The 10th African Investment, Commerce Forum (AFIC10) took place in Algiers, Algeria, on May 4 and 5, bringing together about 800 delegates from 39 countries and territories.

Held under the theme "Your Road to the African Market," the forum, organised by the Arab-African Centre for Investment and Development (CAAID), highlighted the importance of implementing the African Continental Free Trade Agreement (AfCFTA) and fostering increased intra-regional trade.

The event facilitated hundreds of business-to-business meetings, fostering partnerships and collaboration among stakeholders seeking entry to the African market.

An accompanying exhibition showcased diverse sectors, including export, trade, agriculture, food processing, tourism, services, technology and digital transformation. Additionally, sectors like energy, construction, public administration, healthcare, pharmaceuticals, investment, finance, transportation, and environment were represented.

The Vietnamese Embassy and the Vietnam Trade Office in Algeria collaborated to set up a booth showcasing various Vietnamese products to potential African partners, such as coffee, pepper, cashew nuts, macadamia nuts, coconut rice, pharmaceuticals and handicrafts.

Vietnamese Commercial Counselor in Algeria Hoang Duc Nhuan said it is the fourth time Vietnam has joined the event with a view to understanding trade and investment policies across Africa.

According to Vietnam's customs data, the export turnover between Vietnam and Africa increased by 31.7% in the first quarter of this year. The trade figure between Vietnam and Algeria reached 75 million USD, up 16% year on year./.

HCM City eyes driving smart urban development through digital data

Ho Chi Minh City is aiming for a digital economy contributing about 25% and 40% to its gross regional domestic product (GRDP) by 2025 and 2030, respectively.

Duong Anh Duc, Vice Chairman of the municipal People's Committee, stated that the local authorities have issued a scheme to transform the southern largest economic hub into a smart city, a digital transformation programme, a data governance strategy, and a research and development programme for artificial intelligence (AI) applications for 2020-2030.

These key policy mechanisms for digital data-driven transformation are to not only ensure the set targets but also maximise the city's potential to rise to the level of major peers in the region and other countries.

At a workshop on smart city strategy held in the metropolis last month, Nguyen Manh Cuong, Director of the Ministry of Science and Technology’s Southern Office, emphasised the importance of databases.

Associate Professor, Dr. Hoang Huu Hanh, Head of the Vietnam Innovation and Digital Transformation Institute’s scientific council, said that linking and managing databases will bring economic and social value to the country, localities, and enterprises. Conversely, if the databases are not of high quality, efficient digital models or applications cannot be achieved.

Deputy Minister of Information and Communications Pham Duc Long recommended localities to build a common understanding that smart urban development is about implementing digital transformation within the scope and scale of urban areas focusing on addressing such major issues as transport, environment, energy, and social security.

This is a continuous and long-term process, requiring significant resources from the social community, he said.

Currently, the ministry is drafting a government decree on regulations for shared databases and is expected to submit it to the Government in May 2024./.

Green logistics helps firms obtain sustainable, comprehensive development: Insiders

Greening the logistics industry and applying green logistics in business will help enterprises meet environmental criteria, increase competitiveness, and achieve sustainable and comprehensive development and growth, experts said.

Green logistics is the concept of calculating and taking applications to minimise the ecological impacts of logistics activities, and has become an essential trend. If businesses do not promptly implement criteria to green the logistics industry, they will face difficulties in the future and may gradually be phased out from business, trade, and import-export activities both domestically and globally.

Ngo Khac Le, Deputy Secretary General of the Vietnam Logistics Business Association, stated that to promote green logistics for comprehensive and sustainable growth in Vietnam, it is essential to understand its essence and role.

The awareness and understanding of green logistics requirements, particularly among small- and medium-sized enterprises (SMEs), remains limited, Le said, stressing the need to select green logistics solutions and approaches that are suitable for each business and industry.

He also underlined the necessity to maintain communication campaigns and the involvement and support of the government and management agencies in the scheme.

Le also proposed solutions to improve the efficiency of inland waterways and maritime transportation to both increase the volume of cargo and reduce emissions from vehicles.

Domestic enterprises must speed up innovation, creativity, and digital transformation efforts, and vigorously implement green and smart logistics for import and export activities, he added.

Promoting green logistics for comprehensive and sustainable growth is not only a requirement specific to Vietnam but also a global trend. Domestic enterprises, especially SMEs, must proactively take measures to increase their competitiveness and develop a more reputable and trustworthy brand among the foreign business communities, thus promoting more sustainable and comprehensive development, the official stressed./.

MPI: Improving business environment key to recovery

Vietnam should focus on accelerating growth to ensure macroeconomy stability, controlling inflation, increasing production, and removing difficulties for businesses for the remainder of 2024.

This was the message contained in a supplemental report assessing the outcomes of last year's socioeconomic development plan and the situation following the first four months of 2024 by the Ministry of Planning and Investment (MPI).

The report has been approved by the National Assembly Economic Committee for submission to the assembly's seventh session of 2024 later this month. According to the MPI, the economy is forecast to continue to rebound this year.

The driving forces of investment are equity, foreign direct investment (FDI), public investment, state-owned enterprises, consumption, tourism, and exports.

"Macroeconomic stability and contained inflation, along with an improved investment and business environment, are the important fundaments that will spur development. International organisations continue to appreciate Vietnam’s achievements and growth prospects for 2024," said Deputy Minister of Planning and Investment Do Thanh Trung.

Vietnam is seen as a bright spot, together with Indonesia and Singapore, as the three markets make up a ‘golden startup triangle’ in ASEAN. Vietnam has also moved from 115 to 107 in the United Nations Development Programme's human-development index.

Trung noted that high-level foreign affairs and diplomatic activities continue to be implemented effectively, helping to elevate Vietnam’s status in the international arena and opening up multiple cooperative opportunities across the board.

Can Van Luc, BIDV chief economist, articulated the need for fiscal policy to further play a leading role this year.

"The Asian Development Bank and the World Bank agree that Vietnam has certain fiscal resources to support economic growth, such as continued extension of the 8 per cent VAT rate until the end of 2024 and the consideration of a reduction in car registration fees to stimulate domestic production and sales," said Luc.

Luc also suggested paying more attention to the interconnected risks between the stock and real estate market.

"The new Law on Credit Institutions helps overcome these risks, but it is necessary to monitor the practice, performing better management and supervision in the future," said Luc.

Exchange rate pressures could affect interest rates

The VND/USD exchange rate has increased by 4.9 per cent since the beginning of the year, compared to an increase of 2.6 per cent for the whole of 2023. This exchange rate pressure is expected to lead to an increase in interest rates, according to the State Bank of Vietnam (SBV).

The SBV's announcement came on May 3, stating that the exchange rate is now at VND24,242 for $1. Earlier this year, it was predicted that the exchange rate would increase by about 3-5 per cent for the whole of the year. However, the exchange rate has already hit that level in the first quarter alone.

This has raised concerns as the exchange rate is expected to lead to an increase in lending interest rates, while recovery in orders is slow and input costs are rising. The outlook is even worse for importers, causing many companies to forecast losses of hundreds of billions of VND.

Speaking at a conference on monetary policy in March, Dang Ngoc Hoa, chairman of the Board of Directors at Vietnam Airlines, said, "When the exchange rate increases by 1 per cent, we can lose up to $12.5 million per year, and if it fluctuates by 5 per cent, the additional cost will be $62.5 million. Vietnam Airlines very much desires exchange rate stability at the lowest possible level."

The excessively low-interest rate environment in recent times has adversely affected the exchange rate, forcing policymakers to weigh these two factors carefully.

The SBV has taken measures such as withdrawing excess liquidity from the system, increasing interest rates on the open market operations (OMO) channel, and intervening in the foreign exchange market.

From March 11 to 28, the SBV resumed using the bill channel to net withdraw about $7 trillion from the banking system, all with a 28-day term and interest rates ranging from 1.3-2.5 per cent per year.

In April, overnight interest rates in the interbank market resumed their upward trend, sometimes nearly reaching the 5 per cent ceiling according to regulations. This is also the highest interest rate level in the interbank market since May 2023.

"The SBV manages in a manner that ensures stability and will closely manage the foreign exchange market to ensure appropriate supply and demand," said Pham Chi Quang, head of the Monetary Policy Department at the SBV.

Starting from April 23 trading session, the SBV raised the interest rate on the OMO channel from 4 per cent to 4.25 per cent per year. At the same time, the volume of liquidity support through the OMO channel also saw the strongest increase in many years.

The wave of increasing deposit interest rates is spreading wider and wider, with 16 banks adjusting their savings interest rates in April alone.

Among them, some banks have adjusted savings interest rates 2–3 times for certain terms. OceanBank has made the strongest increase in interest rates, with an average increase ranging from 0.1-0.9 per cent per year. After this adjustment, the market has seen savings interest rates return to over 6 per cent per year.

OceanBank and OCB are also the two leading banks in terms of fixed-term deposit interest rates for 24 months, at 6 per cent and 5.8 per cent per year, respectively. VietBank and Saigonbank are also maintaining a 5.8 per cent interest rate for deposits with terms of 24–36 months.

At VietinBank's AGM on April 27, Do Thanh Son, CEO of the lender, told shareholders that interest rates are sure to increase under exchange-rate pressures.

Similarly, at ACB's AGM, Tran Hung Huy, chairman of the Board of Directors of ACB, predicted that the increase in interest rates from now until the end of the year will not be significant, although there is a possibility that interest rates will inch up each quarter.

MoIT advises caution over residential solar systems

The Ministry of Industry and Trade (MoIT) is advocating a conservative approach to residential solar installations as it warns of potential grid instability and increased operational costs, particularly for grid-connected systems, as part of the latest regulatory framework.

In a statement on May 1, MoIT stated, "Non-self-sustaining, grid-connected home solar systems will incur operational costs and are not advisable."

Under the proposed regulations, off-grid residential solar installations would face no development limits. However, for grid-connected systems, homeowners may feed surplus energy back to the grid but would receive no financial return. The cap for such installations is set at 2,600MW, aligned with the National Power Development Plan VIII.

According to Vnexpress, many industry experts are critical of these measures as they believe they lack adequate incentives for investment, pointing to the zero-return policy as economically unviable.

Additionally, the Electricity Regulatory Authority of Vietnam issued a warning on April 30 about rooftop solar. The authority advised prioritising on-site consumption and limiting grid feed-in to avoid large-scale disruptions and unnecessary financial burdens.

"Rapid, large-scale adoption could significantly destabilise the system and generate unwarranted costs," according to the regulator.

Currently, rooftop solar constitutes over 9 per cent of Vietnam’s total installed capacity, approximately 7,660MW, and nearly 4 per cent of national electricity production. This surpasses other renewable sources like wind and biomass, and even small hydro and gas turbines, which previously dominated the energy mix.

The variable nature of solar power, dependent on weather conditions, requires substantial backup and storage solutions to ensure grid stability, adding extra costs for homeowners and the electricity sector. On a larger scale, alternatives include pumped hydro storage or traditional power sources like hydro and gas, which face intermittent operation due to solar instability.

Regulators also highlight the challenge of managing the excess capacity from solar during peak times, which could surpass the grid’s absorption capacity. Grid operators would then face a critical choice: reduce output from controllable traditional plants, risking system reliability, or cut renewable energy production, thereby increasing operational costs and wasting resources.

The small-scale and dispersed nature of residential solar also complicates data collection and system control, presenting significant challenges in balancing the grid, particularly for individual household systems where precise data collection is not feasible.

Finally, the MoIT underscored the economic impact of solar intermittency. The variability of renewable sources necessitates keeping traditional power on standby or at low output, incurring costs even when no power is generated. These costs are ultimately distributed across all customers, including those without renewable installations.

HCMC’s retail sales surge by 12% in Jan-Apr

Retail sales of consumer goods and services in HCMC surged by 12% year-on-year in January-April, according to the municipal Department of Industry and Trade.

During the first four months of this year, the city’s retail sales generated VND177.09 trillion, up by 10.5% year-on-year.

An array of product categories showcased substantial growth compared to last year, with food rising by 8.6%, household equipment by 20.5%, wood and construction materials by 29.9%, and garments by 3.4%.

Nationwide, total retail sales of goods and services for the same period are estimated to reach VND2,062.3 trillion, an 8.5% year-on-year increase.

Retail revenue from goods amounted to VND1,594.5 trillion, a 7.1% increase against the same period last year. Sectors experiencing year-on-year double-digit growth include food (11%), household equipment (14.9%), garments (10.3%), and cultural and educational items (17.8%).

Regions with high retail revenue include Quang Ninh, Haiphong, Can Tho, Binh Duong, Dong Nai, Danang, HCMC and Hanoi.

Revenue from lodging and dining services is estimated at VND237.3 trillion, up by 15.3% year-on-year.

Cooperatives urged to focus on branding to expand exports of organic tea

Cooperatives have been advised to focus on branding and improving product quality to expand tea exports to highly-demanding markets, especially organic tea products.

A report by the Centre for Digital Transformation and Agricultural Statistics showed that the organic tea cultivation areas remain modest in Vietnam, estimated at around 8,000ha or 6% of the country’s total tea growing area.

In Thai Nguyen province which is home to the country’s largest tea growing area of nearly 23,000ha, there are only 100ha certified organic.

Tea growing area certified organic by the EU is only at 2,500ha.

To expand exports to demanding markets with strict requirements of food hygiene and safety, getting organic certifications is critical.

Tran Thi Binh, Director of Thanh Dat Organic Agricultural Cooperative in Thai Nguyen province, said that they want support to improve product quality and expand exports.

Dao Thanh Van, Vice President of the Vietnam Organic Agriculture Association, said Vietnam has around 100,000ha of tea growing area but the tea export price at 1.6 USD per kg is very low.

Pham Van Tien from Cao Son Tea Cooperative said that the market remains the biggest difficulty to cooperatives producing organic teas. Another problem is the weak linkage between farmers and enterprises in establishing tea value chains, he said.

Meanwhile, climate change is significantly affecting tea cultivation.

Currently, Vietnam ranks fifth in the world in terms of tea export but it is mainly exported in raw forms with a lack of originality, making it difficult to compete in the global market so the added value for tea growers and cooperatives remains modest.

According to David Lyons, Director at Australian Tea Cultural Society, the focus should be on building brands for Vietnamese tea products to expand exports to strict markets like Australia.

Impressive brands are important to develop loyalty customers, he said, adding that attention should also be paid to packaging.

Than Dy Ngu from Hiep Thanh Limited Company said that cooperatives and farmers should connect with each other to increase output and ensure quality for domestic production and exports.

Statistics showed that Vietnam exported 28,000 tonnes of tea in the first three months of this year, worth 45 million, an increase of 30% and 27.2%, respectively, over the same period last year.

In 2023, tea export was estimated at 121,000 tonnes, worth 211 million USD, dropping by 16.9% in volume and 10.9% in value over 2022, on falling consumption demand in the global market./.

Foreign, domestic investment in Ba Ria - Vung Tau rises sharply

Foreign and domestic investment in the southern province of Ba Ria - Vung Tau stood at almost 1.63 billion USD and over 25.93 trillion VND (1 billion USD) during the first four months of 2024, surging 7.2-fold from a year earlier.

The foreign direct investment (FDI) attracted during the period is equivalent to 81.4% of this year’s target, Tran Thuy Cam Le, Deputy Director of the provincial Department of Planning and Investment, told a meeting reviewing the April performance.

During January - April, nearly 1.63 billion USD was poured into 24 FDI projects, both new and existing ones. The value shot up 16-fold year on year.

With the latest investments, Ba Ria - Vung Tau is currently home to 474 FDI projects worth nearly 33.18 billion USD.

Meanwhile, 11 new and existing domestic projects were injected with more than 25.93 trillion VND during the four months, surging 3.9-fold year on year.

As a result, there are now 692 domestic investment projects with total registered capital topping 398 trillion VND, statistics show.

Le said the province, which is part of the southern key economic region, also recorded fast growth in many other economic figures over the last four months.

In particular, total retail sales of goods increased 12.19% year on year; revenue from transport, warehouse and transport supporting services 8.16%; cargo throughput at local ports 33.91%; revenue from accommodation services 16.79%; and earnings from travel services 42.62%.

Besides, almost 32.37 trillion VND was collected for the state budget during the reviewed period, equivalent to 36.53% of this year’s target and rising 8.27% from a year earlier. Foreign invested firms contributed the most, about 6.18 trillion VND, according to the official./.

Vietnam improving readiness to attract foreign investment: official

Vietnam has been applying itself to making institutional, infrastructure, and manpower improvements in efforts to attract more foreign investment, especially in such big industries as electronics and semiconductor, said Deputy Minister of Planning and Investment Do Thanh Trung.

He made the remark at the Government’s regular press conference on May 4 in response to the media’s question about some large foreign businesses’ interest in the Vietnamese market.

Trung pointed out that foreign businesses invest in not just Vietnam but various countries. Their investment decisions depend on many factors of which objective factors, subjective factors, and Vietnam’s readiness are main ones.

Objective factors include the geopolitical and economic situation in the world, the region and Vietnam, investment trends, and the shift of supply chains among countries around the globe.

Subjective factors include investment strategies and targets of businesses, the suitability of each country and region to them, resources, and implementation feasibility.

Meanwhile, the Government, the Ministry of Planning and Investment (MPI), and other ministries and sectors have been striving to promote the institutional, infrastructure, and manpower readiness of Vietnam to attract those firms, he noted.

In terms of regulation, Trung elaborated, the country has been perfecting policies, laws, mechanisms, and policies to improve the business and investment climate. It is also considering specific mechanisms and attractive incentives for technology, semiconductor, electronics, and chip companies.

Vietnam has been working to ensure the best possible transport infrastructure, including road, waterway and air transport facilities, along with infrastructure serving production such as electricity. Hi-tech parks and innovation centres are also being developed to create an even better environment for investors.

Regarding human resources, it has been building concrete programmes, Trung went on, saying that aside from the units capable of training and researching like universities and big companies, the Government and the Prime Minister assigned the MPI to draft a plan on training 50,000 engineers for the semiconductor industry, and the draft has already been submitted.

He revealed that foreign businesses highly value the Government’s determination to develop the semiconductor and chip industry. Aside from the US, investors from Japan, the Republic of Korea, have Taiwan (China) have also moved to make investments in Vietnam.

The Deputy Minister expressed his belief that with efforts by the Government and agencies, clearer results will be recorded in the time ahead./.

National coal group posts 2.24 billion USD in revenue in four months

The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) said it gained nearly 8.5 trillion VND (2.24 billion USD) in revenue in the first four months of this year, a year-on-year increase of 4%.

It contributed 8.46 trillion VND to the state budget.

During the period, the corporation mined 13.72 million tonnes of coal, up 2% from the same time last year, and generated 3.42 billion kWh of electricity, or 6% higher than its set plan.

It eyes to produce 3.3 million tonnes of coal and import 1 million tonnes while producing 130,000 tonnes of aluminium, 9,450 tonnes of copper ores, 2,400 tonnes of copper sheets, and 850 tonnes of zinc ingots, as well as generating over 1 billion kWh of power.

With a view to realising the set targets, the group will direct its units to push ahead with production and capitalise on their resources and capacity. In the meantime, it will roll out plans to supply coal for power generation during the peak of the dry season, and focus on compensation and site clearance work in line with plans to ensure sufficient electricity.

Furthermore, it will enhance inspection on safety and security in order to protect resources, plant trees at landfills and construction sites, and maintain anti-dust measures at coal warehouses, and production factories near residential areas./.

Fair seeks to help VN firms capitalise on global recovery

The annual HCM City Export Fair to be held in HCM City from May 8 to 11 is expected to help Vietnamese firms get new export orders and customers, the city Department of Industry and Trade has said.

To be held at the Saigon Exhibition and Convention Centre, the fair will have 450 booths, double last year’s number, showcasing the country’s major export items such as food and beverages, farm produce and fisheries, furniture, handicrafts, textiles and garments, footwear, handbags, rubber, plastics, and electronics besides supporting services.

Việt Nam's reputable export firms will be in attendance.

Organised by the department, the event is expected to attract 20,000 visitors and buyers from major markets such as the US, Europe, Southeast Asia, China, Japan, and South Korea, and e-commerce platforms.

It will feature activities like a forum to promote linkages towards green exports and business matching programmes that will bring together local firms and foreign retail chains such as Central Retail, MM Mega Market, Amazon, and Alibaba.

Nguyễn Nguyên Phương, the department’s deputy director, said the fair comes amid a revival in demand in many markets.

It would also help local manufacturing and export firms study market demand and trends to improve their products and technology, participate in the global production, supply and distribution chains and build strategic relationships with foreign distribution systems in both traditional and e-commerce channels, he added.

The organiser plans to digitise the fair by scanning it entirely using 3D scan technology to turn it into a 365-day virtual exhibition on Hopefair (https://hopefair.com), enabling exhibitors and potential buyers to interact 24/7.

The fair, held last year for the first time, was successful, attracting 9,244 visitors, including 306 foreign delegations from countries and territories such as the US, UK, India, Cambodia, South Korea, mainland China, Malaysia, Russia, Taiwan (China), and Australia, and seeing many contracts and MoUs signed.

Nguyễn Hoài Bảo, deputy chairman of the Handicraft and Wood Industry Association of HCM City, and vice president of Scancia Pacific Co., Ltd, said exports of wood and wooden products have recovered after a sharp drop last year.

Buyers in major markets such as the US, China, South Korea and Japan have run out of inventories and are placing orders again, he said.

Many woodworking firms have got orders but geopolitical tensions and trade barriers set by importing countries have caused difficulties for exports. He suggested firms to seek new export markets such as the Middle East, Australia and Canada.

By participating in the fair, his company and others hope to seek opportunities for expanding into new markets, he added. 

Vietnam Dairy 2024 returns to HCM City

The fourth Vietnam International Milk and Dairy Products Exhibition (Vietnam Dairy 2024) will take place at Phú Thọ Indoor Sport Stadium in HCM City from May 30 to June 2.

Co-organised by the Vietnam Dairy Association (VDA) and Vietnam Advertisement and Fair Exhibition JSC (VIETFAIR), the exhibition will feature 200 booths by domestic and foreign enterprises from Australia, Demark, Taiwan (China), New Zealand, Japan, South Korea, France and Việt Nam.

Among exhibitors will be Vinamilk, Nestle, Nutifood, Abbott, Vinasoy, Mead Johnson, Care For, Nutricare, VP Milk and Meiji Food. 

Firms will showcase milk and dairy products, ingredients and technology in the dairy industry, processing and packaging lines in the industry, animal feed and veterinary machines, milk testing equipment, packaging recycling and environment treatment technologies, digital transformation services and solutions in the dairy sector and food safety standard management systems. 

VDA Chairman Trần Quang Trung described the event as a major trade promotion event to connect domestic and foreign businesses.  

"It will also help firms find new partners, expand their markets and enhance their cooperation in trade, investment, and science and technology to improve their competitiveness, contributing to ensuring the sustainable development of Việt Nam's dairy industry," Trung told a press conference in Hà Nội late last week.  

Several conferences discussing solutions for applying a circular economy in the dairy industry; facilitating consumption of milk and milk products in the Vietnamese market and speeding up digital transformation in the sector will be held on the sideline of the event, Trung said.  

"Việt Nam's dairy industry has been gradually developing sustainably, in a modern and synchronous direction from raw material production to finished products, with the ability to proactively integrate into the region and the world and meet the needs of customers," Trung said. 

He added that in recent years, local businesses in the dairy industry have made increasing efforts to provide customers with high-quality products and their dairy goods have conquered world standards and markets. 

Despite difficulties due to the COVID-19 pandemic, the domestic dairy industry still produced over 1.86 billion litres of fresh milk in 2023, up 7.5 per cent year-on-year. Powdered milk production volume also saw a modest growth of 0.1 per cent year-on-year to over 154,000 tonnes. 

Last year, the sector recorded a revenue of over VNĐ125.88 trillion (US$4.95 billion) amid the challenging context.

Hanoi grosses US$5.8 billion from exports in four months

The capital city of Hanoi earned US$5.8 billion from exports during the past four months of the year, representing a rise of 9% against the same period from last year, according to Hanoi Statistical Office.

Of the figure, the domestic economic grossed US$3.5 billion, up 18.1%, while export turnover of the foreign-invested sector reached US$2.3 billion, down 2.7%.

April alone witnessed Hanoi rake in US$1.5 billion from exports, up 0.8% from the previous month and up 4% compared to last year’s corresponding period. Of which, the domestic economic sector grossed US$1 billion, up 16.2%, while the foreign-invested sector fetched US$502 million in export turnover, down 20.8%.

Most notably, exports of several industrial product groups witnessed robust growth during the four-month period, including computers, electronics and components, up 6.2%; machinery, equipment, and spare parts, up 15.1%; transport vehicles and spare parts, up 11.3%; garment and textiles, up 2.6%; agricultural products, up 72%; petroleum products, up 16.4%; and timber and wood products, up 8.3%.

Furthermore, the city also spent US$12.4 billion on importing goods during the reviewed period, up 8.1% on-year, of which the domestic economic sector imported goods worth US$10.4 billion, up 10.9%, and foreign-invested sector purchased commodities worth US$2 billion, down 4.6%.

Conference talks Vietnamese semiconductor human resources in global supply chain

Experts and representatives from organisations shared their views on Vietnamese semiconductor human resources in the global supply chain at a conference in Hanoi on May 4.

The event was jointly held by Phenikaa Group, Phenikaa University, Synopsys Group, and Arizona State University of the US.

Speaking at the conference, Deputy Prime Minister Tran Hong Ha pointed to great opportunities for Vietnam to be a strategic destination in the global semiconductor supply chain, saying the country has taken specific steps to facilitate the industry.

The Government is focusing on building a semiconductor industry development strategy and a project on personnel training for the sector following international standards, he said.

To boost the industry, it is necessary to identify Vietnam’s strengths and to build a pool of human resources that satisfy international standards, the Deputy PM noted, adding there should be mechanisms to encourage businesses to play a role in personnel training.

Suggesting the organisation of intensive training courses, Ha said Vietnam wishes to receive the support from the US and leading enterprises in this regard.

He also affirmed the Government’s commitment to supporting training facilities and enterprises in order to create a favourable business environment, and encourage innovation, research and development, and production in the industry.

Participants touched upon the feasibility of training 50,000 semiconductor engineers by 2030, the Government’s incentives to universities in semiconductor personnel training, and how to form the workforce pool.

Phenikaa Group and partners announced their specific steps to accompany the Vietnamese Government in developing high-quality semiconductor human resources.

Within the framework of the conference, Phenikaa Group exchanged strategic cooperation agreements with Arizona State University of the US, Chang Gung University of Taiwan (China), and some firms.

On this occasion, the semiconductor research and human resources training alliance, established by Phenikaa University and the central city of Da Nang under the public-private partnership, made its debut.

The alliance is set to train high-quality semiconductor workforce for both domestic and foreign markets./.

Airlines, railway firms report big profits

Airlines and railway companies in Vietnam have reported big profits in the first quarter of this year following consecutive losses due to the impact of the Covid-19 pandemic.

National flag carrier Vietnam Airlines posted revenue of VND28.3 trillion (USD1.11 billion) between January and March, up 25 percent on-year. Revenue from international transport during the time reached VND13.8 trillion, up 30.4 percent on-year.

In the first quarter, Vietnam Airlines made a post-tax profit of VND4.44 trillion (USD173.19 million).

Vietnam Airlines has restored all of its domestic air routes and most of its international routes. It has also opened some new routes.

Budget carrier VietJet Air operated nearly 34,500 flights with a total 6.3 million passengers in the first quarter. It earned revenue of VND17.7 trillion, up 38 percent on-year and post-tax profit of VND520 billion, up 209 percent.

Vietravel Airlines recorded a profit of VND10 billion against a revenue of VND490 billion.

Meanwhile, the railway sector has also witnessed strong recovery.

Between January and March, the Saigon Railway Joint Stock Company posted a revenue of VND556 billion, up 13 percent against the same period of last year. This was the firm's highest revenue for the past five years. The company’s post-tax profit was estimated at VND33 billion.

Hanoi Railway JSC saw an on-year revenue rise of 13 percent to VND710 billion, marking the highest level over the past nine years.

The company’s post-tax profit during the first quarter was at VND34 billion compared to the set target of VND11.2 billion for the whole year.

Great potential for Vietnamese products at African Investment, Commerce Forum

Numerous Vietnamese products were introduced to potential African partners, such as coffee, pepper, cashew nuts, macadamia nuts, coconut rice, pharmaceuticals and handicrafts at the 10th African Investment, Commerce Forum (AFIC10) held in Algiers, Algeria, on May 4 and May 5.

The forum running the theme ‘Your Road to the African Market’ was organized by the Arab-African Centre for Investment and Development (CAAID), featuring the participation of roughly 800 delegates from 39 countries and territories globally.

The event underscored the importance of realizing the African Continental Free Trade Agreement (AfCFTA) and fostering increased intra-regional trade, and facilitated hundreds of business-to-business meetings, while strengthening partnerships and collaboration among stakeholders seeking entry to the African market.

An accompanying exhibition displayed diverse sectors, including export, trade, agriculture, food processing, tourism, services, technology and digital transformation. Additionally, sectors like energy, construction, public administration, healthcare, pharmaceuticals, investment, finance, transportation, and environment were represented.

The Vietnamese Embassy and the Vietnam Trade Office in Algeria collaborated to set up a booth showcasing various Vietnamese.

Visiting the Vietnamese booth and trying out products, the forum participants highly appreciated the quality of Vietnamese goods, while some business representatives expressed their desire to connect with Vietnamese businesses to exchange expertise, and identify potential and opportunities for future cooperation.

Vietnamese Commercial Counselor in Algeria Hoang Duc Nhuan said it is the fourth time Vietnam has participated in the event with a view to get better understanding of trade and investment policies across Africa.

This is viewed as a good opportunity for Vietnamese businesses and goods to take advantage of investment incentives to make deeper inroad into this market, he added.

Despite facing very difficult global situation, Vietnam's trade turnover with Africa last year reached a high growth rate of 5.7%.

According to Vietnam's customs data, the export turnover between Vietnam and Africa surged by 31.7% in the first quarter of this year, with their import and export turnover hitting US$75 million, posting a year- on-year rise of 16%.

HCMC’s retail sales surge by 12% in Jan-Apr

Retail sales of consumer goods and services in HCMC surged by 12% year-on-year in January-April, according to the municipal Department of Industry and Trade.

During the first four months of this year, the city’s retail sales generated VND177.09 trillion, up by 10.5% year-on-year.

An array of product categories showcased substantial growth compared to last year, with food rising by 8.6%, household equipment by 20.5%, wood and construction materials by 29.9%, and garments by 3.4%.

Nationwide, total retail sales of goods and services for the same period are estimated to reach VND2,062.3 trillion, an 8.5% year-on-year increase.

Retail revenue from goods amounted to VND1,594.5 trillion, a 7.1% increase against the same period last year. Sectors experiencing year-on-year double-digit growth include food (11%), household equipment (14.9%), garments (10.3%), and cultural and educational items (17.8%).

Regions with high retail revenue include Quang Ninh, Haiphong, Can Tho, Binh Duong, Dong Nai, Danang, HCMC and Hanoi.

Revenue from lodging and dining services is estimated at VND237.3 trillion, up by 15.3% year-on-year.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes