PM directs Ninh Thuan to tap on strengths for sustainable development

Ninh Thuan: The south central province of Ninh Thuan must capitalise on its standout strengths, opportunities and competitive edge so as to develop comprehensively, rapidly and sustainably, Prime Minister Pham Minh Chinh said on April 28.

Attending a conference to announce the province’s master plan during the 2021-2030 period with a vision to 2050, and promote trade and investment, PM Chinh highlighted Ninh Thuan’s numerous strengths for development, including a uniform transport system, huge tourism potential with stunning beaches and intact Champa architectural relics, large fishing grounds and great potential for renewables.

He hailed the local party organisation, administration, people and enterprises’ efforts to carve out robust socio-economic achievements over the past time, with the GDP growth during 2010-2023 reaching 8.6% per year, higher than the country’s average, and local livelihoods improved, while pointing out several challenges facing the province such as extreme natural conditions, drought
, limited investment, infrastructure lacking connectivity, and human resources failing to meet requirements of the socio-economic developments.

The Government leader underscored the five breakthroughs for development as named in its master plan, which are renewable energy, tourism, processing, manufacturing, hi-tech agriculture and realty, requesting the province to mobilise and effectively use all legal resources to bolster traditional growth locomotives, create new ones, and enhance investment in human resources.

PM Chinh asked the province to carry out its master plan in line with the national, regional and sectorial planning, push ahead investment strategic in infrastructure to respond to climate change, and prioritise resources to harmoniously develop sea-based economy, urban economy, tourism economy and heritage economy in the green, digital and circular direction.

Along with bolstering economic cooperation with localities in the vicinity, Ninh Thuan must pay due attention to developing high-quality
human resources and giving priority to potential areas such as tourism and renewables, he said, asking the province to enhance capacity for climate change adaptation and environmental protection, improve investment climate, and make meticulous preparation for attracting large and potential investors.

‘Ninh Thuan should popularise its master plan to garner support from local people, enterprises and investors’, he stressed, instructing provinces, cities, ministries and sectors to assist Ninh Thuan to effectively implement its master plan.

Under the province’s master plan, Ninh Thuan will become an upper-middle income province in the country by 2030, and a locality with comprehensive, fast and sustainable development and diverse economy by 2050.

At the conference, Ninh Thuan province introduced its potential, strengths, incentives, and priorities for development to domestic and foreign investors, aiming to call for investment in 55 projects in the five priority domains of renewables, high-quality tourism, pro
cessing and manufacturing, smart agriculture and real estate.

On the occasion, the province also presented investment policy certificates and investment licences, and signed MoUs on developing 14 large projects worth more than 120 trillion VND (4.73 billion USD) with investors./.

Source: Vietnam News Agency

Khanh Hoa province seeks tourism partners in Thailand

Bangkok: The south central coastal province of Khanh Hoa introduced its tourism potential to potential partners in Thailand at a conference held in the Thai capital Bangkok on April 26.

At the conference, Vietnamese Ambassador-designate to Thailand Pham Viet Hung said there is great potential of tourism cooperation between Vietnam and Thailand, citing statistics that nearly half a million Thai tourists visited Vietnam and 900,000 Vietnamese travelled to Thailand last year.

He held that the signing of MoUs on tourism linkages at the conference will help promote cooperation between the two countries in the field.

Vice Chairman of the Thai Chamber of Commerce Pairat Burapachaisri took note of Khanh Hoa’s advantages, particularly its Nha Trang city, a popular beach destination for foreign holidaymakers.

Saranya Sakontanarak from the Thailand-Vietnam Business Council also said Khanh Hoa is home to many quality tourism destinations, meeting the needs of various segments of tourists. She urged Thai businesses to
explore investment opportunities in the Vietnamese province.

On the occasion, the Nha Trang-Khanh Hoa tourism association signed an MoU on cooperation with the Thai Tourism Association./.

Source: Vietnam News Agency

Vietnam strives to remain world’s biggest cinnamon exporter

Hanoi: The cinnamon sector needs to issue a reform strategy to keep Vietnam’s position as the world’s biggest cinnamon exporter, which it has held since 2021.

Last year, Vietnam exported nearly 90,000 tonnes of cinnamon to earn over 260 million USD, up 14.6% in volume, but down 10.7% in value compared to 2022. The average price reached 2,918 USD a tonne, down 22.1% year-on-year.

India was the main importer of Vietnamese cinnamon with more than 38,000 tonnes, accounting for 42.6%. It was followed by the US with more than 10,100 tonnes, and Bangladesh nearly 6,000 tonnes.

In the first two months of this year, Vietnam pocketed 30 million USD from shipping 10,500 tonnes of cinnamon abroad.

Hoang Thi Lien, president of the Vietnam Pepper and Spice Association (VPSA), said that over the past time, farmers have continuously developed new farming techniques to improve the quality and productivity of cinnamon trees. In addition, production linkage models between businesses and farmers have been increasingly implem
ented to gradually expand sustainable raw material areas.

Vietnam has dozens of companies investing in modern cinnamon processing lines for more quality products to meet market requirements.

Among the 16 signed free trade agreements, there are many new generation ones such as the EU-Vietnam FTA, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP) that have helped Vietnam have an advantage over some other countries in terms of tax. This is a very favourable condition and opportunity for Vietnamese cinnamon products to advance further in the international market.

Currently, Vietnamese cinnamon has been exported to nearly 100 countries around the world, accounting for 95% of the market share of the Indian market, 36.5% of the US and 35% of the European market. However, the export rate of processed cinnamon accounts for only 18.6%, or 18,659 tonnes, of which 70% is exported to the US, and 12% to Europe.

Therefore, the se
ctor will continue to improve post-harvest and processing quality to increase exports to demanding markets in Europe and the US.

It will step up trade promotion activities, build brand identity on a national scale, encourage public private partnership models and seek support resources and policy consultations in a long-term strategy of turning Vietnam into the leading sustainable cinnamon supplier in the world./.

Source: Vietnam News Agency

Vingroup approves 2024 business plan, to list Vinpearl on market

Hanoi: At the General Meeting of Shareholders held in Hanoi on April 25, Vingroup received approval for its ambitious 2024 business plan.

The company aims to achieve a remarkable revenue milestone of 200 trillion VND, marking a significant 23.7% increase compared to 2023.

Additionally, Vingroup targets a profit after tax of 4.5 trillion VND, representing an impressive 119% growth.

In 2023, Vingroup demonstrated strong performance, with net revenue reaching 161.4 trillion VND, a substantial 59% rise from the previous year. The profit after tax amounted to 2.05 trillion VND, maintaining the same level as in 2022. These figures surpassed the targets set at the 2023 Annual General Meeting of Shareholders, reaching 85% and 103%, respectively.

Nguyen Viet Quang, Vice Chairman of the Board of Directors and General Firector of Vingroup, highlighted the success of VinFast in the technology and industry sector. VinFast’s listing on the US Nasdaq Stock LLC stock exchange served as an inspiration for Vietnamese busin

In the trade and service sector, Vinhomes made significant progress in 2023. The company successfully handed over nearly 29,000 apartments, villas, and commercial townhouses at Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3. The occupancy rate in the real estate rental segment reached 84.8%, showing improvement compared to the previous year.

Looking ahead to 2024, VinFast plans to expand its distribution channels globally, leveraging local networks and agent expertise. The goal is to establish approximately 400 sales points by the end of the year. Moreover, VinFast aims to enter the US market with new models and export commence cars to Europe, while also initiating distribution in Indonesia.

In the residential real estate sector, Vinhomes will focus on enhancing its online business system to improve the purchasing experience, transparency of policies and product pricing, in preparation for the upcoming growth cycle in the market.

Regarding the listing of its subsidiaries, Chairman Pham Nhat Vuong
revealed that Vingroup is currently undertaking procedures to list Vinpearl Company on the Vietnam stock exchange, with hopes of achieving a successful listing by the end of the year./.

Source: Vietnam News Agency

Long An province seeks deeper economic ties with RoK

Long An: Vice Chairman of the People’s Committee of the Mekong Delta province of Long An Nguyen Van Ut has expressed determination to develop ties with agencies, organisations and businesses of the Republic of Korea (RoK) following his working trip to the Northeastern Asian country from April 22-26.

The trip yielded a number of significant letters of intent, paving the way for future partnerships between Vietnamese and Korean entities.

The province’s delegation held talks with the Governor of Jeju province, discussing the potential of socio-economic and cultural cooperation between the two localities, held working sessions with the Jeju Free International City Development Centre, Yooshin and Zenith groups.

A highlight of the trip was a conference held in Seoul specifically to promote investment opportunities in Long An. The event attracted over 100 Korean groups, showcasing Long An’s potential and development trajectory.

The delegation highlighted Long An’s attractiveness to Korean companies, citing its a
bundant opportunities and well-developed industrial parks. They specifically focused on attracting investment in high-tech sectors like innovation, renewable energy and logistics.

Strategically positioned, Long An prioritises attracting investment in Industry 4.0, electronics component manufacturing, software, semiconductor industry, artificial intelligence, smart eco-city development, maritime port logistics services, border economy, high-tech agriculture, and renewable energy.

As one of Long An’s major partners, the RoK now ranks 3rd out of 40 countries and territories investing in the province with over 975 million USD and 208 projects. This trend continued in the first quarter of 2024, with Long An securing six new Korean projects valued at over 26.4 million USD./.

Source: Vietnam News Agency

Vietnam ranks third in Southeast Asia in startup investment attraction

Hanoi: Vietnam maintained its third position in the number of investment deals and regained the third place in terms of total investment in startups in Southeast Asia.

In 2023, Vietnamese startups received a total investment capital of 529 million USD.

Singapore led in both the number of deals and total investment capital for startups, followed by Indonesia.

That is notable information in the 2024 Technology and Innovation Investment Report released at the Vietnam Innovation Forum 2024.

This forum was organised in Ho Chi Minh City on April 26 by the National Innovation Centre (NIC) and Do Ventures Investment Fund under the sponsorship of the Ministry of Planning and Investment.

This report also said that in 2023, Vietnamese startups’ total investment capital of 529 million USD dropped by 17% compared to the previous year.

Meanwhile, Vietnam’s number of deals involving startups slightly decreased by 9% to 122 deals.

This decline shows that the technology investment landscape in Vietnam continues to be a
ffected by changes in the global economy.

However, this reduction rate was slighter than the decrease of 35% to 345 billion USD in total global venture capital investment, showing that the Vietnam market is still an attractive destination in the capital market.

In 2023, nearly 100 funds poured capital into Vietnamese startups, of which the most active investors came from Singapore, followed by Vietnamese investors.

Of which, the healthcare sector received the highest investment, skyrocketing 391% over the previous year. The education sector also received a high amount of capital, up 107% year on year.

Speaking at the forum, Deputy Minister of Planning and Investment Tran Duy Dong said that as a pioneer country in the field of innovation, Vietnam commits to upgrading the national innovation ecosystem, attracting investment and talent.

With preferential policy mechanisms and simplified regulations, Vietnam will accompany startups, corporations, organisations and experts to develop science and technology, p
romote innovation, contributing to the country’s economic growth.

Vietnam has moved up two places in the Global Innovation Index (GII) in 2023, ranking 46th out of 132 countries and territories, according to a GII report released by the World Intellectual Property Organisation (WIPO).

Vietnam is one of seven middle-income countries having made the most progress in innovation over the past decade.

This positive results are owing to the continuous efforts of organisations, individuals and businesses in the work of innovation, Dong said./.

Source: Vietnam News Agency