Day: April 25, 2023

President Vo Van Thuong hosted a reception in Hanoi on April 25 for President of the Lao Front for National Construction (LFNC) Central Committee Sinlavong Khoutphaythoune.

President Thuong expressed his belief that the LFNC delegation’s visit will contribute to further deepening great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos while promoting close and effective cooperation between the LFNC Central Committee and the Vietnam Fatherland Front (VFF) Central Committee.

He spoke highly of the results of talks between Sinlavong and President of the VFF Central Committee Do Van Chien, with consensus on enhancing the sharing of information and professional experience in various areas, especially in building great national unity, upholding the people’s right to mastery, and ethnic affairs which are important for development of each country.

The host suggested both sides continue regularly sharing information and experience in national development not only at central but also at local level, including the front work as they share a lot of similarities.

The Vietnamese leader wished that the LFNC Central Committee would continue working closely with the VFF Central Committee to effectively carry out their cooperation agreements, actively launch cooperation in the front work, human resources training, mass mobilisation, ethnic and religious affairs, thereby helping to foster the great friendship, special solidarity and comprehensive cooperation between the two nations.

Sinlavong, for his part, conveyed Lao Party General Secretary and President Thongloun Sisoulith’s greetings to President Thuong.

He thanked the VFF Central Committee for working closely with the LFNC Central Committee in various areas. He said the ongoing visit aims to reinforce cooperation between the two committees and effectively realise agreements reached by senior leaders of the two Parties and States.

Informing the host about the results of his talks with Chien, Sinlavong said both sides pledged to beef up comprehensive collaboration and share experience in the front work, mass mobilisation, great national unity building and supervision, among others./.

Source: Vietnam News Agency

Vietnam is promoting sustainable agricultural trade and production to reduce deforestation, heard an event under the umbrella of the fourth Global Conference of the Planet Network’s Sustainable Food Systems Programme held in Hanoi on April 25 by UNDP and the Vietnam Administration of Forestry (VNFOREST) under the Ministry of Agriculture and Rural Development.

Tran Quang Bao, Deputy Director of VNFOREST, said agricultural farming is considered as one of the major land-using industries. The current expansion of land for agricultural development in the world is the main cause of deforestation and shrinking of forest land.

Therefore, agricultural production and trade should be directed towards sustainable development of value chains, which increase the quality and value of products and community’s livelihood without the need to expand production areas, he said.

Rui Ludovino, First Counselor in charge of Climate Action, Environment, Employment and Social Policy at the Delegation of the European Union to Vietnam updated participants on the latest regulations of the EU that ban the import of products related to deforestation. He said the new rules will take effect at the beginning of 2025 with a six-month delay for small and medium-sized enterprises, stressing that exporters and importers must be aware of the deadline to meet the EU market’s requirements.

Ludovino said that Vietnam is implementing the Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA/FLEGT), which includes legal regulations on sustainable development of the wood industry. This is an advantage for Vietnam, and other sectors like rubber or coffee can learn from it.

He added that Vietnam does not face a high risk of deforestation thanks to its government’s forest protection policies. However, the country should to strengthen supply chains to help its agricultural products to penetrate deeper into the EU market.

Patrick Haverman, Deputy Chief Resident Representative of UNDP Vietnam, said that the organisation has been supporting Vietnam in sustainable forest and landscape management through many programmes and projects over the past 20 years.

He affirmed that UNDP is ready to work with partner governments and private sector partners to create a favourable environment for the supply chain of agricultural products that does not cause deforestation for the benefit of the environment and people, especially smallholder farmers and vulnerable communities.

For sustainable development without causing deforestation, the EU through UNDP has coordinated with the Ministry of Agriculture and Rural Development and Dak Nong and Lam Dong provinces to implement a project on comprehensive sustainable landscape management through the approach of sustainable development without causing deforestation in the two provinces (iLandscape)./.

Source: Vietnam News Agency

International credit rating agency Moody’s has recently adjusted the credit rating outlook of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) from “stable” to “positive”.

This adjustment reflects Moody’s assessment of the continuous improvement of Sacombank’s credit capacity through the handling of bad debts and the disposal of non-performing assets. In addition, Sacombank’s asset risk rating has been upgraded from Caa1 to B3.

Moreover, Moody’s said Sacombank has the smallest interbank funding dependence ratio among the rated banks.

It also reaffirmed Sacombank’s long-term deposit and issuer ratings at B3 thanks to the bank’s efforts in carrying out its restructuring strategy. The agency made positive predictions about Sacombank’s potential upgrade within the next 12-18 months.

At the annual general meeting of shareholders held the same day, Sacombank updated its quarterly business performance for Q1. Accordingly, its pre-tax profit hit over 2.38 trillion VND (100 million USD), up 49.9% annually and reaching 25% of the annual plan. The rate of its bad debts stood at 1.11%.

This year, the lender targets a growth of 11% in its equity to 657.8 trillion VND and the rate of bad debts below 2%./.

Source: Vietnam News Agency

The Vietnam Fatherland Front (VFF) and the Lao Front for National Construction (LFNC) shared experience and agreed to push ahead with cooperation during talks in Hanoi on April 25.

Expressing his delight at the development of the two countries’ special relations, President of the VFF Central Committee Do Van Chien noted the two sides have maintained mutual visits and meetings at all levels.

Particularly, both countries successfully organised celebrations of the 60th founding anniversary of diplomatic ties and 45 years since the signing of the Vietnam – Laos Treaty of Friendship and Cooperation in 2022, he went on.

At the talks, the two sides informed each other about their respective countries’ socio-economic situation in the first quarter of 2023, results of the two Fronts’ activities recently, along with their focuses for the time ahead.

They highly valued results of bilateral cooperation, especially after leaders of the VFF and LFNC signed a cooperation agreement for 2022 – 2027.

Last year, the two sides successfully held the sixth international conference on building the Laos – Vietnam border of peace, friendship, and cooperation for common development in Savannakhet province of Laos. They also signed an emulation agreement for 2022 – 2025 between the VFF and LFNC committees of the two countries’ border provinces.

To effectively implement the cooperation deal for 2022 – 2027, President of the LFNC Central Committee Sinlavong Khoutphaythoune recommended both sides quickly carry out the joint communiqué on the building of the Laos – Vietnam border of peace, friendship, and cooperation for common development for 2022 – 2025, and coordinate to organise a meeting of the leaders of the Fronts of Laos, Vietnam, and Cambodia in Laos this year.

He also called on the VFF Central Committee to help the LFNC hold workshops and training courses, especially those on supervision and feedback activities, for its personnel, while sharing experience in mobilising expatriates’ contributions to the homeland and enhancing solidarity among people of all social strata.

On this occasion, Chien thanked the LFNC Central Committee and related agencies of Laos for working closely with the VFF and other Vietnamese partners to create conditions for Vietnamese people to work and settle down in Laos. He also asked the LFNC leader to continue advising the Lao Party and State to provide more favourable conditions for the Vietnamese community to develop in the country.

The Vietnamese official affirmed that the VFF will do its utmost to help nurture the great friendship, special solidarity, and comprehensive cooperation between the two countries./.

Source: Vietnam News Agency

A number of leaders and officials of the Vietnam Fatherland Front (VFF) Central Committee and the Party Central Committee’s Mass Mobilisation Commission were awarded Orders of the Lao Party and State at a ceremony in Hanoi on April 25.

At the event, President of the Central Committee of Lao Front for National Construction Sinlavong Khoutphaythoune presented the second class Issara Order to permanent deputy head of the Mass Mobilisation Commission Pham Tat Thang; and the third-class Issara Order to former Vice President of the VFF Central Committee and permanent Vice Secretary of the Phu Tho provincial Party Committee Phung Khanh Tai, and deputy heads of the Mass Mobilisation Commission Bui Tuan Quang and Do Van Phoi.

Khoutphaythoune also presented the first and second-class Labour Order to some individuals in the VFF Central Committee for their contributions to cooperation between the LFNC Central Committee and VFF Central Committee.

Vice President of the LFNC Central Committee Siphachanh Nanthavongsa presented the third-class Labour Order to several individuals in the VFF Central Committee.

On the occasion, the LFNC Central Committee presented its insignia to members of the VFF Central Committee in recognition of their contributions to Laos-Vietnam friendship.

On behalf of the honorees, Tai said the noble distinctions that Laos and Vietnam bestowed upon each other’s officials at all levels are a vivid manifestation of the comprehensive and profound results of the Vietnam-Laos Friendship and Laos-Vietnam Solidarity Year 2022, and a concrete expression of the great friendship, special solidarity, and comprehensive cooperation between the two Parties, States and peoples.

Tai affirmed that he and each individual who received these valuable rewards will continue striving more in their positions to constantly cultivate the great friendship and special solidarity between the two fraternal countries./.

Source: Vietnam News Agency