Category: Socialist Republic of Vietnam

Source: Socialist Republic of Vietnam

The conference, to be held at the National Convention Centre, is an important and the only multilateral activity organised by the NA this year.

Vietnam successfully organised the 132nd IPU Assembly in 2015, the 26th Annual Meeting of the Asia-Pacific Parliamentary Forum (APPF) in 2016, and the 41st General Assembly of the ASEAN Inter-Parliamentary Assembly (AIPA) in 2020. Thus hosting of this conference, themed “The Role of Young People in Promoting the Realisation of Sustainable Development Goals via Digital Transformation and Innovations”, helps demonstrate Vietnam’s active, responsible, and proactive participation in the IPU – the world’s biggest inter-parliamentary body. It also reflects the country’s attention to youth and global issues facing young people at present.

The conference is set to help promote Vietnam’s interests via the parliamentary channel, and meet the development demand and keep up with development trends in the new period. This includes digital transformation, innovation, and sustainable development; and introduce the country’s culture, people, foreign policy, and socio-economic achievements to international friends.

It will also be a chance for Vietnam to strengthen diplomatic ties with many important partners, especially young parliamentarians and leaders of other countries, and attract the IPU and member parliaments’ support for its national construction, safeguarding, and development.

Talking to the press ahead of the event, Zeina Hilal, a representative of the IPU Secretariat, said she is impressed with the Vietnamese NA’s preparations for the conference, noting that it has shown not only the active and fully responsible and professional organisation of the conference but also its role in leading youth empowerment efforts. This could be seen in the big number of registered international delegates – more than 300.

She added the ninth Global Conference of Young Parliamentarians is a vivid illustration of the close-knit relations and strong cooperation between the Vietnamese NA and the IPU.

Hilal also highly valued the effective integration of the conference’s theme into panel discussions and expressed her belief that Vietnam will successfully hold this event.

Source: Socialist Republic of Vietnam

Spotlighting the robust economic collaboration between the two nations over the past time, Deputy Minister of Industry and Trade Do Thang Hai said that the recent State visit to Vietnam by President Joe Biden, as well as the upgrade of the Vietnam – US ties to the Comprehensive Strategic Partnership have created unprecedented chances to promote new areas of collaboration, which helps Vietnam get a position in global value chains.

With such cooperation, Vietnam will be engaged more in the supply of materials and parts for the fields of energy, aviation, digital economy, semi-conductor ecosystem and artificial intelligence, Hai stressed.

Chairman of the American Chamber of Commerce in Vietnam (AmCham Vietnam) John Rockhold, who is also Chairman of the AmCham Hanoi Board of Governors, said Vietnam, boasting good renewable resources for power generation, has been an ideal destination for US investments.

With the country’s transition to off-shore wind power, supporting industries possibly gain hundreds of billion USD, he said, elaborating that Vietnamese enterprises could join the supply chain, from shipbuilding workshop and foundry to necessary services to support the green power industry.

Meanwhile, Boeing Supply Chain Business Development Manager for Southeast Asia, Japan and the Republic of Korea Maxime Dourdan hailed the Vietnamese market’s important role in Boeing’s business strategy as well as its cooperation opportunities with Vietnamese firms.

He added that Boeing will bolster linkages with the Vietnamese side in such specific fields as helicopters and transportation, development of supply chain of spare parts and equipment for the aviation sector.

For her part, Executive Vice President and General Secretary of the Vietnam Association for Supporting Industries (VASI) Truong Thi Chi Binh said that Vietnamese firms have huge opportunities to join the US’s energy value chain, adding 300 firms under VASI have successfully exported battery trays, connectors for electric cars, and turbin parts.

Source: Socialist Republic of Vietnam

Trading on the Ho Chi Minh Stock Exchange (HoSE) surged 29% to 29.76 trillion VND (1.23 billion USD).

Nine blue chips gained. Notably, MWG of electronics retail chain Mobile World rose 3% and VIB of Vietnam International Commercial Bank advanced 2.9%.

Foreign investors were net sellers to the tune of 1.2 trillion VND, mainly selling HPG of Hoa Phat Group and STB of Sacombank.

The HNX-Index for stocks on the Hanoi Stock Exchange fell 0.08% while the UPCoM-Index decreased 0.10%.

Source: Socialist Republic of Vietnam

The government has just promulgated Resolution No.144/NQ-CP, dated September 9, 2023, following its meeting on the national socioeconomic situation, in August.

“All priorities are aimed to spur on economic growth, especially the three key driving forces, including consumption, exports, and investment, with solutions to boost industrial production – especially processing and manufacturing,” the resolution stated.

The Ministry of Planning and Investment (MPI) is required to study and propose strong incentives for the country to be able to woo big foreign businesses and investors, with good financial health and high technology, and large-scale projects, which can have big impacts on Vietnam’s exports, employment generation, and the processing and manufacturing industry.

The MPI must also coordinate with relevant ministries and agencies to solve difficulties and obstructions for enterprises and investors, particularly when it comes to incentives, legal procedures, and business and production sites to quicken investment projects in the country.

The State Bank of Vietnam must “continue implementing the effective, timely, flexible, and proactive monetary policy, through the continuation of reducing lending rates, restructuring debts, and properly increasing money supply.”

Prime Minister Pham Minh Chinh has also required ministries, agencies, and localities throughout the country, to employ all feasible measures to fuel domestic production and business activities, which will help drive economic growth forward.

“All efforts must be made to achieve all targets set earlier. Boosting economic growth must be the No.1 priority now,” he stressed.

He also ordered ministries to work with one another, to exercise an appropriate and prompt fiscal policy, via the continuation of exempting, reducing, and extending the payment of taxes and fees, in addition to quickening tax refunds and public investment.

The MPI is now gathering data to come to a final economic growth figure for Q3 of this year while continuing to update growth scenarios in line with new developments in the international and domestic economic situations.

The economy grew 3.32% year-on-year in Q1 of the year before bouncing back to 4.14% year-on-year in Q2, leading to a six-month growth rate of 3.72% year-on-year.

A month ago, the MPI reported to the government two growth scenarios for H2 of 2023 and the whole year, based on such a low growth rate for H1 of this year.

Under the first scenario, the economy is predicted to ascend 6% this year, with 6.8% for Q3 and 9% for Q4, which are 0.3 and 1.9% higher respectively than the initial plan set earlier this year. The rate must be 8% in H2 of the year.

Under the second scenario, the whole-year growth rate is estimated to sit at 6.5%, with 7.4% for Q3 and 10.3% for Q4, which are 0.9 and 3.2% higher respectively than the initial plan set earlier this year. The rate must be 8.9% in H2 of the year.

“However, it would be a very hard job to realise such goals, as the economy grew 13.71% and 5.92% in Q3 and Q4 of last year, which was very high. Nevertheless, we will have to do our best to implement the set goals despite the enormous difficulties ahead. We must take advantage of all opportunities and policies, and overcome woes to accomplish the growth goal,” said MPI Minister Nguyen Chi Dung.

According to the General Statistics Office (GSO), Vietnam’s index for industrial production (IIP) in August climbed 2.9% on-month and 2.6% year-on-year. Meanwhile, the on-year IIP in July increased only 2.3%, said the MPI, adding that the Purchasing Managers’ Index of the industrial production sector hit 50.5 points in August, “showing an expansion in production with the volume of new orders and output bouncing back.”

Nevertheless, the GSO also said that the poor performance of many enterprises and the global grey economic situation, have resulted in a year-on-year drop of 0.4% in the eight-month IIP.

The year-on-year eight-month IIP of the years in the 2019-2023 period was 9.5; 2.2; 5.5; 9.2, and -0.4%, respectively.

The eight-month IIP of 2023 for processing and manufacturing reduced by 0.6%, as compared to the corresponding period last year, when such an IIP climbed 10.1% year-on-year. The IIP of the industry of water supply and waste management and treatment witnessed an expansion of 4.8%, and the mining industry declined 2.5% year-on-year. Meanwhile, the IIP of electricity production and distribution increased by only 1.7% year-on-year.

Vietnam Electricity (EVN) reported that in the first seven months of this year, the total produced electricity volume is estimated to hit 161.8 billion kWh, up only 2.69% as compared to the same period last year and lower than the year’s plan by 862 million kWh.

EVN also reported that this year, it is expected that the group will continue facing increased difficulties in production and business activities, due to a very high climb in assorted input materials. For example, the price of imported coal is set to increase by 2.32 times as compared to 2021, and 5.3 times over 2020; while the oil price is expected to increase by 1.22 times against 2021 and 2.06 times as compared to 2020. Additionally, the exchange rate in 2023 is also forecast to stay higher than the average level of 2022 – affecting the group’s performance.

According to the Ministry of Industry and Trade (MoIT), in the first eight months of this year, Vietnam’s total export turnover is estimated to hit 227.7 billion USD, down 10% year-on-year. Which, Vietnamese exporters earned 59.9 billion USD, down 9.2% and accounting for 26.3% of the country’s total export turnover; and foreign-invested exporters raked in 167.8 billion USD, down 10.3% and holding 73.7% of total.

The MoIT attributed the grey export situation to global geopolitical tensions, causing a shrink in demand for export in many key export markets of Vietnam, especially in the first six months of this year.

In the first eight months of this year, Vietnam saw 103,700 newly established businesses registered at 40.9 billion USD, using nearly 669,000 workers. This was up by 2.3% in the number of enterprises but down by 14.7% in registered capital and down by 3.9% in the number of employees – as compared to the corresponding period last year.

If another 53.74 billion USD registered by 32,300 operational businesses is taken into account, the total capital supplemented into the economy in the period stood at 94.65 billion USD – down by 38.3% year-on-year.

Meanwhile, the first eight months also saw 71,800 businesses with halted operations – up 20.5% as compared to the corresponding period last year; 41,100 enterprises stopped operations and waited for dissolution procedures – up 26.7%; and 11,800 enterprises completed such procedures. On average, about 15,600 businesses were kicked off the market every month.

The government is expecting the economy to grow 6.5% this year, but difficulties in industrial production are expected to dent this goal, according to the World Bank, which forecasts a moderate growth of 4.7% in 2023, gradually accelerating to 5.5% in 2024 and 6% in 2025.

Number of newly-established and dissolved enterprises in the first eight months of 2023

	Number of enterprises		Up/down year-on-year (%)
	Newly-established	Dissolved	Newly-established	Dissolved
Wholesale, retail, and repair of automobiles and motorcycles	39,515	4,428	10.9	3.3
Processing and manufacturing	12,344	1,312	-5.4	-10.6
Construction	11,207	860	2.1	-25.7
Real estate business	3,066	855	-53.4	10.8
Transport and warehouse	4,945	452	-0.7	-2.0
Accommodation and catering	4,531	611	6.4	3.9
Production and distribution of electricity, water, and gas	716	225	-3.5	-28.8

Source: Socialist Republic of Vietnam

During a reception for Senator Victor Oh, Chairman of the Canada-Vietnam Parliamentary Friendship Group, who is on a working trip to the southern metropolis, Hoan highlighted that there remains great potential and opportunities for trade and investment cooperation between Vietnam and Canada, and between Ho Chi Minh City and Canadian localities in particular.

The host thanked Oh and his colleagues for their support for Ho Chi Minh City’s delegation during its working trip to Canada in June, which achieved many positive outcomes.

He called for support from the senator to promote trade ties and the exchange of business delegations between Ho Chi Minh City and Canadian localities, thus strengthening mutual understanding and making it easier for the two sides to explore opportunities for investment cooperation, towards realising commitments to promoting economic cooperation between the two countries.

For his part, Senator Oh said Canadian companies consider Vietnam as a top investment destination in ASEAN and are eager to expand investment and trade cooperation with Ho Chi Minh City.

He affirmed that as a co-chair of the Canada-Vietnam Friendship Parliamentary Group, he will do his utmost to support Ho Chi Minh City in stepping up economic cooperation and people-to-people exchanges with Canadian localities.

Oh highly valued the significance of the Ho Chi Minh City Economic Forum 2023’s theme of green growth, especially in the context of climate change having a severe impact worldwide.

Many businesses within the Vietnamese business community in Vancouver and Toronto of Canada have experience and strengths in green and sustainable growth areas, he said, stressing that this presents a favourable opportunity for HCM City to promote connections and partnerships in the future.

Source: Socialist Republic of Vietnam

The loan will support the development and operation of solar power systems located on the rooftops of commercial and industrial businesses across the country, the ADB said in a release.

The financing package includes a 3 million USD loan from the ADB and 10.8 million USD from three other agencies, with the ADB as the arranger.

A 3 million USD grant from the Climate Innovation and Development Fund (CIDF), administered by ADB, will also be provided.

The grant will help address two major hurdles in financing solar assets with a long economic life in Vietnam, including the lack of long-term Vietnamese funding at a fixed interest rate and the potential volatility of the VND-USD exchange rate.

According to ADB Director General for Private Sector Operations Suzanne Gaboury, solar rooftop offers an efficient way for Vietnam to deploy substantial amounts of additional renewable energy capacity, while providing reliable, low-cost energy to consumers, which helps attract and retain business and enhance Vietnam’s global competitiveness.

This is the ADB’s first financing of a solar rooftop portfolio for commercial and industrial segments in Vietnam.

Rooftop solar is an emerging form of renewable energy supply in Vietnam and its adoption in this sector has been hindered by high upfront costs and limited financing channels.

With a planned total installed capacity of up to 32.3 megawatts at its peak, this project is set to increase clean energy supply to the sector by at least 31.5 gigawatt-hours annually, reducing 15,530 tons of carbon dioxide emissions by 2025.

Source: Socialist Republic of Vietnam

Speaking at the event, Vietnamese Ambassador to Cuba Le Thanh Tung said that President Fidel Castro’s visit to Vietnam in 1973 was an important milestone in the bilateral relations. President Fidel Castro became the first and only foreign head of state to visit the newly-liberated region and hold aloft the flag of the National Liberation Front of South Vietnam.

Tung emphasised that leader Fidel Castro’s visit and gesture helped encourage revolutionary forces and spread the solidarity movement with Vietnam around the world. He expressed his belief that Cuba will overcome all difficulties and obstacles and win victories in the cause of socialist construction.

Vietnamese Ambassador to Cuba Le Thanh Tung speaks at the event. (Photo: VNA)

For his part, Roberto Morales Ojeda, Politburo member and permanent member of the Communist Party of Cuba Central Committee’s Secretariat, highlighted the significance of Fidel Castro’s visit to Vietnam 50 years ago.

In all his speeches as well as conversations with officers, soldiers, and people of Vietnam throughout the journey, the leader of the Cuban revolution emphasised Vietnam’s extraordinary role in the revolutionary and national liberation movements around the world, Morales Ojeda said.

President Fidel Castro’s visit not only contributed to building the traditional fraternal relationship and solidarity between the two countries but also highlighted the determination of both peoples to build socialism in a way that is suitable to the characteristics of each country, the official stressed.

Morales Ojeda was moved at the faithful solidarity that the Vietnamese people have reserved for Cuba, especially in the most difficult times. Cuba deeply acknowledges Vietnam’s sincere and wholehearted support in the context that this Caribbean island nation is still facing an embargo, he added.

Vietnam is Cuba’s second-largest Asian trading partner and the largest Asian investor in Cuba. Economic and trade relations have contributed to strengthening their traditional relationship.

Source: Socialist Republic of Vietnam

The online newspaper Juventud Rebelde, Cuban national news agency ACN, and many other news outlets on September 12 published articles recounting the leader’s journey to the land.

In speeches and dialogues with Vietnamese officials, soldiers, and people during the visit, Fidel highlighted Vietnam’s extraordinary role in the revolutionary movement and the liberation of peoples worldwide. He emphasised the clear thoughts and strategies of President Ho Chi Minh regarding the organisation, education, and training in the struggle for national independence, the rights of oppressed people, deep patriotism, and a desire to break free from the slavery yoke.

Cuban media stressed that Fidel’s visit to Vietnam was a journey of friendship and solidarity, and of compassion and revolution that bound together the two peoples from two hemispheres.

An article on the website of Radio Reloj radio station had a title literally translated as “For Vietnam, Cuba is willing to shed blood,” – an immortal statement by Fidel that reflects the deep bond and solidarity of Cuba with Vietnamese people.

In the extremely difficult moments of Vietnam’s resistance war, Commander-in-Chief Fidel turned his foreign trips into opportunities to mobilise support from governments and peoples of various nations for Vietnam.

The article stressed that Cuba wholeheartedly supported Vietnam from the moment both countries officially established diplomatic relations in December 1960. Under Fidel’s leadership, the Cuban Committee for Solidarity with South Vietnam was founded on September 25, 1963, spreading the spirit to schools, hospitals, factories, construction sites, armed forces, and the entire society.

Nowhere else in the world are there thousands of factories, schools, residential quarters named after Vietnamese heroes and places like in Cuba. Cuban experts, sailors, and workers worked alongside Vietnamese soldiers and people during bombings in Hai Phong and in local renowned projects like the Truong Son trail and the friendship hospital in Dong Hoi, Quang Binh.

Cuba also played a crucial role in rallying Latin American countries to support Vietnam’s entry into the United Nations at the organisation’s 32nd General Assembly in 1977./.

Source: Socialist Republic of Vietnam

Earlier, on September 11, Tuan had a working session with Honorary President of the Cour des Comptes Gilles Pierre Levy, during which he highly valued its auditing expertise and role in leading Supreme Audit Institutions (SAI) to operate more effectively and stressed Vietnam hopes to strengthen cooperation both bilaterally and multilaterally, especially in areas where the French agency has strengths such as anti-corruption, money laundering, public policy assessment, and auditing international organisations.

He invited the Honorary President of the Cour des comptes Gilles Pierre Levy to visit to the SAV soon, and the latter suggested the two sides continue discussions to strengthen cooperation.

The two agreed to strengthen cooperation on auditing in all areas of mutual interest and organise cross-assessments between agencies within the International Organisation of Supreme Audit Institutions (INTOSAI) framework.

Levy invited the SAV to join the association of the SAIs using the French language (AISCCUFF).

The visit takes place as Vietnam and France are celebrating the 50th anniversary of their diplomatic relations and the 10th anniversary of their strategic partnership.

Source: Socialist Republic of Vietnam

This figure is down 9.5% from the same period last year, however, the decline of several key sectors has slowed down while some others recorded robust growth.

Fruit and vegetables surged by 57.5% to 3.45 billion USD, while rice soared by 36.1% to 3.17 billion USD. Cashew nuts and coffee rose by 8.9% and 2.3% respectively to 2.23 billion USD and 2.94 billion USD.

Along with the export increases, the prices of many exports also hit record highs, with rice at times reaching 650 USD per tonne while the average price for the January-August period was 542 USD per tonne, up 11.5% from last year.

Coffee prices averaged at 2,455 USD per tonne, up 8.5%, with China, the US and Japan remaining the largest buyers of Vietnamese coffee.

It is only half a month away from the end of the third quarter, so the eight-month results are the foundation for the agriculture sector to accelerate exports in the time ahead.

For rice, the full-year target of 4 billion USD is within reach as the demand for the grain has remained high following the Indian ban on exporting regular rice.

Fruit and vegetable revenues are also edging towards the goal of 5 billion USD.

In the first eight months of 2023, Vietnam’s durian exports have already surpassed 1 billion USD, while the US also recently gave the greenlight to Vietnamese coconuts — a key fruit of many localities in the Mekong Delta.