The Asia Economic Cooperation Forum 2024 was held in Kuala Lumpur, Malaysia on September 28, serving as a bridge connecting Vietnamese businesses with others from Malaysia, Singapore, Indonesia and Hong Kong (China).

The forum, jointly organised by the Vietnam-ASEAN Institute for Entrepreneur Development and several Vietnamese organisations and associations in Malaysia, drew representatives from around 50 businesses.

In her opening remarks, Luong Thi Kim Xuan, president of the Vietnam-ASEAN Institute for Entrepreneur Development, said she hopes the forum will provide foreign businesses with deeper insights into the Vietnamese market, allowing them to find creative paths and mutually beneficial collaboration with Vietnamese enterprises for joint development, thus helping establish their positions and create reputable brands for each product.

During the forum, six speakers from the National Chamber of Commerce and Industry of Malaysia (NCCIM), the ASEAN Chamber of Commerce and Industry in Malaysia, the Indian Chamber of Commerce in Singapore, and directors of major companies in Malaysia and Singapore emphasised that building a connected network and gaining a thorough understanding of the market through chambers of commerce and industry are crucial factors for overcoming differences and finding common pathways to achieve business success in today’s green economic development context.

Regarding potential areas of cooperation between Vietnam and Malaysia, the speakers agreed on five key sectors: digital transformation; economics, trade and investment; cultural and tourism connections; smart city development, and the Halal industry.

On this occasion, the organisers also announced the 2024 Asia Gold Brand and exemplary entrepreneurs from Vietnam, Malaysia, and Singapore.

Businesses from Vietnam, Malaysia, and Singapore also showcased their products, exchanged and shared entrepreneurial thinking in the new technology era, strategies for becoming global companies, and solutions to enhance competitiveness./.

French company inaugurates automated Vietnamese spring roll production line

France’s Bretinov company on September 27 inaugurated the first ever automated Vietnamese spring roll production line, which is the combination of modern French technology and traditional Vietnamese cuisine.

With an investment of approximately 3 million EUR (3.35 million USD), the birth of this production line marks an important milestone in the company's development.

It is fully automated, capable of producing up to 2,500 rolls per hour with just one operator.

Vu Anh Son, Trade Representative of Vietnam in France, affirmed that Bretinov's model is a testament to the combination of traditional Vietnamese cuisine with the technological expertise of a French company. This not only promotes the culture of a specific dish but also helps Vietnamese products reach a wider consumer base in France.

Pierre Auffret, the company’s founder, stated that the current demand for this machine is very high, indicating that Bretinov's product quality has been recognised in the market. He expressed his hope to expand production of the machine, and export it to more distant countries, including the Vietnamese market./.

Thai seminar discusses Vietnam-Thailand three-connection strategy

Thailand’s Ministry of Foreign Affairs and Chulalongkorn University have co-organised a seminar in Bangkok, discussing ways to step up Vietnam-Thailand cooperation through their three-connection strategy.

The strategy, approved by Vietnamese and Thai leaders in November 2022 to propel forward the countries' socio-economic development, highlights the three connections between their supply chains (particularly regarding oil refinery, agriculture, and the production of machinery and electronic components), their businesses and localities, and their sustainable development strategies.

Addressing the seminar on September 26, Vietnamese Ambassador to Thailand Pham Viet Hung and the head of the Thai ministry’s department for East Asia Piyaphak Sricharoen stressed the importance of bilateral economic, trade, investment cooperation and of enhanced connectivity, including the three-connection strategy.

The already established links between the countries’ many industrial sectors and localities are conducive to the implementation of the strategy, Piyaphak said.

Meanwhile, Hung proposed further promoting the participation of and coordination between the public, private sectors, and expert community. He expressed his hope for the early establishment of a joint working group between the two nations to discuss and carry out concrete measures aimed at advancing the strategy.

Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, said Vietnam holds several advantages over Thailand, such as a young population structure, political stability, a strong anti-corruption drive, and numerous free trade agreements (FTAs) signed. He also suggested that Thai businesses seize the opportunity of Vietnam's low production costs, particularly in the food processing sector, adopt appropriate business models and comply to Vietnam’s laws and policies.

Thong Kulthanwat, President of the Thai-Vietnam Business Association, pointed out that a major challenge currently facing northeastern Thailand (bordering Laos and close to Vietnam) is transport infrastructure. Thai goods shipped to Vietnam incur transit costs through Laos, and there is no direct flight from Vietnam to the region. Therefore, Thong held that to implement the strategy, it is necessary to improve transport infrastructure connectivity, not only among Thailand, Laos, and Vietnam but also among Thailand, Laos, and Cambodia./.

PM attends groundbreaking of Hoa Binh – Moc Chau expressway

Prime Minister Pham Minh Chinh on September 29 attended the groundbreaking ceremony for the Hoa Binh – Moc Chau expressway project in the northern mountainous province of Hoa Binh.

With a total investment of nearly 10 trillion VND (406.3 million USD), the nearly-34km expressway starts from Hoa Binh’s Da Bac to Chieng Yen commune, Van Ho district, Son La province.

The project holds special significance, as it is expected to boost the socio-economic development of Hoa Binh and the Northwest region at large. Once completed, the expressway will connect the transportation network of Hoa Binh with Son La and Hanoi capital to form a key expressway axis linking the Northwest region with the northern key economic zone.

Speaking at the ceremony, Chinh noted that the current intra-provincial, inter-provincial, and inter-regional transportation system in the Northwest is under-developed, with only one expressway available connecting Hanoi and Lao Cai. This is one of the significant factors that hinder the region's development despite its potential and advantages.

Therefore, focusing investment resources to complete the Hanoi - Hoa Binh - Son La - Dien Bien expressway, including the Hoa Binh - Moc Chau project, is strategically important, the PM said. He noted that it will enhance connectivity among the Northwest provinces, link the Northwest with Hanoi and the Red River Delta provinces, and create new momentum for attracting investment and developing economic sectors, thus contributing to boosting rapid and sustainable socio-economic development, ensuring security and defence, and opening up new development opportunities, thus ushering a stronger new phase of growth for the Northwest region.

The Government leader stated that the groundbreaking of the project reflects the significant efforts of Hoa Binh province and relevant ministries and sectors. However, he emphasised that this is just the beginning, as the project includes many components and a considerable amount of work still needs to be done.

He called for extra efforts to complete the ground clearance work before November 30, 2024, and the first phase of the project before December 31, 2027.

He also urged the Son La provincial People's Committee to focus on completing the investment procedures to commence work on the Hoa Binh - Moc Chau expressway’s section through the province as soon as possible in 2025./.

Deli Group breaks ground for 270 million USD stationery factory in Hai Duong

China’s Deli Group broke ground for its new stationery manufacturing plant at the Dai An Expanded Industrial Park in the northern province of Hai Duong on September 28.

The 270 million USD factory, covering an area of 21.2 hectares, is set to operate for 50 years. Once completed, it is expected to produce over 104 million stationery and household items made from paper and plastic annually.

Additionally, the plant will manufacture more than 2.4 million electronic products, including personal computers, photocopiers, and shredders, as well as 22.5 million rubber products such as balls, sticks, and mats.

The anticipated revenue is estimated at around 5 million USD per year.

Founded in 1981, Deli Group is headquartered in China and has research and innovation centres in Germany and the United States. Deli is currently a leading enterprise with a diverse and high-quality product portfolio, popular in 140 countries and regions, including the United States, Europe, South America, the Middle East, and Southeast Asia.

Speaking at the groundbreaking ceremony, Deputy Prime Minister and Minister of Finance Ho Duc Phoc emphasised that this is a significant foreign direct investment (FDI) project, funded by one of China's leading companies, and expressed confidence that it will contribute positively to the province's development in the coming period.

To date, Hai Duong has attracted 584 foreign investment projects from 27 countries and territories, with a total capital of over 10.5 billion USD.

At the groundbreaking ceremony, Chairman of the provincial People’s Committee Le Ngoc Chau presented the investment certificate to Deli Group. On this occasion, Deli Group also donated 2.5 billion VND, including 2 billion VND in cash and 30,000 sets of school supplies, to the Vietnam Fatherland Front Committee of Hai Duong to support the province’s recovery efforts following the impact of Typhoon Yagi./.

Ben Tre readies conditions for fresh coconut exports

The Mekong Delta province of Ben Tre, known as the coconut capital of Vietnam, is making all necessary conditions ready to be able to export this fruit to China, given that a protocol on phytosanitary requirements for Vietnamese fresh coconuts exported to China was recently signed.

Ben Tre owns the largest coconut area in Vietnam, with over 79,000 hectares and a total output of more than 700 million fruits. It earns over 400 million USD from shipping coconuts abroad each year.

Director of the provincial Department of Agriculture and Rural Development Doan Van Danh stated that the province currently has 133 growing areas that basically meet production conditions according to current regulations; and has registered for growing area codes on nearly 8,400 hectares, with over 12,800 participating households. These figures pertain to the raw material areas that comply with the requirements outlined in the protocol.

Specifically, in the coconut sector, there are currently 32 cooperatives and 34 cooperative groups involved in the coconut value chain, covering 10,094 hectares with 7,048 members. The area of coconuts produced under organic standards reaches 20,400 hectares, accounting for about 25% of the total area in the province. Of this, 13,000 hectares have been certified in accordance with standards of the US, Japan, the European Union, China, the Republic of Korea, and Taiwan (China).

Chairman of the provincial People's Committee Tran Ngoc Tam said that the province is creating favourable conditions and mechanisms to attract investment, and enhancing the application of science and technology in production and processing in line with demands of domestic consumption and export.

Specifically, the province has implemented policies to maximise the value of coconut cultivation. This includes a plan to establish concentrated areas linked to value chain development for the 2021-2025 period, with a vision for 2030; Resolution No. 07-NQ/TU dated January 29, 2021 from the provincial Party Committee involving building concentrated production areas and developing the value chain for key agricultural products in Ben Tre to 2030, and a plan to develop key industrial crops (coconut) by 2030.

In the 2024-2025 period, Ben Tre aims to maintain a stable coconut area of approximately 79,000 hectares, including 20,000 hectares of organic coconuts. The value of coconut processing is expected to grow by an average of 17.2% per year, while export turnover is projected to rise by an average of 23.58% per year to reach approximately 1 billion USD.

In the 2026-2030 period, it aims to raise the total coconut area to around 80,000 hectares, including 25,000 hectares of organic coconuts. The value of coconut processing is expected to increase by 15.74% per year, while coconut export turnover is projected to grow by 14.87% per year to about 2 billion USD./.

Ministry eyes ensuring supply chain for textiles, footwear

The Ministry of Industry and Trade is considering the establishment of an international centre to create, store and trade raw materials for textile and leather footwear production in Vietnam, towards ensuring the supply chains for those sectors.

Speaking at a meeting to discuss this issue, Deputy Minister of Industry and Trade Phan Thi Thang emphasised the importance of the two industries in Vietnam's economy, hence the need for the country to take control of the source of materials for textile and leather production.

Textiles and leather footwear have always been Vietnam’s major exports, with turnover that increases by an average of a 10% per year, according to Deputy Director of the Ministry’s Industry Department Pham Tuan Anh.

In the last six months of this year, the combined export turnover of the two industries reached nearly 30 billion USD. They account for 16% of the country’s total and create nearly five million jobs, or 22% of industrial jobs in the country.

However, their strength lies only in sub-contracting, which creates little added value to the products, Anh noted. Vietnamese makers still have to import raw materials – cotton, wool, silk, linen, synthetic materials and leather – and accessories from China, the Republic of Korea and other ASEAN countries.

Data from the General Department of Customs indicates that in the first half of 2024, the import of raw materials for these industries reached approximately 13.42 billion USD, up 14% year-on-year.

This dependence on imported materials will hinder the industries’ growth, as several countries are putting more regulations in place to control supply quality in order to meet the global net-zero target in 2050. One of the requirements is that products must have a high percentage of intra-bloc origin, within the countries where the trade occurs.

Vietnam is also required to follow the rules of origin specified in free trade agreements such as the EU-Vietnam Free Trade Agreement (EVFTA). Accordingly, heavy raw material imports from countries outside this bloc will put the country at a disadvantage as it can no longer enjoy tax exemptions from these agreements.

Once the centre to create, store and trade raw materials for textile and leather footwear production is set up, it will assist businesses in tracing the materials’ origins, ensuring that all trades operate to a high standard and high level of transparency. The materials’ quality will be assessed regularly. An information platform will also be developed to keep domestic businesses up-to-date with the latest production technology and fashion trends.

Vietnamese businesses will undertake field trips next month, to learn from businesses in China and other countries that have succeeded in operating similar models./.

Mekong Delta likely to benefit from regional linkages in trade promotion

To enable the Mekong Delta to fully tap its potential, it is necessary to promote regional linkages in trade promotion and export-import activities, which would help consolidate and optimise local resources for sustainable development, according to Deputy Minister of Industry and Trade Phan Thi Thang.

In the first six months, the region's GRDP growth rate was estimated at 6.12%, with its total import-export turnover reaching 19.5 billion USD, resulting in a trade surplus of 6.6 billion USD.

However, according to the Deputy Minister, the Delta’s economy still only accounts for over 12% of the national economy. Some localities are experiencing slower economic growth, and economic restructuring efforts are not meeting expectations. Regional cooperation remains limited, lacking depth, with certain cooperation agreements still being symbolic rather than practical. Integrated industry clusters and service linkages have yet to be established.

Tran Quoc Toan, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT), suggested localities in the Delta, particularly the regional coordinating committee, continue focusing on investment in infrastructure, particularly transport networks, as well as the implementation of scientific and technological solutions to ensure sustainable production for exports.

Statistics from the ministry show that many Vietnamese product categories have exceeded export revenues of over 1 billion USD each, such as fruits and vegetables, rice, and shrimp. For rice alone, Vietnam is projected to export over 8 million tonnes this year, with 7.6 million tonnes originating from the region.

Despite these advantages, its economic growth has yet to be on par with potential. The region also faces challenges such as climate change, declining water resources, and saltwater intrusion. Therefore, accurately assessing both the potential and challenges, while developing suitable solutions, is crucial to achieving its goal of becoming a developed region nationwide./.

Khanh Hoa draws Korean investors to green, sustainable industries

The Khanh Hoa – Republic of Korea (RoK) investment promotion conference took place in Seoul on September 27, drawing over 150 Korean firms.

The event, co-organised by the Khanh Hoa People's Committee, the Vietnamese Embassy in the RoK, the Korea Federation of Small and Medium Enterprises (FOMEK), and the Korea Trade-Investment Promotion Agency (KOTRA), showcased Khanh Hoa's potential and strength.

Leading the provincial delegation, Chairman of the Khanh Hoa People's Committee Nguyen Tan Tuan presented Khanh Hoa's compelling investment landscape, saying that the province boasts favourable natural conditions, including its expansive coastline and three major bays - Van Phong, Nha Trang, and Cam Ranh - which offer ample space for development.

With a well-developed transportation infrastructure encompassing road, sea, and air networks, Khanh Hoa has become one of the most dynamic economic hubs in Vietnam's south central coast region, renowned for the tourist city of Nha Trang.

In recent years, Khanh Hoa has proactively shifted its economic model, focusing on sustainable tourism and green industry, Tuan said. "Our goal is to become a leading marine economic hub and a top smart urban area in Asia."

Hailing the RoK as one of the most important economic partners, particularly in investment and tourism, Tuan said with a total direct investment of 359.97 million USD, accounting for 9.18% of the province's total foreign investment, Korean firms have made substantial contributions to Khanh Hoa's socio-economic growth.

According to him, Khanh Hoa is developing key industries that align with strengths of Korean enterprises, including information technology, software production, artificial intelligence, and semiconductor.

In the food processing industry, Khanh Hoa holds great potential thanks to its abundant and quality raw materials. It is also calling for investments in maritime, logistics and renewable energy.

Notably, the high-tech manufacturing and supporting industries for shipbuilding have been identified as key sectors crucial to local economic development strategy. The province plans to work closely with universities and colleges to train a skilled workforce that meets market demand.

Participants discussed investment incentives focusing on industrial parks and clusters in the province./.

Vietnam, India's Uttar Pradesh forge closer ties at Int’l Trade Expo 2024

The Vietnam-Uttar Pradesh tourism workshop and the Vietnam-India silk and apparel trade seminar took place on the second day of the Uttar Pradesh International Trade Expo 2024 in Uttar Pradesh state, northern India on September 26.

Officials and business representatives from both sides pledged to bolster their partnership via facilitating market entry for agricultural goods, processed food, apparel, footwear and services.

Vietnamese Ambassador Nguyen Thanh Hai underlined Vietnam's focus on Uttar Pradesh, citing its dynamic economy, numerous Buddhist pilgrimage sites, and vast investment potential in food processing, apparel, renewable energy, infrastructure, civil aviation, MSMEs, and information technology.

Highlighting Vietnam's tourism strengths, Hai showcased its stunning natural landscapes, spiritual and cultural sanctuaries, and rich cuisine. He noted the growing popularity of Indian restaurants in Vietnam and proposed increasing direct flight frequencies and streamlining visa procedures to facilitate travel between the two countries.

Currently, e-visas are available for all Indian citizens, valid for three months with multiple entries. Vietnam has also suggested exploring more visa options through bilateral discussions.

Uttar Pradesh Minister of MSME Rakesh Sachan extended an invitation to investors, particularly those in the tourism and hospitality sector, to explore opportunities in the state, which has emerged as a prominent spiritual destination in India.

At the silk and apparel trade seminar co-hosted by the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency, the Vietnamese Embassy in India’s Trade Office and the Indian Silk Export Promotion Council, Chief Representative of the agency's Central and Central Highlands Regional Office Bui Xuan Lich urged Vietnamese and Indian firms to enhance technology transfer, collaborate within production chains, and engage in professional trade promotion activities.

A representative of the Vietnam Sericulture Association expressed the country's interest in partnering with India to produce quality dual-system silkworm eggs, invest in weaving, dyeing, printing, and apparel manufacturing, and establish chain-linked models in silk production. This marks the association's first trade promotion activity in India, a country that accounts for 90% of Vietnam's silk export revenue.

The discussions underscored how Vietnam and India could leverage each other's strategic locations to serve as gateways to South Asia and the Association of Southeast Asian Nations (ASEAN), respectively./.

Petrovietnam, Copenhagen Infrastructure Partners discuss green energy cooperation

Chairman of the Board of Directors of the Vietnam Oil and Gas Group (Petrovietnam) Le Manh Hung has had a working session with leaders of Copenhagen Infrastructure Partners (CIP) - a global leader in renewable energy investments – within the framework of his recent visit to the US.

Founded in 2012, CIP is now the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. It is managing 12 funds which focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.

On March 7, 2024, Petrovietnam and CIP signed a Memorandum of Understanding, focusing on collaboration and knowledge and technology sharing in the field of green energy transition, and the assessment of cooperation opportunities for developing offshore wind projects in Vietnam and related issues.

During the meeting, the two sides discussed the implementation of the document, particularly in the offshore wind sector. They evaluated the opportunities for developing offshore wind projects in Vietnam, shared information on the global offshore wind supply chain, and assessed the supply chain in Vietnam. Additionally, they exchanged views on the development and perfection of mechanisms and regulations related to this field.

Hung expressed his belief that with the strengths of each party, the upcoming collaboration between CIP and Petrovietnam will yield positive results in developing renewable energy, enhancing energy efficiency, and integrating advanced technologies, in line with the strategic development goals of both sides./.

Tax sector fulfills nearly 85% of State budget collection estimate

State budget collection has so far reached 85% of this year's estimate, Deputy Minister of Finance Nguyen Duc Chi has reported.

Speaking at a press conference on September 27, the deputy minister said this year’s State budget collection target will be fulfilled, ensuring resources for assigned spending tasks and having reserves to serve unexpected expenditures.

In the last quarter of this year, the financial sector will continue to carry out its assigned tasks to achieve the highest revenue level, he said, adding that the surplus will be used to meet the needs of investment in infrastructure development and important construction projects.

The official also said that the Ministry of Finance has just completed and submitted to the Government for approval a draft decree regarding the reduction of land rent fees in 2024 to support recovery efforts following Typhoon Yagi. Accordingly, there are two options: a 15% or 30% reduction in land lease.

The beneficiary entities include organisations, units, businesses, households, and individuals who are directly leased land by the state according to decisions, contracts or certificates of land use rights and of ownership rights to residential houses and other assets attached to land.

The decree applies to cases where the lessees are not entitled to enjoy exempted or reduced rental fees, those whose exemptions or reductions have expired, and those currently receiving reductions in rental fees following the Land Law and other relevant laws. The new reduction levels are calculated based on the rental fees payable for this year as stipulated by the law./.

Bac Giang seeks investment to create breakthroughs in service sector

The northern province of Bac Giang will focus on attracting investment and creating breakthroughs in developing its service sector in the coming time, said Vice Chairman of the provincial People’s Committee Phan The Tuan.

Tuan said that the province has determined to gradually turn its service industry into a key economic sector with an increasing proportion in the province’s economy with high quality, efficiency and competitiveness.

It will focus on potential services, including commercial services in urban areas and around industrial parks; transport, logistics; finance and banking; tourism, particularly resort tourism and entertainment; night-time economic services; sports and cultural services; health care; and high-quality education and vocational training.

In the 2024-2030 period, Bac Giang is striving to achieve an annual average growth rate of 7.5% - 8.5% of the service sector. It is expected to contribute to about 21%-22% of the province's GRDP by 2030; and the total retail sales and consumer service revenue in the period will reach an average growth rate of about 15% per year.

From now to 2030, Bac Giang will prioritise attracting investment and developing commercial centres and all of new industrial parks in the province will have concentrated service areas.

The province will promote the development of tourism services associated with entertainment, accommodation and resorts. It eyes to attract investment in two to three hotels with standards of 4 stars or higher; form at least a large-scale entertainment complex.

By 2030, it also expected to have at least two night-time economic service areas in Bac Giang city and Viet Yen township, at least three high-quality hospitals, one or two high-quality international schools in Bac Giang city, Viet Yen town and in areas which are home to developed industrial parks and clusters.

The province seeks different investment resources to develop infrastructure to serve service development. Accordingly, it will innovate and improve the effectiveness of investment promotion, strengthen human resources training for the service sector, speed up administrative procedure reform, and improve its investment and business environment.

In the coming time, Bac Giang will offer favourable locations to attract investment in projects of hotels, commercial centres, banks, schools, hospitals, and night-time economic zones in Bac Giang city, Viet Yen township and localities which are planned to become townships such as Hiep Hoa, Lang Giang, and Chu.

Besides high-quality urban areas for foreigners, the province planned to form urban areas and residential areas in large cities, near industrial parks and clusters with full amenities from low-rise and high-rise houses to commercial services, hotels, and condotels to meet different needs.Notably, Bac Giang will focus on attracting and implementing urban area projects combined with commercial service projects, large tourism and resort projects, creating momentum for local development such as Bac Giang urban area and international market complex; Nham Bien mountain golf course and urban area in Bac Giang city and Yen Dung district; and integrated service and commercial urban area in the communes of Tan My, Song Khe, and Trang Tien, Bac Giang city and Viet Yen township.

In recent years, Bac Giang province's economy has ranked 12th in the country but its service sector has yet to be commensurate with the province's economic growth rate.

Total retail sales of goods and consumer service revenue in the province in 2023 reached 56.5 trillion VND (2.3 billion USD), an increase of 13% compared to 2022. The average growth rate in the 2021-2023 period was 13.8% a year.

To date, the province has 132 markets with a total area of 643,442 sq.m. The province has five shopping centres, five supermarkets, 12 mini supermarkets, 631 convenience stores, 65 wholesalers of food and essential goods, and 69 warehouses with a total area of 20,417 sq.m. It has had few parks and entertainment areas./.

Hanoi aims to exceed 2024 state budget revenue target by over 10%

Hanoi aims to exceed its 2024 state budget revenue target by over 10%, according to a directive signed by Chairman of the Hanoi People’s Committee, Tran Sy Thanh.

Thanh required the heads of municipal departments, agencies, and district administrations to direct units at lower levels to intensify efforts to meet the city's economic, social, and budgetary goals. He emphasised the need to strengthen fiscal discipline, boost revenue, and manage spending to ensure a balanced state budget.

He specified key tasks and solutions to realise the set goals, first of all is to continue promote administrative procedure reforms, improve the business and investment environment and remove difficulties hindering production and business activities.

Accordingly, Hanoi will implement measures to simplify administrative procedures, improve the investment environment, enhance national competitiveness, and support businesses.

Efforts will be made to expand the tax base and address tax evasion, particularly in real estate and digital transactions. The city targets a 10% increase in budget revenue over the 2024 plan and a 5% rise in 2025 revenue compared to 2024 projections. At the same time, measures will also be taken to combat tax fraud, transfer pricing, and smuggling, especially in digital platforms and real estate transactions.

The city will enforce strict spending control, aiming to save 5% of regular expenses in 2024 and 10% in 2025 compared to the previous year’s estimates. Resources saved will be allocated to essential tasks such as social welfare and salary reforms besides development investment.

Efforts will be made to accelerate public investment disbursement, with a target of disbursing over 95% of allocated capital for 2024.The city’s Tax and Customs Departments are tasked with enhancing digital transformation and IT application to improve efficiency in managing tax revenues, particularly from e-commerce and foreign suppliers.

The use of electronic invoices and digital platforms will be expanded.The directive underscores Hanoi’s commitment to maintaining fiscal discipline, ensuring effective use of public resources, and supporting sustainable economic growth in the coming years./.

Indonesia-Vietnam business forum unlocks new cooperation frontiers

An Indonesia-Vietnam business forum was jointly held on September 26 by the Vietnam Chamber of Commerce and Industry – Ho Chi Minh City Branch (VCCI-HCM) and the Indonesian Consulate General in HCM City to ignite new business opportunities for small-and medium-size enterprises (SMEs) in the high-tech, agriculture, and fishery sectors.

Indonesian Consul General Agustaviano Sofjan vowed all possible support to connect the two countries’ business communities, especially in the high-tech sector.

Celebrating a decade of strategic partnership, with Vietnam being Indonesia's sole strategic partner in the Association of Southeast Asian Nations (ASEAN), the stage is set for deeper trade and investment ties.

Indonesia currently stands as Vietnam's third largest trade partner within ASEAN, while Vietnam ranks fourth for Indonesia. As of June 2024, Indonesia secured the 30th position among 146 countries and territories investing in Vietnam, with 115 projects valued at over 662 million USD.

Both nations have committed to swiftly developing an Action Plan for the 2024–2028 period, aiming to boost two-way trade to 18 billion USD by 2028. To achieve this, a multitude of trade and investment promotions are underway, alongside efforts to eliminate barriers for goods from both sides, he added.

VCCI-HCM Deputy Director Nguyen Huu Nam highlighted the growing dominance of Vietnamese goods in Indonesia, led by computers, electronics and components.

The Vietnamese and Indonesian governments are actively promoting collaboration in emerging fields such as digital economy, green economy, e-vehicle and battery ecosystems. Moreover, cooperation under the Just Energy Transition Partnership (JTEP) framework is expanding, with a focus on Halal and food security, he said.

Participants received updates on the Indonesian market and the upcoming Trade Expo Indonesia, the country's largest annual international trade exhibition. This event promises to facilitate direct trade connections between Indonesian firms and foreign partners in various sectors./.

Conference helps promote Vietnam-China trade in digital commerce

A conference on promoting trade between Vietnam and China in the field of digital commerce was held in Hangzhou, China’s Zhejiang province, on September 26, as part of the third Global Digital Trade Expo (GDTE 2024).

The event was jointly organised by the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade, Zhejiang provincial Department of Commerce and Alibaba.com.

In his opening remarks, Hoang Minh Chien, Deputy Director of Vietrade emphasised that the conference provided an opportunity for businesses from both countries to meet, exchange experience, and explore new cooperation opportunities, especially in the field of digital commerce.

This is also an opportunity for domestic businesses to connect and expand their network of partners with Chinese businesses, tapping into a vast and promising market, especially in the field of digital commerce.

Besides, the conference will facilitate access to new technologies and advanced digital solutions in e-commerce, smart logistics, online payments as well as help businesses grasp new trends, thereby enhancing the international competitiveness of Vietnamese enterprises in general.

This year, the Vietnamese business delegation attending the conference comprises over 80 companies from various sectors, including e-commerce products, mobile information technology, chips and artificial intelligence application software, digital technology, and innovative applications./.

45-million-USD animal feed plant inaugurated in Long An

The Philippines’ Aboitiz Foods on September 26 inaugurated a 45 million USD animal feed plant at the Nhut Chanh Industrial Park, Ben Luc district, the Mekong Delta province of Long An.

The Gold Coin Feedmill Long An has a designed capacity of 300,000 tonnes per year, increasing Aboitiz Foods' total annual feed production in Vietnam to 1.1 million tonnes.

The plant, Aboitiz's sixth in Vietnam, is one of the most advanced feed mills in Southeast Asia, utilising cutting-edge technology from Bühler, Van Aarsen, Symaga, and Premier Tech. It will produce a range of feed products for livestock and poultry.

CEO Tristan Aboitiz highlighted the plant’s role in creating hundreds of jobs, and enhancing the local economy. The facility will support the company's partners and contribute to the development of Vietnam's livestock sector by ensuring food safety and supply chain stability across the central and southern regions.

The launch marks a significant milestone in the 30-year journey of Gold Coin - a brand of Aboitiz Foods in Vietnam, reinforcing its commitment to the local livestock industry./.

Singaporean businesses explore investment opportunity in Hau Giang

Officials of the Mekong Delta province of Hau Giang held a working session on September 26 with representatives from Singaporean businesses, which are exploring investment opportunities in some areas of the locality.

Chairman of the provincial People's Committee Dong Van Thanh briefed participants on the environmental conditions, transportation and infrastructure advantages, and investment attraction policies of Hau Giang, saying that in addition to industrial parks and hi-tech agricultural areas, the locality has a 28.5-ha digital technology zone which is already operational.

Provincial authorities are always ready to collaborate with Singaporean businesses to develop investment projects, and committed to accompanying businesses, viewing their success as the province's. The goal is to work hard to help incoming businesses overcome challenges in implementing their projects, he affirmed.

Representatives of Singaporean businesses mentioned their strengths and investment interests in terms of wastewater and medical waste treatment, aquaculture water treatment, agricultural product exports, video game programming, and solar energy.

They also expressed interest in the province's digital technology zone, hi-tech agricultural area, and fruit-growing regions, saying that they hope to connect with other enterprises that are looking to invest in Hau Giang.

Representatives of Hau Giang’s departments and sectors and Singaporean businesses exchanged information related to investment attraction policies in the areas of their interest.

Accordingly, in the digital technology zone, in addition to tax and land rental incentives, local authorities also offer incentives regarding telecommunications services.

For projects related to agriculture, businesses can implement models on farmers' fields. The province also calls for cooperation in producing high-quality rice linked to low emissions, planting fruit crops, and developing green agriculture, circular agriculture, and multi-value and climate change adaptation agriculture.

Regarding solar power projects, the government has tasked the Ministry of Industry and Trade with developing incentives for investors in the field. Leaders of the provincial departments and sectors have committed to actively supporting businesses to implement their projects in the most effective manner./.

South Africa launches anti-dumping probe into vehicle tyre imports from Vietnam

The Trade Remedies Authority of Vietnam (under the Ministry of Industry and Trade) has announced that South Africa has officially initiated an investigation into alleged tax avoidance and anti-dumping practices on car, bus, and truck tyres imported from Vietnam, Thailand, and Cambodia.

The move is based on allegations that these products are avoiding anti-dumping taxes that South Africa has already imposed on similar goods from China.

The products under investigation include car, bus, and truck tyres classified under the following South African import codes: 4011.10.01, 4011.10.03, 4011.10.05, 4011.10.07, 4011.10.09, 4011.20.16, 4011.20.18, and 4011.20.26. The plaintiff in this case is the South African Tyre Manufacturers Conference, which initiated the investigation on September 20, 2024, alleging a dumping margin of up to 84% for Vietnam.

The anti-dumping investigation period is set from November 1, 2023 to May 31, 2024. Meanwhile, the anti-circumvention investigation covers four phases: from March 1, 2022 to September 30, 2022, from October 1, 2022 to April 30, 2023, from April 1, 2023 to October 31, 2023, and from November 1, 2023 to May 31, 2024.

Earlier, in May 2023, the International Trade Administration Commission of South Africa (ITAC) imposed anti-dumping duties on car, bus, and truck tyres originating from China, with a tax rate ranging from 7.18% to 43.6%.

According to the Trade Remedies Authority, relevant documents, including a public version of the investigation application, the notice of initiation, and the investigation questionnaire, will be sent by ITAC to relevant Vietnamese manufacturers and exporters within seven days of the initiation date, specifically on September 27, 2024.

Involved enterprises are required to submit their responses to the questionnaire by 15:00 on October 28, 2024 (South African time) via postal mail to: The Senior Manager, Trade Remedies II, Private Bag X753, Pretoria, 0001, South Africa. In the event of any arguments or comments related to the case, companies may also send their submissions to the aforementioned address.

ITAC will carry out subsequent steps, including issuing preliminary and final conclusions, conducting on-site verification, and holding hearings to verify the information. This will facilitate a decision regarding the alleged tax avoidance, damage to the domestic industry, and the causal relationship.

The Trade Remedies Authority recommends that associations and relevant producers and exporters thoroughly review the investigation application, the initiation notice, and the guidelines and regulations provided by South Africa. Moreover, full cooperation in responding to the questionnaire and providing information as requested by ITAC is crucial.

In addition, businesses should consider diversifying their export markets, as if South Africa imposes anti-dumping duties, other member countries of the Southern African Customs Union (including Botswana, Lesotho, Namibia, South Africa, and Eswatini) might take similar actions. Regular communication with the Trade Remedies Authority will ensure timely support and the latest information.

Farm produce exports post US$12.4 bln trade surplus in nine months

Vietnam has recorded an estimated agro-forestry-fishery trade surplus of US$12.4 billion as of mid-September, reported the Ministry of Agriculture and Rural Development (MARD).

The country’s total export and import turnover of the products stood at an estimated US$69.84 billion throughout the reviewed period. Of the total, export revenue brought back approximately US$41.11 billion, up 18.6% from the same period last year.

Items attaining the highest export turnover included timber and wood products with US$10.9 billion and seafood with US$6.68 billion. They were followed by fruits and vegetables, coffee, and rice, earning US$5.18 billion, US$4.13 billion, and US$4.06 billion, respectively.

Four commodities secured an import value of over US$1 billion each as of September 15, namely animal feed and raw materials at US$3.45 billion, cashew nuts at US$2.55 billion, seafood at US$1.75 billion, and fruits and vegetables at US$1.54 billion.

The country’s agro-forestry-fishery exports are on track to hit a target of US$55 billion by the end of this year, buoyed by sustained positive growth recorded over recent months, according to the MARD.

The Ministry will therefore continue to handle issues in a bid to optimise free trade agreements to boost ago- forestry-aquatic- product exports.

VNA/VNS/VNN/VOV