The annual revenue of Vietnam’s game industry has exceeded 500 million USD, ranking fifth in Southeast Asia, and huge potential remains for this industry to grow further, heard the Vietnam Gamemaker Conference on October 31.

The industry of Vietnam has made breakthrough strides over the last 10 years as seen in the rising revenue and more than half of the population accessing video games for entertainment, Director of the National Innovation Centre (NIC) Vu Quoc Huy told the Hanoi event.

It has recorded some leading developers such as VNG, Amanotes, Sky Mavis, Appota, and VTC, of which Amanotes and Sky Mavis have reached the world level, while creating jobs with high economic value in programming and design.

With important development milestones and abundant room for future growth, the game industry stands a chance to become a valuable export sector that will help develop high-quality human resources based on innovation and science - technique and raise Vietnam’s stature in the global value chain, Huy opined.

La Xuan Thang, a representative of the VNG Corporation, said about 3 billion people play video games around the world at present, accounting for 40% of the global population. The game industry’s revenue this year is forecast to hit 187 billion USD, half of which comes from mobile games.

The growth of the game industry is closely linked with the development of mobile devices, especially smartphones, he went on, adding that Asia contributes to half of the global game players and revenue, and Southeast Asia is an important market posting the world’s second fastest growth rate in this regard, after the Middle East.

In Vietnam, the industry earned 500 million USD in revenue last year, ut this figure is just the “tip of the iceberg” because it may exceed 1 billion USD if some forms of payment are included, Thang pointed out.

This shows that the game industry is developing not only in the world but also in Vietnam, he emphasised.

However, he said, despite its development prospects, the industry hasn’t received due attention in terms of policies and legal rules.

To boost the game industry’s development, it is necessary to devise favourable policies such as tax incentives and support measures, Thang noted, adding that insiders also hope authorities will view gaming as a business line and an occupation in society.

Vietnam needs about 30,000 workers in the game industry in the coming time, an opportunity for young people, especially Generation Z. Some ministries and sectors have made positive moves to support the game industry, which is a source of encouragement for insiders, according to the VNG representative.

Ben Tre eyes to become Mekong Delta’s marine economy leader

Ben Tre is striving to become one of the provinces leading the Mekong Delta region in terms of the sea-based economy.

The provincial People's Committee has just issued a plan to implement the Government’s Resolution No. 48-NQ/TW on the strategy for sustainable exploitation and use of resources, and protection of the sea and island environment by 2030, with a vision to 2050 in Ben Tre.

The committee’s Vice Chairman Nguyen Minh Canh said that in the coming time, the locality aims to become one of the provinces with strong and sustainable marine economic development, with a focus on developing renewable energy, fisheries and tourism; gradually form a marine ecological culture; adapt to climate change; ensure the marine environment; prevent coastal erosion; and preserve and promote the marine ecosystem.

Accordingly, from now to 2030, Ben Tre will prioritise allocating marine space for renewable energy development and new environmentally-friendly marine economic sectors while supporting investors to accelerate investment progress in wind power projects whose planning has been approved.

The province is also striving to have accumulated capacity and output of wind and solar power of 1,500 MW by 2025 and 3,000 MW by 2030 and to build a green hydrogen plant project.

Ben Tre focuses on developing aquaculture using high technology and biosafety, with a target of reaching 450 million VND (18,300 USD) per hectare of aquaculture products by 2030. The area of marine aquaculture will reach 42,000 hectares, with a total output of 136,000 tonnes, of which high technology will be applied on 5,100 hectares.

The Mekong Delta province will also complete and upgrade the database and fishing vessel monitoring system, develop traditional craft villages, and improve the service quality of fishing ports, storm shelters, fishing ship repair facilities, and logistics establishments.

It expects that total revenue from tourism activities in the three coastal districts will increase by an average of 25% a year, and account for about 20% of the province's tourism revenue by 2025 and 30% by 2030.

Binh Phuoc’s industrial production continues to increase

The industrial production of southern Binh Phuoc province has been recovering despite economic difficulties of Vietnam and the world.

According to the Binh Phuoc Statistics Office, the province’s index of industrial production (IIP) in October increased by 11.4% year on year, of which the processing industry rose 11.8%, electricity, gas, hot water, steam and air conditioner production and distribution (3.9%), and water supply, waste and wastewater management and treatment activities (20.5%).

In the first ten months of 2023, the province’s IIP expanded by 8.9% year on year. Four key sectors, namely the mining, processing and manufacturing, electricity, gas, hot water, steam and air conditioner production and distribution, and water supply and waste/wastewater management and treatment activities, respectively expanded by 9,9%, 9,1%, 3,2% and 4,3%.

Meanwhile, some industries saw a decline such as garment (down 23.5%); paper and paper products (21.9%), rubber and plastic products (17.8%); furniture (7.82%).
To maintain economic growth momentum in general and industrial production in particular in the remaining months of the year, Binh Phuoc had to focus on solutions including building and perfecting infrastructure, developing human resources and reforming administrative procedures.

In addition, the province also focused to boost trade and investment promotion, promote key products, hold dialogues with firms and support them to overcome difficulties, further improve its business and investment environment, and accelerate the disbursement of public investment capital and investment preparation for key projects such as Gia Nghia (Dak Nong) - Chon Thanh (Binh Phuoc) expressway, Ho Chi Minh City - Thu Dau Mot - Chon Thanh Expressway, and Dong Phu - Binh Duong road.

Vietnam’s seaport throughput rebounds in 10 months

Vietnam’s seaport throughput rebounded in the first 10 months of this year, reaching over 624.55 million tonnes, up 3% year on year, said a leader from the Vietnam Maritime Administration (VMA).

Accordingly, the volume of exports decreased slightly by about 1%, but imports showed a stronger growth of around 5%.

 During the January-September period, the total volume of goods passing through seaports hit nearly 565 million tonnes, up 3%. (Photo: VNA)
During the January-September period, the total volume of goods passing through seaports hit nearly 565 million tonnes, up 3%. Of which, exports dropped by 1% to over 132 million tonnes while imports rose by 5% to over 165 million tonnes. Domestic cargo also went up 3% to more than 264 million tonnes, and transshipment cargo reached 2 million tonnes.

After several months of decline, several areas saw an annual increase in seaport throughput, such as Ho Chi Minh City with a 2.72% rise, Quang Ninh 4.8%, and Hai Phong 0.8%

The volume of container cargo through seaports in the first 10 months fell by roughly 3% to 20.29 million TEUs.

The provinces of Dong Nai, Binh Dinh, Dong Thap and Nghe An posted growth of between 10-68% in container cargo volume.

HCM City forum seeks to develop Halal industry in ASEAN

A forum was held in Ho Chi Minh City on October 31 to boost cooperation and development in the Halal industry in the Association of Southeast Asian Nations (ASEAN).

Speaking at the event, Vice Chairman of the municipal People’s Committee Vo Van Hoan said the Islamic world now has over 2 billion people living in 112 countries, 57 of them are members of the Organisation of Islamic Cooperation (OIC).

The development of the Halal industry will draw Islamic investors and tourists to Vietnam, contributing to national development and enhancing cooperation with 57 OIC members, he said.

Indonesian Consul General in Ho Chi Minh City Agustaviano Sofjan said according to the State of the Global Islamic Economy Report (SGIE) 2022, the expenditure on Halal products and services is forecast to reach 2.8 trillion USD by 2025, compared to 2 trillion USD in 2021.

He said in addition to food, various other aspects of Halal living, including modest fashion, pharmaceuticals, cosmetics, tourism, media and entertainment, also hold significant potential. The Islamic finance sector reached 3.6 trillion USD in 2021, and there is still a demand for further expansion.

Cao Thi Phi Van, Vice Director of the HCM City Investment and Trade Promotion Centre (ITPC), cited statistics from the General Department of Vietnam Customs as saying that Vietnam’s total turnover of export-import to countries with large numbers of Islams in ASEAN reached over 26.37 billion USD in the first nine months of this year, including 143 million USD to Brunei, 10.18 billion USD to Indonesia, 9.31 billion USD to Malaysia and 6.7 billion USD to Singapore, which was modest compared to the potential of the region.

So far, Vietnam has only exported about 20 kinds of products to the Halal market while 40% of Vietnamese localities have yet to have Halal certified products for export.

Ly Kim Chi, Chairwoman of the Ho Chi Minh City Food and Foodstuff Association, said Vietnam is among the top 20 food exporters globally but has not yet made it into the list of the top 20-30 suppliers of Halal food.

According to her, the Halal certification process currently does not have permanent validity and is not universally recognised in all countries or for all products. This poses significant challenges for businesses as they have to undergo recertification multiple times and tailor their certifications to each export market's specific requirements.

Therefore, strengthening regional cooperation between HCM City and adjacent localities, as well as between Vietnamese firms and those from countries with a developed Halal industry, is of utmost importance, she said, adding that this not only raises awareness among businesses about Halal standards but also improves their export opportunities, while facilitating the establishment of a complete supply chain from raw material supply, production, distribution, and export according to Halal standards.

Vietnamese, Korean partners promote global AI Hub

Partners from Vietnam and the Republic of Korea have agreed five deals on cooperation and development of Artificial Intelligence (AI) technology in medical, healthcare, smart city, and automation in the central city, making it a centre of global AI innovation.

It’s a positive signal of immediate progress between the RoK and central Vietnam since the Vietnam Innovation Network in Korea (VINK) introduced the Da Nang-Seoul Start-up Innovation Centre and the Vietnam-Korea AI (VKAI) Hub in Da Nang City in early October.

VINK Chairman Nguyen Quang Phuoc said the recent agreements among Korean and local partners would be a key base for faster and deeper cooperation of the RoK in central Vietnam and nationwide.

He said the VKAI Hub – based in Da Nang – inked deals with the Korea Artificial Intelligence Association (KORAIA); S-LAB (a member of VINK); the research centre of Soonchunhyang University Seoul Hospital; OTOM company (specialising in portable X-ray manufacturing), Jayroun Soft Corp.; ONYCOM Inc; LBS Tech, and Polaris Consulting Group in boosting and connecting the global AI ecology system, public health, and innovation between Vietnam, the RoK, and the world.

The locally based Hospital No 199 and Soonchunhyang University Cheonan Hospital agreed to develop a global AI healthcare system – a positive step in providing service to all people, tourists, and foreigners in central Vietnam and the world.

Phuoc said efforts had been made by the Global Startup Immigration Centre and VINK in building a working space and a destination for innovative startup projects and investors not only from Korea but from global partners as well.

Earlier, EM&AI company and two partners – AI20X Vietnam and WeNet – signed strategic agreements on generative AI Vagent (voice bot), a solution for automatic calls and messages in Vietnamese and English, as well as marketing and customer care AI systems.

The first surface-mount technology (SMT) factory manufacturing printed circuit boards and electronic components for export was put into operation at Da Nang Hi-Tech Park from early 2021.

Samsung began establishing the Samsung Innovation Campus (SIC) at the city’s Duy Tan Private University, and supporting two businesses – Trung Nam Group and Tan Long Paper and Package Company – in building the first smart factories in the city.

The RoK’s LG Electronics also set up its R&D centre – the second in Vietnam – in Da Nang.

Taiwan’s Foxlink International company flocked to build a 135 million USD electronics factory investment project at the city’s Hi-Tech Park.

The Vietnam-Korea Friendship Information Technology University began training the first 500 semiconductor and chip design engineers in central Vietnam in 2024-2027.

The city’s digital economy, including 900 IT businesses and 115,000 manpower, contributed a 19.7% share in Gross Regional Domestic Product (GRDP) in 2022.

Int’l expos on coffee, retailtech and franchise to open in HCM City

The 7th International Coffee, Tea and Bakery Expo (Coffee Expo Vietnam 2023) will take place from November 2 to 4 at the Saigon Exhibition and Convention Centre, featuring 200 booths with 250 brands from 15 countries and territories.

They will come from the Republic of Korea, the United Arab Emirates, China, Hong Kong, Taiwan (China), Malaysia, Laos, Singapore, Russia, Japan, the US, England, Australia, Thailand, and host Vietnam.

The expo will showcase a wide range of tea and coffee products, machinery and equipment, food and beverage ingredients and packaging technology, among others.

Some of the notable brands participating in the show include Trung Nguyen Coffee, Ong Bau Coffee, La Viet, UCC Coffee, Mercon, Sucafina, Phuc Sinh, and Teapro (in coffee and tea); Ly Gia Vien, Vietblend, and Amber (brewing equipment); Epicure, Coffee Times, Lamvita, Cosmis, and Kio Viet (machinery and equipment), and Tan Nhat Huong, Bliss, Uniflour, and Hann (baking and dessert ingredients).

The expo will also include concurrent programmes such as Roastery Experience, specialised workshops and the final round of Vietnam Coffee Challenge (VCC 2023), a professional competition for baristas in Vietnam.

It also has a new product showcase located in a high-traffic area.

The expo serves as more than just a venue for showcasing and presenting products, but also offers a dynamic platform that fosters effective connections and collaborations among businesses and their partners, according to the organisers.

Co-organised by Coex Vietnam and Vinexad with the support of the Vietnam Cocoa Coffee Association and the Buon Ma Thuot Coffee Association, the event is expected to attract about 20,000 visitors.

Simultaneously occurring alongside Coffee Expo Vietnam 2023 is the 14th Vietnam International Retailtech & Franchise Show (VIETRF 2023), which will showcase a wide array of retail technologies and franchise models from renowned domestic and international brands.

Co-organised by COEX, Retail and Franchise Asia and Vinexad, the show will bring together over 250 brands from 15 countries and territories namely the RoK, the UAE, China, Hong Kong, Taiwan (China), Malaysia, Laos, Singapore, Russia, Japan, the US, England, Australia, Thailand, and Vietnam.

Some prominent international brands will include Heramo, and Wash Friends (in automatic laundry); 1P30S, Novuz, Doore, and BARI-UMA Ramen (in F&B); Gosell, A Dong, Titanium Synergy, KPIS, Wei Chuang, and Loymax (in store technology and equipment).

According to the organisers, companies offering solutions and equipment in the realm of store technology account for the majority of this year’s event. This encompassed various technologies such as artificial intelligence, data analytics, digital assistants, robots, and especially virtual reality and augmented reality.

A seminar series titled "Franchising 2023 - Improvision & Growth despite Economic Downturn" will be held with speakers who are experts in retail and franchising.

The franchise industry in Vietnam is thriving more than ever, with a diverse array of sectors involved. Experts have foreseen robust future growth in the service sector, particularly in areas such as personal care encompassing beauty, healthcare, and education. Additionally, family-oriented services like home repairs and cleaning, along with organisational services such as human resource training, coaching, and financial services, are also expected to flourish.

This would present a favourable opportunity for investors to acquaint themselves with and engage new franchise brands emerging in these diverse fields, organisers said.

Vietnam aims to promote agricultural exports to Africa

Africa has remained a silver lining in trade between Vietnam and the world, Deputy Minister of Foreign Affairs Ha Kim Ngoc affirmed at a seminar held by the foreign ministry on November 1.

The official elaborated that in the first nine months of this year, trade between the two sides went up 4.7% to 4.35 billion USD, while that between Vietnam and the world dropped nearly 11% year-on-year.

Vietnam has many favourable conditions to promote the export of agricultural products to Africa, he said, stressing Vietnamese Party and State high-ranking leaders are also interested in enhancing economic cooperation with the region.

With a population of some 1 billion, Sub-Sahara Africa would be a promising market for Vietnamese agricultural exports, he said, suggesting Vietnamese managers and firms to take appropriate measures to promote products in the market effectively, apart from raising competitiveness in terms price and quality.

Participants pointed to obstacles to the promotion of Vietnamese farm produce in Sub-Sahara Africa, including the lack of information about the market, partners and legal regulations, high transportation costs, complicated customs procedures, and technical barriers.

They suggested sending trade promotion delegations to the region, and discussed the establishment of showrooms for agricultural products at Vietnamese representative offices there.

Vietnam’s agricultural export to Africa exceeded 950 million USD last year, accounting for 26.5% of the country’s total export revenue to the region, driven by rice and coffee.  

Following the seminar, the ministry is scheduled to organise another on promoting Vietnamese agricultural products in the Middle East and North Africa later this month.

Amid margin boom, securities companies report impressive Q3 profits

Falling interest rates led to an increased margin loan balance in Q3 2023 as domestic investors found stocks more appealing than bank savings.

Outstanding margin loans at securities companies reached VNĐ165 trillion by the end of Q3 2023, marking a VNĐ15 trillion increase from the previous quarter and a VNĐ43 trillion increase since the beginning of the year.

This milestone also signifies the first time in over a year that six securities companies have recorded outstanding margin loans exceeding VNĐ10 trillion, with VNDirect Securities Co (VND) and HCM City Securities Corporation (HSC) rejoining the list. Mirae Asset, SSI Securities Inc (SSI), Techcombank Securities (TCBS), and VPS Securities JSC (VPS) maintained loans above VNĐ10 trillion.

In Q3, several securities companies, including SSI Securities Inc (SSI), Techcombank Securities (TCBS), HCM City Securities Corporation (HSC), VNDirect Securities Co (VND), and MB Securities (MBS), witnessed a rise in margin loan balances compared to the end of the second quarter. TCBS experienced the most substantial increase, with a surge of over VNĐ2.6 trillion, reaching VNĐ12.8 trillion. Mirae Asset and SSI emerged as the top companies in terms of outstanding loans, with increases of VNĐ282 billion and VNĐ1.8 trillion, respectively.

Margin loan balance rose in Q3 2023 as domestic investors favoured stocks over bank savings due to falling interest rates.

Individual investors demonstrated a significant shift in behaviour, with a net purchase of VNĐ19 trillion worth of stocks in the first three quarters of this year, in contrast to a net sale of VNĐ16 trillion in the entire previous year. Moreover, a record-breaking number of new individual investor accounts were opened within the past year. In the third quarter of 2023 alone, 512,000 new accounts were opened, compared to 273,000 in the second quarter of 2023.

As a result of improved market conditions and the increased margin loan balance, most securities companies reported positive profits in the third quarter.

By October 21, 2023, a total of 78 securities companies had released their business results for both the third quarter and the first nine months of 2023.

TCBS achieved the highest pre-tax profit in the third quarter, amounting to VNĐ1.15 trillion, indicating a 57 per cent increase compared to the same period last year. However, over the course of the nine months, TCBS earned VNĐ2.15 trillion in pre-tax profit, representing a 22 per cent decrease.

SSI experienced remarkable growth, with its pre-tax profit in the third quarter being 2.1 times higher than the same period last year, reaching VNĐ880 billion. Over the nine-month period, SSI reported the highest profit in the industry, totalling VNĐ2.2 trillion in pre-tax profit, indicating a 21 per cent increase.

VNDirect's nine-month profit amounted to VNĐ1.49 trillion. In the third quarter alone, VNDirect achieved a significant surge in pre-tax profit, reaching VNĐ788 billion, which represents a 579 per cent increase compared to the same period last year.  

Seminar seeks ways to increase local-level FTA implementation effectiveness

Supporting localities in effectively exploiting benefits brought about by free trade agreements (FTAs) was the focus of a seminar held by the Cong Thuong magazine of the Ministry of Industry and Trade (MoIT) in Hanoi on October 31.

As heard at the event, Vietnam’s participation in numerous new-generation FTAs has opened up myriad opportunities for the country to grow, diversify import-export markets, and attract foreign investment. These have had a positive impact on the economic and social development of localities nationwide.

However, significant potential in exploiting these FTA markets is still left untapped, while many localities have not paid due attention and commitment to the implementation of those trade pacts, thus making it difficult for local firms to create breakthroughs in business.

Do Thi Thuy Huong, an executive committee member of the Vietnam E-commerce Association, opined that there should be cohesive guidance from the central government down to local authorities to effectively utilise and implement FTAs.

The MoIT needs to give similar guidance to each locality regarding suitable investment attraction categories, she recommended, explaining that it is a way to increase indirect export.

Ngo Chung Khanh, Deputy Director of the MoIT’s Multilateral Trade Policy Department, said the ministry has foreseen many challenges facing the building of the FTA Index, which gives reliable additional information to help investors make investment decisions, encouraging high-quality investment flows to tap opportunities from FTAs.

According to the official, the ministry is currently in the final stages of selecting the entity to conduct related evaluations and surveys. It will have to seek the opinions of relevant ministries and sectors, while gathering input and feedback from all 63 provinces and cities and consulting with them on the questions to be included in the evaluation process. The index is scheduled to be issued and published by the end of 2023.

International Coffee Tea Bakery Expo, Retailtech Franchise Show 2023 to be held

The 7th International Coffee, Tea and Bakery Expo (Coffee Expo Vietnam 2023) and the 14th Vietnam International Retailtech & Franchise Show (VIETRF 2023) will take place from November 2 to 4 at the Saigon Exhibition and Convention Centre in Ho Chi Minh City.

Around 200 booths with 250 brands from 15 countries and territories will attend the 7th International Coffee, Tea and Bakery Expo (Coffee Expo Vietnam 2023) at the Saigon Exhibition and Convention Centre in Ho Chi Minh City from November 2 to 4. the 14th Vietnam International Retailtech & Franchise Show (VIETRF 2023) will be held the same day.
  
Exhibitors will showcase a wide range of tea and coffee products, machinery and equipment, food and beverage ingredients and packaging technology, among others.

They will come from the Republic of Korea, the United Arab Emirates, China, Hong Kong, Taiwan (China), Malaysia, Laos, Singapore, Russia, Japan, the US, England, Australia, Thailand, and host Vietnam.

Some of the notable brands participating in the show include Trung Nguyen Coffee, Ong Bau Coffee, La Viet, UCC Coffee, Mercon, Sucafina, Phuc Sinh, and Teapro (in coffee and tea); Ly Gia Vien, Vietblend, and Amber (brewing equipment); Epicure, Coffee Times, Lamvita, Cosmis, and Kio Viet (machinery and equipment), and Tan Nhat Huong, Bliss, Uniflour, and Hann (baking and dessert ingredients).

The expo will also include concurrent programmes such as Roastery Experience, specialised workshops and the final round of Vietnam Coffee Challenge (VCC 2023), a professional competition for baristas in Vietnam.

It also has a new product showcase located in a high-traffic area.

The expo serves as more than just a venue for showcasing and presenting products, but also offers a dynamic platform that fosters effective connections and collaborations among businesses and their partners, according to the organisers.

Co-organised by Coex Vietnam and Vinexad with the support of the Vietnam Cocoa Coffee Association and the Buon Ma Thuot Coffee Association, the event is expected to attract about 20,000 visitors.

Simultaneously occurring alongside Coffee Expo Vietnam 2023 is the 14th Vietnam International Retailtech & Franchise Show (VIETRF 2023), which will showcase a wide array of retail technologies and franchise models from renowned domestic and international brands.

Co-organised by COEX, Retail and Franchise Asia and Vinexad, the show will bring together over 250 brands from 15 countries and territories namely the RoK, the UAE, China, Hong Kong, Taiwan (China), Malaysia, Laos, Singapore, Russia, Japan, the US, England, Australia, Thailand, and Vietnam.

Some prominent international brands will include Heramo, and Wash Friends (in automatic laundry); 1P30S, Novuz, Doore, and BARI-UMA Ramen (in F&B); Gosell, A Dong, Titanium Synergy, KPIS, Wei Chuang, and Loymax (in store technology and equipment).

According to the organisers, companies offering solutions and equipment in the realm of store technology account for the majority of this year’s event. This encompassed various technologies such as artificial intelligence, data analytics, digital assistants, robots, and especially virtual reality and augmented reality.

A seminar series titled "Franchising 2023 - Improvision & Growth despite Economic Downturn" will be held with speakers who are experts in retail and franchising.

The franchise industry in Vietnam is thriving more than ever, with a diverse array of sectors involved. Experts have foreseen robust future growth in the service sector, particularly in areas such as personal care encompassing beauty, healthcare, and education. Additionally, family-oriented services like home repairs and cleaning, along with organisational services such as human resource training, coaching, and financial services, are also expected to flourish.

This would present a favourable opportunity for investors to acquaint themselves with and engage new franchise brands emerging in these diverse fields, organisers said.

HCMC IIP edges up 3.7% in Jan-Oct

The Index of Industrial Production (IIP) in HCMC in the first 10 months of this year has increased 3.7% compared to the same period last year, according to the city’s latest socioeconomic development report.

Several key industrial sectors have showed noteworthy growth during this period. The pharmaceutical industry has surged by an impressive 19.2%, mechanical engineering by 7.4%, and electronic equipment manufacturing by 6.0%. But the food and beverage sector has declined by 6.0%.

Despite positive growth in certain areas, the overall 3.7% increase has not yet reached the levels seen in 2019.

The report also highlights some financial challenges. National budget revenues have decreased by 8.1% in the first ten months of 2023, while local budget expenditures have risen significantly. Investment expenses have increased by 31.7%, and recurrent spending has soared by 9.4%.

The city’s economy is being buoyed by retail and tourism sectors, with retail and consumer services revenue reaching nearly VND978.7 trillion, up 9.2% over the same period last year. Total tourism revenue has reached VND140 trillion, up by a substantial 32.6% year-on-year.

The banking sector remains stable, with total capital mobilized by banks reaching nearly VND3.4 quadrillion by the end of October 2023, rising by a slight 0.5% against September and increasing 4.5% from the same month last year. Vietnamese dong deposits have continued to dominate funding sources, comprising 92.2% of the total.

Despite these positive economic indicators, HCMC faces challenges in a rapidly changing global landscape. Global trade and investment have decreased, leading to a 13.4% year-on-year reduction in the city’s export market during the ten-month period. Credit growth has fallen short of targets, and investment stimulus programs have faced disruptions, impacting local enterprises.

CABC leader views Vietnam as important trading partner of Canada

Vietnam is an important trading partner of Canada in the Association of Southeast Asian Nations (ASEAN), and this will open up chances for stronger cooperation between the two countries to expand Canadian goods and services’ presence in Asia, said co-chair of the Canada - ASEAN Business Council (CABC) Janet De Silva.

ASEAN holds the central part of the Indo-Pacific Strategy of Canada. The two sides elevated their ties to a strategic partnership and are promoting the signing of a free trade agreement (FTA). The North American nation forecast the bloc will account for half of the global GDP before 2040.

Addressing a recent event held in Toronto by the CABC, De Silva said ASEAN, one of the regions with the strongest development in the world, is focusing on economic growth and climate transition initiatives. It is currently the world’s fifth largest economy and emerging as a new global centre for trade, exchanges and innovation. Meanwhile, Canada has technological strength and businesses able to contribute to these initiatives.

She highlighted Vietnam as an important ASEAN partner of her country in terms of trade and agriculture, noting that the two countries’ cooperation will not only help increase the size of the Vietnamese economy but also develop the Canadian economy.

Vietnam has been a good and important partner of Canada in ASEAN over the last 50 years, being the biggest trading partner of the North American country in the bloc. The country posts an average economic growth rate of 7% for the last 30 years, and is considered a gateway for Canadian firms to develop in this region, according to the official.

Noting the recent successful trip to some Asian countries, including Vietnam, Minister of Economic Development, Job Creation and Trade of Ontario Victor Fedeli told the Vietnam News Agency that trade between Vietnam and Canada could be further boosted by capitalising on their comprehensive partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Vietnam is one of the 10 biggest trading partners of Canada thanks to the CPTPP, with bilateral trade growing 23% last year, he noted.

CABC President Wayne Farmer said the council is coordinating closely with the Vietnamese Government, the embassy and representative diplomatic bodies of the country in Canada to make a plan for next year that will include activities on energy transition, clean technology, exploitation of CPTPP, and the FTA that Canada and ASEAN are working to achieve.

The CABC is aware of the importance of bolstering ties with this region. With Canada’s recent commitments in many strategies, from the Indo-Pacific Strategy and the Canada - ASEAN strategic partnership to the two countries’ comprehensive partnership, the CABC is making more progress in enhancing the strategic partnership and support for Canadian businesses in Southeast Asia, he added.

The CABC, founded in 2012 by Canadian companies operating in ASEAN, is headquartered in Singapore and has an office in Montreal city.

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