The Government targets to raise urban areas' GDP to 75 percent and 85 percent of the national's GDP by 2025 and 2030, respectively, according to its latest resolution.

The Government also planned to raise the national urbanization rate to over 50 percent and the number of urban areas to 1,000-1,200 by the end of this decade.

By the end of 2020, Viet Nam had 862 urban areas, distributed evenly throughout the country. The rate of urbanisation has increased from 30.5 per cent in 2010 to nearly 40 per cent in 2020.

Urban space has been expanded. Technical infrastructure and socio-economic infrastructure have been invested in an increasingly synchronous and efficient direction. The quality of life of urban residents has been gradually improved.

However, the process of urbanisation as well as planning, construction, management and urban development still have shortcomings. The urbanisation rate is still lower than the target set out in the Socio-Economic Development Strategy in 2011-20 and far from the average rate of the region and the world.

Million-dong fresh pine trees from Europe for Christmas decoration demand

Since the beginning of November, many flower shops have run programs for Christmas celebrations, introducing fresh pine trees imported from Europe.

Fresh pine tree price depends on its height. It costs about VND3.3 million for small trees from 1m to 1.25m high, VND7.3 million for those from 2m to 2.25m, and VND9.5 million for those from 2.5m to 3m.

Some over-3m-high pine trees cost up to tens of millions of Vietnamese dong. Most customers prefer fresh pine trees with a height of about 1.5m due to their compact size, which is easy to decorate. Besides pine trees, customers have to buy additional stands at VND750,000-VND950,000 per item and a set of ornaments.

In recent years, fresh pine trees have become hot items at Christmas because they bring a special fragrance and a cozy atmosphere, besides their durability of 6-8 weeks.

High logistics costs erode competitiveness of Vietnam businesses

High logistics costs have made the Vietnamese economy less competitive.

According to Le Quang Trung, vice chairman of the Vietnam Logistics Business Association, import-export businesses are grappling with increasingly high logistics and transport costs.

The cargo shipping time has increased 1.5-2 times against early 2020. It currently takes 45-60 days to ship cargo to the U.S., up from the previous 30-35 days.

Trung noted that shipping costs, with fuels accounting for 60-65%, make up a majority of the logistics cost. Therefore, the fuel price hike will lead to a strong increase in logistics costs in Vietnam.

Shipping costs have shown no signs of falling due to rising warehousing and property costs.

To reduce logistics costs, many representatives proposed the traffic system be improved to ensure synchronization and continuity, among which railways and waterways should play a key role. In addition, transport and transit points should be connected to facilitate the operation of logistics companies in Hanoi and HCMC.

Laminated wood producers on the line amid falling new orders

The lack of new orders has left laminated wood producers with no choice but to stand idle for months, waiting for market recovery.

Do Van Hai, director of Hai Oanh Forest Production and Import-Export Trading Company Ltd., reveals that his firm was busy with orders in 2020 and 2021, during which wooden furniture was in high demand.

New orders began to fall in 2022 as his buyers – furniture makers in HCM City and Binh Duong Province – saw a sharp decline in their exports, resulting in weak demand for laminated wood.

Digging into the situation, the director attributes the export shrinkage to the high inflation and economic recession in importing countries, which have caused a shift in consumer spending to essential items.

He said his company, so far, has VND20 billion of working capital tied up in inventory, equivalent to 1,400cu.m of laminated wood. At the end of Q1, it had to cut staff by 80 per cent

The situation is no better for Moc Quyet Thang Company Ltd., which is struggling with loads of unsold inventory.

Nguyen Hoang Ly, director of the company, said the market has been gloomy for nearly a year and many producers have had to cease production on account of falling new orders.

She also said new orders have dropped by 50 per cent so far, putting her company on the line financially.

Luu Phung Linh Tien, director of Tan Thanh Phu Service and Manufacturing Trading Company Ltd., said her company has 800cu.m of unsold laminated wood to date.

It had to make 80 per cent of its staff redundant and close its sawmill in October in the face of falling orders. Now, only a few workers remain in the company to undertake the task of sawing wood.

Many producers have attempted to lower prices to boost sales but to no avail. Laminated wood finds no new buyers even though it sells at around VND8 million per cubic metre, against its market price of VND12 million per cubic metre in 2021.

Director Hai estimated that it would take up to eight months for his company to clear its unsold inventory, provided the market gets better in the short term. Otherwise, its bankruptcy is in prospect.

He also revealed that some producers in Thanh Hoa Province have begun to feel the pinch and reluctantly put their factories up for sale to cut losses.

While laminated wood prices are falling, wood chip prices are moving in the opposite direction.

However, the idea of shifting their focus to wood chips seems unappealing to laminated wood producers as they are uncertain of whether wood chips will keep growing in the next few years and whether it is too late to change their course.

For the time being, most producers are opting for 'hibernation' to bide their time. How long the hibernation will last depends on the specific financial situation of each producer. 

Packaging industry to grow at 12.3%

The packaging industry is expected to grow at 12.3% a year until next year, according to the Vietnam Packaging Association.

The growth is driven by the growth in F&B, consumer goods, exports, and e-commerce.

The Vietnamese market offers huge opportunities to foreign investors, according to Khieu Duy Hai, director of market research and consulting of FiinGroup.

The industry posted average growth of 11% a year in 2017-21, and achieved revenues of 13.2 billion USD last year, he told a recent seminar in Ho Chi Minh City.

The industry has four segments -- plastic, paper, corrugated, and glass packaging - with plastic holding the largest share, according to Hai.

Knowing the long-term growth potential of the Vietnamese market, many foreign investors have been entering the market and expanding via mergers and acquisitions.

Green packaging has huge growth potential due to the EPR (extended producer responsibility) scheme that encourages packaging producers to manage collection, sorting and recycling of the packaging they send into the market, the Environment Protection Law and CSR commitments by producers.

Nguyen Ngoc Minh Thy, deputy chairman of the Vietnam Packaging Association, said the industry was making efforts to accelerate digital transformation and automation of manufacturing to improve its efficiency and product quality.

It was also catching up with key trends in global packaging materials and designs, with a focus on green and sustainable development, they said.

Vietnamese firms making relatively good use of EVFTA: survey

Vietnamese enterprises are making relatively good use of the EU-Vietnam Free Trade Agreement (EVFTA), a recent survey revealed.

The survey of enterprises’ awareness of the EVFTA was conducted by the Centre for WTO and International Trade under the Vietnam Chamber of Commerce and Industry (VCCI).

It found that nearly 94% of enterprises in Vietnam had heard or knew about the EVFTA at different levels, which is the highest rate among the FTAs signed by the country at present. Three out of 10 businesses have relatively good knowledge and one in 10 have very good knowledge of the commitments related to business activities under the EVFTA.

Nguyen Thi Thu Trang, director of the WTO and International Trade Centre, said the benefits provided from the deal should be big enough to attract attention from local enterprises. Attention varies across different sectors, but this FTA may be generating the most economic benefits.

According to the survey, four out of 10 enterprises reported they had gained from the EVFTA, especially preferential tariffs for exports and imports.

The majority of respondents also said they were benefiting from new opportunities under the EVFTA in terms of forming partnerships, receiving more orders, and gaining more revenue and profits from the engagement in supply chains to serve trade with the EU.

About 17% of enterprises said they had benefited from preferential tariffs for at least one batch of exports under the EVFTA, and 16% gained this benefit for import batches.

However, up to 59% of enterprises also reported they hadn’t benefited from the agreement over the last two years, explaining that they haven’t made any transactions with EU partners during the period to capitalise on the deal. Other reasons included businesses’ limited capacity or obstacles related to the agreement in the EU and Vietnam.

Meanwhile, 4.2% of firms noted they had suffered losses under the deal, mostly in terms of increased compliance costs and greater competition pressure from EU imports.

Trang said with nearly 20% of enterprises having made use of the EVFTA in the first two years of enforcement, they had gained momentum for continued capitalisation of the EVFTA after the EU’s Generalised System of Preferences (GSP) expires. If businesses proactively learn about EVFTA-generated opportunities, they will have a smooth transition from the GSP to the EVFTA.

Made-in-Vietnam product week launched nationwide

The Ministry of Industry and Trade (MoIT) launched a week promoting Vietnamese goods at a ceremony held at Co.opmart supermarket in Hanoi on November 14.

The event forms part of the project on domestic market development in association with the “Vietnamese people prioritise Vietnamese goods” campaign for 2021-2025 approved by the Prime Minister on March 17, 2021.

During the week, the supermarket will offer promotions and exchanges featuring Vietnamese products and brands.  

Le Viet Nga, deputy head of the MoIT’s Domestic Market Department, noted that in response to the campaign, businesses have frequently coordinated and cooperated in production, distribution and circulation of goods, creating a sustainable, nationwide goods supply network that have operated smoothly even amid  the COVID-19 outbreak.

Trade connections for Vietnamese and foreign food industry businesses

Approximately 50 Vietnamese and foreign businesses specializing in the food industry will attend a trade connection conference on November 16 as part of the coming Vietnam Food Expo 2022 to be held by the Ministry of Industry and Trade.

The conference will be jointly held by the Trade Promotion Department under the Ministry of Industry and Trade, in collaboration with Embassies, Trade Counselors, foreign trade promotion organizations in Vietnam and Vietnamese Embassies, Vietnam Trade Offices in the US, Japan, Singapore, Bulgaria, Angola, and Argentina.

The gathering is expected to give potential Vietnamese exporters the chance to meet in person with foreign importers on cooperation opportunities and to seek information regarding consumer tastes in those markets.

Through the conference, Vietnamese businesses will also have the chance to find solutions to change the quality and design of product packaging to suit consumer tastes in each market.

Vietnam Food Expo 2022 will get underway at Saigon Exhibition and Convention Center in Ho Chi Minh City from November 16-19. Businesses of nearly 20 countries and territories have registered to take part in the expo.

Ba Ria-Vung Tau eyes new wave of investment post-pandemic
     
The COVID-19 pandemic in the last two years notwithstanding, the southern province of Ba Ria-Vung Tau remains an attractive destination for foreign direct investment.

With its ideal location in the southern key economic zone and 100km from HCM City, the province offers investors a number of advantages.

Besides, it has unveiled an action plan to improve the business climate and enhance competitiveness to attract FDI.

It has upgraded infrastructure at industrial parks with an eye on large environment-friendly high-tech projects.

Kyoei, Nippon, Sumitomo, Itochu, Mitsubishi, and Lotte are some of the giant corporations that already have a presence in the province.

Nguyen Anh Triet, head of the Ba Ria-Vung Tau Industrial Park Authority, said there are incentives for industrial parks to attract investment, and administrative and land clearance procedures are being streamlined to develop industrial infrastructure.

Nearly 50 potential investors have signed MoUs and registered to lease more than 1,000 hectares of industrial lands, he revealed.

The province plans to build eight industrial zones covering more than 8,000ha by 2030 to meet the huge demand, he added.

Nguyen Van Tho, chairman of the provincial People’s Committee, said the five main areas of foreign investment are manufacturing, ports, logistics, tourism, and high-tech agriculture.

The province plans to amend the list of industries in which it seeks investment in industrial zones, with more space freed up in the zones to develop logistics to meet export companies’ requirements.

By 2030, it will develop ports and port logistics services into a key economic sector to support the development of other industries, trade and services.

Its 47 seaports handle around 137 million tonnes of cargo a year.

It will also develop the Cai Mep Free Trade Zone in Phu My Township.

The Ministry of Transport recently approved a VND1.4 trillion (US$59.6 million) project to upgrade the navigation channel to the Cai Mep – Thi Vai Port Cluster to allow the passage of large ships (over 18,000 TEU).

HCM City to host 22nd International Shoe & Leather Exhibition

The 22nd International Shoe & Leather Exhibition – Vietnam will get underway in Ho Chi Minh City from November 16 to 18, with the participation of several of the world’s famous brands in the leather - shoemaking industry.

On display will be a range of cutting-edge equipment and technologies used in the industry from Italy, Germany, the Republic of Korea, China, Argentina, and Vietnam.

The event is anticipated to provide an ideal platform for local and foreign businesses to introduce their products, seek potential partners, promote exports, and expand markets, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).

The country’s total export turnover of leather, shoes, and handbags increased by over 36% during the initial 10 months of the year, with the strongest growth recorded in South America at 47.8%, North America at 41.8%, Europe at 41%, Oceania at 28.3%, and Asia at 20.2%, reports LEFASO.

Vietnamese leather and footwear exports to markets under the Vietnam-EU Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the UK-Vietnam Free Trade Agreement (UKVFTA), and ASEAN also witnessed impressive growth of 43.9%, 39.8%, 36.8%, and 45.4%, respectively.

Industry insiders pointed out that the domestic supply rate of the leather and footwear industry is anticipated to reach between 75% and 80% by 2025, with high value-added products for production and export activities.

Investors will benefit when corporate bond market is transparent: experts
     
Investors can benefit from better and more efficient products following the government’s regulatory crackdown on illegal practices by certain companies, ensuring the bond market develops more sustainably, economists assure.

Assoc Prof Dr Dinh Trong Thinh, a senior lecturer at the Academy of Finance, said the bond market is an efficient medium- and long-term capital mobilisation channel for businesses that help them reduce their dependence on bank credit.

However, this year corporate bond issuances have reduced significantly after authorities tightened conditions for bond trading by credit institutions and intensified checks and oversight.

Though the market has slowed down, the government’s move to reform issuance and trading of corporate bonds and boost transparency is imperative.

The bond market needs to be restructured with more stringent regulations to avoid the risk of mass collapse and protect investors’ interest, he said.

Nguyen Thanh Ha, director of SB Law, said controlling the issuance of corporate bonds is imperative, but it should not cause a bottlenck in the bond market.

Recent violations by some individuals and organisations in the corporate bond market are important lessons for the financial sector to draw and improve, and the violations do not represent the whole market, he said.

Assoc Prof Dr Ngo Tri Long, former director of the Ministry of Finance’s Price and Market Research Institute, said authorities are slapping stronger sanctions to ensure the market’s healthy development.

Strictly dealing with violators would help the bond market become safer and more transparent, enterprises with good assets, prestige, transparency, and good business prospects could raise funds through bonds, and investors would have the opportunity to invest in a safe and profitable asset, he said.

Investors, especially retail investors, need to know about the market to prevent risks and should buy bonds of leading enterprises with a sustained development history, he said.

Dragon Capital holds higher stake in FPT Retail

Dragon Capital has increased its ownership in FPT Digital Retail Joint Stock Company from 4.98% to 5.23%.

CTBC Vietnam Equity Fund, a member of Dragon Capital, on November 9 purchased 300,000 FRT shares. The share acquisition made Dragon Capital a large shareholder of FPT Retail, a retailing business arm of Vietnamese tech giant FPT.

FPT Retail now trades its  FRT shares on the Hochiminh Stock Exchange.

In related news, FPT Retail plans to contribute an additional VND225 billion to its pharmaceutical subsidiary FPT Long Chau Pharma Joint Stock Company. Once the deal is done, FPT Retail will raise its ownership in FPT Pharma to 89.83% from 85.07% and the latter’s charter capital will inch up to VND450 billion.

Ministry of Finance continues to give recommendations on corporate bonds

The Ministry of Finance continued to make recommendations on the operation of the corporate bond market on November 14. Since 2019, this has been the 17th warning to corporate bond issuers, market participants, and individual investors.

According to the Ministry of Finance, in the face of violations of issuers over the past time, there is a phenomenon of enterprises increasingly buying back corporate bonds in the market and individual investors selling bonds before maturity due to concerns that enterprises cannot pay their debts.

Faced with this situation, the Ministry of Finance suggested that bond issuers are responsible for balancing the cash flow to ensure the obligations committed to investors when issuing bonds. In case of financial difficulties, they need to actively develop a specific debt repayment plan and work with investors to ensure the interests of investors and their reputations.

Consulting organizations, issuing agents, and depository and bond transfer agents are responsible for coordinating with issuers and investors to ensure signed obligations as well as their reputations when providing services in the market.

When bond issuers face payment difficulties, investors can actively work with them and service providers to agree on a suitable solution. Investors need to carefully analyze and classify the bonds they own to make appropriate decisions, not listen to false information.

Those illegally storing combustible commodities receive VND15-25 mil fines

Police announced that VND15 million to VND25 million fines shall be imposed on those illegally storing hazardous substances or flammable and combustible commodities.

In recent times, many people in Hanoi have been dashing to petrol pumps armed with storage containers to buy gasoline for storage or retail as long lines of motorists have been seen at a number of fuel filling stations across the country.

On the afternoon of November 14, police in Vietnam's capital city of Hanoi advised against storing fuel at home because of the risks posed due to its highly flammable and combustible nature. 
Petroleum stored in plastic cans or inappropriate storage equipment, easily leads to the leakage of petrol and oil, creating a dangerous environment for fire and explosion, especially in closed and narrow spaces.

In households, storage of gasoline is often placed together with other items in the basement or first-floor areas of the house (it can be placed outside or in the same living area).

Hanoi's startups to attend training course in Singapore

Ten selected startups of Hanoi will participate in a short-term training course in Singapore via the city’s funding.

This is part of the Viet Startup INTERchange Singapore 2022 program, launched by the Hanoi Business Support Center under the municipal Department of Planning and Investment in collaboration with BambuUp JSC.

At the kickoff ceremony of the event, the two sides inked a cooperation agreement on November 11 in Hanoi to implement the program.

The selected startups participating in the short-term training course were Livespo, HENO, Smart Loyalty, Callilo, Inmergers, Abaha, GoEdu, VIDAS, Open Classroom Team, and ILV Global.

The participants are businesses in Hanoi having less than five years of operations each and receiving national and international awards for typical innovative startups.

Measures needed to prevent the return of allocated public investment
     
It is necessary to develop measures to prevent ministries, agencies and localities from asking for the reduction of allocated public investment but to hasten disbursement to increase discipline and drive economic growth, according to the Ministry of Planning and Investment.

In a recent report to the National Assembly in response to the request to clarify why several ministries, agencies and localities asked for a reduction in the public investment allocated to them in 2022, the ministry said that the reduction of allocated public investment would affect the 13th National Party Congress’s goals set in the five-year plan and 10-year strategy.

The ministry said that it was also necessary to have sanctions for cases of asking for a reduction in the annual allocated public investment and to increase discipline in public investment.

The ministry pointed out that from 2020, some ministries, central-level agencies and localities asked for a reduction in allocated public investment, especially official development assistance (ODA), which failed to be disbursed. Statistics showed that the public investment sum which was proposed to be reduced increased from VND14 trillion in 2020 to more than VND20 trillion in 2021.

A representative from the Ministry of Planning and Investment said that the failure in disbursing all allocated public investment would affect the projects' progress and investment efficiency, causing a waste of resources.

The reasons for slow public investment disbursement included poor preparations for projects and lack of feasibility in the development of public investment projects. In addition, the public investment discipline and compliance with the established laws on public investment remained not strict enough, the ministry said.

In response to the slow disbursement of public investment, Prime Minister Pham Minh Chinh late last week signed an official dispatch requiring all ministries, sectors and localities to speed up the disbursement of public investment in the remaining months of 2022 and early 2023.

Can Tho plans to import sand for expressway project

The Mekong Delta province of Can Tho plans to import sand from Cambodia due to an inadequate supply of the material for the Chau Doc–Can Tho–Soc Trang expressway project.

Last weekend, Deputy Minister of Construction Le Quang Hung worked with the provincial governments of Can Tho and Hau Giang on the construction progress of the first phase of the Chau Doc–Can Tho–Soc Trang expressway, which is part of the North-South expressway project.

Can Tho and Hau Giang are concerned about a lack of building material for the work.

The Chau Doc–Can Tho–Soc Trang expressway needs some five million cubic meters of fill sand and 600,000 cubic meters of construction sand. Besides, Can Tho is carrying out the Western Beltway No. 3 project, which requires an additional 1.7 million cubic meters of sand.

Can Tho has tried to buy the sand from its neighbors, An Giang and Dong Thap provinces. However, the two provinces have yet to respond to its proposal.

Meanwhile, the plan to use the sea sand of Soc Trang and Kien Giang provinces remains unfeasible, so the province has sent delegates to Cambodia in search of suppliers.

The first phase of the Chau Doc–Can Tho–Soc Trang expressway in the Mekong Delta is estimated to require over VND44.6 trillion. With a total length of 188.2 kilometers and a width of 17 meters, the route will pass through four localities in the delta — An Giang, Can Tho, Hau Giang and Soc Trang.

Under the project’s plan, the road will have six lanes and be built before 2030.

HCMC detects case of vegetables faking Da Lat origin

Team 5 of the Ho Chi Minh City Police Division of Environmental Crime Prevention and Control (PC05) yesterday informed that it is consolidating necessary documents to handle the case of ‘Trading smuggled food’ of T.N Co., located in District 8.

On November 9, Team No.5 of PC05 (under the HCMC Department of Public Security) cooperated with the police force in District 8 to inspect the environment and food safety aspects of two cold storages of T.N Co., sited in Binh Dien residential area (in Ward 7 of District 8).

At that time, the two cold storages had 1.7 tonnes of carrots, over 8.5 tonnes of cauliflower, over 1.5 tonnes of broccoli. The package of these 12-tonne vegetables had Chinese labels, with neither Vietnamese sub-labels nor valid invoices to prove their origin.

T.N Co.’s Director T. said that since these vegetables had been bought in an informal way, there was no proof of purchase to identify the origin.

The functional force created a record of administrative violation against the above company for ‘trading smuggled food’ and seized all the vegetables on site to take samples for analysis according to applicable law.

T.N Co. supplies vegetables in large quantities to many clients. It had intended to fake the origin of the mentioned vegetables into Da Lat ones before selling in the market.

Ministry of Finance continues to give recommendations on corporate bonds

The Ministry of Finance continued to make recommendations on the operation of the corporate bond market on November 14. Since 2019, this has been the 17th warning to corporate bond issuers, market participants, and individual investors.

According to the Ministry of Finance, in the face of violations of issuers over the past time, there is a phenomenon of enterprises increasingly buying back corporate bonds in the market and individual investors selling bonds before maturity due to concerns that enterprises cannot pay their debts.

Faced with this situation, the Ministry of Finance suggested that bond issuers are responsible for balancing the cash flow to ensure the obligations committed to investors when issuing bonds. In case of financial difficulties, they need to actively develop a specific debt repayment plan and work with investors to ensure the interests of investors and their reputations.

Consulting organizations, issuing agents, and depository and bond transfer agents are responsible for coordinating with issuers and investors to ensure signed obligations as well as their reputations when providing services in the market.

When bond issuers face payment difficulties, investors can actively work with them and service providers to agree on a suitable solution. Investors need to carefully analyze and classify the bonds they own to make appropriate decisions, not listen to false information.

Vietnamese firms join 41st India International Trade Fair

More than 10 Vietnamese enterprises are showcasing their products at the 41st India International Trade Fair (IITF), the biggest of its kind in South Asia, which began in New Delhi on November 14.

The firms joined about 2,500 participants from India, Afghanistan, Bangladesh, Bahrain, Belarus, Iran, Nepal, Thailand, Turkey, UAE, and Britain, among others.

In addition, dozens of businesses from Vietnam have registered to visit and study the market at the event.

Ambassador Nguyen Thanh Hai stated the embassy always supports and accompanies Vietnamese enterprises to study the Indian market and expand their operation there.

The IITF is set to last until November 27, with various B2B and B2C activities across all fields to be held.

Visa, Google and banks launch Google Wallet today

Google and Visa, in partnership with seven local banks, launched Google Wallet in Hanoi on November 15.

Starting today, Visa credit and debit cardholders of ACB, Sacombank, Shinhan Bank, Techcombank (credit only), TP Bank, Vietcombank, and VPBank will be able to add their payment cards to Google Wallet. 

The launch is expected to support Vietnam’s strategy to broaden the use of non-cash payments by 2025. According to Visa, the Vietnamese government has rolled out various policy measures and initiatives to make cashless payments the standard, with the target of growing non-cash payments by 20-25% annually.

Vietnam attends 38th Havana International Fair

Businesses from 62 countries and territories around the world, including Vietnam, are displaying their products at the 38th Havana International Fair (FIHAV 2022), the largest annual trade fair in Cuba.

During the six-day event, enterprises from China, Russia, Spain, the US, France, Canada, Mexico, Brazil, Venezuela, the United Arab Emirates (UAE), Laos and Vietnam, and about 400 state-owned enterprises, over 70 MSMEs and three non-agricultural cooperatives of Cuba, will explore opportunities for trade and investment cooperation.

In the framework of the fair, a foreign investment forum, a workshop updating information related to Cuba's Mariel Special Development Zone, and a seminar on opportunities for Cuban people residing abroad, especially Cuban-Americans, to invest in this Caribbean nation will be held.

First organised in 1982, FIHAV is one of the largest annual trade events in Cuba. It has significantly contributed to improving the prestige of Cuba in the international market.

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