Flight delays have been significant over the past eight months, with 26% of the total number of flights, nearly 46,000, running behind schedule, according to reports from the Civil Aviation Authority of Vietnam (CAAV).

The primary cause of these delays was late aircraft arrivals, accounting for 15.6%, while operational issues from the airlines themselves made up 7.6%.

Data from CAAV reveals that during the first eight months of this year, Vietnamese airlines operated a total of 176,307 flights.

Vietnam Airlines led the sector with 76,008 flights and an on-time rate of 83%. Vietjet Air followed closely with 75,478 flights, while Bamboo Airways operated 9,908 flights, maintaining an 82.6% punctuality rate.

On average, the overall on-time departure rate for all airlines stood at just 74%.

In August alone, Vietnamese airlines operated 22,031 flights, achieving an on-time departure rate of 75.7%. Despite this, 5,345 flights were delayed, representing 24.3% of the total for the month.

As of the end of August, Vietnam's airlines had transported five million passengers, a 3.8% decrease compared to July. International passenger numbers reached 1.5 million, a rise of 2.3%, while domestic passengers totalled 3.4 million, a drop of 6.3% from the previous month./.

First AEON Mall in central region opens

AEON Mall Vietnam Co Ltd on September 21 officially opened its seventh shopping mall in Vietnam and first in the central region - AEON Mall Hue.

Construction of the project in Thua Thien-Hue province started in February last year with a total investment of nearly 170 million USD.

Covering 8.6 hectares, the new mall accommodates about 140 stores featuring famous international and domestic brands.

Ohno Keiji, President of AEON Mall Co Ltd, said that under the concept of “Home of Culture”, AEON Mall Hue is a harmonious fusion of Japanese and Hue cultural values. It is expected to offer new experience for customers and become a place where everyone feels familiar and comfortable just like their home.

In his remarks at the opening ceremony, Phan Quy Phuong, Vice Chairman of the provincial People’s Committee, said the mall opening is an important event, marking the effort of the locality in promoting the implementation of key projects to prepare infrastructure conditions necessary for the province to become a centrally run city in the future.

He pledged that local administration will continue to support and accompany the investor and create the most favourable conditions for the mall to operate effectively, creating new momentum for attracting tourists and boosting local socio-economic development./.

Vietnam's exports to Singapore see significant growth

Vietnam’s exports to Singapore saw a substantial increase in August, contributing to a 31.1% year-on-year rise in shipments to the city state in the first eight months of 2024, the Vietnam Trade Office in Singapore has reported.

Last month, Vietnam's exports to Singapore surged by 58.4%, reaching 876.3 million SGD (678.6 million USD), driven by the strong performance of electronics, machinery, and equipment sectors. This growth made Vietnam Singapore's 18th largest export partner.

Among the key exports, machinery, phones, and parts grew 21.39%, while reactors, boilers, and machinery surged 150%, and petroleum products soared 870%.

Meanwhile, imports from Singapore to Vietnam dropped by 9.49% to 1.86 billion SGD, while goods from third countries through Singapore to Vietnam decreased by 18.87% to 1.26 billion SGD.

In total, bilateral trade between Vietnam and Singapore in August reached nearly 2.74 billion SGD, an increase of 4.89% year-on-year.

For the first eight months of 2024, total trade exceeded 21 billion SGD, up 8.47%, retaining Vietnam as Singapore’s 12th largest trade partner./.

Vietnam runs trade surplus of 2.4 billion USD with Philippines

Vietnam posted a trade surplus of 2.41 billion USD with the Philippines in the first eight months of 2024, according to the General Department of Vietnam Customs.

Two-way trade reached a total value of 5.7 billion USD, marking a 21% increase compared to the same period in 2023.

Vietnam’s exports to the Philippines amounted to 4.07 billion USD in the eight-month period, up 17% year-on-year (YoY). Rice remained the top export commodity, with a value of 1.71 billion USD, reflecting a 39.7% increase from the previous year. It was also the only export to the Philippines exceeding 1 billion USD.

In addition to rice, Vietnam exported six other products to the Philippines with a turnover of over 100 million USD. These included machinery, equipment, and spare parts (255 million USD, up 3.6%), clinker and cement (214 million USD, down 12.9%), and coffee (196 million USD, up 126%). Furthermore, exports of phones and components reached 172 million USD, up 48%, while computers and electronic products totalled 119 million USD, a slight decrease of 1.4%.

In the agricultural and seafood sector, key exports included cassava and cassava products (6.1 million USD, down 6%), pepper (22.8 million USD, up 39%), cashew nuts (11.4 million USD, up 5.5%), and seafood (57.9 million USD, down 23.9%).

Among the 33 main products exported to the Philippines, 13 saw a decline in value, while 20 recorded growth. Coal experienced the highest growth rate, with export value rising from 0.09 million USD to 15.1 million USD, and the export volume surging from 219 tonnes to 69,720 tonnes.

On the other hand, Vietnam imported 1.66 billion USD worth of goods from the Philippines, an increase of 4% compared to the same period last year. The three main import items included computers and components (1.03 billion USD, up 8.3%), machinery and spare parts (176 million USD, down 3.7%), and common metals (109 million USD, up 3.6%).

Among the imported items, metal products and auto parts recorded the highest growth rates, with increases of 157% and 98%, respectively, compared to the same period last year./.

Hi-tech banana farming bears fruit in rural district of Binh Duong

The collaboration between two 'giants' in the agricultural industry – Vietnam Rubber Group (VRG) with abundant land resources and U & I Agriculture JSC (Unifarm), a company that pioneers in applying high-tech agriculture - has breathed new life into the banana industry.

The high-tech banana production project, with the engagement of Dau Tieng Rubber Co. Ltd and Unifarm, at Minh Tam Farm is an outstanding example.

The project, located at a farm more than 25km from the centre of Dau Tieng district, has reaped initial success since its startup in 2021. It has proved effective in both productivity and quality with an average yield of 70 tonnes per hectare, which is three times higher than the national average. After being pre-processed and packaged, more than 80% of qualified banana products have been exported to markets such as Japan and the Republic of Korea.

According to Nguyen Ngoc Nhat Son, deputy head of its Planning-Investment Division at Dau Tieng Rubber Co. Ltd, shifting from low-yield and ineffective rubber plantations to high-tech agriculture aligns with the overall development trend of the agricultural sector, adding that it helps utilise land resources and contribute to enhancing land use efficiency.

Last year, the company earned over 185 billion VND (7.5 million USD) in revenue, surpassing the yearly target by 68% and netting a profit of nearly 30 billion VND, exceeding the plan by 140% thanks to the Minh Tan high-tech banana project, he said. The company fetched nearly 90 billion VND in revenue and some 18 trillion VND in profit in the first six months of this year, he said, adding that it expects to meet all targets set for the year.

Nguyen Duc Hien, General Director of Dau Tieng Rubber Co. Ltd, held that shifting the cultivation model in combination with forming linkages to leverage experience, technology, and capital from partners is a right approach, towards mastering technology and market penetration.

Currently, the company has about 24,000ha of rubber plantations, but by 2030, this area will be reduced to approximately 15,000ha or less to allocate land for developing industrial zones, industrial clusters, residential areas, and especially high-tech agriculture.

Since 2016, VRG has encouraged and created conditions for several member companies to pilot high-tech agriculture models with diverse crops on rubber tree plantations including banana, sacha inchi, melons, green-skinned grapefruit, and other citrus fruits.

The group plans to invest in large-scale and high-value agriculture until the end of 2030, covering an area of 36,227ha, including 5,000ha dedicated to banana cultivation, he added./.

Empowering businesses to effectively navigate CBAM

Despite the approaching official operational roadmap for the Carbon Border Adjustment Mechanism (CBAM), misinformation persists, preventing businesses from fully understanding its implications, which in turn leads to ineffective strategies and resource wastage.

The European Union (EU) introduced the CBAM to address greenhouse gas emissions in specific imported goods entering the EU. In effect since October 1, 2023, the mechanism currently targets six imported commodity groups: cement, electricity, fertilisers, iron and steel, aluminum, and hydrogen.

From January 1, 2026, the CBAM will transition into its full operational phase, applying carbon taxes on regulated goods exported to the EU based on their greenhouse gas emissions during production.

One year after the CBAM’s official rollout, awareness among Vietnamese businesses about the mechanism remains limited.

A survey conducted in January 2023, before the mechanism's transitional phase, revealed that business awareness at the time was relatively low, said Nguyen Hong Loan, a project specialist in technical assistance for the CBAM Impact Assessment, at a recent event.

Except for a few businesses in directly affected sectors that have done thorough research and preparation, the majority of businesses have not responded or made efforts to reduce emissions in their export products to meet European standards, Loan said.

According to her, many businesses mistakenly believe the CBAM will only affect them if their exported goods exceed Europe’s emission thresholds. In reality, the mechanism covers emissions across the entire product lifecycle.

Additionally, companies in industries such as rice and plastics, which are not yet directly affected, are seeking advice on how to prepare for the CBAM.

Some businesses have overreacted, expressing concerns about potentially facing carbon prices equivalent to those in Europe once the CBAM is fully implemented.

Regarding new mechanisms like the CBAM, businesses may face challenges in understanding the information and preparing appropriately, Loan said.

Without submitting greenhouse gas emission reports for their products, businesses will be unable to export to Europe. Without official guidance from relevant authorities, companies will need to invest significant time and resources into preparing.

This could lead to inefficiencies, ineffective responses to the mechanism's requirements, and even unnecessary purchases of carbon credits, according to the specialist.

Meanwhile, European guidelines on carbon pricing mechanisms and credit offsets remain ambiguous and lack widespread recognition. This uncertainty may result in unfocused preparations that don’t utilise formal channels, potentially leading to financial losses./.

Eight projects honoured at Vietnam Industrial Architecture Awards 2024

The 2024 Vietnam Industrial Architecture Awards have honoured eight outstanding architectural projects at a prestigious event held in Ho Chi Minh City.

The awards provide a specialised, international platform for industrial architecture and cultivate high-quality human resources in industrial design for Vietnam.

Launched in collaboration with the University of Architecture HCM City (UAH), the awards attracted 33 high-quality projects spanning 18 provinces and cities, submitted by 15 leading design consulting firms nationwide.

At the final event of the awards held in HCM City on September 20, the eight outstanding projects were honored for meeting the criteria of unique and impressive design, innovation in structure and functionality, and sustainable design.

The design of the Hayward Quartz Technology Factory in Binh Duong province by M.I.T.A Business Construction and Service Company Ltd won the long-lasting beauty prize, while the design of the DBW Garment Factory in Long An Province by Viet Engineering Value Construction Consultants JSC (VEV) won first prize.

Two second prizes were presented to designs of the VinFast Automobile Manufacturing Complex in Hai Phong city by VCC Engineering Consultants JSC, and the Goertek Manufacturing Plant in Nghe An Province by Thanh Nam Consulting Construction JSC.

Three third prizes went to designs of the Kizuna Ready-Built Warehouse in Long An province by National General Construction Consulting JSC (NAGECCO), the SLP Park Xuyen A Ready-Built Warehouse in Long An province by SEAS Project Consultants CO., Ltd, and the Song Hong - Nghia Hung Export Garment Factory in Nam Dinh province by Vietnam National Construction Consultant Corporation - JSC.

And the design of Space 4 Youth in HCM City by 23o5 Studio won the innovation prize.

Notably, the top two award-winning projects, the DBW Garment Factory and Hayward Quartz Technology Factory, will represent Vietnam at the BlueScope Steel Architectural Awards ASEAN 2024 to be held in Malaysia in November 2024.

All projects showcased the distinctive features of BlueScope’s COLORBOND® and ZINCALUME® steel, known for their aesthetics, creativity, and sustainability in industrial building materials.

Dang Thanh Hung, vice president of NS BlueScope Vietnam, said as a global steel corporation that has supported the development of Vietnam’s industrial architecture for over 30 years, the company is committed to elevating Vietnam’s industrial architecture, and this award is part of this mission.

“This is also an opportunity for domestic industrial architecture talents to engage with leading regional experts, expand their connections across Asia, and pave the way for nurturing future talents,” he said.

Assoc. Prof. Dr. Architect Le Van Thuong, rector of UAH, said the university continually creates opportunities for students to acquire knowledge and gain real-world experience with global enterprises and talented architects to enhance the quality of human resource training for the industry.

The awards and other meaningful activities will unlock knowledge, create a specialised playground, and provide international learning opportunities for the county’s industrial architecture talents, he said.
The awards also featured a series of impactful activities, including an exhibition of industrial architectural projects, a seminar on enhancing human resource quality, an event honoring talented design consultants, and scholarships awarded to UAH students./.

Vietnamese firms promote cooperation with Malaysian partners in Halal industry

Vietnamese enterprises have signed three memoranda of understanding (MoU) with Malaysian importers and distributors on cooperation in the Halal industry at the 20th Malaysia International Halal Showcase (MIHAS).

The Vietnamese firms specialising in food and beverage, processing, handicrafts, consumer goods, spices, sauces and agricultural product manufacturing were joining a delegation of 22 businesses to the event, which was organised by the Investment and Trade Promotion Centre (ITPC) of Ho Chi Minh City.

Addressing a programme to connect Vietnamese firms with Malaysian importers and distributors, ITPC Vice Director Ho Thi Quyen said that in the first eight months of this year, the trade between the city and Malaysia reached about 3.5 billion USD, a surge of 45% year on year, including HCM City’s exports of 555 million USD, a rise of 33%.

The city’s key export products to the Malaysian market included computers, electronic products and components, machinery, textiles, rice, and seafood.

In the first seven months of this year, 16 Malaysian-invested projects worth over 1.4 million USD were licenced in Vietnam, she said, adding that the two countries are striving for 25 billion USD in two-way trade by 2030.

Vietnamese Counsellor in Malaysia Le Phu Cuong said that the Vietnamese government has identified Halal products as the major export product to Muslim countries.

Cuong said that on October 22, Vietnam will organise the first International Halal Conference to discuss the promotion of international cooperation and mobilisation of internal resources for sustainable Halal industry development in Vietnam.

This conference shows Vietnam’s determination to encourage more businesses to engage in the Halal industry, he said, adding that the participation of Malaysia will help Vietnamese companies better serve global consumers with Halal certified products.

Meanwhile, Director of China & Northeast Asia and ASEAN & Oceania Section at the Malaysia External Trade Development Corporation (MATRADE) En Mazlan Hurun said that Vietnam's dynamic industries, especially in the food and beverage sector, fit perfectly with Malaysia's growing business landscape, creating many opportunities for collaboration.

He held that the Halal market, which is expected to reach 3.2 trillion USD in 2027, is considered a significant opportunity for both Vietnam and Malaysia. Hurun encouraged businesses to cooperate with Malaysian companies and take advantage of the great opportunities that the MIHAS brings.

The MIHAS is an annual trade exhibition for businesses serving the Muslim and Halal consumer market, such as F&B, cosmetics, pharmaceuticals, tourism, and finance. The MIHAS 2024 set the Guinness World Record for the largest number of attendees at a Halal trade exhibition./.

Green growth exhibition held in HCM City

The 2024 Green Growth Show (GRECO 2024) is taking place in Ho Chi Minh City, providing an opportunity for businesses to promote their green products and services, and an effective forum for local and international companies to connect and explore possibilities for tie-ups.

Covering an area of 10,000 sq.m, GRECO 2024 attracted over 200 local and foreign exhibitors with around 300 booths, displaying nearly 8,000 products and solutions that drive green growth.

According to the Investment and Trade Promotion Centre of HCM City (ITPC), one of the exhibition’s organisers, this year's event has a bigger scale than the inaugural edition in 2023 and focuses on sectors such as high-tech, supporting industries, and achievements of the Fourth Industrial Revolution.

The show offers businesses a chance to showcase their latest products and technologies in fields such as high-tech, semiconductor, and artificial intelligence, the ITPC said.

Among the highlights of GRECO 2024 is the "Techmart" area that features green technology, renewable energy, and environmental solutions for industrial transformation.

The exhibition would support enterprises, especially small and medium-sized ones, to introduce their green products and services and connect with leading domestic and international companies towards building a green production ecosystem, Vo Van Hoan, Vice Chairman of the HCM City People's Committee, said at the opening ceremony on September 21.

The exhibition which will run until September 25 also seeks to raise public awareness about the circular economy.

He highlighted that the city had approved a green growth strategy towards sustainable development by 2030, to transform the city into a green, smart, and sustainable city.

GRECO 2024, held as part of the fifth Ho Chi Minh City Economic Forum, also features demonstrations of green, sustainable technology solutions, newly developed products and art performances./.

Vietnam’s logistics transformation helps boost exports to EU

A forum on seizing opportunities from the Vietnam-EU Free Trade Agreement (EVFTA) and changes in the logistics industry to support Vietnam’s exports to the European Union (EU) market, was held by the European-American Market Department under the Ministry of Industry and Trade (MoIT) in Ho Chi Minh City on September 23.

According to Vice General Director of the Department Nguyen Thao Hien stated that 2024 marks the 4th year since EVFTA came into effect. In recent years, the agreement has served as a lever to help Vietnam and the EU maintain growth momentum in bilateral trade cooperation, despite the negative impacts of the COVID-19 pandemic as well as geopolitical conflicts.

In the first eight months of 2024 alone, bilateral trade between Vietnam and the EU reached nearly 45 billion USD, up 15.8% year-on-year. Vietnam's exports to the EU amounted to 34.1 billion USD, a 17.4% increase compared to the same period in 2023.

Hien said these figures reflect the economic recovery in the EU and the adaptability of Vietnamese businesses in seizing opportunities brought by the EVFTA, including positive contributions of Vietnam's logistics sector and its partners.

However, she noted that import-export activities between Vietnam and the EU are also facing numerous challenges due to the unpredictability of the market, the fragile recovery of consumer demand in the EU, and the ongoing political and military conflicts in several regions showing no signs of easing.

Additionally, export markets, particularly the EU, are increasingly demanding greening of the value chain including production and transportation of goods. In this context, to boost export efficiency, along with efforts made by manufacturing businesses, Vietnam's logistics sector needs to continue improving infrastructure and operational capacity, and minimising costs to remain competitive.

Chandler So, CEO of GEODIS Vietnam, said that Vietnam's participation in many FTAs, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EVFTA has helped boost production growth for exports.

Trade wars and the COVID-19 pandemic have forced manufacturers to diversify their transportation networks, So said, adding that these factors have contributed to Vietnam's emergence as a leading manufacturing hub in ASEAN.

Carlos Zepeda, a senior maritime economist, said production growth and the related demand for raw materials for production have driven Vietnam's maritime trade over the past 20 years.

Regional value chain linkages, and low labour costs, have turned Vietnam into an export base for many multinational companies. This serves as the foundation for promoting the development of Vietnam's logistics sector to meet the demand for export cargo transportation, he said.

Regarding trade relations with the EU, Zepeda said Vietnam is emerging as a major supplier of consumer goods and fashion to Europe. The Southeast Asian nation has also positioned itself as a key supplier of other value-added products, becoming the third-largest high-tech goods supplier of Europe after China and the US. It is forecasted that the volume of container trade between Vietnam and Europe could double by 2050.

Vietnam needs to make efforts to improve infrastructure by integrating large-scale ports with industrial zones and clusters to maximise efficiency and reduce logistics costs, he noted.

Tran Ngoc Quan, Vietnamese Trade Counselor in the EU and Belgium, stated that in addition to the EU's Carbon Border Adjustment Mechanism (CBAM), Vietnamese export firms need to pay attention to the EU's requirements for emissions control in maritime transport, as this could increase international logistics costs.

Vietnam is currently the EU's 16th biggest trading partner, the 3rd largest exporter, and the 5th largest importer of Europe. The country primarily exports phones, electronic products, footwear, machinery, and textiles to the EU./.

Hanoi’s real estate market: Mid-range segment dominates with 98% share

The mid-range segment accounts for 98% of the total supply of apartments in Hanoi, while the high-end segment constitutes a mere 2%, CEO of Indochina Capital Michael Paul Piro told a press briefing in Hanoi on September 23.

Piro highlighted the positive trend in the real estate market since the start of the year, with the apartment segment showing the strongest recovery following the prolonged impacts of the COVID-19 pandemic. Searches and transactions for apartments have surged, with quarterly sales showing remarkable improvement.

Over the past two quarters, Hanoi's real estate market recorded 10,400 apartment transactions, an impressive 101% year-on-year increase, surpassing the total number of transactions for 2023. However, external factors, including demographic shifts and limited supply, are pushing apartment prices to new heights. Demand remains concentrated in the mid-range to high-end segments, particularly in integrated urban areas in the eastern and western regions of the city.

Looking ahead, Piro expected the mid-range segment to continue driving supply, with 13,460 units from eight new projects and subsequent phases of two integrated urban developments in western Hanoi in the remaining of 2024.

Hanoi’s ongoing infrastructure projects, including metro lines, and the new Land Law effective from August 1, 2024, are projected to further stimulate the market, with anticipated growth rates of 20-30% in the near future.

He attributed the market's recovery to rapid economic growth, supportive government policies, and effective credit control. Notably, the population growth indicates a strong demand for residential apartments.

Despite limited land supply and regulatory constraints, high-end and luxury apartments are also expected to draw investor interest, with the potential for high returns. Prices in the primary market are anticipated to continue rising by 5-10%, driven by the completion of projects boasting better construction quality, design, management and amenities./.

Vietnam, WB look to reduce emissions in rice cultivation

Deputy Minister of Agriculture and Rural Development Tran Thanh Nam on September 23 met with a World Bank (WB) delegation to discuss preparations for signing the Emission Reduction Payment Agreement (ERPA) with the Transformative Carbon Asset Facility (TCAF).

This agreement aims to support a sustainable development project targeting 1 million ha of quality, low-emission rice linked to green growth in the Mekong Delta by 2030.

Nam highlighted the initial success of pilot models in several localities, which have shown a remarkable 30% reduction in costs for seeds and agricultural inputs. Additionally, rice prices and farmers' incomes have increased, with production being fully contracted by enterprises.

WB senior expert Li Guo announced that the TCAF has approved total funding of 33.3 million USD, with the potential to increase to 40 million USD. This funding will be disbursed based on results and in two phases. The TCAF's commitment to providing this funding will be valid for 12 months, and the WB is expected to approve the funding by signing the ERPA.

In addition, the TCAF will provide 2 million USD in technical assistance, directly managed by the WB, to support capacity-building activities aimed at implementing Article 6 of the Paris Agreement and other relevant initiatives.

Both sides agreed on the methodology for measuring, reporting and verifying (MRV) greenhouse gas emissions from rice production. This MRV process will be used to generate transferable carbon emission reduction credits for exchange with the TCAF and support the country's Nationally Determined Contributions (NDC) commitments.

The Hanoi meeting also discussed plans to hold workshops to raise awareness among relevant ministries and agencies regarding experiences in carbon market access, the signing of the ERPA and the Mitigation Outcome Purchase Agreement (MOPA) or the Internationally Transferred Mitigation Outcomes (ITMO), and domestic procedures for approving the ERPA signing./.

CNA: Vietnam’s evolution as a hub for tech innovation

Vietnam is rapidly emerging as one of Southeast Asia’s most dynamic economies, driven by a young and educated workforce that is making its mark on the global tech and business landscape, reported regional broadcaster Channel NewsAsia (CNA).

It said despite global uncertainties and shifting trade dynamics, the country has maintained its stability and robust growth. In the first half of 2024, Vietnam’s economy grew by 6.42%, making it among the 20 fastest-growing in the world.

A strong focus on technology and innovation is helping position Vietnam as a rising force in the information and communications technology (ICT) and semiconductor industries.

CNA stressed that supported by over 70,000 tech firms, Vietnam’s ICT sector has seen significant growth, with revenues surging from 60.9 billion USD in 2016 to 154 billion USD in 2023.

Vietnam’s skilled tech professionals, coupled with its national digital transformation vision, have made the country an attractive hub for emerging talent, as well as research and development. Global tech giants such as Amazon, Samsung, Sumitomo Corporation, and Lego have established operations here to leverage the potential of advanced technologies.

The country’s strides in artificial intelligence readiness, ranking 39th globally last year, and its ambitions to become a major contributor to the global semiconductor value chain by 2045, highlight its growing technological momentum.

With free trade agreements covering 56 markets, Vietnam has become a prime destination for foreign direct investment, which rose to 36.1 billion USD last year, a 32% year-on-year increase. Additionally, Vietnam ranked seventh in the 2023 Global Service Location Index, which measures the attractiveness of offshoring destinations. Notably, it is one of the only five countries to attract over 10% of global greenfield investment since 2017.

With a median age of 33.1 years, Vietnam’s youthful population produces 57,000 IT graduates annually, making it a major source of IT talent worldwide. Over 1 million Vietnamese work in this sector, asserting the country’s growing influence in the industry, it added./.

HCM City, Belarus’s Minsk city deepen economic, cultural ties

The Ho Chi Minh City People's Committee and the Executive Committee of Belarus's Minsk city signed a cooperation agreement for the 2024-2026 period on September 23.

The deal is built on a friendship pact established between the two cities in 2008, promising to deepen trade, economic and humanitarian collaboration.

Both cities have committed to facilitating business delegation visits and business-to-business (B2B) networking events to showcase the vast potential of their economic collaboration. Additionally, plans are underway to host Minsk Day in Ho Chi Minh City and Ho Chi Minh City Day in Minsk, which will feature product and service exhibitions, business forums, and B2B negotiations.

In the realm of culture and tourism, they will jointly hold cultural exchange activities focusing on reading, including book and publication displays and sharing of library management experience. Information sharing and efforts for promoting tourism exhibitions, presentations, forums, seminars, conferences, and other events will also be supported in both localities.

The collaboration extends to health care and education, with plans to hold advanced training courses for specialised doctors from Ho Chi Minh City at medical facilities within Minsk's state healthcare system. Efforts will also be made to increase the number of scholarships made available to Ho Chi Minh City students at universities and technical colleges in Minsk and Belarus, with a particular focus on the medical and engineering disciplines.

Nadzeya Lazarevich, First Vice Chairwoman of the Minsk city Executive Committee, expressed her hope that the Ho Chi Minh City Day in Minsk will be organised soon, allowing the Belarusian people to gain a deeper understanding of Vietnam.

Belarus offers scholarships to foreign students, and Minsk will create conditions for students from both countries, she said, promising to give scholarships to five Vietnamese students in Belarus and support them during their stay. She also looked forward to Vietnam welcoming Belarusian students as well.

At the signing ceremony, discussions centred on various specific issues related to educational cooperation, including student and teacher exchanges, thematic workshops, and sharing experience in healthcare practices. The cities also aim to commercialise medical products of shared demand and enhance bilateral tourism connectivity./.

RoK firms explore investment opportunities in Ninh Thuan

A delegation of 30 Korean firms from the Vietnam - Korea Businessmen and Investment Association (VKBIA) on September 23 worked with leaders of the south-central province of Ninh Thuan to explore the local investment environment and seek business partnership opportunities in the locality.

At the working session, Trinh Minh Hoang, Vice Chairman of the provincial People’s Committee briefed the guests on the potential, advantages and unique values of the province.

Ninh Thuan is the driest province in Vietnam with high radiation energy, which allows the province to develop renewable energy, he said, adding that the province hopes to become the country’s largest energy centre.

He introduced typical agricultural products of Ninh Thuan, including grapes, apples, garlic, green asparagus, aloe vera, goat, and sheep. Currently, Ninh Thuan has had 182 recognised OCOP (One Commune One Product Programme) products, he said, noting that many Korean enterprises have invested in the province in producing agricultural products for export.

Hoang also highlighted the strategic location and strong infrastructure system of the locality with three large-scale industrial parks and more than 105km of coastline as well as numerous untouched landscapes.

The provincial leader said that Ninh Thuan aims to boost the development of major economic pillars including renewable energy, clean energy, high-quality tourism, processing industry, renewable energy equipment production, high-tech agriculture, marine economy and real estate industry.

The province has issued many policies and mechanisms to attract investors, he said, pledging that the locality always encourages foreign investors, including those from the Republic of Korea, to invest in the province. He asked for the VKBIA’s support in connecting Ninh Thuan and Korean investors.

VKBIA Chairman Tran Hai Linh recognised Ninh Thuan’s potential and advantages, and affirmed that Korean businesses are interested in the locality’s high-tech agriculture and tourism.

Several Korean firms and organisations have made their presence in Ninh Thuan, including CJ Group, and travel firms from Gwangju, Jeju, and Seoul have also showed their interest in the locality.

At the meeting, many Korean enterprises also expressed their impressions of Ninh Thuan's potential and development advantages. Some said they are willing to bring advanced machinery and technological equipment to Vietnam in general and Ninh Thuan in particular to invest in the production of organic biological fertilisers or smart phones and tablets.

On the occasion, Korean businesses toured a number of companies in Ninh Thuan.

To date, Ninh Thuan has received 31 non-refundable aid projects from the Republic of Korea with a total committed value of 2.4 million USD, along with other support from the Korea International Cooperation Agency (KOICA)./.

Japan helps Vietnam improve stock market’s transparency

Japan will continue its support for the State Securities Commission (SSC), stock exchanges and relevant parties in Vietnam to improve the equity market’s fairness and transparency under a technical assistance project from the Japan International Cooperation Agency (JICA), heard a workshop in Hanoi on September 23.

The agency will provide the Hanoi Stock Exchange, the Ho Chi Minh City Stock Exchange, and the Unlisted Public Company Market (UPCoM) with consultations and help them develop capacity on various related issues.

The project, the continuation of the one carried out during 2019-2023, will focus on monitoring and inspecting the stock market, supervising market intermediaries, managing listings, making public offerings in accordance with international standards, and raising public awareness of the responsibility to protect investors. It is expected to help Vietnam upgrade the stock market and promote the sustainable development of the socio-economy.

According to SSC Chairwoman Vu Thi Chan Phuong, the Vietnamese stock market has recorded standout achievements on the back of various incentives and effective legal reform. As of the end of August, Vietnam's stock market capitalisation totaled over 7 quadrillion VND (280 billion USD), or 69.2% of the GDP in 2023 and up 19.1% from the end of the year.

Currently, there are 728 listed stocks and 878 shares on UPCoM with a total listed value of 2.24 quadrillion VND (91.27 billion USD), and foreign investors hold 50 billion USD, Phuong said, describing this as a demonstration for the robust development of the Vietnamese stock market.

She expressed her belief that JICA, boasting considerable experience in the area, will continue helping the SSC enhance its management and supervision capacity towards ensuring the market’s transparency.

JICA Chief Representative Sugano Yuichi said with experience in settling financial bubble burst and bad debt, Japan stands ready to support Vietnam in developing the economy and the equity market in particular in a sustainable, safe, and transparent manner./.

PM receives leaders of foreign groups in Bac Ninh

Prime Minister Pham Minh Chinh on September 22 hosted separate receptions for leaders of big foreign groups as part of his trip to the northern province of Bac Ninh.

Meeting General Director of Samsung Vietnam Choi Joo Ho, PM Chinh spoke highly of the group’s business and investment strategy in Vietnam, calling its fruitful cooperation and investment a model of the economic ties between Vietnam and the Republic of Korea.

He suggested Samsung engage more deeply in digital economy transformation, green economy, and knowledge-based economy in Vietnam, especially newly-emerging sectors like semiconductors, artificial intelligence, cloud computing, and innovation.

The leader also urged the group to step up technology transfer and human resources training, share governance experience, raise the localisation rate, enhance cooperation with Vietnamese enterprises and help them participate in global supply chains.

For his part, Choi said Samsung Vietnam has six manufacturing plants, one research and development centre, and one sales entity, with a cumulative investment of 22.4 billion USD.

With its effective operation, along with the strong support from the Vietnamese Government, ministries, and localities, Samsung has decided on a long-term investment strategy in the Southeast Asian nation.

As part of this, it has committed to a new investment project worth 1.8 billion USD in Bac Ninh province. In addition to OLED products for mobile phones, this new project will see Samsung establish production lines for OLED products for IT devices and automobiles.

Samsung hopes that Vietnam will continue to provide favourable conditions for its development and supply high-quality human resources to support its new projects, he said.

During his meeting with Gary Tseng, CEO of Taiwan's Phu My Hung Holdings Group, PM Chinh congratulated the company on its successful investment and business activities in Vietnam, contributing to the country's socio-economic development.

Gary Tseng shared that Phu My Hung has been investing in Vietnam for over 30 years, primarily in real estate and urban development. With support from the Vietnamese government, ministries, and localities, the company has seen effective investments and continues to expand its projects across many provinces and cities in Vietnam.

The company hopes that the Vietnamese government and local authorities will continue to remove difficulties and create favourable conditions for its further expansion, he said, noting its desire to participate in Vietnam's stock market to mobilise additional resources for investment.

Welcoming Phu My Hung's continued investment expansion in Vietnam, the Prime Minister asked Phu My Hung, along with developing modern and civilized urban areas, to invest in affordable residential projects but with high infrastructure and service quality.

Additionally, he encouraged the group to provide more social infrastructure and consider deeper involvement in developing cultural, healthcare, and educational infrastructure in Vietnam.

 PM Pham Minh Chinh (R) meets with Nakagawa Tetsuyuki, General Director of AEON Mall Vietnam Co. Ltd., (Photo: VNA)
Meeting with Nakagawa Tetsuyuki, General Director of AEON Mall Vietnam Co. Ltd., PM Chinh was informed that its 7th shopping mall in Vietnam and the first in the central region - AEON Mall Hue was officially inaugurated on September 21 and has welcomed over 330,000 visitors in six days.

Noting that AEON has received investment certificates for other malls in Ha Long city, the northern province of Quang Ninh and Thanh Hoa city in the central province of the same name, and is accelerating procedures for more in Vietnam, including one in Bac Ninh province, he expressed his wish that the Vietnamese leader will direct local authorities to create favourable conditions for the company to quickly implement these projects.

Welcoming AEON’s investments in Ha Long and Thanh Hoa, the Prime Minister affirmed the government's support for the company to start construction this year, given the significant potential of these two localities, which are major tourism hubs with large populations and relatively high per capita income.

Chinh pledged that the government is ready to create all necessary conditions to facilitate AEON’s operations in Vietnam. He also suggested that the company consider investing in other localities such as Khanh Hoa, Dak Lak, Gia Lai, Ba Ria - Vung Tau, and Nghe An, as they play key roles in the supply chain linking Vietnam with Japan and vice versa through AEON./.

VNA/VNS/VNN/VOV