Outstanding products from some southern provinces are being showcased at a three-day weekend market opened in An Giang province on July 5.

The event is expected to help local specialties not only win the hearts of domestic consumers but also enter the neighbouring Cambodian market.

More than 40 businesses from An Giang, Dong Thap, Ca Mau, and Tay Ninh are displaying over 300 specialties and products under the “One Commune, One Product” (OCOP) programme such as food, cosmetics, household utensils, and handicrafts which are all rated at least three out of five stars.

Ta Minh Son, Director of the Tu Son supermarket chain in An Giang, said producers of the OCOP items on show have relentlessly improved product quality, design and packaging, as well as brand building. Many of the provinces’ products sold at the Tu Son outlets have accessed tourists and residents in border areas and initially managed to win Cambodian consumers’ preference.

After five years of holding the weekend market, themed “OCOP products and regional specialties”, goods from more than 30 provinces and cities nationwide have been distributed relatively well via this supermarket chain and in An Giang.

It is also a chance for those products to reach more consumers in the Mekong Delta and enter the Cambodian market via An Giang, Son added.

In the time ahead, more similar markets will be organised by the Tu Son supermarket chain and the four provinces’ departments of industry and trade to promote the local sale of OCOP products and increase exports to Cambodia./.

Int'l, domestic scholars exchange experience in Halal ecosystem development

Domestic and foreign scholars on July 5 exchanged experience in developing Halal ecosystems in countries at an international workshop held by the Vietnam Academy of Social Sciences (VAAS) in Hanoi.

Speaking at the event, VAAS President Dr. Phan Chi Hieu said as Vietnam is promoting cooperation with countries in South Asia, West Asia and Africa, there is an increasing need for research and policy consultations.

In addition, the Halal market with an estimated population of 2.18 billion by 2030 is expected to hit 3 trillion USD by 2025, Hieu said, adding that the workshop is part of activities to implement the project on strengthening international cooperation to build and develop Vietnam's Halal industry until 2030.

Participants discussed opportunities for Vietnam in exporting Halal products and attracting Muslim tourists, contributing to promoting cooperation between Vietnam and 57 countries of the Organisation of Islamic Cooperation (OIC) and others around the world.

They also evaluated Vietnam’s ability to access the Halal market globally.

Associate Professor. Dr. Dinh Cong Hoang, head of the Middle East and West Asia Studies Department under the VAAS, said not many Vietnamese people and businesses have good knowledge about Halal products. Furthermore, the Halal certification process in Vietnam is still complicated and not harmonised with international standards.

Vietnamese businesses have to cover high costs when investing in production lines, specialised equipment, and safe raw materials to make standardised Halal products.

Moreover, Vietnam still lacks a full Halal ecosystem, covering production, services, infrastructure and Government’s support, to develop a sustainable Halal industry, he said.

He suggested the country establish a Halal certification authority and implement relevant activities, while seeking agreements with Muslim countries on mutual recognition.

It needs Halal supply and value chains and ecosystem, as well as mechanisms to attract both foreign and domestic investors in priority areas such as Halal food, agricultural products, cosmetics, tourism, garments, and footwear.

Within the framework of the workshop, the VAAS launched the Institute of South Asian, West Asian and African Studies (ISAWAAS), which has functions of studying basic issues in economy, development, politics - security, culture - society, and science – education, and providing consultations for the Party and State in making policies relating to South Asia, West Asia and Africa./.

Vietnamese, Lao, Cambodian businesswomen share experiences in green economic development

A forum connecting female entrepreneurs of Vietnam, Laos and Cambodia was held in Hanoi on July 5, with discussions focusing on green economy.

Addressing the event, Bui Thi Minh Hoai, Politburo member, Secretary of the Party Central Committee and Chairwoman of its Commission for Mass Mobilisation, stressed that participating in green economic development involves various stakeholders, with businesses being one of the most crucial. Businesswomen, in particular, are an indispensable force in green growth strategies, contributing to shaping a sustainable growth ecosystem.

To further unleash the potential and strengths of female entrepreneurs, Hoai proposed the women's unions of the three countries actively collaborate, share experiences in disseminating, raising awareness, and supporting members and women in green and circular economic development.

Enterprises, especially those led by women, should continue to pioneer and proactively adopt innovative measures to enhance the efficiency of production and business aligned with strategic goals on greenhouse gas emission reduction and promotion of clean and renewable energy use, she said.

Chairwoman of the Vietnam Women's Union Ha Thi Nga stated that agencies and organisations, particularly those representing entrepreneurs and female ones, have been actively engaged in activities and initiatives to enhance their roles in green economy.

Nga called on women from the three countries to cooperate and unite in supporting the empowerment of women in economic affairs, and actively contributing to green economy and a more sustainable future. The three women's unions were recommended to continue to promote supportive initiatives and accompany women and businesswomen on their journey to contribute to the green economic development of each country; and integrate content and initiatives on green economic development into bilateral cooperation agreements between the Vietnam Women's Union and those of Laos and Cambodia at both central and local levels.

Pointing out to several existing shortcomings, President of the Lao Women's Union Aly Vongnobountham showed her hope that the three unions will collaborate to discuss cooperation plans and exchange experiences for the development of women; promote environmentally friendly goods production and climate change adaptation; and utilise technology to create jobs and stable incomes, thus helping women step-by-step get rid of poverty.

Kyong Sorita, Secretary of State of the Cambodian Ministry of Women’s Affairs, shared that the Cambodian Government has initiated the first phase of its pentagonal strategy - a strategy for socio-economic development aimed at promoting gender equality and empowering women and children. She added that women are a priority in the political agenda.

In the digital economy, the government is investing in digital infrastructure and education to enhance women's participation in this field, thus creating a favourable environment where women feel safe and protected, she said./.

Vietnamese products promoted at Malaysia food, drink trade fair

Vietnamese products were promoted at the second Food& Drinks Malaysia trade fair (FDM) that took place in Malaysia from July 2-4.

Trade Counsellor Le Phu Cuong said that the Vietnam Trade Office in Malaysia supported Vietnamese businesses to open five booths at the fair to introduce various products, including dried fruit, tea, coffee, honey, cashew nut, and canned drinks.

The office also actively connected Vietnamese businesses with exporters, distributors, wholesalers and retailers in Malaysia and other countries, especially those with Halal certificates – an advantage for Vietnamese businesses to enter the Malaysian market.

 
The FDM 2024 with about 1,000 booths attracted over 15,000 visitors from 60 countries and recorded a total revenue of about 300 million USD.

Held for the second time in Malaysia, the FDM is one of the key events for the Malaysian and regional food industry, aiming to promote its innovation and creativity by introducing new trends, and in-depth market information. The exhibition also provides a platform for parties to exchange knowledge and network, and to introduce new products, while promoting the adoption of new methods and technologies to meet consumers’ growing demands.

It’s expected that Malaysia will continue to host the next FDM in July 2025./.

Canada reviews normal value and export price for Vietnamese oil pipes

The Canada Border Services Agency (CBSA) has unveiled the initiation of a review into the normal value and export price for oil country tubular goods (OCTG) originating from several countries, including Vietnam, reported the Trade Remedies Authority of Vietnam (TRAV).      

The OCTG products subject to review are classified according to the following HS codes, such as 7304.29, 7306.29, 7304.39, 7304.59, 7306.30, 7306.50, and 7306.90.

The exporters concerned are required to answer the Request for Information (RFI) by August 6. In case related businesses fail to co-operate, Canada will apply an anti-dumping duty of 37.4% on products from the Vietnamese market and certain countries.

The CBSA's review schedule will run from June 27 to November 20 and the Canadian agency will conclude the case on December 19.

Local firms are advised to visit https://www.cbsa-asfc.gc.ca/sima-lmsi/ri-re/octg2024/octg2024-ni-eng.html, or they should contact the TRAV under Ministry of Industry and Trade at No 23 Ngo Quyen street in Hoan Kiem district of Hanoi, for further information.

Firms need to embrace transformation to sustain exports

With major import markets tending to impose more stringent requirements in terms of environmental and social responsibility, Vietnamese firms need to have strategies and plans to quickly switch to green manufacturing to sustain exports, a conference heard in HCM City on July 4.

Hồ Thị Quyên, deputy director of the Investment and Trade Promotion Centre of HCM City (ITPC), told the conference titled “Current Foreign Trade Transactions: Changes in Business Strategies and Disputes Management” that Việt Nam has integrated more deeply into with global markets, which creates new opportunities for enterprises to expand trade.

In the event, she said, trade has indeed grown sharply in recent years: imports and exports in the first half of 2024 were estimated at more than US$190 billion after rising by 14.5 per cent year-on-year, and there was a trade surplus of $11.6 billion.

But it has come with challenges and risks.

Châu Việt Bắc, deputy general secretary of the Vietnam International Arbitration Centre (VIAC), said businesses, especially in foreign trade and logistics, are facing technical barriers related to the environment, green manufacturing and digital transformation since the world is paying attention to sustainable development.

Agile businesses could take advantage of the opportunities to thrive while those that adapt more slowly would face increasing challenges since markets are steadily making regulations more stringent, he said.

With sustainable development becoming an inevitable trend globally, Quyên highlighted the need for Việt Nam to continue implementing mechanisms and policies for green transformation and development of a green and circular economy.

Speakers also referred to the legal risks businesses face in import and export activities.

Bắc said disputes related to foreign trade and international purchase and sale of goods have always ranked first in the number of cases coming before the VIAC in recent years.

In many of them, Vietnamese enterprises were at a disadvantage because of mistakes right from the stage of negotiating to signing contracts, he said.

Contract management and risk management are extremely important in international trade, he said.

Bùi Văn Thành, head of NewSun Law Firm, who has many years of experience in supporting domestic and foreign businesses with legal matters, said businesses need to clearly understand the nature and characteristics of foreign trade contracts and potential political and cultural risks.

They also need to verify the legal status, financial situation and compliance with local laws and regulations of the contracting parties, and the legal provisions of the host country to respond to risks, he said.

They need to be very careful about the terms and conditions in contracts.

Vũ Quang Huy, general director of TEKCOM JSC, said exports of wooden products are looking up since demand recovered, but businesses are facing a challenge in meeting sustainability criteria set by markets such as the EU Deforestation Regulations, US’s trade defense measures against the wood industry, and net-zero emission goals.

They have also been scammed and routinely face risks related to payment, transportation, market fluctuations, regulatory changes, and others, he said.

He too spoke about the need for businesses to carefully evaluate partners, draft clear and detailed contracts, have safe payment methods and goods insurance, and monitor and update market information regularly.

Tôn Nữ Xuân Quyên, chairwoman of BLUSAIGON JSC, said international trade is highly volatile, with a number of unpredictable factors stemming from geopolitical risks that push up costs.

Organised by ITPC and VIAC, the conference saw the participation of nearly 200 delegates from import-export companies and business associations in the city. 

Hà Nội hosts conference to address challenges and boost business production in craft villages

The Hà Nội city is committed to supporting businesses in all aspects of their work, from the planning rules to better access raw materials locally, heard a conference.

The "Dialogue to Overcome Difficulties and Promote Business Production for Enterprises, Cooperatives and Business Households Operating in Craft Villages in Hà Nội in 2024" conference was held in Hà Nội on July 5, 2024. This conference aimed to address challenges faced by enterprises, cooperatives, and business households in craft villages in Hà Nội, while also focusing on strategies to enhance business production in these sectors.

The event was chaired by Comrade Trần Sỹ Thanh, Member of the Party Central Committee, Deputy Secretary of the City Party Committee and Chairman of the Hanoi People's Committee.

It was also attended by representatives of the Ministry of Agriculture and Rural Development, the Hanoi People's Committee, leaders of the city's departments and agencies, leaders of district and town people's committees, business associations and 136 representatives from enterprises, cooperatives and business households.

The conference discussed various issues such as planning, infrastructure, tourism and the environment of craft villages, support policies for craft villages, science and technology, trade promotions and branding and linking raw material regions to find practical solutions for the city's sectors and levels.

The preservation and development of craft villages is a key policy for the city of Hà Nội.

Under a plan from March 17, 2021, by the Party Committee for the 2021-2025 period, it states: " Promoting the development of rural industries and rural economy" is an important content in the economic development of the capital.

Currently the city has 1,350 craft villages and villages with crafts, of which 331 are recognised by the City People's Committee as craft villages, traditional crafts and traditional craft villages, encompassing 47 out of 52 traditional crafts nationwide, distributed across 25 districts, towns and communes.

A total of 269 villages are recognised as official Craft Villages, 59 villages as Traditional Craft Villages and three as Traditional Crafts.

The city currently has 745 out of 2,711 (27.48%) one-commune-one-product OCOP products from the villages, with revenue estimated to exceed VNĐ24 trillion (US$960 million), with a diverse products of beautiful designs and good quality, some having strong competitive advantages in both domestic and international markets.

The craft villages have been actively contributing to the restructuring and development of the rural economy, laying the groundwork for successfully implementing the OCOP program and the new rural construction program in the city.

Although the results are positive, the production and business activities of enterprises, cooperatives and small business households operating in craft villages still face many difficulties. The conference aims to provide information on the implementation status and solutions to promote investment attraction in preserving and developing craft villages, contributing to achieving the city's targets, promoting economic development and increasing income for people, especially in rural areas.

Hà Nội is committed to the business community and entrepreneurs of the capital and stated it will continue to implement solutions to support and resolve obstacles for them, in particular in terms of overcoming difficulties in administrative procedures, improving the business investment environment and implementing digital transformation in the government system to support enterprises. 

HCM City real estate revenue up 6% in H1

Real estate revenue in HCM City reached VNĐ124 trillion (US$4.9 billion) in the first half of the year, up 6.1 per cent year-on-year, according to the HCM City Statistics Office.

The real estate market has shown signs of recovery this year, with 3 per cent growth in the second quarter and 2.5 per cent in the first quarter, after a 6.4 per cent decline last year from 2022.

The market hit its lowest point in the first quarter of 2023 with a negative growth rate of 16.2 per cent.

Lê Hoàng Châu, chairman of the HCM City Real Estate Association (HoREA), said the market continues to face challenges such as an abundance of high-end housing and a shortage of affordable housing, particularly social housing.

Industry analysts remain optimistic about the market’s outlook, expecting benefits from increased foreign direct investment in the real estate sector and revisions to the Land Law.

Foreign direct investment in the property sector was up 70 per cent year-on-year to reach over $1.98 billion as of the end of May.

The influx of foreign capital, accounting for 18 per cent of total FDI, makes the property sector the second most attractive sector after manufacturing.

HCM City’s strategic location and robust infrastructure make it an attractive investment destination for foreigners, particularly its real estate sector, said industry analysts.

Competitive prices in the property market, especially in HCM City, have lured the interest of many foreign investors, they noted.

A report by Cushman & Wakefield has noted a positive outlook for foreign investment in the Vietnamese property sector from 2024 to 2026, driven by low interest rates and various supportive Government policies.

Major investors from countries such as Singapore, Hong Kong, mainland China, Japan, and South Korea are increasingly interested in the high-end and luxury segments in Việt Nam, with Singapore leading the way with nearly $3.25 billion in investments in the first five months, according to the report.

Industry analysts also expect the market to benefit from the revisions to the Land Law to take effect on August 1.

They are expected to increase the supply of social housing by encouraging enterprises to invest in the segment.

They will particularly benefit two main groups: overseas Vietnamese and individuals who are resettled and have received compensation.

It allows overseas Vietnamese to buy houses in Việt Nam and get ownership, which is expected to attract more investment from them.

It also stipulates that resettlement areas must meet conditions related to technical and social infrastructure.

But the property sector has admittedly been facing challenges such as debt repayment pressures, fraud and other financial scandals.

Numerous bond issuers, mostly real estate developers, have missed interest and principle payment deadlines since the end of 2022 following the arrest of Trương Mỹ Lan, chairwoman of Vạn Thịnh Phát, for financial fraud.

This has shaken market confidence.

Despite multiple challenges facing the city, its Gross Regional Domestic Product (GRDP) grew by 6.46 per cent in the first half of the year.

The country’s largest city aims to achieve a yearly growth rate of 7.5-8 per cent. 

HEPZA sees double increase in FDI capital

The first half of the year saw new foreign direct investment (FDI) capital in the processing zones and industrial parks in HCMC double compared to the same period last year.

According to Nguyen Thi Lan Huong, office manager of the HCMC Export Processing and Industrial Zones Authority (HEPZA), fresh investments, including from new and operational projects, amounted to around US$272 million in the first six months, representing nearly 50% of the full-year plan.

However, the overall investment capital in the January-June period dropped by 65.52% against last year, driven by a sharp decrease in investment from domestic businesses, HEPZA said. Specifically, total domestic capital stood at nearly US$73.2 million, down by 89.42% year-on-year.

In contrast, the FDI capital injected into projects in the industrial parks and processing zones increased significantly to US$198.82 million, doubling the figures from the same period last year.

Authorities attributed this strong surge in FDI capital primarily to capital adjustments, totaling nearly US$189 million, made by nine active projects. Meanwhile, the FDI sector only reported nine new projects during the period, with total pledged capital of nearly US$10 million.

In the second half of the year, HEPZA plans to continue developing Pham Van Hai I and Pham Van Hai II industrial parks and convert five selected processing zones and industrial parks on a trial basis. This year, HEPZA aims to attract US$550 million in investment capital.

By June 2024, HCMC had had 1,715 projects invested in processing zones and industrial parks, including 561 FDI projects with total registered capital of nearly US$7.3 billion and 1,154 domestic projects with registered capital of around US$6.33 billion.

Firms explore opportunities at EEF session in HCMC

Vietnamese and international businesses yesterday, July 4, joined an off-site session of the Eastern Economic Forum (EEF) in HCMC to discuss potential for trade and investment expansion.

The event was attended by 100 Vietnamese businesses from sectors such as shipbuilding, textile, agriculture and furniture. Discussion topics included projects aimed at bolstering infrastructure and improving the quality of life.

Established in 2015, the EEF is an international platform that fosters global investment and collaboration, particularly on economic cooperation potential between the Russian Far East and the Asia-Pacific region.

This year the EEF is set to be held from September 3 to 6, in Vladivostok, Russia, organized by the Roscongress Foundation.

Speaking at the event, Timur Sadykov, Russian consul general in HCMC, highlighted the importance of strengthening beneficial ties that contribute to both economic and cultural development.

“Russia and Vietnam have many promising areas for cooperation,” said Alexander Stuglev, director of the Roscongress Foundation. He identified hydrocarbons, transportation, construction, tourism, fashion and IT as potential growth sectors.

Bac Lieu to host first salt industry festival in late December

The inaugural Vietnam Salt Industry Festival will be held in the Mekong Delta province of Bac Lieu from December 26 to 28.

The event is intended to honor and preserve Vietnam’s salt industry and promote its unique products, the Bac Lieu Department of Agriculture and Rural Development said at a press conference on July 4.

The festival will showcase the traditional salt-making culture, including a field trip to Bac Lieu’s salt fields, upgraded infrastructure at Dong Hai salt field, and a trade fair exhibiting products from provinces, cities, enterprises and cooperatives.

Other activities will include traditional music performances, exhibitions on salt production techniques, and tours of historical sites. Conferences on developing salt-making tourism products and promoting investment in agriculture will also be held.

The Ministry of Agriculture and Rural Development, in collaboration with Bac Lieu’s People’s Committee, expects around 300 delegates from central and provincial governments to attend, along with an additional 500 delegates from within the province.

Vietnam’s salt industry benefits from its long coastline and favorable climate. The country’s main salt-producing provinces include Bac Lieu, Ben Tre, Ninh Thuan, and Khanh Hoa.

Bac Lieu, one of Vietnam’s largest salt producers, yields over 15,000 tons annually. Known for its distinct pinkish-white salt, Bac Lieu’s salt is uniquely flavored by the local marine environment.

In 2020, Bac Lieu’s salt-making industry was recognized as a National Intangible Cultural Heritage by the Ministry of Culture, Sports, and Tourism.

S.Korea to provide US$188 million for Vietnam expressway project

The Export-Import Bank of Korea has signed an agreement to provide a US$188.1-million loan for an expressway development project in Vietnam.

Ho Duc Phoc, Minister of Finance of Vietnam, and Hwang Ki-yeon, senior executive director of the Export-Import Bank of Korea, exchanged signed documents regarding the loan in South Korea on July 2, with Prime Minister Pham Minh Chinh witnessing.

The loan deal for the first phase of the My An-Cao Lanh Expressway in the Mekong Delta province of Dong Thap is valued at 261.3 billion Korean won, equivalent to around US$188.1 million.

The 26.6-kilometer-long My An-Cao Lanh Expressway is part of the Western North-South Expressway.

This is the first loan agreement signed between the Ministry of Finance and the Export-Import Bank of Korea under the framework of the EDCF Loan Agreement for the 2024-2030 period, valued at US$2 billion between the two governments.

South Korea is the second largest official development assistance (ODA) donor of Vietnam in Asia, while Vietnam is currently the largest recipient of financial assistance from the South Korean government.

To date, the Ministry of Finance and the Export-Import Bank of Korea have signed 64 loan agreements, with a total financing value of US$2.8 billion.

Driverless rail link between Tan Son Nhat airport and Dam Sen Park proposed

A Vietnamese company has proposed developing a VND20-trillion driverless train system connecting Tan Son Nhat International Airport and Dam Sen Park.

Thach Ban Park JSC has suggested an automated guideway transit (AGT) system, which will run nearly 30 kilometers from Tan Son Nhat through the city center to Dam Sen Park. The investment would be divided into three phases.

In the first phase, a 12.7 km section of the proposed rail line would connect Tan Son Nhat and Nguyen Kieu Islet along the Nhieu Loc-Thi Nghe canal. The second phase would extend the line 5.7 km from Nguyen Kieu Islet to Ba Tang Bridge in District 8, following the Doi canal.

The final phase would add 11.5 km from Ba Tang Bridge to the intersection of Hoang Van Thu and Ut Tich streets along Tan Hoa canal and Lac Long Quan Street. The total project cost is estimated at VND20 trillion.

The proposed route runs entirely along existing waterways and streets, which is expected to minimize land clearance issues.

Thach Ban Park JSC has asked the city to include the AGT line in its planning. It highlights the advantages of the AGT system, including flexible lane switching and lower investment costs compared to monorails. The main stations would connect with the city’s urban railway system.

The driverless train will use four-meter-wide lanes made of steel, allowing for mass production in factories and rapid construction. The project is expected to take about five years to complete, compared to decades for metro investments, which exacerbate traffic congestion, especially around the airport.

Vietnam to have 173 fishing ports by 2030

Vietnam plans to establish 173 fishing ports and 160 storm shelters for fishing vessels by 2030, aiming to handle nearly three million tons of seafood annually and provide safe mooring for 90,600 boats, according to a new government decision.

The plan, approved by Prime Minister Pham Minh Chinh on July 3, outlines the development of these infrastructure facilities as crucial components of the country’s fisheries and socio-economic systems. This initiative is part of Decision No. 582/QD-TTg, detailing the planning for fishing ports and storm shelters for the 2021-2030 period, with a vision extending to 2050.

The decision emphasizes the strategic importance of fishing ports and storm shelters in bolstering effective fisheries exploitation, economic growth, and social welfare. It also aims to improve the living standards of local communities, ensure food safety, reduce post-harvest losses, and enhance international integration and climate resilience.

The infrastructure will be designed to process 2.98 million tons of seafood per year, covering both marine and aquaculture products. The plan includes the establishment of storm shelters to ensure the safety of fishing vessels across various localities.

From 2021 to 2025, efforts will focus on completing infrastructure at five key fishing centers and regional storm shelters, particularly in areas with high vessel traffic. Projects will also extend to fishing ports and storm shelters on island routes.

Five major fishing centers will be developed as part of the plan. The Haiphong Fishing Center will be linked to the Gulf of Tonkin fishing grounds, located in Lap Le Commune, Thuy Nguyen District, Haiphong City. The Danang Fishing Center will be associated with the East Sea and Hoang Sa fishing grounds, situated in Tho Quang Ward, Son Tra District, Danang City.

The Khanh Hoa Fishing Center will be connected to the south-central and Truong Sa fishing grounds, located in Cam Linh Ward, Cam Ranh City, Khanh Hoa Province. The Ba Ria-Vung Tau Fishing Center will be linked to the southeast fishing grounds, situated in Long Son Commune, Vung Tau City, Ba Ria-Vung Tau Province.

The Kien Giang Fishing Center will be associated with the southwest fishing grounds, located in Tay Yen A Commune, An Bien District and Binh An Commune, Chau Thanh District, Kien Giang Province.

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