The electronic catch documentation and traceability system (eCDT) is an application, or app, to monitor and ensure transparency and legality in certifying the origin of domestic fishing to satisfy the European Commission (EC)’s requirements.

Electronic traceability for seafood products helps improve statistics and traceability for seafood caught by fishing vessels, creating favourable conditions and improving efficiency for fishermen and businesses.

Vu Duyen Hai, Deputy Director of the Department of Fisheries under the Ministry of Agriculture and Rural Development, said that the implementation of the eCDT software system helps agencies better manage the fleet and landing output at each locality more efficiently, even if those ships dock and unload at other local ports.

At the same time, it also helps increase the responsibility of fishermen and businesses in implementing legal regulations on combatting illegal, unreported and unregulated (IUU) fishing.

"Using this system, fishermen, fishing port management boards, border guards, fisheries departments and export businesses can save production costs and resources to carry out procedures following legal regulations,” Hai said.

According to the sub-department of fisheries, coastal provinces and cities have deployed the eCDT system at 80 fishing ports and fish boarding points.

The Department of Fisheries has issued accounts to five participants in the system related to the seafood exploitation - processing - export chain, including fishermen, the fishing port management board, the border guard, fisheries sub-departments and export enterprises.

The Departments of Agriculture and Rural Development in provinces and cities have directed affiliated units to organise guidance and training for fishermen to use the software. Coastal cities and provinces arranged a workforce and equipment at fishing ports to support fishermen entering and exiting ports.

Head of Khanh Hoa province's Hon Ro Fishing Port Management Board Nguyen Van Ba said that the application of digital technology in fisheries management is an inevitable trend.

“When using the app well, management units will save a lot of time, labour, and costs, especially with the transparency of seafood product origin,” said Ba.

In the future, the software will also replace paper logs with electronic logs. Procedures for leaving and docking at ports will also be integrated into the software, helping increase the effectiveness of management by authorities.

When using the eCDT app, fishermen will find it very quick and convenient, and they do not need to carry documents or go to the port for check-in when completing departure/import procedures.

Moving forward, the app will also replace the current practice of recording paper logs in difficult conditions due to wind and waves at sea, limiting the possibility of errors and receiving timely support from management agencies when incidents occur at sea.

Management units will be able to conduct better inspections of fishing vessels entering and exiting ports. The use of the app will also aid the process of monitoring output at ports, increasing reliability and transparency, eliminating errors in monitoring fishing vessels entering and exiting the port, and issuing certificates of origin for aquatic products.

The implementation of the electronic seafood traceability system is an important step in the effort to remove the European Commission's "yellow card" warning and improve the efficiency of fisheries industry management.

However, according to the Department of Fisheries, the implementation process still faces some difficulties and limitations, such as slow and inconsistent system implementation. The newly deployed software has caused some difficulties for fishermen when they first access the app and use it with their phones.

Fishermen need more guidance and training to use the app more smoothly when heading out to sea. Currently, the software is still in the testing process, so it will continue to be refined to make it as easy and convenient to use as possible.

To deploy the system effectively, it is necessary to supplement legal mechanisms in localities, upgrade information technology infrastructure at fishing ports, strengthen training and communications, as well as take strict measures to enforce compliance with regulations for organisations and individuals.

The Department of Fisheries should coordinate with localities to further promote the eCDT system and communication and training activities so that fishermen can access and use the software smoothly, added Hai./.

Kien Giang sees positive changes in combating IUU fishing

The southern province of Kien Giang has seen positive changes in combating illegal, unreported, and unregulated (IUU) fishing.

According to the provincial steering committee for combating IUU fishing, from August to November 2024, no local fishing vessels were reported to violate foreign waters.

Le Huu Toan, Director of the provincial Department of Agriculture and Rural Development, said that the province has taken drastic measures to improve law enforcement, raise public awareness, enhance management, and strictly punish violations regarding IUU fishing. As a result, the number of vessels committing illegal fishing in foreign waters has reduced notably.

Toan said the province is particularly determined to effectively implement the four recommendations by the EC and directions by central government regarding IUU fishing prevention and control.

 
For the last seven years, the province’s political system has engaged in combating IUU fishing with high determination and efforts. Various concerted solutions have been deployed, including the establishment of communication teams, the provincial steering committee for combating IUU fishing, and the Fisheries Inspection Sub-Department to strengthen law enforcement at sea, prevent legal violations, maintain security and order, and protect aquatic resources.

The provincial Party Committee and People’s Committee have issued letters calling on fishermen and businesses to actively participate in the fight against IUU fishing.

Colonel Huynh Van Dong, Secretary of the Party Committee and Political Commissar of the Kien Giang Border Guard, highlighted that combating IUU fishing is a crucial political task for the force.

The local border guard force has built specialised resolutions and implemented plans relating to IUU fishing prevention and control, while launching an emulation movement encouraging all officers and soldiers to actively engage in communication activities, patrols and inspections to promptly identify and address IUU fishing.

Currently, all fishing vessels in Kien Giang have been equipped with vessel monitoring system (VMS) device. Vessels operating at sea are monitored all the time to promptly inform captains and ship owners of any disconnections. The province has also assisted vessels in paying satellite monitoring service fees for 22,350 fishing vessels, amounting to over 3.8 billion VND (150,000 USD). All fishing vessels in the province have registered and updated their information in the national fishing vessel database Vnfishbase.

Since the beginning of the year, 19 cases involving 24 fishing vessels violating foreign waters have been investigated and resolved, while 304 VMS-relating violations have been penalised. A total of 597 violations of fishing regulations at sea involving 638 fishing vessels have also been addressed, with two cases brought to trial, and criminal proceeding launched against 15 cases./.

Nam Dinh province to build two new industrial clusters

Two new industrial clusters will be created in the Red River Delta province of Nam Dinh, offering services in a wide variety of sectors including pharmaceutical production, automotive parts and food processing.

The Nam Dinh Provincial People’s Committee will establish Thang Cuong and My Thuan Industrial Clusters.

The Thang Cuong Industrial Cluster spans an area of 75 hectares in Yen Thang and Yen Cuong communes of Y Yen district.

Its primary industrial activities are mechanical engineering, supporting industries, food processing, pharmaceutical production, automotive parts manufacturing, electronics assembly, electrical equipment production and other manufacturing and processing industries.

Bateco Thang Cuong Joint Stock Company, with a total investment of about 1.03 trillion VND (41.2 million USD), is the project's investor. The project is expected to be completed within 24 months from the date of land handover.

The My Thuan Industrial Cluster is located in My Thuan commune of Nam Dinh city.

It aims to attract companies in high-tech mechanics, automotive and motorcycle assembly, electronic production, food processing, construction materials production, handicrafts, wood processing, household goods manufacturing and other supporting and processing industries.

Thinh Vuong My Loc Joint Stock Company is the infrastructure developer for this industrial cluster.

The project has a total investment of over 929 billion VND, it is also set to be completed within 24 months of land handover.

Both clusters aim to attract large enterprises with modern, environmentally friendly technologies.

According to the approved development plan and the Nam Dinh province Master Plan for the 2021–30 period, with a vision toward 2050, the province will have 54 industrial clusters covering about 5,969 hectares by 2030.

During the 2031–2050 phase, some clusters will be expanded, increasing the total area to 8,703 hectares./.

Cross-border e-commerce drives export opportunities for Vietnamese products: forum

The Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade on November 26 organised the 2024 E-Commerce Connection and Development Forum themed “Cross-border e-commerce: Export opportunities for Vietnamese products”.

In her opening speech at the forum, Le Hoang Oanh, the agency’s director, emphasised that in 2023, Vietnam witnessed remarkable growth in e-commerce. She quoted a report by Amazon Global Selling Vietnam as saying that over 17 million products were exported, with value increasing by 50% and the number of selling partners growing by 40%. The overall cross-border e-commerce sector grew by 28.5% compared to the previous year.

These figures clearly demonstrate the immense potential and the relentless efforts of Vietnamese enterprises in making the most of digital platforms to expand into international markets, Oanh stated.

Statistics show that Vietnam is among the top performers globally and regionally, with e-commerce growth ranking in the top 10 worldwide. The value of this market reached 20.5 billion USD in 2023, and is forecast to hit 45 billion USD by 2025.

Oanh also pointed out that cross-border e-commerce serves as a leverage for online exports. A recent survey revealed that 53% of businesses engage in exports through e-commerce platforms, while 47% use self-built websites or apps. Additionally, 60% of businesses acknowledged that the value of imports and exports via e-commerce accounts for 10-30% of their total trade.

Liu Liang, a representative from the Yunnan Department of Commerce, and President of the Yunnan E-Commerce Association, said that Vietnam's key products, such as farm produce, handicrafts, clothing, and footwear, have significant potential in the Chinese market.

According to him, Vietnamese dragon fruit, cashews, and coffee beans have already reached Chinese consumers' dining tables through Yunnan's cross-border e-commerce platforms. In the future, with the optimisation of logistics and policies, the market share of these products will continue to expand.

To promote trade cooperation between Vietnam and China, Liu proposed building a more complete e-commerce ecosystem.

Specifically, this involves continuing to improve the logistics and warehouse network, constructing more bonded warehouses and sorting centres, and conducting market analysis accurately through big data and artificial intelligence to help businesses better understand the needs of Chinese consumers.

He also highlighted the importance of promoting green e-commerce, and encouraging eco-friendly packaging, and low-carbon logistics to contribute to global sustainable development./.

RoK strengthens technology transfer, connectivity with Vietnam

The Korea-Vietnam Global Technology Transfer Partnership Day opened at COEX Trade Centre in Seoul on November 26, with the signing of some business agreements expected between Korean small and medium enterprises (SMEs) exporting technology and Vietnamese companies seeking technological solutions, the Republic of Korea’s (RoK) Ministry of SMEs and Startups announced.

The Korea-Vietnam Global Technology Transfer initiative supports Korean SMEs in exporting suitable technologies to Vietnamese companies. This is achieved through the Global Smart Tech Bridge, a platform designed to facilitate technology transactions between small and medium-sized enterprises.

Since mid-2024, the ministry has collaborated with the Korea Technology Finance Corporation and private organisations with local networks in Vietnam to assess the technological needs of companies in both countries, with a view to increasing support for technology transfer connections.

To date, the initiative has identified 19 Vietnamese companies requiring specific technologies and 53 Korean SMEs interested in exporting their innovations. Eight successful matches have already been made.

Kim Woo Soon, head of the Technology Innovation Policy Division at the ministry, emphasised that the project is seen as a significant opportunity to revitalise technology exports among Korean SMEs. He also mentioned plans to gradually expand this model to other eligible countries for similar support initiatives./.

Bamboo Airways resumes Ho Chi Minh City-Bangkok air route

Bamboo Airways flight QH323 departing from Tan Son Nhat International Airport in Ho Chi Minh City landed at Bangkok’s Don Mueang International Airport at 12:55 p.m. on November 26, marking the airline’s official return to the international flight network.   
 
The flight marks the carrier’s return to the Thai market in particular and the regular international flight network in general after a year of organisational restructuring, thereby affirming its recovery efforts and commitment to the cause of sustainable development , said Phan Dinh Tue, chairman of Bamboo Airways.

Tue revealed that Bamboo Airways operated flights connecting Hanoi and Ho Chi Minh City with Bangkok with a high average occupancy rate of up to 90% during the peak period of the Lunar New Year in 2023.

The Bamboo Airways’ representative attributed the selection of Don Mueang airport for the official return to the fact that the airport represents the ideal "gateway" for tourists heading to Thailand, especially those who are coming for the first time.

Furthermore, the airport will help tourists to save time on immigration procedures and to easily move to the centre of Bangkok upon landing.

In particular, Don Mueang is also a very suitable choice for international visitors as it allows them to connect to famous tourist destinations in Thailand such as Chiang Mai and Phuket as there are many domestic Thai airlines operating flights to this airport.

According to the plan, Bamboo Airways operates the Ho Chi Minh City - Bangkok route with a frequency of one round trip per day at 11:15 a.m. and 12:55 p.m. for flights departing from Ho Chi Minh City and at 14:00 p.m. and 15:45 p.m. for those departing from the Thai capital.

Canada launches anti-circumvention probe into container chassis from Vietnam

The Canada Border Services Agency (CBSA) recently initiated an investigation into the potential circumvention of Canada’s trade remedy measures on container chassis imported from Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV).

The investigation will seek to examine whether container chassis imported from Vietnam are circumventing a Canadian International Trade Tribunal (CITT) finding on the dumping and subsidizing of container chassis from China. The investigation period was from October 1, 2020, to September 30, 2024.

The allegation, made by Max-Atlas International Inc. of Saint-Jean-sur-Richelieu, Quebec, suggests that key components originating in China are being used in order to assemble or complete these goods in Vietnam, thereby potentially avoiding duties applied under the Special Import Measures Act (SIMA).

In line with the regulations, the CBSA will move to issue a final conclusion within 180 days from the date of initiating the investigation. However, in the event of an extension, the case can last for up to 240 days.

This marks Canada's first anti-circumvention investigation into goods imported from Vietnam. Therefore, the TRAV recommended that related enterprises learn about Canada's investigation procedures, provide all information requested by the CBSA, and fully co-operate with the Canadian investigating agency, as well as keeping in contact with the TRAV for timely support.

Bulgarian President invites VinFast to invest in electric vehicle production

President Rumen Radev of the Republic of Bulgaria has urged VinFast to sell its electric cars and invest in production in Bulgaria.

Visiting the VinFast Hải Phòng Manufacturing Complex on November 26, the Bulgarian President expressed a deep sense of admiration for the brand.

He praised the quality and potential of VinFast's electric vehicles in the European market, highlighting Bulgaria's strengths in research, production and development of components, sensors and intelligent operating systems for electric vehicles.

He noted that Bulgaria has been part of the supply chain for numerous European, US and Japanese car manufacturers for many years.

As a result, the Bulgarian President extended an invitation to VinFast to explore potential collaborations and investments in Bulgaria, including selling cars in the Bulgarian market, manufacturing components, producing vehicles, or co-developing software for electric cars that meet European standards and regulations.

He also congratulated VinFast on its remarkable success in becoming the number one car brand in Việt Nam in such a short space of time

"This achievement exemplifies Việt Nam's extraordinary economic, scientific and technological advancements over the past few decades," he said.

President Rumen Radev spent considerable time touring the body welding and electric vehicle assembly workshops at VinFast, gaining detailed insights into the production processes.

During the visit, Vice Chairman and CEO of Vingroup, Nguyễn Việt Quang, emphasised VinFast's strong push towards global expansion, aiming to popularise electric vehicles and promote green mobility worldwide.

He said that VinFast will seriously study and explore opportunities for cooperation and investment in Bulgaria, as suggested by President Radev.

Bình Dương speeds up public investment disbursement to boost growth

Bình Dương Province is accelerating public investment disbursement for key projects to promote local socio-economic development.

The Government has set a public investment disbursement target of VNĐ15.278 trillion (nearly US$601 million) for Bình Dương Province this year, while the province People's Council has approved a disbursement budget of VNĐ22 trillion (nearly $866 million).

However, as of November 7 the total disbursed capital was only VNĐ7.293 trillion, equivalent to 47.7 per cent of the target and 34.7 per cent of the budget.

Currently, major projects in the province face disbursement challenges due to changes in public investment laws and delays in key projects, which have caused them to fall short of initial plans and investor commitments.

Bình Dương authorities set directives for public investment disbursement at the start of the year, but despite these efforts, the disbursement rate remains low and well below expectations.

To address this, the province is accelerating public investment disbursement in the remaining weeks of 2024.

The provincial authority has reviewed and reallocated funds from delayed to prioritised projects for immediate disbursement.

The provincial People's Committee has issued a decision to adjust this year’s public investment plan for 16 projects.

Of these, 11 projects had a total budget reduction of VNĐ562 billion, with the largest cut of VNĐ500 billion made for the land clearance project for Ring Road 4 from HCM City, stretching from the Thủ Biên Bridge to the Sài Gòn River.

Besides, five projects have been allocated an extra VNĐ562 billion, including upgrades to provincial road 746 and 748 and the dredging of the Cái Stream from the Thợ Ụt Bridge to the Đồng Nai River.

Investors have been instructed to develop detailed monthly disbursement plans for each project and propose internal fund adjustments as needed.

The province has also arranged overtime support, strengthened monitoring and enforced accountability with respect to public investment disbursement. Furthermore, targets have been set for each department, with rewards planned for individuals and organisations that effectively complete public investment disbursement tasks.

In addition to these efforts, Bình Dương Province is also improving administrative procedures by enhancing coordination between departments, aiming to reduce the time required to process legal and administrative procedures related to public investment disbursement.

Bình Dương, often referred to as the industrial park capital of southern Việt Nam, ranks among the top 10 localities in economic growth, FDI attraction and urbanisation.

Its per capita income was VNĐ172.5 million in 2023.

In the first half of 2024, Bình Dương attracted $825 million in FDI from 4,300 projects across 65 countries and territories, totaling $40.6 billion, ranking third nationwide in foreign investment attraction.

The province is home to 29 industrial parks that span a combined area of more than 12,600ha.

These parks leased over 285,700sq.m of industrial land and 64,200sq.m of factories, and have an overall occupancy rate of 93.67 per cent in the same period.

The province has set a medium-term public investment plan for the 2026–30 period with a projected total budget of VNĐ105 trillion, including VNĐ32 trillion from the Government and VNĐ73 trillion from its own budget.

This plan focuses on transportation, healthcare, education, and public services infrastructure to address urgent needs, enhance the quality of people’s life and attract investment.

In 2025 Bình Dương plans to allocate VNĐ21.057 trillion to 195 key projects, focusing on transportation and public services. 

Vietnam international trade fair to be held in HCM City

The 22nd Vietnam International Trade Fair in HCM City (VIETNAM EXPO 2024 HCMC), taking place from December 5 - 7, will bring together global businesses, entrepreneurs and industry leaders to showcase innovative products and services under the theme 'Solutions for the Modern Lifestyle'.

This year’s event, organised at the Saigon Exhibition and Convention Center (SECC) in HCM City, promises to be a vibrant platform throwing a spotlight on cutting-edge solutions for a rapidly evolving marketplace.

The theme this year is inspired by the rapidly changing demands of contemporary living. With the fast pace of urbanisation, digitalisation and the growing importance of sustainability, consumers are seeking products that improve convenience, efficiency and eco-consciousness in their daily lives.

VIETNAM EXPO 2024 HCMC aims to address these needs by showcasing innovations in four main industries including food and eco-living, household electronics, home and garden, and DIY tools, which will empower individuals and families to create smarter, healthier and more sustainable living environments.

The exhibition will gather more than 800 companies representing 20 countries and territories well-known for advanced technology, design and production capacity including the United States, Germany, Japan and South Korea offering a unique opportunity for businesses to expand their networks, forge partnerships and explore new markets.

In addition to being a showcase for innovation, the fair serves as a hub for dialogue and future-oriented solutions. Attendees will benefit from engaging workshops, seminars and live demonstrations, offering insights into the latest trends shaping the modern lifestyle. 

Bank savings among most attractive investment channels

In the current economic context, bank savings are expected to be among the most attractive investment channels in the remaining months of this year.

According to the latest data from the State Bank of Vietnam, the amount of saving deposits of individual customers as of the end of August 2024 reached more than VNĐ6.92 trillion (nearly US$272 million), an increase of six per cent compared to the end of 2023. In August alone, the amount of new deposits was nearly VNĐ86.48 trillion, meaning that an average of VNĐ2.9 trillion was deposited at banks each day.

Experts said that the increase in deposit interest rates played an important role in the rise. Many commercial banks have adjusted up deposit interest rates to make them more attractive.

For example, Viet A Bank has increased short-term interest rates by 0.3-0.6 percentage points, bringing the highest rate to 5.4 per cent per year. Other banks such as MB, VIB and Techcombank have also adjusted their interest rates up from 0.2-1 percentage point per year.

Currently, interest rates for 36-month deposits of individual customers range from 3.9 per cent to 6.35 per cent per year. Bac A Bank is currently listing the highest rate in the banking system with 6.35 per cent per year for deposits of VNĐ1 billion or more. Nam A Bank and Dong A Bank follow with high rates of 6.2 per cent and 6.1 per cent per year, respectively.

According to experts from Dragon Capital Securities Company (VDSC), any interest rate hike does not only help banks maintain liquidity but also support firms with loans to increase production and business in the final period of this year. This also shows the flexibility of banks in ensuring capital sources to serve the economy, while maintaining safety and liquidity for the banking system.

High credit demand at the end of the year is expected to continually push up deposit interest rates, keeping the savings channel in an attractive position.

Expert Dr Nguyễn Trí Hiếu predicts that the last months of the year are often the period when banks increase capital raising to meet the high loan demands from businesses. Deposit interest rates may continue to rise as capital demand increases sharply. This means that the savings channel is still the top choice, thanks to its safety and attractive interest rates.

Regarding the gold market, according to Hiếu, this is an investment channel that requires caution, as gold prices are greatly affected by policy factors and fluctuations of the global market. In addition, expected policy changes in 2024 may cause gold prices to fluctuate strongly, reducing the attractiveness of this channel.

Meanwhile, the stock market is forecast to be one of the potential channels, especially in the context of the upcoming interest rate reduction cycle. According to Trần Hoàng Sơn, director of VPBank Securities Company’s market strategy division, the current adjustment period of the stock market could be an opportunity for investors to accumulate stocks for 2025. However, investors should be cautious in choosing stock codes to avoid risks in the context that the market is affected by economic and tax policies.

Regarding real estate, experts say the market has a clear differentiation between segments. While land, resort and commercial real estate have not yet flourished, urban and industrial real estate have maintained good growth momentum.

In particular, the demand for housing in large cities is still very high, bringing great profit potential to investors. However, experts recommend that it is necessary to carefully consider capital sources and prepare for the interest rate reduction cycle to optimise investment opportunities. 

Excise tax increase on alcohol may reduce GDP: experts warn

An impact assessment study of the Ministry of Finance’s draft proposal to increase the special consumption (excise) tax on beer was released recently.

A meeting was held in Hà Nội on Monday to discuss the study, featuring experts that conducted the assessment from the Vietnam Institute of Strategy and Policy for Industry and Trade, the Vietnam Beverage Research Institute, the Central Institute for Economic Management, and the General Statistics Office.

The study evaluates the impact of increasing the excise tax on beer on the economy, based on scenarios 1 and 2 in the revised draft Excise Tax Law suggested by the Ministry of Finance, and Scenario 3 proposed by the Vietnam Beer, Alcohol, and Beverage Association.

The draft law was written by a drafting agency under the Ministry of Finance.

Assessment from the independent experts pointed out that the draft law lacks specific quantitative data, despite having outlined briefly some qualitative impacts of the tax increase on businesses, society and the healthcare system.

A representative from the research group said: “The drafting agency has provided a short quantitative assessment, which only measures how tax increases will boost State revenue through a simplified method, without considering the relation between the beer industry and the entire economy. Therefore, their proposal is not comprehensive and not scientifically grounded in the macroeconomic context.”

According to the proposal, the three goals of increasing excise tax are to reduce beer consumption rates, align with international practices, and contribute to ensuring State budget revenue.

The independent experts argued that the third goal would not be achieved when considering the overall revenue sources in all three proposed scenarios.

Their calculations show that under all scenarios, increasing excise tax on beer would increase indirect taxes on products and services, but would not compensate for the significant reduction in direct taxes on corporate income and personal income.

This would reduce the added value of the beer industry, the economy, and workers' income, leading to a sharp decline in GDP and GDP growth. Specifically, Scenario 2 would cause cumulative GDP to drop by about VNĐ32.5 trillion (US$1.3 billion) between 2026 and 2030, measured with constant prices.

Regarding the goal of reducing beer consumption, experts suggested that the drafting agency should clarify how much consumption would be reduced, by determining the price elasticity of beer demand and identifying changes in beer and alcohol consumption patterns, rather than relying on subjective assessments.

Speaking about the assessment, Dr Nguyễn Quốc Việt, deputy director of the Vietnam Institute for Economic and Policy Research, said that it highlights a key principle in tax law-making: sustainability of revenue sources must be ensured.

“Sustainable revenue primarily comes from direct taxes on corporate and personal incomes, rather than consumption taxes,” he said.

“The study has shown that increasing excise tax on beer under the Ministry of Finance's proposals would lead to a sharp decline in direct taxes.”

Increasing tax is only one of the measures to reduce beer and alcohol consumption, he said, adding: “We need to use and integrate multiple measures and guide people towards responsible consumption.

“Beer producers, consumer protection associations, and Government agencies must provide detailed recommendations on the content and level of beer consumption that is beneficial or harmful to health.”

Nguyễn Thị Cúc, chair of the Vietnam Tax Consultants Association (VTCA), said that expecting tax increases to reduce alcohol consumption is unrealistic since consumer habits are difficult to change.

She pointed out that in many countries, including Việt Nam, beer consumption is seen as part of the culture and a form of refreshment.

“Many countries even develop beer products to promote tourism. If tax is increased, high-earners will continue paying, while lower-income individuals may turn to cheaper products from informal markets,” she said.

“So to reduce alcohol consumption, we need multiple solutions, not just increasing tax.”

VN-Index surpasses 1,240 points as market extends gains

The stock market continued to move up on Tuesday, pushing the VN-Index above the 1,240-point threshold, while foreign investors recorded their third consecutive session of net buying.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose by 7.43 points, or 0.6 per cent, closing at 1,242.13 points.

Market breadth was positive, with 230 stocks gaining and 83 losing. Liquidity on the southern bourse increased slightly to VNĐ13.3 trillion (approximately US$523.2 million), up 11.76 per cent compared to the previous session.

The VN30-Index, which tracks the top 30 stocks by market capitalisation on HoSE, also gained 7.28 points, or 0.56 per cent, finishing at 1,299.22 points. Of the VN30 stocks, 25 rose, two fell, and three remained unchanged.

According to data from vietstock.vn, the Bank for Foreign Trade of Vietnam (VCB) led the rally, with its shares climbing 1.2 per cent, contributing nearly 1.5 points to the VN-Index.

Other prominent gainers included the Bank for Investment and Development of Vietnam (BID), which advanced 1.54 per cent; FPT Corporation (FPT), up 0.97 per cent and Vietnam Rubber Group - Joint Stock Company (GVR), increasing 1.29 per cent.

Meanwhile, some sectors saw mild declines, applying slight pressure on the market. They included Vietnam Airlines JSC (HVN), Vinhomes JSC (VHM), and Viettel Post Joint Stock Corporation (VTP).

Experts from Viet Dragon Securities said: “The market received support around the 1,200-point zone and rebounded. Increased liquidity compared to the previous session signals active efforts from capital flows to bolster the market. However, supply pressure remains as the market recovers quickly.

“The recovery trend may continue in the next session, but the market is expected to face strong contention as it rises, particularly around the resistance range of 1,240–1,245 points. Risks of a pullback from this zone remain.

“Investors should consider taking profits or restructuring portfolios during the recovery phase to mitigate risks. Observing the flow of funds in the coming sessions is crucial, as the market’s stability has yet to show significant improvement and risks persist.”

On the Hà Nội Stock Exchange, the HNX-Index also advanced on Tuesday, gaining 0.65 per cent to close at 223.7 points. Trading volume on the northern exchange exceeded 46.9 million shares, with a value of more than VNĐ816 billion.

Foreign investors continued their net buying streak, with purchases exceeding VNĐ231 billion on the HoSE. 

Bình Định is a promising destination for Thai businesses

The central province of Bình Định is gradually striving to position itself as a new economic centre to attract foreign investors, including Thailand.

Thailand is now Việt Nam's largest trading partner in ASEAN and also one of the leading foreign investors.

To date, Bình Định has attracted 10 projects from Thai enterprises with a total investment capital of more than US$106 million, including the CP Group's animal feed factory and the Avani Quy Nhơn Resort & Spa.

Meanwhile, the trade value between Bình Định Province and Thailand reached over $5 million in the first 10 months of this year.

Chalermchai Porsiripiyakool, vice chairman of the Thai Chamber of Industry and Commerce in Việt Nam and Head of International Corporate Affairs at Central Retail in Việt Nam, believes investing in Bình Định is the right decision.

"Central Retail is successfully operating the GO! shopping mall in Quy Nhơn and is planning to open more GO! mini supermarkets in other localities in the province," he said.

Despite many achievements, the cooperative relationship between Bình Định and Thai businesses still has untapped potential.

The 'Meeting Thai Enterprises' event run last week in Quy Nhơn City aims to show Bình Định province’s potential and advantages to Thai enterprises and establish a bridge between Bình Định's enterprises and Thai partners.

Priority investment areas include industry, high-tech agriculture, tourism, logistics and urban development associated with environmental protection.

Completed planning, modern infrastructure and a large clean land fund in Bình Định are favourable factors for drawing investors, including Thai enterprises, into the region. Becamex VSIP Bình Định Industrial Park especially stands out as a bright spot for investment.

Thai Consul General in HCM City, Wiraka Moodhitaporn, said Bình Định has great economic and tourism potential, and is a notable investment destination for Thai enterprises.

Bình Định is an important gateway to the sea in ​​the Central Highlands, and also connects with southern Laos and northeastern Cambodia.

In addition to its geographical advantages, the province has also constantly improved its investment environment, striving to become an attractive destination for domestic and foreign investors.

Hồ Quốc Dũng, secretary of the Bình Định Provincial Party Committee, said that Bình Định has not only developed a synchronous infrastructure system, but is also building a transparent investment environment. The province will always support businesses, he said.

Tourism is also a promising area for ​​cooperation, as Thailand is among the countries with the largest number of tourists heading to Vietnam in the ASEAN region.

Nguyễn Trùng Khánh, director of the Việt Nam National Administration of Tourism, said that opening a direct flight route between Bình Định and major cities in Thailand will create a big boost for tourism and investment exchanges.

At the same time, it is necessary to strengthen promotional activities to bring Bình Định closer to Thai tourists and investors.

Top 10 largest corporate tax payers contribute over US$13 billion to State budget

A list of companies that paid the most taxes from June 2023 to March 2024 has been released by the economics and finance news outlet cafef.vn.

According to the VNTAX 200 list for 2024, each of the top 10 leading corporate taxpayers contributed from VNĐ20 trillion (US$787 million) to the State budget and more.

The total taxes they paid were VNĐ333.6 trillion ($13.1 billion).

The list was compiled based on statistics of actual contributions of companies during the 12 months from June 30, 2023 to March 31, 2024.

The top 10 leading companies consist of five State-owned groups, three foreign direct investment (FDI) enterprises and two private companies.

PVN (PetroVietnam) paid the largest amount of tax of nearly VNĐ95 trillion ($3.7 billion), followed by Viettel (VNĐ37.8 trillion) and Petrolimex (VNĐ33.4 trillion). They are all State-owned companies.

Vingroup is the only private company in the top five tax contributors and they paid VNĐ30.9 trillion.

Three representatives from the FDI sector are Toyota Vietnam, along with two joint ventures in the oil and gas industry: Vietsovpetro and Nghi Son Refining and Petrochemical Company. 

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