Vietnam boasts a great opportunity to develop semiconductor and AI industries as it has abundant and well-trained young workforce, Dr. Richard Lawton Thurston, one of leading non-engineer semiconductor experts in the US, told Minister of Planning and Investment Nguyen Chi Dung at a meeting in Washington D.C on June 26.
Thurston, who is also former Senior Vice President of the Taiwan Semiconductor Manufacturing Company, Ltd.,(TSMC), stressed that AI technology requires various components such as sensors, memory, data collection, and processing, that is why Vietnam can choose one of these stages to focus on for development and build its own strategy.
Minister Dung said since the Vietnam – US relations have been elevated to comprehensive strategic partnership, the two sides have actively promoted diplomatic activities and cooperation across fields, including science, technology, and innovation.
The US side has agreed to support Vietnam in training and improving capacity in semiconductor industry, as well as integrating into the global value chain, he said, adding that these are also areas where Vietnam focuses on developing high-quality human resources to meet future demands and enhance long-term research and development capabilities.
He highlighted Vietnam's efforts and plans on developing the industry, saying that the scheme involves the participation and collaboration of authorities and businesses with high determination.
He called on Thurston to share his experience and practical insights, recommendations for boosting semiconductor industry development in Vietnam and supports Vietnamese businesses to connect with the TSMC.
Thurston affirmed the TSMC will support proposals by Dung, and agreed to be an advisor to Vietnam in developing plans and roadmaps for the semiconductor industry in the country.
While Washington D.C, Dung met with Kathryn Neal, Director of International Policy at Microsoft Corporation, during which he emphasised that the Vietnamese Government values and supports Microsoft's investment and business activities in Vietnam.
He proposed Microsoft promptly organise a high-level delegation to Vietnam to study, survey, and engage in discussions with Vietnam on establishing research and development centres.
Before arriving in Washington D.C., Dung had a working session with representatives of Super Micro Computer Corporation, which is a global manufacturer of server components.
The Vietnamese official suggested the firm collaborate with the Vietnamese government and businesses in developing data centres, infrastructure serving cloud, AI, and 5G in Vietnam, saying that Vietnam currently has great demand in these areas./.
Nearly 100 AI solutions introduced to Vietnamese firms
Generative AI, smart camera, data analytic and prediction, and robotic process automation were among the nearly 100 made-in-Vietnam AI solutions for enterprises introduced at a conference held in Ho Chi Minh City on June 28.
The event was organised by the HCM City centre for digital transformation (DX Centre) in collaboration with the Vietnam IT Outsourcing Alliance (VNITO) and partners.
DXCentre Director Phan Phuong Tung said the solutions, developed by Vietnamese enterprises, aim to better customers’ experience and enterprises' productivity and are suitable for such areas as e-commerce, retail sales, finance and banking, insurance, information security, education and training, health care, agriculture, service, and production.
At the conference, domestic and foreign experts discussed roadmaps, process and methods for combining AI with digital transformation, and data strategy with AI strategy, as well as the cost of AI implementation, among others.
The global AI market was valued at around 93.5 billion USD in 2021, and is expected to grow 38.1% annually during 2022 - 2030, which reflects the technology’s important role in supporting and improving firms’ business operation.
As AI could generate more money than its costly initial investment, firms should identify their targets and strategies, and choose suitable technologies.
Data strategy should be put at the heart of their attention since efficient data building and management are the key basis that ensures AI models run effectively and bring long-term value, they added./.
H1 agro-forestry-fishery trade surplus grows over 62%
Vietnam has recorded an estimated agro-forestry-fishery trade surplus of 8.28 billion USD during the first half of 2024, surging 62.4% year on year, said the Ministry of Agriculture and Rural Development (MARD).
Agro-forestry-fishery exports totaled about 29.2 billion USD in H1, up 19% from the same period last year, while imports stand at some 20.92 billion USD, statistics show.
In particular, key agricultural products have brought home 15.76 billion USD, forestry products 7.95 billion USD, aquatic products 4.36 billion USD, and animal husbandry products 240 million USD, respectively rising 24.4%, 21.2%, 4.9%, and 3.8%.
The five commodities posting the highest trade surpluses are timber and wood products 6.16 billion USD, coffee 3.14 billion USD, fruits and vegetables 2.42 billion USD, rice 2.31 billion USD, shrimp 1.43 billion USD. The surpluses increase 22.5%, 36.2%, 35.3%, 27%, and 13.3%, respectively.
The MARD said seven commodities and groups of commodities have secured export value of over 1 billion USD in H1, namely coffee, rubber, rice, fruits and vegetables, cashew nut, shrimp, and wood products.
The US, China, and Japan remained the largest importers of agro-forestry-fishery products from Vietnam. Shipments to the US account for 20.7% of the total and grow 20.8% year on year, China 20.2% and 9.5%, and Japan 6.7% and 5%, according to the MARD./.
Ample room remains for Vietnam-India collaboration: diplomat
Ample room remains for Vietnam-India cooperation, particularly in trade, investment, tourism and renewable energy, Le Quang Bien, Consul General of Vietnam in Mumbai, has said.
According to the diplomat, the comprehensive strategic partnership has made important progress in many fields, including economy and trade, and the two countries are striving to bring bilateral trade turnover to 20 billion USD.
Both Vietnam and India are rapidly growing economies with diverse strengths, so they have great potential for enhanced trade and investment. India considers Vietnam a key pillar in its Act East policy and an important partner in its Indo-Pacific vision. Meanwhile, Vietnam always attaches its high priority to promoting comprehensive cooperation with India, especially in the areas of economy, trade and investment in an increasingly substantive and effective manner.
Regarding manufacturing, Bien said Vietnam has emerged as a pivotal manufacturing hub in Southeast Asia, strongly focusing on electronics, textiles, and automotive industries, while India’s burgeoning manufacturing capabilities, along with its abundant material resources and skilled labour, force offer a fitting complement to Vietnam’s strengths in this sector. By leveraging Vietnam’s strategic location as the key gateway to the Association of Southeast Asian Nations (ASEAN) and the series of free trade agreements to which the country is a signatory, Indian enterprises would be able to gain access to a vast consumer market not only within the bloc but also worldwide.
As for technology sector, both Vietnam and India boast vibrant technology ecosystems, marked by burgeoning startups and a keen focus on innovation, Bien said. He suggested two sides enhance collaboration in this domain by spanning joint research and development ventures, technology transfer initiatives, and strategic partnerships across IT services, fintech, e-commerce, and renewable energy sectors. By pooling expertise and resources, both nations stand to expedite their technological progressions, thereby unlocking new avenues for growth.
Mentioning the agricultural sector, it is necessary for two sides to exchange best practices on technology transfer and investment in the fields of farming, agribusiness, food processing and agricultural infrastructure, Bien suggested, adding that by capitalising on each other’s strengths, both nations can bolster agricultural productivity, ensure food security, and cater to the escalating demand for high-quality food products both domestically and internationally.
For the energy sphere, he said Vietnam has implemented a range of measures and made remarkable strides in promoting sustainable energy initiatives, including supportive policies, capacity building efforts, and infrastructure development.
The country also actively seeks international collaboration, and India stands as a promising partner in this endeavour. India’s expertise in renewable energy technologies presents valuable opportunities for collaboration. India can support Vietnam in harnessing the potential of solar, wind, and hydroelectric power generation through technology transfer, knowledge sharing, and joint research and development initiatives.
Regarding tourism, Vietnam and India boast their own strengths and have organised many important promotion events in each other's localities, reflecting their efforts and determination to promote bilateral cooperation between management agencies and tourism businesses. Besides, they are constantly developing unique forms of tourism, matching the needs and tastes of each other's tourists.
The development of air connectivity between the two countries has experienced significant growth in recent years, catalysing their tourism collaboration, Bien said, elaborating that since the inauguration of the first-ever direct flights connecting Hanoi and Ho Chi Minh City with New Delhi in 2019, there has been a remarkable expansion in-flight connectivity. Currently, there are up to 70 direct flights per week between the two countries, showcasing the increasing demand for travel and tourism between the two countries./.
Japan pours 3.8 billion USD in Hung Yen
Total Japanese investment in the northern province of Hung Yen so far has reached 3.8 billion USD, in 176 projects.
Thus, Japan has topped the foreign investor lineup in the province, followed by the Republic of Korea and China.
The figures were unveiled at a press conference held on June 27 to review Hung Yen’s socio-economic performance in the first half.
In the first half of this year to June 20, Hung Yen welcomed 32 new foreign-funded projects valued at 544.29 million USD between the beginning of the year and June 20, bringing its totals to 578 projects and 7.5 billion USD.
In the first half of this year, Hung Yen’s gross regional domestic product (GRDP) was estimated to grow by 6.81% compared to the same period in 2023, ranking 24th out of 63 provinces and cities nationwide. Meanwhile, its contribution to the State budget revenue reached some 21.445 trillion VND (857.8 million USD), an increase of 39.83% year-on-year and a fulfilment of 65.34% of the annual plan.
Also in the six months, the local industrial production and construction experienced more favourable conditions compared to the same period last year, Tuyen noted. Industrial enterprises maintained significant growth, with several sectors showing substantial increases such as the production of metal, electronic, and electrical products, up 8.48%, 35.73%, 16.93%, respectively.
However, some sectors that constitute a large proportion of the province's economy saw annual declines due to reduced orders. They included food processing, leather and leather products manufacturing, and non-metallic mineral production, down 5.74%, 12.38%, and 4.78%, respectively./.
Developing green brands vital to businesses: workshop
As Vietnam is integrating in both breadth and depth with the regional and world economy, developing a strong and sustainable green brand is essential, heard a workshop held in Ho Chi Minh City on June 27.
The workshop, entitled “Brand – Soft Power for Vietnamese Enterprises”, was jointly organised by the Sai Gon Giai Phong (Liberated Saigon) newspaper and the Institute for Circular Economy Development (ICED).
Participants at the event said that Vietnamese businesses have been affected by green barriers set by international markets, but they have opportunities for development and enhance competitive advantages when producing green products. The green economy, circular economy, and low carbon economy are inevitable trends, so leading enterprises have a "pivotal" role in the industry, in coordination with the State, scientists, and international organisations, they added.
Owning a green brand means that businesses have met consumer requirements through transmitting a green image, green trust, and green satisfaction.
A Nielsen market report showed that the global market for green products is growing faster and more profitable than other products of the same type. Other reports also pointed out that the global green and sustainable technology market size is expected to expand at a compound annual growth rate (CAGR) of 22.4% from 2022 to 2030.
Le Viet Nga, Deputy Director of the Domestic Market Department under the Ministry of Industry and Trade (MoIT), said Vietnam is among the top 10 exporting countries in the world.
In the first five months of 2024, the export turnover was estimated at 156.77 billion USD, an increase of 15.2% over the same period last year. Of the total export earnings, the domestic economic sector reached 43.69 billion USD, showing an increase of 20.5 percent, and accounting for 27.9 percent of total export turnover. The foreign-invested sector, including crude oil, hit 1138 billion USD, up 13.3% and accounting for 72.1%.
However, very few products in these sectors have been exported under their brands.
According to the MoIT, up to 70-80% of Vietnam's goods are exported due to raw materials with low added value. The lack of value-added exports is indicative of limited processing of raw materials and a shortage of Vietnamese business brands.
According to Nguyen Hong Quan, Dthe ICED’s director, solutions to develop "soft" internal resources for businesses in the context of green trade should be linked to corporate social responsibility (CSR) and environmental, social and governance (ESG), and net zero emissions in the business ecosystem. As enterprises still have many challenges in green transition such as finance, technology and institutions, it requires the efforts and determination of all parties, especially the State, he added.
Marketing Director Vuong Ngoc Dung of the Saigon Cosmetics Joint Stock Company said that by moving towards a green economy, businesses not only ensure environmental sustainability, but also create opportunities for future socio-economic development.
He went on to say that complying with green standards helps Vietnamese businesses reach developed countries such as those in Europe, North America and Japan which are markets with high demand for environmentally friendly products./.
Vietnam – potential market for Moscow manufacturers: Russian media
Vietnam has been one of the most promising markets for Moscow firms thanks to the country’s rapid economic growth and high population density, said a Moscow official.
Export of Moscow's industrial goods to the Southeast Asian nation accounts for some 63% of its supply, with electrical appliance, medicine and cosmetics having been high on demand, Director of the department of investment and industrial policy of Moscow Vladislav Ovchinsky was quoted as saying on the Mos.ru site.
Meanwhile, around 37% of Moscow’s food exports have been destined for Vietnam, he said, adding local confectionery plants supply more than 100 tonnes of candies for the country every year.
Moscow's trade with Vietnam contributed some 40% to the trade revenue between the two nations in 2023, with local non-resource and non-energy shipments to Vietnam surging 55%, according to the site.
The bilateral trade and economic ties have been well developed on the back of the free trade agreement between Vietnam and the Eurasian Economic Union that allows lower tariff rates for products and the expansion of the investment flow between the two sides, it said./.
Forum seeks measures to promote Vietnam’s online exports
Amazon Global Selling Vietnam and the Vietnam E-commerce Association (VECOM) on June 27 organised a cross-border e-commerce forum to provide updates on policy directions, sketch out solutions to expand Vietnam’s online exports, and promote global operation for Vietnamese companies in the coming time.
On this occasion, VECOM launched its Vietnam Online Export Support Alliance which brings together industrial service providers, logistics companies and technology partners who are expected to support Vietnamese small-and medium-sized enterprises in digital transformation and optimising opportunities for online exports.
Speaking at the forum, VECOM Vice Chairman Bui Trung Kien said in the context of intensive and extensive globalisation and international integration, e-commerce has become an indispensable part of business strategies of Vietnamese companies, adding the application of modern e-commerce platforms helps them access international markets quickly and effectively, improve their competitiveness and develop sustainably.
Gijae Seong, Managing Director of Amazon Global Selling Vietnam, pointed to great potential for Vietnam's cross-border e-commerce, saying Amazon is part of the transformation of the country's exports and domestic businesses.
Through the forum, Amazon strives to promote an environment that nurtures innovation and empowers businesses, thereby contributing to enhancing the global position of Vietnamese goods and brands and the Southeast Asian nation's foreign trade.
According to AccessPartnership’s report “Local sellers, Global consumers 2022: Capturing the e-commerce export opportunity in Vietnam”, micro, small, and medium enterprises (MSMEs) in Vietnam are in a prime position to reap significant benefits from the rapid growth of the e-commerce sector. Vietnam can witness a substantial surge in B2C e-commerce export revenues, reaching 296.3 trillion VND (13 billion USD) by 2027.
In addition, Amazon data shows that Vietnamese businesses have expanded their international business scope with the number of products exported and sold on Amazon increasing by 300% in the past five years./.
Petrol prices revised up on June 27
The retail prices of E5RON92 bio-fuel and all petrol products increased from 3pm on June 27 following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.
Accordingly, the price of E5RON92 rose by 506 VND to 22,014 VND (0.86 USD) per litre, while that of RON95-III went up by 544 VND to 23,010 VND per litre.
Diesel and kerosene are now sold at 20,689 VND and 20,614 VND per litre, up 329 VND and 258 VND, respectively, and that of mazut oil rose by 223 VND to 17,446 VND per kilogramme.
In this price adjustment, the two ministries decided not to use the petrol and oil price stabilisation fund./.
Biometric authentication to play role in bank scam fight
It is an urgent need to strengthen security for online transactions amidst burgeoning cashless payments, an official from the central bank has said, referring to biometric authentication to be mandatory from July 1.
Under a decision of the State Bank of Vietnam (SBV), each online transaction worth above 10 million VND (392.65 USD) or daily transactions exceeding 20 million VND will require biometric information.
Biometric authentication uses biological identifiers such as fingerprints, irises, voices, and facial features, and is considered the most secure from frauds. The regulation is to foster security for bank accounts and prevent financial frauds which are on the rise in Vietnam.
Pham Anh Tuan, Director General of the SBV’s Payment Department, said Vietnam counts 182 million personal payment accounts, with more than 87% of adults owning at least one, adding the number of payments via QR codes has skyrocketed over the past time.
Experts have warned that traditional authentication methods using passwords and one-time password (OTP) are not strong enough against cyberattacks. Meanwhile, they said, biometric security will be matched to data stored in the national ID database.
Therefore, the biometric solution will make it easier for service suppliers and the central bank to manage accounts and transactions, they noted.
Apart from limiting virtual bank accounts, this type of authentication will help competent forces trace criminals and recover money from cyber scams, said Vu Ngoc Son from the National Cybersecurity Association.
Domestic banks have been sending their customers notifications and reminders to update their biometric registration in anticipation of the new rules.
According to Major General Nguyen Van Giang, Deputy Director of the Department of Cyber Security and High-Tech Crime Prevention (A05) under the Ministry of Public Security, in 2023, the total amount of money lost to online scams was estimated to be around 8-10 trillion VND, a 1.5-fold year-on-year increase.
Up to 91% of these fraudulent activities were related to financial schemes, with 73% of mobile device and social media users frequently targeted by scam messages and calls.
Against the backdrop, the department has advised people to stay vigilant, avoid risky actions like clicking on strange links and selling bank accounts, and use multi-factor authentication./.
Vietnam Airlines remains among world’s top 50 airlines in 2024
National flag carrier Vietnam Airlines made up the nation’s sole presence on the list of the world’s 50 best airlines, although it slipped one place from last year to 45th, announced Skytrax at the 2024 World Airlines Awards.
This year marks the fourth consecutive year that Vietnam Airlines has made the list of world’s top 50 airlines.
Qatar Airways maintained its first position in this year’s ranking, marking the eighth consecutive year at the top, whilst Singapore Airlines retained its second position.
The Dubai-based airline Emirates and the Japanese enterprise ANA All Nippon Airlines saw their places switch with each other, with the former in third and the latter in fourth place this year.
Cathay Pacific Airways, Japan Airlines, Turkish Airlines, EVA Air, Air France, and Swiss International Air Lines rounded off the top 10.
The World Airline Awards is an annual ranking conducted by the international air transport rating organisation Skytrax since 1999. This year, more than 350 airlines worldwide are featured as part of the evaluation.
Skytrax surveyed about 21 million passengers of more than 100 nationalities between September 2023 and May 2024.
Door wide open for Vietnam-Italy textile cooperation
There is plenty of opportunities for Vietnam and Italy to cooperate in the textile and garment industry, experts said at a workshop in Hanoi on June 27.
Marco Della Seta, Italian Ambassador to Vietnam, emphasized that garment and textile has been one of the strategic cooperation areas between the two countries, making an important contribution to bilateral trade turnover.
Last year, Vietnam exported textile and garment products worth US$309 million to Italy, accounting for 17.3% of the buyer’s total imports.
Both sides have continuously put forward initiatives and cooperation projects on technology transfer toward green production.
For his part, Laurent Franciosi, head of International Market Development at Cassa Depositi e Prestiti - CDP, a prominent Italian development bank, revealed that CDP has always actively supported cooperation between the two sides in recent times.
From October 2023, the online platform CDP Business Matching has launched the Vietnamese service, with a view to bringing the platform closer to Vietnamese clients.
With regard to the business environment in Vietnam, Andrea Galante, chairman of Madex Srl, a highly specialized company in the production of outerwear, stressed that Vietnam offers favourable conditions for business development, including political stability, smooth customs procedures, transparent and reliable supply chains, flexible workforce as well as high quality products with competitive advantages.
He added that Madex is currently the only Italian garment company that has built a factory in Vietnam, hoping that more Italian companies will set up factories in the country moving forward.
Taking the floor, Tran Thi Lan Anh, general secretary of the Vietnam Chamber of Commerce and Industry said Italy is Vietnam’s fourth largest trading partner in the EU while Vietnam remains Italy’s largest trading partner in ASEAN.
The EU's launch of the Strategy for Sustainable and Circular Textiles and the "fabric forward" rule in the EU-Vietnam Free Trade Agreement (EVFTA) has required Vietnamese firms to grasp new regulations and equip themselves with advanced technologies to meet export requirements and make further inroads into the demanding market, she noted.
Hà Nội could lead the country in digital technology
At a conference on Hà Nội's plans to develop digital technology enterprises, a representative from Ministry of Information and Communications said they believed Hà Nội can lead the country in the field of digital technology.
Deputy Minister of Information and Communications Bùi Hoàng Phương said that in recent years, Hà Nội has always been one of the top localities in the field of information technology.
Now, technology corporations in the world are paying attention to Việt Nam, including Hà Nội, so the capital city will have opportunities to develop information technology and digital technology.
Phương, speaking at the conference held on June 27, proposed that Hà Nội continue to prioritise resources to develop digital technology businesses and attract foreign investment related to high-tech fields, such as semiconductors and AI.
"The ministry will accompany Hà Nội to develop digital technology businesses and complete the legal system to help the digital firms develop sustainably," he said.
The Hà Nội Department of Information and Communications said that the People's Committee has issued Plan No. 184/KH-UBND to develop local digital technology enterprises from now until 2025.
Hà Nội is working to establish 10,000 digital technology enterprises, form ten groups of digital technology products as key industrial markers and incubate 10 digital technology startups, aiming at developing digital government, digital economy and digital society in the City.
In addition, this plan also specifies groups of key tasks and solutions to develop Hà Nội's digital technology enterprises until 2025.
Also at the conference, the Hà Nội Department of Information and Communications signed a cooperation programmes and plans with the Authority of ICT Industry and Communications under the Ministry of Information and Communications and Việt Nam Software and Information Technology Services Association (VINASA) to develop State management of information technology and digital technology businesses in Hà Nội in the 2024-25 period.
In addition, Hà Nội has plans on promoting digital transformation and building the smart city with the Hà Nội Informatics and Telecommunications Association and developing digital technology businesses and enhancing digital transformation in small and medium-sized enterprises in the city with the Hà Nội Association of Small and Medium Enterprises for the 2024-25 period.
These cooperation programmes are the basis for the information technology industry and the digital technology businesses in the city to develop further, promoting the development of Hà Nội's digital government, digital economy and digital society, said Nguyễn Việt Hùng, director of Hà Nội Department of Information and Communications.
IFC and Welcome Financial Group collaborate to tackle non-performing loans in Việt Nam
IFC and Welcome Financial Group (WFG) on Thursday launched a US$60 million platform to address non-performing loans (NPLs) and enhance access to finance in Việt Nam. This initiative will help defaulted borrowers rebuild creditworthiness.
Managed by WFG's subsidiary, Welcome Debt Trading Company Limited (WDT), the facility will acquire and resolve NPLs from local financial institutions.
High NPL levels have strained the Vietnamese banking sector due to global crises and the lingering effects of COVID-19. The platform aims to offload up to $1.2 billion in NPLs, enabling up to 400,000 debtors to regain formal credit access.
WFG, with 20 years of NPL experience in South Korea, entered the Vietnamese market three years ago and has since acquired VNĐ2 trillion ($80 million) of NPLs.
"Through this co-investment, we will be able to provide better services to more customers by adding IFC's global management capabilities to our group's know-how," said Son Jongjoo, Chairman of WFG.
IFC’s investment, in collaboration with the Swiss State Secretariat for Economic Affairs (SECO), supports developing a robust NPL market in Việt Nam. This effort includes improving the legal framework for NPL resolution and debt trading, adopting best practices, and building market capacity. Addressing NPLs is crucial for fostering a resilient banking sector, encouraging investment, and spurring economic growth.
Access to finance is vital for emerging markets. Resolving NPLs will inject much-needed liquidity into Việt Nam's NPL market, enabling financial institutions to resume lending and restoring creditworthiness, said Thomas Jacobs, IFC Country Manager for Việt Nam, Cambodia, and Lao PDR.
This initiative is part of IFC's Distressed Asset Recovery Programme (DARP), which has committed or mobilised $9.1 billion globally by March 2024.
National Council for Sustainable Development established
Prime Minister Phạm Minh Chính has set out plans to establish a National Council for Sustainable Development, with Deputy Prime Minister Lê Thành Long as the chairman.
The Council has been formed by reorganising the existing National Council for Sustainable Development and Enhancing Competitiveness.
This inter-agency coordinating body will advise and assist the Prime Minister in directing and coordinating efforts for sustainable development across Việt Nam.
The Council (formed by decision No. 560/QĐ-TTg on June 25) will have wide ranging responsibilities including researching, advising, recommending and proposing to the Prime Minister policies and mechanisms for sustainable development on a national scale.
This includes effectively implementing the National Action Plan for the 2030 Agenda for Sustainable Development, assessing sustainable development outcomes nationwide and regularly organising the National Conference on Sustainable Development.
It will also provide guidance to the Prime Minister on directing and coordinating between ministries, ministerial-level agencies, government-affiliated agencies, people's committees of provinces and centrally-run cities, and relevant organisations to address major inter-sectoral and inter-regional issues in sustainable development.
Council members, who will work part-time and will receive benefits as per current regulations, will operate under the organisational and operational regulations issued by the chairman.
Members will include representatives from the leadership of ministries, ministerial-level agencies, government-affiliated agencies, and leadership representatives from various Party committees.
Many Vietnamese companies plan to invest in the US
Representatives of over 70 Vietnamese enterprises, the biggest-ever number, attended the SelectUSA Investment Summit 2024 held in Maryland from June 23-26.
These are businesses that have been investing or planning to invest in the US in various fields such as software, information technology, construction, logistics, transport, food and agriculture.
At a seminar connecting the two countries’ firms, organised by the Vietnamese Embassy, companies from both US businesses and Vietnamese enterprises shared investment experiences abroad and discussed cooperation opportunities and related regulations in the US.
Vietnamese Ambassador to the US Nguyễn Quốc Dũng said the high number of Vietnamese enterprises attending at the SelectUSA event reflected Việt Nam's development and international integration, as well as demonstrating the desire of Vietnamese companies to reach out to the international market.
According to Đỗ Trí Tuấn, deputy general director of Đại Dũng Group, one of businesses attending SelectUSA this year, upgrading the two countries' ties to a comprehensive strategic partnership has opened up opportunities to promote investment cooperation and create favourable conditions for Vietnamese businesses to enter the US market.
Ann Huỳnh, an overseas Vietnamese businesswoman, who has followed the SelectUSA programme since 2017, said it was a good opportunity for Vietnamese businesses to find market information.
At the meeting, Vietnamese businesses that have experience investing in the US such as Vietcombank and Vinfast, also shared their experiences, opportunities and challenges when investing in the US, as well as their businesses' plans to further expand production and business activities.
Eximbank, Vietcombank, Ernst & Young introduced products, services and support programmes that banks and businesses can provide to businesses when investing and doing business in the US.
Deputy Assistant Secretary for Asia at the Department of Commerce Pamela Phan said Việt Nam was the US’ 9th important trading partner in 2023, affirming that the US will assist and create favourable conditions for Vietnamese enterprises when they do business and make investment in the US.
US Ambassador to Việt Nam Marc Knapper stated that the two countries’ upgrade of their relations to a comprehensive strategic partnership has created more advantages for bilateral economic and trade ties and pointed to several investment promotion programmes, including the SelectUSA Summit.
The SelectUSA Investment Summit is the highest profile event in the US to facilitate business and investment by connecting thousands of investors, companies, economic development organisations (EDOs), and industry experts to make deals happen.
Hosted by the US Department of Commerce, the summit is a one-stop shop for companies considering expanding to the US and provides EDOs with the opportunity to meet directly with international companies to facilitate investment deals.
Week of mechanical products, digital technology begins in HCM City
The Week for Business Matching and Introduction of Products in Mechanics, Digital Technology, Electrical and Electronics Industry began in HCM City on June 27.
It seeks to help enterprises promote their products, build their brands and find business partners.
With the message "Connection - Cooperation - Development," the event has attracted more than 50 enterprises from various sectors, including VIETSTEEL Machinery Company, Hồng Ký Corporation, Siba Group, Bích Hạnh Producing Trading Electricity Construction Company, Nhuận Tiến MPE Co., Digiwin Software Viet Nam, and Hàn Mỹ Việt Automation.
It features high-quality and innovative products and digital and automation technology that meet export standards.
A seminar on “Enhancing the competitiveness of Việt Nam's manufacturing industry through dual transformation” and a dialogue on “Mechanical training according to international standards to meet sustainable green production” will be held.
Trần Phú Lữ, director of the Investment and Trade Promotion Centre of HCM City (ITPC), told the opening ceremony that the country has 25,000 mechanical enterprises in operation.
“The industry has gradually mastered technologies and increased the rate of use of local components, thus supporting other industries’ development and directly and indirectly creating millions of jobs.”
He said exports of machinery and equipment and parts were worth more than US$16.6 billion in the first four months of the year, a year-on-year increase of 10.8 per cent, and exports of computers and electronic products and components topped $21.48 billion, up 33.9 per cent.
Đỗ Phước Tống, chairman of the HCM City Association of Mechanical - Electrical Enterprise (HAMEE), said the event would be one of effective activities to help promote Vietnamese products and introduce its mechanical and electrical export capacity to domestic and international players.
Held by ITPC in collaboration with HAMEE, the event, on at the Export Showroom in District 1, will run until July 3.
Việt Nam, Cambodia look forward to $20 billion trade
Trade has been a bright spot in the Việt Nam-Cambodia relationship, experiencing impressive growth over the past decade and is now expected to reach US$20 billion in the future.
Cambodia serves as a source of many raw materials for Vietnamese industry, particularly rubber. It is also a major consumer of Vietnamese products like iron and steel, construction materials, processed food and consumer goods.
Data from the Ministry of Industry and Trade's Asia-Africa Market Department revealed a strong upward trend. Two-way trade grew by an average of 18.5 per cent annually between 2010 and 2015 and 17 per cent per year between 2016 and 2020, reaching $5.31 billion in 2020 from $2.92 billion in 2016.
The year 2022 saw a significant jump of 11 per cent to $10.57 billion in trade value. The positive momentum has carried into 2024, with the first five months recording a trade value of $4.6 billion, reflecting a 13.4 per cent increase.
Việt Nam's exports to Cambodia during the first half of 2024 were estimated at $2.5 billion, mainly consisting of iron and steel, clothing and petrol and oil. However, this represented a 1.1 per cent decrease compared to the same period last year.
Meanwhile, Việt Nam's imports from Cambodia in the period surged by 38.4 per cent to an estimated $2.9 billion, driven by cashew nut, rubber, fruits and vegetables.
Vietnamese Ambassador to Cambodia Nguyễn Huy Tăng said in 2024 and beyond, the two countries will continue to realise existing agreements and memoranda of understandings, including the border trade and the 2023-24 bilateral trade promotion agreements.
Trade experts believed that fostering a favourable and stable business environment is crucial to facilitating exports. They also advocated for increasing investment in research and development to enhance the quality and competitiveness of Vietnamese goods and pursuing free trade agreements and along with economic accords.
Vietnamese businesses are encouraged to focus on producing high-quality and competitively priced products and services to attract Cambodian consumers. Building a broad and stable distribution network in Cambodia is also seen as a key step toward further success.
Expanding export roadmap via e-commerce for Vietnamese businesses
The Government and business community is increasingly focused on leveraging digital technology and cross-border e-commerce to exploit global export potentials.
In the next two to three years, if not participating in the 'game' of cross-border e-commerce, businesses will quickly become left behind in a playground which is growing very strongly at the moment, an e-commerce forum heard.
Amazon Global Selling coordinated with the Việt Nam E-Commerce Association (VECOM) to host the 2024 Cross-border E-commerce Forum in Hà Nội on Thursday.
Its aim is to update policy directions and outline proposals and solutions to expand online export routes, promoting business across the globe for Việt Nam.
In the context of increasing globalisation and international integration, e-commerce has become an indispensable part in Vietnamese enterprises’ business strategies, said Bùi Trung Kiên, VECOM Deputy Chairman.
Applying modern e-commerce platforms helps businesses not only access international markets quickly and effectively, but also improve their competitiveness and sustainable development, he added.
However, e-commerce not only opens up new opportunities but also poses many challenges, said Kiên.
Changes in consumer shopping habits, the development of technology, as well as increasing requirements for product and service quality, are all factors that businesses need to address in order to adapt and innovate, he said.
Speaking at the forum, Trần Thanh Hải, director of Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT), said that market expansion is not only through traditional means such as fairs, exhibitions and trade connections, but markets could develop via online and digital platforms, in addition to developing logistics to support imports and exports.
Statistics from Amazon show that the cross-border e-commerce will grow twice to three times faster than the growth rate of normal e-commerce in the 2022-25 period .
It is forecast that the annual growth rate of cross-border e-commerce will reach 28.4 per cent (across 2020-2027) worldwide. For Việt Nam and the Southeast Asian region, the average annual growth rate is 20 per cent (for 2021-2026).
Trịnh Khắc Toàn, representing Amazon Global Selling, said there were more than 17 million products from Việt Nam sold on its e-commerce platform, as of August last year.
The revenue grew by over 50 per cent last year, demonstrating the effectiveness of the sales channel for retailers from Việt Nam, he said.
To improve competitiveness and build a global brand, Toàn said the business is co-ordinating with the MoIT's Việt Nam E-commerce and Digital Economy Agency (iDEA) to train about 10,000 workers over the next five years for cross-border e-commerce business in improving sales skills.
Amazon has also provided solutions for businesses to register and protect their brands, as well as tools to help businesses to build brand right on this platform.
At the forum, Hoàng Ninh, a representative from iDEA, said the goals of the National E-commerce Development Plans stressed the need to promote regional links and diversify supply chains to maximise the strengths of each region.
In addition, the MoIT had implemented many solutions to support small and medium-sized enterprises through training courses both in person and online, all for free he said.
Businesses were encouraged to register with iDEA to participate in training programmes on cross-border e-commerce, said Ninh.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes