Ho Chi Minh City’s Department of Industry and Trade has announced that it plans to inspect businesses selling on online platforms which show signs of violating regulations.

E-commerce platforms and social networks have seen a concerning rise in deceptive trade practices, with advertising and promotions often exceeding 50% of the value of goods and services, the department said.

These excessive promotions create unfair competition in the market and affect consumer rights, it said.

To protect consumer rights and ensure fair competition between domestic and foreign enterprises, the department has proposed several measures to the Ministry of Industry and Trade such as prohibiting advertisements and promotions that violate regulations on websites, e-commerce platforms and social networks, and suspending domain names, websites, e-commerce platforms, and social networks of repeat offenders.

Recently, it has become increasingly common for discounts to surpass 50 % of the value of goods and services on cross-border e-commerce platforms and social media networks. This fosters unfair competition in the market.

The city's authorities plan to verify international e-commerce platforms' compliance with regulations by to create a level playing field.

It also seeks to strengthen taxation and customs regulations by establishing clear guidelines on tariffs, customs procedures and control of cross-border e-commerce.

It is imperative to ensure close oversight and equitable taxation of foreign products sold in Vietnam via cross-border e-commerce, it said.

The department urged the Ministry of Industry and Trade to support businesses in participating in e-commerce, connecting with international partners, attending e-commerce trade fairs and global online exhibitions, and expanding exports through cross-border e-commerce.

It recommended that the Ministry of Industry and Trade encourage businesses to participate in e-commerce and online trade fairs and global exhibitions, facilitating links with international partners, and promoting exports through e-commerce./.

PM asks for UAE's support in building financial centres

Prime Minister Pham Minh Chinh on October 28 morning said he hopes the United Arab Emirate (UAE), with its experience in developing the Dubai and Abu Dhabi financial centres, will support Vietnam in forming a suitable policy framework and model.

Receiving UAE Minister of Investment Mohamed bin Hassan Alsuwaidi as part of his official visit to the Middle East country, Chinh also asked the UAE to join in the process of building and investing and developing financial centres in Vietnam, adding that Vietnam aims to build international financial centres in Ho Chi Minh City and Da Nang and build free trade zones in major cities.

The PM congratulated the UAE on its socio-economic development achievements, especially in the fields of renewable energy, green transformation, science and technology, innovation, and financial centres, and emphasised that Vietnam attaches importance to investment cooperation with the Middle East region, in which the UAE is one of the top focuses.

However, he noted that the investment ties between Vietnam and the UAE are not commensurate with their potential. The UAE now has 38 foreign direct investment (FDI) projects in Vietnam, with a total registered investment capital of 74.1 million USD, ranking 52nd out of 144 countries and territories investing in Vietnam. Meanwhile, Vietnam has five investment projects in the UAE with a total registered capital of 1.8 million USD.

PM Chinh emphasised that Vietnam and the UAE have ample potential for investment cooperation. He informed that during his visit to the UAE this time, the two sides will upgrade relations and sign the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA), and then build a plan to connect the two economies to early achieve the goal of bringing two-way trade to 10 billion USD.

He informed the guest that Vietnam now prioritizes investment projects in the fields of high technology, electronics, semiconductor chips, innovation, artificial intelligence, cloud computing and Internet of Things, which are in line with the strengths of the UAE as well as the world trend.

He called on the UAE Ministry of Investment to share experiences in attracting foreign investment; and consider, select and connect partners to participate in strong and comprehensive investment cooperation with Vietnam, including cooperation with the National Innovation Centre (NIC) of Vietnam.

The PM said Vietnam is focusing on perfecting its institutions, training high-quality human resources and developing strategic infrastructure, including seaport systems, high-speed railways, and airports, towards becoming an international transit point, and called on UAE investment funds to support Vietnam in accessing international financial and investment sources, especially green financial sources, to implement sustainable development goals towards green growth.

For his part, the UAE Minister of Investment said that Vietnam with a population of 100 million and the UAE with a population of 10 million, are both countries with major roles and positions in the region.

He held that as the two countries are developing rapidly based on science, technology, innovation, strongly attracting foreign investment, they can cooperate and complement each other in many areas.

The UAE is ready to share experiences and support Vietnam in building financial centres in Ho Chi Minh City and Da Nang city, the minister said, promising to research and direct UAE corporations to invest in strategic projects in Vietnam, and introduce potential UAE partners to Vietnamese businessmen and investors to cooperate, expand operations and effectively implement investment projects in the UAE./.

PM receives heads of UAE corporations

Prime Minister Pham Minh Chinh received leaders of several leading corporations in the United Arab Emirates (UAE) operating in the areas of infrastructure development and management, seaport, logistics and industrial park on October 27 as part of his ongoing official trip to the nation.

The guests included Chairman of Prime Group Tamer Wagih Salem, Managing Director and Group CEO of Abu Dhabi Ports Group Mohamed Juma Al Shamisi, NMDC Energy CEO Niels De Bruijn, and CEO of Emirates Driving Company Khaled Al Shemeili.

They stressed that Vietnam boasts huge potential in the development of their industries and expressed their hope that the Vietnamese Government will create favourable conditions for UAE firms to land investments in Vietnam, including cooperation projects with private conglomerate Vingroup.

Speaking highly of the robust business results of the UAE firms over the recent past, PM Chinh stressed that although the relations between Vietnam and the UAE have been thriving in various sectors, the investment cooperation activities have not yet matched the potential and there is huge room for development in the coming time.

PM Chinh underscored that the Southeast Asian country is carrying out three strategic breakthroughs of completing mechanisms, training human resources, and branching out strategic infrastructure, comprising expressways, high-speed railways, airports and seaports.

Bestowed with a coastline of 3,000 kilometres, Vietnam has issued a master plan on the development of sea ports for the 2021-2030 period with a vision to 2050, aiming to form a synchronous and modern seaport system with high-quality services meeting socio-economic development requirements, he stated, adding such seaports as Lach Huyen, Lien Chieu, Thi Vai – Cai Mep and Can Gio will not only serve the Vietnamese economy, the world’s 20th largest in trade volume, but also become a transshipment hub of the Southeast Asian region and the world.

The Prime Minister suggested Abu Dhabi Ports Group and NDMC, with their experience in port management, support the Vietnamese government and enterprises in achieving the above-mentioned goals. He welcomed these groups’ cooperation plans with Vingroup, describing it as a smart choice and a strategic vision. He expressed his hope that this partnership will continue to grow, further promoting economic ties between the two countries in the near future.

The Vietnamese Government leader also urged Vinfast and Emirates Driving to boost their collaboration in advancing green growth and sustainable development in Vietnam, aiming to fulfill the country’s net-zero emissions commitment by 2050 made at the 26th United Nations Climate Change Conference (COP26). He expressed a desire for their cooperation plan in establishing an electric vehicle manufacturing plant to be materialized soon.

The PM asked Prime Group to leverage its extensive network of partners to bring reputable and capable investors to Vietnam to explore investment opportunities.

He noted that Vietnam is focusing on development based on science, technology, innovation, digital transformation, green transition, circular economy, knowledge economy, and sharing economy, especially in emerging fields such as semiconductor chips, cloud computing, and Internet of Things (IoT). He said he hopes that UAE enterprises will promote collaboration and investment in these areas.

Vietnam is promoting the deployment of oil and gas projects, and developing gas-fired, offshore wind and solar power, Chinh said, hoping for investment cooperation from UAE companies as this is an area of their strength.

Regarding Vietnam's development goals towards the 100th founding anniversary of the Communist Party of Vietnam and the 100th founding anniversary of the country, the Prime Minister said that Vietnam will push ahead with tasks and solutions to usher in a new era of development, including improving the investment environment, establishing investment funds, developing infrastructure, and promoting smart governance.

He affirmed that the country will create all possible favourable conditions for UAE investors to conduct effective and sustainable business in Vietnam, contributing to the prosperity of both nations, their regions, and the world at large./.

Vietnam Airlines changes terminal at Taoyuan International Airport

National flag carrier Vietnam Airlines has announced that all of its operations at Taoyuan International Airport in Taiwan (China) will be moved from Terminal 1 to Terminal 2, starting on October 28.

With modern infrastructure and equipment, Terminal 2 can serve 22 million passengers per year, 7 million higher than Terminal 1. The change from Terminal 1 to Terminal 2 is aimed to reduce travel time and help passengers approach transfer counters at the airport easily.

Notably, Terminal 2 is a venue for SkyTeam's member airlines, making it easier for Vietnam Airlines passengers to connect with partners’ flights. Travellers can also use subway services between terminals with five trips every five minutes and travel time of just about one minute.

Passengers are advised to complete check-in procedures before their flights. The airline's personnel are available to support passengers throughout the travel process, including assisting travellers at the check-in counters./.Vietnam remains Singapore's 5th largest aquatic product supplier

Vietnam remained Singapore's 5th largest exporter of aquatic products for three straight quarters

Vietnam remained Singapore's 5th largest exporter of aquatic products for three straight quarters, the Vietnam Trade Office in the city-state has said.

Statistics from the Singaporean Accounting and Corporate Regulatory Authority showed that during January-September, the country imported nearly 839.1 million SGD (635.24 million USD) worth of aquatic products from nearly 100 countries and territories, a decrease of 4.51% from the same period in 2023.

The top exporters of aquatic products to Singapore during the period were Malaysia with a 13.42% market share, Indonesia 10.98%, Norway 10.34%, China 9.81%, Vietnam 9.22%, and Japan 8.42%.

Commercial Counselor Cao Xuan Thang, Head of the Vietnam Trade Office in Singapore, said the above statistics demonstrated the important position and role of Vietnamese aquatic products in the Singapore market.

However, to increase market share sustainably, increasing the ranking and export value of aquatic products to Singapore, Vietnam needs to continue improving the product quality.

He noted that high inflation and the trend of tightening spending in Singapore are also major challenges for exporters, including Vietnam.

Countries that can take advantage of logistics and reduce costs will create a greater competitive advantage in exporting goods to Singapore, Thang added./.

Vietjet launches Nha Trang - Daegu air route

Vietjet Air has launched an air route connecting the coastal city of Nha Trang in the south-central province of Khanh Hoa and Daegu city in the Republic of Korea (RoK) with seven return flights per week.

A representative of the carrier said that the launch of the Nha Trang-Daegu route is an important milestone in its journey to expand its flight network to the RoK.

Since its first flight connecting Vietnam and the RoK in 2014, Vietjet has carried nearly 11 million passengers on 12 routes between the two countries, including those connect major Vietnamese cities such as Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Nha Trang, Phu Quoc and Da Lat with leading cities in the RoK like Seoul, Busan and Daegu, making it easier for passengers to travel between the two nations.

To welcome passengers on the new route, Vietjet is offering attractive promotion programmes on its website or mobile app.

In September, Vietnam served 12.7 million foreign visitors, including 3.3 million from the RoK, making the East Asian country the largest international tourism market of Vietnam.

According to Vietjet, Daegu is one of the largest cities in the RoK, an interesting destination with a harmonious combination of modernity and traditional culture. It attracts tourists with famous festivals such as the cherry blossom festival, shopping districts, and many cultural relics like Donghwasa Temple and Daegu Yangnyeongsi Museum.

Meanwhile, Nha Trang is known as the pearl in the East Sea of Vietnam, famous for its long coastline, many resorts, and mild climate all year round. This is a destination for those who love to relax by the sea./.

Vietnam Airlines launches Hanoi – Phnom Penh direct flight

National flag carrier Vietnam Airlines launched a direct route between Hanoi and Phnom Penh, Cambodia, on October 27, with a schedule of four flights per week on Mondays, Wednesdays, Fridays, and Sundays.

The route will offer a new option for passengers in addition to the current four between Vietnam and Cambodia, including Ho Chi Minh City - Phnom Penh; Hanoi, and Ho Chi Minh City - Siem Reap, and one trans-Indochina route. The total number of flights between the two countries will also increase to 86 flights per week.

Currently, the airline is the only Vietnamese operating a direct route between Hanoi and Phnom Penh. With this route, passengers will have their travel time reduced to just about two hours.

Speaking at the launch, Vietnamese Ambassador to Cambodia Nguyen Huy Tang said that the new route is an important milestone in the friendship and neighbourly cooperation between Vietnam and Cambodia, and bringing the people of the two countries closer together.

He said it is a clear demonstration of the special friendship and comprehensive cooperation between the two countries.

Minister in Charge of the State Secretariat of Civil Aviation (SSCA) of Cambodia Mao Havannall said that the opening of the route will contribute to facilitating air travel between the two countries by providing better options for air passengers.

It will be a symbol of the great success of the close relationship and cooperation in all fields between Vietnam and Cambodia, he said./.

Vietnam's potential promoted to Mexican businesses

A delegation from the Vietnamese Embassy in Mexico led by Ambassador-Designate Nguyen Van Hai has paid a working trip to Guanajuato state to explore opportunities for cooperation between Vietnam and Mexico, as well as between Vietnamese localities and Guanajuato.

The October 24-25 trip formed part of activities to bolster ties between Vietnam and various regions of Mexico.

During working sessions with businesses in the Bajio region comprising the central states of Guanajuato, Queretaro, and Michoacan, the diplomat highlighted Vietnam's significant economic, trade, and investment achievements after nearly 40 years of implementing Doi moi (reform), noting its average GDP growth of 6-6.5% over the past three decades.

Thanks to its sound policies, Vietnam has emerged as a rapidly developing country across various sectors. It has established itself as an attractive investment destination among emerging economies, luring thousands of companies from over 100 countries, including leading global corporations like Samsung, Toyota, Ford, and Intel.

According to Hai, Vietnam attracted 36.6 billion USD in foreign direct investment (FDI) last year, up 32% year-on-year. Notably, in the first nine months of 2024, the country garnered 25 billion USD in FDI, reflecting an 11.6% increase compared to the same period in 2023, despite challenges posed by global geopolitical instabilities.

Addressing a forum to foster trade and tourism exchange between Vietnam and San Miguel de Allende, a renowned tourist destination in Guanajuato state, the ambassador-designate underlined Vietnam's investment advantages such as its open economy and macroeconomic stability. He pointed out that Vietnam, strategically located in the heart of the Association of Southeast Asian Nations (ASEAN), serves as a gateway for international investors to access a market of 650 million people and as a bridge to 200 countries and territories that are its trade partners.

Regarding bilateral relations, Hai noted that they have been strengthened across all areas, including politics, economy, trade, culture, education, and tourism. He affirmed that trade between the two countries is expected to continue growing significantly, especially as both are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Vietnamese commercial counsellor in Mexico Luu Van Khang said that ample room remains to promote trade cooperation between the two countries as more Mexican companies show interest in Vietnamese products. However, two-way trade still faces challenges due to the absence of direct transportation routes between the two countries, which increases import and export costs and reduces product competitiveness, he added.

Laura Mayela Rodriguez, President of the Chamber of Commerce, Services, and Tourism of San Miguel de Allende, held that the forum offered an opportunity for trade connections and provided a foundation for local businesses to gain insights into the Vietnamese market, especially in sectors of both sides' interest.

As part of their trip to Guanajuato, the Vietnamese delegation toured several handicraft production facilities in San Miguel de Allende and visited the 600-ha Highland Queen farm, a Vietnamese-owned establishment specialising in cultivating vegetables for export./.

Local firms promote wooden furniture at High Point Market Fall 2024 in US

Dozens of Vietnamese wooden furniture, interior, and exterior decoration enterprises have introduced their wooden furniture and interior decoration products at the High Point Market Fall 2024 taking place in North Carolina in the US.

Upon addressing the event, Le Hoang Tai, deputy director of the Vietnam Trade Promotion Agency (VIETRADE), emphasized that Vietnamese timber and wood exports during the first nine months of the year surged by 17.2% to reach nearly US$12.2 billion against the same period from last year.

The major markets for Vietnamese timber and wood products include the US, China, and the EU, with import value soaring to reach US$5.9 billion. Among these markets, the US took the lead and accounted for 54.4% of total export revenue, up 24.7% compared to 2023.

In particular, VIETRADE places importance on disseminating information on the Vietnamese pavilion through sending emails to potential customers, printing and distributing catalogs to introduce local businesses to foreign partners at the fair, as well as posting news in major and reputable newspapers about the wood furniture industry in the US such as Furniture Today.

Tai stressed that participation in the annual wood furniture fair in the US through the national trade promotion programme since 2003 has significantly contributed to boosting the export growth whilst elevating the brand of Vietnamese wood products in this market.

US importers have therefore recognized Vietnam to be a reliable source of timber and wood products, especially in the wooden furniture segment which the country has been the leading supplier to the US market, he noted. 

Pharmaceutical imports surge in first nine months

Vietnam's pharmaceutical imports reached nearly US$3.15 billion million in the past nine months of this year, marking an increase of 24.2% compared to the same period in 2023, according to statistics from the General Department of Customs.

With the current import pace, the total for the year is projected to surpass US$4 billion.

In September, spending rose sharply to US$374 million, up 7% month-on-month.

The main suppliers of pharmaceuticals to Vietnam were France, the US, Germany, and India, with overall imports from most markets rising compared to the same period in 2023.

Vietnam's pharmaceutical market has been expanding continuously in recent years.

According to the Drug Administration of Vietnam (DAV), the market size reached US$3.3 billion in 2015 and grew to US$6.9 billion by 2021, US$7.3 billion in 2022, and exceeded US$7.7 billion by the end of last year.

The sustainable growth in this sector is driven by increasing per capita spending on medicine, as people's incomes improve, and healthcare becomes a higher priority.

Despite the rapid growth, domestic pharmaceutical production only meets about 60% of the country's demand.

Handicraft exports expected to reach US$2 billion in 2024

Due to market challenges and internal factors within the industry, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam predicts that Vietnam’s handicraft export value in 2024 might only reach about US$2 billion.

“With concerted efforts, the export target of US$4 billion for next year may still be achievable,” he said. 

Vietnamese handicrafts are exported to 163 countries and territories, accounting for nearly ten per cent of the total global market demand. From 2015 to 2019, the industry's export value grew by an average of 9.5% per year, rising from US$1.62 billion in 2015 to US$2.23 billion in 2019, with a goal of reaching US$4 billion by 2025.

However, according to the Vice Chairman of the Binh Duong Ceramics Association, Vương Sieu Tin, the number of ceramic production facilities in Binh Duong has decreased by 70-80% compared to its peak, with the workforce at each facility also significantly reduced.

The industry is facing multiple challenges, including low market demand, labour shortages and a lack of production materials.

"International shipping costs have risen, production costs are increasing and market demand is low, causing ceramic sales at many facilities to drop by 50% compared to previous periods," said Tin. 

He added that although market demand may improve in the future, the Binh Duong ceramics industry continues to struggle to maintain its competitive edge and will face ongoing challenges without long-term solutions for labour and raw materials. 

The difficulties faced by Binh Duong’s craft villages reflect the broader challenges of handicraft production nationwide.

Deputy Director of the Department of Cooperatives and Rural Development, Nguyen Thi Hoang Yen, emphasised that the handicraft industry is facing significant challenges, including a lack of industry links across production and insufficient collaboration between associations, businesses, training schools and craft villages.

Development remains fragmented, unsustainable and small-scale, relying primarily on household labour and space. There is no comprehensive model for craft village development linked to infrastructure investment or technology adoption.

Although handicraft designs have improved, their artistic and aesthetic value remains limited. Environmental concerns and unclear material origins also persist.

According to the Department of Cooperatives and Rural Development, there are currently 774,392 handicraft production facilities in Vietnam, focusing on wood, bamboo, ceramics, embroidery and small-scale mechanical products. More than 1.4 million workers are employed in these craft villages.

Yen said that Vietnam aims to preserve and promote the traditional cultural values of its craft villages while boosting production, enhancing competitiveness and increasing the value of handicraft products.

To accomplish this, coordinated efforts are needed to organise production, develop human resources, and preserve and develop craft villages.

Nam highlighted that three key elements in the handicraft value chain, raw materials, artisans and businesses, must be connected and support one another to drive growth. Additionally, government support through mechanisms and policies will contribute to the industry’s future development.

"We are eager to see businesses collaborate through industry associations to create a collective voice. This unity is essential for effectively promoting Vietnamese handicrafts and OCOP products to international markets," he said. 

Nam also suggested that associations gather businesses to create catalogues showcasing handicraft products, which can then be shared with Vietnamese embassies to support global promotion of these products.

A noteworthy trend is the rise of online shopping and the globalisation of markets. This presents an opportunity for craft village products to extend beyond their local origins and national borders, reaching a global customer base.

“To effectively tap into the market amid increasing competition, craft villages and production facilities must adopt sustainable production practices, ensure transparency in product origins and craft compelling, unique stories around their products,” added Nguyen Minh Tien, Director of the Vietnam Trade Promotion Centre for Agriculture. 

Vietnam's potential promoted to Mexican businesses

A delegation from the Vietnamese Embassy in Mexico led by Ambassador-Designate Nguyen Van Hai has paid a working trip to Guanajuato state to explore opportunities for cooperation between Vietnam and Mexico, as well as between Vietnamese localities and Guanajuato. ​

The October 24-25 trip formed part of activities to bolster ties between Vietnam and various regions of Mexico.

During working sessions with businesses in the Bajio region comprising the central states of Guanajuato, Queretaro, and Michoacan, the diplomat highlighted Vietnam's significant economic, trade, and investment achievements after nearly 40 years of implementing Doi moi (reform), noting its average GDP growth of 6-6.5% over the past three decades.

Thanks to its sound policies, Vietnam has emerged as a rapidly developing country across various sectors. It has established itself as an attractive investment destination among emerging economies, luring thousands of companies from over 100 countries, including leading global corporations like Samsung, Toyota, Ford, and Intel.

According to Hai, Vietnam attracted US$36.6 billion in foreign direct investment (FDI) last year, up 32% year-on-year. Notably, in the first nine months of 2024, the country garnered US$25 billion in FDI, reflecting an 11.6% increase compared to the same period in 2023, despite challenges posed by global geopolitical instabilities.

Addressing a forum to foster trade and tourism exchange between Vietnam and San Miguel de Allende, a renowned tourist destination in Guanajuato state, the ambassador-designate underlined Vietnam's investment advantages such as its open economy and macroeconomic stability.

He pointed out that Vietnam, strategically located in the heart of the Association of Southeast Asian Nations (ASEAN), serves as a gateway for international investors to access a market of 650 million people and as a bridge to 200 countries and territories that are its trade partners.

Regarding bilateral relations, Hai noted that they have been strengthened across all areas, including politics, economy, trade, culture, education, and tourism. He affirmed that trade between the two countries is expected to continue growing significantly, especially as both are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Vietnamese commercial counsellor in Mexico Luu Van Khang said that ample room remains to promote trade cooperation between the two countries as more Mexican companies show interest in Vietnamese products. However, two-way trade still faces challenges due to the absence of direct transportation routes between the two countries, which increases import and export costs and reduces product competitiveness, he added.

Laura Mayela Rodriguez, President of the Chamber of Commerce, Services, and Tourism of San Miguel de Allende, held that the forum offered an opportunity for trade connections and provided a foundation for local businesses to gain insights into the Vietnamese market, especially in sectors of both sides' interest.

As part of their trip to Guanajuato, the Vietnamese delegation toured several handicraft production facilities in San Miguel de Allende and visited the 600-ha Highland Queen farm, a Vietnamese-owned establishment specialising in cultivating vegetables for export.

Marine economy drives national growth

Prime Minister Pham Minh Chinh has highlighted the important role of the marine economy and national maritime space, saying it is a key priority.

In his report at the opening of the NA’s ongoing meeting on October 21, Prime Minister Chinh stressed that as the 21st century is regarded as the century of the ocean, the strategy of "Reaching out to sea" has emerged as a crucial direction for coastal nations, including Vietnam.

Currently, about 19 million people reside in 28 coastal provinces and cities, accounting for over half of these localities’ population. Nearly half of Vietnam's major urban centers are located in coastal areas and islands.

Khanh Hoa province in the south-central coastal region aims to become an international hub for marine tourism and services by 2030 and a growth driver of the marine economy in the central coastal region, the Central Highlands, and the whole country.

By 2050, it envisions itself as a major marine economic center and a smart, environmentally friendly city of regional stature. To leverage its marine economy, the province is focusing on high-quality logistics services, processing and manufacturing industries, and energy development.

Nguyen Tan Tuan, Chairman of the Khanh Hoa provincial People's Committee, said, "The province is developing plans to become a regional marine urban area while maintaining national defense and security and maritime sovereignty. Truong Sa island district is at the strategic location. We aim to develop the district to protect maritime sovereignty and promote economic growth."

Ben Tre province, which has a 65km coastline, has promoted its Eastward Strategy over the past four years. The province is implementing 19 wind power projects with a total capacity exceeding 1,000 MW, nine of which have completed construction and installation and are now providing 365 MW of power.

The provincial People’s Committee has submitted a proposal to the Prime Minister for the "Ben Tre Green Hydrogen Complex" pilot project, aimed at spearheading Vietnam’s hydrogen production industry.

As part of its Eastward Strategy, Ben Tre is encouraging investment in its ambitious sea encroachment project.

Tran Ngoc Tam, Chairman of the Ben Tre provincial People’s Committee, said, "We aim to develop to the east and seek to encroach upon 50,000 hectares of sea. This reflects Ben Tre province’s aspiration to create development breakthroughs. We really hope to attract investment in this effort and through investors Ben Tre province will thrive."

Key directions for Vietnam's marine economy

Vietnam currently has 19 coastal economic zones in its approved development plan, 18 of which have already been established and have attracted 550 foreign projects with a total registered investment of nearly US$55 billion.

An additional 1,600 domestic projects have attracted registered capital of more than US$58 billion. In 2022, the GDP of Vietnam’s 28 coastal provinces accounted for 49% of the nation's GDP.

Vietnam has made significant strides in refining its policies, laws, and strategies for marine economic development. In 2018, the Party Central Committee issued Resolution 36 on the Strategy for Vietnam Marine Economy Sustainable Development until 2030, with a vision to 2045.

The National Assembly adopted the 2012 Law on the Sea of Vietnam and the 2015 Law on Marine and Island Resources and Environment. In June 2024, the National Assembly approved the Resolution on National Marine Spatial Planning for 2021-2030, with a vision to 2050.

Minister of Planning and Investment Nguyen Chi Dung said the State has invested a great deal in coastal areas and marine projects and established a marine economic corridor.

Minister Dung suggested ways to sustainably develop the marine economy and national maritime space.

Dung said, "In the near future, ministries and sectors need to review national, regional, sectoral, and provincial master plans, ensuring they align with three core principles: developing an economy aligned with national defense; focusing on key priority projects; and promoting key industries and growth drivers such as renewable energy, shipping, and logistics."

The  Resolution of the 8th Plenum of the 12th Party Central Committee on the Strategy for Vietnam Marine Economy Sustainable Development until 2030, with a vision to 2045, declared that Vietnam must become a strong, prosperous maritime nation, with sustainable development, prosperity, security, safety, and sustainable economic growth closely aligned with national defense, security, sovereignty, and territorial integrity.

Vietnam is at a pivotal juncture, with numerous opportunities to accelerate progress to realize its 2024 and 2025 goals and the broader 2021-2025 plan. Reaching out to the sea and sustainably developing the marine economy will be critical for Vietnam to achieve its long-term development goals.

Hà Nội to organise two big exhibitions to promote supporting industry in 2025

Hà Nội will organise two big exhibitions to promote the development of supporting industry in 2025, according to a plan recently issued by the municipal People’s Committee.

Each exhibition is expected to attract the participation of around 200-300 companies from Hà Nội and other provinces and cities, as well as foreign companies from Japan, the Republic of Korea and Thailand. Within the framework of the exhibitions, conferences will be held to promote investments into the industry.

Hà Nội has a goal of having more than 1,000 enterprises operating in the supporting industry by 2025, 40 per cent of which own production system and products meeting international standards and are capable of participating in the global supply chains.

The industrial production index of the supplying industry is expected to increase by 12 per cent in 2025.

The capital city has identified developing supporting industry as a bold solution to strengthen the capacity of attracting foreign direct investment, increasing technology transfer and leading to the development of small and medium-sized enterprises.

There are currently more than 900 companies operating in the supporting industry in Hà Nội. 

Nine coconut plantations in Trà Vinh cleared for export to China

Nine coconut plantations and two packing facilities in the southern province of Trà Vĩnh have been given approval to trade with China, the province’s Department of Agriculture and Rural Development has announced.

The plantations, over a total area of 1,240 hectares, along with the packing facilities, have been granted export codes by the General Administration of Customs of the People's Republic of China (GACC).

The Trà Vinh sub-department of cultivation and plant protection was guiding them on how to comply with Việt Nam’s and China’s regulations for exports - ensuring that the packing facilities double-check the shipments before sending them to China to ensure food safety.

The nine plantations that were granted access to the Chinese market are two in Cầu Kè District (150 and 111 hectares, respectively), three in Càng Long District (112, 130 and 63 hectares) and four in Châu Thành District (173, 159, 137 and 206 hectares).

The two packing facilities are the Zaria Xanh Joint Stock Company in Phong Phú Commune, Cầu Kè District and the Ecotech Việt Nam Renewables Energy Joint Stock Company in Nguyệt Hóa Commune, Châu Thành District.

Trà Vinh is the second-largest coconut growing area in the country with about 27,400 hectares, with seven million trees managed by around 90,000 households. It produces around 444 million coconuts per year. 

Circular economy a top priority for VN: EuroCham's workshop

Building a circular economy should be among Việt Nam’s top priorities in the near future, according to economists and environmental experts during a workshop organised by the European Chamber of Commerce in Vietnam (EuroCham Vietnam) and the Ministry of Industry and Trade in HCM City.

Participants said the circular economy is a key trend and a step in making the transition from an old economic model to a greener model, in which sorting, collecting and recycling are key solutions to reduce environmental pollution.

A PR director from Nestle Vietnam, Khuất Quang Hùng said the circular model should extend the lifespan of materials used in production and, at the same time, reduce negative environmental impacts.

He said as resources become limited and global climate changes become ever more severe, the old economic model based on extraction, production, consumption and disposal will exceed the world’s supply capacity as early as 2030.

According to Hùng, there is an urgent need to find a more efficient and sustainable approach to reduce demand for resources, pollution and slow down environmental degradation.

In recent decades, international agreements and mechanisms have been put in place to counter the adverse effects of climate change, many of which are free trade agreements with requirements set for greenhouse emissions and green production. They have formed the foundation to promote the transition to a more environmentally friendly economic model.

He said for many years, Việt Nam has been following the old model, which is no longer sustainable. In addition, an increasing number of international trade partners now demand that the country take a more sustainable approach to production.

Meanwhile, the Vietnamese government has gradually introduced policies to promote a greener economic model, which includes the extended producer responsibility (EPR) regulations in the Environmental Protection Law of 2020, effective from January 1, 2024.

The law requires producers and importers to have additional responsibilities in packaging, recycling and collecting waste. Businesses can choose to carry out their recycling activities or, as an alternative, they can choose to contribute to the Vietnam Environmental Protection Fund.

Lê Anh, a director in charge of sustainable development strategy at Duy Tân Recycled Plastic, said the company has been investing in facilities to organise collection and recycling for many years. However, he said it has been difficult to find markets for its products.

Production costs for recycled plastic are typically 20 to 25 per cent higher compared to using virgin plastic and the price has made their products only suitable for export until recently. However, since the EPR came into effect, demand for recycled plastic bottles from domestic businesses has increased significantly. The capacity of the recycling plant quadrupled, and domestic consumption now accounts for 50 per cent of output.

"Recycling plastic bottles and packaging in Việt Nam has been around for 40 to 50 years, but mainly in a rudimentary form. As businesses invest in modern factories and technology, the recycling industry is slowly taking shape,” he said.

The biggest hurdle, according to Anh, is sorting and collection. Currently, out of 100 tonnes of plastic bottles collected, Việt Nam can recycle just 60 to 65 per cent. Meanwhile, the rate of recycling is much higher in developed countries, at 80 per cent or greater.

Commercial Counselor at the Norwegian Embassy in Việt Nam, Karin Greve, said the Southeast Asian economy’s implementation of EPR is a step in the right direction, but to maximise its effectiveness, priority should be given to raising awareness and helping communities properly sort waste at the source.

For waste collection and recycling activities, a network linking businesses and organisations in Việt Nam should be established to coordinate operations smoothly. The recycling industry in Việt Nam is still new and the government should implement supportive policies to encourage more businesses to join this field, he said. 

Conference discusses ways to strengthen linkages, enhance rice value chain

Enhancing linkages among stakeholders in the rice value chain is essential to improve product quality and support the implementation of the one-million-hectare high-quality rice project in the Cửu Long (Mekong) Delta, speakers agreed at a conference held in Hậu Giang Province on October 25.

The Government approved late last year the farming project to grow high-quality, low-emission rice to achieve green growth.

Hậu Giang was chose by the Ministry of Agriculture and Rural Development as the site for the project.

Speaking at the conference on “Promoting Rice Value Chain Linkages, Contributing to the Implementation of the one-Million-Hectare High-Quality Rice Project,” Trương Cảnh Tuyên, permanent vice chairman of the Hậu Giang People's Committee, said that of the province’s 170,000ha of rice paddies, 25,000ha are part of the value chain.

The province aims to have 28,000ha involved in the high-quality rice project by 2025 and 46,000ha by 2030, he said.

It has completed identification of the regions participating in the project, ensuring compliance with all criteria and aligned with its own planning, he said.

The province tried pilot models on 180ha at some cooperatives this year, with positive outcomes, he said.

These models help farmers adopt new practices, creating quality-assured products that meet market requirements, safeguard the health of farmers and consumers, and protect the environment, he added.

Speakers at the conference pointed to the dearth of linkages in the rice value chain.

According to the Ministry of Agriculture and Rural Development’s department of economic cooperation and rural development, 180 companies are qualified for rice export licences in the delta, but only 50 are in the value chain and buy rice from only 26 per cent of the total farming area.

Only a few companies have invested in developing their material areas, it said.

It attributed this to companies' lack of resources and the small scale of most farmers, which makes mechanisation and adopting technical advancements difficult.

Attendees agreed that promoting linkages in the rice value chain and contributing to the one-million-hectare project requires gradually eliminating unsustainable rice purchasing practices and encouraging linkages among production, harvest, preservation and processing to enhance quality and meet market requirements.

They also emphasised the need to implement coordinated solutions to reduce production costs and improve efficiency, thus enhancing incomes and the quality of life for farmers.

Securities clearing regulation amendment proposed

The Ministry of Finance has proposed amending a regulation on securities clearing under the Securities Law to support the upgrade of the Vietnamese stock market to emerging market status.

The ministry has proposed amending Clause 4, Article 56 of the Securities Law, which regulates securities transaction clearing.

Specifically, the ministry proposes allowing commercial banks and foreign bank branches to clear securities transactions on both the underlying and derivative markets or allow the Vietnam Securities Depository and Clearing Corporation (VSDC) to establish a separate legal entity to implement its central counterparty (CCP) mechanism for securities transactions.

According to a March 2024 report of FTSE Russell, one criterion that the Vietnamese stock market has yet to meet to for emerging market status is the limited payment cycle.

Experts also noted the Vietnamese stock market needs to soon complete the legal framework for securities clearing to achieve the Government’s goal of an upgrade to emerging market status.

Chairman of VSDC’s board of members, Nguyễn Sơn, emphasised the necessity of completing legal regulations, especially to allow commercial banks and foreign bank branches to become direct clearing members in the underlying market.

"The application of the VSDC’s CCP model is necessary to ensure transparency and efficiency in the clearing process, as well as to meet international requirements on the securities market," Sơn noted.

Amending Point A, Clause 4, Article 56 of the Securities Law will ensure that commercial banks participating in the CCP as clearing members in the underlying market align with international practices, as money and stocks only need to be transferred to securities companies on the payment date, rather than to securities in advance. The change will meet the principle of delivery versus payment (DVP).

Therefore, when custodian banks are clearing members, they will meet the criteria for ensuring asset safety for foreign investors, which will help attract more foreign investors to the Vietnamese stock market.

The implementation of the CCP mechanism is a key criterion for maintaining the stock market ranking after an upgrade, contributing to developing a safe, effective and sustainable stock market. This solution also helps the clearing mechanism of the Vietnamese stock market to be similar to that of many stock markets in the world.

In addition, having commercial banks as clearing members within the CCP mechanism underscores Việt Nam’s policy of attracting and accomodating large foreign institutional investors, such as global investment funds, to make indirect investments in the country.

Currently, under EU and US regulations, investors' assets must be managed by custodian banks and cannot be transferred to other entities, such as securities companies. Clearer regulations on the issue in the Securities Law will officially recognise the right of commercial banks to become clearing members. The change will further demonstrate Việt Nam’s policy of creating favourable conditions for indirect foreign investment capital.

According to experts, upgrading the stock market would send an important signal to the international community, increasing both the quantity and quality of investors through participation by investment funds and large international investment organisations with long-term goals.

A stock market upgrade will provide domestic securities companies, market participants and listed enterprises access to substantial foreign investment capital for indirect investment, strengthening their corporate governance and promoting investment and production activities in the country. 

Detailed guidance on banning sale of bancassurance needed

Insurance companies are awaiting further details on regulations that will guide the implementation of a new policy on banning the sale of insurance products through banks (bancassurance) to help them comply with the law.

Clause 5 of Article 15 of the Law on Credit Institutions, which took effect on July 1 this year, prohibits banks from ‘linking’ the sale of non-mandatory insurance products with the provision of banking products or services in any form.

However, insurance companies state their biggest current problem is the ongoing confusion about applying and understanding this specific clause, which is causing a loss of revenue.

According to insurance companies, not only banks and insurance companies but also local management agencies lack clarity and hold different intepretations of Clause 5 of Article 15.

Many of their questions about the provision remain unanswered, such as what qualifies as a  ‘non-mandatory insurance product?’, or what constitutes ‘linking’ the sale of non-mandatory insurance products with the provision of products and services in ‘all forms.’

For example, regarding the concept of ‘linking’, some understand the regulation banks cannot force borrowers to buy insurance products, while others think it means banks are not allowed to give any advice or offer insurance products when processing loan applications for customers.

So far, there has been no unified and specific guidance about Clause 5 of Article 15 from the authorities.

General Director of Agribank Insurance Company Nguyễn Hồng Phong said that previously, 80 per cent of the insurer’s revenue came from insurance sales through Agribank. However, since July 1 this year, when the Law on Credit Institutions took effect, many Agribank branches had to stop selling insurance products, resulting in revenue losses for both insurance companies and banks.

According to Phong, on October 11, the State Bank of Vietnam year sent a document to the Vietnam Banks Association regarding the implementation of Clause 5 of Article 15. Howver, Phong believes that the SBV should issue a circular on the matter to ensure unified understanding and implementation of the regulation.

Deputy General Director of insurance company BIC Đoàn Thị Thu Huyền also said Clause 5 of Article 15 imposes strict regulations, but the lack of a guiding decree or circular leads to different understandings.

In addition, the law also does not clearly distinguish between life and non-life insurance. Therefore, Huyền proposed an official circular be issued to guide this issue. 

HCM City to host 2024 hardware, hand tools expo

The Việt Nam Hardware & Hand Tools Expo (VHHE) will be held from December 5-7 at the Saigon Exhibition and Convention Centre in HCM City with 400 exhibitors from 15 countries and territories showcasing more than 1,000 products and several prominent brands.

Now in its ninth season, this year's event will feature 450 booths displaying and promoting five main product groups including tools, machine tools, reinforcement equipment, hardware and supporting industrial products. These product groups have wide applications across industries such as manufacturing, production, repair, assembly, construction and DIY.

Products on display come from prestigious brands such as Sata Tools, Patta, Wera, Finefix, Thanh Bình Paint Brushes, EMTC, and many other brands.

The Việt Nam Supporting Industries Fair, which is being held concurrently with VHHE, has brought together many local enterprises.

This event will be held simultaneously with the 22nd HCM City International Trade Fair, organised by Vinexad Company, featuring 1,000 booths from 20 countries and territories and expected to welcome around 25,000 visitors. 

Việt Nam's oldest bicycle brand gears up for stock market debut

The Hanoi Stock Exchange (HNX) recently approved the listing of 23.7 million shares of TNV, owned by Thống Nhất Hà Nội JSC, on the UpCom bourse. 

The transaction value for these shares is VNĐ237 billion (US$9.3 million), priced at VNĐ10,000 per share.

Established in 1960 as the Thống Nhất Bicycle Factory, Thống Nhất Hà Nội has a rich history. Thống Nhất bicycles were once a beloved brand synonymous with generations of Vietnamese people.

As of June, ahead of the UpCom listing registration completion, major shareholders in Thống Nhất Hà Nội include the Hà Nội People’s Committee, representing 45 per cent of state capital, VSD Investment JSC with a 41.68 per cent stake and Trịnh Nguyên Khánh with 12.17 per cent.

The iconic Thong Nhat brand saw consistent revenue growth from 2020 to 2023. 

Revenues increased from VNĐ77.9 billion in 2020 to VNĐ100.5 billion in 2021. However, the company faced losses of VNĐ10 billion and VNĐ10.7 billion in 2020 and 2021, respectively, due to the impact of the COVID-19 pandemic.

By 2022, its revenue surged by almost 42 per cent to VNĐ142 billion, with TNV returning to profitability at VNĐ13.7 billion. In 2023, revenue continued its upward trajectory, reaching VNĐ176.6 billion, although net profit decreased to VNĐ2.6 billion.

Last year, sports bicycle sales at Thống Nhất Hà Nội JSC dropped by 50 per cent, totalling around 12,000 units. Conversely, sales of children's bicycles saw a significant 140 per cent increase year-on-year, with over 74,000 units sold. 

Tuyên Quang exports nearly 8,000 Soi Hà pomelos to UK

A ceremony was held in the northern province of Tuyên Quang’s Yên Sơn district on Friday afternoon to launch the first export batch of almost 8,000 Soi Hà pomelos to the UK.

According to Lê Quang Toàn, Vice Chairman of the Yên Sơn People’s Committee, the selected fruits boast a Brix sweetness level of at least 11.5, with no bitter taste, easy-to-peel segments, juicy flesh, and a uniform yellow peel that is free from blemishes or insect damage.

Harvested before October 15, the pomelos weigh between 1-1.2 kg each, passing pesticide residue tests two weeks prior to harvest and certified to meet European standards.

Nguyễn Thị Thanh Hương, Director of the R.Y.B JSC, noted that Soi Hà pomelos are one of the province’s seven OCOP (One Commune One Product) items ordered by the firm for export to the UK this year. Despite the market’s stringent requirements, the pomelos received positive feedback and orders from British buyers upon their debut.

Thanks to their early harvest, balanced sweetness, and lack of bitterness, these pomelos have potential for export to other European markets, she added.

Earlier, Tuyên Quang held a ceremony on October 11 to celebrate the export of six OCOP products to the UK, including guava tea, male papaya flower soaked in honey, dried banana, soybean tea bags, lemon syrup, and calamondin syrup. 

VNA/VNN/VNS/VOV