Vietnam is a country which is rich in tropical fruits, although so far only dragon fruit has reached the Indian market, Minister Dien said. He therefore called on the Indian diplomat to provide support in hastening the import licensing process for Vietnamese fruits, initially longan, pomelo, rambutan, and durian, before expanding it to others such as avocado, coconut, watermelon, and strawberry.

The Vietnamese official raised concerns regarding India's policy measures in recent years, including those against peppercorn, cashew nuts, and incense sticks from the nation, underlining that the measures may hinder trade activities between the two sides.

He went on to suggest that the Indian Ambassador convey these concerns, as well as those from ASEAN countries, to relevant authorities, while seeking suitable solutions on the basis of regulations and commitments in multilateral framework to ensure the legitimate interests of all parties.

The Vietnamese trade official hailed the role of the Ambassador in promoting the partnership between the two countries, especially in trade, industry, and energy. He therefore expressed his hope that the diplomat will make greater contributions to the overall growth of the Vietnam-India comprehensive strategic partnership in the time to come.

Both sides noted their satisfaction at the expanding bilateral economic, trade, and investment co-operation over the years, with India becoming one of the country’s largest investors and trade partners in the South Asian region.

However, over the last year two-way trade hit only US$15 billion, up 13.6% on-year but accounting for only 2% of the nation’s total trade, they said

They outlined that with sound political and diplomatic relations, high co-operation potential, and large international scale from both sides, there remains still room to further promote bilateral trade.

The two sides should seek to intensify trade promotion programmes and activities to connect businesses of the two countries, Minister Dien  went on to say.

In response, Ambassador Arya said that the nation is the most important trade partner of India among ASEAN, with the Vietnamese and Indian economies capable of supplementing each other.

Furthermore, Vietnam can also be viewed as a key Indian partner within its Indo-Pacific Vision and Act East Policy, he said.

He spoke glowingly of economic co-operation potential between the two nations, especially in terms of renewable energy, oil and gas, information technology, the digital economy, and pharmaceuticals, which will lead to abundant collaboration opportunities between the two sides moving forward.

The diplomat agreed with measures aimed at enhancing bilateral economic and trade ties proposed by Minister Dien, especially those on preventing the disruption of supply chain, strengthening trade promotion, and expanding the trade of farm produce.

Regarding India's trade-restrictive policy measures, Ambassador Arya pledged that he will discuss the issue with relevant Indian agencies as part of efforts to seek positive solutions.

As both sides are preparing for high-level visit exchange this year, they should promptly deal with existing problems in bilateral economic and trade partnership, he underlined.

He therefore agreed to organise the next meeting of the Vietnam-India joint sub-committee on trade co-operation in New Delhi in the first half of the year, before the organisation of the Vietnam-India Joint Committee’s meeting and visits of both nations’ leaders.

Stockholm Furniture Fair offers opportunities for furniture exports to Sweden

The recent participation of Vietnamese businesses in the Stockholm Furniture Fair 2023 has served to create a wealth of opportunities to increase the export of Vietnamese furniture moving forward, according to the Vietnamese Trade Office in Sweden.

The Trade Office’s representative emphasised that the event involved the participation of more than 400 exhibitors in the furniture industry, as well as numerous visitors from over 100 countries.

The involvement of the Vietnamese trade office in Sweden has contributed to helping local firms grasp new trends and strengthen trade connectivity.

With this year’s trend of sustainable development, domestic businesses are advised to cater to launch products that have high durability and sustainable periodicity in order to export high-quality wooden furniture to the Swedish market moving forward.

Last year witnessed the export value of Vietnamese wooden furniture to Sweden reach US$32.8 million, up 7.4% over the same period from last year. Furniture is also one of the top eight products exported to Sweden.

Vietnam attends IMEX-Madrid Business and Investment Fair 2023

The Vietnamese Trade Office in Spain recently attended the IMEX-Madrid Business and Investment Fair 2023 in Madrid, introducing Vietnam's investment environment and promoting the future export of Vietnamese products to this market.

During the February 8-9 event, representatives of the Vietnamese Trade Office in Spain worked alongside 30 import-export businesses from Madrid in order to support trade connectivity and provide them with relevant information on trade and investment promotion activities in Vietnam, including lists of major export enterprises and international exhibitions and fairs in the country.

Along with introducing co-operation opportunities, they also discussed Madrid’s advantageous products for export in the near future, including agricultural and aquatic products, garments and textiles, footwear, chemicals, pharmaceuticals, cosmetics, medical equipment, items from food industry, logistics, and consumer goods.

IMEX-Madrid Business and Investment Fair is the largest international business and investment promotion event in Spain.

The annual fair includes a range of seminars on international business development opportunities. It typically attracts the participation of speakers from government agencies, trade and investment promotion organisations, local chambers of commerce, and representatives of the business community.

Vietnam – China trade hits over US$10 billion in January

China was Vietnam’s only trading partner to have an import and export turnover reaching more than US$10 billion in January, according to the General Department of Vietnam Customs.

Of the figure, Vietnamese export turnover was US$3.87 billion while the country spent US$7.23 billion on importing goods from the northern neighbour.

Vietnam’s key export commodities include phones and components, while major imported items are electronic products and components, machinery, equipment, tools and spare parts, materials, consumer goods, and agricultural products.

At present, China is an important export market for some Vietnamese agricultural products. It is the country’s third largest importer of seafood products, behind only the United States and Japan.

With China moving to reopen its border gates on January 8, there are positive signs for businesses to boost the export of local agricultural products to the northern neighbour.

Industry insiders emphasised the need to develop brands and build large-scale farming areas in order to comply with stringent requirements set by Chinese market in terms of code of the growing area, packaging facilities, origin traceability, and export business registration as a means of increasing exports to the market.

The General Administration of Customs of China has so far granted 435 codes to Vietnamese agricultural product exporters this year.

Hanoi to spearhead the nation’s industrialization efforts until 2030

Hanoi aims to spearhead the nation's industrialization and modernization until 2030, with an eye on 2045. 

According to the municipal Party Committee, the goal of the plan is to transform the mindset and build consensus in the political system and people to achieve socioeconomic development objectives.

The Party Committee emphasized the use of science-technology and innovation, specifically Industry 4.0 advancements, as a key solution for the country’s modernization in the 2021-2030 period.

For Hanoi, the plan identifies key targets for economic growth, enhancing socio-cultural values, urban development, and environmental protection.

By 2030, Hanoi and other provinces/cities will strive for the country to reach the standards of an industrialized country with an upper-middle income status. By 2045, the focus will shift toward enhancing the quality of modernization and industrialization in all aspects of socioeconomic activities.

Hanoi plans to establish a supportive legal framework and build its industry toward high-tech and modernization. Priorities will be placed on developing low-carbon, resource-efficient sectors, as well as promoting the industrialization of agriculture and rural areas. The service sector will be restructured with a focus on technology, innovation, and creativity. The plan emphasizes the use of technology and the training of a skilled workforce to support Hanoi's industrialization journey.

By 2025, Hanoi aims to boost the proportion of trained and skilled labor force to 75-80% and keep the urban unemployment rate below 3%. The city also intends to fully digitize its government agencies and establish itself as a smart city while promoting the development of the digital economy and society.

To support the national digital transformation, Hanoi plans to nurture technology-based businesses and aid enterprises in researching, developing, and mastering core technologies, digital products, and services. The city will also focus on building modern, integrated infrastructure to support rapid and sustainable urbanization, which will serve as a strong foundation for industrialization and modernization. This involves completing the Ring Road No.4 project before 2027 and preparing for the investment and construction of Ring Road No.5 before 2030.

Pressure on to support new economic growth

As the US Federal Reserve raised its benchmark interest rates by a quarter point to bring down inflation rate despite its recent signs of slowing and giving no real hint of a pause in hikes, the cycle is predicted to continue to run.

The latest move from the Fed marked eight consecutive rate hikes since March 2022, with no signs that it has reached the peak of its hike journey. Assoc. Prof. Dr. Dinh Trong Thinh, a financial expert from the Vietnam Association of Financial Advisers, predicted that a rate hike of 25 percentage points was anticipated. Thinh stated that, in general, the pressure on the USD/VND exchange rate from the Fed’s interest rate hike is not significant.

Dr. Le Dang Doanh, former head of the Central Institute for Economic Management, also believes that the Fed’s interest rate rise is targeted to contain inflation in the US, since inflation has begun to fall from the previous year’s low level. The USD price will adjust as a result.

On the other hand, deposit interest rates at some commercial banks in Vietnam have showed signs of cooling down, down from 0.1 to 0.5 per cent per year compared to the end of 2022. Experts believe that interest rates cooled partly because of banks’ weaker demand to lure deposit money. Therefore, banks will not need to mobilise as much as at the end of last year.

Standard Chartered also forecasts USD-VND at 23,200 by the end of Q1 and at 23,500 for mid-2023, while its H2-2023 forecasts remain unchanged. An improving current account balance backdrop and tourism recovery is likely to be supportive of the VND, Standard Chartered said, while FX volatility will remain elevated, and a wider trading band will allow for more FX flexibility.

According to Standard Chartered’s FX Alert, the combination of an earlier-than-expected China reopening, signs of softening inflationary pressures in the US, and one-way market positioning have led to a sharp rally in ASEAN currencies versus the USD in recent months.

However, the performance has diverged significantly in the region. The bank expects such uneven performance to lead to relative-value opportunities within the region against a backdrop of a more nuanced outlook for USD. Standard Chartered revised its FX forecasts lower to consider positive themes that have emerged in recent weeks, particularly the reopening of China.

Bac Lieu eyes 1 billion USD in shrimp exports

The southern coastal province of Bac Lieu aims to raise shrimp export revenue to 1 billion USD this year, against last year's 853 million USD.

To realise the goal, the province will expand the areas of high-tech farming and create favourable condition for enterprises and households to boost their production towards sustainable development.

The linkage between farmers and enterprises will be strengthened in line with large-scale production.

To turn Bac Lieu into a shrimp farming centre, the locality is actively supporting businesses in renovating technology to diversify processed products and updating information on market demand and technical barriers. Trade promotion will be strengthened along with training courses  for farmers.

The province counts 188 shrimp fry facilities, of which 159 specialise in tiger prawn and 29 in white-leg shrimp. Besides, there are 33 aquatic processing factories for export with a combined capacity of some 125,000 tonnes each year.

China, the Republic of Korea, the US, the EU and Japan are major importers of Bac Lieu's shrimp.

Over the past decade, the shrimp sector has contributed over 29.7 trillion VND (1.19 billion USD) to Bac Lieu’s aquatic production value.

Vietnam enjoying bustling labor export market

The market for labor export to Japan, the Republic of Korea (RoK), Taiwan (China) has offered valuable opportunities for both unskilled and high-quality workers.

Since the beginning of this year, the Center of Overseas Labor (COLAB) has continuously posted announcements on Vietnamese workers sent to RoK under the Employment Permit System (EPS) program.

Meanwhile, until May 31, COLAB is recruiting 80 midwifery interns to Japan. These interns will practise in Japanese clinics at a monthly salary of VND35 million (US$1,480) exclusive of allowances, along with free Japanese language training, medical examination, visa application fee, and air fare.

Many private training companies for labors working abroad have informed that they are receiving large orders from familiar markets, especially Japan, which is increasing its manufacturing and trading activities to compensate for its economic loss in the Covid-19 pandemic.

Deputy Director Nguyen Gia Liem of the Department of Overseas Labor (DOLAB) said that the labor export market of Vietnam is expanding to European countries, Singapore, and Australia, Israel in the future. He estimated that it is possible to send about 110,000 workers out this year. This January alone, 21,000 people successfully obtained their jobs in companies in other nations.

The quality of Vietnamese labors should be enhanced via close collaboration between vocational schools and labor export enterprises in order to meet the demands in the recruitment process of international companies.

Deputy Minister of Labor, War Invalids and Social Affairs Nguyen Ba Hoan stressed that to fulfill the goal of 2023, it is necessary to maintain a stable supply for existing markets while seeking new potential ones.

Addressing limits in policies and administrative procedures, accelerating online public services, promoting the export of high-quality, skillful workers are also essential because this is the popular trend in the next few years. Right now, 90 percent of Vietnamese labors working abroad are still unskillful ones.

Deputy General Director Nguyen Xuan Lanh of Esuhai Co. Ltd., specializing in training labors for the Japanese market, said that his enterprise is cooperating with universities and colleges to upgrade the level of workers in order to send 2,500 engineers and interns to companies in Japan. Deputy General Director Nguyen The Dai of East Sea Trading Service and Labor Export JSC. (Estrala) also informed that he is collaborating with universities and colleges in HCMC, Ben Tre Province, Binh Dinh Province to train high-quality laborers to satisfy the requirements of his clients.

The markets that need high-quality workers in 2023 are Australia, New Zealand, and Canada, all of which are rushing to recover their national economy after the Covid-19 pandemic. Particularly, since this year, Vietnam can send its labors to Australia to work in the agricultural field at a monthly salary of VND80 million ($3,390). Canada is in need of 465,000 immigrants to work, and this number will increase to 500,000 in 2025.

In the last 10 years, there have been over 1 million Vietnamese laborers and specialists going abroad to work, a rise of 40 percent compared to the average of the previous period. Their yearly income is at VND200 million ($8,484), much higher than that of the same position in the country. They are able to send $10 billion back home.

First batch of Quang Tri organic rice exported to EU

The central province of Quang Tri shipped its first batch of 15 tonnes of organic rice to the European Union (EU) on February 13, at a price of 1,800 USD per tonne.

This will be a motivation for businesses and farmers to focus on their production to meet organic rice-related requirements, thereby conquering other markets around the world, said Phan Thi Diem Loc, director of the exporter QTOrganic.

In the coming time, the company is preparing to ship between 30 and 50 tonnes of the food of this kind to the European market every month.

Since 2017, the company has implemented an organic rice farming model under value chains with a total area of 35 hectares and an output of about 340 tonnes per year.

Addressing the ceremony, Ha Sy Dong, vice chairman of the provincial People’s Committee said he hopes that in the coming time, QTOrganic will continue to expand its linkage with cooperatives and farmers, thereby increasing the value of organic rice and contributing to raising farmers' incomes.

Construction rock businesses to benefit from 2023 public investment

Thanks to the 700 trillion VND (29.7 billion USD) public investment disbursement plan in 2023, demand for construction rock for big public investment projects is expected to boost profits for the industry’s enterprises.

Experts expect investment demand to increase thanks to this year’s public investment projects, boosting the growth of construction and building materials businesses, including construction rock, in the future.

According to the public investment disbursement plan in 2023, more than 700 trillion VND will be invested in many key projects, including the North-South expressway, various ring road projects in Hanoi and Ho Chi Minh City, and Long Thành airport.

The Ministry of Transport said that the demand for construction rock in 2023-2025 will be approximately 21.5 million cu.m. Specifically, the Long Thanh airport, Bien Hoa – Vung Tau highway, and Ring Road No. 3 are expected to use 2.04 million cu.m, 738,000 cu.m, and 5.2 million cu.m of construction rock, respectively.

Agribank Securities Corporation (Agriseco) said that the construction materials businesses will benefit directly after projects finish the site clearance phase and enter project implementation.

For construction stone enterprises, transportation costs have a great impact on the firms' ability to sell their products. Those with a large market share and located near ongoing projects will benefit more than the rest of the industry.

Since most construction rock quarries are located across the country, transportation costs are a major factor affecting the cost. Most construction contractors will choose quarries near their projects.

However, the supply of construction rock is still limited as the new construction rock quarry planning for the 2021-25 period has not been completed, especially for provinces and cities that are centres of construction rock exploitation in the south, including Binh Duong and Dong Nai provinces. In addition, compensation for land in the quarry areas has inched higher, causing an imbalance in the market as supply does not meet demand.

According to the analysis of SSI Securities Corporation (SSI), Tan Cang construction rock quarry is the main source of supply for Long Thanh airport, Ring Road No.3, and other projects. With nine quarries in the Tan Cang area, SSI estimates that demand at Tan Cang's quarries will increase by 28% over the same period last year.

Construction rock prices are expected to advance by 8% year-on-year, offsetting the rise in fuel costs and environmental protection costs for mining.

New automotive project granted license in Quang Ninh
     
An Investment Registration Certificate worth US$165 million has been granted to Boltun fastener and stamping articles manufacturing project (Boltun Vietnam).

Funded by Boltun Corporation, one of the world’s largest suppliers of auto fasteners and metal parts, and QST International Corporation, the project aims to produce components for US and European electric car manufacturers.

The Taiwanese investors will build a 35.27-ha facility in Bac Tien Phong Industrial Zone, developed by DEEP C in Quang Yen Coastal Economic Zone. The project will be executed in two phases with a total capacity of 60,000 tons per year.

Construction of the first phase is set to start in Q2 2023.

Wood industry associations enhance ties to boost furniture exports
     
The Ho Chi Minh Export Furniture Fair - HawaExpo 2023 will be held in HCM City from February 22 to 25 as part of a pact among five wood processing industry associations across Viet Nam.

The Vietnam Timber and Forest Product Association (VIFOREST), the Handicraft and Wood Industry Association of HCM City (HAWA), the Binh Duong Furniture Association (BIFA), the Handicraft and Wood Industry Association of Dong Nai, and Forest Products Association of Binh Dinh has announced a strategic cooperation for joint development.

The fair will include activities such as a networking cocktail, business matching, specialised workshops, and evening showroom visits.

In addition, after the close of the fair, the organisers will organise factory tours from February 25 to 28 to help international buyers look at large manufacturing plants in HCM City and neighbouring provinces.

The organisers have so far received nearly 1,000 registrations to visit the fair from 18 countries and territories, including those from the US, Europe, the Middle East and Asia.

According to a report by the General Department of Forestry, wood and furniture exports reached $16.9 billion last year, up 6.1 per cent over 2021, the lowest growth rate in recent years.

Many firms faced a shortage of export orders in the second half of last year. Companies have gotten some new orders this year, but not many. This year, the industry has set a modest export target of $17.5 billion, a year-on-year increase of 2.5 per cent. 

Ly Son garlic growers face poor crop

Garlic growers in Ly Son Island in the central province of Quang Ngai are facing great losses due to the unfavourable weather.

Garlic is a key crop on Ly Son Island. However, 90 percent of local garlic growers are suffering from losses in the 2022-2023 Winter-Spring crop.

Ngo Thi Kiem from Tay An Hai Village in Ly Son District said that her family has grown garlic over the past 30 years. However, this is the first time she had witnessed such a bad crop.

Kiem’s family invested VND45 million (USD1,906) in their garlic garden of over 1,000 square metres and they incurred losses of around VND30 million for the garlic plantation this year.

According to local residents, the weather before the 2023 Lunar New Year was bad with a long period of low temperatures, rain and strong wind.

The garlic productivity in Ly Son also fell in the 2021-2022 Winter-Spring crops with 1,225 tonnes, down 70 percent on-year.

Ly Son District People’s Committee Vice-Chairman Dang Tan Thanh said the locality is home to 320 hectares of garlic. However, over the recent years, farmers are struggling with losses. Local authorities have reported the situation to the province for support.

Digital economy to reach $50 billion by 2050

The scale of Vietnam's digital economy could hit $50 billion by 2050, of which, e-commerce will be the most important contributor.

According to the E-conomy SEA report in 2022 by Google, Temasek and Bain Company, the scale of Vietnam's digital economy could reach $50 billion by 2050.

The size of the retail e-commerce market in Vietnam grew by 28 per cent, reaching $23 billion in 2022. If optimised, emissions from e-commerce activities will significantly be reduced by 30-40 per cent compared to normal commercial activities, contributing to sustainability.

In addition to a population of nearly 100 million, the number of internet users is high, said Nguyen Anh Duong from the CIEM, adding thay said that government has provided numerous policies for the development of the digital economy.

Decision No.645/QD-TTg in 2020 approved the national master plan for e-commerce development in 2021 - 2025; Decision No.749/QD-TTg in 2020 approved the national programme on digital transformation until 2025; Decision No.1968/QD-TTg in 2021 approved the scheme on boosting IT application and digital transformation in trade promotion; Decision No.411/QD-TTg in 2022 approved the national strategy for the development of digital economy and digital society through 2025.

Despite the fast development, experts at the seminar said that Vietnam is facing barriers in the process of developing the digital economy. Infrastructure for the digital economy is not synchronised, the digital connectivity capacity is not favourable for the development of the digital economy, high-quality human resources for the digital economy are still weak, and regulations on consumer protection are also too weak. Moreover, the innovation capacity of the private sector is said to be one of the major limitations to the development of Vietnam's digital economy.

To sustainably develop the economy and the digital economy, the CIEM representative said that sustainable development has been prioritised by the government, such as Decision No.622/QD-TTg issued by the prime minister on the 2030 Agenda for Sustainable Development; Decision No.681/QD-TTg on the roadmap for sustainable development to 2030; and Decision No.749/QD-TTg on the National Digital Transformation Programme to 2025.

They highlighted that sustainable development is a requirement throughout the development process of the country, combining economic and social factors, protecting natural resources and the environment, and responding to climate change. In particular, science and technology, especially the Industrial Revolution 4.0 and national digital transformation, will be the driving force for sustainable development.

More Japanese firms profit in Vietnam in 2022

As many as 59.5 per cent of Japanese firms in Vietnam made a profit in 2022, up 5.2 percentage points from a year earlier, according to a survey released by the Japan External Trade Organization (JETRO) in Hanoi on February 13.

According to the survey of about 4,400 Japanese businesses operating in Asia and Oceania, including 600 in Vietnam, the rate in Vietnam is a little bit lower than that in other countries in the regions.

In their business profit outlooks for 2022, the non-manufacturing sector reported a profit-making rate of 57.6 per cent on average. The rate for finance and insurance, education and healthcare, and agriculture was 100 per cent. The thresholds in transport, real estate, ICT, mining and energy, and retail were 81.5 per cent, 57.1 per cent, 52.9 per cent, 50 per cent, and 25 per cent respectively.

In Singapore, the rate of profit-making Japanese companies stood at 73.5 per cent. The same data for Indonesia, Thailand, Malaysia, and the Philippines was 73.2 per cent, 63.8 per cent, and 60.3 per cent.

The proportion of loss-making Japanese enterprises in Vietnam was 20.8 per cent, down 7.8 percentage points on-year. Meanwhile, the rate was 10.8 per cent in Singapore, 13 per cent in Indonesia, and 17.7 per cent in Thailand.

Takeo Nakajima, chief representative of JETRO Hanoi, said that despite the challenges, Japanese firms plan business expansion in Vietnam over the next 1-2 years to tap into the growth potential in the local market.

Accordingly, 54.4 per cent of Japanese firms in the manufacturing sector said that they will expand their investment and business activities in Vietnam, up 2.7 parentage points from the previous year, while the figure for the non-manufacturing sector was 65.9 per cent, up 7.2 percentage points on-year.

Red River Delta to develop more transport infrastructure projects

By 2045, the Red River Delta region targets developing a synchronised and modern transport infrastructure system through investments in roads, rivers, railways, and aviation.

At a conference on February 12 in Quang Ninh province on the implementation of the government’s action programme for the Red River Delta to 2030, with a vision to 2045, Minister of Transport Nguyen Van Thang said that the ministry will cooperate with other ministries, agencies, and localities to ensure the completion of the transport infrastructure system in the region.

Accordingly, they are determined to develop regional ring roads and motorway systems including Ninh Binh-Haiphong, Noi Bai-Halong, Co Tiet-Cho Ben, and inter-regional routes to create economic corridors and urban-economic centres to boost growth in the region.

In addition, they will continue to upgrade the existing railway system, while simultaneously developing new routes such as Yen Vien-Pha Lai-Halong-Cai Lan, the north-south high-speed railway, and the Hanoi-Haiphong line that will connect with Dinh Vu and Lach Huyen seaports.

The parties will also develop more seaports in Haiphong and Quang Ninh and build island ports to promote economic growth. They have plans to develop inland container depots to support the required logistics.

Furthermore, it is a priority to expand Noi Bai and Cat Bi airports, while further exploiting Van Don International Airport.

The Red River delta holds huge potential to become one of Southeast Asia’s major logistics hubs, contributing to the rapid and sustainable development of Vietnam’s northern region.

The region comprises 11 provinces and centrally run cities that are divided into two sub-regions. The northern sub-region covers Hanoi, Haiphong, and the provinces of Quang Ninh, Vinh Phuc, Bac Ninh, Hai Duong, and Hung Yen, while the south consists of the provinces of Thai Binh, Ha Nam, Nam Dinh, and Ninh Binh.

Nearly $10 billion committed to Red River Delta region

Almost $10 billion was committed to the Red River Delta region at a conference for the government's action plan for the development and safeguarding of the area until 2030 that took place yesterday in Halong, Quang Ninh.

The initiative will see support from development partners amounting to $2.6 billion, with another $7.1 billion from domestic and foreign investors pouring into projects in the Red River Delta region.

Minister of Planning and Investment Nguyen Chi Dung emphasised the importance of mobilising as many resources as possible for the development of the Red River Delta. "Attracting such investment is a significant milestone to realising plans that will enable the area to develop sustainably and become a growth driver of the economy in the near future," said Dung.

A total of 20 projects focusing on infrastructural development have been committed that make up the $2.6 billion. In Haiphong, the scheme will see the construction of social housing with a total investment of $211.3 million from ThaiHoldings; nearly $143.5 million going into the research, development and production of new battery technologies from VinES Energy Solutions; and a container-ship project with a total investment of $60 million from Zim Hai An Joint Venture Company.

Quang Ninh province will see $164 million in capital made available by Autoliv Vietnam for the manufacture and export of automobile-safety products, along with $177.4 million from Boltun Vietnam for the production of machine parts.

The provinces of Hai Duong, Hung Yen, Vinh Phuc, Ninh Binh, and Ha Nam have also issued investment registration certificates for large-scale projects.

Thai Binh province has granted certificates for the construction of a factory to process electronic components and smart devices worth $281.3 million from Compal, one of the suppliers of Apple, and the manufacture of solar energy technologies with a total outlay of $151.7 million from ET Solar Power Hong Kong.

Additionally, local and foreign financiers have received in-principle approvals or MoUs for 30 more projects in the region, potentially topping $7.1 billion, including investment in an AEON MALL in Hoang Mai worth $263.4 million; Trang Due 3 Industrial Park will see a commitment of $434.8 million; and Goertek Vina will produce multimedia audio products to the tune of $304.3 million.

Ha Long to become national service-tourism center

The Government has approved the master plan of Quang Ninh Province for the period of 2021-2030 and Halong City of the province until 2040, under which this coastal city will be developed into a world-class service and tourism hub.

The general plan for Halong City will be closely attached to sustainable development, green growth and adaptation to climate change. Cua Luc Bay is set to be the city’s center, linking to Halong Bay and other areas in the north of the city.

As per the approved plan, Halong will have an economic corridor along Halong Bay and five economic centers, comprising Halong, the east region, the west region, the north of Cua Luc Bay and the hilly area in the west of the city.

Meanwhile, the northern province of Quang Ninh will strive to complete its urban infrastructure system, deploy green urban development and the smart city model, as well as strengthen connectivity between major traffic routes and interchanges in the 2022-2025 period.

Local authorities will focus on improving the quality of the coastal space, coastal routes, public spaces and coastal tourism activities in the 2025-2030 period.

Connectivity among local areas, namely Uong Bi City, Cam Pha and Quang Yen Town, will be reinforced in the 2031-2040 period to enhance harmonious development and continue to preserve the heritage values in Halong Bay.

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