The supply of new apartments in Hanoi increased fourfold in the second quarter of 2024 from the previous quarter, Nguyen Hoai An, Senior Director for the research and consulting division at CBRE Vietnam, said at a press conference on July 9.

Hanoi is projected to offer over 20,000 new apartment units by 2026, statistics showed. The increases supply is expected to prevent the prices of apartments from "skyrocketing" and help buyers have more choices.

According to Dang Phuong Hang, General Director of CBRE Vietnam, said that during the January-June period, the supply of residential real estate in Hanoi, especially the apartment segment, had many bright spots. Specifically, over 10,840 apartments were offered to the market in the reviewed period, the highest supply recorded since 2020.

CBRE's survey pointed out that in the second quarter, the majority of new supply concentrated in the west of Hanoi and came from Lumi Hanoi (first phase) and Imperia Sola Park projects.

Meanwhile, apartment supply in Ho Chi Minh City remained limited in the second quarter as nearly 1,200 new apartments were opened for sale which mainly located in the eastern and southern areas of the city, the firm said, noting that most of the apartments were offered to the market during the first half came from following phases of the projects already opened for sale in 2023.

Regarding purchasing power, An said that the apartment market in Hanoi has strong growth momentum with the number of units sold in the first half of this year exceeding the level recorded in the same period last year. As many as 10,170 apartments were sold in the second quarter of this year, a fivefold increase against the previous quarter. In particular, the second quarter recorded a number of projects that sold out 80%-90% of their inventory despite having a large number of units for sale.

Although the supply was limited, projects with new offers in HCM City in the first half of the year still achieved good sales, as the number of apartments sold was equivalent to 80% of the figure seen in last year’s corresponding period.

As for selling prices of apartments, Vo Huynh Tuan Kiet, director of CBRE Vietnam's housing marketing department, said the prices of apartments in Hanoi is approaching that of HCM City in both primary and secondary markets. In the primary market, the average selling price of apartments in Hanoi reached approximately 60 million VND per sq.m in the second quarter of 2024, up 6.5% over the previous quarter and nearly 25% year-on-year.

In HCM City, the selling prices on the primary market continued to increase slightly, increases of 3% quarter-on-quarter and 6% year-on-year, reaching 63 million VND per sq.m, he added./.

Vietnam’s tra fish exports rise as demand surges in China, ASEAN

Vietnamese tra fish (pangasius) exports have picked up, with growth momentum continuing until the end of this year, driven by strong demand in China and ASEAN countries, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

In May, Vietnam exported over 83,000 tons of tra fish, a 46% increase against the year-ago period and an 8% rise versus the previous month. This is the highest monthly export volume since 2022, marking the third consecutive month of growth.

The surge is primarily due to robust Chinese demand, where Vietnamese tra fish benefits from competitive pricing. Chinese consumers, facing economic constraints, are increasingly opting for cheaper imported tra fish fillets over domestically farmed freshwater fish like carp. This trend is expected to continue boosting Vietnam’s tra fish exports in the second half of this year.

Tra fish exports to other markets have also increased. Shipments to ASEAN countries rose by 7%, to Mexico by 15%, and to the United Kingdom by 33%.

The Chinese market is recovering with high demand and stable prices, further bolstering Vietnam’s tra fish exports. Given the current economic situation in China, consumers there prefer more affordable options, solidifying the market position of Vietnamese tra fish fillets, said VASEP.

Positive trends are also seen in the U.S. market. Vietnam’s customs data showed that in the first half of June, tra fish exports to the U.S. reached nearly US$14 million, up by 39% over the same period last year.

By mid-June, cumulative exports to the U.S. totaled US$146 million, an 18% year-on-year spike. In ASEAN markets, May exports reached nearly 9,000 tons, the highest since November 2023.

Overall, VASEP estimated that in the first six months of the year, the total export value of tra fish was about US$922 million, rising nearly 6% against the same period last year.

VASEP forecast that tra fish exports will continue to rise in the second half of the year due to high demand from key markets such as China and ASEAN. However, for sustained long-term growth, Vietnamese exporters must improve product quality, diversify markets, and reduce production costs.

Detailed guidance needed to have new insurance agency policy run smoothly

Insurance companies and banks expect the State Bank of Vietnam to issue detailed guidance on implementing the insurance agency regulation under the new Law on Credit Institutions, because they are confused about the policy.

According to the insurers and banks, Article 113 of the revised Law on Credit Institutions, which took effect from July 1 this year, regulates commercial banks are allowed to carry out insurance agency activities in accordance with regulations of the Law on Insurance Business and the State Bank of Vietnam. It means that the Law on Credit Institutions allows commercial banks to consult and offer insurance products to customers.

However, Clause 5 of Article 15 of the Law on Credit Institutions prohibits banks from ‘linking’ the sale of non-mandatory insurance products with the provision of banking products or services in any form.

The regulation has been issued as despite unwillingness, some bank customers were forced to buy insurance products introduced by bank staff to get bank loans. Therefore, the new policy is aimed at stopping the bancassurance cross-selling mechanisms.

According to industry insiders, not only banks and insurance companies, but also management agencies at localities have different understandings of the law’s Clause 5 of Article 15, especially the concept of ‘linking’. While some said the regulation means banks are not allowed to force bank borrowers to buy insurance products, others thought the regulation means when making loan applications for customers, banks are not allowed to make any advice or offer insurance products.

According to a leader of an insurance company, who declined to be named, his company has insurance consulting desks at many bank branches and it sells insurance products independently from banks’ products. However, after consultation with both State management agencies and legal experts, his company still cannot find whether it is legal or not if it advises and offers customers with insurance products and customers are free to choose whether to buy the insurance products or not.

Due to the confusion, some banks have temporarily suspended the sale of insurance products, causing their revenue to decline sharply since the law took effect.

A representative of BIC Insurance Company said that in the first two days of July 2024 alone, the company's insurance sales through banks decreased by up to 50 per cent. The main reason is that many bank branches temporarily stopped selling insurance and were waiting for specific guidance.

The insurance industry recorded double-digit premium revenue growth in about ten consecutive years before 2023. However, insurance premium revenue declined in 2023 and the first quarter of 2024 following an insurance crisis, during which consumer trust was said to be at an all-time low after numerous scandals broke out. The crisis has negatively impacted the entire insurance industry and has forced management authorities to take action to rectify the sector.

Since the crisis, regulatory agencies and insurance companies have taken measures to reassess the situation, considering it an opportunity to cleanse and readjust the market after a period of rapid growth. The focus is on developing the market sustainably, transparently and safely.

Solutions have been proposed by the Ministry of Finance’s Insurance Supervisory Authority (ISA) to enhance market transparency and safeguard the rights of insurance participants.

According to Phạm Thu Phương, deputy director of the ISA, the department last year completed the inspection of five insurance companies, including three life insurance companies and two non-life insurance companies. The inspections found that insurance companies violated regulations on supervising and managing insurance agents. Accounting of insurance companies were also still negligent, Phương said, adding the ISA carefully reviewed the violations and imposed fines.

In 2024, according to the approved plan, the ISA will inspect six insurance companies. 

Maintaining and elevating Việt Nam's wood and furniture industry

Việt Nam's wood industry has firmly established itself on the international market, with an annual export value exceeding US$10 billion. This positions Việt Nam as the world's fifth-largest exporter of wood and wooden products, second in Asia, and leading in Southeast Asia.

However Nguyễn Quốc Khanh, Chairman of the Handicraft and Wood Industry Association of HCM City (HAWA), emphasised the importance of maintaining this position and learning from other industries. He highlighted the example of the textile industry, where Việt Nam was surpassed by Bangladesh due to slower adoption of sustainable practices.

With rapid urbanisation, Việt Nam sees 70-80 million square metres of new housing constructed annually, increasing the demand for interior and exterior furniture. One crucial goal is to enhance the competitiveness of Vietnamese wood, furniture, and handicraft enterprises compared to foreign-invested companies. This involves shifting from Original Equipment Manufacturing (OEM) to Original Design Manufacturing (ODM) to increase the value of 'Made in Việt Nam' products.

Nguyễn Quốc Khanh also pointed out that many Vietnamese companies currently operate as OEMs, manufacturing for large foreign brands. Enhancing national brand recognition is a challenge, but also a significant opportunity for domestic enterprises.

HAWA representatives noted that Việt Nam's wood and wood product exports are growing, driven by positive signals from markets like the US and the EU. The US remains the largest market, accounting for 55 per cent of Việt Nam's wood export value.

Staying abreast of the latest trends in the US market is crucial for Vietnamese companies to meet consumer preferences. Despite not being in peak season, Việt Nam exports $1.2-1.4 billion worth of wood products monthly. With current growth rates, the peak shopping season later in the year could see monthly exports reach $1.6-1.8 billion, aiming for a total of $17.5 billion in 2024.

The 'Decoding Business' talk show on July 8 in Hà Nội brought together architects, designers and experts from various fields to discuss topics around the business of wood production, such as communication, branding, business, and technology in the furniture and construction sectors. This event is part of the Vietnam Interior & Build Expo (VIBE), which will take place from October 2-5 at the Saigon Exhibition and Convention Center (SECC).

The VIBE expo will feature 45 product groups across eight categories related to interior, construction and digital services, showcasing equipment, furniture, construction materials and smart technology solutions.

HCM City to host Vietnam International Logistics Exhibition 2024

Vietnam International Logistics Exhibition (VILOG) 2024 is set to get underway in Ho Chi Minh City from August 1 to 3, to help domestic and international logistics firms to co-operate and select solutions for service optimization.

The expo is anticipated to offer a range of networking opportunities for Vietnamese businesses, including Business-to-Business (B2B) sessions, allowing participants to explore cooperation potential, and expanding into new international markets.

On display at pavilions will be plenty of cutting-edge products and services in major categories such as transportation & delivery, services & warehouse/factory equipment, packaging & cold supply chain, and logistics technology applications.

A number of seminars will also be held during the event to discuss hot issues and new trends occurring in the logistics sector with the engagement of representatives of management agencies, leading experts, and businesses.

Last year, as many as 256 local and foreign firms from 22 countries around the world joined the exhibition, which witnessed the participation of more than 25,000 visitors and a large number of transactions changing hands.

2024 Asian Economic Cooperation Forum helps to elevate Vietnamese brand

Vietnamese businesses will participate in the 2024 Asian Economic Cooperation Forum in Malaysia this September to introduce products, seek partnerships and increase brands.

The annual forum, the second of its kind to be held at Kuala Lumpur Capital Center on September 28, is anticipated to create a wealth of opportunities for Vietnamese firms and those from other countries in Asia to enhance connectivity and co-operation in investment

It will bring together a large number of businesses operating in fields such as digital transformation, electronics, petroleum, pharmaceuticals, cosmetics, high-tech agriculture, culture, tourism and services, import-export, logistics, finance, and banking.

Notably, it will offer an ideal venue to elevate Vietnamese and Malaysian brands in multiple fields, especially within the Halal industry.

An exhibition and a number of seminars will be held during the event to introduce typical products from Vietnamese and Malaysian businesses, as well as discussing the advantages and disadvantages faced by these firms.

Last year’s forum held at the Shangrila Rasa Sentosa Hotel in Singapore attracted the participation of 150 typical businesses from Vietnam and other countries throughout the region.

The programme is to be co-hosted by the Vietnam-ASEAN Institute for Entrepreneur Development in collaboration with the Malaysia-Vietnam Friendship Association, the Malaysian International Chamber of Commerce and Industry, and other relevant agencies.

Australia’s Queensland considers Vietnam priority market in Southeast Asia: official

Australia’s Queensland values its relations with Vietnam and considers the nation a priority market in the Southeast Asia and one of the top five international trade partners of the state, said Trade and Investment Queensland Chief Executive Officer Justin McGowan.

Speaking during a meeting with Vietnamese Ambassador Pham Hung Tam on July 9, MacGowan said that he welcomes the increasing attention and presence of Vietnamese businesses in Queensland, including Sofico Group, Vingroup, TH Group and Vietjet Air. He pledged to create favourable conditions for other businesses to promote investment and trade in the state.

At the meeting, the Australian official also pointed out Queensland’s potential and strengths, especially in agriculture, mining, renewable energy and education.

He agreed to coordinate with the Vietnamese Embassy in Australia to welcome Vietnamese delegations to Queensland in the coming time. He also hoped the two sides will strengthen activities to promote people-to-people exchanges, especially between friendship parliamentary groups of the two countries.

For his part, Tam appreciated the important position and role of Queensland, stating that the two sides hold much potential for cooperation, especially in trade and investment. Tam wished the two sides will increase two-way investment, including considering promoting investment in new fields such as clean energy and digital transformation, and expanding investment in potential areas including high quality agriculture.

He asked for Queensland’s coordination to support Vietnamese delegations that will visit the state to seek investment and business opportunities in the coming time. The ambassador expressed his wish that the state will hasten the renewal of its cooperation agreements with Ho Chi Minh City and Da Nang city of Vietnam.

The same day, the Vietnamese diplomat met with Commissioner of the Australian Border Force (ABF) Michael Outram at the ABF office, during which he proposed the two sides continue to coordinate to implement important outcomes achieved during Prime Minister Pham Minh Chinh's official visit to Australia last March, particularly in security and defence cooperation.

Tam appreciated the results of Outram's visit to Vietnam, and welcomed the signing of a plan on customs investigation collaboration and a Letter of Intent on negotiations on a Memorandum of Understanding (MoU) to strengthen cooperation between Vietnam's Border Guard Command and the ABF. He hoped that the two sides will soon sign the MoU in the near future.

Tam also asked for the two sides' continued joint work to accelarate the organisation of the first ministerial-level security dialogue in 2024 and expected that ABF will continue to support Vietnam in customs, English language training, crime and illegal migration control./.

Hanoi eyes eight more industrial clusters by 2030

The capital city of Hanoi plans to add eight industrial clusters to its industrial cluster development plan for 2020 with a vision to 2030.

During the first half of 2024, the Hanoi Department of Industry and Trade coordinated with the People's Committees of Gia Lam, Thuong Tin, and Phu Xuyen to propose the municipal People's Committee continue the procedures for adding eight industrial clusters to the plan, namely Tin An, Thong Nhat, and Nhat Hieu in Thuong Tin district; Phu Xuyen and the craft village of Nam Tien in Phu Xuyen district; and Le Chi, Duong Quang, and Duong Xa in Gia Lam district.

For 2030, Hanoi looks to have 159 industrial clusters covering a total area of 3,204ha, expand five clusters established between 2017 and 2020 with a total area of about 45ha, and build 21 new ones covering about 536ha.

The department said that during H1, construction began on four industrial clusters, namely Dong Phu Yen in Chuong My district, Tam Hiep and Lien Hiep in Phuc Tho district, along with Xa Cau in Ung Hoa district, raising the total now under construction to 24 out of the 43 established in the 2018 - 2020 period.

The authority has also coordinated with the People's Committees of districts to urge investors to speed up the building of technical infrastructure for 24 industrial clusters. Of which, five have had technical infrastructure completed and are now eligible for welcoming secondary investors, while six others have seen 90% of their infrastructure built and are expected to be put into operation in the third quarter of 2024.

It has also collaborated with local authorities to remove difficulties to accelerate the progress of 19 industrial clusters on which work hasn't started.

This year, Hanoi plans to complete infrastructure construction and inaugurate 15 - 20 industrial clusters, while setting up and expanding 10 - 15 others under an industrial cluster investment and management plan issued by the Hanoi People’s Committee.

It also targets that all newly built clusters and those already operational will be equipped with wastewater treatment facilities meeting national standards.

To this end, the municipal People’s Committee will build more mechanisms and policies for developing industrial clusters, including completing and integrating the industrial cluster development plan into the Hanoi Capital Master Plan for the 2021-2030 period with a vision towards 2050, and calling for investment in the clusters' technical infrastructure.

The capital will step up attracting investment to the clusters with completed infrastructure. It willl also adopt measures to remove obstacles and difficulties related to investment and land procedures to accelerate infrastructure construction at industrial clusters.

Focus will also be placed on managing and developing the facilities that have been put into operation, upgrading existing ones, and stepping up trade and investment promotion to raise occupancy.

Meanwhile, Hanoi is working to boost industrial production, raise production efficiency and capacity of businesses in industrial parks and clusters, and lure big projects to this field, according to Chairman of the People’s Committee Tran Sy Thanh.

The city will also push ahead with industrial production in line with the development programme for priority industries, the supporting industry development programme, and the key industrial product development project. At the same time, it will continue removing obstacles to enterprises while tapping into the domestic market, stimulating consumption, developing Vietnamese brands, and effectively implementing the “Vietnamese people prioritise using Vietnamese products” campaign./.

PM orders acceleration of public investment disbursement for 2024

The Government Office on July 9 issued an official dispatch on Prime Minister Pham Minh Chinh’s directions requiring the acceleration of public investment disbursement for 2024.

Accordingly, the PM requested ministries and central and local agencies to study the Ministry of Finance’s recommendations and focus on implementing drastic, timely, appropriate, and effective solutions to enhance the disbursement of public investment in accordance with their respective functions, tasks and authority.

Standing Government members will preside over a national teleconference with ministries, agencies, economic groups and state-owned enterprises to assess the implementation of the public investment plan for the first six months of this year and to carry out tasks and solutions to boost the disbursement in the second half. The conference is scheduled for July 17.

The PM required ministries, agencies, economic groups and state-owned enterprises to prepare reports evaluating the disbursement situation in the first half, including achieved results, limitations, causes, lessons learned, and tasks and solutions to enhance the work in the latter half of 2024. These reports must be submitted to the Ministry of Planning and Investment by July 12.

According to the General Statistics Office (GSO), the disbursement of public investment from the State budget in the first five months of this year was estimated to reach 190.6 trillion VND (7.44 billion USD), equal to 26.6% of the yearly target and 5% higher than the same period last year.

Of the sum, investment managed by the government was estimated at 32.5 trillion VND, equivalent to 29.3% of the yearly plan, a year-on-year decrease of 2.6%. Some ministries posted estimated disbursement rates lower than those recorded last year, namely the Ministry of Natural Resources and Environment (down 34.8%), the Ministry of Transport (down 19.1%), the Ministry of Health (down 1.5%) and the Ministry of Education and Training (down 1.1%).

The GSO also said that implemented investment capital managed by localities was estimated at 158.1 trillion VND, equal to 26.1% of the yearly plan and up 6.7% over the same period last year./.

Reference exchange rate up 5 VND on July 10

The State Bank of Vietnam set the daily reference exchange rate at 24,247 VND/USD on July 10, up 5 VND from the previous day.

With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 25,459 VND/USD and the floor rate 23,034 VND/USD.

At commercial banks, the opening-hour rates increased slightly.

At 8:40 am, Vietcombank listed the rates at 25,209 VND/USD (buying) and 25,459 VND/USD (selling), up 5 VND from July 9.

BIDV also lifted both rates by 5 VND, listing the buying rate at 25,239 VND/USD and the selling rate at 25,459 VND/USD./.

Condo prices in Hanoi catching up with the HCM City market

Prices of condominiums in Hanoi are catching up with prices in Ho Chi Minh City in both primary and secondary markets, according to CBRE Vietnam’s report on the capital's real estate market in the first half of this year released on July 9.

In Hanoi’s primary market, the average selling price was about 60 million VND (2,360 USD) per sq.m (excluding VAT and maintenance fees), up by 6.5% quarter on quarter and nearly 25% year on year. That price was only 3 million VND lower than the average price in HCM City.

A large supply of the new high-end condominiums, along with more southern investors, caused the primary price in Hanoi to remain at a high level.

Around 15-20,000 condominiums have been handed over in the past two years, lower than the supply of 30,000-40,000 units in the period 2019-2020, while the demand for housing is constantly increasing. Those factors contributed to driving the primary selling prices up.

In the secondary market, after a period of strong growth in prices in the first quarter, the increase in sale prices in the second quarter slowed down to the growth rate to 5% quarter on quarter and more than 22% year on year.

The average secondary selling price of condominiums in Hanoi was about 38 million VND per sq.m (excluding VAT and maintenance fees). The primary supply becoming more abundant caused the secondary price to enter a more stable cycle.

In HCM City, the selling prices on the primary market continued to increase slightly by 3% quarter on quarter and six% year on year, to about 63 million VND per sq.m.

In the second quarter alone, more than 70% of new supply from two projects from foreign investors located near the city centre, were offered at prices two to three times higher than the average price on the market.

A large number of projects located in the city centre that first came on the market five to seven years ago, also offered a small number of remaining units at double the price they were at launch.

Those factors made the secondary selling price market of Ho Chi Minh City apartments record an increase of 4% quarter on quarter and 3% year on year.

Locations far from the city centre with a large supply of condominiums, also saw on-sale prices increasing by between two to 3% year on year, thanks to them offering more services and completing infrastructure for the projects in the second quarter.

Meanwhile, there was different performance in residential supply in Hanoi and HCM City in the first six months of 2024, especially in the condominium market.

In Hanoi, the new supply in the second quarter increased nearly four times, compared to the previous quarter, reaching about 8,500 condos.

In the first six months of the year, the total supply of new condominiums in Hanoi recorded 10,840 units from 17 projects, the highest six-month figure since 2020 in the city. Most of the new supply was in the west of Hanoi.

Meanwhile in HCM City, only 500 new condominiums were launched in the first quarter and 1,200 units located in the east and south of the city in the second quarter.

Most of the condos offered in the first half of the year were from the next phase of old projects.

Driven by abundant new supply, Hanoi’s condo market recorded a sharp increase in purchasing power, with the number of sold condos in the first half of 2024 exceeding the volume for the whole of 2023.

In the second quarter of 2024, 10,170 units were sold, five times higher than the sale in the previous quarter and the same period last year.

In terms of product types, small-sized apartments with affordable prices, such as studio condos with one bedrooms, recorded good liquidity in the market.

In HCM City, the new supply in the first half was only 40% of the new supply in the same period last year. While, 1,700 condos were sold in the first six months, or 80% of the sales in the same period of last year.

Duong Thuy Dung, managing director of CBRE Vietnam, said supply recovery, higher selling prices and positive liquidity were positive signs of the residential real estate market in the first half of 2024.

In the second half of 2024, signs of the economic recovery and new amended laws such as the Housing Law, Real Estate Business Law, and Land Law effective from August 2024 would contribute to removing legal obstacles and making investor sentiment ever more positive.

However, policies always have a certain lag. Therefore, 2025 would witness a clearer recovery of the housing market, in terms of supply, product quality and selling prices./.

Seminar explores Vietnam-Japan semiconductor cooperation opportunities

A seminar in Tokyo on July 9 brought together Vietnamese and Japanese stakeholders to explore opportunities for collaboration in the burgeoning semiconductor industry.

The event, hosted by the Vietnamese Embassy in Japan in collaboration with FPT Corporation, Sumitomo Mitsui Banking Corporation of Japan, the Japanese Ministry of Economy, Trade and Industry (METI), the National Innovation Centre of Vietnam (NIC), and the People's Committee of Vietnam's Hai Phong city, drew around 300 guests, including representatives from leading Vietnamese and Japanese semiconductor firms.

In his opening speech, Vietnamese Ambassador Pham Quang Hieu highlighted Vietnam's ongoing efforts to establish a robust semiconductor industry. These efforts include developing a dedicated industry strategy, a comprehensive workforce development plan, and attractive incentive packages to lure leading international semiconductor manufacturers and design companies, including those from Japan.

He announced Vietnam's plan to train 50,000 qualified engineers for the semiconductor sector by 2030. At the same time, Vietnam is fostering a national semiconductor ecosystem that will incorporate government bodies, businesses, universities, research institutions, financial institutions and startup incubators.

Building on the strong and enduring relationship between the two nations over the past five decades, Vietnam wants to collaborate with Japanese organisations and firms in promoting investment, facilitating technology transfer, fostering labour exchange, and deepening integration within the global semiconductor supply chain, he said.

Shimizu Eiji, head of the Semiconductor Strategy Department at METI, called on both sides to seize opportunities and adopt specific solutions that leverage the strengths of each country, contributing to the future success of semiconductor cooperation.

The event also featured presentations on the current state and future prospects of the semiconductor industry in Asia, the potential for Vietnam-Japan partnership in the field, and Vietnam's strategic advantages in the global semiconductor value chain./.

Vietnam ready to coordinate with Japan, CPTPP members in CPTPP implementation: PM

Prime Minister Pham Minh Chinh on July 9 affirmed that Vietnam is always ready to coordinate with Japan and other members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in implementing the CPTPP to improve its efficiency and bring more benefits to businesses and people, and increase the CPTPP’s role in regional and global trade.

Chinh made the statement when receiving Shindo Yoshitaka, Japan’s Minister of State for Economic and Fiscal Policy and Minister in charge of Economic Revitalization, New Capitalism, Startups, Infectious Disease Crisis Management, and Social Security Reform, and the CPTPP, in Hanoi.

The PM said in addition to the CPTPP, Vietnam and Japan are also members of many other free trade agreements and economic cooperation frameworks such as the Regional Comprehensive Economic Partnership (RCEP), ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP), the Vietnam-Japan Economic Partnership Agreement (VJEPA), and most recently the Indo-Pacific Economic Framework for Prosperity (IPEF). These cooperation frameworks play an important role in promoting trade, investment and business relations between the two countries to a new level.

To continue to bolster bilateral cooperation between the two countries, the Prime Minister called on the Japanese Government to maintain cooperation with and support Vietnam in the cause of national industrialisation and modernisation based on science, technology, innovation, green growth, digital economy, circular economy, sharing economy, and knowledge-based economy.

He hoped Japan will continue to share experiences and cooperate with Vietnam in the field of agriculture, climate change response, coping with population aging; education and training, people-to-people exchange and tourism.

Chinh also asked for Japan’s assistance for Vietnamese businesses to participate in the global supply chain, production chain, and distribution chain.

Agreeing with the Vietnamese Prime Minister, the Japanese minister said that the areas of cooperation that the PM mentioned to contribute to the development of both Vietnam and Japan.

He said Japan hopes Vietnam will continue to coordinate closely with Japan and other CPTPP members to effectively implement the agreement.

The minister proposed that Vietnam coordinate with Japan to promote cooperation with specific programmes and projects, especially in the fields of trade, investment, innovation, entrepreneurship, education, training and labour./.

Vietnam, Malaysia promote bilateral trade cooperation

Minister of Industry and Trade Nguyen Hong Dien and Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz on July 9 reaffirmed the commitment to strengthening and promoting bilateral trade relations between Vietnam and Malaysia during their working session in Hanoi.

The same day, the two ministers co-chaired the 4th meeting of the Vietnam - Malaysia Joint Trade Committee.

At the meeting, Minister Dien affirmed that Malaysia is an important partner of Vietnam, especially in trade and investment, noting that more and more Malaysian businesses are investing effectively in Vietnam.

Dien made many suggestions to promote the bilateral trade between the two countries.

For his part, Minister Zafrul Abdul Aziz affirmed that Malaysia has high expectations for trade and investment cooperation with Vietnam.

At the end of the meeting, the two ministers signed a joint statement of the 4th meeting of the Vietnam - Malaysia Joint Trade Committee.

Earlier, on June 8, the committee’s technical meeting was held in Hanoi. During the meeting, the two sides expressed satisfaction with the development and achievements in the economic, scientific and technical cooperation between the two countries since the third meeting of the committee on April 25, 2015 in Kuala Lumpur.

The two sides reaffirmed their commitment to effective implementation of the agreements reached after the official visit to Vietnam of Malaysian Prime Minister Anwar Ibrahim from July 20 - 21, 2023, especially on promoting trade, investment and strengthening economic links between the two countries in areas of their mutual interest.

The two sides also agreed to work together to achieve the bilateral trade turnover target of 18 billion USD as soon as possible through creating more favourable conditions for products and services of the two countries, including Halal products, to penetrate the consumer markets in Vietnam and Malaysia./.

Vietnamese, Russian Deputy PMs hold online meeting

Deputy Prime Minister Tran Hong Ha and his Russian counterpart Dmitry Chernyshenko on July 9 co-chaired an online meeting to discuss measures to promote the two countries’ practical and effective cooperation in all fields within the framework of the Vietnam-Russia intergovernmental committee on economic-trade and science-technology cooperation.

Representatives from ministries and agencies that are members of the intergovernmental committee, businesses and localities of the two countries also attended the meeting.

During the meeting, Deputy PM Ha said that Vietnamese ministries and agencies are actively implementing the results achieved within the framework of Russian President Vladimir Putin's state visit to Vietnam from June 19 - 20 at the invitation of Party General Secretary Nguyen Phu Trong.

The two Deputy PMs reviewed the two countries’ cooperation and assessed the results that the two sides achieved when implementing the Minutes of the 24th meeting of the Vietnam - Russia intergovernmental committee in April 2023. They agreed to make efforts to improve the effectiveness of the bilateral cooperation, on the basis of meeting the interests of each country and the comprehensive strategic partnership between Vietnam and Russia.

The two Deputy PMs affirmed that they will direct their ministries and agencies to continue coordinating closely with each other to prepare for the 25th meeting of the intergovernmental committee which is slated to take place in 2024./.

Budget collection from exports-imports up 8.4% in H1

State budget collection from Vietnam’s export-import activities reached 200.46 trillion VND (8.35 billion USD) in the first half of 2024, equivalent to 53.5% of the target and up 8.4% year-on-year, said the General Department of Vietnam Customs (GDVC) on July 9.

This strong performance came amid a surge in overall trade. Vietnam’s total export-import turnover reached 369.62 billion USD during the period, up 16% annually.

Exports grew at a slightly slower pace than imports, rising 14.9% to 190.73 billion USD. Imports, on the other hand, jumped 17.3% to 178.88 billion USD, resulting in a trade surplus of 11.85 billion USD.

Looking ahead, GDVC Director General Nguyen Van Can highlighted several key tasks for the remainder of this year. These include fulfilling budget revenue collection targets; combating crime, smuggling, and trade fraud; launching smart and digital border gates, and enhancing public service discipline.

For 2024, the National Assembly assigned the GDVC a target of collecting 375 trillion VND for the state coffer, with 204 trillion VND coming from export-import activities./.

Vietnam, Japan drive CPTPP effectiveness

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Japanese Minister in charge of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Shindo Yoshitaka have pledged to work closely together to improve the effectiveness of the CPTPP implementation, aiming to bring greater benefits to businesses and citizens while also elevating the deal's role in global and regional trade.

During a working session in Hanoi on July 9, Dien highlighted the growing economic and trade ties between Vietnam and Japan, especially since their accession to the CPTPP.

He hailed Japan as Vietnam's fourth largest trade partner, noting that in the first five months of this year, two-way trade reached 18.3 billion USD, marking a 4.4% year-on-year increase. Vietnam's exports to Japan amounted to 9.4 billion USD, up 3.2%, while imports rose 5.8% to 8.8 billion USD.

Lauding Japan’s role as a coordinator in the UK’s negotiations for CPTPP membership, he announced that on June 25, the Vietnamese National Assembly ratified the UK's CPTPP membership, making Vietnam one of the first countries to approve this move.

Regarding other economies' potential admission to the agreement, the two ministers agreed to continue close collaboration to ensure that any new member meets the high standards of the deal and the expectations of all CPTPP members.

Notably, the host suggested that Japan consider further promoting economic and trade ties with Vietnam, and mechanisms to support Vietnamese management agencies and businesses in effectively leveraging the commitments of the free trade agreements to which both countries are members. This support aims to help both nations fully tap their potential./.

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