The value of imported chicken meat reached 237 million USD with about 178,000 tonnes last year.

The market research company Ipsos published a report assessing the meat consumption and livestock market in Vietnam on March 8.

The report showed that chicken has been consumed more in recent years, with 17.8kg per person in 2021 and 18.3kg last year.

Chicken consumption is forecast to grow rapidly, but it isn't easy to increase suddenly.

Since Vietnam signed free trade agreements, imported meat has been eliminated from tariffs, leading to fierce competition as imported chicken prices have always remained low.

The value of imported chicken meat reached 237 million USD, with about 178,000 tonnes, despite an excess in domestic supply last year.
In contrast, Vietnam only exported 1,000 tonnes, with a total value of 2.2 million USD.

While chicken farmers are looking for solutions to lower costs to compete with cheap imports, bran prices increased six times within half a year.

According to calculations and analysis by Ipsos, it is not until the second quarter or the third quarter of this year that bran prices in Vietnam have begun stabilising and decreasing following the general global trend.

Another important factor is the decline in the land fund for livestock in the country.

The Law on Livestock 2018 regulated that livestock production would no longer be allowed in the inner city, which has affected the livestock land fund.

In addition, due to the recent increase in housing prices, many households choose to sell their land or stop raising livestock to make a profit.

A representative of the Dong Nai Animal Husbandry Association said that the total chicken population of Vietnam, including white-feathered chickens, coloured chickens and egg-laying hens, was 498 million in 2020. This number is forecast to rise to about 555 million this year.

For pig production, Ipsos Vietnam forecasts that consumer demand has not recovered compared to the period before the 2018 African swine fever outbreak.

Pork is losing its position as the number one choice in the animal protein category.

Nine export commodities record positive growth in first two months

Only nine out of 46 export items yielded positive growth during the first two months of the year, according to the General Department of Vietnam Customs.      

Specifically, petroleum products recorded the highest export growth at 18.5%, followed by fruit and vegetables at 12.4%, and electric wires and cables at 9.6%.

The items witnessing the export growth of less than 6% include means of transport and spare parts, phones and accessories, toys, sports equipment and parts, chemical products, crude oil, and rice.

With regard to the export value, phones and components took the lead, bringing in US$9.2 billion, an increase of 5.2% against the same period from last year.

Elsewhere, the strongest decline was recorded in the export of fibers and textile yarns of all kinds which endured a drop of 38.4%, while the export value of timber and wood products decreased by 31.8%.

Furthermore, seafood, rubber, iron and steel, chemicals, plastics products, garment and textiles all experienced a downward trajectory of 29.1%, 28.3%, 25.7%, 24%, 20.5%, and 19.6%, respectively.

Experts pointed out that aside from a general decline in industrial production, the total export value of goods throughout the reviewed period also dropped by 10.4% year on year, indicating that the national economy is currently posing some problems that need to be tackled.

Most notably, this decline in exports initially began across multiple fields in the final months of last year, including textiles and garments, leather and footwear, as well as wood products and machinery.

In addition, the risk of economic recession in the United States has made the export situation become even more difficult as the US represents one of Vietnam’s largest export markets.

Vietnamese tourism recovery grabs Lao media headlines

Several Lao newspapers, including the Vientiane Times and Laophattana News, recently published articles highlighting the steady recovery of the Vietnamese tourism industry and its plan to become a leading tourist destination in Southeast Asia.

Vientiane Times ran an article discussing a new tourism development strategy recently issued by the Vietnamese Ministry of Culture, Sports and Tourism. Under the strategy, it said, Vietnam aims to become the leading tourist destination in Southeast Asia, while also affirming the country’s tourism brand and its competitive capacity.

The newspaper went on to outline that digital marketing activities have proved to be more effective with higher reach and more interactions, and an increasing number of visitors and followers vising websites and pages, as well as extra engagement on social networking platforms of the Vietnam National Administration of Tourism.

The media outlet also mentioned improvements in the country’s ranking on tourism marketing-related indicators under the World Economic Forum's Tourism Development Capability Index, particularly in the fields of price competitiveness and IT readiness in tourism services.

Meanwhile, Laophattana News also ran an article highlighting the recovery of the Vietnamese tourism industry in the first two months of this year. It reported that Vietnam earned US$3.6 billion in revenue, including from serving more than 1.8 million international visitors arriving in the country in two months.

According to the news service, the country will achieve its set target of receiving eight million foreign arrivals this year.

Previously, both the Vientiane Times and Laophattana News had published a number of articles introducing Vietnamese culinary culture, as well as the country’s famous tourist destinations throughout Hanoi, Hoi An, and Da Nang.

FDI attraction to be targeted at green growth, digital transformation: report

The government of Vietnam should revise foreign direct investment (FDI) attraction and utilization policies, focusing on key fields such as green growth and digital transformation as well as connecting supply chains of Vietnamese and FDI businesses, including transnational firms.      

Researchers of the Vietnam Association of Foreign Invested Enterprises (VAFIE) made the recommendations at a ceremony in Hanoi on March 10 to release their 2022 report on FDI in Vietnam.

They also suggested that the government continue perfecting institutions and laws, including the legalization of the global minimum tax, well handling the relationship between internal and external forces, modernizing socio-economic infrastructure and accelerating national administrative reform, in order to attract and improve the quality and efficiency of FDI in 2023 and beyond.

According to the report, as many as 141 countries and territories around the world have poured investment into Vietnam, with a total registered capital of nearly US$440 billion as of February.

The report also showed FDI into Asia has increased continuously for the past three consecutive years, reaching US$619 billion in 2021. Notably, FDI in the green growth sector has risen sharply, up to 70% in 2021 compared to 2020. Many countries are preparing to apply the global minimum tax according to the principles of the Organization for Economic Cooperation and Development (OECD).

The report has been compiled from documents published by several prestigious international organisations, including the International Monetary Fund (IMF), the World Bank (WB), the Asian Development Bank (ADB), and the UN Conference on Trade and Development (UNCTAD).

Its main aim is to update investment trends both regionally and globally, and at the same time to provide investors, research agencies, and policy-makers with an overview picture of FDI activities, helping to fine-tune the legal mechanism and enhance the overall competitiveness of the investment environment.

Vietnam Coffee Expo gets underway in Dak Lak

Vietnam Coffee Expo officially opened on March 10 in Buon Ma Thuot City of Dak Lak province in the Central Highlands of Vietnam, as part of the eighth Buon Ma Thuot Coffee Festival, attracting the participation of 150 domestic and foreign enterprises.

On display across 400 booths at the fair were coffee, pepper, cashew nuts, regional specialties, as well as coffee processing technologies. Notably, eight foreign businesses are displaying coffee products brought by some of the world's leading coffee growers, importers and exporters. 

According to organisers, the fair aims to promote the Buon Ma Thuot Coffee brand to international friends both regionally and globally. It also provides an ideal venue for both businesses and investors to introduce products, establish partnerships and expand markets.

Vu Ba Phu, director of the Vietnam Trade Promotion Agency (VIETRADE), emphasised this year’s fair has brought together a large number of businesses, manufacturers, retailers, and providers in the coffee supply chain.

The specialised trade fair contributes to elevating the image of the Vietnamese coffee industry to international tourists, investors, and traders, Phu noted.  

The fair is expected to run until the end of March 14.

German journal highlights Vietnam’s economic achievements

No other country of the same size in the world has achieved such great achievements on the Index of Economic Freedom as Vietnam since 1995, highlighted German economic and financial news website wallstreet-online.de in a recent article.

The Index of Economic Freedom is an annual index and ranking created in 1995 by the US-based The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations.

According to the article, in the Index of Economic Freedom rankings for 2023, Vietnam is in the 72nd position among the 176 countries and territories with 61.8 points, 1.2 points higher than that recorded last year.

Vietnam ranks 14th out of the 39 the Asia-Pacific region countries and territories. Especially Vietnam's total results are above the world and regional average, it said.

However, the article underlined that Vietnam’s ranking is not as important as the change of the country's economy. Compared to other countries with similar size, none in the world has enjoyed a good degree of economic freedom like Vietnam since 1995, it said. The country’s economic freedom record rose 20 points from 41.7 points in 1995, it noted.

The Heritage Foundation commented that Vietnam's economy is becoming more and more market-oriented as it is gradually integrating into the global trade and investment system. Vietnam ranks high in "Fiscal Health" and "Government Spending", while posting average results in the field of "Business Freedom and Monetary Freedom", the article said.

According to the article, if Vietnam continues the "Doi Moi" (Renewal) initiated in 1986, the country will have a good chance to become one of the strong economies in the world.

Vietnam is currently one of the most dynamic countries in the world, with a vibrant economy offering great opportunities for hard workers and entrepreneurs. From a country that could not produce enough rice to supply its people before market reforms began, Vietnam has now become one of the world's largest rice exporters, as well as an exporter of important electronic products, the article underlined.

ERA Vietnam boosts cooperation with Singaporean partners in property development

ERA (Electronic Realty Associates) Vietnam, a member of APAC Realty – a leading real estate services provider with one of the largest brand footprints in Asia, on March 9 signed partnership agreements with Nha Tot platform and MixGo Group to better its business and operations.

Pham Thanh Tuan, Chairman and CEO of ERA Vietnam, said that after five years of presence in Vietnam, with positive results in introducing and distributing major projects in the market, the company continues to expand its operations to provide comprehensive brokerage services related to real estate, helping investors and customers to effectively deal with their transaction needs as well as meeting the increasing demand of the rental and acquisition market.

To that end, ERA Vietnam signed a strategic partnership agreement with Nha Tot platform of Cho Tot Company – a member of Carousell Group, one of the leading multi-category classifieds and e-commerce marketplaces in Singapore.

To facilitate customers’ search for suitable property, the company inked an exclusive partnership agreement on using ECOPROP technology from Singapore’s MixGo company. This technology strengthens the use of Virtual Reality (VR) and Artificial Intelligence (AI) in home interior design. It has been widely applied throughout Asia Pacific such as China, Indonesia, Singapore and Malaysia.

ERA entered the Vietnamese market in 2017.

China's reopening good news for Vietnamese exporters

China's reopening as COVID-19 restrictions have been lifted has strongly lifted Vietnamese agricultural and fishery exports to the country, according to Deputy Minister of Agriculture and Rural Development Tran Thanh Nam.

Speaking at a recent trade promotion forum, he opined that China's dismantling of its COVID-19 lockdowns had given a big push to bilateral trade, with Vietnamese exports to China in February rising by 33% month-on-month.

The Mong Cai-Dongxing Border Gate was immediately reopened after the good news came in, leading to scores of traders flocking to the gate to look for Chinese partners.

The gate plays a prominent role in bilateral trade because it commercially connects Quang Ninh province with China's Guangxi province. The latter is the third-largest importer of Vietnamese seafood, importing 75% of its annual fishery consumption.

Regarding processed agricultural products, he said Vietnamese exporters who want to enter the Chinese market must hand in two dossiers, one to a Vietnamese agency and the other to a Chinese agency.

However, some exporters have skipped steps by submitting their dossier to the Chinese agency only, leading to the situation that the Vietnamese side is unable to verify the submitted dossier at the request of its Chinese counterpart.

The deputy minister called on exporters to strictly follow the procedure to save themselves from redoing the process. He also suggested the formation of a team tasked with keeping agricultural producers well-informed about the Chinese market.

A representative of the Department of Quality Management, Processing, and Market Development under the Ministry of Agriculture and Rural Development described Quang Ninh as a commercial gateway to Asian markets for Chinese traders.

Guangxi is one of the major importers of Vietnamese agricultural and fishery products. The province alone accounts for 47.5% of China's total imports from Vietnam.

The representative urged Vietnamese producers to focus more on trade promotion to fully unlock the trade potential between the two countries.

To Van Quang, vice chairman of the Vietnam-China Business Association in Guangxi, mentioned his Dong Dang Industrial Investment Company, which was pushing hard for a Vietnamese seafood trading centre in Fangchenggang City.

He said its efforts have paid off as 600,000 tonnes of cold storeage warehouse are being built by the municipal authorities. Once finished, the warehouse would allow Vietnamese seafood to enter China in larger quantities and with lower lead times.

He also revealed that the company plans to import 35,000 tonnes of durians, 120,000 tonnes of purple sweet potatoes, and certain quantities of seafood to China this year.

Tran Thi Bich Ngoc, head of the Management Board, Mong Cai International Border Gate, estimated that Vietnamese agricultural and fishery exports to China via the gate grew by around 60% year by year.

From her perspective, Vietnamese producers should reshape their mindset to bring more changes to bilateral trade. She said they need to be more commercially cooperative to not lose out on trade opportunities.

She also underlined the importance of digital technologies, including e-commerce, in trade promotion. She said e-commerce would allow producers to market their products beyond borders.

Lastly, the head urged the producers to embrace novel production techniques and well-organised management to keep their products up to standard.

Under Order No.248, Vietnamese food producers are required to register with the CIFER system to be eligible for exports to China.

Some participants at the forum complained that China had changed the registration procedures in the system, resulting in longer times to have their codes approved.

However, Ngo Xuan Nam, deputy director of the Sanitary and Phytosanitary Notification Authority and Enquiry Point (SPS Office), claimed that China had not made any such changes to the system since the enactment of Order No.248.

Even if China had wanted to revise the procedures for business registration and food safety, the process would never be a mean feat as the country has to consult other WTO members to get the job done.

The deputy director said his office had held talks with Chinese authorities, requesting them to speed up the process of approving Vietnamese producers.

Deputy Minister Nam suggested Quang Ninh's authorities and their Chinese counterparts hold a live trade promotion forum in Dongxing city as soon as possible to enable bilateral discussion on business matching activities and supply chain development.

Binh Duong eyes stronger trade, investment cooperation with Singapore

The southern province of Binh Duong is focusing on attracting investment from leading potential partners in the world with modern management, including those from Singapore, said a local official.

Addressing an investment and trade promotion conference with Singaporean partners held in the locality on March 10, Vice Chairman of the provincial People’s Committee Nguyen Van Danh stressed that Binh Duong is calling on investment in less labour-intensive and environmentally friendly industries, financial services, logistics, supporting industries, and high-tech agriculture.

Jointly hosted by the Vietnam Trade Office in Singapore and the Singapore Chinese Chamber of Commerce and Industry (SCCCI), the conference is an important activity within the framework of a SCCCI delegation’s working trip to Vietnam from March 6-10. The Singaporean group is here to explore investment opportunities, seek goods supply sources and promote industrial, trade, and service investment in localities in Vietnam.

Cao Xuan Thang, First Secretary in charge of the Vietnam Trade Office in Singapore introduced the potential and opportunities for Singapore’s investment in industry in Vietnam, trade between Singapore and Vietnam, as well as opportunities and benefits brought by free trade agreements of which both are members.

Singapore is now the third largest foreign investor in Binh Duong with 278 projects worth nearly 6 billion USD. The country ranks second among 140 countries and territories investing in Vietnam with total registered capital of 71.85 billion USD.

The SCCCI is a reputable organisation in Singapore, with about 5,000 member companies and over 160 members being trade associations, representing more than 40,000 companies, including large businesses operating in both the industrial and commercial sectors. SCCCI's activities have attracted the participation of many Singaporean enterprises.

Vietnamese beverage introduced at Mexico fair

Nam Viet Foods & Beverage JSC (VINUT) of Vietnam showcased its products at the 40th Expo ANTAD & Alimentaria in Mexico's Guadalajara city on March 7-9.

In addition to traditional products such as fruit juices with tropical flavours, VINUT also brought to the fair coconut and aloe vera juice - two products that are becoming more popular among consumers not only in Vietnam but also in many countries around the world.

Tran Thi Hien, VINUT Deputy General Director in charge of international market, said that the company's products are present in many Latin American countries such as Colombia, Chile, Puerto Rico, Panama and Honduras.

The company's shipment to this region accounts for about 15% of its total export revenue last year, she said, adding that it is expected to expand further in 2023.

Participating in the fair, her company has connected with many Mexican wholesalers and retailers as well as those of other countries in the region to explore the demand and tastes of each locality for better meeting the needs of customers.

It also offered the company an opportunity to go deeper into the Latin American market with a population of nearly 700 million, she went on.

According to Raul Caballero, a representative of the expo’s organising committee, Mexicans in particular and people in Latin America in general are increasingly interested in foods and beverages derived from nature because these products are not only good for health but also help reduce overweight in these countries.

Established in 2016, Vinut's products are now present in 200 countries around the world, including demanding markets such as the US, France, Canada, Germany, Japan and the Middle East. The company has offered more than 1,000 different types of products.

ANTAD & Alimentaria Mexico is the largest tradeshow in Mexico dedicated to the retail sector and one of the premier food and beverage exhibitions in the country. This year, the event attracted the participation of 1,200 companies from countries all over the world.

Work begins on fruit processing factory in Dak Lak

The construction of a fruit processing factory for export commenced on March 10 in the Central Highlands province of Dak Lak.

Invested by Chanh Thu Fruit Import-Export Group JSC, the 476 billion VND (over 20 million USD) factory is the biggest of its kind in Dak Lak.

Located in Ea Drong commune, Cu M’gar district, the project, which has a total annual capacity of 70,000 tonnes of materials, will be completed after 18 months.

It is expected to benefit farmers in Dak Lak in particular and in the Central Highlands in general, contributing to improving the value of farm produce in the region and playing an important role in increasing the value of Vietnamese agricultural products exported to other countries around the world.

The plant will focus on purchasing and packing fresh fruits such as durian, passion fruit, sweet potato, and banana for export to China, Japan, the US, and Australia; and producing and processing frozen fruits for export, especially durian.

It will also work on processing and developing deeply processed agricultural products to ship to global markets, and building a sustainable link chain with cooperatives and farmers.

Ngo Tuong Vy, General Director of Chanh Thu Fruit Import-Export Group JSC, said the investment aims to bring benefits to Vietnamese farmers, and improve the brand value of durian fruit in particular and Vietnamese fruit products in general in the world market.

Deputy PM pledges support for Japanese firm’s projects using modern technology

Deputy Prime Minister Tran Hong Ha pledged maximum support for Marubeni Corporation to shift its projects using new and modern technology to Vietnam, while receiving a leader of the Japanese firm in Hanoi on March 10.

Talking to Yoshiaki Yokota, Managing Executive Officer and Chief Executive Officer for Energy & Infrastructure Solution Group at Marubeni, Deputy PM Ha highly valued the corporation’s production projects and business results, especially in the field of energy, in Vietnam.

At the Asia Zero Emission Community (AZEC) Ministerial Meeting held in Tokyo in early March, participating countries, including Vietnam, agreed on a cooperation framework for sharing technology in efforts to achieve net zero emissions.

He stressed that the roadmap towards net zero emission is irreversible, adding Vietnam is shifting from fossil fuels to renewable energy.

Briefing his guest on his meetings with Japanese leaders during his participation in the AZEC Ministerial Meeting, Ha expressed his delight at the flourishing extensive strategic partnership between the two countries and affirmed that Japanese enterprises now have sufficient opportunities and favourable conditions to invest in Vietnam.

Vietnam has signed new-generation free trade agreements with major economies in the world. With the roadmaps towards net zero emissions and climate change response, foreign markets will set higher environmental standards for imports. Given this, the Vietnamese Government will issue policies strongly supporting the businesses that follow this trend via projects using new and modern technology, according to the Deputy PM.

As Marubeni is planning to shift its projects using new and modern technology to Vietnam, the Government, ministries, and sectors will give maximum support in line with legal regulations for the firm, he said, calling on it to continue making long-term investment, use new technology, and set up research and development centres in the country.

For his part, Yoshiaki Yokota said Marubeni has engaged in many energy, food, and beverage projects and exported a number of products to Vietnam.

Energy is the core business of Marubeni, he went on, noting that the corporation is implementing some gas-fired power and liquefied gas projects in Vietnam and wishes to contribute to the country’s roadmap on greenhouse gas emission reduction.

At the meeting, Marubeni Corporation, which has experience in operating the first offshore wind power project in Japan and many large solar power projects in the Middle East, also showed its interest in solar power and offshore wind projects in Vietnam.

Vietnam, US see huge potential for stronger cooperation

Vietnamese Deputy Minister of Industry and Trade Do Thang Hai received US Under Secretary of Commerce for International Trade Marisa Lago in Hanoi on March 10.

Lago is on a working trip to Vietnam as part of activities to mark the 10th anniversary of the Vietnam-US comprehensive partnership (2013-2023), helping to strength the bilateral relationship and deepen trade ties between the two nations.

At the meeting, Hai affirmed that the US is Vietnam's leading important partner, expressing his wish to further promote trade and investment ties between the two countries.

Last year, the Vietnam-US trade value exceeded 123 billion USD, up 11% year on year.

Hai attributed the outcome to the two governments’ strategic visions and competent agencies’ effective coordination and operation in order to encourage market opening, and tackle problems and obstacles in bilateral economic and trade relations.

The official took this occasion to express Vietnam's concerns regarding restrictions on its access to the US market and the increasing frequency of trade remedy cases against Vietnamese exports. He proposed the US Department of Commerce (DOC) discuss further with relevant US agencies to have an objective, fair and appropriate assessment that suits current production practices in Vietnam.

Hai also underscored potential for the nations to team up in energy transition, digital transformation, and the building of clean and sustainable supply chains.

The host and guest exchanged views on the bilateral cooperation within the framework of the Asia-Pacific Economic Cooperation (APEC) forum and in energy, and digital transformation; as well as in the process of discussing the Indo-Pacific Economic Framework for Prosperity (IPEF).

They emphasised the importance of promoting free, open and fair trade based on international law and sustainable and inclusive growth in the region, in which ASEAN member countries play a central role.

Highly appreciating Vietnam's participation in the regional economic integration process over the past time, Lago stated that the US will give priority to promoting cooperation frameworks to build an efficient and sustainable economic and investment ecosystem, thereby creating a new driving force for the region’s growth.

Fitch Ratings rates PV GAS with positive outlook

Fitch Ratings has rated Petrovietnam Gas Joint Stock Corporation (PV GAS) as a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB' with a positive outlook.

Thus the credit rating of PV GAS is equal to that of the parent company, the Vietnam Oil and Gas Group (Petrovietnam) and the national credit rating of Vietnam.

This result will help PV GAS improve its ability to raise capital in the international market, diversify sources of capital mobilisation for investment projects.

Fitch ratings assessed PV GAS’s Standalone Credit Profile (SCP) as ‘pp ’. The rating reflected a strong market position as the sole midstream gas distributor and the first liquefied natural gas (LNG) importer in the country, as well as diversified earnings from a regulated liquefied petroleum gas (LPG) business, where it holds a 70% market share.

Its position as the sole long-term gas supplier for a majority of its customers and long-term contracts with price protection provide a stable earnings source. PV GAS is well-positioned to benefit from Petrovietnam's plans for significant upstream expansion to increase gas production.

In 2022, total revenue of PV GAS reached over 100 trillion VND (4.22 billion USD), up 25% compared to 2021; profit after tax hit over 13.3 trillion VND, an increase of 51% year on year.

The company's ratio of net return on assets (ROA) exceeded 14% and its ratio of net return on equity (ROE) was over 22%.

Vietnam, RoK target 100 billion USD in two-way trade in 2023

Vietnam and the Republic of Korea (RoK) agreed to lift two-way trade to 100 billion USD right in 2023 and 150 billion USD by 2030 at the second economic cooperation dialogue at the deputy prime ministerial level in Hanoi on March 10.

The event was co-chaired by Vietnamese Deputy Prime Minister Le Minh Khai and his Korean counterpart Choo Kyung-ho.

The two sides discussed and reached consensus on cooperation contents in trade, energy and infrastructure, development cooperation, information-technology and investment, health care and labour.

They agreed to deal with difficulties faced by enterprises in each country and draw more Korean investments in Vietnam’s priority areas such as information technology and communications, LNG-fueled power, infrastructure, smart urban development, distribution and logistics.

The two sides vowed to enhance effective cooperation in official development assistance through efficient utilisation of non-refundable aid projects and the RoK’s ODA loans through the Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Facility (EDPF).

Khai asked Vietnam’s relevant agencies to work closely with the RoK’s counterparts to build an action plan and realise the outcomes of the dialogue.

Choo, for his part, said the RoK will continue working closely with Vietnam to step up exchanges on quarantine of farm produce, animal husbandry and expand coordination in health care.

The Korean Government will make the best of large-scale infrastructure projects for Vietnam's development and encourage Korean firms to take part in, he said.

Both sides need to reshuffle the global supply chain and perform sustainable support policies, and continue extending collaboration in raw materials, Choo said.

The RoK wants to partner with Vietnam and share its experience and understanding of advanced technology, information technology, and digital transformation, he said, adding that the RoK also wishes to build eco-friendly infrastructure in Vietnam and boost bilateral cooperation in clean energy, contributing to Vietnam’s carbon neutrality goal.

He hoped for Khai and the Vietnamese Government’s special support in administrative reform to draw more Korean enterprises.

At present, the RoK remains the top foreign investor in Vietnam with combined registered capital of 81.3 billion USD, comes second in development cooperation (3.75 billion USD), tourism and labour cooperation, and ranks third in trade cooperation with two-way trade value reaching 86.4 billion USD last year.

At the event, Vietnamese Deputy Minister of Finance Vo Thanh Hung and Vice Chairman of the Export-Import Bank of Korea Kim Tae-soo signed an agreement to finance the project on upgrading the Hoa Duyet - Thanh Luyen section of the Hanoi - Ho Chi Minh City railway route.

Deputy PM requests tackling obstacles in social housing development

Deputy Prime Minister Tran Hong Ha has requested promptly tackling obstacles in social housing development policies and mechanisms, with incentives in infrastructure, land and finance for developers engaged in the effort.

He made the request during a meeting in Hanoi on March 10 to discuss a project on building at least 1 million social housing apartments.

Ha stressed that the long-term goal of the project is to improve Vietnam’s ranking in ensuring citizens’ right to access housing.

In each stage, specific targets need to be set such as building dormitories for students, social housing for workers in industrial zones and for vulnerable groups, based on which, appropriate solutions, policies, allocation of resources could be proposed, he said.

The Deputy PM reiterated the need to conduct a full study and evaluation of housing needs among the public, especially low-income workers and vulnerable groups up to international practices. In particular, consideration should be given to the average income of workers and their affordability for social housing.

It is necessary to study a policy that enables workers with stable jobs and incomes to access loans for home purchase or rent at low-interest rates, Ha said.

When it comes to launching any project, it is a must to clarify responsibilities of the State and private sector, and have criteria for projects using public, public-private and private capital, he said, adding that social housing projects should be added to land, construction and urban development planning.

In his view, social housing purchase and rent policies need to be flexible in order to encourage workers to stay longer with their firms.

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