Category: Business

The Vietnam Export Promotion Forum 2023 with the theme of ‘green export promotion’ will be held in Hanoi on November 24, the Ministry of Industry and Trade (MoIT) has announced.

The event is expected to gather 300 experts, enterprises and international organisations in Vietnam, aiming to create a channel for dialogue and consultation with many stakeholders to shape, identify difficult problems and opportunities in green trade development, and propose solutions and support policies for green trade.

It is also an opportunity to share practical experiences of pioneering businesses in green production and sustainable export development to meet global green consumption trends.

According to the MoIT, green growth and circular economy are becoming a global trend, drastically practiced in the world’s most developed economies as a solution to reduce greenhouse gas emissions, aiming for a long-term carbon neutral economy.

The ministry said that responsible business and environmental protection are mandatory requir
ements for businesses producing exports as these factors affect the global value chain of the product. Therefore, the ministry has been promoting information to support businesses in meeting standards and criteria for sustainable development and green growth.

Experts acknowledged that Vietnam is one of the countries with strong commitments to environment at the Climate Change Summit (COP26), including a commitment to pioneer in energy transformation, along with green and digital transformation.

Statistics of the MoIT revealed that import-export is a bright spot of Vietnam’s economy with a total import export turnover reaching 732.5 billion USD in 2022.

In the first 10 months of 2023, the country’s total import-export turnover achieved 558 billion USD, a decrease of 9.6% year on year. Besides a fall in market demand, many foreign markets such as the US, the UK and the EU have raised standards for imports as an attempt to boost green transition and emission neutralisation.

Source: Vietnam News Agency

The Thailand-Vietnam-Laos-Cambodia-Myanmar Business Forum 2023 took place from November 17-19 in Thailand’s Udon Thani province, promoting connection among enterprises in the five countries.

Speaking at the event, Vietnamese Ambassador to Thailand Phan Chi Thanh said that the forum is a turning point in the development of the successes of investment, trade, and tourism promotion activities in 2022 that overseas Vietnamese businesses in Thailand conduct in some Vietnamese localities. It is also an appropriate and effective connection channel for businesses to realise future cooperation opportunities.

According to President of the Thai-Vietnam Business Association Ho Van Lam, the forum features product exhibitions, trade promotion activities, technology and experience exchanges which connect and form networks between Vietnamese businesses and those in Thailand, Laos, Cambodia, and Myanmar as well as members of the Association of Overseas Vietnamese Entrepreneurs in agriculture, tourism, services, high techno
logy, export, and finance.

In addition, the forum also introduces and promotes Vietnam’s investment and business environment, promoting the export of Vietnamese goods to countries in the region, contributing to realising the Government’s project on calling on overseas Vietnamese to join in introducing and consuming Vietnamese products.

Within the framework of the forum, businesses signed a cooperation agreement expected to help consolidate and improve the effectiveness of economic cooperation between the five countries.

According to the State Committee for Overseas Vietnamese, overseas Vietnamese have nearly 400 investment projects in Vietnam with a combined registered capital of about 1.72 billion USD./.

Source: Vietnam News Agency

Managing to navigate headwinds from global economic fluctuations, Vietnam has enjoyed positive gains in exports, with the upward trend forecast to continue in the time to come.

Data shows that Vietnam’s export revenue has improved through the first quarters of this year. Specifically, a year on year drop of 11.9% was recorded in the first quarter, which was reduced to 11.8% in the second and to only 1.2% in the third quarter.

From these positive signs, experts are upbeat about the recovery of the world demand and a high growth in Vietnam’s exports in Q4.

Agricultural products such as rice and fruit have recorded strong growth. Meanwhile, Vietnam has shown strong performance in diversifying export markets and optimising major markets such as the US, the EU, Africa, and Western Asia.

At the same time, Vietnam has efficiently exploited border trade to increase exports to neighbouring countries, especially China.

Recovery signs have also seen in garment and textiles. Recently, partners from Europe, Northeas
t Asia, and Southeast Asia have shown increasing interest in Vietnam. Exports to the US and EU markets have also showed signs of improvement.

According to the Import-Export Department under the Ministry of Industry and Trade, inventories in markets where Vietnam has strong advantages have decreased. For example, in the US, inventory dropped from 20% in the first six months of the year to 10% in August, which is forecast to reach 0% by the end of 2023. This is an opportunity to export more goods to the US, Vietnam’s largest export market.

The department underlined that thanks to their efforts to seek new markets and optimise a new generation free trade agreements (FTA), Vietnamese exporters have effectively navigated the global headwinds.

However, experts advised domestic firms to promote production while seeking material supply sources serving production to avoid dependence on particular markets.

They also stressed the need for stronger connectivity among businesses to enhance their capacity to respond to
unpredictable developments in the world economy, along with the renovation of production technologies and the building of trademarks to increase competitiveness and attract more investors.

Minister of Industry and Trade Nguyen Hong Dien said that the ministry will enhance their forecast capacity. It will speed negotiations and signing of new bilateral and multilateral cooperation mechanisms with promising countries, while optimising the role of the Vietnamese trade office system abroad in providing international market information and policies, he said.

The minister pledged that along with giving alerts on trade barriers and trade defense cases, the ministry will assist businesses in effectively taking advantage of FTAs, and untangle knots in capital access and administrative procedure, thus helping them recover and develop production to increase exports.

Dien said that the MoIT will support exporters to enter emerging, niche, and potential markets, and diversifying export markets through official channels
./.

Source: Vietnam News Agency

The northern province of Hung Yen has held an investment promotion conference in San Francisco city to call for local firms’ investment to areas of green growth, high technology, emission reduction, and farm produce sale.

The event drew Vietnamese Foreign Minister Bui Thanh Son and leaders of Ho Chi Minh City, Hai Phong city and Bac Giang province, as well as representatives from nearly 70 US firms.

Secretary of the Hung Yen Party Committee Nguyen Huu Nghia, who accompanied President Vo Van Thuong in his trip there for APEC Leaders’ Week and bilateral activities in the US, highlighted potential and advantages of Hung Yen, including favourable location, rich cultural and historical values, dynamic economic development, strong infrastructure system, smooth transportation systems, and abundant and young human resources.

The provincial leader said that Hung Yen’s growth strategy is based on three key pillars – industrial development with high, clean, low-carbon and resource efficient technologies; trade-servi
ce development with high added values; and urban economic development based on speeding up urbanisation and infrastructure completion.

Meanwhile, Chairman of the provincial People’s Committee Tran Quoc Van also introduced Hung Yen’s strengths in attracting investment.

Speaking to the Vietnam News Agency there, Van said that Hung Yen takes US investors as a great potential for the local socio-economic development.

US enterprises showed their interest in investment attraction policies of Hung Yen, and raised many questions for local leaders.

During this US trip, Hung Yen signed cooperation agreements with four US partners in the fields of semiconductor, high-tech industry, farm produce sale, and waste treatment.

Earlier, at a roundtable connecting Vietnamese and US businesses and localities held in San Francisco on November 15, President Thuong and participants witnessed the exchange of cooperation agreement among the People’s Committee of Hung Yen, SaigonTel, and Allotrope Parts on supporting Hung Yen in
reducing net emissions./.

Source: Vietnam News Agency

Attracting investment and public-private partnership (PPP) plays an important role in implementing the project of sustainable development of 1 million ha of low-emission high-quality rice production in the Mekong Delta to 2030, said insiders.

The project will promote added value throughout the entire rice production chain, raising farmers’ incomes, ensuring sustainable development amid worsening climate change, and contributing to green growth.

According to Deputy Minister of Agriculture and Rural Development Tran Thanh Nam, the project will focus on measures to reduce production costs for farmers and expand carbon-certified rice production.

Le Thanh Tung, Deputy Director of the Crop Production Department under the Ministry of Agriculture and Rural Development (MARD), said mobilising components in the value chain through public-private partnership programmes is a top priority in implementing the project.

Promoting the application of technical advances in farming will help solve difficulties for farmers,
on the pathway to developing a sustainable rice production chain, he added.

The establishment of the PPP task force on rice aims to boost linkages in sustainable rice production and leverage agricultural technology to support the activities of the rice industry.

Le Quoc Thanh, Director of the National Agricultural Extension Centre, said the project will offer an opportunity to re-position Vietnam’s rice sector. He called for joint engagement of private areas, businesses, and producers in the project.

Head of Sustainable Value Chains of Grow Asia Misha Rabat said Grow Asia wants to connect public and private sector partners and mobilise resources from funds in order to support food system innovation, thus improving the rice industry’s adaptation to climate change and increasing incomes for rice farmers.

Many Vietnamese businesses have also expressed their interest and willingness to join in this project.

According to Chairman of Loc Troi Group Huynh Van Thon, the firm has organised chain and cooperative m
odel-based production and applied technologies in production activities.

Vietnam’s rice sector has so far ensured food security and created jobs and income for 9.3 million households in rural areas, making it a decisive factor in hunger eradication and poverty reduction.

The nation currently ships rice products to more than 150 countries and territories, accounting for more than 15% of the world’s total rice exports./.

Source: Vietnam News Agency

The People’s Committee of the southern province of Binh Duong on November 17 held a dialogue with representatives of Korean businesses in the locality.

The dialogue was co-chaired by the Secretary of the provincial Party Committee Nguyen Van Loi, Consul General of the Republic of Korea (RoK) in Ho Chi Minh City Shin Choong Il, and Chairman of the RoK Business Association in Binh Duong Kim Jin Woo and other provincial leaders.

At the event, representatives of Korean businesses raised ideas about issues, including power supply for production, tax refund procedures, customs, environmental inspection, fire prevention and fighting, and construction permits.

They also complained that many administrative procedures and processes are causing difficulties for businesses, for example, immigration procedures and direct fee payment.

Representatives from provincial departments and agencies cleared up issues raised by the Korean businesses.

On this occasion, Nguyen Van Loi, Secretary of the provincial Party Committee
, thanked Korean businesses for coming to Vietnam and Binh Duong and contributing greatly to the province’s economic development.

Through the dialogue, the provincial leaders and investors can better understand each other, build trust, and solve problems to support businesses in promoting production and business, he said.

The official requested the provincial People’s Committee and relevant departments to increase guidance and support for businesses to complete legal procedures and resolve pending issues.

In the first 10 months of this year, Binh Duong province attracted nearly 1.35 billion USD poured into 108 new projects, 36 projects increasing capital, and 116 projects with capital contributions and share purchases.

By the end of October 2023, the province had lured 4,192 valid investment projects from 65 countries and territories with total registered capital of more than 40 billion USD. Among them, the RoK ranks second in the number of projects with 769 projects and total investment capital of 3.3 bi
llion USD./.

Source: Vietnam News Agency