Category: Business

Hanoi: Vietnam was the third largest cryptocurrency gainer in the world in 2023, only after the U.S. and UK, with nearly 1.2 billion USD, according to U.S. blockchain analysis firm Chainalysis.

It was one of five Asian markets in the top 10 countries for cryptocurrency gains last year, besides China, Indonesia, India, and the Republic of Korea.

‘We can see several upper and middle income countries whose residents appear to have achieved outsized gains. Vietnam, China, Indonesia, and India, for example, all hit over 1 billion USD in estimated gains,’ it wrote in its ‘2023 Cryptocurrency Gains by Country’ report, released last week.

In the report, Chainalysis estimated worldwide crypto investors achieved total gains of 37.6 billion USD last year.

While this total is much smaller than the 159.7 billion USD made during the 2021 bull market, it represents a significant recovery from 2022, which saw estimated losses of 127.1 billion USD. Interestingly, the total gains estimate for 2023 was lower than 2021, desp
ite crypto asset prices growing at similar rates in each of those years.

‘One possible explanation for this could be that investors in 2023 were less likely to convert crypto assets into cash, under the expectation that prices would rise even higher given that they didn’t surpass previous all-time highs at any point in 2023, unlike in 2021,’ it commented.

The U.S. led the way in cryptocurrency gains by a wide margin in 2023 at an estimated 9.36 billion USD. It was followed by the U.K. with 1.39 billion USD.

China came fourth with 1.15 billion USD, although cryptocurrency trading and mining activities have been banned in that country since 2021.

In Southeast Asia, in addition to Vietnam, Indonesia ranked fifth with 1.06 billion USD, the Philippines 20th with 0.5 billion USD, and Thailand 28th 0.33 billion USD.

According to Chainalysis, the positive trends of 2023 have carried over into 2024, with notable crypto assets like Bitcoin achieving all-time highs in the wake of Bitcoin ETF approvals and increased
institutional adoption.

‘If these trends continue, we may see gains more in line with those we saw in 2021. As of March 13, Bitcoin was up 65.4% and Ether is up 70.2% in 2024,’ it said.

For the ranking, Chainalysis used on-chain data to estimate investors’ cryptocurrency gains based on movements of crypto assets in and out of services where they can be on or off-ramped into fiat currency.

Source: Vietnam News Agency

Buenos Aires: Some members of the Association of Southeast Asian Nations (ASEAN) have become important trade partners of the Southern Common Market (Mercosur), and Vietnam is a typical example, an Argentinian expert has said.

In an interview granted to the Vietnam News Agency, Ezequiel Ramoneda, Coordinator of the Centre for Southeast Asian Studies (CESEA) at the Institute of International Relations of the National University of La Plata of Argentina, said trade relations between Mercosur and ASEAN have enjoyed the great progress over the last 15 years.

Over recent years, Vietnam has emerged as an important trade partner of not only Argentina but also the entire Mercosur, which he attributed to Vietnam’s dynamic integration into the world as well as efforts to expand its export markets in Mercosur and Argentina.

Ramoneda, who is also a member of the Mercosur – ASEAN Chamber of Commerce (MACC), held that with its crucial geographical location in East Asia and the Asia-Pacific, Vietnam will serve as an impor
tant gateway for Argentina and other Mercosur members, including Brazil, Argentina, Uruguay, and Uruguay, to enter Southeast Asian markets.

Though Vietnam’s trade turnover with Mercosur in general and Argentina in particular has grown considerably in the recent past, there remains much cooperation potential, and it is necessary to diversify exports and imports. The South American trade bloc needs more information about strong products of Vietnam besides farm produce, especially industrial products, and vice versa, he continued.

The expert also confirmed that MACC is planning to organise a business delegation to Vietnam in the latter half of this year to foster economic, trade, and investment partnerships.

Trade between Vietnam and Argentina reached 3.45 billion USD in 2023. Vietnam is currently the sixth largest trade partner of Argentina, which in turn ranks third among trade partners of Vietnam in Latin America, statistics show.

About political relations, he underlined the importance of maintaining trad
itional cooperation between Vietnam and Mercosur countries. In 2023, Vietnam respectively celebrated the 50th and 30th anniversaries of its diplomatic ties with Argentina and Uruguay with the visits to these countries by National Assembly Chairman Vuong Dinh Hue. This year, it is marking the 35th anniversary of diplomatic relations and 17 years of the comprehensive partnership with Brazil.

He perceived that the two sides are now in the prime of political dialogue, aside from effective trade ties, so it is necessary to enhance the connectivity between Vietnam and Mercosur, as well as the relations between Mercosur and ASEAN.

With regard to initiatives within the Forum for East Asia – Latin America Cooperation (FEALAC), Ramoneda, who is also Vice Chairman of the Argentina – Vietnam Culture Institute, spoke highly of Vietnam’s proposal on establishing a network of cities of culture and its appeal for promoting FEALAC’s activities after the COVID-19 pandemic.

He voiced his hope that an Argentina – Vietnam frie
ndship association will be set up in the near future./.

Source: Vietnam News Agency

Buenos Aires: Some members of the Association of Southeast Asian Nations (ASEAN) have become important trade partners of the Southern Common Market (Mercosur), and Vietnam is a typical example, an Argentinian expert has said.

In an interview granted to the Vietnam News Agency, Ezequiel Ramoneda, Coordinator of the Centre for Southeast Asian Studies (CESEA) at the Institute of International Relations of the National University of La Plata of Argentina, said trade relations between Mercosur and ASEAN have enjoyed the great progress over the last 15 years.

Over recent years, Vietnam has emerged as an important trade partner of not only Argentina but also the entire Mercosur, which he attributed to Vietnam’s dynamic integration into the world as well as efforts to expand its export markets in Mercosur and Argentina.

Ramoneda, who is also a member of the Mercosur – ASEAN Chamber of Commerce (MACC), held that with its crucial geographical location in East Asia and the Asia-Pacific, Vietnam will serve as an impor
tant gateway for Argentina and other Mercosur members, including Brazil, Argentina, Uruguay, and Uruguay, to enter Southeast Asian markets.

Though Vietnam’s trade turnover with Mercosur in general and Argentina in particular has grown considerably in the recent past, there remains much cooperation potential, and it is necessary to diversify exports and imports. The South American trade bloc needs more information about strong products of Vietnam besides farm produce, especially industrial products, and vice versa, he continued.

The expert also confirmed that MACC is planning to organise a business delegation to Vietnam in the latter half of this year to foster economic, trade, and investment partnerships.

Trade between Vietnam and Argentina reached 3.45 billion USD in 2023. Vietnam is currently the sixth largest trade partner of Argentina, which in turn ranks third among trade partners of Vietnam in Latin America, statistics show.

About political relations, he underlined the importance of maintaining trad
itional cooperation between Vietnam and Mercosur countries. In 2023, Vietnam respectively celebrated the 50th and 30th anniversaries of its diplomatic ties with Argentina and Uruguay with the visits to these countries by National Assembly Chairman Vuong Dinh Hue. This year, it is marking the 35th anniversary of diplomatic relations and 17 years of the comprehensive partnership with Brazil.

He perceived that the two sides are now in the prime of political dialogue, aside from effective trade ties, so it is necessary to enhance the connectivity between Vietnam and Mercosur, as well as the relations between Mercosur and ASEAN.

With regard to initiatives within the Forum for East Asia – Latin America Cooperation (FEALAC), Ramoneda, who is also Vice Chairman of the Argentina – Vietnam Culture Institute, spoke highly of Vietnam’s proposal on establishing a network of cities of culture and its appeal for promoting FEALAC’s activities after the COVID-19 pandemic.

He voiced his hope that an Argentina – Vietnam frie
ndship association will be set up in the near future./.

Source: Vietnam News Agency

Hanoi: Prime Minister Pham Minh Chinh on March 19 emphasised that Vietnam will create favourable conditions for the business community, including Dutch corporations and businesses, to invest successfully, sustainably, and long-term in Vietnam when he received a Dutch business delegation led by Ingrid Thijssen, chair of the Confederation of Netherlands Industry and Employers (VNO-NCW) in Hanoi.

Welcoming the delegation, PM Chinh said that their visit to Vietnam this time is an activity in implementing the results achieved during the visit of the Prime Minister of Vietnam to the Netherlands at the end of 2022 and the visit of the Prime Minister of the Netherlands to Vietnam at the end of 2023.

The PM highlighted that the Netherlands has become the biggest European investor and the second-largest European trade partner and export market of Vietnam. He hailed the practical programmes that the Netherlands has implemented to support Vietnam in socio-economic development, poverty reduction, education and training,
healthcare, climate change responses, and COVID-19 prevention and control.

PM Chinh said that he highly appreciated the business activities of Dutch enterprises in Vietnam in the past time which contributed to Vietnam’s economic development and Vietnam – Netherlands relations.

He affirmed that Vietnam is always open, sincere, and willing to listen to the concerns and opinions of the foreign business community, including Dutch businesses.

Informing the guests about Vietnam’s development priorities, the PM said that Vietnam and the Netherlands still have many potentials and strengths that can complement and support each other. Therefore, he called on Dutch corporations and businesses to effectively take advantage of the opportunities of the Vietnam – EU Free Trade Agreement (EVFTA) and strive to increase bilateral trade to 15 billion USD.

He hoped that Dutch businesses will connect with Vietnamese businesses in fields where the Netherlands has strengths and Vietnam has needs such as high-tech agriculture, n
ew energy, renewable energy, semiconductor chips, climate change adaptation, shipbuilding services, seaports, shipbuilding technology, and logistics.

Chinh also asked Dutch businesses to make recommendations to Vietnam regarding how to improve the business investment environment, institutions, mechanisms, and policies to encourage businesses to apply sustainable business models, develop emerging industries, and develop a digital economy, green and circular economy, and high-quality human resources training.

The Dutch business executives requested the Vietnamese Government to continue to improving policies on taxes, visas, and administrative procedures.

They asked for specific contact points to receive support, transfer technology, and promote cooperation in the fields of shipbuilding, seaports, semiconductors, renewable energy, environmental protection, climate change response, and materials supply to Vietnam’s project on building 1 million social housing.

The businesses also hoped the Government to direc
t Vietnamese businesses, especially in the agricultural and food sectors, to improve product quality and implement commitments to green, clean, safe, and sustainable development. They want to purchase directly from farmers so that Vietnamese agricultural products have more opportunities to enter the Netherlands./.

Source: Vietnam News Agency

HCM City: Vietnam and Hong Kong (China) have great potential to promote cooperation in fields from finance to technology, food, and consumer goods, heard a business meeting held in Ho Chi Minh City on March 19 by the Hong Kong Economic and Trade Office in Singapore and Invest Hong Kong.

Attending the event, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh said that Hong Kong (China) is among Vietnam’s ten largest trading partners with bilateral trade estimated at 11.24 billion USD in 2023. Hong Kong’s investment in Vietnam last year reached 4.68 billion USD, ranking third among more than 100 countries and territories investing in Vietnam.

Meanwhile, Vietnam is the 2nd largest trading partner of Hong Kong (China) among ASEAN countries and the 7th largest trading partner of Hong Kong globally.

According to Thanh, Hong Kong has advantages in being a gateway connecting investment, trade, finance, and logistics between China and the region and the world, which is an important b
asis for promoting economic relations between Vietnam and Hong Kong as well as between the ASEAN region and East Asian economies and the world.

Owin Fung, Director of the Hong Kong Economic and Trade Office in Singapore, said that Hong Kong (China) is one of the reliable partners when Vietnamese businesses want to expand their business abroad. He stressed that Hong Kong not only provides a stable business environment but also helps Vietnamese businesses expand connections with other markets in mainland China.

Noting that Ho Chi Minh City is planning to build a regional financial centre, Fung said as one of the world’s major financial centre, Hong Kong is willing to share experiences with the city in this realm.

Talking about the business environment in Hong Kong, Director-General of Invest Hong Kong (InvestHK) Alpha Lau said that Hong Kong has a strategic position in connecting the region to the world. It also has special advantages including a hub of finance, transportation, and international trade.

She
suggested that the fashion industry, food and beverage, agricultural products, and consumer goods are among areas with good growth potential where businesses from both sides can cooperate in doing business in Hong Kong./.

Source: Vietnam News Agency

Hanoi: Prime Minister Pham Minh Chinh on March 19 chaired a meeting with FDI enterprises and the annual Vietnam Business Forum (VBF) in Hanoi.

Themed ‘FDI enterprises pioneer in implementing green growth strategies,’ the meeting-conference was jointly held by the Vietnamese Ministry of Planning and Investment (MPI), the World Bank (WB), the International Finance Corporation (IFC) and the Vietnam Business Forum Alliance.

It brought together representatives from Vietnamese ministries, international organisations, embassies, foreign representative offices in Vietnam, business circle, and domestic and foreign economists.

In his remarks, PM Chinh hailed the support of international friends and contributions by FDI firms to Vietnam’s socioeconomic achievements over the past time.

Against the backdrop of a global FDI slowdown, Vietnam has remained a silver lining in this regard, attracting nearly 36.6 billion USD in FDI in 2023, up 32.1% year-on-year.

As of the end of February 2024, the country counted over 39,
500 valid FDI projects, with a total registered capital of more than 473 billion USD, by investors from 145 countries and territories worldwide, the leader said.

Informing the participants about Vietnam’s development orientations, he stressed that to achieve the set targets, it requires people and businesses, including FDI enterprises, to further uphold their roles.

The PM suggested FDI firms, along with Vietnam, take people as the centre, subject, resources, momentum and target of development, stressing economic growth should not be achieved at the expense of social progress and equality, and the environment.

Regarding green growth, the government leader noted that Vietnam has viewed it as a core element in economic restructuring and growth model reform towards higher productivity, quality, efficiency and competitiveness, and rapid, sustainable development.

He elaborated on Vietnam’s net-zero commitments and its green growth strategies and plans, and called on foreign investors and partners to work toget
her with Vietnam to achieve them.

FDI firms and foreign investors should lead in changing both mindset and actions, pursuing sustainable development, transferring technologies, and promoting development research, he suggested.

The PM also called on development partners to enhance cooperation, especially in high-quality personnel training, share experience with Vietnam, provide consultations, and intensify financial and technological support to the country.

In return, Vietnam will ensure legal, legitimate rights and interests of businesses, guarantee political stability, social order and safety and national independence, sovereignty and territorial integrity to help investors feel secured during operations; and ensure energy security towards green transition, he pledged.

At the same time, the country will implement the three breakthroughs of institution, law, mechanism, policy; infrastructure, including transport, digital, logistics and social infrastructure; and administrative reform and personnel trainin
g, the leader continued.

It will also work to raise businesses’ confidence in the Government and all-level administration; promote openness, transparency in tandem with the fight against negative phenomena and wastefulness; and step up support to enterprises in green, sustainable development, he said.

Minister of Planning and Investment Nguyen Chi Dung said the event demonstrates the strong determination of the Government, as well as the special role of the business community, especially FDI firms, in green growth.

Denzel Eades, Vice Chairman of the British Chamber of Commerce in Vietnam (BritCham), lauded Vietnam’s commitments to net zero emissions by 2050 and sustainable development, and the Government’s efforts in this regard, affirming that UK firms stand ready to significantly contribute to such important areas as energy, finance, pharmacy and consumer goods in the Southeast Asian nation.

He recommended that Vietnam quickly roll out the National Power Development Plan VIII, approved by the PM last ye
ar, with attention to be paid to the development of liquefied natural gas (LNG) power, and solar and wind energy, and implement the Just Energy Transition Partnership in line with the plan.

Joseph Uddo, Chairman of the American Chamber of Commerce in Hanoi (AmCham Hanoi) and President of AES Vietnam, said to regain momentum and develop the supply chain, Vietnam needs to carry out restructuring in state-owned enterprises, government management and management process for the private sector.

AmCham suggested that Vietnam further streamline administrative procedures in issues relating to tax and investment licensing, and ensure stable electricity supply for production and business, he said./.

Source: Vietnam News Agency