The export turnover of agro-forestry-aquatic products in the third quarter of 2023 is expected to be equivalent to the figure in the same period last year, and is likely to see positive growth in the fourth quarter, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.

He said the export value in the first five months of this year was estimated at 20.26 billion USD and is likely to reach 55 billion USD for the whole year.

Thanks to drastic actions since the end of 2022, agro-forestry-aquaculture production remains stable despite various challenges such as high input costs, climate change-induced drought and saltwater intrusion.

Apart from ensuring food security and safety and contributing to macro-economic stability and significant balances of the economy, Vietnam exported nearly 3.9 million tonnes of rice valued at 2.02 billion USD, up 40.8% in volume and 49% in value year-on-year.

Due to changes in the global demand, there has been a significant decline in the exports of shrimp, tra fish, wood and wooden products, Tien said.

According to the Deputy Minister, the sector will push trade promotions with each industry and market, especially in traditional and potential markets such as the US, China, Japan and the European Union. Efforts will also be made to diversify exports via official channels to many markets through negotiations.

To achieve the targets set for 2023, the sector will continue working with localities to pilot measures against IUU fishing. All stages, from breeding, cultivation, care, veterinary disease prevention, to processing and packaging, must be streamlined to enhance the competitiveness of Vietnamese agricultural products, he said.

Petrol prices drop in latest adjustment

The retail petrol prices have been reduced by 400-500 VND per litre in the latest adjustment on July 3 by the Ministry of Industry and Trade and the Ministry of Finance.

The ceiling price of E5 RON 92 petrol was adjusted down 408 VND per litre to 20,470 VND (0.87 USD) and that of RON 95 down by 587 VND per litre to 21,428 VND per litre.

Meanwhile, the price of 0.05S diesel oil was capped at 18,169 VND per litre, down 5 VND per litre from the previous adjustment, and the ceiling kerosene price was adjusted down 30 VND to 17,926 VND per litre.

Only the price of mazut oil was adjusted up, increasing by 36 VND per kg to 14,623 VND per kg.

Ho Chi Minh City tightens connection with Canadian localities

A delegation from the Ho Chi Minh City People’s Committee, in collaboration with the Vietnam Trade Office in Canada, organised a Vietnam-Canada business forum in Toronto on June 30 to introduce the city's position and potential and connect businesses of Vietnam and Canada.

The forum is part of activities to celebrate the 50th anniversary of diplomatic relations between the two countries and marks the 5th anniversary of the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Speaking at the event, Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan emphasised that the city - Vietnam's largest economic hub is home to more than 200,000 businesses. It has a stable growth rate and a per capita income of nearly 7,000 USD in 2022.

Currently, the city is continuing to promote administrative reform, digital transformation, and business and investment environment and ensure socio-political stability in order to create favourable conditions for foreign investors, including those from Canada.

Hoan said the cooperation relationship between Ho Chi Minh City and Canada is still modest and yet to commensurate with the potential of the two sides. Canada ranked 22nd out of 117 countries and territories investing in Ho Chi Minh City, with a total investment capital of about 130 million USD, although Vietnam and Canada are both members of the CPTPP and Vietnam is Canada's largest partner in ASEAN with a two-way trade turnover of more than 10 billion USD.

Senator Victor Oh, Chairman of the Canada-Vietnam Parliamentary Friendship Group, said that the two countries need to better make use of the CPTPP and that Vietnam is a favourite destination for Canadian businesses thanks to its rapid growth.

Tran Thu Quynh, Vietnam Trade Counselor in Canada, said that the two countries have a lot of potential for cooperation and connectivity, not only in terms of supply chains but also production chains.

She called on Canadian businesses to promote investment in ASEAN and the Asia-Pacific region through the Vietnamese market and committed that her office will support businesses of both sides.

At the forum, business representatives from Ho Chi Minh City and Canada raised and discussed many topics including the need for market connectivity and specific measures to strengthen business relations between localities.

One of the remarkable connectivity plans is the Port of Montreal's desire to cooperate with seaports in Ho Chi Minh City to form a shipping route connecting Ho Chi Minh City with the entire North American region.

Shinhan Bank, BC Card to upgrade Vietnam's card payment system

The Shinhan Bank of the Republic of Korea announced on June 30 that its subsidiary in Vietnam has signed a memorandum of understanding (MoU) with BC Card – a subsidiary of KT Group - to enhance the credit card payment system in Vietnam.

The bank expects that such efforts could stimulate the Vietnamese credit card payment market, thus supporting the Vietnam government's goal of creating a cashless society by 2025.

Under the agreement, BC Card's subsidiaries in Vietnam and Indonesia, along with Shinhan Bank Vietnam, will collaborate to establish a card-acquiring system in Vietnam. They will also work together to expand networks between card affiliates and develop card devices and card payment terminals (POS) in Vietnam.

The agreement is the first collaboration between Shinhan Bank and KT since the telecom service provider acquired a 2.1% stake in the bank in 2022.

Both firms hope to create win-win synergies domestically and internationally in the future.

As of May, Shinhan Bank Vietnam's card business has seen its annual credit card usage amount increase by 28% year-on-year to reach 585 million USD, with a membership of 290,000 people. It also has launched a variety of services this year, including a new partnership card with Vietnamese online shopping mall Tiki, and a corporate card in collaboration with Bizzi, an invoice solution company.

Retail sales of consumer goods, services up 10.9% in H1

Total revenue from retail sales of consumer goods and services increased 10.9% year-on-year in the first six month of this year to more than 3 quadrillion VND (127 million USD), according to the General Statistics Office (GSO).

Specifically, retail sales of goods stood at 2.3 quadrillion VND, up 9.3%, with the sales of food and foodstuff growing by 13.5% and those of cultural and educational products increasing by 9.3%.

Retail sales of goods in January-June period in some localities rose sharply such as Binh Duong (15.6%), Quang Ninh (14.5%), Hai Phong (14%), Dong Nai (12.3%) and Khanh Hoa (9.7%) compared with the same period last year.

Accommodation and food services generated about 321.7 trillion VND in the reviewed period, up 18.7% from a year earlier.

Tourism revenue surged 65.9% year-on-year to around 14.5 trillion VND. Localities seeing a sharp increase in revenue include Da Nang (174%), Hanoi (106.9%), Hai Phong (93.2%), and Ho Chi Minh City (78.5%).

Revenue from other services was estimated at 303.4 trillion VND, up 14.4% over the same period last year.

In June alone, retail sales of consumer goods and service revenue totaled 505.7 trillion VND, an increase of 0.5% month on month and 6.5% year on year.

The total retail sales of consumer goods and services in the second quarter of this year were estimated at 1.520 quadrillion VND, a year-on-year rise of 1.6%, the GSO reported.

Defining the domestic market as one of the important factors that promote GDP growth of the whole country, the Ministry of Industry and Trade will focus on effectively carrying out programmes on promoting trade in the domestic market, while pushing up the distribution of goods through digital platforms, and e-commerce to expand domestic consumption.

The ministry will enhance the implementation of a strategy on domestic trade development to 2030, with a vision to 2045 and other projects on domestic trade development.

It will support businesses in trade promotion activities, build trademarks and popularise regional specialties and typical products of Vietnam.

The ministry will also focus on modernising the distribution system in rural and mountainous areas to bring more Vietnamese goods to the countryside, combining traditional trade with modern ones and closely monitoring the prices of essential commodities for effective operation as well as ensuring the supply of electricity and petrol for the market in all situations.

Logistic system associated with seaports, airports to be prioritised in central region

The Ministry of Transport (MoT) has called for more investments to be prioritised for the logistic system in the north central and central coast regions.

This is part of the MoT’s recently-issued plan on developing modern, comprehensive and cost-effective transport that also guarantees defence and security for the north central and central coast regions by 2030, with a vision to 2045.

Under the plan, priority will be given to developing a national and international logistic system associated with seaports, airports, international border gates, key economic corridors and inter-regional trade routes in 14 provinces and cities, including Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, Thua Thien - Hue, Da Nang, Quang Nam and Quang Ngai.

In addition to the construction of the two airports in the central provinces of Quang Tri and Binh Thuan, the ministry will upgrade nine other airports already operational in the region.

A new logistics centre will be established to facilitate freight transportation activities at Da Nang International Airport and Chu Lai Airport.

The ministry also plans to develop logistics hubs at airports with an annual transportation demand exceeding 250,000 tonnes.

Enterprises will be encouraged to increase investment in container transport, modernise transport vehicles and cargo handling equipment and improve the service quality.

To achieve the above-mentioned goals, the ministry will focus on perfecting the system of legal documents related to construction investment in the form of public-private partnership, application of information technology and creating a full legal environment for the management and development of the transport market.

Priority will be given to the development of multi-modal transport on corridors, especially the North-South corridor and those linking to international seaports to increase the volume of goods transported and reduce costs. The development of the inland port system will be stepped up to facilitate the connection between modes of transport and logistics services.

The MoT will promote the linkage of transport services between modes of transport; creating favourable conditions for forming large-scale transport enterprises capable of joining domestic-international transport chains.

Regarding transportation services, the ministry will focus on improving the efficiency of transport and logistics exchanges, facilitating the connection between transport units and goods owners as well as enhancing the transparency of the transport market.

It will mobilise all resources and prioritise investment in upgrading essential infrastructure works to attract more transport enterprises.

The MoT will boost applying information technology in all fields of the transport sector as well as transport management and operation.

Number of firms resuming operations increases threefold in June

A total of 7,100 businesses resumed their operations in June, up 19.3% month-on-month, and a 3.2-fold increase compared to the same month last year, according to the General Statistics Office.

In the month, there were 13,900 newly-established enterprises with a combined capital of 138.7 trillion VND (5.88 billion USD), up 14.9% and 33.7% m-o-m and 4.8% and 14.6% y-o-y, respectively.

During the first half of this year, nearly 37,700 enterprises resumed operations, down 7.4% y-o-y, raising the number of newly established and resumed enterprises in the period to 113,600, down 2.9% y-o-y.

Meanwhile, the number of new firms in the period dropped 0.5% year on year to 75,900, with a total registered capital of 707.5 trillion VND, down 19.8%.

If 958.7 trillion VND added to nearly 25,200 operating enterprises was taken into account, the total amount of registered capital poured into the economy in the first six months exceeded 1.666 quadrillion VND, down 39% y-o-y.

According to a survey of business trends of processing and manufacturing enterprises in the second quarter, 27.5% of them said their production and business situation has improved from the first quarter; 36.7% say their business situation was stable and 35.8% difficult.

According to enterprises, the main factors affecting the production and business situation in the second quarter include low domestic market demand (55.5%), competitiveness of domestic goods (47.2%), low international market demand (34%); financial difficulties (32.2%) and high loan interest rates (31.6%).

Vietnam, Switzerland to further boost economic, trade, investment ties

Minister of Industry and Trade Nguyen Hong Dien and President of the National Council of Switzerland Martin Candinas had a meeting in Hanoi on June 30, sharing the view that the two countries should further step up economic, trade, and investment links.

Dien appreciated Switzerland’s assistance for industrial and energy projects, international economic integration, and small- and medium-sized enterprises of Vietnam, describing this as a precious resource for the Southeast Asian country’s development and integration process over the past years.

Candinas, who is paying an official visit to Vietnam from June 27 to 30, said Switzerland always attaches importance to and wishes to further enhance bilateral cooperation, especially in economy and trade, and that it is working hard towards the signing of a free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA), which gathers Switzerland, Norway, Iceland, and Liechtenstein.

Both sides shared the view that bilateral relations in economy, trade, and investment have been growing well in the recent past but still have much potential, and the two countries should further promote these ties.

The signing of an FTA that the parties concerned have negotiated for more than 10 years will be a prerequisite and also a useful tool for their enterprises to grasp opportunities for development cooperation, facilitate trade in goods, and boost bilateral investment flows, they said.

On this occasion, Dien and Candinas discussed directions for trade, investment, and development partnerships in the coming time so as to reinforce links in innovation, green economy, and sustainable development.

The Minister also called on the President of the Swiss National Council to support Vietnam’s efforts to attract high-quality investment, especially in the industries that Switzerland is strong at and Vietnam has demand for.

He asked the European country, with its advantages and experience in automation, precision mechanics and high technology, will increase investment in projects of those sectors in Vietnam to help connect the latter with global production and supply chains.

Dien also asked for help with the development of fundamental industries in Vietnam such as the material, chemical, mechanical, supporting, processing, and manufacturing industries, adding that Swiss investment in these sectors should be made in tandem with manpower training and technology transfer to help Vietnam reach the sustainable development goals.

Concluding the meeting, the two sides agreed to continue reinforcing partnerships in the fields of Switzerland’s strength and Vietnam’s demand. They also affirmed the determination to step up the signing of an FTA between Vietnam and the EFTA to create breakthroughs in bilateral trade and investment.

RoK - important partner of Hai Phong in FDI attraction

Chairman of the Hai Phong municipal People's Committee hosted a local reception for a delegation of officials from several Korean conglomerates who came to explore the northern city's investment environment.

Tung told his guests that as one of the five centrally-run cities in Vietnam, Hai Phong an important port city and a hub of Vietnam's economy, culture, health care, education, science, trade, and technology. The city covers a natural area of 1,507sq.km and has a population of over 2 million people. In recent years, Hai Phong has been one of the localities with the highest growth rate nationwide. Even during the COVID-19 pandemic, the city managed to sustain its two-digit growth trajectory.

The city ranked third among 63 cities and provinces in the 2022 Provincial Competitiveness Index, and the second in the administrative reform index.

In the first half, its industrial production rose by 12.28% annually while gross regional domestic product grew by 9.94%, ranking third nationwide. Cargo throughput via its seaports reached 69.10 million tonnes and 3.47 million people visited the city, including around 500,000 foreigners.

According to him, Hai Phong has numerous advantages in attracting foreign investors, including having all five types of transportation systems (maritime, road, railway, aviation, and inland waterways). It boasts the largest seaport system in the northern region. The Cat Bi International Airport meets the 4E standards set by the International Civil Aviation Organisation, allowing it to accommodate some of the world's largest aircraft.

The city is now home to 872 foreign-invested projects worth 26.15 billion USD. The Republic of Korea takes the lead in terms of the number of registered projects and value, reaching 179 projects worth over 10 billion USD.

Tung suggested that in the near future, the delegation would introduce more capable Korean investors and firms to the city, step up all-around and sustainable cooperation in areas where the RoK has strength and Hai Phong has potential, such as high-tech industry, real estate infrastructure, tourism and resorts, research and development centres, innovation and technology transfer, aviation, and health care.

Furthermore, they should focus on developing a complete ecosystem for Korean enterprises and the Korean community in Hai Phong while providing support to strengthen Korean language training in schools across the city, he said.

The host added that Hai Phong could allocate roughly 1ha of land for the construction of an oncology hospital in the city. If the investor requests a larger area of 5ha, the city is also capable of meeting the demand immediately.

Hai Phong is committed to the most favourable conditions for Korean investors to do business effectively in the city, he said.

Kien Giang promotes trade, investment, tourism partnership with India

An international conference to promote trade, investment and tourism cooperation between Kien Giang and India was held in the Mekong Delta province’s Rach Gia city on June 30, drawing representatives from more than 100 Indian firms and 50 local enterprises.

Vice Chairwoman of the Kien Giang People’s Committee Nguyen Thanh Nhan briefed participants on the socio-economic, political, defence, security situation of Kien Giang as well as its natural conditions, advantages and potential for developing agro-forestry-fisheries, services and maritime economy.

Kien Giang is home to Phu Quoc, the largest island and the first island city of Vietnam, and a famous tourist destination of the country. Kien Giang is also the only Vietnamese locality that has two airports, including Phu Quoc International Airport that receives 40-50 domestic and international flights each day.

Phu Quoc is also the only destination of Vietnam that applies 30-day visa exemption policy on foreigners, she said.

Over the years, Kien Giang has received three aid packages worth 102,800 USD from India.

Last year, the locality welcomed 12,744 Indian visitors, making India the fifth largest international tourism market of Kien Giang. India is also Kien Giang’s major importer of leather and footwear by consuming 2.41 million USD worth of the products last year. Meanwhile, Kien Giang imported 1.99 million USD worth of frozen squids from India.

Currently, Kien Giang has 20 industrial clusters and parks, while hosting 54 foreign-invested projects from 19 countries and territories with total capital of over 2.76 billion USD. However, it has yet to receive any from India.

Nhan said that Kien Giang is calling for investment in the five major areas of high technology agriculture development; renewable energy, clean energy; tourism; trade, services, education and training, high quality healthcare services; and marine economy.

She underlined that Kien Giang always accompany with and creates optimal conditions for investors, while working to ensure the infrastructure system, human resources and basic services to investors, while staying ready to make dialogue with them to ensure their success.

For his part, Indian Consul General in Ho Chi Minh City Madan Mohan Sethi said that this is the first time more than 100 Indian firms specialising in various areas such as construction, technology, agriculture, food processing, garment and textile, chemicals, IT and tourism have visited in Kien Giang to seek partnership with local partners.

Highlighting Kien Giang’s strengths in diverse areas, including fisheries and tourism, he said he hopes businesses of the two sides will discuss with each other to explore areas of their common interest and seek partnership.

The Indian Consulate General in HCM City will organise more business and cultural events to strengthen business, investment and tourism as well as cultural exchanges between the two sides, he pledged.

During the event, businesses of Kien Giang and India signed a number of cooperation agreements in the fields of leather and footwear; fisheries; tourism; education and information technology.

PVN takes over two thermal power projects

Vietnam Electricity (EVN) on June 29 handed over two thermal power projects: O Mon III and O Mon IV, to PetroVietnam (PVN)to guarantee the first gas flow at the end of 2026.

The change of the two projects’ investors was approved by the Prime Minister on June 24.

The O Mon III and O Mon IV thermal power projects have a capacity of 1050MW each and are located in O Mon Power Centre in Can Tho City. Currently, the two plants are being prepared for use.

They are part of the Block B gas-electricity project chain. The project chain is expected to be deployed in 2023 with a target of having the first gas flow at the end of 2026.

According to Power Development Plan VIII, the BlockB gas-power project chain will be an important source of electricity, providing additional power to the national electricity system in the southern region between 2026-2030.

It also follows the energy-transfer trend and meets the carbon emission reduction target committed to by the Prime Minister at COP26.

Although receiving support and directions from the government and ministries, the implementation of the project chain challenging. Therefore, it will be necessary to make synchronous decisions due to the urgent requirement of the projects.

Foxconn invests USD250 million into two plants in Quang Ninh

The world's largest contract manufacturer Foxconn has poured nearly USD250 million into two factories in the northern province of Quang Ninh, helping generate jobs for 2,000 people.

Foxconn Singapore Pte Ltd are a unit of Taiwanese electronics giant Foxconn, with their two factories set to be located in Song Khoai Industrial Park in Quang Yen City, 138 kilometres to the east of Hanoi.

Covering an area of 6.3 hectares, the first factory has a total registered investment capital of over USD200.24 million and focuses on the production of components for electric vehicles.

The factory would be put into operation in January 2025, creating jobs for nearly 1,200 workers.

The remaining plant covers an area of 4.1 hectares and has a registered capital of USD46 million, specialising in the production of electronics and telecommunication components.Its production is set to begin in October 2024 and would generate jobs for over 700 workers.

The new projects took its total investment in Quang Ninh to about USD300 million.

Foxconn, a major assembler of Apple products, including the iPhone, first came to Vietnam in 2007.

Movitel becomes bright spot in Vietnam-Mozambique cooperation

As one of the three telecom and mobile service providers in Mozambique, Movitel - a joint venture between Vietnam's Viettel Group and Mozambique's SPI company - has made significant contributions to the socio-economic development of the host country, becoming a bright spot in the cooperative relationship between the two nations.

Matola is one of the 13 branches of Movitel in Mozambique, employing a total of 113 staff members, including four Vietnamese and 109 Mozambicans. It is also Movitel's branch with the largest number of active mobile subscribers and e-wallet customers nationwide.

In February, the staff of the Matola branch raised and donated 4.5 tonnes of food and essential goods to those affected by floods and natural disasters in Boane district.

Lusvio Vilanculos, Deputy Director of Business at the Matola branch, said Movitel always strives to create more employment opportunities for local residents, especially the youth, offering stable income to them and changing many lives.

Movitel officially launched its services in Mozambique in May 2012 and became the third mobile network operator in the country with 13 branches in 11 provinces and 157 districts. With 11 years of operation, Movitel continues to have the widest coverage, reaching 92% of the population and 90% of the total area of the African country, along with quality services at affordable prices.

Movitel is now generating jobs for over 80,000 workers, including full-time employees, collaborators, sales points and agents. It also actively engages in social activities by providing free internet for schools, building schools and medical stations. The company stood side by side with the Government and people of Mozambique in the fight against the COVID-19 pandemic, providing support for those affected by floods and natural disasters during heavy rainfalls and floods.

HCM City seeks OVs’ stronger support for Vietnamese goods

The Ho Chi Minh City Committee for Overseas Vietnamese (OV) Affairs held a hybrid conference on June 28 highlighting the role of OV communities in the “Vietnamese people prioritise Vietnamese goods” campaign.

The event attracted OV entrepreneurs and representatives of OV businesses in the city, OV associations in some countries, along with Vietnam’s diplomatic agencies in Thailand, the US, Australia and Japan.

Nguyen Ho Hai, Deputy Secretary of the HCM City Party Committee and head of the city’s steering committee for the campaign, called on Vietnamese people, entrepreneurs, businesses, and associations both at home and abroad to continue helping promote the campaign to contribute to the realisation of local and national socio-economic development targets.

Pham Viet Hung, director of the department for economic, scientific and technological relations at the Foreign Ministry’s State Committee for OV Affairs, pointed out that Vietnamese goods are imported into other countries mainly by foreign firms.

Given this, it is necessary to set up networks and associations of OV entrepreneurs to promote the distribution of Vietnamese goods in foreign markets and prevent market risks, he noted, adding that connection should also be boosted to organise more business forums in other countries to expand the presence of made-in-Vietnam goods in the world.

Speaking via videoconferencing, Do Ngoc Hung, Trade Counsellor of Vietnam in the US, said with a population of over 330 million, the US is a potential market for Vietnamese products.

He suggested Vietnamese businesses make use of the two countries’ agreements and the states with large numbers of OVs in the US to increase Vietnamese goods in distribution systems of OVs there.

Nguyen Phu Hoa, a representative of Vietnam’s Trade Office in Australia, said that the Vietnamese Embassy is working to diversify trade promotion programmes and coordinating closely with Vietnamese firms to step up marketing goods from the country, especially agricultural products and apparel, in Australia.

Hoa recommended HCM City to select goods it is strong at to build brands for, connect with the OVs running distribution systems, and open English-language websites to introduce Vietnamese goods to the Australian market.

At the event, representatives of OV associations and entrepreneurs affirmed that the OV communities are always interested in and want to use Vietnamese goods, and that they are ready to help advertise and establish distribution networks for made-in-Vietnam items in their host countries.

They also suggested some measures to promote the export of Vietnamese goods to global markets.

Vietnam’s GDP to grow by 5% in Q2: Maybank

Vietnam’s GDP growth is likely to expand by 5% in the second quarter, and 4% in 2023 before reaching 6% in 2024, Singapore-based Maybank Research Pte Ltd said in a report released on June 27.

Accordingly, Vietnam's growth is led by the service sector, which accounts for 43.1% of the GDP. This sector is forecast to post 7% growth in the second quarter of 2023, as the fields of retail, accommodation, catering service, entertainment and passenger transport are supported by the tourism recovery.

Industry and construction, which accounts for 36.7% of GDP, is expected to grow 2% compared to a year ago, the report said, adding that the manufacturing and production sector will still remain weak due to weak external demand.

However, growth in the construction sector is predicted to be more robust thanks to increased public investment disbursement for infrastructure projects, and the Vietnamese Government’s efforts to resume real estate projects.

Experts from Mayback predicted that the drop in exports will continue in the second half of 2023 due to slowing global growth, while domestic consumption is likely to decline in the next months amid a weak labour market.

Thai Binh seeks to expand investment cooperation with Germany

A workshop to promote investment and development cooperation between the northern province of Thai Binh and Germany was jointly held by the provincial People’s Committee and the Delegation of German Industry and Industry (AHK) in Vietnam on June 28.

The workshop aimed to concretise the content of the meeting between the provincial People's Committee and AHK Vietnam on February 17, 2023.

It demonstrated the determination of AHK Vietnam in connecting and promoting extensive cooperation between German partners and Vietnam in general and Thai Binh in particular.

Addressing the event, Chairman of the provincial People’s Committee Nguyen Khac Than highlighted the significance of the workshop, saying that it opened many cooperation directions between Thai Binh and Germany in the future.

Thai Binh is committed to creating the most favourable conditions for long-term and effective operations of investors, he stressed, adding that attracting investment is the top important task of the province.

He suggested the Ministry of Planning and Investment and the Ministry of Foreign Affairs continue to support Thai Binh in implementing international cooperation agreements, including the cooperation agreement between Thai Binh and AHK Vietnam.

The provincial People's Committee also proposed AHK Vietnam to support the province in connecting with German localities and businesses, encouraging them to explore cooperation and investment opportunities in Thai Binh in the supporting industry; automobile manufacturing, electricity, electronics - telecommunications, machinery manufacturing, renewable energy, pharmaceutical production, education- training, and export of high-quality human resources.

Marko Walde, Chief Representative of AHK Vietnam, said German businesses are eager to invest in Vietnam because this is an emerging country in attracting foreign investment.

Thai Binh boasts great potential, suitable for the investment demand of German enterprises, he said, adding that German investors are very interested in the fields of vocational training, material supply chain, finance and energy.

In the framework of the workshop, the provincial People’s Committee, AHK Vietnam, Thai Binh Hung Thinh JSC and Rodinh Mobility Company of Germany signed a memorandum of understanding on investment cooperation.

After the event, representatives of  AHK Vietnam and German enterprises visited Lien Ha Thai Industrial Park in Thai Binh province.

In recent years, Thai Binh has always been among the top localities nationwide in terms of economic growth. In 2022, despite facing many difficulties due to the COVID-19 pandemic, the province’s GRDP growth increased by 9.52%. Total FDI attraction reached over 660 million USD, ranking 16th out of 63 provinces and cities across the country.

Workshop on experimenting, modeling carbon capture, use, storage

The Vietnam Petroleum Institute (VPI) and the Smart Geophysics Solutions JSC (SGS) on June 28 jointly in Hanoi an international scientific workshop on carbon capture, utilisation and storage (CCUS) experiment and modeling.

Asso. Prof Pham Huy Giao, Director of the SGS, said the application of the CCUS to achieve the goal of net zero emissions is still in its early stages, particularly in developing countries like Vietnam.

The workshop focused its discussions on various topics, including the demand, current status, potential, and solutions for CCUS projects in Vietnam, CO2 storage models, and the application of numerical modeling and dynamic simulation to assess the reliability of CO2 and hydrogen storage in the underground.

It also shared the latest technologies, challenges, and experience in carrying out CCUS projects, reviewed the necessity and benefits of CCUS networks, explored the testing and modeling in CCUS process, and proposed joint studies on CCUS with the participation of experts from Australia, Canada, Thailand and Vietnam.

VPI Deputy Director Dr. Nguyen Minh Quy said Vietnam has the potential to develop a complete CCUS value chain, including CO2 capture, transportation, utilisation and storage. In 2011, Vietnam became the first country in Southeast Asia to successfully implement a CO2-enhanced oil recovery project at the Rang Dong field, Block 15-2, Cuu Long basin.

With a commitment to achieving net-zero emissions by 2050, Vietnam recognises the importance of CCUS in reducing greenhouse gas emissions, as stated in the National Strategy for Climate Change till 2050, he said.

Specifically, the VPI predicted that 6% of the CO2 emissions will be reduced by 2030 through the conversion of CO2 into other products such as urea, methanol, ethanol, among others.

According to the VPI's report, around 39 gigatons of CO2 could be stored in sedimentary basins in the northern and north-central coastal regions while nearly 10 gigatons in the southeast and southwest and roughly 22 gigatons in Nam Con Son basin.

HCMC, French enterprises to develop Sai Gon riverine economy

Co-operation with French enterprises would contribute to the development of economic activities along the Sai Gon River and HCM City’s economy in general, city Party Chief Nguyen Van Nen told a meeting in France on Tuesday with the Movement of the Enterprises of France, acronym MEDEF.

HCM City has been enhancing its socio-economy post-pandemic, particularly focusing on restructuring, improving infrastructure, and becoming a multi-centre mega-urban city with a priority on making the Sai Gon River a driving force, he said.

To harness the river’s economic potential, the city would first focus on repairing barriers along its banks and invest in a multi-functional infrastructure system that serves both tourism and economic activities, he said.

His visit was meant to partly find out France’s experiences in river planning, solicit investments from its enterprises and find consultants to develop services along the Sai Gon.

Nen noted with gratification the solidarity between the two countries in politics, economics, trade, culture, and education.

“France is among Viet Nam’s top European trade partners, and bilateral trade between the two has rebounded post-pandemic, reaching $5.3 billion last year.”

Being an economic, cultural, and educational hub, HCM City is a promising market for French business, he said.

But the city still faces challenges in building infrastructure, digitising, improving human resources, and fighting environmental problems, he said.

At the event, he said support from French enterprises would be a great contribution to the development of HCM City.

The chairman of MEDEF, Francois Corbin, said Viet Nam is an extremely promising market in Asia for French enterprises.

“Especially with its positive economic growth post-pandemic, Viet Nam is a strong candidate for the change in Asian value chains.”

Gerard Wolf, chairman of the MEDEF Task Force for Sustainable Cities, said French enterprises are ready to provide services if needed to HCM City in four areas: water management, green power, waste management, and public transportation. 

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