Day: May 13, 2023

In a bid to revive the struggling tourism sector, Vietnam is set to unveil a series of new visa and immigration policies at the upcoming National Assembly meeting.

These policies are expected to bolster the country’s socioeconomic development by attracting foreign visitors, following the devastating impact of the COVID-19 pandemic.

The Ministry of Foreign Affairs (MOFA) has been proactively urging the Government to present a comprehensive plan to the National Assembly, aimed at expanding the list of visa exemptions and promoting the growth of tourism. The proposed immigration policies encompass several key changes that could potentially transform the landscape of travel to Vietnam.

One significant proposal is the extension of the duration for electronic visas from 30 days to 3 months, applicable for both single and multiple entries. This extended timeframe aims to provide travellers with greater flexibility and encourage longer stays, allowing them to fully immerse themselves in the country’s diverse offerings.

Furthermore, the plan entails the issuance of electronic visas to citizens of all countries and territories. By streamlining the visa application process, this measure seeks to eliminate unnecessary barriers and facilitate smoother entry for international visitors. This inclusive approach reflects Vietnam’s commitment to embracing global tourism and fostering cultural exchange.

Another noteworthy proposal involves extending the visa exemption period. Currently limited to a duration of 15 days, this certificate would be extended to 45 days. This extension aims to accommodate travellers from countries enjoying visa-exempt status, granting them a more extended period to explore the country’s attractions and contribute to its tourism revenue.

These forthcoming visa and immigration reforms signify Vietnam’s determined efforts to revitalise its tourism industry, which has suffered immensely from the impact of the pandemic. The introduction of these policies is anticipated to create new opportunities for growth and development, positioning Vietnam as an appealing destination for international travellers seeking a memorable and immersive experience.

As the country prepares to present these proposals to the National Assembly, stakeholders and industry experts eagerly await the outcome, hopeful that these reforms will pave the way for a vibrant and resilient tourism sector in Vietnam.

In addition, besides considering the decision to expand the visa exemption list, there will also be breakthrough policies to attract international tourists to Vietnam and promote the development of the country’s green economy in the near future.

The MOFA is coordinating with relevant agencies and localities to actively carry out economic diplomacy, actively engage in comprehensive and effective international integration, and prepare for and implement high-level foreign relations programmes, further deepening bilateral and multilateral partnerships with countries and on international forums.

The Government has also entrusted the Ministry of Culture, Sports, and Tourism to work with relevant authorities to enhance promotional activities for tourism, and efficient exploitation of potential international tourist markets. This includes the development of new tourism products with high quality and competitiveness to stimulate tourism recovery and sustainable development.

Ministries, sectors, and localities are required to organise the effective implementation of tasks and solutions in various fields, with a particular emphasis on the need to boost the recovery and development of tourism and propose the expansion of visa-exempt entry for countries into Vietnam.

Currently, the tourism sector is receiving significant attention from the Party and the State. At the National Tourism Conference in March 2023, Prime Minister Pham Minh Chinh urged ministries, sectors, and localities to amend and improve policies regarding immigration procedures for international guests.

This includes expanding the list of visa-exempt countries, extending the appropriate duration of stay with reasonable fees, and expanding electronic visas. The Prime Minister also called for facilitating domestic and international airlines to open new routes and establish direct connections between Vietnam and key tourism markets.

PM Chinh also emphasised the need to enhance international cooperation, particularly with large multinational tourism corporations and conglomerates, to promote connectivity and attract major and potential markets based on the principles of “harmonious benefits and shared risks.”

Following this conference, it is expected that the Government will issue a resolution to accelerate the recovery and development of tourism in the near future./.

Source: Vietnam News Agency

VinFast, a subordinate automaker of private conglomerate Vingroup, announced the arrival of its second shipment of electric vehicles, consisting of 1,879 VF 8 vehicles, at the Port of Benicia in California, the US.

The VF 8 has a certificated EPA range of 264 miles for the Eco trim and 243 miles for the Plus trim, per full charge. VinFast expects to begin delivering these VF 8 vehicles to US customers in June 2023.

The second batch contains all VF 8 vehicles, which have a longer battery range than the initial batch of 999 VF 8 City Edition vehicles imported to the US last year. The VF 8 has an EPA-rated range of 264 miles for the Eco trim and 243 miles for the Plus trim per full charge.

The VF 8 Eco and Plus model pricing will start at 46,000 USD and 51,800 USD, respectively (battery inclusive), and have both lease and loan options.

Qualified customers can lease the VF 8 with a minimum term of 36 months, and monthly payments start at 479 USD/month for the Eco trim and 614 USD/month for the Plus trim.

With the loan option, qualified customers may choose a minimum term of 60 months with monthly payments. VinFast Pioneer customers may also be eligible for further incentives.

The VF 8 comes with a 10-year warranty/125,000 miles for the vehicle, a 10-year warranty for the battery (unlimited mileage), Mobile Services and 24/7 emergency roadside assistance during the vehicle warranty period.

VinFast will initially deliver 1,098 of the VF 8 vehicles to the US market and then deliver the remaining 781 VF 8 vehicles to Canada, which are expected to arrive by mid-May 2023./.

Source: Vietnam News Agency

Reducing interest rates, maintaining interest subsidies, hiking credit limits, and providing unsecured loans to manufacturing businesses are among the demands made by businesses in the south-eastern region to the State Bank of Vietnam (SBV).

They were made by business leaders at a conference held in Ho Chi Minh City on May 11 with officials from the central bank, the HCM City People’s Committee and other localities in the region, to discuss monetary and credit solutions for their difficulties.

The country’s largest economic region accounts for 30.8% of its GDP, 40.4% of FDI and 45% of revenue collections, but its growth is slowing down.

Phan Van Mai, Chairman of the HCM City People’s Committee, cited a report by the HCM City Union of Business Associations saying nearly 50% of businesses lack orders and only work enough to retain employees, and so are unlikely to need bank loans.

But the rest have a need for working capital, and many face difficulties in repaying loans, he said.

Forecasting that the economy would face challenges during the rest of the year due to the escalating global difficulties, he urged the SBV to reduce loan interest rates to 7-8% from the high 10% now.

Nguyen Thi Hoang, Vice Chairwoman of the People’s Committee of Dong Nai province, said the SBV should instruct banks to actively implement the 2% interest rate subsidy programme mandated by the Government’s Decree 31/2022/ND-CP, and the debt rescheduling required by its own Circular No 02/2023/TT-NHNN.

She said businesses complain that the procedures for both are complicated, and so the banking industry needs to review them.

Ly Kim Chi, Chairwoman of the HCM City Food and Foodstuff Association, urged the SBV to reduce the policy rate by another 0.5 percentage points this month to help banks reduce their loan rates to 7-8%.

The current rates of around 10% make it difficult for businesses to recover, she said.

SBV Governor Nguyen Thi Hong assured that the banking industry would continue to help businesses overcome their difficulties and restore their health.

The SBV seeks to keep exchange rates steady and reduce loan interest rates at an appropriate time, she said.

Localities and ministries need to closely co-ordinate with the banking industry and come up with comprehensive support measures in terms of credit, taxes and fees, trade promotion, and administrative procedures, she said.

She urged banks to work with local authorities, business associations and industrial parks and export processing zones to enable lending and cut costs to reduce interest rates.

“The State Bank of Vietnam wants to resolve difficulties faced by businesses while still ensuring monetary policy stability and macro-economic safety.”/.

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh on May 15 urged the Economic Security Department under the Ministry of Public Security to double its efforts to ensure economic security, contributing to the building of an independent and self-reliant economy associated with extensive, practical and effective international integration and maintaining socialist orientation.

Addressing a ceremony to celebrate the 70th anniversary of the traditional day of the economic security force (May 13, 1953-2023) in Hanoi on the same day, PM Chinh stressed the importance of ensuring national security in general and economic security in particular, saying that this is a vital and regular task of the whole Party, people and political system where the economic security force is the centre.

He praised the tireless efforts made by the economic security force in defending national security and ensuring economic security.

The force has inherited and promoted the good tradition, quickly adapted to the new situation and promoted the operational efficiency of the new organisation model, and made many proposals and given strategic advice to Party and State leaders, he said.

It has promoted the effective implementation of the professional work to prevent, detect and combat crimes, legal violations, corruption, and negative manifestations in the economic fields, prevent economic risks, and protect economic guidelines and policies of the Party and State, the government leader noted.

PM Chinh also underlined the endeavours made by the force in law-making and perfecting institutions, mechanisms and policies, and its activities to improve economic security potential, which have contributed to implementing the Doi moi (renewal) process and international economic integration of the country.

Achievements in ensuring economic security have importantly contributed to protecting the independence, self-reliance and stability of the national economy, and political and social stability, as well as maintaining a peaceful and stable environment for the process of national development and promoting international integration, he stressed.

The PM asked the economic security force to strictly implement the Party’s guidelines and policies on security and order, actively perform well its task of giving advice to the Party and State on ensuring economic security and perfecting institutions, mechanisms, policies and laws.

PM Chinh emphasised the requirements for the force to proactively keep a close watch on relevant situations, and work hard on research, assessment and forecast of risks of infringing upon national security and interests, and signs of instability of the world and regional economic situations that have direct negative impacts on the country’s economy, thus pushing ahead with advising the Party and State about strategies in building guidelines and policies.

The Government leader suggested the Central Public Security Party Committee and the Ministry of Public Security continue to effectively lead and direct the building of a strong and comprehensive People’s Public Security force in general and economic security force in particular in both personnel work and organisation.

He expressed his belief that the force will continue to make unremitting efforts, well complete all assigned tasks to ensure economic security, protect national security, and effectively serve the task of rapid and sustainable economic development.

On the occasion, on behalf of Party and State leaders, PM Chinh presented a first-class Fatherland Defence Order to the Economic Security Department, and other noble awards of the Party and State to organisations and individuals of the economic security force./.

Source: Vietnam News Agency

The European Literature Days 2023 officially kicked off in Hanoi on May 13, with various attractive activities.

The opening ceremony in front of Ly Thai To Monument on Dinh Tien Hoang street saw the participation of representatives from embassies and cultural institutes of 13 European countries.

Thierry Vergon, Director of the French Institute in Hanoi and President of the EU National Institutes for Culture (EUNIC) in Vietnam, said that with the variety of works from 13 European countries, readers would discover works, authors, and characters they love.

He said the works would be displayed and introduced at seminars, book introductions, and exhibitions that will satiate those with a love of literature. In addition, readers have the opportunity to engage with authors, translators, editors, and publishers and to attend seminars and other interactive events.

Within the framework of the 2023 European Literature Days which will last until May 21, a wide variety of cultural and literary activities by publishing units and cultural companies in Vietnam will be held, including book introductions, literary discussions and book fairs.

In addition, two composition contests about European characters and a competition on European literature have attracted many candidates who are passionate about literature and painting.

This year, the event showcases diverse works from the UK, Poland, Belgium, Denmark, Germany, Hungary, France, Finland, the Czech Republic, Spain, Sweden, Switzerland and Italy.

The European Express Train Event, which is held by students from the Book and Action Club of Hanoi Law University, will help readers discover European cultures through books.

The activities during the event will take place at the December 19 Book Street, Casa Italia, Goethe Institute in Hanoi, French Institute in Hanoi and Kim Dong Publishing House./.

Source: Vietnam News Agency

Experts and economists gathered at a seminar in Ho Chi Minh City on May 12 to discuss measures to help the southern largest economic hub enhance its attractiveness to foreign investors amid its standstill situation in drawing foreign direct investment (FDI).

Mai Phong Lan, an official from the municipal Department of Planning and Investment, said that last year, the city drew only 4.33 billion USD in FDI, equivalent to 60.29% of the figure in 2021.

So far, the city has hosted 11,220 FDI projects worth 56 billion USD, she said, underlining the FDI projects’ positive impacts on the economic transformation of the city as well as the development of many sectors and human resources training.

However, Lan said that FDI has still focused on particular districts and sectors with limited influences in the improvement of technologies and supply chains for domestic businesses.

Along with increasing the number and values of FDI projects, the city aims to raise the ratio of registered capital in total FDI in the city by over 70% in the 2023-2025 period and 75% in the 2026-2030 period.

In the short and middle terms, HCM City will prioritise projects in areas of digital economy, microelectronics, semiconductor and information technology, automation, precision mechanics, new materials, pharmaceuticals, biological industry, high-tech agriculture, environmental technology and clean energy.

At the same time, it will step up the attraction of FDI in research, innovation, and start-up, while paying greater attention to expanding its infrastructure and high-quality services, the official said.

Ngo Nghi Cuong, CEO of C Consult, held that the city, which used to be the strongest FDI magnet, has experienced a downturn in attractiveness.

Cuong clarified that in the first four months of this year, the city saw a fall in both FDI project number and value. He advised the city to re-define its strengths in the new period where investors are not merely interested in benefits but also the investment environment, supply capacity, and the living conditions for investors and experts.

Pham Phu Truong, Presisent of the Young Businesspeople Association of HCM City (YBA-HCM), said that despite its strategic location, HCM City has faced many disadvantages such as regular flooding, traffic jams, and air pollution, making it less attractive to investors and experts.

He held that the city should re-evaluate potential investors that it wants to draw, especially strategic investors.

Meanwhile, Cao Thi Phi Van, Vice Director of the HCM City Centre for Trade and Investment Promotion, said that in the past, tax policy played the key role in attracting investment and was an advantage of the city.

However, with the implementation of the global minimum tax regulations, that advantage no longer exists, she said, adding that investors today need a transparent business and investment environment, clear and stable policies, high quality human resources and smooth technical infrastructure, to which the city should pay greater attention./.

Source: Vietnam News Agency