The disbursement of public investments reached VND352.1 trillion in January- August, representing 49.4% of the full-year plan and surpassing the year-ago figure by 23.1%, according to the General Statistics Office.

In this eight-month period, funds under central management surged by 29.5% year-on-year to VND65.3 trillion, equivalent to 49.1% of the year’s estimate.

Investment capital overseen by local authorities grew by a sharp 21.8% compared to the year-ago period, accounting for VND286.7 trillion, nearly half of the 2023 target.

August saw a notable 29.1% increase in investment from the State budget in comparison to the same period last year, amounting to VND61.3 trillion. Of the total, capital under central management grew 31.7% versus last August to VND11.4 trillion, while locally-managed capital showed a 28.5% increase to VND49.9 trillion.

Hanoi City led the public investment disbursement charge with VND28.1 trillion, closely followed by HCMC with over VND25.2 trillion and Binh Duong Province with VND10.3 trillion.

Despite these advancements, Vietnam faces challenges in the efficient deployment of these investments, said Tran Quoc Phuong, deputy minister of Planning and Investment.

He emphasized the need for greater focus and determination in executing strategies to ensure that over 95% of allocated funds are disbursed as directed by the Prime Minister.

Hanoi to host Tourism Gift Festival in October

Hanoi Tourism Gift Festival 2023 will be held from October 6 to 8 in the pedestrian zone of Tran Nhan Tong Street as part of activities to mark the 69th anniversary of the capital's Liberation Day (October 10, 1954-2023).

The event aims to stimulate tourism, promote the image of the capital as an attractive and safe tourist destination, and create opportunities for artisans, trade villages, and production units to showcase handicrafts.

The three-day event will feature a seminar on the production and development of tourism gifts in Hanoi, tourism promotion programs, a food area, art performances, a photo exhibition "Smile of Tourists", and 80 booths showcasing unique gift products.

There will be events in response to the "24h - Hanoi Come to Love" campaign; a bicycle parade to bring festival gifts to tourists on the streets; flash mob dance performances, among others.

The culinary showcase will introduce visitors to Hanoi's rich and unique cuisine from Michelin-stared restaurants and Michelin Selected restaurants announced in June 2023.

Besides, festival-goers will be able to take beautiful photos at themed landscape photography areas set up to promote Hanoi's traditional trade villages, such as Phu Vinh Bamboo and Rattan Village, Chang Son Paper Fan Village, Van Phuc Silk Village, Thach Xa Bamboo Dragonflies Village, and Bat Trang Ceramics Village.

Hanoi capital city is taking measures to bring into full play opportunities brought about by craft villages to facilitate its development, as it accounts for 59% of the country’s total number of craft villages.

Currently, craft villages are creating jobs for about one million laborers, their production value is about VND22 trillion (US$ 936 million), with an annual export turnover of US$200 million.

In order to make the most of this advantage, the capital city will build at least one center for the design, introduction, promotion, and sale of OCOP (one commune-one product) items of craft villages in combination with tourism development, and organize the evaluation and classification of products registered to participate in the city-level OCOP program.

According to the municipal Department of Industry and Trade, Hanoi leads the country in the number of OCOP products, with nearly 1,700 star-rated products from 426 enterprises, cooperatives, and household businesses. As many as 80 showrooms have been set up in districts and cities to sell OCOP products, introducing products widely to consumers and tourists.

Hanoi has recognized more than 2,140 OCOP products, including six 5-star OCOP products, and more than 800 active trade villages, boosting the rural economy while creating jobs for residents.

The city aims to have an additional 2,000 OCOP products rated three stars and above by 2025.

HCMC tourism sector earns US$121mln on National Day holiday

Ho Chi Minh City welcomed nearly one million turns of local and international visitors bringing a total revenue of around VND2,890 billion (US$121 million) during the National Day holiday.

The Ho Chi Minh City Department of Tourism said that the figure increased by 5.5 percent over the same period last year.

The number of visitors staying in facilities reached around 162,000 turns, surging 24.6 percent over the same period and the room capacity gained around 80 percent, increasing 6.7 percent year-on-year.

Many entertainment activities took place during the four-day holiday to attract visitors, including a photo exhibition marking the 78th anniversary of the August Revolution (August 19, 1945- 2023), the National Day (September 2) and the 78th anniversary of the Saigon uprising along with sports performances of the Kylin-Lion-Dragon Dance, drum, Vovinam, Wushu, Taekwondo and traditional martial art; fireworks display; hot air ballooning activities and hot air balloon night; stimulation programs of tourism and shopping and so on.

Among the highlighted activities welcoming visitors, the sightseeing tours to the headquarters of the Ho Chi Minh City People’s Council and the municipal People's Committee have been highly appreciated attracting 65 delegations with 1,614 visitors.

In order to lure visitors, the city tourism sector is focusing on organizing and welcoming international delegations from different countries to the International Travel Expo Ho Chi Minh City 2023 (ITE HCMC 2023) which will take place at Saigon Exhibition and Convention Center in HCMC's District 7 from September 7 to September 9.

Petroleum Price Stabilization Fund needs more flexible use

The public are rather concerned about the five consecutive price rise of gasoline and the predicted increase today, causing severe challenges to consumers. 

According to regulations, the frequency of retail petrol price adjustment by both the Finance Ministry and the Industry & Trade Ministry in the nation is every 10 days, on the first, eleventh, and twenty-first each month. Today is the first time in September for such an adjustment after the Independence holiday, and another increase is expected even after 5 continuous rises before that.

This might result in huge trouble for the community since on August 21, the price of RON95-III petrol reached VND24,600 per liter (US$1.022). Since the beginning of this year, this price has experienced 13 ups, 3 stable times, and only 7 downs.

Meanwhile, the Petrol Price Stabilization Fund is quite surplus. Reports from the Finance Ministry show that until July 31, the amount came to over VND7.43 trillion ($308.8 million), which is a growth of 1.8 times compared to the end of 2022. However, the fund has not been used in the last 5 adjustment rounds to help control price rise.

It is wiser to allocate this Fund to stop the consecutive increase in gas prices, as it is the main goal of establishing the Fund. Unless this Fund is used in today’s price adjustment, there will be another rise, which will deeply worry the public since September is the high time for import-export activities. Such a growth will negatively impact the prices of other commodities, and might let inflation return.

Forward-looking policies needed to support Vietnamese private firms

 The role of Vietnam's 500 largest private enterprises (VPE500) in meeting foreign market demand should be thoroughly assessed to formulate supportive policies for their development, economic experts have suggested.

At the workshop on the assessment of Vietnam's top 500 private enterprises (VPE500 - Report 2023) held on August 31, Nguyen Tu Anh, Director of the General Economic Department under the Party's Economic Commission, stressed the importance of conducting surveys on these enterprises to understand their challenges and overseas expansion plans. The results of the survey would ultimately provide guidance for these enterprises and contribute to the country's economic development.

Echoing Tu Anh, Economist Le Dang Doanh recommended that the VPE500 report group should analyze the competitiveness of VPE500 enterprises in international integration.

"The analysis would help the government design supportive policies for this group," he stressed.

At the event, the research group took note of the economic experts' suggestions for future reports. This is the second report conducted by the Vietnam Institute for Development Strategies (VIDS) under the Ministry of Planning and Investment (MPI) and the Konrad-Adenauer-Stiftung Vietnam (KAS).

KAS Resident Representative Florian Constantin Feyerabend said that within the private sector, the largest domestic enterprises can be seen as market leaders with significant influence on the economy. The performance of these enterprises reflects the overall health of the economy. Globally, it is quite common to use the performance of large enterprises as an indicator to assess the efficiency of an industry and the health of the economy.

By developing the VPE500, KAS and VIDS aim to provide an additional effective index for macroeconomic management in Vietnam. This report analyzes how the largest private enterprises in Vietnam have changed in this context, their resilience, and whether they are the pillars for the development of private enterprises in general.

Tran Toan Thang, head of the VIDS International Issues Division said the VPE500 is dominated by service sector companies, with 11 leading businesses operating in finance, banking, insurance, and trade.

The industrial processing and manufacturing sector in the VPE500 list has experienced significant fluctuations, once accounting for 49% of the VPE500 list (in 2000), but now this percentage has shrunk.

In contrast, real estate companies have a relatively high representation in the VPE500 list, but the number of companies operating in the construction sector has been reduced by the impact caused by Covid-19.

Although present in 53 out of 63 provinces and cities, VPE500 enterprises were mainly concentrated in the Red River Delta and the Southeast region, accounting for about 75% of the total and showing a slight upward trend.

Overall, the formation of the VPE500 is based on infrastructure, resources, and local market advantages. The VPE500 spans all 21 major industries, with the highest concentration in industrial processing and manufacturing, trade, and construction.

Compared to Covid-19 and before, there were significant changes in the number of companies entering and leaving the VPE500 list. In 2020, as many as 97 out of 500 enterprises (19.4%) exited the VPE500 from that in 2019.

Thang suggested that future supportive policies need to be sustainably improved to help enterprises enter the market and grow. In particular, policies can encourage large enterprises to invest in productivity improvement for sustainable growth.

"In addition, it is necessary to enhance the ability of enterprises to join the production networks, supply chains, and the global value chain. Efforts should also be made to encourage each city and province to build their own leading private enterprises based on local advantages, which would eventually expand their operations nationwide," he stressed.

As of December 31, 2021, Vietnam had 694,200 domestic private enterprises (VPEs), accounting for 96.6% of the total number of active businesses, employing 58.1% of the labor force, owning 59.3% of the assets, and generating 57.8% of the net income of the business sector.

The majority of VPEs are small and medium-sized enterprises established after the Doi moi (renewal period). By the end of 2021, only 0.22% of VPEs had more than 500 employees, which is below the overall rate of 0.52%, and also 8.3% lower than FDI enterprises and 19.5% lower than SOEs.

HCM City, Đắk Lắk Province enhance tourism connectivity

HCM City and the Central Highlands province of Đắk Lắk are enhancing connectivity to create new tourism products and attract more visitors.

At a recent meeting between HCM City and Đắk Lắk tourism enterprises in HCM City, Nguyễn Thụy Phương Hiếu, the Deputy Director of Đắk Lắk Department of Culture, Sports and Tourism, said, “Đắk Lắk has huge potential for tourism development.”

Đắk Lắk possesses a variety of traditional regional cultures with 49 ethnic groups. The province has a rich system of natural resources, with 41 recognised monuments, three museums, 225 tourist accommodation establishments, 27 famous tourist attractions and majestic landscapes.

Over the years, the province has issued many policies to attract investment, develop different types of tourism, and cooperate with tourism businesses to survey, build and develop eco-tourism and community-based tourism products. Farming, agriculture, craft villages, and experiential tourism are other attractions. Đắk Lắk tourism industry hopes to connect with many tourism and travel businesses throughout the country to attract a large number of tourists to the province.

At the event, travel agencies introduced new tourism products linking the city and the region, such as tours from HCM City to Lâm Đồng - Đắk Nông - Đắk Lắk, or to Đắk Lắk - Gia Lai - Kon Tum.

These tours will introduce tourists to the region’s significant historic sites, such as the prison of Buôn Ma Thuột City in Đắk Lắk Province, which was a prison during wartime. It was recognised as a national relic in 1980.

The Museum of Đắk Lắk Province is also among the most awaited for destinations in tours. The 9,200sq.m construction was designed based on the traditional house of the Ê Đê people and showcases numerous artefacts reflecting the history and culture of the region.

The tours will also include tourist sites, such as the Kotam Community Resort and the World Coffee Museum, which has numerous artefacts from around the world, including antique coffee containers and cups, and traditional harvest tools of the Central Highlands.

According to travel agencies, the city and Đắk Lắk should co-organise events to promote new tourism products, especially products carrying the cultural identity of the region.

They also urged Đắk Lắk to improve its accommodation and food services, offer training for tourism workers, and raise awareness of community tourism activities.

The agencies called on the province to solicit investment in transportation infrastructure to connect tourism sites and destinations within the province.

Experts said that Đắk Lắk had not fulfilled its tourism potential. Through the conference, they hoped it could connect with leading travel agencies in HCM City to work together to promote the region’s tourism and build more tourism products

Trần Thiên Long, deputy chairman and general secretary of the HCM City Export Processing Zone and Industrial Park Authority Business Association, said companies and enterprises in industrial clusters and parks in the city were very interested in policies that improve the quality of lives of workers. Through the survey programme, representatives of businesses would choose suitable and attractive destinations and tours in Đắk Lắk Province for workers in the near future. 

SOEs help stabilise macro-economy

With various drastic and flexible measures taken to boost production, business and investment activities and carry out assigned political tasks, 19 groups and corporations under the Commission for the Management of State Capital at Enterprises (CMSC) have posted significant growth, contributing to maintaining macro-economic stability, a CMSC representative has said.

Their total revenue was estimated to reach 580.49 trillion VND (24.1 billion USD) in the first half of this year, equal to 53.7% of the yearly target and up 4% year-on-year. Total before-tax profit of these groups and corporations (excluding the Vietnam Electricity - EVN) was estimated at 18.19 trillion VND, equal to 56.7% of the yearly plan, while their combined budget contribution reached 33.5 trillion VND, up 2% over the same period.

Several groups and corporations have recorded massive export values, making important contributions to the growth of the country's export turnover with the main exports being crude oil, garment and textiles, food, rubber, tobacco, and fertiliser.

Notably, their contributions are reflected in not only revenue and profit, but also their efforts to carry out assigned political tasks. Through production and business activities, they continue to hold key positions and roles in many important economic sectors and fields, and ensure the supply of essential products and services and major balances for the economy. The percentage of their market share and total output is about 87% of electricity, 50% of retail petroleum, 100% of dry gas, 70% of liquefied gas, 70% of fertiliser, 45% of mobile phone subscribers, and 41% fixed broadband.

In the field of transport, they hold 49% of domestic air passenger volume, and manage 21 out of the 22 civil airports, 16% of sea freight, and 100% railway transportation.

CMSC Chairman Nguyen Hoang Anh has tasked the groups and corporations with completing their production, business and investment plans for 2023 at the highest level, and improve production and business efficiency, and preserve and develop capital and resources allocated by the State.

As of the end of 2022, the groups and corporations under the CMSC had held about 63% of the total equity of State-owned enterprises and about 65% of their total assets.

Can Tho promotes trade cooperation with Chinese businesses

Leaders of Can Tho city and a delegation of the Chinese Consulate General in Ho Chi Minh City sought ways to enhance connectivity between the Mekong Delta locality and Chinese businesses in logistics, agricultural processing and other spheres at their meeting in Can Tho on September 5.

Vice Chairman of the municipal People’s Committee Nguyen Van Hong highlighted the positive developments in the Vietnam-China comprehensive strategic cooperative partnership, particularly in economic and trade cooperation, as well as exchanges between their citizens and localities.

The official briefed the Chinese side on the situation in Can Tho, saying the central government has poured investment in the local socio-economic infrastructure, aiming to turn the city into a new growth driver of the country.

With diverse natural resources, Can Tho boasts substantial potential and advantages in agriculture, industry, tourism, trade and international cooperation, he added.

China’s Guangdong import-export association and a number of big enterprises from Guangdong have visited Can Tho recently, and shown their interest in some projects in which the city is calling for investors, according to the official.

Hong expressed his hope that the Consulate General will continue introducing Can Tho to Chinese firms in order to promote their cooperation and investment in the locality.

For his part, Chinese Consul General in HCM City Wei Huaxiang committed to helping Can Tho step up collaboration in culture, sports, tourism and trade with Chinese partners.

In the economic field, Can Tho and Guangdong province’s Shantou city signed a cooperation document in 2007. Cooperative ties between Can Tho and some other cities and provinces of China are expected to be formed in the time ahead.

On this occasion, Hong invited the Chinese Consulate General and Chinese business associations and enterprises to attend an exhibition and fair, and a trade conference slated for November 2-6 in Can Tho as honorary guests.

According to the municipal Department of Foreign Affairs, Can Tho is now home to 17 Chinese projects with a total registered capital of 111.79 million USD.

Last year, the accumulate trade revenue between the city and Chinese partners stood at about 320 million USD.

Work begins on four industrial clusters in Hanoi

Construction started on four industrial clusters in Hanoi’s Dong Anh district on September 5.

They are Thiet Binh, Lien Ha 2, Duc Tu and Thuy Lam industrial clusters, which span an area of nearly 21ha, 22ha, 15ha and 17ha, respectively.  

According to Nguyen Anh Dung, Vice Chairman of the district People’s Committee, Dong Anh aims to become a high-tech industrial hub in the northern region of the city. The four new industrial clusters will be built with the application of advanced technologies to lure production households located in residential areas, reducing production costs as well as minimising environmental pollution. It will contribute to the professionalism of craft villages in the locality, he said, adding that priority will be given to industries such as wood processing, carpentry, fine art carving and lacquer.

Speaking at the ground-breaking ceremony, Nguyen Manh Quyen, Vice Chairman of Hanoi People’s Committee asked investors of industrial clusters to mobilise resources and quickly complete the technical infrastructure to maximise the effectiveness of the project, contributing to the socioeconomic development of Dong Anh district in particular and Hanoi in general. 

To ensure the progress of infrastructure construction of the above-mentioned industrial clusters, Quyen directed Dong Anh district and relevant agencies to create the most favourable conditions for investors during project implementation.

Loan interest rates continue coming down

According to the central bank, many monetary and credit policies have been issued in recent times, while solutions to help businesses, especially small and medium-sized enterprises (SMEs), access capital are being widely implemented.

Thanks to such efforts, lending interest rates in the market have continued downwards as the ability of businesses and individuals to access capital has increased. The ceiling interest rate on short-term loans in priority sectors, including for SMEs, is now 4% per annum.

The SBV has also proposed specific credit programmes to relevant ministries and agencies, which are expected to apply to a number of industries and fields. These programmes include many preferential mechanisms relating to interest rates, collateral, and debt settlement.

The central bank has adjusted operating interest rates four times this year.

Flash Sales Holiday to gather over 120 well-known brands

The Flash Sales Holiday, as part of the Shopping Season 2023, will take place at Tan Son Nhat Pavilion Centre, Ho Chi Minh City from September 8-10, announced the municipal Department of Industry and Trade on September 5.

The event, the first of its kind, will gather more than 120 luxury brands like Gucci, Dior, Chanel, Versace, Chloe, Tommy, Olay, Dove, Polo, Lancome, and others which offer a diverse range of products such as fashion, handbags, luggage, footwear, cosmetics, perfumes, watches, jewelry and accessories at prices up to 90% off. 

Nguyen Khac Hieu, deputy head of the department’s Import-Export Management Office, said visitors will have the opportunity to engage in a rich array of activities such as "Golden Shopping Day," "Golden Discount Hour," and "Lucky Draw”.

They could also receive additional promotions and gifts when making cashless payments, and enjoy discounts of 50,000 VND (2 USD) at maximum when using public transport means to reach the event location, he added.

Deputy Director of the department Nguyen Nguyen Phuong said the event is expected to strengthen the connectivity between businesses and consumers, stimulate consumption and establish Ho Chi Minh City as a modern shopping hub in the country and the region.

With increasingly diverse and practical events, the Shopping Season has become one of the key trade promotion activities in Ho Chi Minh City. Among them, the Flash Sales Holiday is aimed at becoming an annual event, contributing to the growth of the local commerce sector as a whole.

HCM City: purchasing power increases during National Day holiday

Supermarkets and shopping malls in Ho Chi Minh City reported a sharp increase in sales during the National Day holiday from September 1 to 4.

Saigon Co.op, which owns Co.opmart, Co.opXtra, Co.op Food, Co.op Smile, Cheers, and Finelife retail chains and online shopping site Cooponline, said sales rose by 30 - 40% from normal days.

Sales at its large Co.opmart outlets like on Ly Thuong Kiet, Nguyen Dinh Chieu and Cong Quynh streets and Co.opXtra hypermarkets doubled or even tripled from normal days, it said.

There was also a sharp increase in online sales.

Saigon Co.op had increased stocks by almost 20-30% to ensure there were no shortages and the number of checkout counters and home delivery staff, it added.

Other supermarkets such as GO! Big C, MM Mega Market and Lotte Mart were also crowded during the holidays.

An abundance of goods and promotions boosted sales, retailers explained.

Many people opted to stay back instead of travelling this time, and went to shopping malls and supermarkets for entertainment and shopping, they added.

Petrol prices rise in latest adjustment

The retail prices of petrol rose in the latest adjustment on September 5 by the Ministry of Industry and Trade and the Ministry of Finance.

This is the sixth consecutive hike in recent times.

Accordingly, the price of E5RON92 went up 140 VND per litre to 23,470 VND (0.97 USD) while that of RON95-III increased by 270 VND to 24,870 VND per litre.

The prices of diesel oil went up 290 VND to 22,640 VND per litre while kerosene rose by 510 VND to 22,810 VND per litre.

That of mazut oil decreased by 280 VND per litre to 17,700 VND per litre.

In this price adjustment, relevant units decided to not extract money from petrol sales for the price stabilisation fund.

Since the beginning of this year, petrol prices have undergone 25 adjustments, with 15 times up, seven down, and three unchanged.

Around 2.5 million tourists recorded during National Day holidays

Tourism destinations across the country served around 2.5 million tourists during the National Day holidays from September 1-4, the Vietnam National Authority of Tourism (VNAT) has reported.

The average accommodation occupation rate reached 55%, even over 60% on September 1-2.

Ho Chi Minh City and Hanoi led the localities nationwide in the number of holiday-makers during the period.  Other localities have reported a significant increase in the volume of tourists as well, including Khanh Hoa (up 141%), Ba Ria-Vung Tau (36.5%), Quang Ninh (150%), and Thanh Hoa (26.6%).

Notably, the increasing number of foreign tourists to key tourist destinations during the holidays shows a positive sign for Vietnam's upcoming peak in the international tourism season starting in October, the authority said. 

The central coastal tourism city of Da Nang, Hanoi, HCM City, and Khanh Hoa are set to welcome 78,900, over 41,700, 37,600 and 23,450 international arrivals, respectively, in the season.

In response to the 17th International Travel Expo Ho Chi Minh City 2023 (ITE HCMC 2023), which will take place from September 7-9, hundreds of travel businesses have been offering promotional programmes for visitors and consumers.

According to the Saigontourist Travel Service Company, to meet the demand of travelers who want to explore the most beautiful routes from the northeast to the northwest in this autumn, the firm is collaborating with the Vietnam Airlines to offer 5-6 day tours with prices from 9,479,000 VND (393.2 USD), which will be available for sale at ITE HCMC 2023.

The Vietnam Travel and Marketing Transports JSC (Vietravel) has also introduced a series of tours to explore northern destinations during the autumn with promotional discounts.

According to General Director of Vietravel Pham Phuong Anh, the business has recorded an increasing number of tourists interested in and registering for autumn tours, both for domestic and international routes.

Themed “Connectivity, Growth, Sustainability”, ITE HCMC 2023 is expected to draw over 400 exhibitors, over 30% of them foreign companies which will double from the figure recorded last year.

Deputy Director of the Department of Tourism of HCM City Le Truong Hien Hoa said ITE HCMC 2023 aims to promote and facilitate commercial activities to connect key tourism markets, helping domestic travel firms expand new markets.

HCM City sees retail shopping boom during National Day holidays

Supermarkets and shopping malls in HCM City reported a sharp increase in sales during the National Day holidays from September 1 to 4.

Saigon Co.op, which owns Co.opmart, Co.opXtra, Co.op Food, Co.op Smile, Cheers, and Finelife retail chains and online shopping site Cooponline, said sales rose by 30 - 40 per cent from normal days.

Sales at its large Co.opmart outlets like on Lý Thường Kiệt, Nguyễn Đình Chiểu and Cống Quỳnh streets and Co.opXtra hypermarkets doubled or even tripled from normal days, it said.

There was also a sharp increase in online sales.

Saigon Co.op had increased stocks by almost 20-30 per cent to ensure there were no shortages and the number of checkout counters and home delivery staff, it added. 

A spokesperson for Emart supermarket said sales were 20 per cent higher than a year ago with fresh foods and household utensils being the top sellers.

Other supermarkets such as GO! Big C, MM Mega Market and Lotte Mart were also crowded during the holidays.

An abundance of goods and promotions boosted sales, retailers explained.

Many people opted to stay back instead of travelling this time, and went to shopping malls and supermarkets for entertainment and shopping, they added.

ASEAN needs 29.4 trillion USD for energy transition

ASEAN member countries need 29.4 trillion USD for energy transition process, Indonesian President Joko Widodo has said.

Speaking at the ASEAN Summit on September 5, President Widodo said the energy transition process should unlock potential through financial cooperation with partners to build a stable financial environment and generate profits for all parties involved, thus laying a foundation to achieve energy transition goals in the near future.

In addition to energy transition topic, he also mentioned two other initiatives, including green infrastructure to ensure a robust supply chain and digital transformation in combination with the creative economy.

He predicted that by 2030, ASEAN's digital economy will reach 1 trillion USD.

The bloc has so far approved 93 cooperation projects worth 38.2 billion USD, 73 of them valued at 17.8 billion USD will be launched soon.

ASEAN economy expands beyond global growth: Indonesian President

The ASEAN economy has proven to be resilient and continues to grow beyond global economic growth and other areas with a population of 680 million people, Indonesian President Joko Widodo said at the opening of the ASEAN Indo-Pacific Forum (AIPF) in Jakarta on September 5.

ASEAN is also a potential market with promising investment opportunities but it is not immune from various global and geopolitical challenges that sharpen, especially the potential for conflict in the Indo-Pacific, he said.

For this reason, the AIPF is here to change rivalry in Indo-Pacific to become useful collaboration and build a habit of cooperation that wins a formula without any feeling ostracised, he continued.

AIPF features the three main agendas of green infrastructure and flexible supply chain; sustainable, innovative financing; and technology transformation and creative economy.

ASEAN and its partners have allocated a total of 56 billion USD for 93 cooperation projects and 73 potential projects, which demonstrates their commitment to turning Indo-Pacific into a region of peace, stability, and prosperity, the leader said.

The AIPF was first organised to implement the ASEAN Outlook on Indo-Pacific (AOIP) adopted in 2019, shifting the focus from security cooperation previously to specific economic cooperation.

Football: Vietnam eye ticket to AFC U23 Asian Cup 2024 finals

Vietnam aim to win all three matches in the AFC U23 Asian Cup 2024 qualification to advance to the finals, said head coach of Vietnam's national and U23 men's squad Philippe Troussier.

In the AFC U23 Asian Cup 2024 qualifiers, Vietnam are placed in Group C alongside Guam, Yemen, and Singapore. They will play with Guam on September 6, Yemen on September 9, and Singapore on September 12 in the northern province of Phu Tho.

Speaking at a press conference on September 5 in the province, the coach said that U23 Vietnam targets to not only maintain its number one position in Southeast Asia but also go further, towards the Paris Olympics.

 Head coach of Vietnam's national and U23 men's squad Philippe Troussier speaks at the event. (Photo: VNA)
Earlier, coach Philippe Troussier decided to select 23 players to the official list of U23 Vietnam to compete in the tournament.

Vietnam will have their first match with Guam at 7pm on September 6 at Viet Tri Stadium, Phu Tho province.

A total of 47 teams will compete in the qualification round, which will take place from September 4 to September 12. The top 16 teams from this round will advance to the finals, with Qatar as the automatic qualifier as hosts.

Saudi Arabia is the current defending champion of the tournament.

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