With these results, the city has kept its top position nationwide in terms of foreign investment attraction.

In September alone, the Hải Phòng Economic Zone Authority (HEZA) granted licences to new projects valued at nearly $1.4 billion.

It also allowed the Japanese-funded Kyocera Document Solutions Inc to add $237.5 million to its machinery-equipment manufacturing project in VSIP Hải Phòng. The addition brought the project's investment capital total up to $425 million. 

Lê Trung Kiên, head of HEZA, attributed the sound growth to HEZA’s proactive promotion of the local business climate in foreign countries such as the South Korea and Japan. 

Last month, an investment certificate was handed over to Ecovance high-tech biodegradable material factory project in the city. The $500 million project will be developed by SK - the second largest corporation in South Korea.

Kiên said that Hải Phòng would continue to selectively attract investment, and actively cooperate with leading global conglomerates in Việt Nam's prioritised sectors and industries. 

At the same time, the city would devise its own mechanisms to promote modern technology projects with commitments to technology transfer, market expansion, supply chain and human resources development, helping domestic businesses participate more deeply in the global value chain, he said. 

Currently, Hải Phòng is home to more than 1,000 foreign-invested projects, valued at nearly $28 billion. South Korea ranks first among the 42 nations and territories pouring capital into the city, with 105 projects totalling $11 billion. 

Secretary of the municipal Party Committee Lê Tiến Châu affirmed that Hải Phòng was committed to always accompanying and creating good conditions for investors to implement their projects.

In the future, the city would continue to improve its business and investment environment, and focus on developing infrastructure, especially regionally linked transportation infrastructure projects, and concertedly implement solutions to improve the efficiency of attracting high-quality workforce, ensuring labour resources for investors when they implement projects here, Châu said. 

US-Vietnam Business Summit opens up prospects for stronger bilateral trade

The US-Vietnam Business Summit opened in Washington D.C. on October 31, with the event creating opportunities to raise bilateral trade and facilitate further foreign direct investment (FDI) attraction into Vietnam.

The function was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), the American Chamber of Commerce in Hanoi (AmCham), and the American Chamber of Commerce in Washington.

The occasion primarily focused on discussing Vietnamese priority goals, including the removal of bottlenecks in resource mobilisation, production, and business, as well as meeting the demand for energy development and accelerating the transition to clean and renewable energy.

Top priority has also been given to promoting innovation in the health sector, fully tapping into the potential of the digital economy, upgrading from frontier market to emerging market, and boosting both sustainable investment and supply chain integration.

According to details given by insiders, the recent upgrade of US-Vietnam relations to a comprehensive strategic partnership has marked a new era in stepping up bilateral ties between the two sides.

Currently, the US represents Vietnam's second largest trading partner and biggest export market. Meanwhile, the nation has become one of the US’ top 10 trading partners with the bilateral ties between the two countries expected to grow rapidly moving forward.

NIC Hòa Lạc debuts, shaping the ecosystem of innovation in Việt Nam

Prime Minister Phạm Minh Chính inaugurated the National Innovation Center (NIC) at Hòa Lạc Hi-Tech Park in Hà Nội on Saturday and attended the opening of the Vietnam International Innovation Exhibition 2023, organised by the Ministry of Planning and Investment (MPI) in collaboration with relevant agencies and partners.

NIC, designed in the form of an eagle, symbolises its mission to drive innovative ideas and create breakthrough values. The facility, initiated on January 9, 2021, stands as a testament to the Vietnamese Government's commitment to promoting innovation-based development.

The new facility boasts an almost 20,000 square metres total working floor area, consisting of two office blocks and one international conference center block. The entire space features an open design with eco-friendly elements, including a rooftop solar power system to fulfill a portion of the building's energy requirements.

The construction of NIC Hòa Lạc had a total cost of nearly VNĐ1 trillion (US$41.7 million), which was sourced from sponsorships and contributions from various domestic and international businesses. This funding approach, devoid of state budget utilisation, involved a collaborative effort and investment socialisation.

NIC, led by the Ministry of Planning and Investment, aims to serve as a hub for innovation, connecting and enhancing the national innovation and startup ecosystem. The modern infrastructure at NIC Hòa Lạc will support businesses in gaining access to resources, developing high-quality human resources, and contributing to the Vietnam Innovation and Entrepreneurship Network.

Simultaneously, the Vietnam International Innovation Exhibition 2023 (VIIE 2023) took place at NIC Hòa Lạc, featuring around 200 booths showcasing innovative products and solutions from leading domestic and international tech companies. VIIE 2023 aims to foster interaction, spark inspiration, and explore innovative capabilities while promoting collaboration opportunities.

Addressing the event, Prime Minister Phạm Minh Chính emphasised that innovation is an inevitable trend and a strategic choice crucial for the country's breakthrough towards strength and prosperity. Despite significant progress in science, technology, and innovation, the PM acknowledged that the progress has not fully aligned with the nation's potential, especially the intellectual and creative capacities of its people.

He evaluated the exhibition as a means to showcase the "Nation of Innovation" to the global innovation community, highlighting Việt Nam's potential, strengths, and advancements in innovation. The exhibition also underscores the country's engagement with and application of Fourth Industrial Revolution achievements in its socio-economic development.

At VIIE 2023, the Ministry of Planning and Investment, in collaboration with Meta, presented the Vietnam Innovation Challenge 2023 awards. The event also included the inauguration of the Samsung Innovation Campus lab and the chip design incubation center, demonstrating commitments to talent development and chip design in Việt Nam.

NIC signed cooperation agreements with various partners, including universities, Google, Samsung, SpaceX, Intel, and others. These agreements aim to promote innovation, develop high-quality human resources, and conduct research in the semiconductor field. 

Ba Ria – Vung Tau inaugurates first dry port

An inauguration ceremony of Phu My Dry Port at Phu My 3 Specialized Industrial Park in Phu My Town, Ba Ria – Vung Tau Province was held on October 28.

This is the first dry port in the Southeastern province with a total area of over 37.8 hectares, a total investment of more than VND2,992 billion (US$122 million) invested into two phases, including 15 hectares for the first phase.

The Phu My Dry Port consists of main areas, comprising inland waterway wharf area; warehouses; container yards for import-export cargoes, domestic cargos, empty containers; and frieght yards.

The port will provide a multi-modal, integrated logistics service ecosystem with various transport services together with loading and unloading services, goods packaging, checking and customs procedures for import-export goods; container repairing, cleaning and maintenance, warehousing services and other logistics services.

At the inauguration ceremony, the investor of Phu My Port signed memorandums of understanding with partners in the fields of logistics and top shipping lines in the world to open the container depot, provide integrated logistics services and transit cargoes among sea ports, ICDs and depots.

Hanoi's biggest promotional event helps businesses penetrate retail system

 Hanoi Promotion Month 2023, the biggest promotional event in the capital, will offer customers discounts and help businesses penetrate the retail system and promote their brands, said Nguyen Anh Duong, Director of the Hanoi Investment, Trade and Tourism Promotion Center.

From October 27 to the end of November, the month-long event unfolds in the city's bustling commercial centers and venues.

The annual event provides a good opportunity for local businesses to increase sales and actively participate in the capital's supply-consumption ecosystem. 

Activities will include the 'Hanoi Mega Sale', an extravaganza of 60-70 booths showcasing Vietnam's most popular products, ranging from fashion and beauty items to everyday consumer goods, cuisine, beverages, and regional delicacies. In addition, the "1,000 Promotion Points - Busy Offers" event will be opened during the month-long festival.

Meanwhile, the 'Hanoi Online Festival' for 2023 will be held on the thangkhuyenmaihanoi.vn portal and various e-commerce websites of enterprises from November 24 to 30. "The organizing committee will integrate registered businesses' websites into the portal to make online shopping more convenient," Duong added.

"Over the years, the program has been continuously innovated and expanded with higher quality goods, becoming a reputable promotional event. With the number of customers trading and visiting up to thousands every day, this is a good opportunity for localities and businesses nationwide to promote their brand," Duong said.

Paying special attention to Hanoi Promotion Month every year, Nguyen Thi Thanh Hao, a forty-six-year-old woman living in Nam Tu Liem District, Hanoi, shared that she usually goes to discount fairs of Hanoi Promotion Month every November. 

Nguyen Trung Phat, a resident of Cau Giay District, said: "I read about the program in the newspaper and took my daughter to see it over the weekend. When I saw that the winter clothes were 60% off, I bought some sets for my daughter."

Generous discounts on a wide range of goods are offered during Hanoi Promotion Month 2023, which takes place in the Hoan Kiem Lake pedestrian zone in downtown Hanoi.

According to Bui Duy Quang, Deputy Director of the Hanoi Promotion Agency, the heavyweight of Hanoi Promotion Month will take place on November 11-12 with the participation of 50 premier supermarkets and shopping centers.

He added that a wide range of businesses will participate, including trade centers, supermarkets, electronic retail chains, manufacturers, restaurants, tourist facilities, hotels, IT companies, and online shopping platforms. "These businesses will offer discounts of at least 20% on at least 20% of their products," Quang stressed.

Nguyen Trong Tuan, General Director of WinMart Supermarket System, said that to organize promotional programs, his company has been negotiating with suppliers since the beginning of the fourth quarter to reduce the prices of many household products sold in the Winmart system with a discount between 15% and 50%.

Launched in 2009, Hanoi Promotion Month is a large-scale promotional event aimed at stimulating consumer demand, boosting production and business activities, and promoting economic growth in Hanoi. 

Hanoi: Newly-established enterprises up 6% in 10 months

About 26,500 new enterprises were established in Hanoi in the first 10 months of this year, with a total registered capital of 261 trillion VND (10.6 billion USD), representing a year on year increase of 6% in the number of enterprises but a decrease of 8% in registered capital.

As many as 7,600 businesses resumed their operation, down 13% compared to the same period last year. Meanwhile, about 18,500 enterprises completed dissolution procedures and 3,100 others registered to suspend operation, up 25% and 3%, respectively.

According to the municipal Statistics Office, in October this year, more than 2,950 enterprises were established with a total registered capital of 25.7 trillion VND, an increase of 13% and 29% compared to the same period in 2022, respectively.

However, 1,570 enterprises completed dissolution procedures, a soar of 57% while 319 others suspended their operation, a climb of 24%.

In the month, the city attracted 80.2 million USD in foreign direct investmennt (FDI), including 51.2 million USD in 41 new projects, 26.7 million USD in 11 exiting ones, and 2.3 million USD in capital contributions and share purchases.

Vietnam-Cambodia defence economic product exhibition closes

The Vietnam-Cambodia Defence Economic Product Exhibition 2023 (VIDEX 2023) wrapped up in Phnom Penh, Cambodia, on October 29.

The five-day exhibition, held on the occasion of the 70th National Day of Cambodia and founding anniversary of the Royal Cambodian Army, drew nearly 150 Vietnamese and Cambodian units and businesses with more than 200 booths introducing technological machinery, robots, specialised drones, industrial equipment, agricultural machinery, fertilizers, plant seeds, textiles, footwear, electronics, household electrical appliances, construction materials, handicrafts, and consumer goods.

Addressing the closing ceremony, Senior Lieutenant Colonel Nguyen Van Hiep, Deputy Director of the Exhibition and Trade Promotion Centre (ETPC) under the Department of Economic Affairs of the Vietnamese Ministry of National Defence, said over 50 trade and technology supply-demand connection events were organised, attracting over 200 Vietnamese and Cambodian businesses.

According to Hiep, Vietnamese and Cambodian businesses signed eight cooperation agreements, memorandums of understanding (MoU), and principle contracts during the event.

Notable, the ETPC signed two MoUs with the National Chamber of Commerce and Industry of Malaysia (NCCIM) and the Malaysia International Trade and Exhibition Centre.

Seminars and trade connection events had a positive impact, supporting businesses in finding business partners and expanding their markets, he noted.

At VIDEX 2023, social and policy activities also received assistance from many Vietnamese enterprises such as the Military Commercial Joint Stock Bank (MB), the Viettel Military Industry and Telecoms Group (Viettel), and the Tan Cang Sai Gon (Saigon Newport) Corporation (SNP).

The organising committee presented 30 gift packages to policy beneficiary families in Phnom Penh, and donated 40 computer sets and 12 printers to Cambodian organisations and units. 

To promote the images of Vietnam’s culture and people, a space featuring cultural identities and OCOP products of Vietnam was arranged at the exhibition.

Hiep affirmed that VIDEX 2023 has contributed to tightening the solidarity and friendship between Vietnam and Cambodia, and facilitating their businesses’ trade exchange and business connection.

On the occasion, 50 outstanding businesses and individuals from Vietnam and Cambodia were presented certificates of merit by the Vietnamese Ministry of National Defence.

More incentives needed to support green credit: Experts

Experts have shared a view that green credit and green growth play an important role in implementing the National Green Growth Strategy in the 2021-2030 period with a vision until  2050 as they create resources for environmentally-friendly projects and programmes.

Dr. Nguyen Quoc Hung, Vice President and General Secretary of the Vietnam Banks Association, said the banking sector has worked hard to achieve targets set by the government in the strategy.

The State Bank of Vietnam (SBV) has issued many credit documents in accordance with the goals of environmental protection and carbon emission reduction, towards green growth, he said, taking the examples of Directive No. 03/CT -SBV dated March 24, 2015 on promoting green credit growth and managing environmental and social risks in credit granting, along with the action plan of the banking sector to implement the strategy until 2020.

Most recently, the central bank issued Circular No. 17/2022/TT-NHNN dated December 23, 2022 guiding environmental risk management in credit granting by foreign credit institutions and banks in Vietnam, he continued.

"It can be said that the legal corridor in Vietnam has been gradually consolidated to facilitate green credit and green banking," Hung affirmed.

Credit institutions have also joined such efforts, he said, citing statistics by the SBV's Department of Credit for Economic Sectors showing that as of June 30, outstanding green credit loans reached nearly 528.3 trillion VND (21.5 billion USD), accounting for about 4.2% of the total outstanding debt of the entire economy, mainly in renewable energy, clean energy and green agriculture.

However, Hung said, potential for green credit in Vietnam has remained fully untapped, further explaining that the process has faced hindrances in terms of resources, knowledge and experience of bank employees, and sluggishness in the issuance of internal regulations by some banks.  

Tran Anh Quy, Head of Policy Credit at the Department of Credit for Economic Sectors, pointed to the lack of a national green list that would serve as a foundation for capital mobilisation.

Moreover, credit institutions have found it hard to balance loans as green projects need big investments and long payback periods, and face high risks, given limited support mechanisms and policies, he went on.

To untangle such knots, many proposed the government, the central bank and management agencies further consolidate the legal corridor, and soon issue the green list.  

Quy emphasised that the SBV will continue with solutions and policies to promote banks’ activities towards green growth, thus contributing to economic recovery.

Vietnam’s coconut industry eyes 1 billion USD in export turnover

The Vietnam Coconut Association (VCA) set a target of 1 billion USD in export revenue at its second congress for the 2023-2028 tenure recently held in Ho Chi Minh City.

According to VCA Deputy General Secretary Cao Ba Dang Khoa, coconut has been planted on a total area of some 200,000 hectares across the nation, generating incomes for nearly 390,000 farmer households.

Earlier, coconut’s values were not tapped to the fullest extent, resulting in the export turnover of just over 100,000 USD in 2009, he said, adding during its first tenure of 2010-2023, the VCA has recommended policies and orientations to develop the coconut industry to competent ministries and sectors, while connecting with food, handicraft and plantation industries to improve coconut products’ competitiveness.

Additionally, the association has accompanied farmers and enterprises to better production capacity, helping affirm coconut brands and prestige in the domestic and foreign markets, thus increasing export revenue, he stressed.

Last year, Vietnam shipped 940 million USD worth of coconut-based and coconut-related products. In the first months of 2023, export revenue experienced a sharp fall due to global headwinds, however, from the second quarter, robust signs have loomed on the horizon, with the US and the EU allowing imports of Vietnamese coconut, and China considering official import of the fruit.

Vietnam is now home to 90 coconut businesses, 42 of which produces coconut-based goods. Besides Ben Tre, which is considered the country’s coconut capital, other localities have zoned off hundreds of hectares of land for coconut farming, including Long An, Tay Ninh, Khanh Hoa, Binh Thuan and Binh Dinh.

A 14-member executive board of the VCA for the 2023-2028 tenure was elected at the congress, with Nguyen Thi Kim Thanh re-elected as the VCA President.

Thanh said as the VCA eyes to develop the coconut industry into a spearhead production and export sector, and capitalise on the economic value of products made from coconut, it will continue building standard coconut cultivation areas as well as working to form a coconut map, providing necessary data for investors and businesses.

Particularly, the association will support farmers in cultivation, harvest and processing to stabilise coconut prices, and help coconut firms sharpen competitive edge and develop markets.

AIoT Club established in HCM City

The Ho Chi Minh City AIoT (Artificial Intelligence of Things) Club has been set up to promote the technology locally and country-wide.

Vũ Anh Tuấn, general secretary of the HCM City Computer Association (HCA) and the club’s chairman, said AIoT is a combination of artificial intelligence (AI) and the Internet of things (IoT) to improve human-machine interactions and enhance data management and analytics.

The combination makes AIoT a powerful and important tool for many applications, and is now widely used in many sectors and expected to grow strongly in the coming years.

For this reason, the HCA and some leading AI and IoT firms established the club to bring together agencies, organisations, experts and businesses leaders in technology in Việt Nam and elsewhere to promote the development of AIoT technology in the city and the whole country, he said.

The club is a member of the HCA and has 30 members from leading businesses in the fields of telecommunications, technology, solution development, and product supply.

Its executive board comprises representatives of Viettel, Mobifone, Sao Bắc Đẩu Technologies Group, PartyEco Technology Foundation Company Limited, Khánh Hội Telecommunications Co Ltd, and Exporum Vietnam.

Members hope to solve technical and infrastructure problems together, and work together to develop technologies and solutions for smart cities, homes and buildings, energy management, environmental monitoring, traffic management, water quality management , health, education, high-tech agriculture, and others.

The club will organise training programmes, help share experiences and network to promote AI and IoT technologies and eco-systems.

According to the HCA, the club is expected to contribute to improving Việt Nam's competitiveness in the global technology market.

At the launch ceremony, the club signed a co-operation agreement with the Viettel IoT Lab, the most modern laboratory in Việt Nam and one equipped with 5G, IoT, AI, cloud, and big data, for free support for its members in researching, developing, testing, and perfecting their 5G and IoT solutions.

It also signed an agreement with PartyEco for joint research into 5G and IoT technology applications for smart agriculture and organising IoT and other specialised seminars.

Trade turnover in October continues to see positive signs

Vietnam’s trade turnover in October reached US$61.62 billion, up 4.1% month on month and up 5.6% year on year, according to the latest data from the General Statistics Office.

Businesses raked in US$32.31 billion from exports, up 5.3% month on month, and spent US$29.31 billion on imports, up 2.9% month on month, resulting in a trade surplus of US$3 billion.

Statistics indicate that the 10-month import-export value hit US$557.95 billion, down 9.6% year on year. Businesses earned US$291.28 billion from exports, down 7.1%, and purchased US$266.67 billion worth of goods, down 12.3%, resulting in a trade surplus of US$24.61 billion.

Most notably, the domestic economic sector saw a trade deficit of US$17.99 billion and the foreign-invested sector posted a trade surplus of US$42.6 billion.

The United States remained the nation’s largest export market with turnover reaching US$78.6 billion, while China made up the biggest consumer of Vietnamese goods with turnover being recorded at US$89.8 billion.

HCM City’s October CPI up 0.37% month on month

The consumer price index (CPI) in October in Ho Chi Minh City increased by 0.37% from September, with rises seen in the prices of seven out of 11 groups of commodities used to calculate the index, the city’s Statistic Office reported on October 30.

The highest increase of 7.16%, was seen in education services. Other groups with price hikes include beverages and tobacco (0.36%); garment, headwear and footwear (0.08%); and housing, power, water, fuel and building materials (0.05%).

Meanwhile, groups with falling prices include restaurants and food services (0.03%), transportation (4.63%), and telecommunication (0.04%).

According to the office, the average CPI in the first 10 months of the year went up 3.43% from the same period last year, with rises seen in nine groups of commodities except for transport services (down 2.86%) and post-telecom (down 1.70%).

In October, the gold price index increased by 1.53% compared to the previous month. In the first 10 months of 2023, the gold price increased by 0.94% over the same period last year. Meanwhile, the USD price index increased by 1.22% over the previous month and on average, it increased by 2,961% over the same period.

Block B – O Mon gas-to-power value chain project rolled out

The Vietnam Oil and Gas Group (Petrovietnam) and its partners signed and started to implement the Block B – O Mon gas-to-power value chain project at a ceremony in Hanoi on October 30 with Prime Minister Pham Minh Chinh attending.

The nearly 12 billion USD project, located in southwest Vietnam, will provide power plants with about 5.06 billion cu. m. of gas per year to produce up to 3,800 MW of electricity.

Regarded as a key national project, it is expected to bring about 30 billion USD to the State coffer and some 11 billion USD to partners, while contributing to consolidating national defence and security, and affirming Vietnam’s sovereignty over its sea and islands.

Its component projects will also help upgrade infrastructure, generate thousands of jobs, and promote economic restructuring in many localities.

PM Chinh expressed his hope that after more than 20 years of negotiations, the project, the biggest of its kind so far, will be implemented successfully.

He emphasised that in the national strategy and master plan for energy development, the Party and the State pay great attention to the sustainable development of the oil and gas industry, particularly gas, and encouraging investments in oil and gas exploitation on Vietnam’s continental shelf, especially in deep water and offshore areas.

The project holds strategic importance in ensuring the energy supply-demand balance post 2025 in the southwestern region in particular and the nation in general, he went on.

The leader also affirmed that the government has facilitated the operations of state-run giant Petrovietnam and other investors, groups and companies in this field, urging the stakeholders to cooperate in boosting the development of the southwestern region.

Chinh also called on Japanese and Thai partners and contractors to coordinate with Petrovietnam during the implementation of the project.

Vietnam's exports to UK encounter challenges amid shifting policies, global conditions

The export of Vietnamese goods to the United Kingdom (UK) is currently facing several challenges, attributed to both unfavourable international conditions and shifts in the UK’s trade and economic policies. Overcoming these hurdles will require increased proactive efforts from domestic businesses and regulatory authorities.

Two years into the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA), bilateral trade between Vietnam and the UK showed positive results. The total trade exchange reached 6.8 billion USD in 2022, up 3.3% growth compared to 2021.

However, due to the global economic downturn and challenges within the UK economy, the import-export volume between Vietnam and the UK has experienced a downward trend in the early months of 2023. Although recent months have witnessed a slight upward trajectory, Vietnam’s customs statistics reveal that the accumulated trade volume for the first eight months of 2023 reached 4.62 billion USD, a marginal 0.9% decrease compared to the same period last year. Vietnam's exports to the UK amounted to nearly 4.1 billion USD, a slight 0.1% decrease, while imports from the UK increased by 6%, reaching 460.1 million USD.

Nguyen Canh Cuong, Trade Counsellor of the Vietnamese Embassy in the UK, said Vietnamese exporters are facing challenges arising from the UK's intensification of its independent economic policies and the signing of additional free trade agreements (FTAs) with other partners.

Notably, the UK has been negotiating FTAs with India, Mexico, Israel, and the Gulf Cooperation Council (GCC), while also launching FTA talks with Switzerland, its 10th-largest trading partner with a bilateral trade volume of nearly 53 billion GBP.

On 31 May this year, two new FTAs between the UK and Australia and New Zealand also came into force.

Moreover, recent policy changes, such as the UK's replacement of the Generalised Scheme of Preferences (GSP) with the Developing Countries Trading Scheme (DCTS), effective from June 19, 2023, pose additional challenges for Vietnamese exports. DCTS, being one of the most generous preferential schemes globally, offers duty-free and quota-free trade for Least Developed Countries (LDCs) and 85% of eligible goods for Low and Middle-Income Countries (LMICs).

According to Cuong, changes in the UK's trade policies will make it challenging for Vietnamese exports to compete in the UK market due to strict requirements and regulations, intensifying competition with goods from other countries.

Additionally, the tightening of regulations, the impact of the UK's anti-deforestation and forest degradation bill on wood and agricultural exports, and the rising popularity of specialised diets (vegan, gluten-free, sugar-free) contribute to the complexity and competitiveness of Vietnamese exports to the UK.

In light of these circumstances, Cuong emphasised the importance of supporting businesses in effectively leveraging the UKVFTA. The Vietnam Trade Office in the UK is actively establishing networks with the British business community and Vietnamese enterprises in the UK to facilitate partnerships. It provides updated information on quality standards, UK import regulations, and actively promotes market opportunities through various channels, including seminars and online workshops.

The trade office is also actively collaborating with the relevant agencies to organise online seminars, facilitate connections with experts and British traders in various sectors, and encourages Vietnamese businesses to participate in exhibitions and trade fairs while actively engaging with the UK’s supermarket systems.

HCM City’s economy growing in 10 months

Ho Chi Minh City's economy continues to maintain positive growth momentum, driven by industrial production, domestic consumption, and stable supply and demand, heard a meeting of the municipal People’s Committee on October 30.

Director of the municipal Department of Planning and Investment Le Thi Huynh Mai said the city's industrial production index for October rose by an estimated 2.4% month on month and 10.6% year on year.

The mining industry grew by 6.1% monthly and 8.9% annually. Meanwhile, the processing and manufacturing industry expanded by 2.5% and 11.1%, respectively, electricity production and distribution sector down 1.1% compared to the previous month but up 5% year on year.

In the first 10 months, the index rose by 3.7% annually. Among the four key industries, the industrial production grew by 6.3%. Specifically, the pharmaceutical industry saw a 19.2% increase, mechanical industry 7.4%, electronic 6.0%.

The total retail of goods and services during the period was estimated at over 978.6 trillion VND (40.77 billion USD), representing a 9.2% increase compared to the same period last year.

Foreign tourist arrivals in the city hit over 4.12 million, up 55.3%. The total tourism revenue surpassed 140 trillion VND, showing a 32.6% growth year on year.

As of October 20, the city granted licenses to 42,670 businesses, up 15.2% annually. Their registered capital reached over 386.5 trillion VND.

In terms of public investment disbursement, the figure stood at over 36 trillion VND, up 55.9% year on year.

However, Mai admitted that exports dropped by 13.4% annually in the past 10 months. The number of newly-established firms increased in quantity but decreased in registered capital while the number of businesses temporarily suspending their operations rose by 29.5%.

In addition, foreign direct investment attraction saw a significant decrease of 32.3%, reaching only around 2.31 billion USD.

Chairman of the municipal People’s Committee Phan Van Mai said in the final months of this year, the city will resolve difficulties faced by businesses and real estate market, step up infrastructure and urban development, stimulate consumer demand and develop tourism towards the end of this year.

The city remains committed to achieving a public investment disbursement of 95% of the assigned target. For certain projects facing particular challenges, the disbursement rate should reach above 80%, he said.

Eastar Jet Airlines resumes Incheon - Cam Ranh air route

Flight ZE561 of the Republic of Korea’s Eastar Jet Airlines landed safely at Cam Ranh International Airport in the south-central province of Khanh Hoa on October 30, carrying 170 passengers on board. 
       
Korean tourists on the Eastar Jet Airlines flight are welcomed at Cam Ranh International Airport. (Photo:baokhanhhoa.vn)
The flight has marked the airline’s return to Khanh Hoa after a three-year hiatus due to the COVID-19 pandemic.
  
Estar Jet Airlines is expected to operate the Incheon - Cam Ranh route with a frequency of four flights per week on Tuesdays, Wednesdays, Fridays and Saturdays.

With the resumption of Eastar Jet Airlines, there are about 15 flights running from five major RoK cities (Seoul, Busan, Gwangju, Cheongju, Daegu) to Khanh Hoa province every day, according to information released by the Cam Ranh International Terminal Joint Stock Company.

Notably, the Incheon - Cam Ranh route will be operated by Vietnamese and Korean airlines with the highest frequency of about ten flights per day.

Statistics from the Khanh Hoa Department of Tourism indicated that the locality welcomed 900,000 Korean tourists over the past 10 months, accounting for more than 50% of the total number of international visitors to the province.

The number of Korean tourists to Khanh Hoa is anticipated to keep rising in the coming months as the RoK is entering the cold winter, according to insiders.

Super large container ship MSC ALEXANDRA docks at Ba Ria - Vung Tau port

MSC ALEXANDRA, one of the largest container ships in the world, recently docked at the SP-SSA International Terminal (SSIT) in the southern province of Ba Ria - Vung Tau.   
 
The vessel anchored at SSIT port, a deep-water port in the Cai Mep - Thi Vai area of Ba Ria - Vung Tau province, on October 24 to load and unload cargos. The total loading and unloading volume of the vessel MSC ALEXANDRA reached nearly 12,000 TEUS.

The vessel left the international port on October 30 afternoon, continuing its voyage on the US’ Sentosa-Shikra service route.

MSC ALEXANDRA is one of the container ships with a high-volume of cargo that has recently called at SSIT port to handle cargos.

The vessel, which stretches for 365.50 metres in length, has a deadweight tonnage of 165,908.

Quang Nam tourism promoted on Japanese television channel

A film crew of TV Man Union of Japan recently took a trip to make films on some tourist destinations in the central province of Quang Nam in an effort to promote the landscape and people of Vietnam. 

My Son tower, which is recognised by UNESCO as the World Cultural Heritage, Tien Phuoc Agarwood Handicraft Village, and a fish sauce production facility in Duy Xuyen district were chosen by the Japanese crew for the film production.
  
Attractions throughout Hoi An Ancient City such as Bridge pagoda, Phung Hung and Tan Ky age-old houses, and the Hoi An Museum of Trade Ceramics also appeared in the tourism promotion films.

Furthermore, the Japanese crew also released flower lanterns on Hoai River, tasted Cao Lầu (mixed noodle dish), and visited XQ embroidery workshop to learn about local cuisine and trading. 

The group earlier toured around famous spots of sightseeing in Da Nang and Hue, including My Khe beach, Hue Imperial Citadel, and Hue Royal Antiquities Museum.

Founded in 1970, TV Man Union is Japan’s first independent TV production company. It has created TV programming in every genre from dramas and documentaries to quiz shows, whilst also producing movies, music, and even works for the stage.

So far, TV Man Union has won multiple prestigious prizes on the domestic awards circuit for TV shows aired in Japan.

Leading corporations eye Vietnam's energy transition toward carbon neutrality

A number of leading economic corporations from the United States, the Republic of Korea (RoK), and Taiwan (China) introduced their cutting-edge technologies in the energy industry at the Vietnam International Innovation Expo 2023 which was recently held in Hanoi, highlighting their keen interest in the local energy transition process.

Among them were several global tech giants such as Google, Qualcomn, Nvidia, and SpaceX from the US; SK Group from the Republic of Korea; and Foxconn from Taiwan (China), reported Vietnam Television.

Electric vehicle charging stations were among new energy-related technologies which large corporations brought to this year’s innovation expo.

For an electric vehicle, the battery can be considered as the most important component. Batteries using high-tech tungsten materials with fast, safe charging speeds and 10 times more capacity than conventional batteries were introduced by Masan High-Tech Materials.

Masan High-Tech Materials is a global leader which provides advanced tungsten materials used in key industries such as electronics, chemical, automotive, aviation, and aerospace, as well as energy and pharmaceuticals. The corporation invested in Nyobolt to develop this battery line in 2022 in an effort to match the global trend of using clean fuels.

According to Craig Richard Bradshaw, managing director of Masan High-Tech Materials, tungsten is a popular metal used in heavy industry that was previously created by mining. In order to contribute to the nation’s green transition, the firm that has developed its own production facilities in Vietnam, Germany, Canada, and China is looking to invest approximately US$20 million in a tungsten recycling plant in the country.

Furthermore, SK group of the Republic of Korea is promoting its new energy strategy by acquiring a renewable energy firm in Vietnam for nearly US$40 million.

Suyeun Song, an executive of SK Group, the second largest corporation in the Republic of Korea, stated that the country is emerging as a regional manufacturing hub, a factor which has attracted global corporations to deploy investment plans in the Vietnamese market. Therefore, the demand for installing and using green energy such as wind power and solar power is huge, with SK not wanting to miss out on this chance.

For hydrogen, a clean alternative to methane, John Cockerill is one of the two largest investment corporations in the world. The group is planning to move all of its operations to the country, with an expected initial investment of up to US$100 million.

Vietnam has a long coastline which supports the development of renewable energy that can even be exported to regional countries, including Singapore, the RoK, and Japan, and john Cockerill is anticipated to reveal its investment plan in the country over the coming months, said Francois Mitchell, CEO of John Cockerill.

In order not to lose out to other rivals, Mitchell said that John Cockerill is now working alongside Vietnamese counterparts to create an electricity production chain from hydrogen, and hydrogen electrolyzers.

Hydrogen is considered to be a clean energy source that is indispensable in the energy structure of many countries seeking to achieve the goal of carbon neutrality by 2050. The European Union anticipates that hydrogen will likely account for 13% to 14% of its energy structure by 2050. The US has recently announced a hydrogen development strategy with the goal of reaching 10 million tonnes a year by 2030.

Addressing the National Green Hydrogen Summit 2023 held on October 28 in Hanoi, Minister of Planning and Investment Nguyen Chi Dung highlighted green hydrogen as a standout measure in the process of pursuing a “green future”.

Green hydrogen is therefore a promising solution that can enhance the value of renewable energy for developing countries, including Vietnam, and can be applied to various industries and in daily social life, said the Minister. He went on to affirm that the development of green hydrogen is essential in the country’s energy transition process.

Vietnam has already fully committed to reducing its greenhouse gas emissions to zero by 2050. It is in the process of implementing the Just Energy Transition Partnership deal it reached with the group of seven industrialised nations in an effort to achieve its carbon neutrality goal by 2050. The energy transition process is expected to create plenty of opportunities for foreign firms to invest in the country.

Ministry recommends solutions to prevent virtual capital increases

The Police Investigation Agency under the Ministry of Public Security recommended solutions to prevent virtual capital increases.

The Police Investigation Agency said that existing loopholes in the legal regulations on securities activities allow criminals to take advantage to commit crimes.

The Police Investigation Agency under the Ministry of Public Security has just completed the conclusion of the investigation of the case of ‘Stock market manipulation’ and ‘Fraudulent appropriation of assets’ at FLC Group Company and its affiliated units. At the same time, it transferred the dossiers to responsible agencies requesting the prosecution of 21 defendants. Based on the causes and conditions of the crime, the investigation agency recommended that many relevant agencies and organizations apply preventive measures.

During the investigation process, the Police Investigation Agency found that there were loopholes and shortcomings in the legal regulations on securities activities, allowing criminals to take advantage to commit crimes.

According to police investigators, opening securities accounts is currently easy and uncontrolled, criminals have been asking others to open accounts to buy and sell shares, creating fake supply and demand, and pushing prices up to earn illegal profits.

In addition, police investigators said that the control of borrowing capital in the form of investment cooperation still has many loopholes. Criminals have taken advantage of securities companies and third companies to circumvent the law and sign loan contracts for customers in the form of investment cooperation to contribute other capital with a fixed interest rate to earn profits; thereby, criminals have sources of money to trade, buy and sell, push prices, manipulate stock codes, and gain illegal profits.

The Police Investigation Agency revealed that the crime of ‘Manipulation in stock market " is very sophisticated and many people got involved in causing a great impact on the market and causing great loss for investors.

However, under the current Penal Code, the penalty for this type of crime is still low. For instance, criminals pay VND4 billion as the highest fine and they can face 7 years in prison - the maximum prison sentence. The maximum investigation period is 8 months while maximum detention period for investigation is 5 months, causing difficulties for investigators. Moreover, slight penalties are not tough enough to deter people from committing crimes.

Police investigators also revealed that the lack of control over the activities of social networks allows bad guys to take advantage of it to establish secret associations and groups to spread fake news, control and manipulate the stock market, and gain illegal profits, causing losses to genuine investors.

Currently, there are no regulations as a legal basis for determining damages for investors participating in buying and selling stock codes during periods of manipulation to have a basis for verifying their losses.

Additionally, the Police Investigation Agency of the Ministry of Public Security proposed that the Ministry of Planning and Investment advise the Government to prevent many businesses from taking advantage of legal loopholes and using sophisticated tricks using accounting and financial tricks.

A business can increase its capital without shareholders’ additional amount, in order to falsely increase its charter capital to commit illegal acts and gain illegal profits such as fraud, manipulation of bidding activities, auctions, and manipulation of the stock market causing damage to state assets, businesses, and investors.

Thus, to prevent virtual capital increases, the Police Investigation Agency supposed that inspection and supervision of activities related to the charter capital of enterprises is necessarily strengthened. In particular, the agency said that the government should amend and supplement legal regulations to prohibit businesses from entrusting investment with corporate capital to individuals who are corporate shareholders.

At the same time, the government should specify and clearly stipulate the time limit for returning capital to shareholders in cases where the enterprise increases capital; plus, the government should stipulate responsibilities and mechanisms for inspection of organizations and individuals that conduct supervision related to enterprise charter capital to eliminate collusion, intentional ignorance, and cover-up by a responsible part of state management agencies.

The Police Investigation Agency requested the State Securities Commission to strengthen supervision of the stock market with a focus on trading stock codes with signs of strong price fluctuations reaching monitoring criteria due to stock exchanges transferring weak production and business activities of enterprises or turning losses into profits.

The Police Investigation Agency also requested the Ministry of Finance to regularly exchange information with the Ministry of Public Security’s professional departments on developments in the financial, currency and stock markets; registration, listing, investment issuance, and stock trading activities.

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