Day: March 19, 2024

Hanoi: Hanoi and Vientiane have signed cooperation documents within the framework of the working trip by Politburo member, Secretary of the Party Committee and head of the National Assembly deputies’ delegation of Hanoi Dinh Tien Dung to the capital of Laos in mid-March.

The Department of Information, Culture and Tourism of Vientiane and the Investment, Trade and Tourism Promotion Centre of Hanoi signed a memorandum of understanding (MoU) of friendship cooperation to research and develop a cooperative programme for tourism promotion activities, and regularly support businesses to connect and explore cooperation and business opportunities.

Hanoi’s association of artisans and skilled craftsmen also inked an MoUs on cooperation, and action programmes with associations in Vientiane, including those of furniture, sculpture, bamboo and rattan, and jewellers.

Nguyen Anh Duong, Director of the Hanoi Investment, Trade and Tourism Promotion Centre, said these documents will serve as an important basis and condition
for businesses and associations to strengthen collaboration and production. Apart from training and improving skills, the cooperation will also help businesses access markets, develop tourism, and consume typical products of the two capital cities.

According to the Hanoi People’s Committee, Hanoi’s export value to Laos in 2023 hit 119.6 million USD.

The two localities have also arranged field surveys in areas growing agricultural raw materials and a number of handicraft production establishments in Vientiane, Luang Prabang province, and surrounding areas.

Nguyen Manh Quyen, Vice Chairman of the Hanoi People’s Committee, said in 2024, municipal authorities will promote cooperation between Hanoi and Lao localities. The city will also continue to implement the MoU between the Departments of Industry and Trade of Hanoi and Vientiane for the 2022 – 2025 period, thus supporting cooperation of businesses to cooperate and develop.

Trade promotion activities will continue to be organised in Laos, thereby supportin
g products and businesses of both sides to develop together, and encouraging Hanoi businesses to invest and do business in Laos, especially in agriculture, and agricultural product processing.

Attention will be also paid to providing market information and export policies for businesses exporting to the Lao market./.

Source: Vietnam News Agency

HCM City: Food and Hotel Vietnam 2024, the country’s leading international exhibition in the food, restaurant and hotel industry, opened on March 19 in Ho Chi Minh City.

In the 12th edition this year, the event gathered more than 300 exhibitors from 27 countries and territories, including Poland, Brazil, Canada, Italy, the US, China, and Japan, among others.

During the three days of the exhibition, a series of F and B competitions – the Vietnam Culinary Challenge, Vietnam Barista Competition and Vietnam Aromaster Championship, among others, will also take place.

Ben Wong, General Director of Informa Markets Vietnam, said that the event aims to help traders in Vietnam find suitable supply sources and expand business activities. The show will bring products closer to consumers while helping to promote trade, creating a bridge for many international brands to get closer to importers, distributors, retailers and businesses of cuisine and accommodation services in Vietnam.

Vietnam’s food service market is ex
pected to reach 22.72 billion USD in 2024 and reach 36.29 billion USD by 2029, with a compound growth rate (CAGR) of 9.82% in the period of 2024 – 2029 (Mordor Intelligence, 2023).

The expo takes place from March 19-21 at the city’s Saigon Exhibition and Convention Centre./.

Source: Vietnam News Agency

HCM City: Food and Hotel Vietnam 2024, the country’s leading international exhibition in the food, restaurant and hotel industry, opened on March 19 in Ho Chi Minh City.

In the 12th edition this year, the event gathered more than 300 exhibitors from 27 countries and territories, including Poland, Brazil, Canada, Italy, the US, China, and Japan, among others.

During the three days of the exhibition, a series of F and B competitions – the Vietnam Culinary Challenge, Vietnam Barista Competition and Vietnam Aromaster Championship, among others, will also take place.

Ben Wong, General Director of Informa Markets Vietnam, said that the event aims to help traders in Vietnam find suitable supply sources and expand business activities. The show will bring products closer to consumers while helping to promote trade, creating a bridge for many international brands to get closer to importers, distributors, retailers and businesses of cuisine and accommodation services in Vietnam.

Vietnam’s food service market is ex
pected to reach 22.72 billion USD in 2024 and reach 36.29 billion USD by 2029, with a compound growth rate (CAGR) of 9.82% in the period of 2024 – 2029 (Mordor Intelligence, 2023).

The expo takes place from March 19-21 at the city’s Saigon Exhibition and Convention Centre./.

Source: Vietnam News Agency

Hanoi: Prime Minister Pham Minh Chinh on March 19 chaired a meeting with FDI enterprises and the annual Vietnam Business Forum (VBF) in Hanoi.

Themed ‘FDI enterprises pioneer in implementing green growth strategies,’ the meeting-conference was jointly held by the Vietnamese Ministry of Planning and Investment (MPI), the World Bank (WB), the International Finance Corporation (IFC) and the Vietnam Business Forum Alliance.

It brought together representatives from Vietnamese ministries, international organisations, embassies, foreign representative offices in Vietnam, business circle, and domestic and foreign economists.

In his remarks, PM Chinh hailed the support of international friends and contributions by FDI firms to Vietnam’s socioeconomic achievements over the past time.

Against the backdrop of a global FDI slowdown, Vietnam has remained a silver lining in this regard, attracting nearly 36.6 billion USD in FDI in 2023, up 32.1% year-on-year.

As of the end of February 2024, the country counted over 39,
500 valid FDI projects, with a total registered capital of more than 473 billion USD, by investors from 145 countries and territories worldwide, the leader said.

Informing the participants about Vietnam’s development orientations, he stressed that to achieve the set targets, it requires people and businesses, including FDI enterprises, to further uphold their roles.

The PM suggested FDI firms, along with Vietnam, take people as the centre, subject, resources, momentum and target of development, stressing economic growth should not be achieved at the expense of social progress and equality, and the environment.

Regarding green growth, the government leader noted that Vietnam has viewed it as a core element in economic restructuring and growth model reform towards higher productivity, quality, efficiency and competitiveness, and rapid, sustainable development.

He elaborated on Vietnam’s net-zero commitments and its green growth strategies and plans, and called on foreign investors and partners to work toget
her with Vietnam to achieve them.

FDI firms and foreign investors should lead in changing both mindset and actions, pursuing sustainable development, transferring technologies, and promoting development research, he suggested.

The PM also called on development partners to enhance cooperation, especially in high-quality personnel training, share experience with Vietnam, provide consultations, and intensify financial and technological support to the country.

In return, Vietnam will ensure legal, legitimate rights and interests of businesses, guarantee political stability, social order and safety and national independence, sovereignty and territorial integrity to help investors feel secured during operations; and ensure energy security towards green transition, he pledged.

At the same time, the country will implement the three breakthroughs of institution, law, mechanism, policy; infrastructure, including transport, digital, logistics and social infrastructure; and administrative reform and personnel trainin
g, the leader continued.

It will also work to raise businesses’ confidence in the Government and all-level administration; promote openness, transparency in tandem with the fight against negative phenomena and wastefulness; and step up support to enterprises in green, sustainable development, he said.

Minister of Planning and Investment Nguyen Chi Dung said the event demonstrates the strong determination of the Government, as well as the special role of the business community, especially FDI firms, in green growth.

Denzel Eades, Vice Chairman of the British Chamber of Commerce in Vietnam (BritCham), lauded Vietnam’s commitments to net zero emissions by 2050 and sustainable development, and the Government’s efforts in this regard, affirming that UK firms stand ready to significantly contribute to such important areas as energy, finance, pharmacy and consumer goods in the Southeast Asian nation.

He recommended that Vietnam quickly roll out the National Power Development Plan VIII, approved by the PM last ye
ar, with attention to be paid to the development of liquefied natural gas (LNG) power, and solar and wind energy, and implement the Just Energy Transition Partnership in line with the plan.

Joseph Uddo, Chairman of the American Chamber of Commerce in Hanoi (AmCham Hanoi) and President of AES Vietnam, said to regain momentum and develop the supply chain, Vietnam needs to carry out restructuring in state-owned enterprises, government management and management process for the private sector.

AmCham suggested that Vietnam further streamline administrative procedures in issues relating to tax and investment licensing, and ensure stable electricity supply for production and business, he said./.

Source: Vietnam News Agency

HCM City: Vietnam and Hong Kong (China) have great potential to promote cooperation in fields from finance to technology, food, and consumer goods, heard a business meeting held in Ho Chi Minh City on March 19 by the Hong Kong Economic and Trade Office in Singapore and Invest Hong Kong.

Attending the event, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh said that Hong Kong (China) is among Vietnam’s ten largest trading partners with bilateral trade estimated at 11.24 billion USD in 2023. Hong Kong’s investment in Vietnam last year reached 4.68 billion USD, ranking third among more than 100 countries and territories investing in Vietnam.

Meanwhile, Vietnam is the 2nd largest trading partner of Hong Kong (China) among ASEAN countries and the 7th largest trading partner of Hong Kong globally.

According to Thanh, Hong Kong has advantages in being a gateway connecting investment, trade, finance, and logistics between China and the region and the world, which is an important b
asis for promoting economic relations between Vietnam and Hong Kong as well as between the ASEAN region and East Asian economies and the world.

Owin Fung, Director of the Hong Kong Economic and Trade Office in Singapore, said that Hong Kong (China) is one of the reliable partners when Vietnamese businesses want to expand their business abroad. He stressed that Hong Kong not only provides a stable business environment but also helps Vietnamese businesses expand connections with other markets in mainland China.

Noting that Ho Chi Minh City is planning to build a regional financial centre, Fung said as one of the world’s major financial centre, Hong Kong is willing to share experiences with the city in this realm.

Talking about the business environment in Hong Kong, Director-General of Invest Hong Kong (InvestHK) Alpha Lau said that Hong Kong has a strategic position in connecting the region to the world. It also has special advantages including a hub of finance, transportation, and international trade.

She
suggested that the fashion industry, food and beverage, agricultural products, and consumer goods are among areas with good growth potential where businesses from both sides can cooperate in doing business in Hong Kong./.

Source: Vietnam News Agency

Hanoi: Prime Minister Pham Minh Chinh on March 19 emphasised that Vietnam will create favourable conditions for the business community, including Dutch corporations and businesses, to invest successfully, sustainably, and long-term in Vietnam when he received a Dutch business delegation led by Ingrid Thijssen, chair of the Confederation of Netherlands Industry and Employers (VNO-NCW) in Hanoi.

Welcoming the delegation, PM Chinh said that their visit to Vietnam this time is an activity in implementing the results achieved during the visit of the Prime Minister of Vietnam to the Netherlands at the end of 2022 and the visit of the Prime Minister of the Netherlands to Vietnam at the end of 2023.

The PM highlighted that the Netherlands has become the biggest European investor and the second-largest European trade partner and export market of Vietnam. He hailed the practical programmes that the Netherlands has implemented to support Vietnam in socio-economic development, poverty reduction, education and training,
healthcare, climate change responses, and COVID-19 prevention and control.

PM Chinh said that he highly appreciated the business activities of Dutch enterprises in Vietnam in the past time which contributed to Vietnam’s economic development and Vietnam – Netherlands relations.

He affirmed that Vietnam is always open, sincere, and willing to listen to the concerns and opinions of the foreign business community, including Dutch businesses.

Informing the guests about Vietnam’s development priorities, the PM said that Vietnam and the Netherlands still have many potentials and strengths that can complement and support each other. Therefore, he called on Dutch corporations and businesses to effectively take advantage of the opportunities of the Vietnam – EU Free Trade Agreement (EVFTA) and strive to increase bilateral trade to 15 billion USD.

He hoped that Dutch businesses will connect with Vietnamese businesses in fields where the Netherlands has strengths and Vietnam has needs such as high-tech agriculture, n
ew energy, renewable energy, semiconductor chips, climate change adaptation, shipbuilding services, seaports, shipbuilding technology, and logistics.

Chinh also asked Dutch businesses to make recommendations to Vietnam regarding how to improve the business investment environment, institutions, mechanisms, and policies to encourage businesses to apply sustainable business models, develop emerging industries, and develop a digital economy, green and circular economy, and high-quality human resources training.

The Dutch business executives requested the Vietnamese Government to continue to improving policies on taxes, visas, and administrative procedures.

They asked for specific contact points to receive support, transfer technology, and promote cooperation in the fields of shipbuilding, seaports, semiconductors, renewable energy, environmental protection, climate change response, and materials supply to Vietnam’s project on building 1 million social housing.

The businesses also hoped the Government to direc
t Vietnamese businesses, especially in the agricultural and food sectors, to improve product quality and implement commitments to green, clean, safe, and sustainable development. They want to purchase directly from farmers so that Vietnamese agricultural products have more opportunities to enter the Netherlands./.

Source: Vietnam News Agency