Day: March 18, 2024

Hanoi: The Government has issued new regulations regarding industrial clusters, to eliminate overlaps and foster transparency in management and development.

Decree No 32/2024/ND-CP dated March 15, 2024, outlines several favourable policies and support measures for the development of industrial clusters.

It provides investment incentives for industrial clusters located in areas facing challenging socio-economic conditions and considers the construction of technical infrastructure for industrial clusters as a specialised industry eligible for investment incentives.

The decree also stipulates that local budgets allocate resources to support investment and the development of technical infrastructure both within and outside industrial clusters in the region. Priority will be given to investing in environmental protection infrastructure for operational industrial clusters.

Support will be extended to essential shared technical infrastructure projects in areas experiencing difficult or extremely challenging soci
o-economic conditions, as well as to industrial clusters focusing on sectoral integration, specialisation, support services, ecology, and the preservation of traditional vocations.

The State will support up to 30% of the total investment capital required for technical infrastructure construction in industrial clusters. Provincial-level People’s Committees will report decisions or decisions based on their authority and legal provisions to the corresponding People’s Councils regarding support for technical infrastructure construction in industrial clusters within their jurisdictions.

The central budget will secure funding for activities related to industrial cluster development conducted by the Ministry of Industry and Trade. This includes activities such as conducting investigations, establishing and maintaining databases for industrial clusters, organising conferences and seminars, and coordinating investment promotion efforts for industrial clusters. Additionally, research will be carried out to develop cr
iteria for identifying effective models of industrial cluster development and environmental protection.

The local budget will ensure funding for industrial cluster development activities undertaken by local authorities. This includes organising investment promotion activities for industrial clusters, conducting surveys of organisations and individuals interested in relocating or investing in industrial clusters, evaluating proposals for establishing or expanding industrial clusters, and providing support funds for setting up investment projects. It also covers transportation costs and the installation of machinery and equipment for enterprises, co-operatives, and households in craft villages and residential areas relocated into industrial clusters./.

Source: Vietnam News Agency

Hanoi: Vietnam’s exports to the US have steadily rebounded since late last year, experiencing robust growth in export value during the first two months of 2024.

Increased consumption in the US has led to a revival in orders, lifting Vietnam’s export value to this market to 17.4 billion USD in the first two months of the year, marking a notable 34% surge compared to the corresponding period in 2023.

More than half of Vietnam’s export value to the US was from high-tech products (consumer electronics, smartphones), garments and footwear. The rest came from other products such as furniture and agricultural products.

For many consecutive years, the US has been an important destination for Vietnamese goods.

In 2023, Vietnam exported nearly 97 billion USD worth of goods to the US, despite many impacts from economic recession, inflation and people tightening their spending.

With an export value at nearly 110 billion USD in 2022, the US became the first export market of Vietnam reaching 100 billion USD a year. Th
is market maintained its position as Vietnam’s largest export market in 2023.

Dau tu (Investment) newspaper quoted Ta Hoang Linh, Director of the European – American Market Department under the Ministry of Industry and Trade, as saying that the US continues to promote the strategy of diversifying suppliers, targeting ASEAN markets. That brings chances for Vietnam to become an important production and export centre in the global value chain.

Bilateral trade between Vietnam and the US has increased strongly from 450 million USD in 1995 to 124 billion USD in 2022.

The recent upgrade of the Vietnam – US relations to a Comprehensive Strategic Partnership is opening considerable opportunities for both sides to soon reach 200 billion USD in bilateral trade value.

According to the US-ASEAN Business Council (USABC), an annual delegation of 50 leading US companies will have a trip to explore investment opportunities in Vietnam from March 18-21, 2024. They operate in different fields such as technology, energy, aero
space and defence, manufacturing, agriculture and food, financial services, healthcare and investment funds./.

Source: Vietnam News Agency

Hanoi: Vietnam is ready to provide favourable conditions for APM Terminals to pilot green port projects along with a mechanism for direct electricity trading from renewable energy projects in Vietnam, said Deputy Prime Minister Tran Hong Ha while hosting the Danish company’s CEO Keith Svendsen in Hanoi on March 18.

Ha said the traditional friendship and the newly-established green strategic partnership between Vietnam and Denmark have created chances for Danish businesses to invest in Vietnam, especially in the fields of green economy, renewable energy and seaport infrastructure.

The Deputy PM said that during the process of planning the seaport system, Vietnam is striving to both ensure the optimality of international trade transport routes and meet the development requirements of industries, especially manufacturing-processing with a scale and model consistent with the green and smart port trend.

Ha highly valued APM Terminals’ plan to develop a green fleet and green seaports amid increasing strict techn
ical barriers and environmental and greenhouse gas emission standards for the sea transport and seaport industry.

For his part, Svendsen hailed the achievements that Vietnam has gained in improving the business environment and creating favourable conditions for foreign investors, as well as Vietnam’s efforts in digital transformation and green transition towards sustainable development.

The commitment to net-zero emissions that Vietnam delivered at the 26th UN Climate Change Conference (COP26) fits APM Terminals’ orientation to develop a green fleet and green seaports in the coming years, he said.

Svendsen underlined that his company hopes to explore investment opportunities to build the largest and modern deep-water container seaports in Vietnam through digital, lean and green initiatives, and expressed a hope to receive support from the Government of Vietnam in the coming time./.

Source: Vietnam News Agency