Vietnam’s lobster export to the Chinese market in January-September rose 33 folds year-on-year on the back of lower prices and stronger trade ties between the two nations, the South China Morning Post said on October 22.

China spent 205.87 million USD on Vietnamese lobsters during the nine-month span, soaring 3,285% as compared to the same time last year, the daily quoted statistics from the General Administration of Customs of China. In September alone, lobster imports from Vietnam surged 133.9% against August and 2,336% on a year-on-year basis.

The country’s overall lobster imports increased by 40.86% year-on-year to 558.24 million USD in the same period, while import prices decreased by 23%.

Analysts said the spike means Chinese consumers still have a craving for high-end foods despite hesitancy in overall spending, adding import costs from Vietnam are significantly lower than from other countries due to differentials in labour and shipping.

According to Phung Thi Kim Thu, an expert from the Vietnam Association of Seafood Exporters and Producers, China’s easing of seafood import regulations, together with the signed bilateral agreements and the trade liberalisation rules under the Regional Comprehensive Economic Partnership (RCEP), have facilitated Vietnam’s expansion of lobster export.

China is also set to restart the import of Australian lobsters. During the recent ASEAN Summits in Laos, Beijing and Canberra agreed to lift a nearly four-year moratorium on lobster shipments by the end of the year.

In 2019, the last full year with data recorded, over half of China’s lobster imports came from Australia./.

Seafood exports to boom in year-end despite headwinds: Experts

The year-end festive season is expected as a stimulus to boost Vietnam’s exports of aquatic products despite various challenges, according to experts.

The Vietnam Association of Seafood Exporters and Producers (VASEP) reported that as of the end of September, seafood exports were estimated at 7.7 billion USD, mostly shrimps and tra fish.

VASEP Deputy General Secretary Nguyen Hoai Nam said that in the remaining months of the year, they are expected to increase strongly due to increased demand.

However, he said that the fisheries industry is also facing many challenges including a lack of raw materials for shrimp processing, and competition from Ecuador which boasts a strong shrimp industry. Alongside, fierce competition also comes from China which is providing 60% of the total aquatic products to the world.

Experts held that along with objective difficulties, Vietnam's fisheries sector is also facing internal barriers. To date, regulations on tuna size for exploitation have not been resolved, making it difficult for exporters to buy enough materials for processing and exporting.

The Ministry of Agriculture and Rural Development has set a target of 10 billion USD in seafood exports for this year.

However, the VASEP representative asserted that the sector still enjoys many advantages. Many exporters have managed to grasp opportunities from emerging markets such as South America and the Middle East to balance market demand, while promoting the domestic market.

Highlighting the great potential of the domestic market, VASEP Chairwoman Nguyen Thi Thu Sac said that in order to balance supply and demand and reduce dependence on export markets, seafood enterprises need to focus on developing the domestic market, bringing products for export to Vietnamese consumers.

Vu Minh Duc, HR Director of Minh Phu Hau Giang Seafood Corp, said the fact that businesses have still received contracts is a good sign. Duc said that to promote sales of Minh Phu shrimp products, together with increasing shrimp quality, the company has applied a strategy of reducing prices according to the allowed profit margin, thus enabling it to compete with foreign shrimp products and promote sales in the domestic market in retail channels such as supermarkets at the same time.

To balance the advantages and disadvantages, experts advised businesses to stay vigilant even amid high market demand, while proactively improving their competitiveness, making the most of their advantages, and increasing the production and export of high value-added products, thus creating a driving force to maintain the growth momentum for the industry./.

Vietnam-HCM City tourism promoted in Singapore

The Ho Chi Minh City Department of Tourism and the Vietnamese Embassy in Singapore are hosting a tourism promotion programme for Vietnam and the southern metropolis in the island nation from October 21 to 26.

The programme features a seminar introducing Vietnam-HCM City tourism and a business networking event.

Le Truong Hien Hoa, Deputy Director of the municipal Department of Tourism, noted that the Vietnamese delegation includes not only travel companies but also transport and accommodation providers. Additionally, Singaporean tourism businesses have been invited to discussions and commercial exchanges as part of the event.

Participants are set to engage in a variety of activities, including meetings to explore tourism products specifically designed for the Singaporean market and discussions on opportunities for mutual growth in tourist arrivals.

Pham Thanh Giang, a representative from Vietnam Airlines, shared that the carrier currently operates 21 flights per week from Hanoi and HCM City to Singapore, with plans to increase the frequency to approximately 35 flights weekly by 2025. She expressed her hope for the swift resumption of flights connecting Singapore and Vietnam’s central coastal city of Da Nang.

Karen Tan, a representative from Singapore’s Deks Air, said she hopes the event will help establish and broaden connections beyond Singapore to companies across Asia and globally, with Vietnam as the destination.

The tourism promotion programme will also feature a booth at ITB Asia, the region’s leading travel trade show scheduled from October 23 to 25 in Singapore./.

Hanoi seeks to tighten trade, investment links with RoK

A conference was held in Seoul on October 21 to promote trade and investment ties between Hanoi and the Republic of Korea (RoK).

Organised by the Hanoi administration in coordination with the Embassy of Vietnam in the RoK and the Bae, Kim & Lee law firm, the event attracted numerous Korean companies, including major investors in Vietnam. It aimed to introduce Hanoi as an attractive and safe investment environment and foster stronger investment and trade relations with Korean partners.

In his opening remarks, Chairman of the municipal People's Committee Tran Sy Thanh highlighted Vietnam's position as a secure and potential destination for foreign investors, noting that the organisation of promotion activities abroad, particularly in the countries that are major partners of Vietnam and Hanoi, aims to make use of opportunities to promote mutually beneficial cooperation with potential markets like the RoK.

As of September 2024, Hanoi had attracted 12.8 billion USD in FDI from Korean investors whose key sectors include real estate, hospitality, processing - manufacturing, wholesale - retail, vehicle repair, and construction, according to the official.

Hanoi views the RoK as a crucial and reliable partner, and is committed to supporting foreign businesses by improving the local investment environment and providing the best possible conditions for their operations, he stated.

Lawyer Yi Joon-ki of Bae, Kim & Lee highlighted the strong economic and cultural ties between the two countries, and that Vietnam has become an important partner as well as an ideal destination for Korean businesses.

Hanoi, as an industrial hub of Vietnam, will continue developing and further strengthening its cooperation with the RoK, thereby contributing to the two countries' economic partnerships, he added.

Also on October 21, Thanh had meetings with large Korean businesses such as Lotte, Daewoo E&C, Booyoung, Charmvit, and Logis Valley Group S&D, focusing on areas like construction, high technology, and smart city building./.

Thanh Hoa rolls out red carpet for Australian firms

A conference to connect businesses of the central province of Thanh Hoa with Australia was held recently in Sydney.

Speaking at the event, Deputy Secretary of the provincial Party Committee Trinh Tuan Sinh said that Thanh Hoa is currently home to an Australian-invested industrial lime factory project with a total capital of 14.2 million USD in Nghi Son township. In the first nine months of 2024, the province's export revenue to Australia reached about 56.5 million USD, primarily including textiles, leather, and footwear.

Notably, since Vietnam and Australia officially upgraded their relationship to a comprehensive strategic partnership in March this year, various opportunities have emerged for businesses and investors from both countries to collaborate more strongly, Sinh affirmed.

He invited Australian enterprises to explore investment opportunities in Thanh Hoa in various fields, from high-tech agriculture, energy, electronic components, telecommunications equipment, software, digital technology to trade, logistics, marine and ecological tourism, and training of high-quality human resources, especially in the areas matching Australia's strengths and Vietnam's demand, including semiconductors, artificial intelligence, the digital economy, green transition, and accounting - finance.

With the motto of "Harmonising Benefits and Sharing Risks," and a view of the development of enterprises as the development of the province, Thanh Hoa is committed to creating optimum conditions for investors to effectively carry out their projects, he added.

President of the Australia - Vietnam Business Council (AVBC) Marco Zammarelli vowed that the organisation will accompany Vietnamese and Australian businesses in seeking and realising trade and investment opportunities between the two countries.

Meanwhile, Grame Barty, International Trade Advisor to Business NSW, said Vietnam is one of the three emerging markets that Australian firms are highly interested in, so Vietnamese businesses should grasp chances to work with the Australian side. He held that information technology and construction materials are the sectors through which Vietnam can enter the Australian market.

Dr Nigel Palmer, Senior Policy Manager for skills and education with Business NSW, perceived that the two countries share common challenges and opportunities. Manufacturing is a sector boasting considerable cooperation opportunities, aside from trade and education - training. These opportunities could be promoted by optimising the unused capacity, strengthening ties in education and training, and improving the recognition of international certificates,/.

Vietnam promotes energy transition for sustainable development

A conference themed “Renewable energy and energy efficiency” was held in Ho Chi Minh City on October 21, within the framework of the Green Economy Forum and Exhibition 2024, jointly held by the European Chamber of Commerce (EuroCham) and the Ministry of Industry and Trade (MoIT)’s Vietnam Trade Promotion Agency (Vietrade).

It focused discussions on the potential for renewable energy development in Vietnam, as well as the mechanisms, policies, laws, regulations, and standards aimed at achieving sustainable energy transition in the coming time.

Tang The Hung, Deputy Director of the MoIT’s Electricity and Renewable Energy Authority, stated that energy transition is currently a trend over the globe, including in Vietnam.

To effectively implement the process, focus should be placed on two main tasks, namely transitioning the use of input energy by shifting from fossil fuels such as coal and oil to clean, emission-free energy sources like solar, wind, and nuclear energy; and perfecting policies and mechanisms, and implementing tasks and solutions to promote the reduction of greenhouse gas emissions, as well as closely monitoring sources of emissions.

In Vietnam, the Government's direction and efforts in implementing energy transition towards achieving net-zero emissions by 2050, as committed by the Prime Minister at the 26th United Nations Climate Conference (COP26), are clearly reflected in recently-issued policies, particularly in the national energy master plan and the eighth power development master plan, Hung added.

Stuart Livesey, Country Director of Copenhagen Offshore Partners (COP) in Vietnam, a unit developing numerous projects for the management, construction, and operation of offshore wind projects in the country, said that the demand for funding for renewable energy is increasingly significant.

Over the recent years, companies operating in Vietnam have made commitments to green economy and green energy, he said, adding that as Vietnam has set a goal of achieving net zero emissions by 2050, offshore wind energy is one of the important solutions.

Ananth Chikkatur, Chief-of-Party for the USAID Vietnam Low Emissions Energy Programme II (V-LEEP II), shared that the eighth power development master plan creates many opportunities to promote renewable energy, which can lead to significant transformations in renewable energy over the next few years, and ensure stability and certainty in energy for the long term.

Chikkatur showed his belief that beyond energy policies, there is a need for mechanisms to facilitate carbon credit trading./.

VN should focus on deeper integration into the global supply chain network

As international businesses look to create new links in the global supply chain, Việt Nam, as well as the rest of the Southeast Asia region, can emerge as a major destination for foreign direct investment (FDI), said economists and policymakers.

Lê Hữu Phúc, who is a commercial counsellor at Việt Nam’s Embassy in Thailand, said the investment shift had been closely linked to FDI activities, having produced significant and transformative impacts on the country’s national socio-economic development.

Phúc said the investment inflow sped up Việt Nam’s industrialisation and economic growth and highlighted the country’s effort to integrate into the global supply chain network.

He said that as investments in the Renewal era once played a large part in spurring Việt Nam’s national development, current changes to the global supply chain network might open up opportunities for the country to break into highly sophisticated fields, including semiconductor and software.

There would be more opportunities for Vietnamese companies to connect and work with international businesses and engage more deeply in the global network to facilitate the transfer of technical know-how and in training a skilled labour force.

A strong investment inflow would also encourage further improvements in infrastructure, including better road networks, ports, airports and logistics facilities, as well as energy and telecommunications infrastructure, benefiting the entire economy. As advanced technologies are being introduced to Việt Nam, especially in manufacturing, as new business models, they would help drive innovation and enhance efficiency in various industries. In addition, the expansion of production supply chains would likely boost the country’s exports, helping to balance its trade.

He said the Vietnamese Government had been introducing policies to attract more FDI with top priorities such as improving the business environment, enhancing infrastructure, supporting small and medium enterprises and promoting sustainability.

An article in Singapore’s The Business Times says the supply chain shift to ASEAN economies continues to gain momentum thanks to strong inflows of foreign direct investment into the region. Between 2011 and 2021, exports from the six largest ASEAN countries grew by 41 per cent, significantly outpacing the global export growth of 22 per cent.

The emergence of trade agreements like the Regional Comprehensive Economic Partnership (RCEP), which includes ASEAN countries and major Asia-Pacific economies, has further facilitated trade flows and supply chain connections throughout the region. Relatively low labour costs in ASEAN have been a significant factor in driving the supply chain shift to the region.

Director-general of the International Investment Research Institute, Lê Anh Dũng, said Việt Nam was well-positioned to integrate deeper into the global supply chain network, thanks to its stable macro environment and dynamic economy.

As the country continues improving its business environment and infrastructure, a young educated workforce, combined with still relatively low labour costs would help make Việt Nam an attractive destination for foreign investments.

He advised the Government to speed up the digital transformation, develop strong brands and focus on training and education as the cornerstones of long-term growth within the global supply chain network. Businesses should take advantage of the numerous free trade agreements signed by Việt Nam, which open up access to major markets including the EU, Japan and Australia. 

Market continues decline for third consecutive session

The stock market continued its downward trend on Tuesday, with the VN-Index recording its third consecutive decline, while liquidity saw a significant increase.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed at 1,269.89 points, down 9.88 points or 0.77 per cent.

Market breadth on the southern bourse was negative, with 213 stocks declining, 99 advancing and 47 remaining unchanged. Liquidity surged to VNĐ19 trillion (US$748.7 million), marking a 32.8 per cent increase compared to the previous session.

The VN30-Index, which tracks the top 30 stocks by market capitalisation on the HoSE, also fell by 9.11 points, or 0.67 per cent, to close at 1,348.92 points. Within the VN30 basket, 23 stocks declined, five advanced and two remained unchanged.

The market’s decline was driven by large-cap stocks in the financial and manufacturing sectors, with Vietnam Rubber Group - Joint Stock Company (GVR) seeing the steepest drop, falling 4.12 per cent and contributing more than 1.3 points to the VN-Index's overall decrease.

This was followed by losses from the Bank for Investment and Development of Vietnam (BID), down 1.81 per cent and FPT Corporation (FPT), which fell 1.77 per cent.

However, some key stocks helped to offset the market’s losses, led by Vinhomes JSC (VHM), which rose 0.94 per cent, contributing nearly 0.5 points to the VN-Index.

Experts from Việt Dragon Securities noted: "The market remains cautious and once again dipped below the MA(20) level, around 1,270 points. Liquidity increased compared to the previous session, indicating improved cash flow and efforts to support the market. Although the drop was modest, the current candlestick pattern signals a weakening trend. This could exert downward pressure on the market in the near term. The next support range to watch is between 1,265 and 1,270 points.

"Investors should be wary of short-term risks and observe the supply-demand dynamics at support levels to assess market conditions. It is advisable to maintain a balanced portfolio and consider rebalancing to minimise risks."

On the Hà Nội Stock Exchange (HNX), the HNX-Index also closed lower on Tuesday, dropping 0.85 per cent to 225.5 points.

During the session, nearly VNĐ1.5 trillion worth of shares were traded, with a total trading volume of over 59 million shares on the northern market.

Foreign investors extended their net selling streak for an eighth consecutive session, with net sales amounting to over VNĐ137 billion on the HoSE. 

Việt Nam eyes regenerative tourism through sustainable practices, solutions: GEFE 2024

Việt Nam is exerting efforts to create a regenerative tourism industry by incorporating practical green solutions and sustainable practices, experts said at a conference about regenerative tourism on the second day of the Green Economy Forum and Exhibition 2024 (GEFE 2024).

The conference brought together experts and business representatives in the field of tourism to discuss sustainable practices and initiatives for building a regenerative tourism system.

Speaking at the conference, Nguyễn Nhân, associate lecturer at RMIT University, said it is important to understand the difference between sustainable tourism and regenerative tourism.

“While sustainable tourism is to minimise the social impact on the environment, regenerative tourism focuses on enabling communities and ecosystems to evolve, renew, and restore,” he said.

Deputy Director General of the Institute for Tourism and Development Research Đỗ Thị Thanh Hoa said regenerative tourism is a new term deemed “a social necessity and a goal for the country in this century”.

To make this possible, the industry “has been actively adopting practices and initiatives in green transition, green economy, and green development, all of which are to foster holistic growth for regenerative tourism,” Hoa said.

She added that the Ministry of Culture, Sports, and Tourism has carried out plans and activities to help the industry achieve a sustainable and regenerative outcome.

It has also developed new tourism models such as green tourism, ecotourism, and community tourism, along with encouraging businesses to adopt green and digital transitions.

“We have seen a majority of accommodations and service providers using renewable energy and wastewater management systems. This is a testament to the effort made and shows the potential growth of regenerative tourism in the future,” she said.

Nguyễn Thanh Hương, country manager of the International Air Transport Association (IATA), said the aviation industry, which is a key enabler of tourism, has also taken innovative actions.

It has been focusing on four pillars: using aircraft that are fuel efficient, operating sustainably, implementing carbon offsetting, and using sustainable aviation fuel (SAF).

Hương said SAF not only consists of biofuel but is also derived from domestic waste, used cooking oil, and food waste.

But the SAF has not been widely used, and there lacks a national roadmap to develop this potential material.

“Thus, there needs to be a joint effort between ministries and IATA to make SAF more common to aviation businesses.”

Meanwhile, Ngô Phương Anh, HCM City manager of the agricultural organisation VietHarvest, said the amount of food loss and waste from the tourism industry is alarmingly high.

“Although the food is untouched, it goes to waste at the end of the day due to the strict standards of restaurants, hotels, and supermarkets,” she said.

Anh said her company collects unused, edible food, and distributes them to charity organisations and underprivileged people.

“Since 2020, we have rescued over 40 tonnes of food from restaurants, hotels, and supermarkets. By doing this, we hope to effectively help minimise food loss and waste and food insecurity,” she added.

Varun Grover, country head of travel company booking.com for Việt Nam said the key to engaging tourists in building regenerative tourism is to connect customers with the right service providers.

“Our recent report shows that 94 per cent of our customers want to travel more sustainably, and 43 per cent of them think they can have a positive influence on the social impacts of travel. We have been analysing customer insights to optimise our marketing and trip planning features to help tourists match with the right providers and engage in green and sustainable activities,” he said.

Certifications and eco-labels in sustainable practices would also help tourism businesses be more recognisable to customers, he added.

Martin Koerner, commercial director of The Anam Resort, said it is also crucial to educate young generations on environmental protection and green, regenerative tourism.

“We are the environment, and the environment is us,” he said, “so we need to be responsible today for a better future.”

Taking place through October 23, GEFE 2024 brings together stakeholders from businesses, governments, and non-governmental organisations from Europe and Việt Nam to engage in meaningful discussions and advocate for sustainable practices, policies, and initiatives. 

Cement manufacturers raise prices as electricity costs drive up inputs

Major cement producers – including Vicem Bỉm Sơn, Bút Sơn, The Vissai, Thành Thắng Group and Xuân Thành Cement – have announced price increases starting from October 20 in response to rising production costs driven by higher electricity, coal and packaging prices.

The price adjustment will see an increase of VNĐ50,000 (US$1.97) per tonne for most companies, while The Vissai has set a smaller increase of VNĐ46,300 per tonne.

A representative from Thành Thắng Group said: "Electricity prices recently rose by 4.8 per cent, and electricity expenses account for 14-15 per cent of production costs, leading to higher overall manufacturing costs. Despite implementing various cost-cutting measures and improving efficiency, such as utilising waste heat from production lines, we have not been able to fully offset the increased expenses."

The price hike of VNĐ50,000 per tonne is expected to help cement manufacturers maintain stable operations and ensure product quality, he said.

According to producers, Decision No 1046/QĐ-EVN issued by Vietnam Electricity (EVN) led to a 4.8 per cent electricity price increase starting on October 11. In addition, ongoing global geopolitical conflicts have caused significant fluctuations in input costs, including for coal and oil, which are expected to continue rising, making it unsustainable for the industry to maintain previous price levels.

According to the Vietnam National Cement Association (VNCA), price increases are inevitable, as cement has been sold below production cost for several years. Without adjusting prices to partially cover rising input expenses, companies would struggle to survive.

In the first nine months of 2024, domestic cement consumption remained roughly on par with last year and continued at a low level. Exports also declined, with only 22.5 million tonnes worth $863 million shipped, down 4.3 per cent in volume and 15.1 per cent in value compared to the same period last year.

The list of manufacturers raising cement prices is expected to grow in the next few weeks. VNCA noted that electricity accounts for approximately 15-20 per cent of cement production costs, depending on the plant. As a result, when electricity prices are adjusted upwards, cement companies must also raise their prices to stabilise business operations. 

Việt Nam-France business exchange, trade promotion workshop held in Paris

A trade promotion and business exchange workshop between Vietnamese and French enterprises was held in Paris on Monday as part of the Vietnamese Goods Week in France.

The event, co-organised by the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade, the Vietnam Trade Office in France, the Paris Chamber of Commerce and Industry (CCI Paris), and the HCM City Investment and Trade Promotion Centre (ITPC), attracted more than 30 Vietnamese enterprises and many French partners.

Speaking at the workshop, ITPC Director Trần Phú Lữ said that France is the first country in the European Union (EU) to have set up a Comprehensive Strategic Partnership with Việt Nam. This is an important milestone for the two countries to review cooperation achievements, and build a roadmap for stronger cooperation and connection in the future.

He hoped that through the business connection, many French enterprises will know about quality products of Việt Nam, thereby promoting two-way trade relations. In addition, open exchanges and better understanding of each other's needs and capabilities will help Vietnamese and French partners move towards establishing long-term and sustainable cooperative ties.

On this occasion, Bernard Quinet, Head of Business Connection Support Department of CCI Paris, introduced the market situation, needs and requirements of French businesses. He also offered suggestions to help Vietnamese businesses to effectively enter the French market.

France is currently Việt Nam's fourth largest trading partner in Europe with bilateral trade turnover of US$4.8 billion in 2023, 1.5 times higher than in 2013 - when Việt Nam and France upgraded their relationship to a Strategic Partnership.

In the first eight months of 2024, the two-way trade value between Việt Nam and France reached more than $3.4 billion, an increase of 6.9 per cent over the same period in 2023, of which Việt Nam's exports reached $2.23 billion and imports from France hit $1.18 billion.

Regarding investment activities, France now ranks third among European countries, and 16th out of 114 countries and territories investing in Việt Nam. France's investment mainly focused on its strong fields such as telecommunications, renewable energy, environment, health care and pharmacy, manufacturing industry, food industry, and high-quality agriculture. These fields are suitable to Việt Nam's orientations in foreign investment attraction and economic cooperation. 

More than 300 products achieve Việt Nam National Brand in 2024

The Ministry of Industry and Trade has announced a list of nearly 360 products from 190 firms, which has been awarded Việt Nam Value, the national brand title, in 2024, according to Decision No. 2776/QĐ-BCT signed by Minister of Industry and Trade Nguyễn Hồng Diên on October 21.

The Việt Nam National Brand Programme is the Government’s long-term trade promotion programme to build the image of Việt Nam as a country that has high-quality goods and services, contributing to promoting foreign trade development and enhancing national competitiveness.

In addition, the programme also aims to raise awareness of the close relationship between national brands and product or business brands, thereby contributing to increasing the value of both.

The selection of enterprises achieving the national brands has been conducted every two years since 2008.

For two decades the programme has become a valued launch pad for Vietnamese firms, propelling their products into international stages and improving their competitive positions globally. 

Việt Nam promotes energy transition for sustainable development

Energy transition is a world trend, including in Việt Nam, said Tăng Thế Hùng, Deputy Director of Electricity and Renewable Energy Authority under the Ministry of Industry and Trade (MoIT).

Hùng talked about energy shifts at the 'Renewable energy and energy efficiency' conference held in HCM City on Monday, within the framework of the Green Economy Forum and Exhibition 2024, jointly held by the European Chamber of Commerce (EuroCham) and the MoIT’s Việt Nam Trade Promotion Agency (Vietrade).

It focused discussions on the potential for renewable energy development in Việt Nam, as well as the mechanisms, policies, laws, regulations and standards aimed at achieving sustainable energy transition.

To effectively implement the process, focus should be placed on two main tasks: Transitioning the use of input energy by shifting from fossil fuels such as coal and oil to clean, emission-free energy sources like solar, wind and nuclear energy, along with perfecting policies and mechanisms and implementing tasks and solutions to promote the reduction of greenhouse gas emissions, as well as closely monitoring sources of emissions, Hùng said.

In Việt Nam, the Government's efforts in implementing energy transition towards achieving net-zero emissions by 2050, as committed by the Prime Minister at the 26th United Nations Climate Conference (COP26), were clearly reflected in recently-issued policies, particularly in the national energy master plan and the eighth power development master plan, he added.

Country Director of Copenhagen Offshore Partners (COP) in Việt Nam, Stuart Livesey, said there were numerous projects underway for the construction and operation of offshore wind projects in the country, and that the demand for funding for renewable energy was increasingly significant.

Over recent years, companies operating in Việt Nam had made commitments to the green economy and green energy, he said, adding that offshore wind energy would be one of the important ways to hit net zero targets.

Chief-of-Party for the USAID Vietnam Low Emissions Energy Programme II (V-LEEP II), Ananth Chikkatur, said that the eighth power development master plan created many opportunities to promote renewable energy, which could lead to significant transformations and ensure stability and certainty in energy over the long term.

Chikkatur added that beyond energy policies, there was a need for mechanisms to facilitate carbon credit trading. 

Hà Nội to launch concentrated promotion programme across 2025

The Hà Nội People's Committee is planning a number of focused events over next year to promote sales in the city.

Under recently issued Plan No. 299/KH-UBND,  they are organising various activities and events related to the programme in May, July, November and during national holidays in 2025.

This includes hosting promotion fairs in May, July and November following an opening ceremony for the programme in April 2025.

A key highlight of the programme will be the Hà Nội midnight sale 2025, set to coincide with Black Friday, tapping into the city's night time economic potential. This event will take place from November 28 - 29, 2025.

Additionally, Hà Nội will also launch a sales promotion event of branded products at four-star hotels or equivalent venues, featuring around 100 to 150 booths.

Participants in the programme will include companies and production units across all economic sectors nationwide and is expected to attract 1,000-2,000 businesses.

The programme aims to effectively implement key socio-economic development tasks, stimulate domestic demand, increase total retail sales and boost product consumption.

It is also designed to support the recovery and growth of the economy, enhance business activities and contribute to achieving the 2025 GRDP growth target while ensuring social welfare in line with the directives of the government.

Furthermore, the programme seeks to effectively promote the idea that will see 'Vietnamese people give priority to using Vietnamese goods' along with other citywide initiatives involving reputable businesses in manufacturing, commerce and distribution.

Concentrated promotion events should see consumer spending stimulated, creating conditions for domestic and international tourists to purchase high-quality products and services at reasonable prices. 

US initiates an administrative review of anti-dumping duties on Việt Nam's OCTG

The US Department of Commerce (DOC) has initiated an administrative review of the anti-dumping duty order on oil country tubular goods (OCTG) from Việt Nam.

The Trade Remedies Authority of Việt Nam announced that the review period is from September 1, 2023, to August 31, 2024. 

The list of reviewed companies includes several Vietnamese exporters of OCTG products to the US. 

Businesses on this list that did not export OCTG products to the US during the review period must notify the DOC within 30 days of publication of the initiation notice (expected by November 16, 2024) if they have shipments pending liquidation to be considered for appropriate handling.

Under the regulations, within 35 days of the notice (expected by November 21, 2024), the DOC will select mandatory respondents for the review, based on the descending order of the businesses' export volume, as reported by US Customs and Border Protection (CBP).

Additionally, within 90 days of the publication of the initiation notice, parties may withdraw their requests for review.

For countries that the US considers non-market economies, including Việt Nam, businesses seeking separate duty rates must submit applications within 30 days of the initiation notice. 

Businesses failing to do so and not selected as mandatory respondents will be subject to the nationwide tax rate.

The DOC is expected to issue its final review conclusions by September 30, 2025.

To safeguard their legitimate interests, the Trade Remedies Authority urges relevant Vietnamese producers and exporters to stay updated on case developments, comply fully with the US investigation requirements, and maintain close cooperation with the Authority throughout the process. 

Bitexco group sells Saigon Glory stake for bond repayment

Bitexco Group has sold its entire stake in Saigon Glory, developer of the luxury One Central HCM towers, to Eastern Hanoi Real Estate Company Limited to address bond debt obligations amid scrutiny from bondholders.

Bitexco assures that bondholder rights will remain intact, committing to interest payments on ten bond lots from September 1, 2024, to June 18, 2025. Eastern Hanoi will take over principal and interest payments until maturity.

Despite the transfer, Saigon Glory’s capital will remain mortgaged to secure its bond obligations at Techcombank.

In 2020, Bitexco used its stake as collateral for VNĐ10 trillion (US$425 million) in bonds maturing between June 2025 and November 2026.

Saigon Glory has struggled with bond interest repayments since late 2022, following the arrest of Trương Mỹ Lan, chairwoman of Vạn Thịnh Phát Group, currently on death row for financial fraud.

The project is tied to a massive scam involving embezzled funds, according to the HCM City’s People Court.

Saigon Glory, a subsidiary of Bitexco, is the developer of the One Central HCM project, which spans over 8,600 square metres in District 1 and has an estimated investment of $500 million.

Construction began in 2012 but has faced multiple delays.

The ongoing national anti-corruption campaign has further impacted Việt Nam’s corporate bond and real estate sectors. 

Vietnam Digital Industry and Trade Summit 2024 slated for next month

The Việt Nam Digital Industry and Trade Summit 2024 will take place in Hà Nội on November 21, aiming to help businesses with their digital transformation.

With the theme 'Digital transformation drives green and sustainable growth', the event will feature a plenary session and two workshops focusing on the digital transformation and green transition in production and energy, as well as sustainable e-commerce development trends in the digital era.

In a document sent to its departments and local Departments of Industry and Trade, the Ministry of Industry and Trade (MoIT) asked the Việt Nam E-commerce and Digital Economy Agency to coordinate with relevant groups regarding the event.

The ministry said the event will also review the digital transformation at various enterprises and seek solutions to promote coordination and mobilise resources to help them succeed.

The MoIT has issued a digital transformation plan for the energy sector, aiming for 90 per cent of administrative procedures to be handled online via the public services portal.

In addition, all documents related to the energy sector will be digitalised.

Focus will also be placed on developing a coordinated information system for the energy industry, including oil and gas, coal, electricity, renewable energy, and new energy.

Việt Nam has set a target to increase its electricity access index to rank among the top three in ASEAN by 2025, from its current fourth position in ASEAN and 27th out of 190 countries and territories worldwide.

Gov't approves expansion project of Cà Mau Airport

Deputy Prime Minister Trần Hồng Hà signed Decision No. 1188/QĐ-TTg to approve the upgrade and expansion of Cà Mau Airport.

Cà Mau Airport will be upgraded to receive 500,000 to 1 million passengers a year with total capital of VNĐ2.4 trillion (USD96 million). The runway’s dimensions will be 2,400 x 45m, which will be capable of receiving A320 and A321 aircraft.

The airport is projected to receive 3 million passengers and 3,000 tonnes of cargo by 2050.

It is expected that the province will acquire about 105 hectares of land in Ward 6 and Tân Thành Ward in Cà Mau City to implement the airport upgrade project.

The province estimates that there will be five organisations and about 742 households and individuals affected.

The two-storey passenger terminal will cover an area of around 2,668 square meters with a total built-up area of around 4,200 square meters.

There will be other facilities, such as access roads connecting the new aircraft parking area to the passenger terminal, parking spaces, a fire station, a security fence, and ring roads.

The Deputy Prime Minister has delegated the provincial People's Committee to hand over land for the project, and monitor and inspect the implementation of the project in accordance with laws.

The People's Committee must coordinate with the Ministry of Natural Resources and Environment to direct the Airports Corporation of Vietnam (ACV) to create an environmental impact assessment report and ensure the implementation of the project in compliance with environmental protection laws.

The Ministry of Transport will be responsible for instructing the ACV to complete the project documentation during the preparation for a pre-feasibility study report, ensure safe flight operations, effectively promote the project's investment, carry out State management for the project during its implementation and in airport operations.

Currently, this airport only operates one flight route, Cà Mau - HCM City and vice versa, with a frequency of four flights per week. 

VNA/VNN/VNS/VOV