Day: March 13, 2024

Hanoi: With their market sizes and complementary strengths, Vietnam and Shandong province of China still have a lot of room to enhance economic and trade cooperation, an official of the Vietnamese Ministry of Industry and Trade (MoIT) said on March 13.

Addressing a business matching conference in Hanoi, Director of the MoIT’s Trade Promotion Agency Vu Ba Phu said China has been the biggest trading partner of Vietnam for more than 20 straight years. Meanwhile, Vietnam ranked first in ASEAN and seventh in the world among trading partners of China in 2023.

In cooperation with China, the MoIT attaches great importance to Shandong, a leading province in economic development in China. Last year, Shandong posted 10.9 billion USD in trade turnover with Vietnam, ranking eighth among the Chinese localities having trade relation with the Southeast Asian nation and accounting for some 4.8% of the two countries’ total trade, he noted.

To better tap into the two sides’ potential and demand, Phu suggested the administrat
ion of Shandong create optimal conditions for enterprises to engage in more business matching and trade promotion events in order to promote investment and trade in high-quality and strong products of each side, including fruit, aquatic and agricultural products, processed food, beverages, and apparel of Vietnam and machinery, electronic devices, and chemical products of Shandong.

He called for support from enterprises to strengthen investment ties and share experience in developing agricultural processing, textile – garment, new energy, electric vehicle, mechanics, and electronics industries that Shandong is strong at to help Vietnamese firms improve capacity.

The official also asked Shandong authorities to provide favourable conditions for Vietnamese enterprises to advertise and establish their brands in China, especially at major distribution systems in the province.

The MoIT is ready to coordinate with authorities of China and Shandong to help businesses carry out cooperation activities, Phu stated, pl
edging support to be delivered in line with Vietnamese law and international practices for Chinese firms to operate effectively and sustainably in Vietnam.

For his part, Vice Governor of the Shandong provincial People’s Government Song Junji said as Vietnam and China are important economic and trading partners and their industries are complementary, cooperation potential is considerable. Promoting economic and trade cooperation is crucial for the intensification of the comprehensive strategic cooperative partnership.

He noted Shandong, a province with a large population and large-scale economy in the north of China, and Vietnam have frequently worked together on economic, trade, and agricultural affairs. In June 2023, the Shandong administration organised a delegation of over 100 enterprises to Vietnam to negotiate and seek partners. Less than one year later, it sent another large economic and trade delegation to Vietnam and coordinated with the MoIT to hold the trade promotion conference.

This reflects Sh
andong’s determination to foster results-oriented cooperation with Vietnam and create opportunities for enterprises to boost exchanges and partnerships, Song remarked./.

Source: Vietnam News Agency

HCM City: The 11th international exhibition on plastics and rubber technology, materials and machinery opened in Ho Chi Minh City on March 13, with the participation of more than 60 booths showcasing products in the plastics-rubber industry from 12 countries and territories, including the UK, Germany, China, Singapore and Vietnam, among others.

With a total area of 3,300 sqm, the three-day Plastics and Rubber Vietnam 2024 offers an opportunity for domestic and foreign businesses to access the latest technologies in the industry as well as seek potential business partners.

Speaking at the opening ceremony, General Director of Informa Markets Vietnam Ben Wong said that the event is expected to connect leading suppliers from all around the world with Vietnamese enterprises while promoting international trade across the plastics and rubber industry.

Besides, a series of seminars will be held in the framework of the exhibition on different perspectives on circular economy and recycling in the plastics and rubbe
r industry, he added.

Commercial Counsellor at the Austrian Embassy in Vietnam Dietmar Schwank shared that Vietnam is a potential market for plastic, rubber and many other industries. The Austrian Embassy’s Commercial Section Ho Chi Minh City is always ready to support Vietnam in investment, technology transfer and specialised experience, he said.

According to Mordor Intelligence, the scale of Vietnam’s plastics market is expected to reach 10.92 million tones in 2024 and 16.36 million tonnes by 2029, growing at a compound annual growth rate (CAGR) of 8.44% in the period of 2024 – 2029.

Despite effects of the global economic situation, stimulus policies and business support activities have contributed to maintaining the growth of Vietnam’s plastic industry. Along with plastics, Vietnam’s rubber industry also showed positive signs in the first months of the year. The industry’s exports in January 2024 reached 260,000 tonnes, worth 365 million USD, up 92.6% in volume and 99.8% in value year on year./.

Sourc
e: Vietnam News Agency

Hanoi: Vietnam always rolls out the red carpet for projects that lay the foundation for the development of the renewable energy industry, helping the Government complete policies and the investment environment in the sector, Deputy Prime Minister Tran Hong Ha said on March 13.

He made the statement while hosting a reception for Deputy Head of Mission of the Danish Embassy in Vietnam Mette Ekeroth and President and CEO of Vestas Group Anders Runevad.

Highlighting the comprehensive cooperation between the two countries as well as Denmark’s support for Vietnam over the past years, particularly in the areas of environment and climate, Ha said Vietnam is carrying out the Just Energy Transition Partnership (JETP) by working closely with G7 countries, Denmark and international partners.

Vietnam is accelerating a shift to clean energy from fossil fuels and developing an industrial renewable energy ecosystem and services while upgrading power transmission lines, and speeding up smart power grid construction, he sai
d. He called on Denmark to share experience and provide technological and financial support for the country so that it can carry out such initiatives as greenhouse gas emissions reduction, green transition and just energy transition.

The Deputy PM highlighted that Vietnam is completing an action plan to realise the National Power Development Plan VIII (PDP VIII) to ensure a suitable, balanced and stable structure of power sources, including thermal power, hydropower, solar power and wind power. He also discussed the guarantee of the grid’s safety as well as the optimisation of investment and economic efficiency.

Against this backdrop, the country hopes to receive Denmark’s support in terms of tools, experts, technologies and measures to sew up the plan, branch out renewable energy and quickly shift from fossil fuel-based energy to renewables, he said.

He expressed his wish that both sides will continue prioritising cooperation in the green economy and completion of the legal system for power, energy, circu
lar economy and carbon market, while promoting collaboration between businesses and encouraging them to carry out renewable energy projects.

Mette Ekeroth, for her part, affirmed that the establishment of the Green Strategic Partnership between Vietnam and Denmark has an important role to play in elevating the bilateral cooperation in sustainable development, climate change adaptation, green transition and energy transition to a new high.

Denmark is proud to be a partner of Vietnam, helping the country pen its energy outlook report so as to roll out the power development plan soon, she said, adding the country commits to joining hands with Vietnam to deliver on the JETP.

Meanwhile, the Vestas leader spoke highly of Vietnam’s priority to develop renewable energy in its PDP VIII, saying his group established a branch in Vietnam and wants to contribute to the strategy that makes Vietnam an industrial hub for renewable energy in the region./.

Source: Vietnam News Agency

Kien Giang: The Mekong Delta province of Kien Giang will take drastic measures from now until the end of April to fight illegal, unreported and unregulated (IUU) fishing in anticipation of the fifth working round with the inspection delegation from the European Commission (EC) in May.

Accordingly, the provincial border guard force is tasked with inspecting, verifying and dealing with fishing vessels caught encroaching upon foreign waters before April 30. The controlling of vessels entering and leaving border checkpoints should be tightened.

The province asked the Coast Guard Region 4 High Command to coordinate with competent forces to launch peak campaigns on patrolling in the offshore area of Kien Giang as well as overlapping and undefined sea areas between Vietnam and other countries such as Thailand, Cambodia, Malaysia and Indonesia until April and strictly handle violations, thus putting an end to illegal fishing in foreign waters in the locality.

Relevant agencies are assigned to work with localities
to step up inspections to prevent vessels without registration and fishing licences or those without certificates that prove their seaworthiness (vessels with 3 NOs) from operating at sea. They must ensure that fishing boats are monitored around the clock via the monitoring system and thoroughly deal with those that violate vessel monitoring system requirement and infringement of foreign waters.

Chairman of provincial People’s Committee Lam Minh Thanh has asked local relevant agencies to ramp up the fight against IUU fishing in an effort to have the EC’s ‘yellow card’ warning against Vietnam’s seafood exports lifted, considering it an important task./.

Source: Vietnam News Agency

Hanoi: Nearly 100 one-on-one business meetings between Vietnamese importers and enterprises from Gyeongbuk and Chungbuk provinces of the Republic of Korea (RoK) have been arranged during a recent trade exchange programme in Hanoi, said the Korea Trade-Investment Promotion Agency in Hanoi (KOTRA Hanoi).

The participating firms shared the view that the event offered an opportunity for them to engage in new cooperation in the post-COVID-19 recovery period.

They brought to the event high-quality products, including cosmetics, fresh fruits, fruit juice, functional foods, medicines, dental equipment and electronics.

The programme was the inaugural RoK-Vietnam trade event of 2024.

Nearly 50 trade delegations and exhibitions are scheduled this year, said Tran Thi Hai Yen, head of the KOTRA Hanoi Office.

KOTRA Hanoi has been instrumental in facilitating numerous trade events between Vietnamese enterprises and Korean firms annually, with the objective of promoting the entry of the RoK’s high-quality products into
the Vietnamese market and fortifying economic ties between the two nations./.

Source: Vietnam News Agency

Hanoi: The second Vietnam International Logistics Exhibition (VILOG) will be held in Ho Chi Minh City from August 1 to 3, said the Vietnam Logistics Business Association (VLA).

The exhibition, to be co-organised by the VLA and VINEXAD Company, will bring together domestic and international logistics firms, representatives from government agencies, and other stakeholders, and display the most cutting-edge technologies and trends in the sector.

It will focus on transport and forwarding, warehouse system, cold chain, packaging, and logistics IT and relevant services.

The Vietnam Medi-Pharm Expo will be held simultaneously with VILOG 2024, expected to attract the participation of more than 450 businesses from 35 countries and territories.

Organisers said VILOG 2023 lured 256 firms with 354 booths from 22 countries and territories, and more than 25,000 visitors.

Logistics is one of the fastest growing and most stable industries in Vietnam, with an average growth rate of 14-16% a year and a scale of 40-42 bill
ion USD per year. According to Agility’s assessment in 2022. Vietnam is ranked 11th in the group of 50 global emerging logistics markets./.

Source: Vietnam News Agency

HCM City: The Asian markets, especially Southeast Asia and Middle East, still hold vast potential for Vietnamese vegetable and fruit exports, experts said at a forum regarding the goods held in Ho Chi Minh City on March 13.

Le Thi Mai Anh from the Ministry of Industry and Trade’s Asia-Pacific Market Department – the organiser of the forum – elaborated on the point by noting that in the Association of Southeast Asian Nations (ASEAN) region, Vietnam holds a geographical advantage with convenient transport time, minimising risks that could affect the quality of vegetables and fruits. This is also a large and open market, with import duties ranging from 0 to 5%.

Nevertheless, the region presents intense competition due to the similarity in farming product structures and numerous trade barriers. Focusing solely on exporting fresh fruits will pose challenges for Vietnam, she assessed, suggesting export firms concentrate on quality, price, and design to enhance competitiveness and expand market share.

Truong Xuan
Trung, head of the Vietnam Trade Office in the UAE, said that despite being a small country with a sparse population, the UAE boasts one of the highest per capita incomes globally. Due to its unique natural conditions, the nation primarily focuses on industrial and service development, while heavily relying on imported food and grains. It also serves as a transshipment point for re-exporting goods to other markets.

He held that Vietnamese vegetable and fruit exporters can leverage this market to access larger consumer areas.

According to him, this is an open market with virtually no trade barriers, but is highly competitive. The expert recommended Vietnamese export enterprises work on understanding the business culture and practices of the Muslim population, as well as negotiating and applying the safest payment terms when dealing with UAE businesses to avoid risks in international trade.

Le Thanh Hoa, Deputy Director of the Ministry of Agriculture and Rural Development’s Department of Quality, Processing
and Market Development, stressed that in addition to production capacity, Vietnam also benefits from dozens of free trade agreements, facilitating negotiations for various vegetable and fruit products to enter different markets.

It is necessary to organise production according to good agricultural practices suitable for each type of fruit and vegetable to meet customer requirements and to standardise the planting process to ensure the monitoring of food safety risks from planting, caring, harvesting to processing, said the official.

Supply chains building, mechanisation, and advanced technique application are also important, Hoa noted.

Vietnam’s fruit-vegetable export turnover reached a new record high of 5.6 billion USD last year, an annual rise of 66.7%. The figure is predicted to continue to witness year-on-year two-digit growth this year to hit around 6.5-7 billion USD./.

Source: Vietnam News Agency