Public investment disbursement was estimated at 355.61 trillion VND (14 billion USD) in the first 10 months of this year, fulfilling 52.2% of the annual target, according to the Ministry of Finance (MoF).

Of this amount, 16.1 trillion VND was allocated to the national target programme, reaching 59.25% of the goal set by the Prime Minister.

Among the 63 centrally-managed cities and provinces, 41 have disbursement rates higher than the national average. However, out of 44 ministries and central agencies, only 15 surpassed this benchmark. Besides, 29 ministries, central agencies, and 22 localities report disbursement rates below the national average.

Notably, some major localities with substantial portions of the state budget investment plan for this year have low disbursement rates, significantly affecting the overall national progress. For example, Ho Chi Minh City, a key economic hub, was allocated 79.3 trillion VND in 2024 but had only disbursed an estimated 19.63% by the end of October. Hanoi, allocated 81 trillion VND, reached a disbursement rate of 44.62%.

The slow disbursement has been attributed to challenges related to mechanisms and policies, administrative procedures, and land clearance.

In some areas, delays in land-based revenue collection have impacted budget allocation as land auctions and capital recovery processes remain sluggish.

To accelerate disbursement in the final months of this year, the MoF urged ministries, agencies, and localities to intensify efforts in line with the Prime Minister’s directives and Official Dispatch 104/CD-TTg, issued on October 8.

For large-scale projects with complex technical requirements that span multiple regions, involve challenging terrain, and face material shortages, ministries, agencies, and localities were instructed to enhance inspection and coordination to ensure project effectiveness./.

Vietnam Report announces list of 500 largest enterprises

The list of the 500 largest enterprises in Vietnam (VNR500) was revealed by the Vietnam Report JSC and online newspaper VietNamNet in Hanoi on November 8. 

The ranking, now in its 18th year, offers a comprehensive look at the powerhouses driving the nation's economy and introduces Vietnamese brands to the global business community. 

Topping the list are industrial giants and state-owned enterprises, with Samsung Electronics Thai Nguyen Co. Ltd. taking the first spot. It is followed closely by the Vietnam Oil and Gas Group (Petrovietnam), the Vietnam National Petroleum Group (Petrolimex), and the Vingroup JSC. 

Other notable names include the Vietnam Bank for Agriculture and Rural Development (Agribank), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Viettel Military Industry and Telecoms Group (Viettel), Binh Son Refining and Petrochemical JSC, and Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin). 

The private sector also made a significant impact, with the top 10 private firms naming the Hoa Phat Group JSC, Vingroup JSC, Mobile World Investment Corporation, Masan Group, Doji Gold & Gems Group JSC, Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Vietnam Dairy Products JSC (Vinamilk), Truong Hai Group, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), and Vietnam Technological and Commercial Joint Stock Bank (Techcombank). 

Vu Dang Vinh, CEO of Vietnam Report, highlighted key trends from the 2024 list, noting that while industry and construction remain vital economic drivers, there was a slight 0.7% decrease in total revenue across these sectors. In contrast, the service and financial sectors experienced impressive annual growth rates of 13.7% and 23.1%, respectively. However, the agro-forestry-fisheries sector faced challenges, suffering a 7.8% drop in total revenue due to a lack of new orders in 2023./.

Ten-month retail sales of consumer goods, services up 8.5%

Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 8.5% to over 5,246 trillion VND (207.5 billion USD) during January – October, the General Statistics Office (GSO) reported.

Revenue from retail sales of goods was estimated at 4,048 trillion VND, accounting for 77.2% of the total and up 7.8% year-on-year. Sales of food and foodstuff rose by 10.7%, household appliances and tools 8%, garment 8.7%, vehicles (except cars) 7.5%, and cultural and educational products 6.6%.

Revenue from accommodation and catering services totaled 602.3 trillion VND, up 12.5% year-on-year, while tourism and travel services earned 50.3 trillion VND, rising 14.2%.

According to the GSO, Vietnam attracted nearly 1.42 million international visitors in October, up 27.6% year-on-year, and over 14.1 million in the first 10 months, up 41.3% year-on-year.

A rise in tourism revenue was seen in several localities during January-October, including Can Tho up 31.2%, Ho Chi Minh City 15.9%, Khanh Hoa 15.4%, Binh Dinh 11.9%, Hanoi 9.8% and Da Nang 6.1%.

The revenue from other services in the first ten months of 2024 was estimated at 545 trillion VND, accounting for 10.4% of the total and increasing by 9% over the same period last year./.

Workshop seeks ways to elevate Vietnam to global semiconductor supply chain

Vietnam is expected to become a reliable partner in the global semiconductor supply chain, heard a workshop in Hanoi on November 7.

The Southeast Asian nation has promoted cooperation with developed countries and economies worldwide in this field, Deputy Minister of Planning and Investment Nguyen Duc Tam told the workshop, jointly held by the Vietnam National Innovation Centre (NIC), the Embassy of the Netherlands, and the Semiconductor Equipment and Materials International (SEMI).

Stressing the importance of semiconductors to Vietnam’s sustainable economic development, the official said the country is well-positioned to embrace opportunities for collaboration with businesses and investors from around the world in the industry.

Participants looked into globalisation trends in semiconductor manufacturing as well as opportunities for Vietnam to join the global chain and its efforts in this.

Dutch Ambassador Kees van Baar said Vietnam is fully capable of leveraging its existing supporting industries to participate in this value chain more intensively and that the Netherlands is ready to partner with Vietnam to contribute to the global semiconductor sector.

The delegates shared the view that connectivity and partnership between domestic and international firms will be the key to enhancing competitiveness and spurring sustainable growth for Vietnamese companies as they join the value chain.

They emphasised that developing a high-quality workforce for the industry is a long-term effort requiring commitment and collaboration from multiple stakeholders, saying preparing a quality talent pool, including specialised engineers and skilled labourers who meet the unique demands of the sector, is essential./.

State budget collection from import-export activities soar 14.5%

State budget collection from import and export activities surged 14.5% year-on-year to nearly 346.3 trillion VND (13.7 million USD) in the first 10 months of 2024, reaching 92.3% of the annual target, the General Department of Vietnam Customs reported on November 7.

Accordingly, the total import and export value during this period hit nearly 648 billion USD, up 15.8% year-on-year.

While the overall trend is positive, the department highlighted increasing concerns over illegal cross-border activities, particularly on air routes. The smuggling of goods, currency, and gold has seen a rise, along with the illicit trade of fireworks and white sugar in central provinces and along the Vietnam-Laos border. The situation remains complex in border areas with China and Cambodia, where goods are frequently traded without proper documentation, especially food, cigarettes, and tobacco leaves.

Over the past ten months, the customs sector has intensified its efforts, detecting and handling 14,724 cases of customs law violations, with an estimated value of infringing goods reaching 26.286 billion VND. The authorities have prosecuted 24 cases and transferred 141 cases to other agencies for further investigation. Additionally, 745.68 billion VND has been collected and paid into the state budget./.

Tax sector fulfils nearly 95% of state budget collection target

The General Department of Taxation on November 7 reported that the total state budget collection of the sector in January – October was estimated at over 1.4 quadrillion VND (55.18 billion USD), or 94.8% of the annual projection and up 16.3% against the same time last year.

The tax collection performance showed robust results across domains, with 17 out of 20 categories exceeding 88% of the annual targets. Particularly, revenue from non-state economic sector completed the projection by 94.3%, while the proportion of personal income tax collection was 98.7%, fees and charges 98.5%, land and water surface rental fees 154.3%, and lottery revenue 99.3%, the department said.

It added that 38 out of 63 localities achieved over 88% of their collection target. Fifty-five documented year-on-year growth and only eight showed lower collection as compared to the same time of 2023.

With a view to accelerating economic recovery this year, the tax authority has carried out various tax relief measures totalling nearly 134 trillion VND over the ten-month span, with tax and land rent deferral worth over 70.8 trillion VND and tax and land rent exemption and reduction of some 63.15 trillion VND.

The collection from the e-commerce sector reached 94.6 trillion VND in the first ten months, marking a year-on-year increase of 17%.

The e-commerce tax portal registered 412 trading platforms, with over 191,000 businesses and individuals reporting transactions worth nearly 72 trillion VND.

Additionally, 116 foreign suppliers registered for tax payments through the tax sector’s online portal. As of the end of October, the total tax amount paid by the foreign suppliers through the portal was 8.2 trillion VND, rising 18.9% against the same period last year.

For the remainder of the year, the tax authority will harmoniously and drastically implement measures to strengthen tax collection, prevent revenue loss, promote administrative procedure reform, and enhance tax inspection and debt recovery./.

PM calls on Vietnamese, Chinese firms to enhance partnerships

Prime Minister Pham Minh Chinh attended a Vietnam - China business seminar in Chongqing city on November 8, saying bilateral cooperation potential remains huge and the two countries’ businesses should enhance partnerships in the spirit of harmonising interests and sharing risks.

The event took place as part of the Vietnamese leader’s trip to attend the 8th Greater Mekong Subregion (GMS) Summit and bilateral activities in China.

Participants in the seminar shared the view that the flourishing Vietnam - China relationship is an extremely important factor creating big opportunities for the two business communities. They also highlighted the crucial role of Vietnamese and Chinese firms in realising the common commitments and perceptions of the countries’ Party and State leaders.

In particular, the top Party and State leaders of the two countries agreed to elevate the comprehensive strategic cooperative partnership and build a Vietnam - China community with a shared future that carries strategic significance.

Notably, they agreed to bolster economic, trade, and investment cooperation so that it becomes a bright spot and an important pillar of bilateral relations.

For the last more than 10 years, bilateral trade has increased over four-fold, turning China into the largest exporter of goods to Vietnam and Vietnam into the top trading partner of China in ASEAN. Meanwhile, China’s investment has risen over seven-fold to rank 6th among 148 countries and territories investing in the Southeast Asian nation. In 2023, it took the lead in terms of the number of new investment projects in Vietnam.

In the sound relationship between the two countries, Chongqing has always been a locality with long-standing friendship and close-knit ties with Vietnam. Chongqing is a place that President Ho Chi Minh spent many years during his revolutionary life. It holds an important and special position as a leading economic, trade, cultural, educational, scientific, technological, and logistics hub in China's western region, a key pillar of the "Great Western Development" strategy and the "Belt and Road Initiative," and the starting point for the new overland and maritime transport corridors, as well as an important centre for the China-Europe Railway Express.

In recent years, friendship exchange and win-win cooperation between Chongqing and Vietnamese localities have been promoted. Trade turnover between the two sides reached 4.2 billion USD in the first nine months of this year. Vietnam has been the largest trade partner of Chongqing among ASEAN member countries for many years. In both 2023 and 2024, Chongqing’s leaders have visited and worked with localities and partners in Vietnam.

Participants held that there is plenty of room for Chongqing and Vietnamese localities to further bolster cooperation. Through PM Chinh’s working trip, together with the official confirmation of the establishment of the Vietnamese Consulate General in Chongqing, exchange and all-round cooperation between Chongqing, its neighbouring localities and Vietnamese localities are expected to reach a new height, becoming deeper, more substantial, and more effective, bringing significant benefits to businesses and people on both sides.

Addressing the event, PM Chinh highlighted the similarities and close bond between Vietnam and China in terms of nature, culture, and history.

The two countries, connected by mountains and rivers, have shared a long-standing history of relations and a friendship of being both "comrades and brothers," he stated.

Thanks to high-level visits by the leaders of the two Parties and countries, the Vietnam-China comprehensive strategic cooperative partnership has developed on a solid political foundation, shared cultural values, favourable legal frameworks, and an open market foundation, he said, adding that the two sides are working to build the Vietnam-China community with a shared future that carries strategic significance.

The Vietnamese Government leader said that with these foundations in place, it is crucial to further promote economic, trade, and investment cooperation in a more dynamic, robust, and effective manner.

As of October, China had nearly 5,000 valid investment projects in Vietnam, with a total registered capital of close to 30 billion USD. In the first nine months of this year, China continued to lead in the number of new investment projects, and ranked second in terms of total registered capital. Bilateral trade reached nearly 172 billion USD last year, and 190.9 billion USD in the January-September period, up 14.5% year-on-year.

However, Chinh noted that these results have yet to reflect the full potential of the strong relationship between the two countries and that there remain vast opportunities and untapped potential for cooperation. He took time to share with the business community Vietnam’s key factors, major directions, and strategies in socio-economic development, foreign policy, integration, national defence and security, cultural development, and social welfare to ensuring that businesses from both countries can feel secure in their cooperation and investment.

Vietnam identifies economic development as its central mission, and aims to build an independent and self-reliant economy while actively and deeply integrating into the international community in a substantive and effective manner, he said, adding that the country always works to ensure national defence and security, follows a defence policy of "four no’s," maintains political stability, and upholds public order and safety to create a secure environment for investors.

In addition, Vietnam is pushing forward three strategic breakthroughs of building a transparent institutional framework, developing strategic infrastructure, and training high-quality human resources; and making efforts to improve the business and investment environment by creating an open, transparent, equal, and healthy business climate, simplifying administrative procedures, reducing logistics costs, input costs, and compliance costs, and enhancing the competitiveness of products.

He highlighted the country's spirit of “harmonising benefits and sharing risks” between the State, businesses and people.

To date, Vietnam has set up diplomatic ties with nearly 200 countries, signed 17 free trade agreement with 65 leading markets in the world. Last year, Vietnam lured nearly 36.6 billion USD in foreign direct investment (FDI), a year-on-year increase of 32.1%. As much as 27.3 billion USD in FDI was funnelled into the nation in January – October this year, rising 2% against the same time in 2023 while 19.6 billion USD in the capital was disbursed, up 8.8% year-on-year, the PM stated.

He called on enterprises of both nations to strengthen investment and business cooperation and promote their bridging role to concretise the agreements reached by leaders of the two Parties and states for prosperity and happiness in each nation.

Regarding the firms’ recommendations, Chinh said the smart customs system has been carried out to simplify customs procedures while competent sides of the two countries have built policies to improve logistics infrastructure, provide financial support, foster technical cooperation, and develop emerging industries such as the digital economy, green economy, circular economy, as well as traceability for products, packaging, and product design.

At the event, seven Memoranda of Understanding were signed between Vietnamese and Chinese companies across various domains, including railway, battery storage production, and development of energy supporting industry./.

Vietnam’s firms, RoK’s 60Hertz join forces on IT-driven renewable energy solutions

Petrovietnam Renewable Energy Corporation (PV Power REC) have signed a cooperation agreement with PVA Energy Solutions and the Republic of Korea’s tech firm 60Hertz to enhance Vietnam’s renewable energy sector using advanced information technology (IT) and artificial intelligence (AI).

With this memorandum of understanding, the parties pledge to combine their expertise to advance a range of renewable energy projects.

These include developing customised energy monitoring and analysis systems, implementing forecasting technology for hourly renewable energy production, and exploring the potential of virtual power plants (VPP).

They also plan to create a registration and management system for renewable energy certificates, establish a carbon credit trading platform and offer consulting services to support the country’s renewable energy market.

PVA Energy Solutions, a major shareholder of PV Power REC, focuses on providing sustainable energy solutions and is committed to promoting these solutions in the region. Meanwhile, 60Hertz leverages its strengths in climate technology to develop services that address the climate crisis through IT and AI.

The Vietnamese government has issued a decree regulating the direct power purchase agreement (DPPA) mechanism, allowing large electricity consumers to buy electricity directly from renewable energy producers.

This mechanism enables large enterprises to sign contracts for direct electricity purchases from renewable energy generators, aiming to foster a competitive retail electricity market in Vietnam.

The DPPA not only enhances transparency and competition in the electricity market, but also supports Vietnam in achieving sustainable development goals and reducing carbon emissions.

PV Power REC, a subsidiary of the Vietnam Oil and Gas Power Corporation (PV Power), was established to realise the goals of gradually developing PV Power's renewable energy projects in the future, alongside existing gas-fired, coal-fired and hydropower plants.

PV Power REC engages in investment and operation activities for renewable energy projects, energy-saving services, and contributes to the energy transition process of PV Power, the Vietnam Oil and Gas Group (PVN), and the Vietnamese government.

60Hertz, a technology company from the RoK, specialises in providing IT solutions aimed at mitigating climate change, including projects to develop virtual power plants to optimise grid services./.

New regulations on mergers, consolidation of credit institutions proposed

The State Bank of Vietnam (SBV) has proposed new regulations on the mergers and consolidation of credit institutions, to ensure the safety and legitimate rights of customers and creditors.

Under a recently released draft circular, the SBV proposes that any merger and consolidation of credit institutions must meet several principles.

First, the merger and consolidation of credit institutions is required to comply with the agreements of related parties and ensure the normal operation of the credit institutions.

In addition, the legitimate rights and interests of customers and creditors must be assured during the merger and consolidation process, which must also comply with relevant legal provisions.

Information confidential before the approved merger and consolidation projects is required to ensure the stable operation of the credit institutions participating in the merger and consolidation. The merger and consolidation must also ensure the principles of prudence, honesty, accuracy and no misunderstanding of documents and records.

Under the merger and consolidation of credit institutions, the dissipation of assets in any form is strictly prohibited. The transfer and sale of assets during the merger and consolidation process must ensure publicity, transparency, compliance with the provisions of law and the agreements of the related parties, the safety of assets and not affect the rights of the credit institutions and related individuals.

According to the draft circular, the credit institutions participating in the merger and consolidation must not belong to the prohibited economic concentration cases, except for cases exempted from the prohibited economic concentration according to the Law on Competition. The institutions must also have merger and consolidation projects in accordance with regulations approved by the competent authority.

After the merger and consolidation, the merged and consolidated credit institutions must ensure compliance with the provisions of law on safety limits and ratios, capital contribution ratios, share ownership and banking operating conditions.

Last month, the market saw the consolidation of four credit institutions. Namely, the Construction Commercial Bank (CB) was transferred to the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), while the Ocean Commercial Bank (OceanBank) was transferred to the Military Joint Stock Commercial Bank (MB).

Some other commercial banks also have plans to merge weak banks in the near future.

According to the SBV, the compulsory transfer of struggling credit institutions is a crucial step in restructuring the banking system. This measure is closely tied to addressing bad debts, ensuring macro-economic stability and upholding national financial security, which is of a paramount concern to the Government./.

Upcoming startup forum to address green economy in Mekong Delta

Over 350 experts will gather this month in the Mekong Delta province of Dong Thap to discuss promoting green economic development in the region.

Scheduled to take place from November 15 to 16, the second Mekong Startup Forum will address critical challenges such as climate change, rising sea levels, and saltwater intrusion, which are profoundly affecting the area.

Experts have highlighted an important decision that businesses must confront: whether to adapt to the realities of climate change and innovate towards sustainable practices.

During the event, discussions will focus on mechanisms designed to enhance innovative capacities and effectively mobilise resources in support of this objective.

The concept of a green economy emphasises low carbon emissions and environmental conservation, seeking to promote economic growth in tandem with sustainability.

Tran Tri Quang, vice chairman of provincial People's Committee, said the forum will serve as a platform for identifying initiatives and solutions that can facilitate the advancement of a green economy.

The event is also expected to foster collaboration between the public and private sectors, encouraging partnerships both domestically and internationally.

Prior to the forum, a training session is being held on November 7-8 aimed to educate agricultural and tourism enterprises on strategies for green transformation and emission reduction.

The event is organised by the Ministry of Agriculture and Rural Development in collaboration with the provincial People’s Committee.

The first event, which was held two years ago in the province, attracted over 1,000 participants./.

State President’s Chile trip to boost bilateral trade ties

The upcoming official visit to Chile by President Luong Cuong is expected to open up new opportunities for trade relations between the two countries, especially as bilateral trade ties have made impressive progress in recent times.

According to the Ministry of Industry and Trade (MoIT), since the Vietnam-Chile Free Trade Agreement (VCFTA) officially came into effect in 2014, Vietnam has consistently maintained a trade surplus with Chile.

Notably, Vietnam's exports to Chile have increased fivefold over the last decade. Furthermore, businesses from the two countries have effectively capitalised on the opportunities brought by the FTA to tap into each other's markets.

Statistics from the General Department of Customs show that in 2023, amidst challenges in the global economy, two-way trade between Vietnam and Chile reached 1.57 billion USD. Of this, Vietnam's exports totaled 1.2 billion USD, while its imports amounted to 375.16 million USD.

Vietnam’s exports to Chile have continued to grow since the beginning of this year. In the first nine months of 2024, bilateral trade value hit 1.29 billion USD, with Vietnam exporting 1.04 billion USD worth of goods. Chile is currently the fourth largest trade partner of Vietnam in Latin America, following Brazil, Mexico, and Argentina.

Vietnam's key export products to Chile are phones and accessories; machinery, equipment, and other spare parts; textiles and garments; footwear; clinker and cement; rice; bags, wallets, suitcases, hats, umbrellas; and coffee. Among these, phones and accessories make up the largest share of Vietnam's exports to the Latin American country.

Meanwhile, Vietnam’s imports from Chile mainly consist of raw materials for producing export goods, such as copper, plantation wood, paper pulp, wine, fresh fruits, animal and vegetable oils, animal feed and ingredients, and scrap metal.

According to the European-American Market Department under the MoIT, in recent years, the MoIT and the Ministry of Foreign Affairs of Chile have alternately organised the Vietnam-Chile Free Trade Council (VCFTC)’s meetings.

The council serves as an effective mechanism to review the implementation of the VCFTA and promote bilateral cooperation in areas of economics, trade, investment, agriculture, education, healthcare, and science - technology.

The VCFTC’s fifth meeting was held in June this year in Hanoi under the co-chair of Deputy Minister of Industry and Trade Nguyen Hoang Long and Vice Minister for International Economic Relations of the Ministry of Foreign Affairs of Chile Claudia Sanhueza. It identified key issues that need to be implemented in the coming time to boost bilateral economic, trade, and investment cooperation.

Although the VCFTA only includes commitments on goods, it has provided a significant boost to the economic and trade relations between the two countries.

Experts said the trade pact allows Vietnamese products to enter the Chilean market with tariff preferences, facilitating their competition with products from other countries. Additionally, the CPTPP, which officially came into effect for Chile in February 2023, has brought about new opportunities for businesses from Vietnam and Chile to expand trade and investment cooperation in each other's markets.

Chile's membership in the Pacific Alliance makes it easier for Vietnamese businesses to access not only the Chilean market but also other member countries of the alliance such as Peru, Colombia, and Mexico.

With a population of over 19 million and high per capita income, Chile has significant consumption demand in South America. Vietnamese products are favoured by Chilean consumers, creating favourable conditions for Vietnamese businesses to export to this market.

To promote the export of Vietnamese goods to Chile, businesses are advised to focus on market survey to gain a thorough understanding of consumer demands and trends; as well as stay updated on Chile's economic, trade, and investment policies through state support agencies, such as the MoIT, the Vietnamese Embassy in Chile, and the Chilean Embassy in Vietnam.

Attention must be paid to trade promotion and connection activities, as well as building brands and marketing strategies through communication channels and international events, to seek cooperation opportunities with Chilean partners, experts said./.

Long An seeks deeper investment cooperation with Korean partners

The Mekong Delta province of Long An aims to foster cooperation with investors from the Republic of Korea (RoK) to develop logistics infrastructure projects, including warehouses, ports, and support services, along with technology transfer, especially advanced technologies for industrial production and sustainable development.

Huynh Van Son, Vice Chairman of the provincial People’s Committee, made the statement on November 8 while hosting a delegation from the Busan Chamber of Commerce and Industry led by Chairman Yang Jea Sang, who came to explore its investment environment.

He expressed his hope that the two sides would collaborate in training high-quality human resources, organising experience-sharing programmes, and providing technical support for local officials and businesses.

At the meeting, the two sides signed a Memorandum of Understanding on investment cooperation in Long An, agreeing to work together to strengthen their partnership and further enhance bilateral economic relations through trade, investment, and technology transfer.

Previously, Long An had signed cooperation agreements and MoUs with various RoK localities, including Jeollabuk-do province, Chungcheongnam-do province, and Yangsan city in Gyeongsangnam-do province.

The RoK currently ranks third among 41 countries and territories investing in Long An, with 216 projects worth over 1.1 billion USD in total. Its investments primarily focus on the textile industry, manufacturing of industrial products, agricultural product processing, real estate business, and factory leasing./.

Drastic actions taken to complete 95% public investment disbursement goal: Gov’t press conference

The Ministry of Planning and Investment is working with other ministries, sectors and localities to take drastic measures to complete this year's target of disbursing 95% of allocated public investment, its Deputy Minister Tran Quoc Phuong told the Government’s regular press conference on November 9.

The disbursement rate in the first 10 months of 2024 reached only over 52%, 4 percentage points lower than the same period last year and still far from the set goal.

Phuong said that efforts are being intensified to complete the allocation, implementation, and disbursement of public investment capital.

Ministries, agencies, and localities need to quickly concretise the adjustment of the 2024 investment plan, which has been allowed by the National Assembly Standing Committee and the Prime Minister, he stressed, urging them to promptly allocate and disburse the capital for tasks and projects as listed in Decision No. 1306/QĐ-TTg dated November 1, 2024.

Priority should be given to quickly address difficulties and obstacles, especially in land clearance and the supply of building materials, strengthen discipline, speed up administrative procedure reform, and expand the application of information technology, added the official.

Also at the press conference, Deputy Minister of Industry and Trade Nguyen Hoang Long said that if any e-commerce platforms do not register for operations in Vietnam, their apps and websites will be blocked in the country.

In response to the fact that some cross-border e-commerce platforms, such as Temu and Shein, are operating in Vietnam without proper licenses, Long said that the ministry has actively directed relevant units to address the issue, starting with discussions with the legal representatives of these platforms to require them to urgently register their operations with the ministry in accordance with Vietnamese law within this month, and publicise this information on their apps and websites./.

Tokyo workshop brings Vietnamese, Japanese firms together

Representatives of Japanese and Vietnamese businesses exchanged experience and sought cooperation opportunities at a workshop held in Tokyo on November 9 by the Foreign Trade University Alumni Association in Japan (FAJ).

Participating enterprises, including non-FAJ members, are operating in diverse spheres, including trade, human resources, real estate, and IT.

Keynote speakers, who are Japanese and Vietnamese managers and economic experts, shared insights into specific matters regarding tax, insurance capital, advertisement, multinational management, and Vietnam’s offshore industry amidst the rise of artificial intelligence (AI).

The workshop was the second event of its kind hosted by the association within its enterprise connectivity programme, aimed at enabling Vietnamese and Japanese companies to explore each other’s potential, paving the way for mutually beneficial collaboration, said FAJ Vice President Doan Thu Quynh.

Founded in 2014, the association’s mission extends beyond connecting FTU alumni to supporting the Vietnamese community in Japan, she said.

Present at the event, Kiyotaka Miyazaki, head of Suruga Bank’s Shinjuku branch, said the workshop offered a great chance for him to meet Vietnamese businesspeople in Japan, noting his belief that Vietnam-Japan economic ties will grow further in the time ahead./.

Ten-month retail sales of consumer goods, services up 8.5%

Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 8.5% to over 5,246 trillion VND (207.5 billion USD) during January – October, the General Statistics Office (GSO) reported.

Revenue from retail sales of goods was estimated at 4,048 trillion VND, accounting for 77.2% of the total and up 7.8% year-on-year. Sales of food and foodstuff rose by 10.7%, household appliances and tools 8%, garment 8.7%, vehicles (except cars) 7.5%, and cultural and educational products 6.6%.

Revenue from accommodation and catering services totaled 602.3 trillion VND, up 12.5% year-on-year, while tourism and travel services earned 50.3 trillion VND, rising 14.2%.

According to the GSO, Vietnam attracted nearly 1.42 million international visitors in October, up 27.6% year-on-year, and over 14.1 million in the first 10 months, up 41.3% year-on-year.

A rise in tourism revenue was seen in several localities during January-October, including Can Tho up 31.2%, Ho Chi Minh City 15.9%, Khanh Hoa 15.4%, Binh Dinh 11.9%, Hanoi 9.8% and Da Nang 6.1%.

The revenue from other services in the first ten months of 2024 was estimated at 545 trillion VND, accounting for 10.4% of the total and increasing by 9% over the same period last year./.

Vietnam, RoK cooperate to combat counterfeits, protect consumers

The Vietnam Directorate of Market Surveillance (DMS) has collaborated with the Korean Intellectual Property Office (KIPO) and Korean Intellectual Property Protection Agency (KOIPA) to host a workshop discussing counterfeits of those from the Republic of Korea (RoK)’s brands in Vietnam.

At the event held in Hanoi on November 7, representatives from ten Korean companies, namely Everpia, Samsung, aT, Amore, Cuckoo, CJ, Dorco, Lines, Hyundai, and Iconix, shared insights on brand violations in various markets, including Vietnam. They provided specific indicators and methods to distinguish genuine from counterfeit products for each brand, assisting authorities in identifying and intercepting these unauthorised replicas.

KIPO Director Jeong In-sik said that counterfeit goods not only undermine business operations but also endanger Vietnamese consumer health and safety. He noted that this issue extends beyond national borders, affecting the entire global supply chain.

DMS Director General Tran Huu Linh acknowledged the robust economic and trade relations between Vietnam and the RoK and noted that Korean products have never been as popular in Vietnam as they are today.

Praising the RoK’s initiative in organising this workshop to enhance the knowledge of functional agencies in differentiating genuine from counterfeit goods, he affirmed the DMS is committed to collaborating with other Vietnamese agencies and Korean businesses to detect and prevent counterfeit-related issues.

Earlier, on November 6, Linh held discussions with a delegation from KIPO and KOIPA to discuss the prevalence of counterfeit RoK products in Vietnam and measures to tackle it./.

VNA/VOV/VNS/VNN