There needs to be a fundamental shift from strengthening management in state-owned-enterprises (SOEs) to consolidating and developing them, while building several large-scale, efficient economic groups capable of regional and international competition in key economic sectors, the State Capital Investment Corporation (SCIC) has announced.

The SCIC recommended unifying the different functions of state capital management, while separating it from representing state ownership and transiting from administrative management to capital investment and business management, especially once SOEs have been converted.

In addition, there must be clear distinctions between SOEs solely owned by the state and those with partial state ownership due to their different operational mechanisms and purposes. Management of SOEs solely owned by the state often strive for political and social objectives; SOEs with partial state ownership may favour economic objectives, while trying to balance the interests of the state and other shareholders.

SCIC leaders highlighted the role, assigned by the Politburo and contributions of the corporation in promoting the restructuring, renovation and enhancement of SOEs' efficiency and competitiveness.

They said with the support of the government in introducing new policies and a more favourable legal environment, the SCIC will continue its operations effectively.

An example would be under Resolution No. 68/NQ-CP (from May 12, 2022) when the government instructed the SCIC to support SOEs in fostering innovation, improving operational efficiency and mobilising resources. It was also an effort to enhance the role of the corporation, as a government investor, to attract additional financial resources into large, important enterprises and projects.

Government support for the SCIC is implicit in the corporation's development strategy for 2021-2030, which has a vision to 2035 and focuses on promoting investment activities. 

In order to operate effectively, the SCIC has sent several suggestions to the government, proposing a separate chapter detailing regulations for enterprises with state capital investment and business functions, with greater authority given to the SCIC.

The regulations should identify the decision makers at various levels in business and financial investment activities, evaluate overall portfolio efficiency, regulate external investment and remove current limits placed on some economic sectors.

For political-social investment activities, the SCIC advised the government to develop a more appropriate evaluation method based on political-social objectives rather than just preserving state capital. 

In addition, there should be a specific mechanism for capital recall and increased flexibility for investments made by the SCIC. There should be a specific mechanism for capital withdrawal, increasing flexibility and initiative for SCIC's investments. The handling of enterprise charter capital should follow a separate mechanism and the SCIC should be credited with additional charter capital from receiving state ownership rights at transferred enterprises.

The corporation also called for the clearing up of certain ambiguities that may cause issues in the SCIC’s operations, including the capital classification from ministries and localities. 

Since it was formed in 2006, the SCIC has taken over 1,081 SOEs in 25 groups and corporations with a total state capital exceeding VNĐ32.34 trillion (US$1.27 billion), including large projects such as the Vietnam National Textile and Garment Group (Vinatex), the Vietnam National Seaproducts Corporation (Seaprodex), the Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex), the Infrastructure Development and Construction Corporation (Licogi), the Vietnam Steel Corporation, the Sông Đà Corporation, and the Saigon Beer-Alcohol-Beverage Corporation (Sabeco). 

The SCIC also played a crucial role in introducing foreign investors into companies including the Hậu Giang Pharmaceutical JSC, the Domesco Medical Import-Export JSC, the Tiền Phong Plastic JSC and the Bình Minh Plastic JSC.

SCIC helped sell state capital in 1,059 SOEs (as a whole in 955 and partially sold in 104) and sold purchase rights in 19 SOEs, generating VNĐ51.84 trillion, 4.1 times the initial capital. 

Việt Nam's cinnamon exports hits over $96.3 million in five months

Việt Nam exported 11,176 tonnes of cinnamon, worth for US$31.1 million in May, up 75 per cent in volume and 63 per cent in value month-on-month. 

India, Bangladesh and the US were the three main export markets of Vietnamese cinnamon with 4,514 tonnes, 1,693 tonnes, and 1,043 tonnes respectively. Notably, cinnamon exports to some markets saw a sudden increase in May, for example Indonesia up 600 per cent and China by 513.6 per cent. 

But over the whole five months the export of cinnamon reached 33,528 tonnes, worth $96.3 million, marking modest decreases of 1.1 per cent and 4.4 per cent compared to last year. 

Hoàng Thị Liên, president of the Vietnam Pepper and Spice Association (VPSA), said farmers have been continuously developing new farming techniques to improve the quality and productivity of cinnamon trees.

In addition links between the farms and businesses have grown to gradually expand sustainable raw material areas.

Việt Nam has dozens of companies investing in modern cinnamon processing lines for more quality products to meet market requirements.

Among the 16 signed free trade agreements, many are of a new generation, such as the EU-Vietnam FTA, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) , and the Regional Comprehensive Economic Partnership (RCEP), which have helped Việt Nam maximise its tax advantage over other regions. 

Currently, Vietnamese unprocessed cinnamon is exported to nearly 100 countries around the world, accounting for 95 per cent of the Indian market's market share, 36.5 per cent of the US market's market share, and 35 per cent of the European market's market share. 

However, the export rate of processed cinnamon is only 18.6 per cent, or 18,659 tonnes, of which 70 per cent is exported to the US and 12 per cent to Europe.

The sector aims to continue to improve post-harvest processing quality to increase exports to demanding markets in Europe and the US.

It will step up trade promotion activities, build a brand identity on a national scale, encourage public-private partnership models and seek support resources and policy consultations in a long-term strategy of turning Việt Nam into the leading sustainable cinnamon supplier in the world.

Property market sees many driving forces for growth

The real estate market is widely expected to attract more investment in the near future due to many important driving forces, according to economist Cấn Văn Lực.

Since savings interest rates are still low and gold investment is no longer attractive due to a fall in prices, the stock market and the real estate market could be destinations for investors, Lực said.

The stock market is recovering thanks to investors anticipating market upgrades, while the real estate market gradually recovers.

In particular, Lực said, from the second quarter of this year, the real estate market has regained growth momentum due in part to amendments to real estate market laws that will effect from August 1. 

The Land Law, Housing Law, Real Estate Business Law and Credit Institutions Law coming into effect will promote the recovery of the real estate market as corporate bonds and financial or banking activities become healthier and more sustainable, Lực said.

Three of these laws, namely the Land Law, the Housing Law and the Real Estate Business Law, have been amended to promote healthier, more transparent and sustainable development in Việt Nam's land, construction and real estate markets. 

Lê Hoàng Châu, Chairman of the HCM City Real Estate Association (HoREA), said the three laws will help businesses on the property markets remove legal problems for projects, creating motivation for the market to grow again from the end of 2024.

Lực also pointed out other future growth drivers of the real estate market, including higher overall economic growth this year (currently at 6-6.5 per cent, up from 5.05 per cent in 2023). Interest rates have also dropped quite sharply for both old and new debts, creating suitable loans for buyers and investors.

Investor and market confidence is gradually being restored, shown by a slow increase in real estate supply, real estate transactions and corporate bond issuance.

Batdongsan.com.vn's Consumer Sentiment Study (CSS) shows that in the first half of 2024, 65 per cent of 1,000 survey participants would continue to buy real estate in 2024. One third of that 65 per cent are interested in land.

Land appears to still be a favourite property segment for investors, because this segment is easy to invest in and has high profit potential.

So far this year, investors have been flocking to buy land in the South Central region in areas like Đà Nẵng and Hội An (Quảng Nam), particularly land near industrial and resort urban areas, which have the potential to be exploited for rent or business.

This is in addition to the ever-popular demand for real estate in localities near Hà Nội, such as Hưng Yên, Bắc Ninh, Bắc Giang, Hải Phòng, and Quảng Ninh. 

Meanwhile, some real estate companies are also promoting the sale of apartments from now until the end of the year due to the prospect of market recovery.

In the third quarter, Phát Đạt Real Estate Development Joint Stock Company will market units at its Thuận An 1 high-rise residential complex project, according to Bùi Quang Anh Vũ, General Director of Phát Đạt.

The company is only focused on developing projects that meet the real needs of customers in order to achieve the highest level of market absorption. The Thuận An 1 high-rise housing complex project will be one of the key large-scale projects in Bình Dương province to meet the increasing demand for local housing, Vũ said.  

Meanwhile, Phù Đổng Group, in the third quarter, will continue to offer 780 apartments at an average selling price of VNĐ31.5 million per sq.m in the second phase of the Phù Đổng SkyOne project in Dĩ An city.

Khải Hoàn Land Group will offer 1,296 apartments in the Khải Hoàn Prime Project in Nhà Bè district, HCM City on the market next quarter.

In the third quarter, Trần Anh Group, Gamuda Land and PiGroup will also continue to sell properties in existing projects. 

Longer queues for gold purchase as prices drop

Many people queued through the night on Wednesday at commercial banks in Hanoi to buy gold.

A man, Nguyen Van Ha, who was waiting in front of the Vietcombank Branch on Lang Ha Street, said that those queuing up mostly came from other provinces where gold shops had stopped selling gold bars.

"I'm from Ha Nam Province," Ha said. "I drove over 100 kilometres to Hanoi two days ago to buy gold but haven't been able to make any purchases. Yesterday I came here at 4 am to see hundreds of others queuing already. Meanwhile, the bank only sold gold to the first 150 customers so my turn didn't come. I decided to return at 1 am today and hope that I can buy two teals."

Another customer, Phan Thi Lan, from Bac Ninh Province said that she and some relatives were among the first to queue at 9 pm on Wednesday.

"We brought some fast food and drinks and some mats to rest while queuing," Lan said. "I had heard that the banks are selling a very limited amount of gold while demand is very high."

At 9 am on Thursday, the bank branch announced that they had sold all their gold to 50 customers for the morning and asked customers to return in the afternoon. Each customer was only allowed to purchase two teals of gold.

The same scene were seen at branches of four large commercial banks with state capital including Agribank, BIDV, VietinBank and Vietcombank, who have been selected to sell SJC gold bars at stabilised prices since June 10.

Speaking to the Vietnam News, Nguyen Thi Phuong, Deputy Director-General of Agribank, said the bank had underestimated demand to buy gold, which had resulted in some customers having to go home empty handed.

She, however, said people need not rush to buy gold as the banks will continue to supply the market until the targeted price gap is achieved.

Phung Nguyen Hai Yen, Deputy Director-General of Vietcombank, said the central bank had set maximum and minimum quantities for each bank for each trading session. Vietcombank will sell to customers based on demand and the quantity available to the bank.

"If the bank runs out of gold, the order could still be processed and finalised once Vietcombank receives additional gold from the central bank," she said.

Vietcombank requires customers to present a valid ID and put down a 10 per cent deposit on their orders, which will not be refunded in the event the customers fail to finalise the purchases. Customers can use either cash or transfers, but the latter is preferable for large orders to save time.

VND2.8-trillion eco-tourism project approved in Dong Nai

Authorities of the southern province of Dong Nai have approved a VND2.8 trillion (USD110 million) eco-tourism project.

The project covers 480 hectares at Tan Phu Forest in Dinh Quan District. Work is scheduled to be carried out from this year to 2030.

The project's highlights will be the rock formations in Mai and Chin Chi waterfalls, Bat Cave, and rivers and streams.

The site is expected to attract 330,000 visitors and generate an annual revenue of VND176 billion in 2025. By 2030, the figures are expected to reach 730,000 and VND460 billion, respectively.

Once put into operation, the project is hoped to generate 2,000 jobs for residents by 2030.

It has been the first eco-tourism project in the forest approved in Dong Nai.

Tan Phu Forest covers 18,000 hectares, stretching the two districts of Tan Phu and Dinh Quan.

HCMC to kick off Vietnam - France VFX Conference 2024

Vietnam - France VFX Conference 2024 is going to take place on June 17 at Palace Hotel Saigon, 56-66 Nguyen Hue Street, Ben Nghe Ward, District 1, Ho Chi Minh City.

This event is hosted by Vietnam Animation and Visual Effects Association (VAVA) in collaboration with the Embassy of France and the French Institute in Vietnam in the context of the booming of the visual effects (VFX) industry with an expected growth of US$40 billion in 2023 all over the world.

The Vietnam - France VFX Conference 2024 aims at connecting VFX studios in France and Vietnam and create a bridge to share experience and competence to mutually exploit the huge potentiality of the VFX market, contributing to bringing a bright future for the VFX industry of the two countries.

The event shall focus on three main contents comprising the history and ecosystem of the VFX industry between France and Vietnam; analysis of VFX projects that have been carried out in the two countries; talk-show to discuss with experts and exchanges to connect domestic and foreign studios.

Famous VFX units of France will join the event including HECAT STUDIO, Bloc D, REEPOST và IIM Digital School and so on together with VFX studios of Vietnam.

Tiên Sa Port opens new container yard

The Đà Nẵng Port Joint Stock Company has started operating a new container yard on 37,000sq.m after two years of construction at its Tiên Sa Port, providing space for 110,000 TEUs (twenty-foot equivalent units) and increasing capacity at the port.

The port authorities said containers account for 60 per cent of the total cargo through the port each year, a figure that has grown annually by 15 per cent.

According to the port authorities, the container yard – built behind piers 4 and 5 – was part of a strategic master plan for developing Tiên Sa Port for specialised container services as well as services for cruise and large cargo ships.

The port now has expanded its area to 30ha and can handle container ships up to 50,000DWT (deadweight tonnage). It can also handle break-bulk vessels and 168,000GT (gross tonnage) cruise ships.

Last year, Tiên Sa Port received 12.2 million tonnes of cargo.

The first direct shipping route from Tiên Sa Port to Long Beach Port in Oakland, California was launched last year, running cargo ships from central Việt Nam to the US.

The Tiên Sa Port system is seen as a key export site for the central region.

It hosts regular shipping routes from 20 shipping companies including Maersk, Evergreen, MSC, SITC, Wanhai and COSCO, while global container shipping companies such as ONE and Hapag Lloyd have also shipped their cargo on different vessels, the port reported.

Air service to boost investment, tourism from Taiwan

Good quality air routes and convenient services would help create smooth conditions for boosting investment and tourism between the centre of Việt Nam and Taiwan.

It’s the reason Starlux Airlines, an international airline from Taiwan, will start a new route connecting the favourite destination of the Phú Quốc Islands and Taipei, following success on its routes from Hà Nội, HCM City and Đà Nẵng. The carrier's current flights include Hà Nội-Taipei, HCM City-Taipei, Đà Nẵng-Taichung, Đà Nẵng-Taipei and Phú Quốc-Taipei.

Head of the Starlux office in Đà Nẵng, Elvis Chao, said the airlines has seen a significant growth of Đà Nẵng-Taiwan route since it resumed in 2022 and Starlux is one of five other airlines currently flying Đà Nẵng-Taiwan route.

“Currently we operate ten flights weekly from Đà Nẵng; including a daily flight to Taipei and three weekly flights to Taichung. Starlux also offers various US-bound routes for oversea Vietnamese people connect to Đà Nẵng, we are operating at Los Angeles, San Francisco, and from August, Seattle.”

He said Việt Nam is a very important market for Starlux and Taiwan Airlines aims to connect Việt Nam to North America via Taiwan, while Đà Nẵng is the main gateway into central Việt Nam.

“Đà Nẵng City is one of Taiwanese’s favorite destinations in Southeast Asia because of its beautiful scenery and charming history, through promotion of social media and travel agencies. It is not only tourism, we have seen some Taiwanese enterprises moving their facilities to the Đà Nẵng high-tech park and in central Việt Nam, and more businesses from Taiwan expect to come,” he said.

“It means that Đà Nẵng is equally important as the two other major cities in Việt Nam, while our airlines’ load factor remains high and keeps growing steadily in the Taiwan-Đà Nẵng route.”

The head said that the new routes connecting Taiwan and Việt Nam would further promote inward tourism and investment.

“We have carried several Vietnamese tour groups to Taiwan since 2024. Some passengers shared their experience on social media and we believe that with more sharing of such, more Vietnamese people would be interested in traveling to Taiwan,” he explained.

“Currently our two main hubs in Taiwan, Taipei and Taichung, operate direct flights to Đà Nẵng. And in Việt Nam, besides Đà Nẵng, Hà Nội, HCM City and up-coming Phú Quốc, we are expecting more destinations in Việt Nam so please stay tuned.”

Đà Nẵng is one of the first destinations that Starlux started operations in 2020 and thanks to Việt Nam’s e-visa policy, the number of Taiwanese passengers is growing rapidly.

Starlux has included self check-in and bag drop services to help create a more seamless and hassle free airport experience when flying with Starlux.

The initiatives have led to it being voted one of the ‘Tech-leading Airlines’ at Đà Nẵng International Airport by the international terminal operation AHT Company.

Starlux’s flights have already carried at least 9,000 passengers from Taiwan to Đà Nẵng.

Elvis Chao stressed that in a competitive market, the Starlux ticket price is no different than other major full-service airlines, but its fleets are the newest and the service one of the highest quality.

Đà Nẵng has called for investment from Taiwan in education and in hi-tech projects in the Đà Nẵng Information Technology Park.

According to the city's Investment Promotion Centre, Chinese Taipei has invested in 20 projects worth US$188 million.

Last year, Taiwan’s Foxlink International company started construction of an electronics factory project worth US$135 million, promising a surge in hi-tech industries at the ‘green’ hub. 

Warning about risks and protecting consumers in e-commerce market place

Capturing and updating information and new regulations for business on risks in the e-commerce market place are extremely important, said Nguyễn Đức Trung, deputy director of the Agency for Enterprise Development (AED) under the Ministry of Planning and Investment (MPI).

The AED, with the German Corporation for International Cooperation (GIZ), organised an information support workshop for businesses titled 'Laws on protection of consumer rights 2023 in the context of digitalisation and e-commerce' to help them navigate the new e-commerce waters.

The workshop was aimed at helping businesses understand risks within the new market and find out about new regulations on protecting consumer rights.

The MPI has built a business information portal about the digital ecosystem to support companies. It focuses on helping them understand new global trends such as responsible business, digital transformation, fourth generation technology applications, as well as connecting businesses.

There is also a way to connect with a network of professional consultants.

Phạm Quế Anh, a GIZ expert, outlined the opportunities and challenges for consumers when participating in e-commerce platforms operating across borders.

"The challenge facing them today is the difficulty in identifying both the buyers and sellers, keeping their details private and keeping trading secure," Quế Anh said.

E-commerce develops rapidly, creating opportunities for consumers so there are more choices, including better goods and products and more competitive prices as the boundaries of the market are expanded.

However, in the context of digital transformation and cross-border e-commerce, transactions take place on the Internet, on the seller's website or on a third-party platform.

Consumers are not allowed to check the quality of goods so they have to rely on collecting information from previous research, or reviews from other buyers.

That can be risky, as are the payment systems, often through a third party, or payment on delivery.

Director of GIZ ASEAN SME Project Sita Zimpel emphasised that currently, many international commitments have been built to promote the protection of consumer rights in the context of digital transformation and e-commerce.

In the region, the ASEAN Strategic Action Plan on Consumer Protection for the 2016-25 period has been approved by member states and last year ASEAN also launched a set of guidelines for protecting consumers while involved in e-commerce.

She said these efforts were important in changing perceptions about consumer protection, aiming to harmonise legal regulations among countries in the region, thereby promoting sustainable trade.

To harmonise with international commitments and resolve new issues arising in the context of a strong digital transformation, Deputy Head, Consumer Protection Division, National Competition Commission Hồ Tùng Bách said that the Law on Consumer Rights Protection was passed by the Vietnamese National Assembly last year and would officially take effect from July 1 this year.

Specifically, the 2023 Law on Consumer Rights Protection expands the scope of foreign businesses providing products and services to consumers in Việt Nam.

In addition, the law has many new regulations related to the protection of consumer information, vulnerable consumers, provision of digital platform services and responsibility for providing product recall.

Party official urges greater efforts to develop agricultural sector

The agricultural sector should make concerted efforts to remove market bottlenecks and develop brands for agro-forestry-fishery products in the international markets, a Party official said on June 14.

Politburo member Nguyen Xuan Thang, Chairman of the Central Theoretical Council, President of the Ho Chi Minh National Academy of Politics, standing member of the Sub-committee on Documents of the 14th National Party Congress made the suggestion at a working session in Hanoi between a working delegation from the sub-committee and the Ministry of Agriculture and Rural Development.

After listening to a report of the ministry about the implementation of the 13th National Party Congress's resolution in the field of agriculture and rural development, Thang acknowledged the tremendous and comprehensive achievements of the sector

Agriculture has proved itself as an important pillar of the economy, he said, speaking highly of the sector’s breakthrough initiatives, dynamic development models, and efforts to overcome formidable challenges.

He urged the sector to continue working to realise the goals set in the 13th Party Congress’s resolution, bolster processing industry to better engage in value chains, promote the development of the eco-agricultural models as well as application of advanced technologies into production to improve productivity, while forging ahead with digital transformation and green transition to protect the environment and respond to climate change and improve incomes for farmers.

According to Minister of Agriculture and Rural Development Le Minh Hoan, the sector has renewed its growth model, branched out agriculture and rural economy in tandem with new-style rural area development, and paid due attention to cash crop production.

He also proposed several measures for agriculture and rural development in the new period.

The working delegation took note of the ministry’s recommendation to report to the sub-committee later./.

Construction of new Vietnam-Singapore IP begins in Lang Son

The Lang Son provincial People’s Committee and the Vietnam Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC) on June 14 commenced the construction of VSIP Lang Son project – the 16th of its kind in Vietnam.

The VSIP Lang Son covers an area of nearly 600 ha in two communes of Ho Son and Hoa Thang in Huu Lung district. The project has a total investment of 6.361 trillion VND (nearly 250 million USD) with the investor VSIP JSC contributing over 954 billion VND.

The first phase of the project is expected to be completed and go into operation in the third quarter of 2025 while the second phase will complete in September 2026 and the third phase in September 2027. The industrial park is expected to create about 40,000 jobs when all the three phases turn operational.

Speaking at the groundbreaking ceremony, Chairman of the Lang Son provincial People’s Committee Ho Tien Thieu said that the IP will bring great benefits to the investor, help to increase the province’s industrial production value and goods production value, create more jobs and incomes for local people, and contribute to the local socio-economic development.

The industrial park also helps show the province’s efforts in implementing administrative reforms, improving business investment climate and attracting investor, he said.

Singaporean Ambassador to Vietnam Jaya Ratnam said that the Vietnam-Singapore IPs (VSIPs) are a symbol of bilateral relations between Singapore and Vietnam.

The unprecedented expansion of the chain of VSIPs in recent years reflects not only the strong interest of foreign investors in Vietnam but also the success of the Vietnamese Government in creating a favourable investment environment, he said.

The diplomat expressed a hope that the VSIP Lang Son will play a key role in facilitating higher-quality investments from Singapore, especially in infrastructure development, supply chain services and logistics, green economy and agricultural processing, which are areas with strong potential and ample room for further development.

The Singapore business federation will work with the Lang Son authorities to explore opportunities in those areas for companies from Singapore./.

RoK press delegation visits Thai Binh province

A delegation of press agencies in the Republic of Korea paid a working visit to Lien Ha Thai Industrial Park in the northern province of Thai Binh on June 13.

At a reception held for the delegation, Chairman of the provincial People's Committee Nguyen Khac Than briefed the guests about Thai Binh's development potential and opportunities, stressing that it pays special attention to infrastructure development and transport connectivity. The province has a coastal economic zone with 30,583 ha of land, along with over 8,000ha of clean land ready for investors.

The province pays great attention to creating an open and attractive investment environment for domestic and foreign investors, he said, highlighting its attractive incentives and abundant workforce.

The official went on to say that the province sees the RoK as a comprehensive strategic partner and has organised many investment promotion activities, aiming to boost cooperation between Thai Binh and the East Asia nation.

According to Than, the province has sent several delegations to the RoK and held events in Vietnam to promote investment. He cited the Thai Binh - RoK cultural exchange and business connection programme called "Thai Binh Homecoming Day" which took place in December last year as a typical example.

The provincial leader expressed his hope that the RoK’s media will help popularise the land, people, and culture of Thai Binh province as well as its potential, advantages, and willingness to cooperate with Korean business community, thereby further fostering cooperation and investment promotion between Thai Binh and the RoK.

During the visit, the RoK press delegation also visited the construction site of a plant of RoK’s HiteJinro Group in Lien Ha Thai Industrial Park.

Established in 2021, the park has so far attracted more than 20 projects with a total investment capital of more than 1.3 billion USD./.

Nghe An seeks to boost collaboration with UK localities

A delegation of the central province of Nghe An led by Secretary of its Party Committee Thai Thanh Quy paid a working visit to the UK from June 11-13 to seek ways to strengthen bilateral cooperation, especially in trade, investment, hi-tech agriculture, tourism, and education.

During his stay, Quy had working sessions with representatives of the government and the Chamber of Commerce of Newhaven, and the Communist Party of Britain. Several roundtables introducing investment potential and cooperation opportunities with Nghe An province were also held, with the participation of representatives from the West London Chambers of Commerce, UK businesses, and Vietnamese enterprises in the host country.

In Newhaven, the first place late President Ho Chi Minh set foot on when he came to the UK, the Nghe An delegation had a working session with Mayor Pinky McLean-Knight and representatives of the government and the Chamber of Commerce of the town.

Quy said that Nghe An, the hometown of the late leader, is willing to accompany and join hands with Newhaven in expanding the exhibition space about him at the Newhaven Museum and providing digitised data on the President to serve the museum's operations.

He expressed his hope to promote the two sides’ collaboration, firstly in culture and economics.

Meeting Chair of the Communist Party of Britain Ruth Styles, Quy expressed wishes to expand cooperation with the Party, creating a premise to develop cooperative activities in other fields between Nghe An and UK localities.

At a roundtable introducing the potential and opportunities for cooperation with Nghe An held in London, the province’s leader called for British businesses to invest in the locality, especially in the fields of high-tech agriculture, supporting industries, mechanical engineering, agricultural product processing, tourism, education, and training. He affirmed that local authorities always create favourable conditions for investors to do business in the province.

CEO of the West London Chambers of Commerce (WLCC) Alan Rides said that the WLCC is willing to support Vietnamese businesses in connecting with partners in the UK to seek business opportunities in the country./.

PM urges stronger efforts to complete expressway target

Prime Minister Pham Minh Chinh has asked for greater efforts from ministries, sectors, and localities to realise the goal of completing 3,000 km of expressways nationwide by December 31, 2025.

Presiding over the 12th meeting of the State Steering Committee for National Key Transport Projects in Hanoi on June 14, the Government leader highlighted the goal set by the 13th National Party Congress that looks to build 3,000km of expressways by 2025 and 5,000km by 2030.

PM Chinh said with the establishment of the committee, the country has completed 674 km of expressways since the beginning of the Government's tenure, raising the total length of highways nationwide to approximately 2,000km.

However, he noted that the work still faces difficulties related to administrative procedures, land clearance and construction materials.

The leader asked participants to focus on reviewing the progress of projects and assessing efforts to resolve difficulties and obstacles, especially regarding land clearance and the supply of construction materials.

He also underlined the need to prevent negative phenomena in implementing the projects, particularly in procurement and bidding activities, while urging ministries, sectors, and localities to continue with efforts to ensure progress and quality of projects; and mobilise engagement of businesses in this work.

According to the committee, there are currently 40 projects nationwide categorised as important national transport projects, spanning road, railway, and aviation fields across 48 provinces and centrally-run cities./.

Tourism to become truly spearhead, green industry by 2030

Vietnam aims to turn tourism into a truly spearhead economic sector with green growth and world leading development capacity by 2030.

This is part of a master plan on the tourism system for the 2021 - 2030 period, with a vision to 2045 approved by Deputy Prime Minister Tran Hong Ha on June 13.

The plan targets 25 - 28 million international arrivals, 130 million domestic travellers, and an annual growth rate of 8 - 9% in the number of domestic tourists for 2025. By 2030, the international tourist number is hoped to reach 35 million and post an annual increase of 13 - 15% while domestic travellers hit 160 million and grow 4 - 5% annually.

Tourism is expected to directly contribute 8 - 9% and 13 - 14% of gross domestic product (GDP) by 2025 and 2030, respectively.

Under the master plan, this sector will create about 6.3 million jobs, including 2.1 million direct jobs, by 2025 and 10.5 million jobs, including 3.5 million direct ones, by 2030.

Vietnam is working to recover and sustain the growth of domestic tourists during 2021 - 2025. Meanwhile, it is set to tap into the markets of tourists with high spending and long stay, along with new markets in terms of golf, sports, and adventure tourism during 2026 - 2030.

Efforts are being made to revive traditional markets and attract emerging ones like India and Middle Eastern countries between 2021 and 2025. For 2026 - 2030, Vietnam is going to maintain and expand traditional markets in Northeast Asia, Southeast Asia, Europe, North America, Russia, Eastern Europe, and the Oceania while diversifying markets to increase the proportion of high-spending travellers.

By 2045, tourism is expected to establish itself as an engine of the economy, and Vietnam will become a globally outstanding destination and one of the countries with the strongest tourism development in the Asia-Pacific region, according to the master plan.

The scheme also eyes 70 million international arrivals, about 7.3 quadrillion VND (28.68 billion USD) in tourism revenue, and the sector’s contribution of 17 - 18% of GDP by 2045./.

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