 parent groups and corporations under the Committee for Management of State Capital at Enterprises (CMSC) have earned more than 1.1 quadrillion VND (45 billion USD) in revenue in 2023.

The statistics were released by the CMSC at a meeting held on December 20 to review this year’s performance and launch tasks for 2024.

In particular, the 19 firms’ total revenue tops 1.13 quadrillion VND, equivalent to 105.15% of this year’s target. Their pre-tax profit, excluding the Vietnam Electricity (EVN), stands at nearly 53.26 trillion VND, representing 166.09% of the target and 110.92% of last year’s figure.

Meanwhile, they have contributed over 79.25 trillion VND to the state budget, equivalent to 199.96% of the annual target and 120.22% of the amount in 2022.

The businesses have disbursed over 161 trillion VND in investment. Those with a high disbursement rate include the Vietnam National Coal and Mineral Industries Group (Vinacomin), the Vietnam Oil and Gas Group (Petrovietnam), and EVN, according to the CMSC.

CMSC Chairman Nguyen Hoang Anh said that amid complex and unpredictable developments in the world in 2023, the CMSC, groups, and corporations have exerted strong efforts to fulfill tasks, thus recording positive results and substantially contributing to national socio-economic development.

The groups and corporations have continued to perform their core role in some sectors, generate large revenue for the state budget, and help guarantee major balances, maintain macro-economic stability, develop infrastructure, and create momentum for the development of their sectors and the entire economy, he noted, adding that they have also contributed to social security ensuring.

Domestic gold prices soar to reach nearly VND76 million per tael

Domestic gold prices kept skyrocketing on the afternoon of December 21 to pass the historic high, duly reaching VND75.7 million per tael.

As of 3:10 p.m., Saigon Gold and Jewelry Company listed each tael of SJC gold at VND74.7 million and VND75.7 million for buying and selling, marking increases of VND300,000 and VN400,000 for the buying and selling prices from the previous day, respectively.

The same day, Doji Group rate the yellow metal at VND74.55 million and VND75.6 million per tael for buying and selling, adding the same VND300,000 per tael value for both the buying and selling side from a day before.

Phu Quy Group listed their gold prices at VND74.6 million and VND75.6 million per tael for the buying and selling side.

Bao Tin Minh Chau Company Limited increased rates by around VND300,000 per tael to VND74.57 million and VND75.54 million for buying and selling compared to rates one day ago.

Meanwhile, gold ring prices shot up by VND250,000 to VND61.75 million and VND62.7 million per tael, also reaching a new high so far. 

This rise is largely fueled by the robust increase occurring in global gold prices. The price of gold on the world market on December 21 was traded at US$2,038 per ounce on the gold exchange Kitco.

Da Nang seeks more cooperation opportunities with Russia

Secretary of Da Nang's Party Committee Nguyen Van Quang expressed his hope for stronger cooperation between the Vietnamese central city and Russia during his reception for Russian Ambassador to Vietnam Bezdetko Gennady Stepanovich on December 21.

The official briefed the ambassador on the socio-economic development of Da Nang, which has been projected to be the growth nucleus of the central key economic region.

Quang said Da Nang has enhanced foreign relations and international cooperation, adding it has established cooperative ties with 47 localities of 22 countries and territories worldwide.

The relationship between Vietnam and Russia is developing fruitfully, yet that between Da Nang and Russia remains limited given the potential and advantages of the two sides, he pointed out.

He suggested the ambassador pay more attention to investment, tourism and trade promotion, encourage investors to seek business opportunities in Da Nang, and promote cultural and people-to-people exchanges in the time ahead.

Quang also spoke highly of Russian projects in Da Nang, and noted his hope that the two sides will continue resolving difficulties facing investors.

For his part, Stepanovich lauded Da Nang’s role in Vietnam’s socio-economic development, and informed that there will be more Russian investors coming to the locality in the time ahead, suggesting local leaders facilitate their operations.

Da Nang has set up relations with a number of Russian localities like Yaroslavl, Nizhegorod and Briansk. It is now home to 10 FDI investment projects by Russia and its partners with total capital of about 3.7 million USD, mainly in lodging and catering services, and automobile production and assembly.

Positive outlook ahead for timber industry next year

Several wood businesses have recorded positive signs as they have received export orders for the end of the first quarter of next year in several key markets such as the United States and Europe, according to industry insiders.

Statistics compiled by the Vietnam Handicraft Exporters Association indicate that exports of timber and wood products are anticipated to reach about US$14 billion this year, a figure lower than the set target of US$17 billion.

This can be viewed as an encouraging sign amid the global market witnessing a downturn and consumers moving to tighten their spending.

Tran Hoai Huu, director of Gia Nhien Co. Ltd., said that so far the company has successfully secured export orders for the year-end holidays and has also received new orders for the first quarter of next year.

However, business representatives pointed out that the export prices are lower with the scale of orders becoming smaller following the implementation of stricter technical requirements set by foreign importers. 

Huu emphasized that the competitive price policy can be viewed as the deciding factor for businesses seeking to secure export orders, adding that the company's existing orders have prices reduced in order to retain customers.

According to information given by experts, amid the global situation continuing to record complicated developments, local firms are required to proactively strive to boost market expansion and improve competitiveness, with a specific focus on products which have good prices and are suitable for consumer tastes along with reasonable after-sales policies.

Furthermore, businesses must move to restructure production activities and renovate technologies, revise the production management system, and improve quality of human resources, while also promoting the use of domestic raw materials in a bid to reduce costs towards sustainable development.

Local steel industry sees recovery signals

The steel industry recovered strongly in both production and consumption outputs and selling prices in November. That showed positive signs for the industry to regain growth momentum after the gloomy period, according to insiders.

Data from the Việt Nam Steel Association (VSA) revealed that steel manufacturing output in November totalled nearly 2.5 million tonnes, a year-on-year increase of 34 per cent. Steel consumption topped over 2.5 million tonnes, up 30 per cent year-on-year.

After two months remaining stable, domestic steel prices recorded three sessions of increase in November, especially in the North. The strongest price hike in the month was VNĐ410 per kilo at the session on November 22. Thanks to increases, selling prices of Hòa Phát and VAS-branded steel exceeded VNĐ14,000 per kilo.

In November, the country's steel exports hit 7.4 million tonnes, surging 29 per cent over the same month last year with main export markets including ASEAN, the EU, the US, India and Taiwan (China), the association said.

In the steel industry outlook report released on December 13, Vietcombank Securities (VCBS) said the recent recovery in global steel prices was mainly thanks to short-term expectations from the Chinese government's policy packages and high input material prices.

VCBS forecast that global bar steel prices would likely remain at VNĐ14-15 million per tonne until the end of the first half of 2024, before subsequent price increases.

According to VCBS, the global increasing demand would push up Việt Nam's steel industry. The World Steel Association predicted the world's steel consumption demand would see a slight growth of 2 per cent by the year-end and continue to grow by 1.9 per cent in 2024. In particular, significant recovery would be seen in European countries, Asia and America.

The gradual recovery of the domestic real estate industry would also lay a foundation for steel industry demand in 2024, the company said, adding that the State's revised policies had gradually removed difficulties for the property sector which accounted for 60 per cent of local steel demand.

The number of under-way property projects showed growth in the North and recovery in the South. That would help demand for construction materials recover in the coming quarters, it said.

VCBS estimated that total construction steel consumption in 2023 would decrease by about 15 per cent before surging by 11 per cent in 2024 and the driving force for next year's growth would largely come from the recovery of the civil construction market.

Director of Mercantile Exchange of Việt Nam Phạm Quang Anh said he believed that concerted efforts of the Government to promote the disbursement of public capital would stimulate demand and step up domestic business and production activities. With robust signs from the realty and construction sectors, the steel market would recover soon, he said.

Meanwhile, VNDirect Securities Corporation said that the steel industry would boom in 2024 as the adoption of the amended Land Law would help remove financial bottlenecks for house buyers, throwing a charge into the real estate market.

According to the VSA, although public investment and the realty market were heating up, which would boost steel demand for the remainder of the year, it was not until Q1 of 2024 that the steel market would see a strong recovery. 

Industry and trade highlights of Vietnamese economy this year

The recovery of industrial production and trade has contributed significantly to promoting Việt Nam’s socio-economic development in the context of the global slowdown this year, according to the Ministry of Industry and Trade.

Reporting on the industry and trade achievements at the ministry’s conference on Wednesday, Deputy Miniter Phan Thị Thắng said that the added value of the industry sector is estimated to increase by 2.98 per cent for the full year, in which the processing and manufacturing industry jumps by 3.48 per cent.

“Localities have made efforts to overcome difficulties and gradually restore production. Key industrial production localities have maintained positive upward momentum, such as Bà Rịa – Vũng Tàu, Bình Dương, Vĩnh Phúc, Vĩnh Long, Quảng Ninh and HCM City,” she said.

Notably, exports are a spotlight in the context of the global slowdown.

The total import and export value is estimated to total US$683 billion. Việt Nam has run a trade surplus for eight years in a row, estimated at a record high of nearly $30 billion this year, nearly three times higher than in 2022. This contributes positively to ensuring payment balance, increasing foreign exchange reserves, stabilising exchange rates and other macroeconomic indicators, she said.

“In the context of a global slowdown and declining global aggregate demand, Việt Nam’s export has not yet recovered to the previous years’ levels, but the drops are narrowing down significantly.”

Domestic trade also saw recovery, with the total retail sales of goods and services increasing by 9.6 per cent, higher than the target set at 8-9 per cent.

Still, there are limitations, including lower-than-expected growth of the manufacturing and processing industry, which was the growth momentum in previous years.

Speaking at the conference, Deputy Prime Minister Trần Hồng Hà applauded the industry and trade achievements in a challenging context from rising global uncertainties and unpredictable world developments, which insert multi-dimensional impacts on the country’s socio-economic development.

Hà asked the ministry to identify challenges and difficulties to raise solutions towards achieving the Government’s goals for 2024.

In response, Minister of Industry and Trade Nguyễn Hồng Diên asks the focus to be on promoting innovations and improving institutional reforms.

The ministry will complete plans to implement national planning on energy and minerals and improve the legal framework to facilitate production and business and improve national competitiveness.

The restructuring of the industry and trade sector must also be enhanced in line with the transformation of growth model which is driven by science and technology and increasing productivity, competitiveness and resilience of the economy. Pilot mechanisms for emerging sectors and new business models will be developed to create new growth drivers for the economy.

Diên also said that international integration would be promoted to attract the new wave of foreign investment flow triggered by the global production shift of multinational enterprises to diversify supply chains and avoid disruptions. Priorities would be given to high-tech sectors such as chip production, renewable energy, digital infrastructure and new materials.

Support will be provided to enterprises to enhance linkage with FDI companies and to effectively take advantage of the free trade agreements to diversify markets, supply chains and promote exports.

The ministry will focus on renovating trade promotions, encouraging the combination of traditional trade and e-commerce and digital economy to exploit the largely untapped potential of the domestic market.

Việt Nam will continue to actively negotiate trade agreements with potential partners in Africa, South Asia and West Asia and South America to create new momentum for trade and investment cooperation.

Close watch would be placed on market developments to have timely and appropriate management measures and protect domestic production, he said.

Hanoi to set up 10 creative design centers to boost tourism

Hanoi aims to recognize five to ten creative design centers by the end of 2024, where products under the One Commune One Product (OCOP) program will be marketed, and the city's tourism-linked handicraft villages will be promoted, according to the newly released plan of the Hanoi People's Committee.

Funding for setting up these sites will come from the State budget and private resources, according to the plan.

Hanoi's Department of Industry and Trade will work with other departments, sectors, district-level People's Committees, and relevant units to roll out the plan and periodically evaluate and report to the municipal People's Committee and the Ministry of Industry and Trade.

The centers are expected to enhance the capacity of local craftsmen in creative design for tourism, serve as a showroom for the production process of handicrafts, and promote the image of these trade villages.

In addition, the centers will contribute to the preservation, restoration and development of the cultural aspects of creative design.

Previously, by the end of 2023, the city planned to set up five to nine centers in Bat Trang (Gia Lam District), Duyen Thai (Thuong Tin), Chuyen My (Phu Xuyen), Phu Nghia (Chuong My), Duyen Ha (Thanh Tri), Di Trach (Hoai Duc), Van Ha (Dong Anh), Hoa Lam (Ung Hoa), Van Phuc Silk Village (Ha Dong).

According to the Hanoi Coordination Office of the New Rural Development Program, the city has recognized 2,167 OCOP products in the past four years, accounting for 22% of the country's total.

Among Hanoi's OCOP products, the proportion of four-star products is particularly high, reaching 67%, surpassing the national average of 32%.

Nguyen Van Chi, deputy head of the Hanoi Coordination Office of the New Rural Construction Program, said the data shows that Hanoi's OCOP products have experienced significant growth in both quantity and quality. It positions the city as one of the leading regions in successfully implementing the OCOP program so far.

150 businesses to join wooden furniture expo in Đồng Nai

Up to 150 domestic and foreign businesses will participate in a large-scale wooden furniture exhibition slated to take place in Biên Hoà City, Đồng Nai Province from December 23, 2023 to February 4, 2024.

To be held by Tavico Home Joint Stock Co as part of the TavicoHome Viefurn 365 Fair series, the upcoming event will comprise over 1,000 booths, spanning a total area of 20.000sq.m. 

It is described as a great opportunity for distributors, manufacturers and international partners to connect to create common benefits for the interior and exterior wood industry and wood products and facilitate consumption for the year-end period. 

Statistics from the General Department of Customs revealed that Việt Nam's exports of wood and wood products reached US$1.22 billion in November, down 4.8 per cent month-on-month, but up 3.4 per cent year-on-year.

However, over the past 11 months, wood and wood product exports brought home $12.1 billion, down 17.5 per cent over the same period last year. 

Decreases were seen in major export markets such as the US market with $6.6 billion, down 18 per cent, China ($1.55 billion, 22 per cent) and Japan ($1.52 billion, 12 per cent). 

The country’s exports of wood and wood goods will likely hit about $14.5 billion by the year-end, lower than the yearly target of $17 billion, according to the Handicraft and Wood Industry Association of Hồ Chí Minh City.

Bình Thuận strives to attract more international tourists

After the peak tourism season for domestic tourists in summer, the costal province of Bình Thuận has planned to welcome international tourists from the end of October to March next year.

The province expects to recover the international tourist market in the last months of this year and the beginning of next year because the locality has many famous natural landscapes, favorable weather, and traffic has gradually improved.

The high season for foreign tourists visiting Bình Thuận Province runs from November to May. Foreigners from colder countries find Bình Thuận one of the best destinations to enjoy their holidays.

Thanks to favorable natural advantages of beautiful sunshine and beaches, Bình Thuận, especially the Mũi Né District of Phan Thiết City, has drawn a lot of international tourists who love sea sports such as kitesurfing, and windsurfing.

According to the 2023 plan, Bình Thuận aims to attract about 6,720,000 visitors, including 220,000 international tourists, with revenue from tourism activities reaching VNĐ16.5 trillion.

In the first 11 months of this year, the province welcomed about 7.9 million tourists (up 54 per cent over the same period last year), of which, international visitors reached nearly 237,700 tourists (up 3.22 times over the same period last year), while revenue reached about VNĐ20.5 trillion.

From the fourth quarter of 2023, the number of international tourists to Bình Thuận has increased thanks to the new visa policy. In November alone, the province welcomed 23,500 international tourists.

Currently, a great number of international tourists, mainly from Western Europe, Germany and North Asia, have booked at the resort for the period between October and December.

To have tourists return to Bình Thuận requires the development of high-quality, unique, and sustainable tourism products. According to tourism experts, Bình Thuận should figure out "living" products to attract tourists, especially international visitors.

For example, when visiting coastal fishing villages, tourists must actually witness fresh seafood products so that they can not only visit but also do shopping and enjoy the food. To do so, they must have specific tourism products.

In addition, the province is hosting the Visit Vietnam Year 2023 with the theme “Bình Thuận: Green Tourism comes together”, thus, various attractive and interesting events have been held during the year to lure domestic and foreign visitors.

Under this theme, the province authorities have focused on green products, clean energy, creating a friendly and safe environment, preserving and promoting cultural heritages and good traditional values of the nation, to create green growth and tourism development for sustainable development.

Moreover, entertainment is a must-have for visitors to hang out in the evening after sightseeing and swimming in the daytime.

The province's night-time economy is growing. According to the Bình Thuận province's night-time economy development project by 2030, the province is piloting the organization of cultural, entertainment, and dining activities and services, shopping, night tours at the Ocean Valley Tourist Complex (NovaWorld Phan Thiết) with a scale of nearly 1,000 hectares in Tiến Thành commune, Phan Thiết city and the Thanh Long Bay Resort and Tourism Complex and 90 hectares in Tân Thành Commune, Hàm Thuận Nam District.

After the pilot, night economic activities will be developed in Phan Thiết City in the area along both sides of Nguyễn Đình Chiểu Street, Hàm Tiến Ward, and Nguyễn Tất Thành - Lê Duẫn Street, and on both sides of the Ca Ty River.

By 2025, the project aims to pilot night-time economic development activities in five localities, including Phan Thiết City, Tuy Phong District, Bắc Bình District, Hàm Thuận Nam District, and La Gi Town. In the period 2026 - 2030, authorities will continue to expand suitable locations and areas to exploit night economic activities.

With 192km of coastline, Bình Thuận province is home to islands, islets, coves, bays, and white sand beaches with clear blue water, which form famous tourist attractions.

The province has many tourism resources with many historical-cultural relics and traditional festivals. Currently, it has nearly 900 accommodation establishments with over 17,000 rooms, including 45 hotels and resorts from three to five stars with nearly 5,000 rooms.

The province has 13 travel agencies, including eight international travel agencies.

Bamboo Airways maintains highest on-time performance

Bamboo Airways continued to be the most punctual airline in Vietnam during January – November, with 92.5% of its flight taking off and landing on time, according to the Civil Aviation Authority of Vietnam (CAAV).

A total 260,679 flights were operated during the 11-month period, with the on-time performance (OTP) of 84.9% as compared to the 89.6% recorded in the same time last year.

The OTP of VASCO, Vietnam Airlines, Pacific Airlines and Vietravel were 92%, 87.1%, 79.5%, 84.5% and 86.5%, respectively.

The aviation sector had a cancellation rate of 0.3%, a year-on-year decrease of 0.1%. Pacific Airlines recorded the lowest rate of flight cancellation of 0.1%, followed by Bamboo Airways (0.2%), VietJet Air (0.3%), Vietnam Airlines (0.4%), and VASCO and Vietravel (0.6%). 

Bamboo Airways also had the lowest rate of delayed flights of 7.5% as compared to the 15.1% of the sector.

As Vietnam’s peak travel season is approaching along with the traditional Lunar New Year (Tet), the CAAV has ordered airlines to join hands with airports across the nation to inform their Tet plans, particularly those on the increase of night flights and arrangement of aircraft fleet and human resources to better serve the passengers.

Besides, it will increase the allocation of runway slots to 40 per hour from 6:00 to 23:55 at Noi Bai International Airport in Hanoi in the north and 44 from 6:00-23:55 and 40 from 0:00 to 5:55 at Tan Son Nhat International Airport in Ho Chi Minh City in the south during January 25-February 25, 2024.

Programme helps improve Vietnamese youths’ digital business capacity

As many as 20 million Vietnamese youths will receive support to improve their digital business capacity and develop their startups under a programme launched by the Supporting Centre for Youth’s Startup, and the Centre for Enabling Startups and Knowledge Transfer and the Centre for Student Support under the Vietnam National University - Hanoi, in Hanoi on December 20.

The programme, to be carried out from 2024 to 2028, will provide assistance in document, legal procedures, policies, ecosystem and technology for startup projects, and give consultancy to the youths to access resources and high-quality working environment.

Besides, in-depth training courses on e-commerce, digital marketing and strategies to optimise e-commerce will be organised under the programme, helping enterprises outline rational measures to expand market and better competitive edge.

Particularly, highlight of the programme is its support for the youths to develop e-commerce platforms, and expand online business both in domestic and foreign markets.

Speaking at the event, Director of the Supporting Centre for Youth’s Startup Nguyen Phan Huy Khoi affirmed that the programme aims at creating a favourable environment for the development of digital business and startup, and open up opportunities for Vietnamese youths in the context of a promising digital era.

The programme’s support is expected to help Vietnamese youths contribute to the nation’s digital economy, and reach out to the world to affirm Vietnam’s position in the global business map, he added.

Meanwhile, Minister of Education and Training Nguyen Kim Son said that it is an opportunity for students to promote their startup initiatives amidst the nation’s strong digital transformation.

The ministry is working to promote human resources training for key industries like IT, AI and semiconductor design, he said, expressing his hope that students will be interested in these areas and make contributions to the development of the fields.  

According to the organising board, the comprehensive support in intellectual property, human resources, finance, production, sales, and internal management are key factors that help young businesses develop sustainably.

The programme targets to arrange trade promotion for more than 500 projects, helping them join startup network, successfully connect them with more 100 experts, organisations, and investment fund.

Additionally, a series of activities to encourage startup initiatives will be organised at more than 100 universities and colleges across the nation.

Da Lat welcomes first flight from RoK

A welcome ceremony for the first direct flight connecting Seoul of the Republic of Korea (RoK) to Da Lat was held at Lien Khuong Airport in the Central Highlands province of Lam Dong on December 21.

The first flight was operated by Jeju Air, the RoK’s biggest low-cost carrier, and carried a total of 53 Korean passengers to the city at 2:45 a.m.

According to Nguyen Ngoc Phuc, vice chairman of the Lam Dong provincial People's Committee, this marks an important milestone in cultural and tourism co-operation between Lam Dong province and the RoK.

Phuc noted that at present Jeju Air is running a total of seven two-way flights a week on the Da Lat-Seoul air route with a flight time of over five hours.

According to information provided by Lien Khuong airport, the airport recently welcomed between 30 and 35 flights from the RoK every week.

Specifically, low-cost carrier VietJet Air launched air routes from the RoK’s Incheon and Busan to Lien Khuong, while Pacific Airlines also opened routes from Muan to Lien Khuong and vice versa in the form of charter flights. Each flight is capable of carrying between 150 and 160 Korean tourists to Da Lat.

Currently, Korean tourists account for more than 50% of international visitors to Lam Dong.

Positive outlook ahead for timber industry next year

Several wood businesses have recorded positive signs as they have received export orders for the end of the first quarter of next year in several key markets such as the United States and Europe, according to industry insiders.

Statistics compiled by the Vietnam Handicraft Exporters Association indicate that exports of timber and wood products are anticipated to reach about US$14 billion this year, a figure lower than the set target of US$17 billion.

This can be viewed as an encouraging sign amid the global market witnessing a downturn and consumers moving to tighten their spending.

Tran Hoai Huu, director of Gia Nhien Co. Ltd., said that so far the company has successfully secured export orders for the year-end holidays and has also received new orders for the first quarter of next year.

However, business representatives pointed out that the export prices are lower with the scale of orders becoming smaller following the implementation of stricter technical requirements set by foreign importers. 

Huu emphasized that the competitive price policy can be viewed as the deciding factor for businesses seeking to secure export orders, adding that the company's existing orders have prices reduced in order to retain customers.

According to information given by experts, amid the global situation continuing to record complicated developments, local firms are required to proactively strive to boost market expansion and improve competitiveness, with a specific focus on products which have good prices and are suitable for consumer tastes along with reasonable after-sales policies.

Furthermore, businesses must move to restructure production activities and renovate technologies, revise the production management system, and improve quality of human resources, while also promoting the use of domestic raw materials in a bid to reduce costs towards sustainable development.

GEF helps promote low-carbon circular economy in Viet Nam

A project to accelerate low-carbon circular economy through cleantech innovation towards sustainable development has been launched in Viet Nam.

The project was jointly developed by the Institute of Strategy and Policy on Natural Resources and Environment, under the Ministry of Natural Resources and Environment and the United Nations Industrial Development Organization (UNIDO).

It has an investment capital of over US$11 million, financed by the Global Environment Facility (GEF), the Government and partners.

The project targets to promote the application of clean technology innovation solutions for a low-carbon and circular economy; heading to realize sustainable and inclusive development in priority sectors in Viet Nam, and integrate renewable energy, energy efficiency and waste management.

The Party and State of Viet Nam have affirmed their viewpoint on developing a circular economy in various documents so as to achieve sustainable development.

On February 11, 2020, the Politburo issued a resolution on orientations for the national energy development strategy by 2030, with a vision to 2045, which affirms the priority for renewable energy and waste-to-energy plants to protect the environment and develop the circular economy.

The 2020 Law on Environmental Protection officially includes regulations on this economic model.

The plan on developing the circular economy in Viet Nam, approved by the Prime Minister on June 7, 2022, identifies the circular economy development as inevitable matching the global trend and the requirement for making breakthroughs in economic recovery and realization of the Sustainable Development Goals./.

Localities nationwide promote consumption of OCOP products

The Hanoi Department of Agriculture and Rural Development and the People’s Committee of Tay Ho district are hosting an event to introduce products under the One Commune One Product Programme (OCOP) from localities across the country.

Addressing the opening ceremony on December 21, Vice Director of the department Ta Van Truong said the event offers a good chance for businesses and producers to enhance trade connections, promote brands and products, as well as connect the consumption of OCOP products through networks and distribution channels.  

The five-day event features more than 100 booths showcasing over 2,000 OCOP products and regional specialties from Hanoi, 19 central and Central Highlands localities, and 17 others nationwide.  

Notably, businesses from Hanoi arrange 45 pavilions at the event to introduce over 1,000 products, including typical products of the Vietnamese and Japanese cultures.

In the framework of the event, a Vietnam – Japan culture exchange programme is organised as part of the activities to celebrate the 50th founding anniversary of the diplomatic ties between the two countries. It features various activities imbued with Vietnamese and Japanese cultures, along with art performances joined by artists from both nations.

Cross-border sale via e-commerce platforms essential to businesses: seminars

The Department of Industry and Trade of Ho Chi Minh City has coordinated with several e-commerce platforms to organise a series of seminars on cross-border e-commerce and global growth opportunities for Vietnamese businesses.

The seminars have been held within the framework of a demand-supply connectivity conference between Ho Chi Minh City and provinces and centrally-run cities which is taking place from December 21-24.

At the events, experts and representatives of e-commerce platforms such as Amazon, Alibaba and Tiki have focused on updating information about cross-border online sale, and solutions to increase sales and understand customer needs by using big data.

Nguyen Nguyen Phuong, Deputy Director of the municipal Department of Industry and Trade, said that e-commerce is a potential sale channel that has not been exploited effectively.

As for small- and medium-sized enterprises or local manufacturers, there are still limitations in accessing the online retail market, as well as seizing revenue growth opportunities in both the domestic and export markets via e-commerce platforms.

Pham Trang Dai, Senior Account Manager at Amazon Global Selling Vietnam, said that cross-border e-commerce in Vietnam has grown positively and steadily over the past years, with an annual growth rate of 20% and Vietnam is ranked among the top 5 countries in the world in terms of trade growth.

In 2023, the export value of Vietnamese businesses via Amazon is estimated to increase by more than 50%, and the number of sale partners from Vietnam rose by 40%.

She cited statistics as saying that there are thousands of Vietnamese sellers doing business on Amazon, with 17 million products from the Southeast Asian nation sold on Amazon this year.

Experts agreed that developing e-commerce channels, promoting online connections, putting products on e-commerce platforms, establishing online distribution channels, and boosting cross-border exports will help production and business units access domestic and foreign consumer markets more effectively.

Hong Kong official highlights potential of financial cooperation with Vietnam

Hong Kong and Vietnam have numerous areas in which they could closely cooperate with each other, especially in professional financial services, Secretary for Financial Services and the Treasury of Hong Kong Christopher Hui said following his trip to Vietnam from December 13-15.

Speaking to a Vietnam News Agency reporter in Hong Kong, Hui said Vietnam is now Hong Kong's seventh largest trade partner while Hong Kong is the fifth largest source of foreign direct investment in Vietnam.

He noted that the places he visited, such as Hanoi and Ho Chi Minh City, are vibrant economic areas with immense potential. He wished that economic cooperation between Hong Kong and Vietnam would become even closer in the future.

According to him, the Hong Kong authorities eased visa restrictions in late October for skilled workers from Vietnam and those coming for education, work and tourism purposes. The move is expected to improve people-to-people and business-to-business connectivity. For companies seeking capital, he said companies could mobilise capital through stock listing or bond issuance, and Hong Kong is a reliable destination for Vietnamese firms to explore these opportunities.

About stock listing, he said there are more than 100 companies from ASEAN member countries listed on the Hong Kong Stock Exchange (HKG), including two from Vietnam.

He hoped to see more Vietnamese firms listed on the HKG. Particularly, Hong Kong welcomes an increasing number of technology, small and medium-sized enterprises (SMEs) joining the market.

Hui revealed that Hong Kong has been the largest centre for Asian enterprises to issue bonds with international advantages over the past seven years. Due to the high interest rates in USD, there has been a trend of issuing bonds in Chinese yuan (CNY). Therefore, Hong Kong wishes to attract more Vietnamese companies to issue bonds in CNY, even green bonds, as well as issue shares and list on the HKG.

In 2022, the total value of green bonds and credits issued in Hong Kong exceeded 80 billion USD, up 40% from 2020, he said, adding that, Hong Kong welcomes and encourages the Vietnamese Government to leverage this advantage by issuing green bonds there, thus facilitating its economic green transition process.

Moreover, Hong Kong and Vietnam have embarked on an ambitious journey toward carbon neutrality for their respective economies by 2050. Hong Kong has a voluntary carbon credit trading platform called CoreCredit, which could be traded globally in USD, HKD and CNY. Therefore, Hong Kong welcomes increased collaboration with Vietnam in this area, especially as the Hanoi Stock Exchange is considering the launch of a voluntary carbon credit trading platform.

In his view, Hong Kong and Vietnam have the potential for collaboration at the government, business, and individual levels. The message from Hong Kong to the Vietnamese economy and people is a warm welcome to the talents and investments from Vietnam, he said.

Petrol prices revised up on December 21

Retail prices of petrol were revised up in the latest adjustment on December 21 by the Ministry of Industry and Trade and the Ministry of Finance.

The prices of RON 95-III and E5 RON92 increased by 740 VND and 687 VND to 22,145 VND (0.9 USD) and 21,199 VND per litre, respectively.

Meanwhile, the prices of diesel, kerosene and mazut went up to 19,524 VND, 20,494 VND per litre and 15,265 VND per kg, respectively.

The two ministries decided not to use the petrol and oil price stabilisation fund.

Since the beginning of this year, petrol prices have undergone 36 adjustments, with 19 up, 14 down, and four unchanged.

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