The eighth SJC-brand gold auction took place on Tuesday morning, with nine winning bids, said the Sate Bank of Vietnam (SBV).

A total of 79 lots, equivalent to 7,900 taels of gold bullion were successfully auctioned. 

The central bank said that the highest and lowest winning bid price in this gold auction was  the same, VNĐ89.42 million per tael (US$3,512). 

On the domestic market, the SJC gold prices are quoted at VNĐ88.5 million per tael for sellers at 2.16pm, and VNĐ90.5 million per tael for buyers. 

As a result, the winning bid price was VNĐ920,000 per tael higher than market prices for sellers, but VNĐ1.08 million per tael lower than the market prices for buyers.

On May 20, the SBV announced it would auction a total volume of 16,800 taels of SJC gold bars. The reference price used to calculate the deposit value was set at VNĐ88.6 million per tael. And the lot size was 100 taels.

The minimum auction volume was specified as 5 lots, equivalent to 500 taels. The maximum auction volume allowed per member was 40 lots or 4,000 taels.

The central bank stated that the purpose of the gold bullion auction is to intervene in a timely manner, reducing the gap between domestic and global gold prices. This is aimed at ensuring the gold market operates in a stable, healthy, transparent and efficient manner, in line with the Prime Minister's directives.

The spot gold price on the international market is traded at $2,414.7 per ounce, equivalent to VNĐ70.6 million per tael, which is nearly VNĐ20 million lower than the domestic price. 

Since April 19, the SBV has organised eight auctions to sell SJC gold bars to increase the supply to the market. Out of these eight auctions, five were successful, with a total winning bid volume of 35,100 taels of gold. 

Groundwork laid for the dual transition

Vietnam’s strategic focus on attracting high-quality foreign investment is being demonstrated through its emphasis on green and digital transformation projects, supported by robust legal frameworks and a strong commitment to sustainability and technological innovation.

Danish-backed jewellery maker Pandora last week broke ground on a $150 million factory at VSIP III Industrial Park in the southern province of Binh Duong. Scheduled to begin operations in early 2026, the factory will produce 60 million pieces of jewellery annually, boosting the group’s production capacity by 50 per cent.

The factory will be powered entirely by renewable energy and built to LEED Gold standards, supporting Pandora’s goal to halve carbon emissions across its supply chain by 2030 and achieve net-zero emissions by 2040. The facility will create approximately 7,000 jobs, with recruitment starting in early 2025.

“We are ready to start a new chapter in Vietnam. The new facility is crucial to meet future demand and support our growth,” said Alexander Lacik, CEO and president of Pandora. He highlighted Vietnam’s long-standing craft tradition and Binh Duong’s robust industrial infrastructure and governmental support as key factors in their decision to develop here.

Adjacent to Pandora’s factory, Danish conglomerate Lego is also constructing its first carbon-neutral facility worldwide, with a total investment of $1.3 billion.

Vo Van Minh, Chairman of Binh Duong People’s Committee, stated, “The presence of both Lego and Pandora at VSIP III is a testament to the province’s successful economic transformation, making it an attractive destination for international investors.”

Jacob Jensen, Denmark’s Minister of Food, Agriculture, and Fisheries, also highlighted, “Vietnam has become an increasingly important market for Danish investors, thanks to its favourable business environment and commitment to achieving net-zero emissions by 2050.”

There are more major investment moves taking place in Vietnam. Last week, domestic tech giant VNG partnered with Nvidia to enhance its cloud computing capabilities, aligning with the US chipmaker’s strategy to expand its presence across Asia. This partnership was announced shortly after Nvidia CEO Jensen Huang’s visit to Asia, aimed at strengthening regional ties.

Haiphong People’s Committee and Ecovance Vietnam, a subsidiary of South Korea’s SK Group, last week broke ground on a high-tech biodegradable materials factory in Hai An district.

Park Won Cheol, CEO of SKC Group, stated, “This modern factory is designed for the global biodegradable materials market. It is rare for advanced technology developed by SKC to be applied in a factory outside South Korea.”

The venture, undertaken by Ecovance Vietnam, aims to produce biodegradable plastics and related materials. It marks SK Group’s first venture in Vietnam, highlighting their expertise in secondary batteries, semiconductor materials, and eco-friendly products.

On a locality level, Ho Chi Minh City is also making strides to attract high-quality foreign direct investment (FDI). Tran Phu Lu, director of Ho Chi Minh City Investment and Trade Promotion Centre, last week revealed at an investment promotion event that the new legal framework for Resolution No.98/2023/QH15 will leverage the city’s potential and create breakthroughs to resolve economic and social bottlenecks.

“The resolution includes pilot projects for transit-oriented development, build-operate-transfer contracts for expanding existing road projects, and expanding public-private partnerships in healthcare, cultural sports, and attracting strategic investors to key projects,” he said.

Currently, Ho Chi Minh City is prioritising digital and green transition, aiming for sustainable development with a focus on high technology, supporting industries, microelectronics, semiconductors, finance and banking, IT, and logistics. This approach is expected to pave the way for high-quality FDI attraction, similar to the successful investments seen in Binh Duong, Haiphong, and Bac Ninh province.

According to Prof. To Trung Thanh of the National Economics University, although the domestic private sector is large in number, with 97 per cent of enterprises being small or medium in size and primarily operating in commerce, services, wholesale, and retail, they are not strong enough to be the main economic pillar.

“In contrast, foreign-invested enterprises (FIEs), mostly large ones, focus on processing and manufacturing, accounting for over 70 per cent of total import-export turnover. This makes FDI one of the most important pillars of economic growth for Vietnam,” Thanh said.

On the other hand, he also acknowledged that Vietnam has not fully assessed whether additional incentives are needed to attract investment, including corporate income tax incentives and non-tax measures.

“The global minimum tax (GMT) is to impact over 120 FIEs in Vietnam currently enjoying tax exemptions and reductions with effective rates below 15 per cent,” he said. “ASEAN countries are urgently adapting to the GMT, and Singapore and Thailand have introduced policies to attract FDI. Vietnam should study these experiences, as tax incentives are no longer our competitive edge.”

Meanwhile, at last week’s event held by Vietnam Investment Review on Vietnam’s green-digital dual transition, speakers emphasised that foreign investors prioritise profitability, stability, predictability, clarity, and transparency in policies and regulatory frameworks. Ensuring these attributes is crucial for building trust and confidence among investors, they said (see quotes, and pages 5-7).

In addition, human resource upskilling and a stable legal framework are among the most critical factors for attracting and retaining foreign investment.

Livestock farms face up to mass relocation challenge

The relocation of tens of thousands of livestock facilities nationwide faces deadlock due to a lack of land and environmental impact issues.

Having been operating in Vietnam since 1996 with a huge network of husbandry farms, one Indonesian husbandry company is being forced to relocate many of them from residential areas built after the farms opened.

The 2020 Law on Livestock Production prohibits livestock production in cities, towns, and near living quarters, with the exception of raising ornamental animals and those in laboratories without polluting the environment. According to the law, that specific regulation comes into effect in 2025 and localities will be given five years to relocate livestock facilities that do not comply.

A representative of the company told VIR, “Our company has many outsourcing livestock farms in many provinces forced to remove out of residential areas. We are concerned about the feasibility of these relocations due to a lack of land, but the deadline is coming closer. Our companies and other livestock companies have worked with local state management agencies to ask for new locations to set up facilities, but there is no specific information.”

Many other livestock facilities across the country are being affected, particularly in Hoa Binh, Ha Nam, Quang Tri, and Dong Nai provinces, among others.

Last month, the state management agencies of Dong Nai began to review livestock facilities with environmental violations and facilities that failed to meet standards. According to the decision of its people’s committee in 2023, the province required the relocation of 2,100 breeding farms and to shut down approximately 900 breeding facilities before January 2025.

The reason for the drastic move is to remove livestock facilities from residential areas, which are causing untold amounts of environmental pollution. Land for the sector is further narrowed because the province wants to extend planning for industrial parks to draw in high-quality ventures.

The southern province of Dong Nai is a hub for some of the largest livestock companies in the country, such as C.P. Vietnam, CJ, Masan, and Hoa Phat. These groups manage farms under outsourcing and rental facilities.

Nguyen Tri Cong, chairman of the Dong Nai Livestock Association, said, “The relocation will face challenges because the province currently exhausted the land to remove these livestock facilities. The province also does not license new ones.”

Nguyen Xuan Duong, chairman of the Animal Husbandry Association of Vietnam, said, “Many domestic and foreign-invested livestock companies complained to the association about the delay of many localities in allocating power sources and land for this relocation. The policy was promulgated five years ago, so it has been enough time for localities to prepare. However, many of them are still ignoring this problem.”

Along with the problem relating to land, the companies are also concerned about the approval of environmental impact assessment reports, which needs the involvement of the Ministry of Natural Resources and Environment, Duong added.

“The legal framework is complete but enterprises still suffer difficulties in approaching the authorities to get the licence and they need the support from authorities to clarify the criteria framework,” he said.

A representative from a Vietnamese poultry production company which has facilities in the southern provinces of Binh Duong and Tien Giang said, “We expect that the authorities will guide companies in detail during the process to get the new construction and environmental licences for the new farms to assist the companies’ production and breeding plans.”

Another major problem is that new roads will have to be developed for many of these relocations. “The relocated breeding facilities will likely be far from residential areas and far from main highways, with the result that the transportation will be more difficult and cost more if the road system is incomplete,” he said.

The Ministry of Agriculture and Rural Development has built a draft resolution to support households in the relocation of farms, but it has yet to be approved.

Work hour cut on agenda once more

Many foreign-invested enterprises may reduce of salaries for workers if a proposal to reduce working hours is approved, with a debate on how to improve labour productivity being sparked once again.

Over the past weeks, the Vietnam General Confederation of Labour’s (VGCL) recommendation to reduce standard working hours from 48 to 40 hours per week have been under debate. Several foreign-invested enterprises are expressing their concern about the potential negative impact of the proposal on companies.

According to Nguyen Phuoc Dai, chairman of the Trade Union of Japanese sewing manufacturer Juki Vietnam in Tan Thuan Export Processing Zone in Ho Chi Minh City, although some workers would be pleased to have their working hours reduced, the current time is inappropriate to implement this.

Businesses have already faced numerous difficulties due to the pandemic and economic downturn in recent years.

“Juki has been experiencing a prolonged shortage of orders from August 2023 to February 2024, with no signs of improvement. As a result, the factory is only operating for 12 working days per month, leading to a decrease in workers’ income. Given the current circumstances, it is understandable that the labourers are hoping for a salary increase rather than a reduction in working hours,” Dai said.

According to Truong Thi Linh, head of human resources at South Korean apparel company Wooyang Vina II in Ho Chi Minh City, the basic salary of workers is currently based on an eight-hour working day, equivalent to 48 hours per week. However, this salary level is relatively low as most businesses only pay equal to or slightly higher than the minimum wage in the region, while overtime pay and additional allowances account for a significant portion of the total income.

“If the working hours are reduced to 40 or 44 hours per week, the company will likely have to decrease the salary,” Linh said. “Assuming the working hours are reduced to 44 hours per week, each worker will have a reduction of two working days per month, along with the minimum annual leave of one day per month. To maintain the same salary as before the reduction in working hours, the workload of these three days must be evenly distributed among the remaining days, creating significant pressure for the workers.”

A representative of a South Korean shoemaker with more than 35,000 workers in the southern province of Dong Nai told VIR, “There will be no optimal policy for both employers and workers, and it is also understandable when having different opinions about a new policy proposal. The important thing is that the two parties need to try to harmonise to benefit each other.”

“For example, when workers want to improve their income, and simultaneously have more time to take care of their health and their family, they are forced to hone their skills and improve capacity and productivity. If the workers’ productivity is still maintained, while the working hours are reduced, it is certain that the burden will be put on the businesses. In reality, Vietnamese workers’ productivity is lower than that in the region,” he said.

According to a survey by the International Labour Organization across 154 countries and territories, Vietnam belongs to the group of countries with the highest average working time and number of hours worked per year worldwide, equivalent to 48 hours per week.

However, an average worker in Vietnam made products worth $6.40 per hour in 2020, compared to $9.70 in the Philippines and $12 in Indonesia, according to a recent report by the Asian Productivity Organization published in February.

The World Bank has said that although Vietnam has been among the world’s fastest-growing economies in the last 30 years with an average growth of 5.3 per cent annually between 1990 and 2021, higher than any country in Asia except China, it needs to increase productivity growth to maintain this record.

Although many businesses consider reducing working hours as unfeasible at the current time, there are pioneering companies that have successfully implemented this approach.

Fujiimpulse Vietnam, a Japanese company that manufactures vacuum-sealing machines based in Linh Trung I Export Processing Zone in Ho Chi Minh City, has allowed workers to take one or two Saturdays off per month. On the weeks they work on Saturdays, employees can leave one hour earlier, equivalent to working seven hours on that day. On average, workers at Fujiimpulse Vietnam only work between 43.5 and 45 hours per week.

Dang Van Nhon, chairman of the Trade Union at Fujiimpulse Vietnam, said, “In addition to arranging reasonable rest time, the company also organises one to two trips per year for employees. Workers can maintain their health and have a relaxed mindset with this working arrangement.”

In terms of overtime, Vietnam is at the global average, but violation of overtime regulations is common. On the other hand, the number of annual leave days in Vietnam is among the lowest in the world, with approximately 12 days, and the number of public holidays and Lunar New Year holidays is relatively low compared to other countries.

According to Ho Kim Ngan, deputy head of Labour Relations at the VGCL, reducing working hours is necessary, but it is also important to adjust the salary accordingly.

“Even if workers only work eight hours per day as regulated, they should still be able to earn enough income to meet their needs without having to sell their labour excessively,” Ngan said.

The average per capita income in Vietnam has reached $4,500 per year. China previously implemented a reduction in working hours to less than 48 hours when the average per capita income was around $2,300, but labour productivity did not decrease, and instead continued to improve.

Harsher actions demanded for insurance evasion

Stricter penalties are being called for when employers delay or evade mandatory insurance payments, damaging the rights and benefits of workers.

Innolux Footwear, a European-owned manufacturer in Vietnam, was detected evading total mandatory insurance contributions worth over VND7 billion ($292,000) between March 2022 and March 2024.

According to the Vietnam Social Security office in the south-central province of Binh Thuan, the company was established in July 2021. During the operation process, the company only completed the mandatory insurance responsibility for workers as of February 2022.

The authorities urged the company to pay the insurance and applied a fine of $6,200 due to the delay. However, Innolux Footwear merely paid the fine and continued to neglect fulfilling its insurance obligations.

On March 1, the company suddenly ceased activity at its ground facility and removed all machinery and equipment from the registered working site, disappearing without trace. As a result, nearly 700 workers have yet to close their social insurance book.

According to the regulations, the total time for closing the social insurance book should not exceed 14 days, meaning that their rights and benefits have been neglected.

According to a report from the Ministry of Labour, Invalids and Social Affairs, by the end of October 2023, the total amount of late-paid and evaded social insurance and unemployment insurance premiums was roughly $565 million, a considerable increase from the average amount of about $400 million per year during 2016-2022.

Fines for foreign-invested enterprises (FIEs) failing to pay social insurance premiums have been specified in Decree No.28/2020/ND-CP released in 2020 on providing penalties for admin violations in labour, social insurance, and overseas manpower supply under contract.

In the case of failing to pay compulsory social insurance premiums on schedule, insufficiently but unintentionally, and completely, violating FIEs may be fined 12-15 per cent of the total amount of the compulsory social insurance.

If an FIE fails to pay compulsory social insurance but not to the extent of criminal prosecution, the violating enterprise may be fined 18-20 per cent of the total social insurance payment. If companies are evading these contributions but not to the extent of criminal prosecution, the violating FIE can be fined up to $3,200.

Ngo Duy Hieu, vice chairman of the Vietnam General Confederation of Labour (VGCL) said that although the legal system has identified a legal corridor to resolve the delay or evasion in paying social insurance payments, there are still many inadequacies and inconsistencies.

“For example, during administrative penalty proceedings, social insurance agencies can only determine whether payments were missed, insufficient, or incorrectly calculated according to regulations - without sufficient tools or methods to conclusively identify evasion,” Hieu said. “Thus, the implementation faces barriers, causing the increase in mandatory insurance debt with complex variables.”

This leaves employees not wanting to devote themselves to and work for companies for a long time, thus affecting labour productivity and competitiveness.

“It is also one of the reasons for disputes and conflicts between employees and employers, leading to spontaneous and collective strikes that cause social instability,” Hieu added.

The VGCL recommends the Ministry of Public Security considering and beginning legal proceedings on several cases related to social, health, and unemployment insurance to create deterrence, while guiding trade unions at all levels in how to begin legal proceedings against legal violations regarding insurance payment obligations.

Businesses advised to focus on brand protection in online export

As more and more Vietnamese businesses are using international e-commerce platforms such as Amazon, eBay and Alibaba to expand market, experts have advised domestic firms to pay greater attention to the protection of trademark in the cyberspace, especially during online exporting activities.

A representative from the E-Commerce and Digital Economy under the Ministry of Industry and Trade (MoIT) said that due to inadequate attention to intellectual property protection, many famous Vietnamese brands have been abused by foreign businesses, or registered by competitors in foreign markets, with Vinataba cigarette, Trung Nguyen coffee and Nang Huong rice just a few examples.

According to Amazon Global Selling Vietnam, Vietnamese sellers’ awareness of the importance of building and protecting brands and protecting intellectual property rights has been gradually improving. In the past three years, the number of Vietnamese firms registered their brands on Amazon’s Brand Registry has increased seven times and the time it takes for Vietnamese sales partners to move from the stage of registering a sales account to registering a brand has been shortened by an average of 85%.

Some Vietnamese sellers on Amazon have paid attention to registering their trademarks in the US, including Longevity Sea Grapes, a Vietnamese sea grape brand, and Nam Huy dried fruits.

Experts held that in order to protect their brands on international e-commerce platforms, it is important for Vietnamese firms to clearly understand the regulations and procedures for registering for brand protection in each country and on each platform.

The Department of E-Commerce and Digital Economy’s representative held that Vietnamese businesses that want to export online via the Amazon platform should make plans early to register for trademark protection. He added that the department has implemented the Go Export programme which assists domestic firms in trademark registration and protection as well as dispute settlement in the international market.

The representative advised businesses that intend to operate professionally on Amazon to register for the Amazon Brand Registry, which provides businesses with tools to protect their brands from fake commodities and copyright infringement as well as support in reporting and settling violations.

Trade experts underlined that the protection of trademark during online exporting activities through e-commerce platforms is not only a strategic step to protect the rights and image of Vietnamese firms but also an effective way to expand markets and increase revenue. They advised Vietnamese businesses to grasp the chance to protect their product and enhance their competitiveness as well as their reputation in major markets./.

Creative, flexible solutions significant to complete financial-budget tasks

The completion of financial-budget tasks requires strong, creative and flexible efforts as well as high determination not only from the financial sector but all sectors, localities and especially people and businesses, stated Minister of Finance Ho Duc Phoc.

The minister noted that in the first four months of this year, State budget revenue was estimated at VND733.4 trillion (US$28.81 billion), equivalent to 43.1% of the yearly projection, up 10.1% year on year. The results showed the health of the economy and businesses, he said.

Although each year, the amount of tax reduction and land rent exemption for people and businesses is about VND200 trillion, State budget collection has still on good progress, he said.

The official affirmed that over the years, the financial sector has rolled out many measures to complete the State budge collection task, including applying e-invoice, building tax data centre and developing a trans-border online portal.

Besides, the financial sector has collected tax for business activities and real estate transfers, while guiding people and businesses to correctly declare real estate transfer prices, thus improving State management efficiency and ensuring budget revenue.

These solutions have not only supported businesses and people but also collected potential revenues that had not been collected for a long time, ensuring resources for infrastructure construction and socio-economic development, said Phoc.

The minister said that in the past haft of the tenure, the country has overcome many headwinds and challenges and is ready to enter a new stage of development. The result has important contributions from budget management and fiscal policy implementation, he said.

Expansionary fiscal policy has been implemented through exemption, reduction, and extension of taxes, fees, charges, land rent, and land use fees to support people and businesses, with a total amount of about VND700 trillion.

In the time to come, amid lingering difficulties and challenges, the Government has proposed the National Assembly to continue implementing the 2% reduction of added value tax on particular groups of goods and products subjected to 10% VAT in the second half of this year, he said.

The MoF has asked for the Prime Minister’s permission to build a decree on the extension of deadlines for value-added tax payment, corporate income tax, personal income tax, and land rent in 2024, and another on the extension of the deadline for paying special consumption tax on domestically produced or assembled cars according to shortened procedures and procedures, so that the policy can soon come into life.

Many international organisations predicted that Vietnam’s economic growth will reach 5-6%, lower than the target set by the National Assembly, he said, holding that along with tax and fee solutions, it is necessary to synthesise and synchronise solutions, from improving the business investment environment to simplifying procedures, as well as providing support in capital, interest rates and difficulties removal. Particularly, it is crucial to speed up public investment and promote real estate market development, production and business activities and exports.

The ministry stressed the crucial need for tax support to “nurture” income sources and promote economic strengths of the people and business, along with the completion of the legal policy to smooth resources and remove difficulties in capital and market for the growth of businesses.

Binh Duong to develop 220-ha info-tech park

The southern province of Binh Duong has unveiled a plan to construct a 220-hectare information technology park to attract investments from high-value industries.

According to Becamex IDC, which is in charge of preparing the project, the information technology park would be home to local and foreign investors active in information technology, electronics and green industries.

The park will prioritize sectors such as software development, integration of telecom and information technology services, research and development (R&D), and training and development of IT workers.

Pursuant to the draft plan of Binh Duong Province for the 2021-2030 period, with a vision extending to 2050, the province will focus on three growth pillars for socio-economic development: industry, services, and eco-smart city development.

Promoting Vietnamese pharmaceutical industry

The Vietnamese pharmaceutical industry is seeing great advantages.

People's spending on health was increasingly high giving pharmaceutical enterprises great potential for development, said Associate Professor, PhD. Lê Văn Truyền, former Deputy Minister of Health.

Speaking to Sức khoẻ & Đời sống (Health & Life) online newspaper, Tạ Mạnh Hùng, Deputy Director of the Drug Administration of Việt Nam (DAV) under the Ministry of Health (MoH), said that previously a Vietnamese person only spent less than US$5 each year to buy medicine but now this number increased to $70 per person per year.

According to the Việt Nam Pharmaceutical Companies Association (VNPCA), the growth rate of drug production by domestic enterprises has increased quite rapidly.

The value of domestic drug production only reached 17 per cent of the total value of people's medicine costs in the 2001-2011 period, and increased to 46 per cent in the 2015-2021 period.

A DAV report also shows that the total value of the Vietnamese pharmaceutical market grew from $2.7 billion in 2015 to $7 billion in 2022 and is forecast to reach more than $10 billion by 2026.

Although Việt Nam has developed a large number of pharmaceutical companies, domestic manufacturing enterprises do not yet play a leading role in the pharmaceutical market.

Domestically-produced drugs account for less than 50 per cent of the total value of drugs consumed.

The scale of pharmaceutical manufacturing enterprises is not large with fewer products and low science and technology. Plus nearly 90 per cent of raw materials for drug production are imported.

The reason is that consumers' psychology of using pharmaceuticals still has preference for foreign products. In addition, Việt Nam currently has not been able to produce specialised drugs.

Hùng said to realise the goal of developing the pharmaceutical industry in Việt Nam, continued improvements needed to be made to institutions and laws on drug production, business, import-export, supply and distribution.

In particular, there needed to be a special preferential policy for research and technology transfer to produce invented drugs, vaccines, and biological products, he added.

In addition, it was necessary to implement solutions to improve the capacity to manage and control the market of drugs and medicinal ingredients, especially testing vaccines and biological products, he said.

The DAV representative also recommended promoting research and international relations to develop special treatment drugs.

There should be a specific orientation and roadmap to standardise training of pharmaceutical human resources. 

More leading retailers seek Vietnamese suppliers at International Sourcing 2024

More leading distributors and retailers around the world have registered to take part in the upcoming Vietnam International Sourcing 2024 which will run in Ho Chi Minh City from June 6 to 8 to look for Vietnamese suppliers, according to the European - American Market Department under the Ministry of Industry and Trade.
 
The department revealed that MINISO, China's leading retail chain brand, has confirmed that it will join Vietnam International Sourcing 2024 for the first time, expecting to connect with local manufacturers and suppliers in several fields, including household appliances, cosmetics, food, toys, furniture, and handicraft making.

A brand representative of MINISO said that it will send a high-level delegation to Vietnam to seek partners and sign contracts with Vietnamese businesses as a means of purchasing large quantities of consumer products.

Furthermore, a delegation of northern European businesses have also confirm their participation in the function, to seek Vietnamese businesses in the field of food products, including rice, chewy dry noodles for stir-frying, canned pineapple, as well as suppliers specialising in the production of acacia wood, oak wood, and other types of wood.

Moreover, AEON, Japan’s leading distributor, will send purchasing delegations from five countries to the event,hoping to meet potential suppliers in the fields of food products, seafood, fruit and vegetables, and beverages for their supermarket chain.

According to the European-American Market Department, Vietnam International Sourcing 2024 has doubled its scale compared to the 2023 edition, with 500 local and foreign firms showcasing their products on an area of 10,000 square metres.

On display at the event will be a range of products such as food, garments and textiles, shoes, backpacks, bags, sporting and outdoor goods, household appliances, and furniture.

A number of seminars and trade exchanges will be held throughout the event, featuring the participation of the world’s leading corporations such as Aeon ad Uniqlo from Japan; Walmart, Amazon, and Safeway from the United States; Chile’s Falabella; Carrefour and Decathlon of France; Thailand’s Central Group; Mexico’s Coppel; Sweden’s IKEA; and LuLu of the United Arab Emirates (UAE).

Vietnam hosts 33rd Meeting of the ASEAN Customs Directors-General

As many as 100 delegates from 10 ASEAN member countries are expected to attend the 33rd ASEAN Customs Directors General Conference in Phu Quoc island city of southern Kien Giang province, from June 4 to 6, heard a press conference in Hanoi on May 21.

Delegates are anticipated to reach a consensus on programmes and solutions to implement and fulfill the goals identified in the ASEAN Customs Development Strategic Plans for the 2021 - 2025 period, said Nguyen Thi Viet Nga, deputy director of the International Cooperation Department under the General Department of Vietnam Customs.

In particular, priority will be given to the exchange of electronic documents through the ASEAN Single Window, the implementation of the ASEAN Customs Transit System (ACTS), and a roadmap for the implementation of Mutual Recognition Agreement on Priority Enterprises in the ASEAN bloc, added Nga.

According to the official, the event is expected to provide an ideal platform for ASEAN Customs to enhance dialogue and consultation with ASEAN dialogue partners to achieve goals in line with the economic development situation moving into the new period.

These goals include green customs, the development of a customs data ecosystem, customs modernisation, electronic data exchange, customs management for e-commerce, and the simplification of procedures for low value shipments.

Since Vietnam joined ASEAN in 1995, Vietnam Customs has successfully hosted three ASEAN Customs Directors General Conferences in 1995, 2004, and 2014.

Decrees to facilitate enforcement of laws on housing, real estate

Deputy Prime Minister Tran Hong Ha chaired a hybrid conference on May 21 to discuss some draft decrees on the enforcement of the 2023 Law on Housing and 2023 Law on Real Estate Business.

Ha asked the Ministry of Construction (MoC), which drafts the decrees, to clarify the new contents and policies in the two laws while continuing to collect opinions from localities, associations and enterprises to thoroughly deal with difficulties and obstacles in reality to ensure the smooth implementation once the decrees are issued.

The MoC was also demanded to work with the Ministry of Finance, the Ministry of Natural Resources and Environment, the Ministry of Planning and Investment, the Ministry of National Defence, the Ministry of Public Security, and the State Bank of Vietnam to work out a plan on settling debatable issues to guarantee the decrees’ consistency with related laws.

The issuance of some decrees detailing some articles of the laws on housing and real estate business aims to provide a legal basis for enforcement.

These decrees will replace several existing ones so as to address certain shortcomings and problems in reality, push ahead with improving the investment and business climate and streamlining administrative procedures, and ensure the legal system’s consistency.

They are also set to guarantee power decentralisation and enhance local administrations’ sense of responsibility towards housing development and management.

At the meeting, participants discussed the regulations on foreign organisations and individuals’ housing ownership, the foundation for making provincial-level housing programmes and plans, and the consistency of the rules on preparations for housing investment projects with the legal regulations on land and investment, among others.

Adopted by the National Assembly in November 2023, the Law on Housing and Law on Real Estate Business are schedule to take effect on January 1, 2025./.

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