Category: Business

HCM City: Food and Hotel Vietnam 2024, the country’s leading international exhibition in the food, restaurant and hotel industry, opened on March 19 in Ho Chi Minh City.

In the 12th edition this year, the event gathered more than 300 exhibitors from 27 countries and territories, including Poland, Brazil, Canada, Italy, the US, China, and Japan, among others.

During the three days of the exhibition, a series of F and B competitions – the Vietnam Culinary Challenge, Vietnam Barista Competition and Vietnam Aromaster Championship, among others, will also take place.

Ben Wong, General Director of Informa Markets Vietnam, said that the event aims to help traders in Vietnam find suitable supply sources and expand business activities. The show will bring products closer to consumers while helping to promote trade, creating a bridge for many international brands to get closer to importers, distributors, retailers and businesses of cuisine and accommodation services in Vietnam.

Vietnam’s food service market is ex
pected to reach 22.72 billion USD in 2024 and reach 36.29 billion USD by 2029, with a compound growth rate (CAGR) of 9.82% in the period of 2024 – 2029 (Mordor Intelligence, 2023).

The expo takes place from March 19-21 at the city’s Saigon Exhibition and Convention Centre./.

Source: Vietnam News Agency

Hanoi: Hanoi and Vientiane have signed cooperation documents within the framework of the working trip by Politburo member, Secretary of the Party Committee and head of the National Assembly deputies’ delegation of Hanoi Dinh Tien Dung to the capital of Laos in mid-March.

The Department of Information, Culture and Tourism of Vientiane and the Investment, Trade and Tourism Promotion Centre of Hanoi signed a memorandum of understanding (MoU) of friendship cooperation to research and develop a cooperative programme for tourism promotion activities, and regularly support businesses to connect and explore cooperation and business opportunities.

Hanoi’s association of artisans and skilled craftsmen also inked an MoUs on cooperation, and action programmes with associations in Vientiane, including those of furniture, sculpture, bamboo and rattan, and jewellers.

Nguyen Anh Duong, Director of the Hanoi Investment, Trade and Tourism Promotion Centre, said these documents will serve as an important basis and condition
for businesses and associations to strengthen collaboration and production. Apart from training and improving skills, the cooperation will also help businesses access markets, develop tourism, and consume typical products of the two capital cities.

According to the Hanoi People’s Committee, Hanoi’s export value to Laos in 2023 hit 119.6 million USD.

The two localities have also arranged field surveys in areas growing agricultural raw materials and a number of handicraft production establishments in Vientiane, Luang Prabang province, and surrounding areas.

Nguyen Manh Quyen, Vice Chairman of the Hanoi People’s Committee, said in 2024, municipal authorities will promote cooperation between Hanoi and Lao localities. The city will also continue to implement the MoU between the Departments of Industry and Trade of Hanoi and Vientiane for the 2022 – 2025 period, thus supporting cooperation of businesses to cooperate and develop.

Trade promotion activities will continue to be organised in Laos, thereby supportin
g products and businesses of both sides to develop together, and encouraging Hanoi businesses to invest and do business in Laos, especially in agriculture, and agricultural product processing.

Attention will be also paid to providing market information and export policies for businesses exporting to the Lao market./.

Source: Vietnam News Agency

Binh Duong: Leaders of the southern province of Binh Duong, a magnet for foreign direct investment (FDI) in Vietnam, had a meeting with representatives from the German Business Association (GBA) in Vietnam on March 19 to seek ways to expand investment connectivity with nearly 400 German enterprises.

Germany currently has 18 investment projects worth 50.7 million USD in the southern province, accounting for only 0.4% of the total number of FDI projects, and 0.1% of the combined registered capital in the locality.

GBA Vietnam Chairman Alexander Ziehe said that the association has nearly 400 member businesses, and Binh Duong is one of the main locations for German investment projects in various industries, after Ho Chi Minh City and Hanoi.

He proposed Binh Duong prioritise addressing issues related to infrastructure, particularly in transport, improving waste management and rooftop solar systems, and bettering the provision of information about new policies by announcing changes at least three months in advan
ce, and publishing them on online and offline media in both Vietnamese and English.

Nguyen Loc Ha, Vice Chairman of the provincial People’s Committee, said that in the coming time, Binh Duong will continue to restructure the intra-provincial industrial network, upgrade existing industrial parks into smart ones, develop supporting industries to increase the localisation rate, and invest in building a regional transport system.

According to Ha, the province is prioritising the attraction of FDI in green transformation, with a focus on developing sustainable energy, green economy, and circular economy.

Binh Duong currently has 29 industrial parks and 12 industrial clusters, with more than 60,000 businesses that are employing more than 1.2 million workers. It ranks third in the country in terms of FDI attraction with 4,247 projects totalling 40.5 billion USD./.

Source: Vietnam News Agency

Hanoi: A delegation of 50 US enterprises arranged by the US – ASEAN Business Council (USABC) is paying a working visit to Vietnam from March 18 to 21, which is said to mark a big step in bilateral relations.

This is the biggest US business delegation coming to Vietnam since the two countries upgraded their ties to a comprehensive strategic partnership in September 2023.

Prominent in the delegation are Meta, Boeing, 3M, Abbott, AES, AIG, Amazon, Atmo, Chubb Life Vietnam, Coca-Cola Vietnam, Dieago, Dow, Energy Capital Vietnam, FedEx, Ford, Manulife, Marriott International, Mastercard, PepsiCo Foods Vietnam, Pernod Ricard, Procter and Gamble (P and G), Roblox, Salesforce, SAP Asia Pte Ltd, SnowBridge Capital, Suntory PepsiCo Vietnam Beverage, Visa, and Zuellig Pharma Vietnam.

On this occasion, US Ambassador to Vietnam Marc Knapper said the two sides agreed to intensify cooperation in all aspects, from trade, investment, security to education and health care, and to continue promoting ties in the fields they
are strong at.

Perceiving that it is necessary to utilise the comprehensive strategic partnership, he noted there are many foundations for developing the Vietnam – US collaboration such as the Indo-Pacific Economic Framework for Prosperity (IPEF), and that it’s now an important point of time for fostering long-term cooperation.

Vietnam played an important role in global supply chains during the pandemic, and the US has boosted supply chain resilience by manufacturing such products as leather – footwear in the Southeast Asian country. It has been holding an important role in the US’s trade relations as well as security and economic ties, Knapper said.

The US will step up cooperation with Vietnam through the USABC and the American Chamber of Commerce in Vietnam, the diplomat went on, mentioning the growth of bilateral trade over the past 29 years since the normalisation of bilateral relations, with Vietnam now being the ninth largest trade partner of the US and the US the biggest destination of Vietnamese go
ods.

Highlighting the US as one of the top 10 foreign investors in Vietnam, USABC President and CEO Ted Osius said foreign direct investment (FDI) from the US in Vietnam rose sharply last year and this trend will continue in 2024.

US investors will invest more in Vietnam, and priority fields include technology, clean energy, energy transition, financial services, tourism, and defence, according to Osius.

For her part, Sarah Morgenthau, Special Representative for Commercial and Business Affairs at the US Department of State, welcomed Vietnamese enterprises’ investment expansion in the US in the areas they have strength in like electric vehicle manufacturing. She voiced her hope that the US will boost investment in Vietnam as well as ASEAN at large, and vice versa.

Joseph Uddo, President of the US-invested AES Vietnam, noted his company has poured billions of USD into Vietnam and become a major investor in the local energy market. AES Vietnam is inspired by the country’s development orientation, which match
es its expectation, and it is ready to support the Vietnamese Government during the energy transition process.

About the reason for the firm’s investment here, he said the country’s fast growth has led to increasing energy demand, which also creates many opportunities for manufacturing and artificial intelligence. Vietnam also offers numerous investment chances thanks to a population of 100 million, a young, industrious and smart workforce, and a business-enabling environment./.

Source: Vietnam News Agency

Hanoi: The Petrovietnam Technical Services Corporation (PTSC), a subsidiary company of the Vietnam Oil and Gas Group (Petrovietnam), is deeply engaging in domestic and international offshore wind power projects thanks to its rich experience, strong resources and highly qualified personnel.

According to PTSC General Director Le Manh Cuong, the firm is capable of providing transformer station and base manufacturing services for offshore wind power projects, and its capacity can meet international partners’ demand.

Recently, PTSC has been chosen by international offshore wind power developers to participate in their supply chains.

In May 2023, PTSC won the bid and signed a contract with Orsted Group to manufacture and supply 33 wind power bases for CHW2204 offshore wind farm project in Taiwan (China) which has a total capacity of 920 MW. PTSC has also signed and implemented contracts to design and manufacture nine offshore substations (OSS) for offshore wind power projects in Taiwan (China) and Europe (Baltic
Sea region).

These projects have a total contract value of about 1.5 billion USD. All the supplies are manufactured in Vietnam.

In 2023, PTSC was also chosen by the Singaporean Government to partner with Sembcorp in developing a 2.3GW offshore wind power project to export electricity to Singapore through a submarine cable system.

With an over 3,000km coastline, Vietnam has the highest wind power resources in Southeast Asia, and ranks fifth in Asia and 13th in the world in the field. The World Bank estimates that Vietnam’s offshore wind power potential is about 600GW. Wind power development is also a focus of the National Power Plan VIII.

Cuong held that the Government should issue policies and mechanisms to encourage and attract investment in offshore wind power development to optimise the country’s strength, with priorities given to domestic firms and State-owned enterprises.

In late August 2023, PTSC became the first and only in Vietnam to be licenced by the Ministry of Natural Resources and Environmen
t to fully deploy monitoring, investigation, survey and assessment activities of marine resources.

In October 2023, PTSC’s partner Sembcorp was also granted a conditional electricity import licence from the Singapore Energy Market Management Authority (EMA).

Cuong revealed that in 2024, PTSC will conduct offshore surveys./.

Source: Vietnam News Agency

Washington: The Vietnamese trade office in the US had a working session with Secretary of the Department of Commerce of Maryland state Kevin Anderson on March 18, seeking cooperation opportunities between Vietnam and the US state.

At the event, Anderson said Maryland is interested in cooperation in the areas of trade, agriculture, education, logistics, tourism, and investment in smart phone production.

Maryland, spanning over 32,000 square kilometres in the northeastern part of the US, boasts strength in tourism, retail sales, communications and finance, education, agriculture, energy, and science technology. The state is working towards expanding and signing cooperative agreements with international partners, including those in Southeast Asia.

Currently, it has three free trade zones to attract investment and production.

The Vietnamese trade office proposed a technical study to consider a Memorandum of Understanding (MoU) between the Ministry of Industry and Trade and the Maryland administration based on
several MoUs that Vietnam has clinched with West Virginia state and Oregon state and one to be signed with Washington state.

Speaking highly of the recommendation, Anderson said Maryland will have an internal discussion and discuss the issue soon.

The Vietnamese side took the occasion to invite Anderson to the Vietnam International Sourcing Expo that will take place in Ho Chi Minh City in June. The latter said he and Maryland Governor Wes Moore have been interested in enhancing the economic and trade ties with Vietnam, and will arrange time to join the event.

Besides, the office asked for Anderson’s support in pushing for Vietnam’s recognition as a market economy by the US./.

Source: Vietnam News Agency