Day: February 28, 2024

Hong Kong: Vietnamese businesses are joining enterprises from 43 countries and territories worldwide at two gemstone and jewellry shows in Hong Kong (China) from February 27 to March 4.

The 10th Hong Kong International Diamond, Gem and Pearl Show, organised from February 27 to March 2 at AsiaWorld Expo, is introducing a wide range of diamond, gemstone and pearl raw materials. It includes three high-end product zones – Hall of Fine Diamonds, Treasures of Nature and Treasures of Ocean.

Meanwhile, the 40th Hong Kong International Jewellery Show will run from February 29 to March 4 at the Hong Kong Convention and Exhibition Centre, with world-class jewellery masterpieces and craftsmanship on the showcase.

This is the first time since the COVID-19 pandemic that the ‘two shows, two venues’ format has been reinstated. More than 60% of the exhibitors come from outside Hong Kong, which signifies the high international profile of the two fairs.

They are billed as ideal events for Vietnamese businesses to seek sup
ply or expand markets.

Director of Precious Le Gemstone and Jewellry Co. Ltd Le Thu Phuong said that her company has attended annual fairs in Hong Kong, Thailand and the US to introduce Vietnamese precious gemstones to foreign customers, adding that such high-quality stones as Cobalt Spinel, Ruby and Sapphire have received attention from international buyers.

More than 30 seminars, forums and parades will be arranged at the twin jewellery shows, including AI design and innovative technology for digital transformation of the industry, fashion matching and market trends, and industry information and standards.

The shows will run under the EXHIBITION+physical-online hybrid model, extending face-to-face interactions from physical exhibitions to an online, smart business-matching platform to help enterprises proactively connect with business partners.

Last year, the events attracted more than 2,500 exhibitors and more than 60,000 visitors from 130 countries and territories.

Hong Kong’s jewellery exports in 20
23 was valued at around 11.23 billion USD, surging 40% from 2019 before the COVID-19 pandemic broke out./.

Source: Vietnam News Agency

Hanoi: Prime Minister Pham Minh Chinh requested action be boosted to upgrade Vietnam’s stock market from the frontier status to the emerging one in 2025, while chairing a conference in Hanoi on February 28.

The State Securities Commission of Vietnam (SSC) reported that amid big pressure posed by complex developments of global financial and stock markets, thanks to domestic macro-economic stability, strong and flexible directions from the Government, the PM and the Ministry of Finance, along with close coordination from relevant ministries, sectors and agencies, Vietnam’s stock market saw good recovery in 2023 with the market structure increasingly perfected and many important targets achieved, thus remaining a magnet for domestic and foreign investors and a useful channel for attracting capital to the economy.

As of December 29, 2023, the benchmark VN-Index on the Ho Chi Minh City Stock Exchange (HOSE) reached 1,129.93 points and the HNX-Index on the Hanoi Stock Exchange (HNX), 231.04 points, respectively r
ising 12.2% and 12.5% from the end of 2022, which were good growth rates compared to many other Asian countries’, the SSC said.

By the end of last year, the market capitalisation hit 5.937 quadrillion VND (241 billion USD), up 13.6% from 2022 and equivalent to 58.1% of the estimated GDP of 2023.

There were 739 stocks and exchange traded funds listed on the two trading platforms, and 862 stocks registered for transactions on the unlisted public company market (UPCoM). Their value totaled 2.128 quadrillion VND, up 7.3% from the end of 2022.

Meanwhile, new investors joining in the market continued increasing sharply. Last year, the number of investors’ accounts rose 395,290 from 2022 to more than 7.29 million, equivalent to 7.5% of the population, exceeding the target of 5% set by the Government, statistics show.

Addressing the event, PM Chinh stated that the Government always protects the legitimate rights and interests of investors and relevant players in the stock market.

The stock market is an important
part of the financial market and the socialist-oriented market economy of Vietnam. It is a flexible and attractive investment channel, a channel for mobilising medium- and long-term capital for businesses, and a critical contributor to economic restructuring, State-owned enterprise equitisation, growth model reform, and socio-economic development, he affirmed.

The PM went on to say that for nearly 25 years of development, though Vietnam’s stock market is still relatively young compared to others in the region and the world, it has become mature quickly, shown its potential and positive outlook, and gradually established itself as a channel for medium- and long-term capital mobilisation in the economy, thereby considerably helping with socio-economic development.

He underscored the task of developing a comprehensive, safe, healthy, effective, and sustainable stock market consistent with the country’s financial market and integrates into the world.

Market development needs to be carried out in tandem with gr
owth model reform and economic restructuring. Besides, it is important to develop both the size and quality of this market, pay due attention to IT application, adopt international norms and standards, and enhance management and monitoring to ensure market security and safety, according to PM Chinh.

Stressing the spirit of ensuring legitimate interests of all market players, he asked ministries, sectors, localities, businesses, market members, and investors to join hands to strongly and sustainably bolster the stock market to generate harmonious interests for all./.

Source: Vietnam News Agency

HCM City: The first Vietnam International Trade Fair for Apparel, Textiles and Textile Technologies (VIATT) opened in Ho Chi Minh City on February 28.

The expo is co-organised by Messe Frankfurt – a German-based organiser of the world’s largest trade fairs, congresses and events – and the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade. Spanning 15,000 square metres, it features over 500 booths run by more than 400 domestic and foreign firms from 16 countries and territories worldwide such as the UK, Germany, the US, Switzerland, Japan, the Republic of Korea, China, Thailand, and India.

Vietnam’s national brand pavilion is the highlight of the three-day expo, introducing visitors to the strengths of domestic textile and garment brands. Vietnamese products on display include apparel, home textiles, technical textiles, non-woven fabrics, and textile processing-printing technologies, among many others.

The business community and visitors are set to join 14 symposiums and fas
hion shows, focusing on such practical topics as design and trends, market access strategies, and textile and non-woven fabric technologies.

According to Detlef Braun, member of the Executive Board at Messe Frankfurt, VIATT is an event in the company’s Texpertise Network that connects over 500,000 people across the globe. The exhibition provides opportunities for textile businesses to engage in trade connectivity, participate in the global textile production chain, and form links throughout the value chain from raw materials to final products.

Speaking at the opening ceremony, Deputy Minister of Industry and Trade Phan Thi Thang said VIATT is an opportunity for businesses to seek partners, gradually increase localisation rate, meet the diverse needs of domestic and international customers, enhance the added value of products, and make contributions to the development of the Vietnamese textile industry towards green and sustainable trends worldwide.

Participating major global brands, meanwhile, will receive
assistance to transfer technology and management experience to and participate in the development of supply chains in Vietnam, she noted./.

Source: Vietnam News Agency

Hanoi: Minister of Industry and Trade Nguyen Hong Dien has joined meetings held as part of the World Trade Organisation’s 13th Ministerial Conference (MC13) in Abu Dhabi.

At the MC13, Dien spoke highly of the WTO’s role in guiding and promoting trade liberalisation effectively.

For the WTO and the MC13 to play a stronger role in propelling sustainable growth and creating more practical opportunities for businesses and citizens, he proposed that WTO members focus on discussions and negotiations that have shown progress to narrow gaps and move toward consensus among them, with the reform of the WTO dispute settlement mechanism playing a crucial role.

He also stressed the importance of finding development-appropriate solutions and addressing differences regarding special and differential treatment to ensure a balance of rights and obligations for all members, tailored to the development level of each country.

Vietnam has been fully realising the outcomes of the MC12, he said, adding that like many other resp
onsible members, Vietnam is committed to supporting efforts and initiatives to reform the WTO in order to improve the effectiveness of its operation.

During a ministerial discussion on trade and sustainable development, Dien highly praised the WTO’s efforts in proposing discussions on initiatives and effective approaches to achieving balance and coherence between economic and trade promotion and sustainable development.

He urged the WTO to clearly demonstrate its role in ensuring that the policies and regulations of each country align with the fundamental principles and existing regulations of the WTO, without creating discrimination and inequality in international trade.

About trade and industry development, the Vietnamese minister suggested that the WTO and its members conduct specific studies and evaluations on the scope and impact of proposed industrial support policies that may be subject to adjustment or change, with the development needs and goals of both developing and least developed countries put
into consideration.

During the Cairns Group Ministerial Meeting, Dien affirmed Vietnam’s support for new initiatives and efforts to step up agriculture negotiations, with appropriate levels of development and enforcement capacity of economies being taken into account.

Vietnam will continue working closely with other members of the Cairns Group to achieve specific outcomes, contributing to promoting agricultural trade liberalisation on the basis of equal, fair and transparent competition, he said.

On the MC13 sidelines, he held a working session with the WTO Director-General to reaffirm Vietnam’s commitment to supporting the multilateral trading system. He also met separately with officials of several WTO members such as Bulgaria, the Czech Republic, Costa Rica, Kazakhstan, Israel, Singapore, the US, China, Nepal, Romania, Canada, and Malaysia to discuss bilateral and regional issues of shared interest.

The Vietnamese and Chinese sides affirmed their excellent economic and trade relations demonstrated by t
he maintenance of open borders, which facilitate bilateral trade and investment, especially in agricultural and aquatic products. As a result, two-way trade has improved amid the global trade downturn.

With other countries, the minister agreed on closer cooperation mechanisms, especially through existing joint commission mechanisms, with a focus on energy, industry, and agricultural trade.

During a reception for President and CEO of the US’s Semiconductor Industry Association (SIA) John Neuffer, he expressed the wish to work more closely with the associations and firms to share information and experience in this field.

With the goal of deepening involvement in the global semiconductor supply chain, Vietnam hopes for SIA’s support in market connection, technology, financial resources, and early cooperation projects with the US companies, thereby considering appropriate mechanisms and policies to develop semiconductor industry, he added.

The meeting between Minister Dien and UAE Minister of State for Foreig
n Trade Thani bin Ahmed Al Zeyoudi concluded with a commitment to expedite the signing of the Vietnam-UAE Comprehensive Economic Partnership Agreement through technical discussions./.

Source: Vietnam News Agency

Binh Duong: Minister of Construction Nguyen Thanh Nghi, Singaporean Consul General in Ho Chi Minh City Kho Ngee Seng Roy on February 28 attended a groundbreaking ceremony for a high-end housing project in the southern province of Binh Duong, which is developed by CapitaLand Group of Singapore.

Covering an area of 18.9 ha in Thu Dau Mot city, the Sycamore Binh Duong project has a total investment capital of 18.33 trillion VND (over 744 million USD). It comprises seven sub-areas, providing approximately 3,500 townhouses, villas, and apartments.

According to Kho Ngee Seng Roy, as one of the largest real estate developers in Singapore, CapitaLand Development entered the Vietnamese market in 1994 and has made its mark through 18 projects in Ho Chi Minh City and Hanoi. This project in Binh Duong marks the first time the corporation has expanded beyond traditional markets.

He highly values Binh Duong for its dynamism and proactiveness in implementing policies to attract foreign investment.

Speaking at the event,
Vice Chairman of the provincial People’s Committee Mai Hung Dung said this project aligns with the province’s strategy to create high-end real estate and establish a desirable living environment for residents.

Located in Binh Duong New City, the project marks a significant milestone in the economic and urban development of Binh Duong, laying a foundation for future investment cooperation between the Vietnamese locality and Singapore, he said.

The provincial authorities will create the best conditions for investors to complete the project promptly, thus serving urban development in the locality, he affirmed.

Binh Duong has so far attracted over 4,100 foreign direct investment (FDI) projects with a total capital of over 40 billion USD from 65 countries and territories worldwide, becoming the second-largest locality in Vietnam in terms of FDI attraction. It has become an attractive destination for domestic and foreign investors, laying a foundation for forming high-quality urban chains in the future./.

Sour
ce: Vietnam News Agency