The National Center for Meteorological and Hydrological Forecasting reported that temperatures in the Northern and North-Central regions from December 4 would become warmer ranging from 19 degrees Celsius to 21 degrees Celsius.

The Center for Hydro-meteorological Technology Application under the Vietnam Meteorological and Hydrological Administration informed that the Southern region would suffer from showers at nighttime with average temperature between 23 degrees Celsius and 31 degrees Celsius from December 5 to December 8.

Currently, farmers in the Southeastern region are busy growing pepper plants which need soil moisture of about 70 percent -90 percent. However, soil moisture in some places of Ba Ria- Vung Tau Province has been measured at only 37 percent.

Therefore, meteorologists recommended pepper farmers in the Southeastern region, especially Ba Ria - Vung Tau Province to provide enough water for pepper plants to ensure pepper quality.

Meanwhile, the Southeastern region’s durian trees are in the period of flowering and fruiting. Young durian trees do not need high humidity so farmers should moderate water and remove grass.

HCM City, Vietnam Airlines agree to boost tourism

The Ho Chi Minh City People’s Committee and the national flag carrier Vietnam Airlines on December 4 signed a comprehensive cooperation agreement for the 2023-2027 period to boost the city’s socio-economic development, particularly tourism.

The two sides will cooperate in promoting investment, commerce, tourism, and aviation; researching and developing tourism products and routes; and organising events on education, culture, sports and tourism.

Vietnam Airlines will also join in organising and supporting the city’s delegations at domestic and international events.

Chairman of the municipal People’s Committee Phan Van Mai said that cooperation with Vietnam Airlines is among its measures to implement the city’s socio-economic development plan.

Chairman of the Vietnam Airlines' Board of Directors Dang Ngoc Hoa said that Ho Chi Minh City is an important market for the carrier with about 60% of its flights departing from and landing in the city.

Currently, Vietnam Airlines is operating flights between Ho Chi Minh City to 19 domestic and 26 international airports.

Hoa said he believes that the cooperation will contribute to supporting the city's tourism to develop more strongly and create motivation for many other industries and fields.

Removing bottlenecks in Vietnam’s financial market

Experts in the finance-banking sector delves into the impediments the local economy and the finance sector faces as well as recommend ways to weather the storm.

At the international conference 'Vietnam's financial market: Opportunities and challenges' organised by the National Financial Supervisory Commission (NFSC) in tandem with the Project Management Board on December 1 in Dalat, Vu Nhu Thang, vice chairman of the NFSC said that the domestic economy, particularly the finance sector, was facing many challenges due internal and external factors.

Regarding external factors, the global economy is forecast to recover slowly, and international organisations have continuously lowered the world economic growth forecasts for 2023-2024.

Inflation continues its downward trend, yet the pace is slow and it is still high. Meanwhile, other factors such as public debt, non-performing loans of businesses, and the financial, monetary and real estate markets carry many potential risks.

In addition, global trade continues to decline, exacerbated by a sharp decline in imports in developed countries and falling exports in developing economies.

“Political risks mount up, with the conflict between Russia and Ukraine and most recently that between Israel and Hamas showing no signs of ending, whereas climate change and natural disasters are increasingly complex and unpredictable,” Thang said.

In the domestic market, Thang said that international organisations continue to positively evaluate Vietnam's medium-term recovery prospects, with the IMF forecasting that Vietnam will be in the group of 20 economies taking the lead in growth pace in 2024.

The lifting of upgrading of Vietnam-US relations to Comprehensive Partnership level and the recent inauguration of the National Innovation Center in Hoa Lac have fostered strong commitments for investment expansion in Vietnam by major FDI businesses.

"Although in the first 11 months, the local economy is showing signs of improvement, many difficulties persist, as the economy mainly relies on bank credit; the banking system faces a growing bad debt threat," Thang said.

Duong Hong Ha, Deputy head of the General Supervision Department at NFSC, pointed out another problem of the economy as the on-year credit growth is currently the second-lowest level in the period from 2017-2023, mainly due to the economy's low capital absorption capacity.

The NFSC forecasts that credit growth for the whole year is likely to only approximate 10 per cent, lower than the set target of 14-15 per cent.

Ha said that bad debt has increased since the end of 2021 due to economic growth slowing down, the real estate market and corporate bond market facing multiple challenges, and the ability of businesses and people to repay debt has declined.

Meanwhile, the bad debt coverage ratio of the credit institution system tends to decrease, with the sharpest decrease being to the group of state-owned commercial banks, falling to around 53.2 per cent at the end of September compared to 77.2 per cent at the end of 2022.

On the stock market, by the end of November, the VNIndex hovered at around 1,100 points, up 9 per cent compared to the end of last year, yet has not recovered sustainably.

Stock market capitalization approximates 60 per cent of the GDP. The value of stock transactions in 11 months ponderously $751 million per session, down 13 per cent on-year.

The number of newly opened domestic personal accounts and outstanding margin loans has recently levelled off.

“After the correction period, the price-to-earnings ratio of the VNIndex is about 14.5 times, lower than in Thailand, Malaysia, and Indonesia, but foreign investors net sold more than $256 million in the first 10 months of this year, 2.7-fold the net selling value in the same period in 2022,” Ha said.

At the international seminar, To Thi Hong Anh, expert at the Financial Stability Department at the State Bank, voiced the importance of more strictly regulating the supervisory coordination mechanism between supervisory agencies in the Vietnamese financial system, along with clearly defining the functions and tasks of each agency to avoid overlapping functions and tasks.

In addition, it is necessary to complete the legal documents on financial and monetary stabilisation to further enhance the role and responsibility of the State Bank in implementing the role of macro-prudential supervision of the financial system.

He underlined the need to strengthen the construction of database, information and data-sharing systems.

Macro-prudential tools according to international practices need to be applied soon, gradually reducing the use of dual tools as the macroprudential policy operating framework is gradually separated from credit policy.

Anh emphasised the need to pay more attention in the banking system to ensure customer information privacy as well as find new methods of privacy assurance, and pay more attention to building the backup database system, promoting the application of regulatory and supervisory technologies.

The international conference 'Vietnam's financial market: Opportunities and Challenges' is within the framework of the Project on strengthening risk management and early warning in the financial sector, sponsored by the Korean government through Korea International Cooperation Agency.

The project, scheduled for implementation from 2021-2025, aims to build early warning tools for the financial sector, including a set of monitoring indicators, early warning models, and stress testing models, contributing to ensuring the stability of the financial sector, thereby supporting Vietnam's economic development goals, while contributing to strengthening the cooperative relations between Vietnam and Korea.

Green finance must be unlocked to develop

The banking sector has been urged to unlock viable green finance to attract a broader investor base to facilitate its green transition.

The banking sector, as the key capital mobilisation channel for the economy, is responsible for “greening” investment capital flows for Vietnam to achieve its sustainable development goals.

According to Nguyen Chi Hieu, director of ESG Advisory at KPMG in Vietnam, the banking industry plays an increasingly important role in supporting the shift to a more sustainable future.

“As a financial intermediary, the banking industry is responsible for connecting top-down and bottom-up approaches to improve the efficiency of green financing,” Hieu said. “Credit institutions need to develop strategies for green credit activities in association with specific green goals.”

“The first step is to design and build a flexible green credit framework for a number of key industries and projects for further replication. The next step is to accelerate research and development for diverse sustainable and green products priority industries. Thus, banks can attract a wide range of customers while improving their competitiveness. For corporate customers, banks should design different green credit products to fulfill the needs of each type of business.”

Hieu added that credit institutions should proactively access different green financial sources, such as green investment funds and foreign financial institutions, by issuing green bonds for domestic and foreign markets.

“Moreover, the banking system needs to enhance training and capacity building for bank employees on green banking and green credit activities with a focus on green credit understanding, social and environmental risk assessment, and environmental credit appraisal to improve the capacity of the entire bank in implementing green credit,” Hieu said.

Mai Thanh Dung, vice director of the Institute of Strategy and Policy on Natural Resources and Environment under the Ministry of Natural Resources and Environment, said, “It is vital to develop a national green classification list in line with international standards, as it will accelerate sustainable development and environmental protection in Vietnam. The adoption of international standards for evaluating and classifying green projects will bring many significant benefits to the country in terms of economic, environmental, and social aspects. It also encourages the development of environmentally friendly projects in Vietnam.”

Dung revealed that the current proposed draft green classification list ensures compatibility and harmony with the green classification lists of Europe, ASEAN and many other countries. In particular, the list of proposed project types covers entire economic sub-sectors to facilitate investors in different fields in order for them to access green finance.

The banking sector, along with the nation, has taken a proactive and innovative approach in following the goals set forth by the government in the nation’s green growth strategy for 2021-2030 and vision to 2050, said Pham Thanh Ha, Vice Governor of the State Bank of Vietnam (SBV).

“In 2017-2022, the average growth rate of the banks’ outstanding debt for green credit had remained above 23 per cent per year. As of July, the total green credit balance in the nation was over $21.7 billion, accounting for 4.2 per cent of the total loans outstanding in the whole economy,” Ha said.

Out of 12 green areas receiving loans from the credit institutions in accordance with the SBV’s guidance, the main focus is on renewable energy and clean energy (45 per cent) and green agriculture (31 per cent). There will be 43 credit institutions granting green credit in 2023. However, green credit growth is far from the target of 10 per cent of total outstanding debt by the end of 2025.

The World Bank Group’s Country Climate and Development Report for Vietnam estimates that the country needs an additional $368 billion during 2022-2040, approximately 6.8 per cent of GDP each year, to achieve net-zero emissions. Among them, the private sector will contribute about $184 billion, while the contributions from the government and other external sources are about $130 billion and $64 billion, respectively.

Vietnam has also set a target of increasing its green economy’s contribution to GDP from $6.7 billion in 2020 to $300 billion by 2050.

Vietnam attends international craft exhibition in Italy

Vietnamese handicraft producers are among nearly 2,600 companies from 86 countries taking part in "Artigiano in Fiera", an international craft exhibition running in Milan, Italy, from December 2 to 10.

The Vietnam pavilion showcases high-quality decorative items and silk products from eight companies of Hanoi, including Musa Pacta One Member Ltd. Co, Vietnam Handicraft Co.Ltd, Hanhsilk Joint Stock Company and Huong Anh Handicraft Trading and Production Co.Ltd.

The pavilion, along with booths of some Vietnamese companies attending separately, have attracted crowds of visitors right from the opening day.

This is a good opportunity for Vietnamese enterprises to expand their customer network and learn more about foreign businesses’ experience, thereby improving the quality and design of their products to meet the tastes of European consumers.

At a working session with Vietnamese Ambassador to Italy Duong Hai Hung, Antonio Intiglietta, President and CEO of Gestione Fiere, the organiser of the event, appreciated Vietnam's participation at the event, noting that the Southeast Asian country's strong products are ceramics and silk products. He also said that he will visit Vietnam in the near future to coordinate with and support Vietnam to take part in next year’s edition.

The two sides discussed a number of specific activities and preparations that need to be implemented regarding Vietnam's participation at the fair in the coming years.

The "Artigiano in Fiera" is the biggest event for handicraft businesses worldwide held since 1996 where artisans from all over the world show their typical products.

Vietnam, Canada cooperate in IP management

The Global Affairs Canada through the Expert Deployment Mechanism for Trade and Development (EDM) provided a training course on improving intellectual property (IP) management capacity for a delegation from the Vietnamese Ministry of Science and Technology (MoST) and Ministry of Finance from November 27 to December 2.

This was part of Canada’s commitment to helping Vietnamese officials and experts to concretise the IP provision under the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

According to Deputy Director General at the MoST’s IP Office of Vietnam Le Huy Anh, examination and protection of non-traditional trademark (sound mark), implementation of IP rights, plan outlining and financial management of IP offices, and promotion of innovation were the four main contents of the training course.

The IP protection for sound mark is alien to Vietnam, while Canada IP Office (CIPO)’s financial management is applicable in the country, he said.

CIPO under the Innovation, Science and Economic Development Canada is similar a business model, with more than 1,000 staff and a revenue of 200 million CAD (148 million USD) in 2022, he said, adding the model allows it to expand operation scale and ensure service quality and efficiency at the same time.

The IP Office of Vietnam and CIPO have agreed to sign a Memorandum of Understanding (MoU) in 2024 to carry out IP cooperation. Vietnam will consider and promote the signing of an agreement on mutual recognition of geographical indications with Canada to ease burden for businesses of both sides, he said.

Hoang Ngoc Dinh, representative of Vietnam’s science and technology in Canada, said that cooperation with CIPO is an opportunity for Vietnam to improve its IP right protection and implementation capacity, while helping localities and businesses better respond and comply with IP issues in the future.

As part of the efforts to carry out the CPTTP’s IP provision, Canada committed to helping Vietnam better its capacity through joining hands with Vietnamese sides to build instructions that help Vietnamese firms implement commitments under the trade pact, and the Budapest Treaty on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent Procedure.

In 2020 and 2021, Canada supported the Copyright Office of Vietnam (COV) with administrative reform, implementation of the IP law, and raising public awareness of IP. In 2023, it has sharpened focus on helping the Vietnamese sides with trademark and geographical indication registration procedures in the CPTPP’s key markets, including Canada, Japan, Australia, and New Zealand.

NA Chairman witnesses signing of cooperation deal between Vietnamese, Lao airlines

National Assembly (NA) Chairman Vuong Dinh Hue witnessed the signing of a cooperation agreement between Vietjet Air of Vietnam and Lao Airlines, and the announcement of a new air route linking Vientiane and Ho Chi Minh City of Vietnam at Wattay International Airport in the capital city of Laos on December 4.

Under the deal, the two airlines start a comprehensive partnership in transporting passengers and goods as well as in technical activities, aircraft repair and maintenance, and aviation human resource training.

The Vietnamese NA leader arrived at Wattay International Airport earlier on the day, starting his working trip in Laos to attend the first Cambodia-Laos-Vietnam (CLV) Parliamentary Summit.

US DFC considers 500 million USD loan to VinFast

The US International Development Finance Corporation (DFC) has signed a letter of interest (LOI) with electric vehicles maker VinFast considering the Vietnamese company's application for a 500 million USD loan for expansion, VinFast said on December 4.

The signing took place on the sidelines of the 28th UN Climate Change Conference of the Parties (COP28) in Dubai.

The loan, which will be used to support VinFast's establishment of lithium-ion battery manufacturing facilities in Vietnam, is subject to a comprehensive review and approval process by the DFC. The project will be the first in a series of sustainable transport development initiatives actively discussed by the two sides.

To receive the funding, VinFast will undergo comprehensive assessments based on various criteria, including strong economic and financial capabilities, compliance with the requirements of the DFC and relevant local regulations regarding developmental impact, environmental and social considerations, adherence to legal requirements and regulations, among other criteria.

The DFC highly valued VinFast's outstanding efforts in a series of projects, including the production of electric vehicles and lithium-ion batteries, and a nationwide charging station infrastructure.

The DFC is the US government's agency responsible for promoting private investment in developing countries. It focuses on projects that have positive development impact, environmental and social protection, uphold human rights and ensure labour rights.

Prior to VinFast, the DFC had announced a 737 million USD investment in Vietnam, the largest investment in the Southeast Asia. The signing of the letter of interest with VinFast was considered a significant milestone that deepens the Vietnam-US comprehensive strategic partnership.

Vietnam attends France trade, investment forum

Minister of Industry and Trade Nguyen Hong Dien on December 4 attended a forum on trade and investment between France and Southeast Asia.

The event was organised by the French Senate and Business France which is responsible for fostering export growth by French businesses, facilitating international investment in France.

It attracted more than 200 businesses from France and ASEAN countries, including Vietnam.

Dien affirmed that the event helps strengthen cooperation between ASEAN and France in particular and between ASEAN and EU in general, to together address world issues and promote their 45-year ties.

He spoke highly of France's leading role in cooperation with ASEAN countries, stressed that Vietnam has special advantages to contribute to promoting relations between ASEAN countries and France, and affirmed that the Vietnamese Government is striving to build an independent, self-reliant economy and integrate into the world market in a positive, profound, substantive and effective manner.

Vietnam welcomes businesses and investors and is committed to providing long-term policies for them to operate effectively in the country, he said.

Within the framework of the forum, Business France and Vietnam’s Ministry of Industry and Trade held a roundtable on Vietnam.

 Business France and Vietnam’s Ministry of Industry and Trade hold a roundtable on Vietnam. (Photo: VNA)
At the roundtable, Minister Dien introduced Vietnam’s vision and policies for sustainable development to turn it into a hub in regional and world production and supply chains.

The French business community can take Vietnam as the gateway to ASEAN, and Vietnamese businesses can also take advantage of the EVFTA to make France a centre for distributing goods to the entire EU, the official said.

According to French customs data, in 2022, the trade turnover between Vietnam and France reached 8.1 billion euros (about 8.7 billion USD), accounting for only 0.6% of the total between France and the whole world. This shows that economic relations and trade between the two countries still have much room for development, Dien said.

On the sidelines of the forum, he also met with leaders of major French oil and energy groups including Perenco, Electricite de France (EDF), Air Liquide, Hydrogen de France (HDF).

Dien spoke highly of the efforts and contributions by the French groups to the energy sector development and affirmed that in the coming time, it’s inevitable for Vietnam to shift from fossil fuels to clean energy.

Leaders of French corporations showed special interest in the Vietnamese market and affirmed that they will continue to maintain and expand their business and investment in Vietnam, especially targeting new energy industries such as renewable energy, green hydrogen, biomass.

During his stay in Paris, Minister Dien and Vietnamese Ambassador to France Dinh Toan Thang co-chaired a talk show on mobilising resources of overseas Vietnamese intellectuals and businesses to develop Vietnam’s energy and commerce sectors.

Turkey initiates anti-circumvention probe into solar panels from Vietnam

The Turkish Ministry of Trade’s Directorate General of Imports (DGI) has recently initiated an anti-circumvention investigation into solar panels originating from Croatia, Jordan, Thailand, Malaysia, and Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV).      

These countries are alleged to have evaded trade defence duties on solar panels which are currently being applied to China.

Specifically, the solar panels subject to investigation are photovoltaic cells which are assembled in a module or arranged in panels. They are collectively known as solar batteries and are classified according to HS code 8541.43.00.00.00.

The investigation was based on a petition filed by GÜNDER-Uluslararası Güneş Enerjisi Topluluğu Türkiye Bölümü.

The date of issuing a notice of initiation and Investigation Questionnaires was on November 29, while the deadline for submitting the Investigation Questionnaires will be 37 days from the date of issuing the notice.

To ensure the legitimate rights and interests of Vietnamese businesses, the TRAV recommends that related manufacturers and exporters proactively cooperate with the DGI throughout the investigation of the case.

Furthermore, local businesses are required to carefully study the content of DGI's notice and Investigation Questionnaires in order to comply with the DGI's requirements while regularly keeping contact with TRAV to get timely support.

Vietnamese FAM trip delegation survey Laos tourism

About 30 representatives from Vietnamese travel agencies took part in a familiarisation (FAM) trip to Laos to explore its tourist destinations and services.

A workshop on Lao tourism was held in Vientiane on December 2, bringing about leading travel agencies of both countries. Delegates sought to promote a road tourism route between the northeastern provinces of Thailand, Laos, and Vietnam.
  
Nguyen Tien Hao, director of PNS Travel-Phuong Nam Sun Travel Co. Ltd, stated that Laos boasts plenty of attractive tourist destinations, although the biggest obstacle is that there are not many flights to access Lao destinations. Meanwhile, traveling by road fails to draw a large number of people from neighbouring countries such as Vietnam, due to longer travel time.

Phanvathvongsouk, director of Laos’ MP Tour travel firm, affirmed that Laos always views Vietnam as one of its most important markets in the region and it expects to welcome more Vietnamese tourists over the coming year.

During their six-day stay, the Vietnamese tour operators visited famous tourist spot Kuang Si Falls, a three-tiered waterfall about 29 kilometres south of Luang Prabang; Simuong, a Buddhist temple in Vientiane; and Pha That Luang, a major monument and symbol of Buddhism located in Laos.

Laos aims to attract at least 4.6 million visitors, including 2.7 million foreign arrivals, and earn about US$700 million during the Visit Laos Year 2024. It will assume the ASEAN Chairmanship role next year, providing an opportunity for the country to introduce its unique culture and traditions to international tourists.

The Visit Laos Year 2024 opened with the theme of “A Paradise of Lao Culture, Nature and History” and will consist of 79 activities nationwide. The tourism campaign is expected to bring unforgettable experiences to travelers, thereby encouraging them to visit again in the future.

India reviews countervailing duties on stainless steel imports from Vietnam

India’s Directorate General of Trade Remedies (DGTR) has taken the first step in conducting a sunset review of countervailing duties on stainless steel welded pipes imported from Vietnam.

This review comes after five years of imposing anti-dumping tariffs, initiated at the request of Indian manufacturers, to assess the necessity of continuing countervailing duties on these imported products.

The Trade Remedy Authority of Vietnam has confirmed that stainless steel welded pipes falling under specific HS codes will be subject to this review.

The investigation was initiated by DGTR on September 30, 2023, with official questionnaires sent to manufacturers and exporters on November 28, 2023.

All relevant parties will have a 30-day window to submit their responses starting from the date of DGTR’s questionnaires.

Eleven-month cashew exports gross US$3.31 billion

Vietnamese cashew exports during the 11-month period raked in US$3.31 billion, representing a rise of 23.1% in volume and 17.4% in value compared to the same period from last year, according to data given by the Ministry of Industry and Trade.

The nation’s average cashew export price throughout the reviewed period dropped by 4.7% to US$5,682 per tonne on–year.
  
In line with this, the country’s major cashew export items include W320, W240, and W180, accounting for 63.51% of the total export volume and 69.84% of export turnover, with this exerting a positive impact on the entire cashew industry.

The United States remained the largest consumer of Vietnamese cashew nuts during the past 10 months of the year, while China has since emerged as an active buyer.

Specifically, China spent more than US$522.3 million importing 85,307 tonnes of cashew nuts, up 43.1% in volume and 47.2% in value over the same period from last year.

The average export price to this market surged by 2.8% to reach US$6,123 per tonne against the same period from last year. Due to both internal and external difficulties, the Vietnam Cashew Association (VINACAS) has recently proposed adjusting cashew export turnover this year to US$3.05 billion.

Although the import demand for cashew nuts from both the US and EU markets during the year-end holidays will push up Vietnamese cashew export turnover in the final months of the year, cashew exports cannot regain the record mark this year, according to experts.

Industry insiders assessed that local cashew nut is facing fierce competition from African countries such as the Ivory Coast.

They pointed out that the cashew industry needs to focus on processing quality and diversity of processed cashew products in order to make the most of its competitive advantage, as well as improving product quality to avoid warnings of pesticide residues from major importers like the US and Europe.

US launches probe into anti-subsidy of frozen warm water shrimp from Vietnam

The US Department of Commerce (DOC) has published a notice initiating an anti-subsidy investigation into frozen warm water shrimp products imported from a number of countries, including Vietnam, according to the Trade Remedies Authority of Vietnam.        

The products placed under investigation in the case are frozen warm water shrimp under HS codes 0306.17, 1605.21, and 1605.29.

The DOC has determined that there were a total of 1,046 Vietnamese exporters shipping their products to the US during the investigation period. However, the DOC will not investigate all affected businesses, with only two and three large businesses being selected for separate investigations.

The tax rate for these mandatory businesses will therefore provide a basis for determining the anti-subsidy duty rate for the remaining firms.

After identifying mandatory units for investigation, the DOC will move to issue an investigation questionnaire for Vietnamese businesses, with the response deadline being 30 days from the date of issuance of the questionnaire.

The DOC will issue preliminary conclusions within 65 days from the date of initiating investigation into the case, falling on January 18, 2024, with a possible extension.

Meanwhile, the US International Trade Commission (USITC) will launch preliminary conclusions within 45 days from the date of receiving the appeal, which is scheduled for December 11.

The final conclusion will be issued within 205 days from the date of receiving the appeal, which is expected to be May 17, 2024.

In the event that the DOC determines that a subsidy exists and the USITC identifies that the domestic industry has suffered damage due to subsidized imports, the US will move to issue an order to impose anti-subsidy tariffs on Vietnam. If either party determines that benefits or damages do not exist, then the case will be terminated.

As a means of protecting the legitimate rights and interests of Vietnamese export enterprises, the Trade Remedies Authority of Vietnam recommends that associations timely inform businesses with the accused products so that they can proactively develop plans to both respond and handle cases.

French energy groups pledge continued cooperation with Vietnam

Representatives of French energy corporations have committed to maintaining and expanding their investment in the Vietnamese market, especially in new spheres such as renewable energy, green hydrogen, and biomass.

Minister of Industry and Trade Nguyen Hong Dien receives representatives of French energy corporations on the sidelines of the Southeast Asia Forum in Paris.

They made the affirmation during a working session held with Minister of Industry and Trade Nguyen Hong Dien on the sidelines of the Southeast Asia Forum in Paris, France, on December 4.

Showing a keen interest in the Vietnamese market, French CEOs highly valued Vietnam’s determination in the energy transition and greener economic transformation in a more sustainable manner.

For his part, Dien reaffirmed Vietnamese commitments to cutting emissions to net zero by 2050, saying the shift from fossil fuels to green and clean energy is an inevitable task for Vietnam in the coming decades.

Therefore, the involvement of French energy corporations in key areas such as oil and gas exploitation, electricity, atomic energy, renewable energy and green energy development is anticipated to create huge advantages for them to further develop their business operations in the country, he said.

Vietnam is ready to create the most optimal conditions possible for French firms to get involved in developing renewable energy and green energy on the principle of harmonious benefits and risk sharing, he went on.  

The minister expressed his hope that French businesses would support Vietnam in formulating appropriate policies, regulations, and standards to develop new energy industries such as green hydrogen, and in training human resources in the related field.

During a separate working session held with leaders of France’s second largest distribution system, Carrefour, Dien appreciated the retail group hosting a number of trade promotional events aimed at introducing Vietnamese goods in its supermarket chain.

Minister Dien noted that Carrefour’s efforts will help provide consumers and distributors with various options, while serving as an effective channel  to introduce Vietnamese goods directly to French consumers, noted the minister

He on this occasion invited Carrefour to attend the Vietnam International Sourcing slated for June 6 to June 8, 2024, in Ho Chi Minh City.

He said that his ministry stands ready to support  Carrefour if the group intends to conduct business in Vietnam in the future.

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