Coffee export revenue is projected to reach a record 5.6 billion USD this year, driven by rising global coffee prices.

Nguyen Nam Hai, Chairman of the Vietnam Coffee and Cocoa Association, noted that the recent surge in world coffee prices has also pushed up domestic prices. He explained that while prices might fluctuate as Vietnam's main coffee harvest begins next month, they are expected to remain higher than last year since other major coffee-producing countries have yet to enter their harvest season.

On November 27, coffee prices in the Central Highlands provinces of Dak Lak, Lam Dong, and Dak Nong ranged from 121,800 to 122,700 VND per kilogram (4.81–4.84 USD), an increase of 9,000–11,000 VND per kilogram compared to 20 days earlier. Traders reported that prices have been climbing ahead of the 2024–2025 harvest season, leaving farmers weighing the decision to sell their coffee beans immediately or hold onto their stock in hopes of further price increases.

In the first 11 months of 2024, Vietnam exported approximately 1.2 million tonnes of coffee, generating nearly 5 billion USD. This represents a 13.5% decline in export volume but a 38.1% increase in value compared to the same period last year./.

Vietnam, Canada strengthen ties in production, energy sectors

A forum aimed at strengthening Vietnam-Canada collaboration in the production and energy sectors has been held in Vancouver by Vietnam’s Trade Office in Canada in partnership with the Canada-ASEAN Business Council.

Key figures at the forum included Vietnamese Minister of Industry and Trade Nguyen Hong Dien; Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng; Senator Clement Gignac, Co-chair of the Canada-ASEAN Parliamentary Friendship Group; and Vietnamese Ambassador to Canada Pham Vinh Quang, among others.

This inaugural business forum, focusing on energy and industrial collaboration, aimed to engage businesses from Canada’s West Coast in exploring opportunities beyond trade, particularly in renewable and nuclear energy.

Commercial Counselor at the Vietnamese Embassy Tran Thu Quynh emphasised that the forum's goal was to promote trade diversification and open markets, addressing the rising trends of nearshoring and protectionism. She highlighted Vietnam’s role as a key gateway to ASEAN, offering Canadian businesses direct access to the dynamic Indo-Pacific market.

Dien and Mary Ng emphasised the immense potential for economic, trade, and investment partnerships, with frameworks like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Strategy providing vital platforms for strengthening supply chain connection and production linkage.

Dien reiterated Vietnam’s commitment to a green economy, focusing on clean energy and nuclear power to meet its ambitious net-zero emissions goal by 2050.

Senator Gignac underscored great potential for both sides' cooperation, especially in energy and production but to realise it, the two countries must take strong actions and shared commitments.

Participants agreed on the importance of fostering connections among businesses, research institutions, and universities to support the development of Vietnam’s nuclear energy sector.

With bilateral trade already surpassing 10 billion USD, Vietnam and Canada are well-positioned for further economic growth. Leveraging Canada’s innovation and Vietnam’s strategic role within ASEAN, a region poised to exceed 650 million consumers by 2030, both nations are set to unlock new opportunities for collaboration and development./.

Vietnam, Netherlands boost cooperation in sustainable aquaculture

A business forum was held by the Dutch Embassy in Vietnam in collaboration with the Ministry of Agriculture and Rural Development (MARD) in the Mekong Delta city of Can Tho on November 27, seeking ways for sustainable aquaculture in the region.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the Mekong Delta is the country’s aquaculture powerhouse that generates 61.8% of Vietnam’s seafood production and 57.6% of its seafood export value. But the region is facing such major challenges as climate change, saline intrusion, environmental pollution, biodiversity loss, and increasing international market pressure.

Vietnam and the Netherlands have worked closely in sustainable agriculture, food security, water resources management, and aquaculture for more than a decade, promoting innovation, scientific research, and practical measures for sustainable development.

The European country has been a global leader in sustainable practices and held strengths in nutrition research, cooperative management and advanced aquaculture technologies – the areas where Vietnamese research agencies and businesses could cooperate for development, he said.

Consul General of the Netherlands in Ho Chi Minh City Daniel Stork said through cooperation mechanisms, both sides could equip local farmers with knowledge and technologies to develop sustainable livelihoods and protect the environment.

Nguyen Van Huu, a representative from the MARD's Directorate of Fisheries, said discussions centered on sustainable aquaculture, water resources management, a circular economy model, advanced technology transfer, breeding programme development, capacity building, and climate change mitigation.

Meanwhile, Michiel Smit from the Netherlands Enterprise Agency held that sustainable aquaculture production can only be achieved through a focused and robust approach that prioritises water resources management, food safety, farm management, and technology application./.

Passengers through airports to reach 10.5 million during Lunar New Year 2025

The number of passengers traveling through airports managed by the Airports Corporation of Vietnam (ACV) during the 2025 Lunar New Year (Tet) holiday is expected to reach 10.5 million, exceeding the 10 million recorded during the same period last year, according to Nguyen Dang Minh, head of ACV’s airport operations department.

With the holiday spanning nine days, passenger numbers are projected to surge during this peak period, Minh told the press on November 27, outlining ACV's plans for the upcoming Tet.

According to him, approximately 10% of aircraft of many Vietnamese airlines are currently being recalled by manufacturers for engine maintenance, creating a challenge for the aviation sector amid the rising demand.

Tan Son Nhat International Airport in Ho Chi Minh City alone is projected to serve over 4 million passengers during the holiday, posing a significant challenge for airport management given the fact that the airport’s infrastructure has already been operating at full capacity, even beyond, during peak periods in recent years.

Against the backdrop, the Civil Aviation Authority of Vietnam (CAAV) has approved an increase in the maximum capacity of flights at airports. For example, Tan Son Nhat will ramp up its flights to 46 per hour between 5:00am and 11:55pm daily, a notable rise from the usual 38–40 flights. Additionally, five major airports in central Vietnam will operate around the clock during the holiday.

Technological advancements are also being employed to streamline operations. Turnaround times have been reduced to 25–42 minutes, down from about 60 minutes, improving fleet efficiency.

Airlines have been directed to adopt self-service check-in kiosks to ease congestion at traditional counters. They are also required to facilitate night flights to maximise passenger handling capacity.

For Tan Son Nhat, airport authorities are collaborating with ground transportation providers, including traditional taxis, ride-hailing services, and buses, to efficiently manage vehicle flow and ensure smooth passenger pickups.

Looking ahead, Minh expressed optimism about future improvements, saying that when the T3 terminal at Tan Son Nhat Airport becomes operational on April 30, 2025, passenger services there will be significantly improved./.

Finance ministry proposes changes in new personal income tax law

The Ministry of Finance has drafted a proposal to develop a replacement for the current Law on Personal Income Tax.

The current law, enacted by the 12th National Assembly on November 21, 2007, and effective from January 1, 2009, is now considered outdated in the current domestic socio-economic context where price rises and inflation are of people's major concerns, according to the ministry.

The new law is expected to amend and supplement 31 out of 35 articles, so 88.5 per cent of the current law.

Changes will be made regarding taxable income, tax-exempt income, tax bases and methods for determining the amount of tax payable on certain income items.

Also changing, personal income tax rates for income from salaries and wages and family deductions for taxpayers and dependents.

Some tax experts said the amendments are necessary as the current regulations are outdated and causing disadvantages to taxpayers.

For example, the deduction of VNĐ4.4 million (US$173) per month for a parent supporting a child who studies in an urban university is simply inadequate, as the amount would not cover the most essential expenses such as food, accommodation, travel and education.

Another example is the requirement that to be eligible for family deduction, a dependent must have an average monthly income of no more than VNĐ1 million ($39). This level has been fixed for a decade, while prices have all gone up.

Another issue - the highest tax rate for personal income tax is up to 35 per cent, which is unreasonable since it's higher than the corporate income tax rate of 20 per cent.

The Ministry of Finance has sent an official dispatch to other ministries and authorities to seek comments on the proposal for the new Law on Personal Income Tax.

In the dispatch, the ministry said that the proposal had been submitted to the National Assembly Standing Committee.

The ministry and the Government had also proposed to include the new law in the 2025 Law- and Ordinance-Making Programme, which will be submitted to the National Assembly for comments at its 10th session in October 2025 and to be approved at the 11th session in May 2026.

The Ministry of Finance requests related agencies, organisations and individuals to give their opinions on the proposal to develop the new Law on Personal Income Tax.

Comments and contributions should be sent to the ministry before December 20.

PM orders strengthening 2024 credit management

Prime Minister Pham Minh Chinh on November 27 ordered the Governor of the State Bank of Vietnam (SBV) to outline solutions aimed at improving credit management for 2024 in the face of evolving global economic challenges.

In his urgent directive, the PM asked the central bank to work closely with relevant agencies to monitor global and regional developments, including financial and monetary policies of major economies, ensuring that Vietnam can respond swiftly and effectively to any changes in the global economic climate.

Monetary policy management should be proactive, flexible, timely, and effective, ensuring close and harmonious coordination with a reasonable expansionary fiscal policy, with focuses and targets, and other macroeconomic policies, he said.

The directive underscored the need for drastic measures to manage interest and exchange rates, credit growth, and money supply while also reducing lending rates. The ultimate goal is to facilitate a quick recovery for citizens and businesses hit by Typhoon No. 3, restore production and business activities, stimulate economic growth, and maintain macroeconomic stability.

To achieve these goals, the bank must remove obstacles for citizens and businesses by lowering lending rates, creating jobs, and ensuring livelihoods. This aligns with the principle of harmonised benefits and shared risks, aiming for a 15% credit growth target for 2024.

It was also assigned to funnel credit into production, trade, and priority areas that drive economic growth, including digital transformation, green transition, climate change response, circular economy, sharing economy, sci-tech and innovation. At the same time, it is also essential to closely control credit in high-risk sectors to ensure safe and effective credit operations.

The credit institutions must ensure transparency and openness in offering preferential credit packages that are tailored to the unique needs of various sectors, particularly social and worker housing, forestry, and aquaculture. Furthermore, they were encouraged to raise their social responsibility and business ethics in support of citizens and enterprises in difficult times.

In a firm stance against financial misconducts, the Government leader requested the timely and strict handling of any violations, alongside effective measures to address non-performing loans.

Deputy Prime Minister Ho Duc Phoc was assigned to directly oversee the SBV and relevant agencies in performing the tasks outlined in this directive./.

Vietnam Airlines appreciates support from Australian partners, customers

Vietnam Airlines' Sydney office has hosted a year-end event to thank its partners and customers in Australia for their support throughout 2024.

The event saw the attendance of Vietnam's Consul General in Sydney Nguyen Thanh Tung and Vietnam Airlines' Australia Representative Nguyen Huu Tung, along with representatives from travel agencies, business partners, and customers.

Nguyen Huu Tung highlighted the national flag carrier's achievements in 2024, including a 38% increase in passenger traffic between the two countries compared to 2023. The airline’s revenue in the market rose by 24%, bolstered by an expanded flight schedule from 16 to 23 weekly.

Looking ahead to 2025, Tung expressed optimism about further growth, noting tourism promotion efforts by Vietnamese localities and a rising interest among Australian tourists in Vietnam’s rich cultural and culinary offerings.

Suzanne NG, National Sales Manager at CVFR Consolidation Services, praised Vietnam Airlines as a premium carrier offering top-tier services and affirmed her company’s commitment to promoting the airline through joint marketing initiatives. She highlighted Vietnam as an increasingly popular destination for Australians, citing its affordability, diverse cuisine, and vibrant culture.

Ashwini Sonthalia, CEO of Gaura Travel, a major agency connecting Australian travelers to India, noted that over 1,000 customers had used Vietnam Airlines services for trips to India, expressing high satisfaction with its service quality.

On this occasion, Vietnam Airlines presented awards to its key partners and collaborators, which underscored its commitment to fostering strong relationships and pursuing shared growth opportunities with Australian partners./.

Vietnam, Canada strengthen ties in production, energy sectors

A forum aimed at strengthening Vietnam-Canada collaboration in the production and energy sectors has been held in Vancouver by Vietnam’s Trade Office in Canada in partnership with the Canada-ASEAN Business Council.

Key figures at the forum included Vietnamese Minister of Industry and Trade Nguyen Hong Dien; Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng; Senator Clement Gignac, Co-chair of the Canada-ASEAN Parliamentary Friendship Group; and Vietnamese Ambassador to Canada Pham Vinh Quang, among others.

This inaugural business forum, focusing on energy and industrial collaboration, aimed to engage businesses from Canada’s West Coast in exploring opportunities beyond trade, particularly in renewable and nuclear energy.

Commercial Counselor at the Vietnamese Embassy Tran Thu Quynh emphasised that the forum's goal was to promote trade diversification and open markets, addressing the rising trends of nearshoring and protectionism. She highlighted Vietnam’s role as a key gateway to ASEAN, offering Canadian businesses direct access to the dynamic Indo-Pacific market.

Dien and Mary Ng emphasised the immense potential for economic, trade, and investment partnerships, with frameworks like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Strategy providing vital platforms for strengthening supply chain connection and production linkage.

Dien reiterated Vietnam’s commitment to a green economy, focusing on clean energy and nuclear power to meet its ambitious net-zero emissions goal by 2050.

Senator Gignac underscored great potential for both sides' cooperation, especially in energy and production but to realise it, the two countries must take strong actions and shared commitments.

Participants agreed on the importance of fostering connections among businesses, research institutions, and universities to support the development of Vietnam’s nuclear energy sector.

With bilateral trade already surpassing 10 billion USD, Vietnam and Canada are well-positioned for further economic growth. Leveraging Canada’s innovation and Vietnam’s strategic role within ASEAN, a region poised to exceed 650 million consumers by 2030, both nations are set to unlock new opportunities for collaboration and development./.

Ample room for Vietnam-Bulgaria economic, trade cooperation

Vietnam and Bulgaria have significant potential for multi-sector collaboration, ranging from high-tech industries and automobile manufacturing to agriculture, food processing, healthcare, and education.

This was highlighted by participants at the Vietnam-Bulgaria Business Forum, jointly organised by the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) and the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA) on November 27 in the southern metropolis.

Speaking at the forum, Vo Van Hoan, Vice Chairman of the Ho Chi Minh City People's Committee, highlighted the longstanding friendship between Vietnam and Bulgaria which was built on mutual trust and mutual support over the past 70 years. He described Bulgaria as not only a reliable partner but also a close friend that has supported Vietnam's economic and social development journey.

Hoan noted that HCM City with a population of over 10 million and a young, dynamic workforce is an attractive destination for foreign investors. The city seeks cooperation with Bulgarian partners in areas that Bulgaria excels, such as information technology, organic agriculture, pharmaceuticals, and renewable energy.

As Vietnam's largest hub for innovation and entrepreneurship, HCM City is home to thousands of startups focused on technology and smart solutions. Moreover, the city has been designated by the government as the site for the country's future international financial centre, presenting significant opportunities for Bulgarian businesses to invest and collaborate in these advanced sectors, Hoan added.

"The Vietnam-Bulgaria Business Forum serves as a platform for businesses from both countries to meet, exchange information, and explore potential partnerships," Hoan said. He affirmed the city’s commitment to creating favourable conditions for Bulgarian businesses to invest and operate effectively in the southern metropolis.

Bulgarian President Rumen Radev expressed his admiration for Vietnam’s achievements in socio-economic development, industrialisation, and modernisation, particularly the vibrant growth of the southern city.

Radev highlighted Bulgaria’s strategic location as a crossroads between Asia and Europe, serving as a gateway for Asian goods to enter the EU market. Similarly, Ho Chi Minh City’s role as a gateway and commercial hub enables Vietnam to connect with regional and global markets. This alignment creates considerable potential for cooperation in freight transport between the two countries, he said.

The Bulgarian President emphasised his country’s strengths in information technology, automation, and pharmaceuticals. Bulgaria can support Vietnam in agricultural product processing and food security projects, he said./.

Vietnam, Netherlands boost cooperation in sustainable aquaculture

A business forum was held by the Dutch Embassy in Vietnam in collaboration with the Ministry of Agriculture and Rural Development (MARD) in the Mekong Delta city of Can Tho on November 27, seeking ways for sustainable aquaculture in the region.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the Mekong Delta is the country’s aquaculture powerhouse that generates 61.8% of Vietnam’s seafood production and 57.6% of its seafood export value. But the region is facing such major challenges as climate change, saline intrusion, environmental pollution, biodiversity loss, and increasing international market pressure.

Vietnam and the Netherlands have worked closely in sustainable agriculture, food security, water resources management, and aquaculture for more than a decade, promoting innovation, scientific research, and practical measures for sustainable development.

The European country has been a global leader in sustainable practices and held strengths in nutrition research, cooperative management and advanced aquaculture technologies – the areas where Vietnamese research agencies and businesses could cooperate for development, he said.

Consul General of the Netherlands in Ho Chi Minh City Daniel Stork said through cooperation mechanisms, both sides could equip local farmers with knowledge and technologies to develop sustainable livelihoods and protect the environment.

Nguyen Van Huu, a representative from the MARD's Directorate of Fisheries, said discussions centered on sustainable aquaculture, water resources management, a circular economy model, advanced technology transfer, breeding programme development, capacity building, and climate change mitigation.

Meanwhile, Michiel Smit from the Netherlands Enterprise Agency held that sustainable aquaculture production can only be achieved through a focused and robust approach that prioritises water resources management, food safety, farm management, and technology application./.

Peru’s mega-port to open opportunities for Vietnam's import-export, logistics

Leveraging the mega-port of Chancay in Peru as an optimal logistics solution, Vietnam can boost import-export turnover with Latin American partners, especially in the industrial and energy sectors.

The 3.5 billion USD mega-port, set to be completed this year and expected to become a key logistics hub in Latin America, will open new opportunities for Vietnam's logistics industry by enhancing maritime transport connections and facilitating trade between the two regions.

According to the European-American Market Department under the Ministry of Industry and Trade (MoIT), with strengthened maritime connections and trade capabilities between the two regions, logistics enterprises in Vietnam can explore collaboration opportunities with Latin American partners to establish new shipping routes, thus opening up investment opportunities and improving the quality of logistics infrastructure and services.

Located north of Peru's Lima capital, along the Pacific coast, the super port has a strategically advantageous position for facilitating international trade connections. Designed to handle 1.5 million TEUs annually, Chancay is poised to play a vital role in boosting economic and trade relations between the Southeast Asian nation and its Latin American peers.

Commencing in 2020 and expected to be completed in 2024, the mega-port is anticipated to become a leading logistics hub in Latin America. This port is being developed not only to meet Peru's domestic demands but also to expand its influence as a logistics gateway connecting countries in the region, such as Brazil, Chile, and Argentina, with Asian markets. This initiative is hoped to boost trade and economic ties between Latin America and the Asia-Pacific region.

In the future, the Chancay mega-port will enable Latin American countries to export key products, such as farm produce, minerals, and petroleum, to Asia, while importing technological products and consumer goods from Asian countries. It can serve as a direct trade bridge, reducing reliance on lengthy shipping routes across the Atlantic or North America, thus contributing to promoting regional economic growth.

Leveraging the mega-port as an optimal logistics solution, Vietnam could significantly increase its import-export turnover with Latin American partners, especially in sectors such as industry, agricultural goods, and energy. As a result, Chancay is expected to become a crucial link for economic and trade relations between Vietnam and Peru in particular and Latin America in general. The former will be better positioned to capitalise on existing trade agreements with countries in the region, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam-Chile and Vietnam-Cuba free trade agreements.

Vietnam's import-export turnover with Latin American countries reached 20.6 billion USD last year. Its major exports to the region include farm produce, garments-textiles, footwear, processed foods, wood products, electronics, and components. Meanwhile, Vietnam primarily imports raw materials, agricultural products, wood, garment accessories, and animal feed.

With new maritime routes connecting Chancay and Vietnam, Vietnamese businesses can optimise both time and transport costs. It is estimated that the port could reduce shipping times from the country to Latin America by up to 30%, or even 50%, which could help firms involved save up to 20% in logistics costs compared to traditional routes. This would enable Vietnam to export key products like textiles, electronics, and agricultural goods (such as rice and coffee) to and import minerals, agricultural products, and petroleum from Latin American countries at more competitive costs.

According to the European-American Market Department, Chancay will play an important role in strengthening economic and trade relations between Vietnam and Latin American countries. Forecasts suggest that trade between Vietnam and Latin America could grow by up to 10% on a yearly basis, provided that improvements in logistics and transport connections are made./.

VinFast reports strong electric vehicle sales in Q3

VinFast Auto Ltd., a pure-play electric vehicle (EV) manufacturer in Vietnam, reported robust financial results in the third quarter of this year, demonstrating substantial growth in EV deliveries and revenue, signaling the company’s strong market positioning and expansion strategy.

According to its unaudited financial report, the company delivered 21,912 EVs in July-September, rising 66% against the second quarter and up 115% year-on-year. The firm’s total revenue reached some 12.32 trillion VND (511.6 million USD), up 49.3% year-on-year.

VinFast has solidified its dominance in the Vietnamese market, achieving a historic milestone by becoming the best-selling automotive brand in September, October, and the first 10 months of 2024. In October alone, the company delivered over 11,000 EVs, a 21% increase from September, bringing the year-to-date total to 51,000 vehicles.

The automaker is strategically expanding its global footprint, with a network of 173 automotive showrooms and 160 electric motorcycle service centres as of October 31, 2024. Key international markets include Canada, India, Indonesia, the Philippines, and the US.

VinFast Chairwoman Le Thi Thu Thuy said the third-quarter results are a crucial stepping stone to achieve the firm’s target of 80,000 vehicle deliveries in 2024. With a strategy of sustainable growth and strong determination, VinFast will continue to make significant contributions to the global green mobility revolution./.

Seventeen Vietnamese firms honoured with UN Women WEPs Awards 2024

Seventeen Vietnamese entrepreneurs and companies was honoured with the UN Women WEPs Awards 2024 on November 28 for their innovative initiatives and significant contributions to advancing gender equality in business, in the market, and within the community, contributing to prosperity and sustainable development in Vietnam.

The award ceremony was held in Hanoi within the framework of the WE RISE Together project funded by the Australian Government through the Mekong-Australian Partnership and implemented by UN Women. The Women’s Empowerment Principles (WEPs), an initiative of UN Women and UN Global Compact, encourages businesses to adopt practices that encourage gender equality.

Award-winning entrepreneurs and businesses included Kaowsiri Purin, CEO of Crystal Martin Vietnam; Cao Thi Ngoc Dung; Chairwoman of Phu Nhuan Jewelry; Tran Thi Thu Thuy, member of the Board of Directors of VPS Securities JSC; Coca-Cola Vietnam; and Vietnam Airlines, among others.

Addressing the event, Vice President of the Vietnam Chamber of Commerce and Industry Nguyen Quang Vinh said that equality and prosperity are not only goals but also driving forces for sustainable development of businesses and society. The UN Women WEPs Awards highlight the relentless efforts of businesses and individuals to promote leadership roles, gender equality commitments, and the creation of fair and progressive business environments, he stated.

Meanwhile, Caroline T. Nyamayemombe, UN Women Representative in Vietnam, emphasised that women-led businesses play a critical role in narrowing gender gaps in the workplace, the market, and the community. She expressed her hope that the WEPs Awards would usher in a transformative era, setting new standards for businesses to follow and ensuring no one is left behind, including the businesses themselves.

More than 100 participating delegates representing businesses and Government agencies shared lessons learned in promoting gender equality through community and partner relations, building sustainable supply chains, and implementing financial initiatives for gender equality. The event also reviewed the outcomes of the "WE RISE Together" project after three years of implementation.

Christine Arab, Regional Director of UN Women for Asia and the Pacific, noted that empowering women-led businesses and those practicing gender equality through diverse suppliers and responsible procurement not only promotes gender equality but also drives economic growth and sustainable development. The "WE RISE Together" project has shown that investing in women and gender equality is a smart investment for the future, she said.

The UN Women WEPs Awards, initiated in 2020 and held annually since, aim to recognise the pioneering role of businesses and business leaders in promoting gender equality and supporting the WEPs. In the 2024 edition, awards were given across six categories, including Leadership Commitment to Gender Equality, Gender Equality in the Workplace, and Gender Equality in the Market. In 2022, 15 Vietnamese businesses received the awards. To date, 222 businesses in Vietnam and 10,296 globally have committed to these principles.

The "WE RISE Together" project, underway in Vietnam from March 2022 to February 2025, has generated significant results. It contributes to the policy-building process for small and medium-sized enterprises, while training 653 leaders and employees, 98% of whom are women, from 261 women-led businesses./.

Da Nang seeks to resume air route to Chengdu of China

The Department of Tourism of Da Nang city, central Vietnam, recently hosted a tourism scheme in Chengdu, a city in Southwest China, in an effort to promote the reopening of the air route connecting the two cities.
The programme is also part of a wider effort to attract Chinese tourists back to the coastal city of Da Nang.

At the event, representatives from the Da Nang Department of Tourism provided participants with relevant information on destinations, new tourism products, festivals, and programmes to attract MICE (Meetings, Incentives, Conferences and Exhibitions) tourists to the city.

Simultaneously, both sides agreed to propose resuming the air service between Da Nang and Chengdu, as well as devising cooperation policies to attract tourists to their destinations.

Meanwhile, leaders from the Chengdu Municipal Bureau of Culture, Radio, Film and Tourism said that with rich and diverse tourism resources, Da Nang was voted by National Geographic Magazine as one of the 50 must-see destinations in life and has become known as the "Hawaii of the East".

They added that Chengdu plans to establish close cooperative relations with Da Nang, enhance the exchange of information, jointly develop creative tourism products, and improve the travel experience for visitors.

Truong Thi Hong Hanh, director of the Da Nang Department of Tourism, revealed that both localities would continue to strengthen collaboration efforts moving into the new period, with a specific focus on restoring the direct Chengdu - Da Nang air route whilst supporting businesses to effectively tap into the source of tourists from both sides.

Retail petrol and oil prices rise on November 28 price adjustment cycle

The Ministry of Industry and Trade and the Ministry jointly decided to raise retail prices of both petrol and oil in the domestic market during its November 28 price adjustment cycle.      

According to the latest regulation, a litre of RON-95-III, the commonly used petrol in Vietnam, now costs VND20,857, up VND329 compared to the November 21 adjustment cycle.

The price of E5RON92 petrol does not exceed VND19,840 per liter, an increase of VND497 from the current base price.

Meanwhile, the retail prices of Diesel 0.05S and kerosene also go up by VND268 and VND221 per litre to VND18,777 and VND19,142 per liter, respectively. A kilogram of Mazut 180CST 3.5S now costs VND16,125, an increase of VND111.

For this price adjustment cycle, both ministries decided not to use the Petroleum Price Stabilization Fund for any of the fuel products.

Globally, the oil market in the past week was influenced by factors such as the ceasefire agreement between Israel and Hezbollah, an increase in US oil reserves, OPEC+’s ongoing discussions to delay plans for increasing oil production, and the ongoing military conflict between Russia and Ukraine.

These factors caused fluctuations in global oil prices, with some products experiencing price increases.

Foreign arrivals to Cam Ranh International Airport hit record high

The number of foreign passengers travelling through Cam Ranh International Airport reached a record high of nearly 3.9 million during the initial 11 months of the year, up 86% compared to 2023, according to the airport’s latest report.

The Republic of Korea (RoK) continued to lead the way with nearly 2.3 million arrivals, up 57% thanks to the attraction of natural landscapes, unique culture, and the resumption of air routes.

China also witnessed impressive growth with nearly 935,000 arrivals, representing a three-fold rise compared to the same period last year, due to the restoration of direct flights and favourable visa policies.

Other markets also recorded remarkable growth, including Kazakhstan, up nearly 70%; and Macau, up over 142%.

Pham Thanh Son, CEO of Cam Ranh International Terminal Joint Stock Company, revealed that the airport served 6.5 million passengers in 2019 and is ready to raise its capacity to eight million passengers a year.

Son said direct flights from many countries to the locality have provided passengers with reasonable airfares.

Khanh Hoa province boasts a 385 km long coastline and is famous for its scenic spots such as Van Phong Bay, Hon Mun Island, and a floating road in the middle of the sea on Diep Son Island.

With a system of high-class hotels, resorts, and diverse tourism products, the province welcomed more than nine million visitors in the first 10 months of the year.

VinFast reports unaudited financial results in Q3

VinFast Auto Ltd., a pure-play electric vehicle (EV) manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the third quarter ending September 30.

The company reported strong third-quarter results, delivering 21,912 vehicles, an increase of 66 per cent compared to the second quarter and up a substantial 115 per cent year-over-year. Revenue reached US$511.6 million, up 49.3 per cent year-over-year.

VinFast became the top-selling automotive brand in Việt Nam for September, October, and for the first ten months of 2024 while continuing to make strides in its global expansion.

The firm said it remains committed to its growth strategy and has secured capital commitments to support its expansion plans, adding that it is focused on balancing revenue growth and optimising costs.

Thuy Le, Chairwoman of VinFast, said: "The third quarter's result was underpinned by a robust September, as we recorded the highest monthly deliveries in our home market, Việt Nam. This marks a historic milestone for Việt Nam's automotive industry where, for the first time since we were established seven years ago, a domestic OEM has outperformed international competitors to become the market leader across the passenger vehicle market. We expect to finish 2024 on a strong note and meet our 80,000-vehicle delivery target, as the momentum in Q3 has continued into Q4."

"Producing high-quality electric vehicles is a complex task, one that requires unwavering dedication and fortitude to navigate ongoing uncertainties," she added. "Every day we are learning how to make durable and exciting EVs that will be a key part of the global transition to green mobility. The path to green mobility is challenging, but our commitment to this future is resolute — because the future is, without question, electric."

Notably, direct deliveries to customers experienced a considerable quarterly increase of 163 per cent, highlighting strong market demand for VinFast's EVs.

Total revenues were VNĐ12.32 trillion ($511.6 million) in the third quarter, representing an increase of 42.2 per cent from this year's second quarter and an increase of 49.3 per cent from the third quarter of 2023.

Gross loss was VNĐ2.95 trillion ($122.8 million) in the third quarter of 2024, representing a decrease of 45.6 per cent from the second quarter.

The gross margin in the third quarter was negative 24 per cent. This represents a significant improvement compared to the negative 27 per cent margin in the same quarter of the previous year and the negative 62.7 per cent margin in the second quarter of 2024.

Net loss was VNĐ13.2 trillion ($550 million) in the third quarter of 2024, representing a decrease of 14.8 per cent from the third quarter of 2023 and a decrease of 29.4 per cent from the second quarter of 2024. 

VN to embrace a new internet era: VIA 

There are vast opportunities for Vietnamese internet businesses, participants heard at Việt Nam's Internet Day 2024 in Hà Nội.

The event, themed 'Tipping Points for Vietnam Internet: Leapfrog with DC, Cloud, 5G and AI', was organised by the Vietnam Internet Association (VIA), in collaboration with the Vietnam Internet Network Information Center (VNNIC), under the oversight of the Ministry of Information and Communications (MIC).

Leading businesses in the IT and internet sectors attended the event, which has been serving as an annual platform to create opportunities to learn, share and discuss ongoing issues.

Chairman of the VIA, Vũ Hoàng Liên, said the development reflects the country's technological advancement and internet culture. He said the country aims for technological breakthroughs, driven by rapid technological shifts and an increasing demand for digital transformation, with the government playing a proactive role in promoting and expanding internet access across the country.

He said the number of internet users in Việt Nam has been projected to continue growing between 2024 and 2029, to reach an estimated 100 million plus by the end of 2029.

A report published earlier this month on Southeast Asia's digital economy by Google and Temasek said Việt Nam's internet economy had reached US$36 billion this year, a 16 per cent increase from 2023 with e-commerce as the main driver, contributing $22 billion, an 18 per cent increase year-on-year, or 61 per cent of the country's internet economy value.

Liên said Việt Nam, with robust infrastructure and governmental support, has the potential to not only realise said objectives but to grow into one of the world's innovation hubs in the new internet era.

"Achieving meaningful breakthroughs, however, requires strong collaboration between the state, the business and tech communities," he said.

Director of the Department of Telecommunications under the MIC, Nguyễn Thành Phúc, said the ministry is willing to work alongside and provide the business and tech communities to overcome challenges and create opportunities in the new digital age.

At the event, major Vietnamese corporations including VNPT, Viettel and FPT held numerous presentations on new technologies in Cloud Native & AI, Wi-Fi 6E/Wi-Fi 7, 5G strategy and new 5G services.

The association said as the world is undergoing a profound transformation into the AIoT era, a fusion of Artificial Intelligence (AI) and the Internet of Things (IoT), enabling intelligent systems capable of real-time automation and data processing, Việt Nam's technological infrastructure must rapidly upgrade its data centres and cloud computing systems, providing robust computing power and high-speed data transmission.

Connectivity technologies like 5G and 6G will further drive the integration of AIoT applications and help optimise economic outcomes. The year 2024 is seen as a pivotal year for the Southeast Asian country to roll out its 5G services, marking a milestone in developing the national infrastructure and protecting data sovereignty. 

VCCI proposes extending VAT reduction for first half of 2025

The current VAT reduction, from 10 per cent to 8 per cent, has been having a positive impact on Việt Nam’s economy. Given the ongoing economic difficulties it’s essential to continue with the tax cut, at least during the first six months of 2025, said the Vietnam Chamber of Commerce and Industry (VCCI).

The tax cut, introduced to give the economy a boost amid the COVID-19 pandemic and due to end December 31, is up for review by the National Assembly, which has requested opinions and feedback on its continuation.

The chamber also voiced its concerns over the current implementation of the tax cut.

"We have noted that many businesses are facing considerable obstacles in qualifying for the tax cut, mainly due to the tax authority’s categorising method that determines which goods and services are eligible,” said the VCCI in an official statement.

Despite several governmental decrees issued, including Decree 15/2022/ND-CP, Decree 44/2023/ND-CP and Decree 72/2024/ND-CP, implantation remained systematically problematic. The chamber suggested the country’s economic classification system, historically used to gather data, could serve poorly as a basis for determining the rights and obligations of goods and services.

In certain areas, the lack of legal frameworks could make it extremely difficult to categorise a group of goods and services. For example, it’s challenging to categorise telecommunications and IT products due to a lack of definitions in Việt Nam’s existing legal documents. Similar issues are also present in several manufacturing and chemical sectors, which suffer the same difficulties.

The chamber said businesses, on many occasions, were held back because they couldn’t make sure whether their goods and services may qualify under the tax cut. Even seeking clarification from the tax authority was no help as they were told to refer to the national product sector classification system and other decrees.

There are costs to the public and the economy because of all these difficulties in determining whether a good or a product could qualify for the tax cut, said the VCCI.

In addition, businesses have to pay more to hire additional accounting staff to adjust invoices and financial records. They face increased risks in finalising purchase agreements due to difficulties in calculating the VAT tax, even after all other details were negotiated successfully. In some cases, disputes and settlement requests have been filed over disagreements on the VAT tax.

Given the current economic context and difficulties, the chamber has proposed the National Assembly consider reducing the VAT tax for all goods and services from 10 per cent to 8 per cent. 

Innovative Vietnamese start-ups must draw resources from international and domestic corporations: PM

Facing both opportunities and challenges in science and technology, Việt Nam's innovative start-ups must attract resources from international and domestic corporations while developing technology unicorn companies, said Prime Minister Phạm Minh Chính on Wednesday at the National Innovative Entrepreneurship Day (Techfest Vietnam 2024).

Hosted by the Ministry of Science and Technology and the Hải Phòng City People’s Committee from November 26 to 28, Techfest Vietnam 2024, themed 'Together accelerating Việt Nam’s start-up ecosystem', has provided a space for networking and knowledge exchange between emerging start-ups, investors and other key stakeholders, creating opportunities for long-term collaboration and business development.

Speaking at the opening ceremony on Wednesday, Minister of Science and Technology Huỳnh Thành Đạt said Việt Nam is one of the dynamic emerging economies and a development centre for innovative startups in the Asia-Pacific region. The intelligence and creativity of Vietnamese people have reached across the world, he said.

He noted that Việt Nam's innovative start-up ecosystem has grown rapidly over the past decade, promoting the emergence of pioneering enterprises applying new technologies and new business models, and is ready to compete in the global market.

In 2024, Việt Nam's Global Start-up Ecosystem Index jumped by two places, from 58th to 56th. Việt Nam ranks fifth in Southeast Asia and 12th in the Asia-Pacific.

“Our country's Global Innovation Index has continuously improved over the years," Đạt said. "In 2024, it increased by four places compared to 2022, ranking 44th out of 133 countries and economies.”

“We have witnessed a significant increase in the quantity and quality of innovative start-ups. From the very first steps, the innovative Vietnamese start-up ecosystem has become a bright spot in the region and the world,” the minister noted.

“In the era of digital transformation and green transition, innovative start-ups will continue to play an important role, accompanying and working side by side with the country to go further on the path of deep integration and sustainable development," he added.

Đạt said supportive policies for start-ups -- including Project 844, supporting the national innovative start-up ecosystem; Project 1665, supporting students in starting businesses; and Project 939, supporting women in starting businesses -- need to continue being expanded. This would ensure that the innovative start-up ecosystem continues to maintain its development momentum, increases competitiveness and remains a solid foundation for the sustainable growth of the Vietnamese economy.

PM Chính said the Party and State pay special attention to science, technology and innovation, considering this one of the top national policies for rapid and sustainable development. Innovative start-ups are a new growth driver, creating productive forces for development in the new era.

The leader emphasised the importance of time, intelligence and determination to catch up, move forward and surpass goals, including overcoming one's own limits.

He also pointed out a number of limitations, such as a lack of resources, slow innovation in thinking, and a failure to make breakthroughs in legal development.

Not many large enterprises are investing in innovative start-ups because infrastructure for piloting and testing technology has not met demands, he said.

Noting that start-ups need fresh thinking and new ways of taking action, he said there must be a supportive mindset, instead of “banning if you can't manage it”.

“Innovative start-ups need to dare to think, dare to do, dare to accept risks, dare to pioneer, dare to act, surpass oneself, and commit for the benefit of the nation, the people, and for the bright future of the country,” he said.

The Prime Minister outlined six key tasks and solutions to develop the innovative Vietnamese start-up ecosystem, including refining initiatives for innovation and entrepreneurship and identifying priority areas, with a focus on new productive forces as well as strategic areas such as the green economy, digital economy, circular economy and pioneering technologies.

Confirming that the government will create favourable conditions to support and promote the development of the innovative start-up ecosystem, he called for ensuring financial resources and facilities, developing a high-quality workforce, and promoting innovative start-up movements.

“Each innovative start-up needs to be an ‘innovation nucleus’ that creates new momentum for the economy, and affirms Vietnamese intelligence and mettle in the international arena,” he said.

“Organisations that support the start-ups act as a bridge in connecting start-ups with resources."

According to the Ministry of Science and Technology, Việt Nam now has about 4,000 innovative start-ups, including two unicorns and 11 businesses valued at over US$100 million each.

The country has more than 1,400 start-up support organisations, 202 co-working spaces, 208 investment funds, 35 business promotion organisations, 79 incubators and about 170 universities and colleges engaging in innovative start-up activities.

Wood exports poised to exceed target despite market challenges

Việt Nam’s wood processing and export industry is on track to surpass its 2024 export target of US$15.2 billion, navigating through complicated market developments with strategic adaptability.

Statistics from the General Department of Việt Nam Customs showed that Việt Nam's wood export turnover in the first 11 months of 2024 was estimated at over $14.6 billion. Industry experts said seeing the market’s robust recovery signs, enterprises have proactively outlined production plans and sought new markets.

According to the Vice Chairman of the Handicraft and Wood Industry Association of HCM City Nguyễn Chánh Phương, the US now accounts for 54 per cent of Vietnamese wood exports. However, it presents ongoing challenges with import taxation policies that keep businesses on their toes.

Firms in key wood-producing localities like Bình Dương, Đồng Nai, and Bình Định have been active in seeking market opportunities.

Chairman of the Bình Dương Furniture Association Nguyễn Liêm highlighted the efforts of local firms to bolster shipments, including making innovative product designs that are attracting international customers and pivoting to e-commerce channels, demonstrating flexibility in their sales strategies.

Meanwhile, enterprises in Đồng Nai province have sold their products to 50 countries and territories, with major markets being the US, the EU, Japan, the Republic of Korea and China. Since the outset of the year, the locality’s wood export value has already reached $1.3 billion, a year-on-year increase of 14.3 per cent.

Additionally, insiders have advocated for more robust domestic market development. Chairman of AA Corporation Nguyễn Quốc Khanh said the domestic interior market, comprising furniture and building materials, is estimated at some $10 billion. With a population of 100 million and a growing middle class, the domestic market presents significant untapped potential.

Vice Chairman of the Việt Nam Interiors Association Vũ Hồng Cương said domestic producers are struggling to establish strong design identities and brands, adding while high-end products have been imported from Europe, mid-range and budget segments lack impressive design styles.

He suggested that besides export markets, enterprises should tap into domestic markets and set up a firm foothold here.

In the meantime, Chairman of the Việt Nam Timber and Forest Product Association Đỗ Xuân Lập emphasised the need for businesses to better their competitive edge through five pillars of production technology, low-emission manufacturing, management, trade promotion and internal monitoring standards. 

PM asks central bank to accelerate lending to businesses

Prime Minister Phạm Minh Chính signed an official dispatch on Wednesday requesting the State Bank of Việt Nam (SBV) to enhance credit management in the remaining months of this year to accelerate lending for production and business.

Official Dispatch No 122/CĐ-TTg pointed out that credit access remains difficult, while non-performing loans keep increasing amid complex global developments, persistent military conflicts, slow and uneven global economic recovery along with the impact of natural disasters and climate change.

In the domestic market, businesses face numerous difficulties, especially from the heavy damage caused by Typhoon Yagi in early September.

The PM asked the SBV to keep a close watch on international developments, especially changes in major economies' financial and monetary policies, so that responses are prompt.

He also requested proactive efforts to implement monetary policy flexibly and effectively and combine it with a reasonable expansionary fiscal policy and other macroeconomic policies.

The aim is to support people and businesses in quickly recovering from the consequences of Typhoon Yagi, to promote economic growth associated with macroeconomic stability, control inflation and ensure a balanced economy as well as the safe operation of the banking system.

The PM asked for increased efforts to achieve a credit growth rate target of 15 per cent for the year to meet capital demand and to make it easier for people and businesses to access credit.

Notaby, the PM asked for further efforts to reduce lending rates.

Credit institutions must focus on providing lending to production, business and prioritised sectors as well as sectors that create new momentum for growth, including the digital transformation, green transition, climate change adaptation, circular economy, sharing economy and science and technology.

Preferential credit packages must be implemented quickly and with transparency and efficiency.

On the same day, the SBV issued a document asking commercial banks to keep deposit rates stable and make efforts to further reduce lending rates.

The document was issued after several commercial banks started to raise deposit rates in early November.

Previously, the SBV issued a circular that took effect on November 20 prohibiting credit institutions from offering promotional incentives in cash, interest or other forms to attract deposits. This aims to prevent banks from paying higher-than-listed deposit rates through promotions.

The rate for deposits lasting less than one month is capped at 0.5 per cent per year, and for terms of 1-6 months at 4.75 per cent per year. 

HCM City, Bulgarian companies seek co-operation opportunities at business forum

HCM City is dedicated to creating the most favourable conditions for businesses from Bulgaria to invest and operate within the city, affirmed Võ Văn Hoan, deputy chairman of HCM City’s People’s Committee at the Việt Nam - Bulgaria Business Forum held in HCM City on Wednesday.

"We always view the success of foreign investors in our city as our own success," he emphasised.

The Việt Nam - Bulgaria Business Forum was conducted as part of the visit of H.E. Rumen Radev, President of the Republic of Bulgaria, to Việt Nam from November 24 to November 28.

In his address at the forum, President Rumen Radev emphasised the significance of the Vietnamese market to Bulgaria. He also highlighted sectors with vast potential for enterprises from both nations to collaborate.

During the forum, leaders from the Bulgarian Ministry of Innovation and Growth and the HCM City Department of Planning and Investment introduced fundamental information about the environmental climate in Bulgaria and HCM City. They also presented various sectors, projects, and investment incentives available for foreign investors.

Both parties underscored the significant investment opportunities for businesses from Bulgaria and Việt Nam in general, particularly in HCM City. This allows companies to capitalise on all advantages to enter each other’s markets or expand their businesses locally.

HCM City's authority highlighted Bulgaria as a country with strong potential in sectors like information technology, organic agriculture, healthcare, and renewable energy – areas of keen interest for HCM City to learn from and collaborate on.

Being the largest economic centre in the country, HCM City is proud to be an attractive destination for foreign investors, including those from Bulgaria. The city serves as the economic, cultural, scientific, and innovative hub of the nation. With a population exceeding ten million and a vibrant workforce, the city is a significant consumer market and an appealing destination for international investors seeking long-term cooperation and investment, stated Hoan.

Furthermore, at the forum, Deputy Director of the HCM City Department of Planning and Investment, Đinh Khắc Huy, underlined the city's goals to become a high-technology hub focusing on three key industries: electronics manufacturing; chemicals, rubber and plastics; precision engineering; and food and beverage processing. The city also emphasises five emerging high-tech industries including biotechnology, pharmaceuticals, automation and robotics, semiconductors, and high-tech industrial support.

Additionally, six promising support service sectors include medical tourism, finance, insurance, banking, e-commerce, healthcare services, transportation and logistics, and educational technology. The city aims to mobilise resources and attract investments for comprehensive development, positioning itself as a competitive international financial centre. As part of this plan, the city will concentrate on the currency market and banking system, capital market, and commodities market.

GEIMS Việt Nam 2024 kicks off

The 2024 Global Electronics Intelligent Manufacturing Show (GEIMS Việt Nam 2024) officially opened on November 28 at the Hà Nội International Exhibition Centre.

This show is held by Global Sources for the first time, featuring over 200 booths. It brings together over 100 leading suppliers of electronic components and smart manufacturing solutions from Việt Nam, China, Japan and South Korea.

“GEIMS Việt Nam 2024 serves as a crucial link between leading manufacturers and suppliers of electronic components, addressing the need for a stable supply of electronic components, automation equipment and precision machinery for manufacturing plants,” Vice President of Global Sources Wilson Wu said.

He stressed that participating businesses will find suitable suppliers and gain insights into the latest technologies and optimal solutions for their production lines.

According to Đỗ Thị Thúy Hương, Vice President of the Việt Nam Supporting Industry Association and Executive Board Member of the Việt Nam Electronic Industries Association (VEIA), this event offers an opportunity for Vietnamese businesses to connect with manufacturers from China and other countries in the region.

She noted that many manufacturers with operations in Việt Nam participated in this event to seek partnerships and expand their business networks.

Major brands featured at the show include JUKI Corporation, TKD Science and Technology, Hangzhou Group, ShenZhen Asia Lanneret Science & Technology, Shenzhen Earlysun Technology, Suzhou Faroad Intelligent Equipment, and AIVS.

The event also includes a series of specialised seminars featuring over 16 in-depth sessions led by experts from various organisations, such as the State Agency for Technology and Innovation, VEIA, the Việt Nam Association of Mechanical Industry (VAMI), BW Industrial, along with top companies in surface mount technology (SMT) and automation.

Running until November 30, GEIMS Việt Nam is expected to attract over 10,000 visitors, including electronics and smart manufacturing businesses.

Event seeks to foster economic cooperation between Poland and Việt Nam

A number of topics aimed at strengthening trade between Poland and Việt Nam were discussed at a “Business Mixer” event in HCM City on November 28.

Speakers at the event organised by the Port of Gdańsk, Poland’s largest, said the bilateral economic partnership has been evolving rapidly.

Poland’s exports to Việt Nam grew by nearly 20 per cent last year and it remained a crucial import partner for Việt Nam, with the volume of Vietnamese imports into Poland growing at a remarkable rate.

Currently, Việt Nam is Poland's largest trade partner in Southeast Asia.

Dorota Pyć, president of the Port of Gdansk Authority, said: “Trade between the two countries reached new heights last year, with potential for even greater growth. We look to enhance our cooperation, offering Vietnamese companies new opportunities to reach the European market via the Port of Gdańsk.

“Given our respective strategic locations, the Port of Gdańsk can serve as an ideal entry point for Vietnamese goods into Europe and as a gateway for Polish and European products to Việt Nam.”

She said this partnership would not only facilitate trade but also improve logistics efficiency, reduce transit times and ensure that businesses stay competitive in an increasingly demanding global market.

“Today’s global economy requires strong partnerships, shared values, and a commitment to progress.

“The Port of Gdańsk stands ready to be Việt Nam’s partner in growth, offering not only a gateway to European markets but also a trusted, innovative, and future-oriented ally.”

Paweł Krężel, director of maritime economy and inland navigation at the Polish Ministry of Infrastructure, said Việt Nam is becoming a key player in the global economy, rapidly expanding its markets, and ranking as one of Southeast Asia's fastest-growing economies.

“This is a tremendous opportunity for Polish businesses to establish and expand their presence in this dynamic market.”

He said the 2020 EU-Vietnam Free Trade Agreement, which aims to eliminate over 99 per cent of customs duties on goods traded between the two sides, further incentivises Polish and Vietnamese entrepreneurs to expand trade.

“This is an ideal moment for Polish entrepreneurs who have yet to enter the Vietnamese market to take a closer look and consider exploring the possibilities on a broader scale.”

On the other hand, with growing interest among Polish consumers and businesses in Vietnamese products, the growth of Vietnamese imports into Poland seems likely to continue, enriching the variety of goods and services exchanged between the two nations, he added.

Trần Ngọc Liêm, director of the Việt Nam Chamber of Commerce and Industry’s HCM City branch, said: “Việt Nam and Poland are both coastal nations. Therefore, the development of seaport infrastructure and maritime transportation is crucial for their economic growth and for promoting bilateral trade.”

Many Vietnamese logistics companies are establishing freight routes between Việt Nam and Poland, but the current level of development remains far below the bilateral potential, he said.

The event offers an excellent opportunity for businesses in the two countries in seaport infrastructure, logistics, freight forwarding, and import-export to obtain market information, discuss shared interests and seek new collaboration opportunities, he added. 

Market edges up as liquidity continues to decline

Việt Nam’s stock market saw a slight increase on Thursday as liquidity continued to decline, while foreign investors sustained their net buying momentum.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) edged up by 0.14 points, or 0.01 per cent, closing at 1,242.11 points.

Market breadth was positive, with 159 gainers outnumbering 143 decliners. However, liquidity on the southern bourse continued its downtrend, dropping to VNĐ11.1 trillion (approximately US$436.9 million), with a trading volume of 477.5 million shares.

The VN30-Index, which tracks the 30 largest stocks by market capitalisation on HoSE, rose marginally by 0.46 points, or 0.04 per cent, to 1,301.52. Among VN30 stocks, 12 advanced, 15 declined, and three remained unchanged.

Key banking sector stocks led the market’s modest gains. According to data from the financial website vietstock.vn, the Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) emerged as the biggest gainer, contributing significantly to the market's capitalisation. Shares of CTG increased by 0.71 per cent, adding over 0.3 points to the VN-Index.

The Vietnam International Commercial Joint Stock Bank (VIB) followed with a 2.16 per cent gain, while the Việt Nam National Petroleum Group (PLX) rose by 2.3 per cent. FPT Corporation (FPT) gained 0.36 per cent and the Vietnam Technological and Commercial Joint Stock Bank (TCB) climbed by 0.43 per cent.

However, selling pressure in several large-cap stocks limited the market’s gains. Vinhomes JSC (VHM) fell sharply by 1.91 per cent, the Bank for Investment and Development of Vietnam (BID) declined by 0.54 per cent, and Saigon Beer - Alcohol - Beverage Corporation (SAB) dropped by 1.07 per cent.

Analysts from Việt Dragon Securities remarked: “The market's decline was curbed by support near the 1,240-point level. Liquidity slightly decreased compared to the previous session, falling to a low level, indicating that supply pressure has temporarily eased. However, cash flow remains hesitant.

“We anticipate that the market will continue to receive support around the 1,240-point level in the next trading session and could see a technical recovery toward the 1,252-point resistance zone. However, recent declines below the 200-day moving average (MA200) could still exert downward pressure on the market.

“Therefore, investors should monitor supply-demand dynamics closely to reassess market conditions. Caution is advised, and investors should wait for stronger signs of cash flow while maintaining a balanced portfolio to mitigate risks,” they added.

On the Hà Nội Stock Exchange (HNX), the HNX-Index inched up by 0.22 per cent to end the day at 223.57 points.

The northern market recorded a trading value of over VNĐ572 billion, with a trading volume exceeding 34 million shares.

Foreign investors extended their net buying streak, purchasing over VNĐ48.2 billion on the HoSE. 

Rice export hits a fresh record of $5 billion

Việt Nam has exported 8.05 million tonnes of rice from the beginning of this year to November 15, to earn a historic record value of more than US$5 billion, according to statistics of the General Department of Customs.

Compared to the same period last year, rice export increased 9.16 per cent in volume and 21.49 per cent in value on high rice prices which averaged $626 per tonne, up 12 per cent.

The Philippines is the largest rice import market of Việt Nam, accounting for 46.93 per cent of the export volume, followed by Indonesia with 14.02 per cent and Malaysia with 8.7 per cent.

According to Việt Nam Food Association (VFA), the price of Vietnamese rice remains the highest in the world.

Since the end of October after the world largest rice exporter, India, lifted the ban on regular rice export, the rice prices in the global market have fallen sharply. The VFA’s data showed that each tonnes of 5-per-cent broken rice from Pakistan and Thailand dropped by around 5-10 per cent to around $457-490.

However bucking that general trend, Vietnamese 5-per-cent broken rice has increased again since November 2021 to reach $510-520 per tonnes at the end of last week, helping Việt Nam to be among the world’s largest rice exporters.

Despite setting a historic record rice export value, Việt Nam’s rice import soared strongly by 73 per cent, making Việt Nam the third largest rice importer in the world after the Phillippines and Indonesia.

In the first ten months of this year, Việt Nam imported 3.2 million tonnes, worth $1.2 billion.

Looking ahead, there are factors which might affect rice exports next year.

According to Coordinating Minister for Food Affairs Zulkifli Hasan, Indonesia, Việt Nam's second-largest rice export market, may not import any rice in 2025.. He added that the country aims to achieve rice self-sufficiency before 2027, reducing the need for rice imports. 

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