Cambodian Deputy Prime Minister and Minister of National Assembly-Senate Relations and Inspection Men Sam An (L) and Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong

Cambodian Deputy Prime Minister and Minister of National Assembly-Senate Relations and Inspection Men Sam An has visited the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) in Hanoi as part of her going visit to Vietnam from October 14 to 19.

Chairman of BIDV's Board of Directors Phan Duc Tu said implementing the policy of the two countries’ governments on promoting investment, trade and tourism activities, the bank has set up commercial representative offices in the fields of finance, banking and insurance in Cambodia since 2009.

BIDV is now the leading Vietnamese financial institution in direct investment activities and financial and credit cooperation in Cambodia, he added.

After 10 years of establishment and development, the Bank for Investment and Development of Cambodia (BIDC), a subsidiary of BIDV, has become one of the 10 biggest commercial banks in Cambodia in terms of scale with total asset value of 795 million USD.

Men Sam An said the investment activities of Vietnamese businesses in Cambodia have been thriving since BIDC and other representative offices of BIDV were set up.

BIDV and BIDC have been actively connecting businesses, promoting investment activities and developing relations between the two nations, she added.

The Deputy PM asked the two banks to continue promoting their roles in connecting economic, trade and investment activities between Vietnam and Cambodia in the coming time.

On October 17, Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong hosted a reception for the Cambodian Deputy PM.

He affirmed that the Vietnamese Party, State and people always attach great importance to relations with Cambodia and hope to further step up the bilateral friendship and cooperation.

HCM City will spare no efforts to strengthen sound rapports with Cambodia in general and its localities in particular, especially through regular delegation exchanges, he said.

Men Sam An said the Cambodian government and people are determined to reinforce their friendship and solidarity with Vietnam, and build the shared border of peace and development.

She hoped HCM City will promote cooperation with and support to Cambodian localities, particularly Phnom Penh – the twin city with HCM City.

Earlier on October 16, Men Sam An had a working session with Permanent Vice Chairman of the Da Nang People’s Committee Dang Viet Dung.

Dung said that Da Nang has signed an agreement to set up cooperative ties with Cambodia’s Battambang province and agreed to cooperate in tourism, trade, agriculture, investment promotion, and cultural exchanges with Siem Reap province.

Men Sam An said the cooperation between Da Nang and Cambodian localities has demonstrated the close bonds between the Vietnamese and Cambodian people./.

HCM City expects stronger economic ties with UAE

Vice Chairman of the HCM City People’s Committee Vo Van Hoan (L) presents a gift to Undersecretary of the UAE Ministry of Economy Abdullah Al Saleh at the meeting on October 17

Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan expressed his city’s wish to boost economic links with UAE localities while receiving Undersecretary of the UAE Ministry of Economy Abdullah Al Saleh on October 17.

Highlighting the progress in Vietnam-UAE relations, the host official said HCM City is an economic, cultural, educational and scientific – technological hub in southern Vietnam, and also the core of the southern key economic region. It also boasts a favourable location for air, rail, road and sea transportation, which is conducive to economic and trade partnerships.

Therefore, the city is ready to cooperate with other countries for common development, he noted.

Hoan said leaders of HCM City have made working visits to the UAE, a navigation and aviation hub of the world and also a leading economy in the Arabian region, and realised that both sides hold huge cooperation potential.

HCM City wishes to develop ties with localities of the UAE, particularly in economy, the Vice Chairman said, adding that many investors from the country have also invested in his city.

Briefing his host about the working trip by the UAE Ministry of Economy’s delegation, Abdullah Al Saleh said the Vietnam-UAE trade and investment forum was successful with the participation of many businesses and investors from both sides.

He said he hopes Vietnam will build a portal on its investment policies so as to further help UAE businesses learn about the local investment climate and make investment in the country, including HCM City.

The undersecretary asked for an optimal visa policy to attract more UAE tourists and investors to Vietnam, thereby promoting bilateral investment. He also suggested Vietnam open an investment promotion centre in his country to assist Vietnamese firms to make investment, do business and export goods to the UAE./.

Vietnam, South Africa enhance economic, trade links

Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung (front, left) and South African Deputy Minister of Trade and Industry Fikile Majola (front, right) at the session in Hanoi on October 16 (Photo: moit.gov.vn)

The Vietnam – South Africa joint trade sub-committee convened the fourth session in Hanoi on October 16 to seek ways to bolster bilateral economic and trade partnerships.

Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung said the two countries share many similarities in agricultural production, but they still have their own strengths that are complementary to each other.

He suggested both sides increase cooperation in the trading of agricultural products, calling on South Africa to soon open its market for Vietnam’s farm produce such as processed chicken, honey, dairy products, dragon fruit, lychee, longan, rambutan and star apple.

Hung also asked South Africa to facilitate the distribution of Vietnamese agricultural and aquatic products through its multinational supermarket chains like Makro, Metro and Woolworth, and its domestic supermarket systems like Spar, Checkers and Supespa.

Additionally, the official asked the two countries to enhance ties in supporting industries, energy and small- and medium-sized enterprise development, as well as within multilateral trade frameworks.

Speaking highly of Vietnam’s economic and trade development potential, South African Deputy Minister of Trade and Industry Fikile Majola affirmed that his country considers Vietnam an important partner in Southeast Asia.

He asked the two sides to continue working closely together in carrying out measures to strengthen their friendship and economic, trade and investment relations.

He also expressed his hope that Vietnam will open its market to some agricultural products of South Africa, which is also ready to supply coal for thermal power plants in Vietnam.

At the session, participants discussed measures to remove bottlenecks and create more optimal conditions for trade, investment and business partnerships. They looked into solutions to boost the two economies’ connectivity, expand markets for each other’s goods, and capitalise on their strengths and resources to help with each country’s development.

To promote trade, the officials agreed to increase the exchange of information and business delegations.

Vietnam asked South Africa to assist it in organising a Vietnamese goods week in Johannesburg in the near future. It also announced that a delegation of Vietnamese enterprises will attend the SAITEX and Africa’s Big 7 trade show in South Africa in June 2020.

Regarding industrial cooperation, the Vietnamese side hoped to reinforce ties in tanning, automobile component and spare part manufacturing, and participate in international industrial expos in South Africa such as Source Africa, Automechanika Expo and Futuroad Expo.

The Southeast Asian nation asked South Africa to boost cooperation in wind turbine equipment manufacturing. It also expressed the intention to supply some medical equipment for South Africa, the biggest importer of medical equipment in Africa.

According to the Vietnamese Ministry of Industry and Trade, South Africa is currently the biggest trade partner of Vietnam in Africa. Bilateral trade grew from over 700 million USD in 2012 to more than 1 billion USD in 2018. The figure reached 951 million USD in the first nine months of 2019, with Vietnam recording trade surplus./.

Hanoi leader welcomes delegation of LDS Church

Chairman of the Hanoi People’s Committee Nguyen Duc Chung (right) and Elder Homer P. David of the LDS Church’s Asia Area Presidency

Chairman of the Hanoi People’s Committee Nguyen Duc Chung received a delegation of the Church of Jesus Christ of Latter-day Saints (LDS Church) in Hanoi on October 17.

At the meeting, head of the delegation - Elder Homer P. David of the LDS Church’s Asia Area Presidency, informed his host that the church’s President is scheduled to pay his first-ever visit to Vietnam in November.

He used the occasion to thank the municipal authorities for their attention to activities of the LDS Church in Hanoi and Vietnam.

The Hanoi official affirmed Hanoi always welcomes delegations of the LDS Church. He thanked the church for the warm reception for the Hanoi delegation during their visit to Utah state, the US, in 2017.

Chung informed his guest about humanitarian activities and family annals in Vietnam, highlighting similarities in family relations in Vietnam and the US’s Utah state in general and the LDS Church in particular.

Therefore, Hanoi wishes to soon access the LDS Church’s software solution for family records management, he said.

Chung suggested Hanoi and Utah state cooperate in the transfer of technology in urban development and clean water supply ,which are of the US state’s strength.

Hanoi and Utah are joining hands in smart health care and education, he said, adding that the Vietnamese capital city will step up experience exchange with Utah in socio-economic development and ensuring social welfare.
The municipal People’s Committee has assigned the local Department of Construction to study the LDS Church’s experience in building a humanitarian laundry centre, aiming to build a similar facility in Hanoi, contributing to improving living standards of the poor in the city, according to Chung./.

National Assembly Standing Committee wraps up 38th meeting

National Assembly Chairwoman Nguyen Thi Kim Ngan

The National Assembly Standing Committee concluded its 38th session on October 17 with the adoption of a resolution on adjustments to the law making programme in 2019.

Speaking in conclusion of the session, NA Chairwoman Nguyen Thi Kim Ngan said as the 8th session of the NA will open in three days, the Government, the Vietnam Fatherland Front, committees of the NA and the NA Standing Committee and the NA General Secretary as well as relevant agencies should urgently complete revisions to documents to be submitted to the NA’s 8th session.

She said the NA Standing Committee will arrange meeting time to consider the submission of the Supplementary Treaty to the 1985 Treaty on the Delimitation of the National Boundary and the 2005 Supplementary Treaty between Vietnam and Cambodia, and the Protocol on the Demarcation and Marker Planting of the Land Boundary between Vietnam and Cambodia to the NA for approval.

Earlier the same day, the NA Standing Committee discussed the feasibility report on the first phase of the Long Thanh international airport.

The Government’s report said the total investment for the airport is estimated at nearly 111.7 trillion VND, equivalent to around 4.779 billion USD.

The NA’s Economic Committee recommended revising the calculation of investment to avoid big changes when the official design is approved./.

Upcoming NA’s eighth session to consider many draft laws

The eighth session of the National Assembly (NA) will consider many draft laws and resolutions during its sitting for 27 days before wrapping up on November 27, said Nguyen Hanh Phuc, Chairman of the NA Office, on October 17 during the NA Standing Committee’s 38th meeting.

Phuc said that the documents to be discussed at the session include the draft Law on amendments and supplementations to Article 3 of the Law on Management and Use of Weapons, Explosives and Supporting Tools, and a draft resolution on piloting the removal of People’s Councils in wards of Hanoi’s districts and towns.

The draft revised Law on Investment and revised Business Law will be debated, along with a feasibility report on the Long Thanh International Airport project in the first phase, and personnel matters of the NA and Government, he said.

Legislators will also discuss and decide investment policy for Ka Pet reservoir in Binh Thuan province and the additional allocation of State budget in 2019 to Tra Vinh province.

Also on October 17, the committee members gave their ideas on the draft law on amendments and supplementations to Article 3 of the Law on Management and Use of Weapons, Explosives and Supporting Tools, and the switching of using purposes of forest land in the Ka Pet reservoir project site./.

PM receives Governor of Japan’s Kagoshima prefecture

Prime Minister Nguyen Xuan Phuc (R) and Governor of Japan’s Kagoshima prefecture Mitazono Satoshi

Prime Minister Nguyen Xuan Phuc hosted a reception for Governor of Japan’s Kagoshima prefecture Mitazono Satoshi in Hanoi on October 16.

The PM expressed his sympathies to Japanese people over losses and damage caused by the recent Typhoon Habigis.

He said Vietnam and Japan are extensive and intensive strategic partners. The two countries enjoy close relations not only at the governmental level but also at the local level, including Kagoshima.

The Government leader welcomed the expansion of locality-to-locality cooperation in new areas.

For his part, the Japanese official expressed his hope for strengthened cooperation between Vietnamese and Japanese localities, especially between Kagoshima and Vietnam, in numerous fields.

He said his prefecture has strength in agriculture and wants to cooperate with Vietnam in this realm.

The Governor told his host that during his current visit to Vietnam, his delegation signed a Memorandum of Understanding with the northern province of Hai Duong in human resources development and agricultural techniques.

He also voiced his hope that a direct air route connecting Kagoshima with Vietnam will help increase bilateral exchanges and cooperation.

PM Phuc welcomed the idea of the Japanese official and said Vietnam is willing to create all possible conditions to launch the route.

He called on Japan and Kagoshima in particular to further increase investment in Vietnam and affirmed that the Vietnamese Government will create the best conditions for Japanese investors.

He also proposed the Japanese prefecture pay more attention to Vietnamese students in Japan and promote peope-to-people exchanges besides tourism development./.

Vietnam, Cuba boost cooperation activities

The meeting between Tran Luu Quang, member of the CPV Central Committee and Permanent Vice Secretary of the Ho Chi Minh City Party Committee, and Secretary of the PCC Central Committee and head of the PCC's Thought Commission Victor Gaute Lopez.

Director General of the Vietnam News Agency (VNA) Nguyen Duc Loi, a member of the Communist Party of Vietnam (CPV) Central Committee, had a working session with Secretary of the Communist Party of Cuba (PCC) Central Committee and head of the PCC’s Thought Commission Victor Gaute Lopez in Hanoi on October 16.

The Director General introduced to his guest that the VNA is the State news agency with nearly 75 years of development.

The agency is a strong communication group in Southeast Asia with a network of 63 offices in all cities and provinces across the country and over 30 in all regions in the world, he said.

The VNA has close and effective cooperative relations with the Latin American news agency Prensa Latina, the official added.

The Vietnamese people have special sentiment for the Cuban land and people, he said, adding that many officials, reporters and editors of the VNA were trained in Cuba.

The two sides agreed that press plays an important role in raising public awareness by providing accurate information.

The same day, Tran Luu Quang, a member of the CPV Central Committee, Permanent Vice Secretary of the Ho Chi Minh City Party Committee, hosted a reception for Victor Gaute Lopez.

Quang said the Vietnamese Party, State and people, including those from HCM City, always remember the valuable support from Cuba to Vietnam in years of hardship, adding the city will have practical activities to celebrate the 60th anniversary of the Vietnam-Cuba diplomatic ties in the coming year.

HCM City is willing to pioneer in realising the two countries’ economic cooperation policies, especially in the fields of Cuba’s strengths such as health, biotechnology and pharmacy, the official stressed.

Cuba hopes to increase cooperation activities and exchange experience with Vietnam in ideology, press, personnels training, and Party building, the guest said./.

PM: each State group, corporation must be an innovation centre

Prime Minister Nguyen Xuan Phuc at the event

Minister Nguyen Xuan Phuc asked each State-owned group and corporation to become centre for innovation during a conference in Hanoi on October 16.

They were also required to improve governance and competitiveness, and enhance human resources training.

The PM suggested they pay attention to investing in sensitive areas relevant to national defence-security, making active contributions to restructuring the economy, stabilising macro-economy and ensuring national security.

State management agencies were assigned to review legal documents to further empower State-owned groups and corporations.

In particular, the centrally-run business bloc should focus on Party building and encourage talented staff, he added.

The leader admitted that the cooperation between the Commission for the Management of State Capital at Enterprises and ministries, agencies, localities, State-owned groups and corporations remains limited. Up to 775 equitised firms have yet to list on securities markets while corruption in State enterprises remains, he pointed out.

Only 29 percent of State-owned enterprises have been restructured, PM Phuc said, adding that it is necessary to prevent losses in the process.

Deputy Prime Minister and head of the Steering Committee for Enterprise Innovation and Development Vuong Dinh Hue said 162 firms were equitised with a total value of over 205 trillion VND (9.48 million USD) from 2016 to June 2019, or 108 percent of State capital value in equitised firms during the 2011 – 2015 period.

The total revenue from equitisation and divestment surpassed 218.2 trillion VND, more than doubling the total in the past five years./.

Inspection, supervision work helps uphold Party discipline, rules

Inspection work has received special attention from the Communist Party of Vietnam and President Ho Chi Minh throughout the process of building a politically, ideologically and organizationally strong party. 

The brief statutes of the Party issued in October 1930 clearly stipulated that “Party members and organisations have the responsibility of strictly adhering to Party discipline.

Inspection and supervision play an important role in enhancing the leadership and combat capacity of the Party, and in building pure and strong Party organisations. The work also provides the foundation for implementing other tasks in Party building.

In recent years, in implementing the Resolution of the 12th National Party Congress and the resolution of the 12th Party Central Committee’s 4th plenum on Party building and rectification, the Party’s inspection commissions at central and lower levels have made great efforts in fighting the degradation in political ideology, morality and lifestyle, and preventing and combating corruption.

Through inspection and supervision work, many complicated cases that drew public concern have been brought to light and handled in a transparent and strict manner, such as the cases at the Vietnam National Oil and Gas Group (PetroVietnam), the Vietnam National Chemical Group (Vinachem), the Bank for Investment and Development of Vietnam (BIDV), the Ministry of Industry and Trade, the Ministry of Information and Communication, and the General Department of Police.

The inspection commissions at central and lower levels have imposed strict disciplinary measures on many Party organisations and members that have violated the law and Party regulations, and transferred many cases to the Party Central Committee, the Politburo, the Party Central Committee Secretariat and all-level Party Committees for handling. Among those who have been punished, there were high-ranking officials of the Party and State, retired officials, high-ranking officers in the army, which show there is no such thing as banned zone in dealing with violations.

Since the start of the 12th tenure to now, the Party Central Committee, the Politburo, the Party Central Committee Secretariat and the Party Central Committee’s Inspection Commission have meted out punishment on more than 70 senior officials, including one member of the Politburo, four members of the 12th Party Central Committee, 14 former Party Central Committee members, one former Deputy Prime Minister, five ministers and former ministers. The Politburo and the Party Central Committee Secretariat have also given disciplinary measures to seven Party organisations.

Party General Secretary Nguyen Phu Trong said that was a painful fact, but there is no other choice for the common cause of the Party, the country and the people. He underlined that those cases serve as profound and high-cost lessons, and required each member of the Party Central Committee, and every official, Party member and public servant to unceasingly train and improve themselves.

The outcomes of inspection work have contributed to the effective struggle against the degradation in political ideology, morality and lifestyle, and demonstrated the Party’s political resolve in preventing and combating corruption as well as negative phenomena.

Standing member of the Party Central Committee’s Secretariat Tran Quoc Vuong stressed the importance of detecting violations through supervision activities, the press and people’s denunciation.

Head of the Party Central Committee’s Inspection Commission Tran Cam Tu said in order to fufill its tasks, the first thing to do for the Party inspection sector is to build a contingent of inspectors with firm political will and good morality./.

Quang Nam, Lao province to reinforce ties in border-related issues

The talks between the Vietnam Fatherland Front Committee of Quang Nam province and the Lao Front for National Construction Committee of the Lao province of Sekong on October 15

The Vietnam Fatherland Front (VFF) Committee of Quang Nam and the Lao Front for National Construction (LFNC) Committee of the Lao province of Sekong held talks in Tam Ky city in the central Vietnamese province on October 15.

At the annual event, Chairman of the VFF Committee of Quang Nam Vo Xuan Ca informed participants of the local socio-economic situation, along with the coordination, information exchange and mutual assistance between the two provinces.

He noted that exchange activities and the twinning of villages in Quang Nam and Sekong have helped strengthen the solidarity and friendship between Vietnam and Laos.

Chairwoman of the LFNC Committee of Sekong Bunhien Bunchit appreciated Quang Nam’s active and effective support for the Lao province, which has helped improve the material and spiritual lives of locals.

To realise the bilateral cooperation agreement, the LFNC Committee of Sekong and the VFF Committee of Quang Nam have coordinated with socio-political organisations to increase communications to raise border residents’ awareness of the importance of building a border of peace, friendship and solidarity, along with the Vietnam-Laos agreement on land border and border gate management regulations.

Joint patrols have also been maintained to protect the shared border and border markers, the officials noted.

At the talks, Quang Nam and Sekong agreed to continue communication activities and the implementation of the countries’ protocol on border and border markers. They will continue encouraging border residents to further engage in economic development and poverty elimination, while working together to deal with undocumented marriages and irregular migration across the border.

The two provinces will also coordinate more closely to search for the remains of volunteer Vietnamese and Lao soldiers who laid down their lives in each other’s countries, the officials said.

Vietnam and Laos share a border of about 2,337km that runs across 10 Vietnamese provinces and 10 Lao provinces. The section between Quang Nam and Sekong is more than 140km long./.

Vietnam calls for more investments from UAE

Deputy Prime Minister Trinh Dinh Dung and UAE Minister of Economy Sheikh Sultan Bin Saeed Al Mansouri

The Vietnamese Government stands ready to create all possible conditions for foreign investors, including those from the United Arab Emirates (UAE), Deputy Prime Minister Trinh Dinh Dung told UAE Minister of Economy Sheikh Sultan Bin Saeed Al Mansouri in Hanoi on October 15.

The Vietnamese official rejoiced at the rapid development and outcomes of the friendship and multifaceted cooperation between Vietnam and the UAE, especially the bilateral economic, trade and investment ties.

Dung expressed his hope that more businesses from the UAE will invest in projects in Vietnam in such areas as energy infrastructure, logistics, oil and gas, renewable energy, energy saving, support industries, material production, farm produce processing, food, labour, finance, tourism, culture, sports, construction and aviation transportation.

He called on the UAE to create favourable conditions for Vietnamese living and working in the country.

The host highly valued the role and operation of the Vietnam-UAE Inter-governmental Committee, especially results of the committee’s fourth meeting in Abu Dhabi last April, under the chair of Minister Bin Saeed Al Mansouri and Vietnamese Minister of Industry and Trade Tran Tuan Anh.

Vietnam wishes to enhance the sharing of information about policies, regulations and investment opportunities in each country with the UAE, while increasing trade promotion activities in respective markets, Dung said.

For his part, Minister Bin Saeed Al Mansouri said the UAE considers Vietnam the most important strategic partner in the Association of Southeast Asian Nations (ASEAN).

There remain great investment opportunities in Vietnam, he said, adding that the UAE has invested in logistics, seaports and real estate in the country and will explore investment opportunities in other spheres like digital and knowledge-based economy.

Alongside cooperation potential in tourism, food processing is also an area in which the UAE is interested and wishes to cooperate with Vietnam, the minister said.

He affirmed that the UAE is willing to share experience and promote cooperation concerning strategies to reform and diversify the economy, and develop the digital and knowledge-based economy./.

Deputy PM directs combating illegal, unreported and unregulated fishing

Deputy Prime Minister Trinh Dinh Dung at the event

Deputy Prime Minister Trinh Dinh Dung directed four groups of major tasks while chairing the second meeting of the National Steering Committee on combating illegal, unreported and unregulated (IUU) fishing in Hanoi on October 15.

On October 23, 2017, the European Commission (EC) issued a “yellow card” warning to Vietnam’s aquatic products exported to European market.

Deputy PM Dung, who is also head of the committee, requested making thorough preparations for a working session with a delegation of EC inspectors who will arrive in Vietnam in early November, including updating them about the country’s past achievements in the effort.

He asked ministries, agencies and people’s committees of 28 centrally-run coastal cities and provinces to seriously follow the government, Prime Minister and committee’s directions to prevent and end IUU fishing.

The Defence Ministry is asked to issue a comprehensive plan on measures to end illegal fishing in foreign waters, towards reducing and ending violations before October 31, 2019 and December 31, 2019, respectively.

The Ministry of Public Security continues fully grasping the situation and ensure law abidance by citizens.

People’s committees of coastal cities and provinces together with the Ministry of Agriculture and Rural Development (MARD) and the Defence Ministry closely monitor activities of fishing vessels at sea.

The second task is the prompt upgrading of infrastructure to monitor fishing vessels at sea, which will be connected with systems from the central to local level.

The third task is the increase of inspection to combat IUU fishing, with the MARD being assigned to hold working trips to localities to inspect the effort, suggest commendation for individuals and collectives who have fulfilled their assigned tasks as well as discipline for those who have showed their lack of responsibility.

For the long-term, he suggested the MARD devise a plan on restructuring the fishery sector with a shift to farming instead of catching, and zoning off aquaculture areas.

Ministries and agencies were also asked to raise public awareness, both at home and abroad, about Vietnam’s outcomes in removing EC’s “yellow card” warning./.

Vietnam hopes for stronger economic links with UAE: minister

Minister of Industry and Trade Tran Tuan Anh speaks at the Vietnam-UAE business forum in Hanoi on October 15

Minister of Industry and Trade Tran Tuan Anh affirmed Vietnam’s wish to promote the friendship and economic, trade and investment ties with the UAE while addressing a business forum between the two countries in Hanoi on October 15.

The event was part of a visit by UAE Minister of Economy Sultan bin Saeed Al Mansouri, along with some trade promotion organisations and nearly 20 major businesses of the Southwestern Asian nation.

In his speech, Minister Anh said the Vietnamese Government always welcomes and is ready to create the best possible conditions for foreign companies, including those from the UAE, to make investment and do business.

He called on the two business communities to coordinate closely with government agencies of Vietnam and the UAE to better grasp opportunities and foster economic, trade and investment partnerships.

Statistics show that bilateral trade has been growing strongly, reaching 5.67 billion USD in 2018, up 1.3 percent year on year. The figure is estimated at 4.26 billion USD in the first nine months of 2019, down slightly from the same period of 2018.

Anh said Vietnam has a number of competitive products with stable quality and prices like textile-garment, wood products, mobile phones, computers, electronic devices and footwear, which also have much export potential in Arabian and Gulf countries. For its part, the UAE is known for liquefied chemicals, animal feed and consumer goods, for which Vietnam also has great demand.

Vietnam, with a stable economic expansion of 6.5 – 7 percent and a double-digit export growth rate, is an emerging market and also an opportunity for foreign businesses, including UAE firms, to capitalise on, the official noted.

To boost bilateral relations, he asked UAE enterprises to consider investing in such fields as energy infrastructure, logistics, oil and gas, renewable energy, energy saving, chemical industry, supporting industries, agricultural product processing and industrial park building in some potential economic zones of Vietnam like the Central Highlands, the south-central region, and the southwestern region.

At the forum, Minister Mansouri highly valued the potential of the Vietnamese market and business chances here, adding that the country’s membership in many free trade agreements will generate chances for UAE firms not only in Vietnam but also in larger markets when they invest and do business in the Southeast Asian nation.

He said it is necessary for both sides to keep close coordination in facilitating trade and connecting the two countries’ businesses to promote bilateral friendship and cooperation.

At the forum, the two ministers witnessed the signing of various cooperation agreements between Vietnamese and UAE enterprises./.

Standing Committee discusses household business regulations

The National Assembly’s Standing Committee on Wednesday talked about the Law on Enterprises.

The National Assembly’s Standing Committee on Wednesday agreed the current Law on Enterprises needed to be revised to improve the business and investment environment and raise the efficiency and effectiveness of State management.

In a discussion session on Wednesday in Hà Nội about the draft Law on Enterprises (revised), members of the Standing Committee paid much attention to the new regulation on household businesses.

Minister of Planning and Investment Nguyễn Chí Dũng said the revised law acknowledged the existence of household business just as other types of business, including private enterprise; partnership; limited liability company; and joint stock company. Investors are free to establish and operate in one of these forms. On the other hand, household businesses are not obliged to become a company.

Previously, the Enterprise Law of 2014 and its guiding documents required household businesses to employ more than 10 people to register as businesses.

The revised law has tackled shortcomings of current regulations regarding this matter, such as unclear legal status and civil responsibility of household businesses, limited rights within the district level and regulations stopping a household business hiring more than 10 employees or opening branches and representative offices.

Such shortcomings were preventing the businesses from taking advantage of opportunities, said Vũ Hồng Thanh, head of the NA Economic Committee.

However, he said many people said there should be a separate law for household businesses.

A member of the NA Standing Committee Trần Văn Tuý said it was important that thorough consideration be conducted when combining “household business” into the Law on Enterprises.

In the revised law, apart from the annulment of the requirement that a household business was only allowed to hire less than 10 employees and can't open branches, Tuý said there were nothing more to encourage the development of this business type.

The country has an estimated more than 5.1 million household businesses.

They employ some eight million people nationwide and contribute nearly 30 per cent of the country’s GDP. However, they only contribute 1.6 per cent of the State budget.

On the same day, the Standing Committee also talked about the Law on Investment.