Improving the rice quality, diversifying markets, and building a recognisable and trustworthy brand identity for Vietnamese rice are among measures for Vietnam to boost its rice exports, said Secretary of All India Spices Importers Federation (AISIF) Hiren Gandhi.

In an interview granted to Vietnam News Agency correspondents in New Delhi, he said Vietnam needs to make its rice meet international standards, including developing high-quality rice varieties with specific characteristics to cater to different markets; work to grasp the distinct preferences and needs of consumers in different markets; and strengthen cooperation with local farmers to ensure consistent quality, promote sustainable farming methods and support them to access the latest advances in agriculture.

It is necessary to invest in advanced processing technology to improve the quality of rice products, including new techniques in milling, preservation and packaging; actively participate in market research and trade promotion activities to better understand consumer demand, market trends and pricing strategies in different regions, he noted.

Finally, Gandhi emphasised the need to ensure products meet strict international food safety and traceability standards, which are increasingly important to consumers and regulators, he added.

With these above specific strategies, Vietnamese rice exporters can further consolidate their position in the global market and continue to achieve impressive growth, according to him.

Regarding India's decision to lift the ban on exporting regular white rice and set a floor price for this item at 490 USD per tonne, the expert said it has had a strong impact on the global rice market in general and that in Vietnam in particular. India is the second largest rice producer in the world, just after China, with an annual output of 118 million tonnes, while Vietnam produces 21.2 million tonnes. India exports 16.5 million tonnes of rice each year, while Vietnam ships 7.6 million tonnes yearly.

Gandhi noted that the two countries have great potential for cooperation in this field, especially for brown rice. Vietnamese importers should import brown rice from India, process it in Vietnam and then export it globally, he recommended./.

Retail prices of petrol products surge

The retail prices of petrol products were adjusted up from 3pm on October 10 by the Ministry of Industry and Trade and the Ministry of Finance.

Specifically, the price of E5RON92 bio-fuel increased by 996 VND to no more than 19,846 VND (0.8 USD) per litre, while that of RON95-III rose by 1,258 VND to 21,061 VND per litre.

The price of diesel 0.05S is capped at 18,500 VND per litre, up 1,099 VND, and kerosene is now priced at no more than 18,790 VND per litre, up 1,139 VND. Mazut oil 180CST 3.5S is sold at 15,911 VND per kg, up 908 VND.

The two ministries decided not to use the petrol price stabilisation fund in this adjustment./.

AIIB asked to support Vietnam in mobilising resources for major projects

Prime Minister Pham Minh Chinh asked the Asian Infrastructure Investment Bank (AIIB) to continue supporting Vietnam in mobilising resources to implement large-scaled projects such as the Lao Cai - Hanoi - Hai Phong and Lang Son - Hanoi standard-gauge railway ones during a reception for AIIB President Jin Liqun in Vientiane on October 10.

At the event, held on the occasion of the 44th and 45th ASEAN Summits and related meetings, PM Chinh spoke highly of the AIIB's contributions to Vietnam's development in recent times, stating that Vietnam will continue to attach importance to and actively and responsibly participate in the bank's cooperation initiatives.

Briefing Jin on Vietnam's socioeconomic development situation and policies, the Vietnamese Government leader highlighted the country’s high priority on developing strategic road and railway infrastructure.

He called on the AIIB to provide concessional loans, transfer technology, and help with training human resources to carry out such important projects.

Agreeing with the PM’s proposals, the AIIB President underscored the importance and spillover effects of large-scaled infrastructure projects on improving connectivity, logistics capacity, and socio-economic development in the localities housing them, thereby attracting more high-quality investments to Vietnam.

He affirmed that the AIIB will continue to accompany and assist Vietnam in mobilising resources to develop key infrastructure facilities, ensure energy for high-speed railway operations, and participate in transport infrastructure, healthcare, climate change adaptation and energy transition projects in the Mekong Sub-region.

The two sides agreed to establish working groups to conduct pre-feasibility studies for cooperation projects, strengthen the connection between Vietnam's "Two Corridors, One Belt" initiative and China's "Belt and Road" initiative, and work together to help develop the AIIB into a prestigious and highly efficient regional development bank, meeting the practical needs and interests of member countries./.

Vietnam, France foster cooperation in health care, pharmaceuticals

A delegation from the Vietnam - France Friendship and Cooperation Association (AACVF) led by Assoc. Prof. Dr Nguyen Thi Kim Tien, former Health Minister of Vietnam and Honorary President of the AACVF, paid a working visit to France from October 6 - 10 to seek stronger cooperation between the two countries in the fields of health care and pharmaceuticals.

Tien and Vietnamese Ambassador to France Dinh Toan Thang, together with leaders of the Vietnam Vaccine JSC (VNVC), visited Sanofi Group's vaccine manufacturing plant, where they discussed cooperation in producing some Sanofi vaccines at the VNVC factory in Vietnam.

VNVC Chairman and CEO Ngo Chi Dung said that his company plans to build a vaccine and biologicals factory using cutting-edge technology and complying with the EU Good Manufacturing Practice (GMP) standards in Long An province. It prioritises cooperation with Sanofi towards manufacturing vaccines in Vietnam.

Tien, who is also a vaccine expert, said that the discussions demonstrate the rise of Vietnam's science sector and businesses in mastering advanced technologies and techniques for vaccine research and production, helping Vietnam ensure the self-sufficiency of vaccines in the future and reduce dependence on imports.

Ambassador Thang hailed the partnership between the VNVC and Sanofi, describing it as a continuation of the two countries' cooperation, especially in health care and vaccine production.

During the visit, the delegation, the Association of Vietnamese Youth and Students in France (UEVF), and representatives of FPT Software in the European country jointly held a seminar on Vietnamese youth's startups, during which participants shared their experience in launching new companies, difficulties facing them, and ways to navigate challenges.

Prf. Nguyen Lan Trung, Chairman of the Vietnam - France Friendship Association of Hanoi and Vice President of the AACVF, said that the sound traditional friendship and partnership between the two countries over the past 50 years is a favourable condition for the two sides to promote bilateral relations.

The AACVF's activities aim to help carry out cooperation between the two countries and open up market opportunities for businesses from both nations, Trung stated./.

VPBank signs 150 million USD loan agreement to fund clean energy projects

The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and the Japan Bank for International Cooperation (JBIC) have recently signed a credit agreement worth up to 150 million USD to finance renewable energy and power transmission projects in Vietnam, contributing to the national goal of achieving net-zero emissions by 2050.

The signing ceremony took place at VPBank's headquarters in Hanoi on October 9.

In attendence were Japanese Ambassador to Vietnam Ito Naoki, JBIC's Senior Executive Officer Ogawa Kazunori and VPBank's General Director Nguyen Duc Vinh, along with numerous leaders from both organisations.

JBIC is a government-owned financial institution with a mission to protect the environment and combat climate change through collaboration with financial organisations in various countries, using diverse programmes and financial resources for sustainable development investment projects.

At the United Nations Climate Change Conference (COP26) in 2021, the Vietnamese government announced its national goal of achieving net-zero emissions by 2050.

To realise this goal, the eighth Power Development Plan (PDP 8), published in 2023, serves as a critical link guiding the transition of electricity production from fossil fuels to renewable energy sources.

Vietnam will accelerate the development of smart power systems, integrate renewable energy sources and upgrade and construct modern power transmission and distribution networks.

In line with the objectives of both governments, the medium- to long-term 150 million USD loan provided by JBIC to VPBank is expected to be disbursed to corporate clients and projects in the fields of power grid development and renewable energy, positively impacting environmental protection in various localities across the country.

This loan is part of the AZEC initiative – the Asia Zero Emissions Community – launched by the Japanese government in an effort to achieve carbon neutrality and economic growth in accordance with each country's circumstances.

It aligns with the Just Energy Transition Partnership (JETP) programme agreed upon by Vietnam and partner countries, including Japan and the United States, in 2022.

The collaboration between VPBank and JBIC marks a significant milestone, reaffirming the trust of international financial institutions in the operations of domestic banks.

The partnership also strengthens the robust relationship between Vietnam and Japan across various sectors, including economics, finance, investment and industry.

As of the end of June 2024, Japan is one of the top three countries with the largest registered investment capital in Vietnam, totaling over 76 billion USD, according to data from the Foreign Investment Agency under the Ministry of Planning and Investment.

VPBank is actively involved in realising the national goal of achieving net-zero emissions by 2050 through green loans.

Prior to this credit line from JBIC, VPBank successfully raised several large-scale international sustainable finance loans, including a commitment of 300 million USD from the US International Development Finance Corporation (DFC) in 2023, syndicated loans from major financial institutions backed by strategic partner SMBC (Japan) totalling nearly 1.7 billion USD.

In 2022, the bank raised a 500 million USD syndicated loan from five prominent financial institutions: the Asian Development Bank (ADB), the Sumitomo Mitsui Banking Corporation (SMBC), the Japan International Cooperation Agency (JICA), the ANZ Bank and Maybank Securities Pte. Ltd.

For many years, VPBank has been one of the leading banks in Vietnam in terms of contributions to environmental, social and climate initiatives, by establishing and acting upon a consistent sustainable finance development strategy and a clear understanding of responsible lending principles./.

Conference seeks solutions to sustainable aquaculture in Mekong Delta

A conference was held in the Mekong Delta province of Tra Vinh on October 10, bringing together scientists, experts, and representatives of government agencies and aquaculture cooperatives to collect opinions for the deployment of Dutch-funded sustainable aquaculture development projects in Tra Vinh, Soc Trang, Ca Mau and Bac Lieu provinces.

Agriterra, a Dutch cooperative development organisation, announced plans to launch a sustainable development initiative for the Mekong Delta fishery sector (focusing on shrimp, catfish, and clam) for the 2026-2030 period, and another project aimed at improving professionalism in fishery cooperatives in the Mekong Delta for the 2024-2026 period.

Participants engaged in discussions on the current state of aquaculture, shared production and trade experiences, and proposed innovative solutions regarding policies, partnerships and production practices to meet export standards.

Pham Van Mung from Toan Thang aquaculture cooperative in Soc Trang province emphasised the pressing need for support in terms of advanced technology, infrastructure upgrade, and enhanced management and leadership capacities, stressing that building a certified shrimp brand would help the cooperative expand market access.

President of the Vietnam Cooperative Alliance Cao Xuan Thu Van believed that innovative solutions, strategic partnerships, collective cooperation, along with public-private partnerships and financial, technical, and technological advancements, would improve the value chain of their products and operational capacities, thus driving the sustainable development of the regional fishery sector./.

Hanoi Giftshow 2024 opens

The Hanoi Giftshow 2024 opened in the capital city on October 10, promotes municipal efforts to create a favourable business environment, particularly for sustainable development.

Deputy Director of the municipal Department of Industry and Trade Nguyen Dinh Thang said the five-day event is part of the activities to celebrate the 70th anniversary of the capital's Liberation Day (October 10,1954-2024) and supports businesses in boosting production, trade, and digital commerce, contributing to market stability and growth.

As Vietnam’s largest handicraft trade fair, it attracts thousands of visitors, offering both in-person and online platforms for cooperation and business opportunities.

With over 450 booths from domestic and international handicraft businesses, the fair is expected to draw more than 17,000 visitors, providing an important platform for businesses to promote products, find new partners, and expand markets.

Unique handcrafts will be showcased, reflecting the creativity and skill of artisans, while facilitating new business connections.

Participants benefit from online promotion and support for marketing on e-commerce channels after the event.

Over the past 13 years, the Hanoi Giftshow has grown into a leading handicraft export fair in the Asia-Pacific, with participation from more than 30 countries.

It has facilitated thousands of contracts, contributing significantly to the 6-8% annual growth of Vietnam's handicraft exports./.

Germany interested in Vietnamese labour market

Various members of the German Association of Small- and Medium-Sized Businesses (BVMW International) have pointed to potential for cooperation between Vietnam and Germany in labour supply.

At a working session with visiting Deputy Prime Minister Ho Duc Phoc on October 9, BVMW International Managing Director Andreas Jahn affirmed Vietnam is an important partner.

Briefing Phoc on the operation of BVMW, the largest business association in Europe with 960,000 members, Jahn said it is running representative offices in 85 countries worldwide, including Vietnam.

The association focuses on supporting its member businesses to expand market and enhance competitiveness in key areas, he said, expressing his hope that Phoc's visit would create strategic opportunities, enabling BVMW firms to expand investments in Vietnam in the near future.

For his part, Phoc emphasised BVMW’s crucial role and called on the association to continue its support to German businesses in exploring opportunities and investing in Vietnam, while facilitating Vietnamese goods’ access to Germany.

Noting the bilateral investment and trade ties have yet to match potential of both countries, the Deputy PM outlined various opportunities for German enterprises to explore and invest in the Southeast Asian nation, particularly in high-tech, renewable energy, highway, high-speed rail, information technology, artificial intelligence, and training and labour.

Phoc reaffirmed that Vietnam remains steadfast in its investment policy, and commits to protecting the legitimate rights and interests of businesses.

Participating BVMW member businesses raised proposals on cooperation and investment opportunities in various sectors, including energy transition, environmental protection, and innovation.

They shared their views on potential for cooperation between the two countries in labour supply and high-quality workforce training, especially in the spheres of health care, hospitality, infrastructure, biotechnology, chemistry, and medical and education equipment./.

Vietnam, UK foster auditing cooperation

The State Audit Office of Vietnam (SAV) wishes to foster cooperation with the National Audit Office (NAO) of the UK, especially in the fields of specialised auditing, information technology application in auditing activities, and human resources training, stated Auditor General Ngo Van Tuan at his recent meeting with British Comptroller and Auditor General Gareth Davis in London.

At the meeting, part of the SAV delegation’s visit to the UK from October 7-10, Tuan highlighted three key pillars in the SAV’s development strategy until 2030, including human resources training and information technology application in auditing activities, and expressed his hope to promote partnership with NAO in these fields.

He asked for NAO’s increased cooperation and experience sharing in areas of its strengths such as financial audit, performance audit, quick investigation, and external audit of international organisations through conducting high-level visits and exchanging technical expert delegations, sending experts to Vietnam and inviting SAV auditors to the UK, and sharing professional documents and auditing practices.

Tuan also expected that the two sides will continue to support each other at forums of the International Organisation of Supreme Audit Institutions (INTOSAI) and in cooperation activities between the Asian Organisation of Supreme Audit Institutions (ASOSAI) and the European Organisation of Supreme Audit Institutions (EUROSAI).

Davies hailed cooperation proposals from the SAV, pledging that he will do his best to implement them. He suggested that the two sides maintain communication channels, exchange information regularly, and coordinate closely in the coming time to consider appropriate support and cooperation programmes.

Following the meeting, the two sides jointly held a seminar to exchange experience on auditing to serve corruption prevention and the enhancement of transparency of national finance.

Within the visit’s framework, the SAV Auditor General had a working session with Chief Executive of the Association of Chartered Certified Accountants (ACCA) Helen Brand who affirmed that the association is willing to cooperate with the SAV.

Tuan noted that ACCA has been a trustworthy partner of the SAV since the two sides signed their cooperation agreement in 2009. He underlined that his office wishes to cooperate with the ACCA in developing high quality human resources. He said he hopes the association, with its strengths in public audit training and new fields, will continue to support the SAV in training and share its experience through organising refresher courses for SAV auditors on risk management, enterprise valuation, climate change impacts, international auditing, and environment, and holding seminars on specialised auditing and application of information technology in auditing activities.

Tuan also expressed his hope that the SAV, which has been elected to the ASOSAI Audit Committee for the 2024-2027 tenure, will receive support from ACCA in auditing international financial funds to fulfil this role.

After the meeting, the two sides organised a seminar to exchange experience in environment and sustainable development auditing.

During his stay, Tuan also had a working session with Auditor General for Wales Adrian Crompton, during which he said that Vietnam hopes to foster cooperation with the Audit Wales to enhance its capacity of organisation and management, improve the quality of auditing activities, contributing to reforming public finance and public administration in Vietnam.

The SAV wishes to strengthen partnership with the Audit Wales in areas of mutual interest, especially areas where the Audit Wales is strong in SAV to learn, said Tuan.

Crompton lauded the proposals from the SAV and suggested that the two sides maintain regular contacts to seek suitable collaboration programmes.

Following the working session, the SAV and the Audit Wales held a seminar to exchange experience in auditing to serve corruption preventing and enhancing the transparency of national finance.

Commenting on the outcomes of the visit, Nguyen Ba Dung, Director of the SAV’s International Cooperation Department, said that it opened up new cooperation opportunities between the SAV and British partners, especially in areas of the UK’s strengths such as international auditing, investigative auditing, climate change response, information technology application, digital transformation, and AI application in auditing activities.

British partners showed their readiness to support the SAV in these areas, he added./.

Thai Binh intensifies cooperation with Russian localities

A delegation from the northern province of Thai Binh, led by Chairman of the provincial People’s Council Nguyen Tien Thanh, on October 10 met with representatives of the Moscow Chamber of Commerce and Industry, along with several Russian businesses.

Thanh emphasised the long-standing friendship between Vietnam and Russia, suggesting them enhance cooperation and investment. He also highlighted Thai Binh's economic development and strengths, saying its economic structure has shifted from agriculture to industrial production that now accounts for 42% of the local economy.

The official pointed to potential collaboration in health care, digital transformation, urban development and management, and industry. According to Thanh, Thai Binh has strengths in agricultural processing and consumer goods production, which can meet the huge demands of Moscow.

Chamber Chairman Vladimir Platonov affirmed support for cooperation between agencies and businesses of the two sides, noting Moscow's expertise in urban management.

Earlier, the Vietnamese delegation met with officials in St. Petersburg to explore bilateral cooperation and investment opportunities. St. Petersburg authorities suggested the establishment of cooperative ties between medical universities in the two localities./.

Forum helps connect Vietnamese, Italian coffee industries

The Vietnamese Embassy in Italy, in collaboration with Italian and Vietnamese partners, organised a forum on connecting the coffee industries of the two countries on October 9 as a key event during the ongoing Vietnam-Italy Coffee Day in Turin city.

This was a large-scale and significant economic event aimed at fostering cooperation and establishing partnerships between the two "coffee powerhouses."

In his opening remarks, Ambassador Duong Hai Hung said the forum offered a valuable opportunity for both sides to discuss and explore the potential for establishing concrete partnerships and collaboration across various stages of the coffee supply chain, including production, processing, brand building, franchising, joint ventures, investment, distribution, equipment supply, as well as experience sharing, aimed at promoting the sustainable development of the coffee industry in each country.

For her part, Deputy Mayor of Turin Michela Favaro noted that Italy is renowned for its coffee culture and excellent recipes, such as espresso, cappuccino, and macchiato.

She hoped for stronger growth in economic, trade and investment cooperation between the two nations, showing her desire that the forum would successfully connect Vietnamese and Italian businesses.

Nguyen Nam Hai, Chairman of the Vietnam Coffee - Cocoa Association (VICOFA), provided an overview of Vietnam's coffee industry, which has positioned a global reputation in terms of plantation scale, productivity, and output.

Omar Zidarich, President of the Italian Coffee Roasters Group (GITC), said the forum was a crucial event in the context of the world witnessing numerous challenges related to coffee prices for many different reasons, adding that GITC’s members wish to have access to information provided directly by coffee producers and exporters.

Major players in the Italian coffee industry, such as Lavazza Group and Interkom, shared their insights and visions regarding coffee, equipment, and coffee processing technologies, as well as Italian coffee brands, market trends, and consumer preferences, and demand for collaboration with Vietnam. They also showed their willingness to train coffee professionals for Vietnam.

According to Fabrizio Munegato, a representative of the Lavazza Group, Vietnamese businesses consistently demonstrate their capacity in coffee production and competitiveness, which undoubtedly provides momentum to further strengthen partnerships between businesses of the two countries.

Representatives of Vietnamese coffee firms showcased their capacity to supply coffee to international markets, highlighting the demand for Italian equipment and technology in coffee processing, as well as opportunities for investment, joint ventures, and collaboration.

Bach Thanh Tuan, Vice Chairman of VICOFA, emphasised that the forum signified a significant advancement for the Vietnamese coffee business community as it connects with Italy, a key market in Europe.

Sharing Tuan’s view, Carlo Odello, President of the International Institute of Coffee Tasters (IIAC), proposed that Vietnam and Italy should collaborate to explore the Asian coffee market, which still holds significant potential.

Vietnam is now the world's second-largest coffee exporter, while Italy is the global third-largest importer of coffee beans./.

Vietnam to host largest int’l elevator expo in December

The Vietnam Elevator Expo, the largest and only exhibition of its kind in the country, will take place from December 5-7, 2024 in Ho Chi Minh City.

Organised by the Vietnam Elevator Association (VNEA) and Vinexad National Trade Fair & Advertising JSC, the event is part of the broader Vietnam Expo, which will feature nearly 1,000 booths and is expected to attract over 12,000 visitors.

With over 120 booths, up 30% compared to 2023, this year's exhibition will showcase modern elevator solutions and innovative designs, serving as an architectural highlight for elevating living spaces.

Zhang Lexiang, Secretary General of the China Elevator Association, praised Vietnam's rapid industry growth, noting that the number of elevator manufacturers in the country has skyrocketed from only two 20 years ago to over 300 at present. He called on leading Chinese manufacturers to join the exhibition.

The event will feature a central display area called "Elevator Planet," offering a variety of trade promotion activities and workshops. Key sessions include "Elevator Talk," where experts and architects will discuss industry challenges, and "Elevator Share," which will focus on safety and rescue skills. Attendees can also participate in "Elevator Awards," recognising outstanding booths and innovative products.

A highlight of the exhibition will be the "BizLink 1:1" programme, designed to facilitate direct business connections between domestic and international companies, enhancing trade and cooperation.

The Vietnam Elevator Expo 2024, alongside the Vietnam Supporting Industry Fair (VSIF) and the International Hardware and Hand Tools Exhibition (VHHE), aims to foster collaboration and create a strong business network./.

Public investment disbursement acceleration promotes socio-economic development

Vietnam is speeding up public investment disbursement to push growth, after going through difficult times due to the severe economic impact of Typhoon Yagi.

Disbursement in the first eight months of this year has fallen short of expectations. According to the the Ministry of Planning and Investment more than 274.5 trillion VND (11 billion USD) was disbursed, equivalent to 40.49% of the yearly plan assigned by the Prime Minister, lower than the 42.35% in the same period last year.

Of the total, domestic capital was over 270.47 trillion VND, equal to 41.11% of the plan assigned by the PM, while foreign capital was over 4.03 trillion VND, or 20.16% of the plan. Notably, disbursement for the socioeconomic recovery and development programme reached 4.9 trillion VND, or 79.32%.

The ministry’s report showed that there are still 34 ministries, central agencies and 23 localities with disbursement rates below the national average of 40.49%. Notably, some localities which account for large proportions of the total state budget investment plan for 2024, have low disbursement rates, thus greatly affecting the overall rate of the whole country.

Ho Chi Minh City is an example. The country's economic locomotive was assigned an investment capital plan of 79.3 trillion VND in 2024, but the estimated disbursement in January-August reached only 13.14 trillion VND. Compared to the same period in 2023, its disbursement decreased by about 6.6 trillion VND.

The Government is targeting the public investment disbursement rate of 95% this year.

On October 8, Prime Minister Pham Minh Chinh signed an official dispatch, urging relevant authorities to accelerate the disbursement of public investment in the remaining months of this year.

The Government leader also ordered ministries, sectors, and localities to heed the importance and fully undertake public investment as a top political mission, contributing to bolstering economic growth, creating new development space, reducing logistics costs, and generating jobs./.

VinFast emerges as best-selling car brand in Vietnamese automobile market

VinFast, the electric vehicle (EV) maker of Vietnamese conglomerate Vingroup, announced on October 11 that it delivered more than 9,300 cars to customers in September, meaning that it rose to the leading position in the Vietnamese automobile market in September.

This marks the first time that an EV brand has risen to the top of the domestic market and is maintaining its strong growth momentum, marking a new advancement for the Vietnamese automobile industry.

The EV models during September’s delivery include VF e34, VF 3, VF 5, VF 6, VF 7, VF 8, and VF 9.

VinFast's sales of more than 9,300 cars has contributed to accelerating the green transition, making the Vietnamese market one of the few in the world to witness the dominance of EVs over gasoline cars at present.

Vu Anh Tuan, CEO of VinFast Auto Vietnam, emphasised that with the strong support of customers, the company will fulfill its plan for 2024, thereby making VinFast one of the best-selling car brands this year.

Currently, the automaker is in the process of deploying a programme aimed at calling on the entire community to join hands to develop the Vietnamese electric vehicle brand, contributing to promoting the green transformation process.

Gold ring prices suddenly bounce back to reach VND82.9 million

The price of gold rings in Vietnam rose by VND300,000 on October 12 to reach VND82.9 million per tael, driven by rising global prices, according to local media reports.

Bao Tin Minh Chau listed the price of gold rings at VND82.28 million and VND83.18 million per tael for buying and selling, respectively, up VND300,000 per tael from the previous transaction

Meanwhile, Saigon Jewelry Company (SJC) in Ho Chi Minh City increased its gold ring prices to VND81.5 million per tael for buying and VND82.9 million per tael for selling. This price remained the same for buying but increased by VND100,000 per tael for selling  compared to yesterday’s close.

Doji Group and Phu Quy Gold Joint Stock Company bought and sold gold rings at VND82.3 million and VND83.2 million per tael, respectively, a VND300,000 rise from the transaction carried out on October 11.

Meanwhile, all gold enterprises listed gold bar price at VND82.5 million per tael for buying and VND84.5 million for selling.

Globally, gold prices stood at around US$2,646 per ounce, up US$15 compared to the previous trading session.

HCM City, central coastal provinces review cooperation agreement, agree to advance it

HCM City and six central coastal provinces have agreed to step up co-operation across various sectors to promote their socio-economic development, enhance competitiveness and create momentum for sustainable growth across the region.

The governments of Bình Định, Khánh Hòa, Bình Thuận, Ninh Thuận, Phú Yên, and Quảng Ngãi provinces and the city organised a conference in Bình Định Province on October 11 to review the results of a socio-economic agreement they have signed in 2023-24 and propose initiatives for 2024-25.

In his opening remarks, Phạm Anh Tuấn, chairman of Bình Định Province's People's Committee, said the central coastal region plays a key role in economic development and national defence and has great potential for maritime economic development.

In 2023, after the city and the six provinces signed the cooperation agreement, they implemented many programmes to promote industry, tourism, agriculture, education, healthcare, investment and other sectors.

According to a report tabled at the conference, many seminars, fairs and trade facilitation events have been organised, providing promotional and networking opportunities for businesses from the localities.

The International Tourism Expo, a supply- demand connection programme between HCM City and the central coastal provinces, the 2024 Vietnamese Outstanding Export Products Fair, and a programme that assists businesses in the provinces to promote their OCOP products to the city’s consumers and link up with distributors and businesses have garnered great interest among businesses.

At the conference, local leaders, experts and businesses spoke about the various achievements the agreement has fostered.

Dương Ngọc Hải, permanent vice chairman of the city People's Committee, pointed to some limitations and issues that need to be addressed.

He said some co-operation activities have not made the expected progress or had a broad impact on the socio-economic development of the signatories while others have not been implemented or have not covered all sectors.

For 2024-25 they agreed to step up cooperation in various sectors, including investment and trade promotion, tourism, science and technology development, agriculture, climate change adaptation, transportation, education and training, and healthcare.

Eleven regional cooperation events and 11 bilateral events will be organised to strengthen regional connectivity, capitalise on the strengths of each locality, and foster bilateral relationships between the city and each province in various sectors while supporting businesses, investors, and the public in production and business activities, contributing to socio-economic development.

The provinces also made several proposals to HCM City, such as Bình Định Province wanting to step up exchanges of experience and technology transfer, especially in sectors in which the city has strengths such as information technology, the digital economy and services.

Delegates highlighted the need for organising specialised conferences to promote investments from the city into the region’s economic and industrial zones, developing joint tourism promotion campaigns and enhancing transportation connectivity, including increasing flights.

Hải said the provinces should direct their respective agencies to work closely with the city’s departments to effectively execute the programme in 2024-25.

He urged enterprises and business groups in the city to explore cooperation and investment opportunities in the central coastal provinces.

"As the country’s economic locomotive, HCM City is committed to providing maximum support for domestic and foreign investors.

“We will also work to improve the business climate, streamline administrative procedures and accelerate transportation and logistics infrastructure works to ensure efficient investment cooperation with the central coastal provinces."

HCM City and the provinces introduced over 700 projects in which they are seeking investors, primarily in industry, the maritime economy, trade, services, logistics, infrastructure, healthcare, and education.

100 most valuable Vietnamese brands on the limelight

Consultancy Vietnam Brand Purpose and global consultancy Brand Finance honoured the 100 most valuable Vietnamese brands in 2024, including Viettel, Vinamilk and VNPT, at a ceremony in HCM City on Friday.

The top three brands were Viettel with a brand value of US$8.9 billion and Vinamilk and VNPT ($2.6 billion).

Other valuable brands include GELEX, Vietjet, VPBank, Vietinbank, PNJ, and Vinhomes.

As part of the event, this year’s Brand Finance Vietnam 100 Report was also released to provide a comprehensive picture of the valuations.

Việt Nam is the country with the most rapid brand value growth in the world between 2019 and 2023 - 102 per cent - reaching $498.13 billion in 2023.

It currently ranks 33rd out of 121 in terms of strongest national brand.

Nguyễn Thanh Giang, CEO of Vietnam Brand Purpose, said with the economy facing numerous challenges, global uncertainties and tough competition from international brands, this report could help businesses improve their investment attraction and reinforce their competitive advantages.

She said consumers were placing more and more importance on sustainability.

Integrating it into brands and their promotion could be a challenge, but would pay dividends when done well, she said.

Trần Thị Kim Phượng, director of FPT Software Hồ Chí Minh, said her company was a pioneer in technology trends and focused on expansion and communicating its brand message to consumers, which helped it secure its brand position in both the domestic and foreign markets.

Alex Haigh, managing director of Brand Finance Asia-Pacific, said brand story communication played an increasingly important role in enhancing a business’s brand value and market share.

But it must be done regularly to ensure familiarity among customers and gain the trust of buyers and other business partners through consistent and transparent messages.

If brand story building is linked with local culture or resources, businesses can contribute to positioning the country’s national brand on the global map, and this could encourage other domestic brands to grow, according to Haigh.

Vietnam Brand Purpose and Brand Finance are working together to deploy measures that elevate Vietnamese brands in both the domestic and foreign markets.

Companies, woman fined for financial misconducts, illegal stock purchase

The State Securities Commission (SSC) has imposed administrative penalties on two companies and one individual for financial misconducts and illegal stock purchases.

The total fine for the three cases was nearly VNĐ523 million (US$21,000).

The AAV Group Joint Stock Company, headquartered in Hải Dương Province, was fined a total amount of VNĐ305 million ($12,300).

This includes VNĐ75 million for failing to report changes in its capital utilisation plan from the private placement of shares in 2021.

According to SSC, although AAV Group’s board of directors approved this change in October 2021, the company did not fulfil its reporting obligations at the annual general meeting of shareholders in 2022.

As a result, the SSC required AAV Group to announce the changes, and the funds raised from the private share placement or issuance in 2021, at the next shareholders’ meeting.

The company was also fined VNĐ65 million for failing to publish information within the required timeframe on the Hanoi Stock Exchange (HNX) regarding its audited separate financial statement and consolidated financial statement for 2023, and the explanations of differences before and after the audit of these statements.

The company was also fined another VNĐ65 million for providing incomplete information about its audited financial statements for 2022.

Specifically, the company had transactions involving advances and reimbursements with an internal party, which was Phạm Văn Hiên, head of the supervisory board.

However, the company’s 2022 governance report did not present these transactions.

The company's 2022 and 2023 annual reports also lacked certain information, including the performance and activities of its subsidiary.

Its self-prepared financial report for the second quarter of 2024 also did not present transactions with an internal party – deputy general director Nguyễn Thanh Hải – while these transactions were recorded in the reviewed semi-annual financial report for 2024 and the corporate governance report for the first half of 2024.

The Saigon Postal Corp (SPC) was fined VNĐ92.5 million for failing to publish several important documents.

They are the financial statements for four quarters of 2023 and the first two quarters of 2024, the reviewed financial statements for the first half of 2023 and 2024, the audited financial statements for 2022 and 2023, the corporate governance reports for 2023, the semi-annual reports for 2023 and 2024, and the annual report for 2023.

Also, a woman named Nguyễn Thương Huyền was fined VNĐ125 million for failing to register a stock purchase with the SSC, as required by law.

Huyền bought over seven million shares of Songhong Joint Stock Corporation on July 28, 2023 but not through a public offering, which in most cases has to be registered with the SSC.

The unauthorised purchase increased her shareholding in the corporation from 0 to 25.96 per cent.

Apart from the fine, Huyền must also forfeit voting rights directly, or through an authorised representative, for the shares acquired through the illegal purchase.

She is also required to sell shares to reduce her holding below the threshold that necessitates a public purchase within a maximum period of six months, from the date that SSC’s fine decision takes effect. 

Forum discusses biosecurity measures in livestock, aquaculture

A proactive approach to biosecurity, involving applying biosecurity measures to prevent, control, and eliminate pathogens, is far more effective in protecting herds, experts said at the Biosecurity Asia Forum held in HCM City on Thursday.

The forum, organised by the Department of Livestock Production under the Ministry of Agriculture and Rural Development, featured a panel of experts who addressed important issues that will help make a difference in the fight against disease.

Topics under discussion included best practices to minimise the risk of the introduction and spread of diseases, practical information to develop and implement a comprehensive and integrated biosecurity plan for individual operations, and steps to manage a disease outbreak.

Experts also discussed a biosecurity checklist to identify, manage, and protect against potential disease risks and develop a mindset and culture to increase the adoption of biosecurity practices.

Livestock, poultry, and aquaculture producers and supply chain firms from feed mills to processing plants attended the forum to get information on how to protect their business and the industry by implementing effective biosecurity measures to minimise the introduction and spread of diseases.

More than ever, devastating disease outbreaks, such as African swine fever, foot-and-mouth disease, avian influenza, and white spot syndrome in shrimp have made clear the importance of effective biosecurity programmes that prevent, control, and eradicate infectious diseases, experts said.

Furthermore, reducing disease is key to decreasing the need for antimicrobials like antibiotics, thereby minimising antimicrobial resistance.

Over the past decade, the livestock industry has maintained an annual growth rate of 5-7 per cent, according to the Department of Livestock Production.

In 2023 alone, despite difficulties due to the impact of the global economic downturn, decreased consumption, diseases, and complex climate change, the livestock industry still grew by 5.7 per cent.

The total production value of the livestock industry contributes 26 per cent to the agricultural GDP and more than 5 per cent to the country’s GDP.

The ratio between household farming and concentrated farming is 55 per cent and 45 per cent, respectively.

The output of livestock products certified by VietGAHP (Vietnamese Good Animal Husbandry Practices) accounts for only 15 per cent.

“Everyone working in the industry needs to be aware of the potential for disease outbreaks, it is a shared responsibility for all stakeholders,” said Rose Chitanuwat, regional portfolio director – ASEAN, Informa Markets.

In response to the increasing threats posed by diseases in livestock and aquaculture in Việt Nam, Informa Markets continued to support a proactive approach to biosecurity with the forum.

The Biosecurity Asia Forum is part of Vietstock Expo & Forum 2024 organised by Informa Markets in HCM City from October 9- 11.

HCM City to effectively utilise remittance for development

HCM City is focusing more on attracting remittance from overseas Vietnamese into the city’s socio-economic development through many policies, including issuing bonds for infrastructure projects.

A conference was held on October 11 to launch the project “Effective policies to make use of remittance in HCM City until 2030” with the city’s agencies and overseas Vietnamese.

According to the HCM City Committee for Overseas Vietnamese, HCM City recognises remittance as an important resource that plays a big role in the city’s socio-economic development, so there have been many policies to encourage overseas Vietnamese to send money back to the country, such as no income tax on foreign currency remittances from overseas Vietnamese.

The committee said that it has worked with relevant agencies and organisations to research and build the project, including with the HCM City People’s Committee, the State Bank of Việt Nam's branch in HCM City, the city’s departments, Việt Nam’s embassies in countries with high amounta of remittance to Việt Nam, overseas Vietnamese businessmen, experts and others.

This is to create policies that better attract remittance into the city’s production activities.

HCM City officially approved the project on September 26, and assigned tasks to departments and localities to carry out the project.

The HCM City Committee for Overseas Vietnamese will preside over the implementation of the project, and it has to advise the city on solutions to direct the usage of remittance to serve its socio-economic development, such as into development projects for culture, education or health; real estate; bonds; production activities; and others.

It will also launch a database of overseas Vietnamese who can help strengthen HCM City’s exports to other countries.

Meanwhile, departments and relevant agencies will propose and advise HCM City in issuing bonds to attract remittance to invest into infrastructure works, while encouraging labour exporting businesses to find new export markets for labourers, among other tasks.

Nguyễn Đức Lệnh, Deputy Director of the State Bank of Việt Nam's branch in HCM City, said that the banking sector is focusing on good policies to maintain remittance attraction into the country, ensuring a growth rate of 10 per cent every year.

It is also improving the quality of remittance payment services and consulting service for remittance receivers on how they can invest their money.

According to the HCM City Committee for Overseas Vietnamese, the effective utilisation of remittance is a strategic mission of HCM City and an opportunity to make use of the strengths of the overseas Vietnamese community for the city’s development.

​In the first nine months of 2024, remittance into HCM City reached nearly US$5.5 billion, up 10.4 per cent year-on-year.

Chargé d'affaires Nguyễn Đức Minh at the Vietnamese Embassy in Japan, where over 600,000 Vietnamese live, said that many Vietnamese in Japan pay great attention to the topic of remittance, and that the embassy will help Vietnamese people there have a better understanding of the investment opportunities that arise from this project.

Trần Bá Phúc, chairman of the Vietnamese Business Association in Australia, said that Việt Nam’s banks should work with their counterparts in Australia to facilitate remittance transfer and bilateral trade.

Representatives of Vietnamese embassies in other countries said that more and more overseas Vietnamese want to contribute to the country, so HCM City should work closely with them to provide detailed information on remittance attraction policies. 

VNA/VNS/VNN/VOV