The Vietnam Chamber of Commerce and Industry (VCCI), in collaboration with the Global Affairs Canada (GAC), held the Vietnam Impact Investment Forum 2024 under the theme “Driving impact investment for a sustainable future” in Hanoi on October 24.

Impact investment is a concept that has started to gain traction in Vietnam. It involves investing in projects aimed at generating positive social or environmental effects. This innovative approach seeks to enhance the contributions of the private sector to sustainable development.

Director of the VCCI’s Enterprise Development Institute Luong Minh Huan said that in line with global trends, Vietnam has a vibrant and rapidly growing impact investing ecosystem. According to a report from the United Nations Development Programme (UNDP) and the Ministry of Planning and Investment, there are approximately 22,000 social impact enterprises in the country, with this number continuously increasing each year. Of these, 89% are classified as micro- or small-sized enterprises, and 72% have annual revenues below 5 billion VND (196,600 USD).

These businesses are primarily concentrated in sectors such as agriculture, fisheries, food processing, skills training and non-agricultural livelihoods, and business consulting and handicrafts.

With this rapidly developing impact investing ecosystem, Vietnam has an opportunity to become a leading impact investment hub in Southeast Asia, Huan stated, pointing to several challenges related to the legal framework and capital access.

Therefore, this forum created a platform for investors, businesses, and policymakers to build collaborative relationships, share ideas, and develop strategies to support enterprises that generate social impact, with focus on assisting vulnerable communities, particularly women, by helping social impact enterprises access investment capital, he added.

Shawn Steil, Canadian Ambassador to Vietnam, emphasised his country's commitment to promoting impact investment in Vietnam. The Canadian development cooperation programme is helping attract private capital to support sustainable and inclusive development in Vietnam, and partnering with organisations such as the Impact Investment Exchange (IIX) and the VCCI.

Canada is committed to supporting Vietnam's transition into an impact investing hub in Southeast Asia, promoting the country's progress toward achieving comprehensive development goals, the diplomat asserted./.

Experts gather to chart course for Vietnam’s 2045 high-income status

Nearly 200 experts and scientists from universities and research institutes across Vietnam, Japan, and other regional countries gather at an international scientific workshop that opened in the central city of Da Nang on October 24 to strategise Vietnam's ascension to a high-income status by 2045.

Co-hosted by the Economic Research Institute for ASEAN and East Asia (ERIA) and Dong A University, the two-day event unveils key findings from the ERIA Report, a two-year research project titled "Vietnam 2045: Issues and Challenges for Development". This comprehensive study was submitted to leaders of both Vietnam and Japan in November 2023.

The workshop features four working sessions and a forum, bringing together 14 thematic reports offering insights into Vietnam's economic landscape.

The opening session set the tone with discussions on balanced development models, growth model transformation, and policies to avoid the middle-income trap. Speakers delve into the new wave of digital transformation, the fourth industrial revolution, the Internet of Things (IoT), and artificial intelligence (AI).

The subsequent sessions explore the impact of the external environment, drivers of industrial development, and emerging issues relevant to Vietnam's development goals until 2045.

Tran Van Tho, Emeritus Professor at Waseda University of Japan, stressed that escaping the middle-income trap and achieving sustained growth requires Vietnam to prioritise policies that foster industrialisation, support small- and medium-sized enterprises (SMEs), enhance manufacturing-driven markets, elevate education and training, and invest in research and development.

Prof. Yasuhiro Yamada, senior policy fellow at ERIA, underscored the necessity for Vietnam to achieve an annual growth rate of 5.4% to attain the status by the date. This goal necessitates productivity and industrial upgrades, and a shift from input-based growth to innovation-driven one, with key industries such as electronics, advanced agriculture, apparel, digital transformation sectors, automotive, health care, and energy poised to lead the charge toward a thriving circular economy.

Vice Chairwoman of the municipal People’s Committee Nguyen Thi Anh Thi called for ongoing reform and innovation to fuel economic growth. She highlighted the rapid advancement of the fourth industrial revolution, AI, and IoT as essential components of this transformative journey./.

Int’l brands to manage new hotel projects in Hanoi

Matthew Powell, head of the Hanoi and Da Nang offices of Savills Vietnam, has noted that the capital city’s hotel market still holds significant short-term recovery potential.

To achieve this goal and stimulate recovery, the Hanoi Department of Tourism has launched a variety of initiatives from October through the end of this year. The aim is to attract more visitors, notably the Hanoi Tourism Ao Dai Festival 2024 which took place earlier this month, and communications cooperation with CNN, according to the expert.

Apart from promotion efforts, the city has also focused on preserving and upholding cultural values, contributing to its sustainable tourism development, thereby increasing demand in the hotel market.

In 2024, Hanoi is set to welcome an additional 68 hotel projects, with approximately 12,115 rooms. It is noteworthy that a five-star hotel is expected to commence operation this year, adding 207 rooms to the market.

For the 2025-2026 period, the market is projected to supply 3,035 rooms from 12 new projects. Among these, five-star hotels will dominate, accounting for 77% of the supply, and the rest are four-star.

According to Savills, the inner-city area is expected to make up 41% of the total new supply, equivalent to 5,027 rooms from 22 projects. International brands such as Hilton, Fusion, Accor, and Four Seasons are to manage 66% of the new supply, while the remaining 34% will be overseen by domestic management units, offering travelers a diverse range of brand options.

Thanks to stimulus programmes, the local tourism sector recorded positive growth in the third quarter, with total revenue reaching approximately 81.93 trillion VND (3.24 billion USD) - a year-on-year increase of 18.5%.

During this period, the city welcomed 21.1 million visitors, up 11.7% year-on-year, among them 4.4 million international, up 40.8% year-on-year rise./.

Dong Nai rolls out red carpet for investment in "100-year development strategy"

The southern province of Dong Nai is considered to be at a golden stage, gathering all necessary factors to accelerate and make strong breakthroughs in the coming years, including aligning the province's development with the Southeast region.

Leveraging the advantages of Long Thanh International Airport, and a chain of urban areas along the Dong Nai River with its connected transportation network, including highways, ring roads No.3 and 4, seaports, and logistics ỉnfrastructure, Dong Nai is calling for investment resources to build a "100-year development strategy” for the locality.

Under the Master Plan for Dong Nai in the 2021-2030 period recently approved by the Prime Minister, with a vision to 2050, the locality aims to become a civilised, modern province with the high economic growth in the country, said Chairrman of the provincial People’s Commitee Vo Tan Duc.

The official said that Dong Nai’s economy is expected to develop well, leading in aviation economics, high-tech industries, science and technology, and innovation.

The economic and social infrastructure, along with urban infrastructure need to be developed in a synchronised, modern, smart, and sustainable way, focusing on developing an airport and world-class eco-urban areas.

Attention will also paid to preserving and promoting cultural identity, protecting the ecological environment, responding to climate change, firmly ensuring national defence and security, he went on.

The average growth of the province's gross regional domestic product (GRDP) during the 2021-2030 period is expected to expand by 10% per year. The average GRDP per capita is projected to reach approximately 14,650 USD by 2030.

Authorities have identified five breakthrough tasks for development, concentrating on effectively exploiting Long Thanh International Airport. The Bien Hoa dual-use urban airport project is central, as is completing the basic framework of smart infrastructure that adapts to climate change. They also want to develop industrial parks in line with carbon emission reduction goals, attract industrial project investment with high added value, new technologies, and environmentally friendly practices, integrated into global value chains, Duc said.

It will also establish an innovation centre, a concentrated information technology area, and digital transformation projects, as well as specialised education-training complexes in the Southeast region. There is also the need to implement high-class urban, tourism, and resort service projects, he added./.

Tien Giang’s first fresh coconut batch rolls into China by rail

The first batch of fresh coconuts from the Mekong Delta province of Tien Giang has been successfully exported to China.

This inaugural batch, weighing nearly 70 tonnes, was dispatched in three containers by FADO iExport JSC in partnership with the Hung Thinh Phat cooperative on October 24.

Tien Giang is renowned as a powerhouse of coconut cultivation, boasting over 20,650 ha dedicated to this lucrative crop. With an annual output of around 234,000 tonnes, the province is a key player in Vietnam's billion-dollar coconut industry ambition.

The province is committed to expanding successful, high-value coconut cultivation models, said Vice Chairman of the provincial People’s Committee Pham Van Trong, adding that this will not only boost farmers' income but also enable businesses to operate more effectively.

Pham Tan Dat, Chairman of the Board of Directors at FADO iExport JSC, noted that the Regional Comprehensive Economic Partnership (RCEP) has paved the way for Vietnam to export 15 types of agricultural products directly to China. Fresh coconut, recently approved for official import, is the latest addition to this list. Prior to this, Vietnamese coconut had already gained a foothold in over 15 countries worldwide.

This shipment marks the first time Vietnamese fresh coconuts have been transported deep into China by rail. This innovative method offers numerous advantages, including faster customs clearance, avoidance of congested border checkpoints, and more competitive transport costs compared to traditional road shipping./.

Hai Phong develops digital economy

The northern port city of Hai Phong identified four pillars to develop its digital economy, namely information and communication technology (ICT) industry, digitalisation of economic sectors, digital governance, and digital data.

According to Vice Chairman of the municipal People's Committee Hoang Minh Cuong, for the development of ICT industry and digital technology enterprises, the city developed incentive mechanisms for businesses and industrial parks to integrate modern technology into major industrial production to improve productivity on a large scale and unlock economic values.

It focuses on promoting the application of digital platforms in industrial production, especially the processing and manufacturing industries; building and deploying smart management systems in industrial parks and economic zones.

Enterprises are encouraged to create and use digital solutions; supports enterprises in developing and cooperating in e-commerce. At the same time, the municipal authorities promote connections between e-commerce businesses with traditional distribution businesses, and manufacturers; build and deploy programmes to support businesses in research and technology application activities, and carry out digital transformation.

Hai Phong has also sped up digital transformation in key economic sectors, including encouraging digital enterprises to support and promote the use of digital technology applications in the electricity sector; attracting investment in energy projects that use 4.0 technology, clean technology, and high technology focusing on gas-fired power; building and deploying smart management and operation systems in the energy sector.

The city has built and implemented preferential mechanisms and policies for digital transformation in the agricultural sector; supporting agricultural production and business establishments to apply digital technologies, and promoting agricultural products on e-commerce platforms.

It continues to build a smart traffic management information system on a digital platform. At the same time, it builds a management information system for seaports, seaport logistics, marine economy and logistics services.

The city official said that many major ICT enterprises such as LG Electronics Group, Fuji Xerox, Haengsung Electronics, VinGroup have effectively operated in the city.

In the first eight months of 2024, the city attracted an additional 1.5 billion USD in investment. Currently, nearly 1,000 digital technology enterprises are operating in the city; and nearly 9,000 local small and medium enterprises are using digital platforms./.

Nearly 400 enterprises to attend HCM City hardware, hand tools expo

The 9th Vietnam Hardware & Hand Tools Expo (VHHE) will take place in Ho Chi Minh City from December 5-7 with nearly 400 exhibitors from 15 countries and territories, showcasing more than 1,000 products.

According to the expo organiser Vinexad, in this season, VHHE has 400 booths that are displaying tools, power tools, fasteners, building hardware, and other products that have widespread application in areas like engineering, manufacturing, repairing, assembling, construction, and “do it yourself” (DIY).

In particular, the Vietnam Supporting Industry Products Exhibition (VSIF) organised by the HCM City Supporting Industry Development Centre under the city’s Department of Industry and Trade will continue to be a companion event within the framework of VHHE 2024 for the third consecutive year.

The events are expected to provide an opportunity to promote Made-in-Vietnam supporting industry products of small- and medium-sized enterprises in the city together with those winning the city’s Gold Brand Award.

Within the framework of the VHHE & VSIF 2024 exhibition series, specialised seminars on market trends and support policies will be held. Meanwhile, a business-to-business networking conference will take place throughout the 3-day expo.

The expo will also introduce an industrial park tour that aims to promote processing-technology linkages between Vietnamese mechanical enterprises and FDI enterprises in Vietnam, as well as international industrial production business delegations./.

Ben Tre officially exports fresh coconuts to China

A ceremony to announce the official export of fresh coconuts of the Mekong Delta province of Ben Tre to the Chinese market was held on October 25 by the provincial Department of Agriculture and Rural Development and the Vietnam Mini Digital Investment and Trading JSC.

Addressing the event, Huynh Tan Dat, Director of the Plant Protection Department (PPD) under the Ministry of Agriculture and Rural Development (MARD) said the Chinese market’s opening to Vietnamese fresh coconuts brings a golden opportunity.

With a population of over 1.4 billion and domestic supply meeting only about 10% of the demand, China represents a great potential market for Vietnam’s coconut products, Dat said, noting that if this opportunity is fully tapped, coconut export to China can bring an additional 200-300 million USD as early as 2024, helping Vietnam’s coconut export earnings soon reach the 1-billion-USD goal.

The official export of fresh coconuts from Ben Tre to China marks a new milestone in ongoing efforts to expand markets and elevate the position of Vietnamese agricultural products on the international market, Dat stressed.

Vietnam's position in the global coconut market is impressive, ranking 6th among the top 10 countries in terms of cultivation area and output. With roughly 200,000 ha of coconut plantations, the country produces around 1.9 million tonnes of coconuts annually. Ben Tre province makes a significant contribution to this, producing up to 688 million coconuts in 2022.

Vietnam has so far exported fresh coconuts to 14 countries with total volume exceeding 26.7 million coconuts per year. This figure highlights the immense potential of the coconut industry nationwide and in Ben Tre in particular.

Dat urged production, packaging, and export units to strictly abide by food safety regulations, quality standards, and phytosanitary procedures as regulated in the protocol on phytosanitary requirements for Vietnamese fresh coconuts exported to China, and related regulations.

With the joint efforts made by local departments and agencies, Ben Tre now has 133 planting areas and 14 packing facilities granted with codes to export to China./.

Tuyen Quang exports nearly 8,000 Soi Ha pomelos to UK

A ceremony was held in the northern province of Tuyen Quang’s Yen Son district on October 25 afternoon to launch the first export batch of almost 8,000 Soi Ha pomelos to the UK.

According to Le Quang Toan, Vice Chairman of the Yen Son People’s Committee, the selected fruits boast a Brix sweetness level of at least 11.5, with no bitter taste, easy-to-peel segments, juicy flesh, a uniform yellow peel free from blemishes or insect damage.

Harvested before October 15, the pomelos weigh between 1-1.2 kg each, passing pesticide residue tests two weeks prior to harvest and certified to meet European standards.

Nguyen Thi Thanh Huong, Director of the R.Y.B JSC, noted that Soi Ha pomelos are one of the province’s seven OCOP (One Commune One Product) items ordered by the firm for export to the UK this year. Despite the market’s stringent requirements, they received positive feedback and orders from British buyers upon their debut.

Thanks to their early harvest, balanced sweetness, and lack of bitterness, these pomelos have potential for export to other European markets, she added.

Earlier, Tuyen Quang held a ceremony on October 11 to celebrate the export of six OCOP products to the UK, including guava tea, male papaya flower soaked in honey, dried banana, soybean tea bags, lemon syrup, and calamondin syrup./.

PM applauds progress of national exhibition centre project

Prime Minister Pham Minh Chinh on October 25 examined the national exhibition and fair centre project in Dong Anh district of Hanoi, requesting faster progress to complete it on schedule to celebrate big national anniversaries and become a symbol of the capital and the whole country.

The project is invested by the Vietnam Exhibition Fair Centre Joint Stock Company, of which Vingroup holds an 80% stake. It is located in Dong Hoi and Xuan Canh communes of the outlying district of Dong Anh, and will replace the old centre on Giang Vo street in the inner district of Ba Dinh.

Covering a total area of 90ha, it has a super-connected and convenient location and will be among the biggest of its kind in the world, expected to become an international destination for global trade and exhibition events.

The centre is developed with a view to promoting the “expo” economy like what are seen in Dubai of the UAE, Frankfurt of Germany, and Fiera Milano of Italy so as to create a favourable environment for domestic and foreign enterprises to meet, boost partnerships, fuel production and business, and stimulate Hanoi’s economic growth.

Work started on this project on August 30, 2024 and is set to be completed in July 2025 to celebrate the 80th National Day (September 2, 1945 - 2025).

Inspecting the site, PM Chinh applauded the prompt construction, noting in less than two months, the large-scaled and modern centre is gradually taking shape.

He stressed the need to devise a mechanism for mobilising resources, particularly in the implementation of major programmes and projects, based on the principle of “harmonising interests and sharing risks” in order to harmonise interests of the State, people, and businesses.

As the large and modern national exhibition and fair centre will be a multifunctional facility combining economic, cultural, scientific, technological, and tourism factors, he expressed his hope that it will drive Dong Anh’s development on par with the district’s potential and advantages.

The Government leader demanded ministries, sectors, and Hanoi coordinate closely with Vingroup during the implementation and operation of the project to ensure efficiency for both the State and the business.

They must guarantee the progress, quality, aesthetics, modernity, and architecture of this project, as well as labour safety and the life quality of displaced residents. The centre should be completed on schedule to welcome the 14th National Party Congress, the 50th anniversary of the South Liberation and National Reunification, the 135th birth anniversary of President Ho Chi Minh, and the 80th National Day, he requested.

The PM also agreed in principle on the building of Tu Lien bridge, which will cross the Red River and connect Tay Ho district with Dong Anh district. He asked for its construction to be kicked off soon while transparency, law adherence, and interests of people, businesses, and the State must be harmonised./.

Expo to showcase OCOP products for export

An exhibition promoting export-oriented OCOP (One Commune One Product) items is set to run from October 31 to November 4, at Grand World Square in Vinhomes Ocean Park 3, the northern province of Hung Yen, heard an October 25 press briefing.

Jointly organised by the Ministry of Industry and Trade (MoIT), the Ministry of Agriculture and Rural Development (MARD), and the Vietnam Cooperative Alliance, VIETNAM OCOPEX will feature 250 booths showcasing OCOP products rated 3, 4 and 5 stars from over 150 businesses.

Participants will include international companies and delegations, domestic industry associations, localities, and local businesses across sectors such as processed foods, farm produce, textiles, footwear, handicrafts, and household items. More than 30 provinces and cities have to date registered to take part in the event to introduce their distinct OCOP products.

According to Vu Ba Phu, Director of the MoIT’s Vietnam Trade Promotion Agency, the exhibition will provide OCOP producers with valuable opportunities to connect with foreign enterprises, trade promotion organisations, and experts to facilitate their export and import activities. Such engagements are expected to support them in adopting sustainable and methodical production practices.

Key activities at VIETNAM OCOPEX will feature a seminar on connecting and promoting OCOP products via modern distribution channels overseas as well as a pilot session of an agricultural trade platform that aims to garner feedback from businesses and industry associations.

Phuong Dinh Anh, deputy chief of the national coordination office for new-style rural development under the MARD, noted that Vietnam currently has over 18,000 OCOP items from more than 7,400 producers. Of these, only 26% are rated 4 stars. There have been 46 products receiving a 5-star rating, with approximately 2% of them meeting export standards./.

French businesses reaffirm support for Vietnam’s green growth

French businesses reiterated their commitment to supporting Vietnam's green growth and ambitious goal of achieving carbon net-zero emissions by 2050 at the recently organised Green Economy Forum & Exhibition (GEFE) 2024 in Ho Chi Minh City.

The French Chamber of Commerce and Industry in Vietnam (CCIFV) brought together 15 exhibitors and 12 high-level speakers at the France Sequence, showcasing France's dedication to assisting Vietnam.

"We are honoured to be a key connector, bringing together companies, ideas, and strategies that can contribute to Vietnam’s green economy," said CCIFV President Thibaut Giroux.

During the event, companies unveiled their initiatives to collaborate with the Vietnamese Government and local businesses in reaching the net-zero emissions goal.

Artelia’s chairman, Benoit Clocheret, highlighted Artelia’s ambition to be a key player in Vietnam’s path to Net Zero and expressed willingness to combine their French savoir-faire with local partnerships.

"Our low-carbon mobility solutions, successfully implemented in French cities, can be applied to urban areas in Vietnam to reduce emissions. Since 2006, Artelia has brought our expertise to Vietnam through various initiatives, including hydropower development and solar and wind energy projects across Southeast Asia. Artelia has been involved in HCM City’s Metro Line 1 project and hopefully in the Metro line 2 soon."

Michelin, renowned for its strong commitment to sustainability, shared its achievement of a 56% reduction in CO2 emissions in Vietnam in 2024 compared to the previous year.

With a budget of up to 1.2 billion euros (1.3 billion USD) allocated for research and development in 2023, Michelin is reinforcing its position as one of the world's leading innovative brands, and Michelin aims for over 40% of the raw materials used to produce tires to be from renewable or recycled materials by 2030.

CMA CGM Group, firmly committed to the energy transition in shipping and a pioneer in the use of alternative fuels, strongly affirmed its Net Zero Carbon target for 2050. In Vietnam, the group recently launched its “Switch to E-Motorbike” programme for employees, promoting long-term e-mobility solutions.

Aden, with 25 years of experience in Vietnam, expressed its excitement in partnering with Vietnamese companies eager to decarbonise their properties.

"We have always believed in Vietnam’s potential and are excited to support its net-zero goals through collaboration," said a representative from Aden.

Other prominent companies such as Saint-Gobain, EDF, Air Liquide, and Total Energies also participated in the France Sequence, showcasing their expertise and reaffirming their commitment to helping Vietnam achieve carbon neutrality by 2050.

IDSUD Energies, a new player in Vietnam, is committed to enhancing financial and operational sustainability through its expertise in solar photovoltaic plants. The company brings years of international experience to help Vietnam's businesses transition to greener energy solutions.

Green Yellow, operating in Vietnam since 2020, has significantly contributed to the renewable energy landscape. With a total investment of 103 million euros, Green Yellow has installed 1.2 million sq.m of photovoltaic panels, providing enough energy to power 8,300 homes annually and reducing CO2 emissions by 147,000 tonnes – the equivalent of planting 3.3 million trees.

HAD, a joint venture between Hyvity, a French company specialising in hydropower plant development, and Novasia, a pioneer in wind greenfield projects in Vietnam, is actively collaborating with Vietnamese partners to develop renewable energy projects. This partnership underscores the importance of international collaboration in advancing Vietnam’s green energy transition./.

Vietnam introduces high-quality products at int’l food fair in Australia

High-quality Vietnamese agricultural and aquatic products are being introduced at the Good Food and Wine Show 2024 in Brisbane, Queensland, by the Vietnamese Embassy and Trade Office in Australia.

Running from October 25-27, this premier annual expo, renowned as Australia’s largest and oldest food and wine showcase, features over 300 booths and attracts nearly 100,000 visitors in major cities like Melbourne, Sydney, Perth, and Brisbane.

Vietnam’s booth presents a diverse range of premium agricultural and aquatic products, including iconic fruits like durian, mango, and dragon fruit, alongside shrimp, frozen fish, dried noodles, cashew nuts, coffee, spices, dried fruits, chili sauce, soy sauce, vegetable powder, and herbal tea.

Besides, eco-friendly fashion items crafted from banana fiber, spotlighting Vietnam’s innovative push toward a greener and more sustainable economy has drawn interest of spectators.

The booth also helps to strengthen the “Economic Diplomacy Strategy 2024", aiming to boost trade and increase the presence of Vietnamese brands and products in Australia, thereby expanding export opportunities and integrating Vietnamese agricultural and food products into local distribution channels.

On this occasion, the embassy introduced the "Doing Business Guide Vietnam," compiled by Asialink Business, offering Australian companies comprehensive insights into expanding in Vietnam’s dynamic market.

Vietnam’s agricultural product exports to Australia have seen remarkable growth, with a nearly 50% year-on-year increase in the first four months of 2024. In April alone, the country's exports surged 80%, led by a remarkable 300% rise in coffee exports and a 42% increase in cashew nuts. The success highlights the strong demand for Vietnamese goods and underscores Vietnam’s commitment to solidifying its footprint in the Australian market./.

Vietnam, Italy seek to further expand economic, investment cooperation

A delegation of the Commission for the Management of State Capital at Enterprises (CMSC) led by its Vice Chairman Nguyen Canh Toan had working sessions with representatives of the Italian insurance and finance group SACE, the CDP Group, and the SIMEST Group on October 24 and 25, as part of their ongoing working trip to Italy.

In the meeting with SACE - the entity that specialises in providing investment financial solutions for Italian businesses, Toan said representatives of Vietnam’s leading state-owned corporations and enterprises in key economic sectors of transport, aviation, telecommunications, and finance, hope that by learning international experience, they will continue to innovate state capital management and corporate governance methods, demonstrating their leadership role in economic sectors and helping to realise the Vietnamese Government's macroeconomic goals.

Chief International Business Officer of SACE Michal Ron said Vietnam’s rapid economic development and its significant role in the global industrial supply chain have made it a potential partner for Italy.

Vietnam serves as a gateway to the Southeast Asian region, she said, adding that SACE has opened a representative office in Vietnam to support Italian businesses entering the market, and it is also considering investment activities in sectors where Vietnam excels in exports, especially coffee and agricultural products.

At the meeting, General Director of the State Capital Investment Corporation (SCIC) Nguyen Quoc Huy and Michal Ron inked a Memorandum of Understanding (MoU) on cooperation between the two sides, laying a strong foundation for the partnership between the two corporations in particular, and contributing to the development of the over-50-year relationship between Vietnam and Italy.

According to Toan, the signing of the MoU will further facilitate cooperation and investment between businesses of the two countries.

At the meeting with representatives of CDP and SIMEST, Toan stated that CMSC always seeks to support Vietnamese businesses and their Italian partners in promoting trade and investment across sectors, adding that CMSC is willing to act as a bridge to assist CDP and SIMEST in accessing and engaging with relevant ministries, sectors, and localities of Vietnam, as well as introducing Vietnamese businesses for mutual consideration on investment opportunities in the Vietnamese market.

He invited leaders and colleagues from CDP and SIMEST to visit and work at CMSC and with enterprises represented by CMSC during their business trips to Vietnam in the coming time.

Representatives of CDP and SIMEST expressed their desire to strengthen cooperation in areas such as renewable energy, green technology, agriculture, transport infrastructure and finance and banking. They showed their commitments to expand and deepen cooperation with CMSC in the future.

Established in 1850, CDP is an important financial institution of the Italian government, with the mission of supporting economic development by providing funding for infrastructure and sustainable development projects.

Meanwhile, SIMEST was established in 1991, specialising in supporting Italian businesses in their expansion into international markets, particularly in strategic regions like Asia, where Vietnam is seen as one of the top priority targets.

On this occasion, the CMSC delegation also had a working session with representatives of the Vietnamese Embassy in Italy, in which Toan expressed the hope that the embassy will continue to support Vietnamese businesses in general, and those under the CMSC in particular, to connect and set up investment and business partnership with Italian companies./.

Vietnamese travel firms explore opportunities at int'l trade fair in Singapore

Vietnamese travel firms are attending the Asia International Trade Fair (ITB Asia 2024) in Singapore.

The leading travel trade show, which opened on October 23, brings together 85 tourism organisations and convention bureaus from around the world, with 160 speakers and 100 discussion sessions focusing on the theme "Innovating for Tomorrow: Strengthening Future Resilience in Travel and Tourism".

The 3-in-1 show is a venue for businesses to explore opportunities, set up partnerships and collect information for business development. This year’s edition features a 75% increase in African exhibitors and 25% growth in those from Europe.

The Vietnam - Ho Chi Minh City tourism booth featuring Vietnamese travel companies involved in the tourism promotion programme in Singapore is a highlight at the event. It displays publications promoting Ho Chi Minh City tourism, bookmarks with images of Ho Chi Minh City tourist destinations and postcards introducing the website www.visithcmc.vn where tourists can explore the southern hub's tourism. Visitors can receive gifts such as bags and conical hats and join in activities such as making figurines, painting conical hats, and taste Vietnamese coffee at the booth.

According to Vietnamese Ambassador to Singapore Mai Phuoc Dung, ITB Asia is an annual event in Singapore that brings together thousands of travel firms from around the world. It’s here that attendees can get insight into the development of Asian tourism over the next ten years, as well as how to develop sustainable tourism that aligns with global trends, he continued.

He also expressed his hope that more Vietnamese businesses will join the event next year./.

Forum connects Vietnamese, Belgian busineses

The Vietnam-Belgian business forum took place in Brussels on October 23, offering a chance for enterprises of the two countries to introduce their products and explore new cooperation opportunities.

Addressing the forum, Vice President of the Belgian Senate and President of the Vietnam - Belgian Vietnamese Alliance Andries Gryffoy affirmed that Vietnam is emerging as one of the dynamic and attractive destinations for foreign investors, with an important role in promoting future economic growth.

Economic stability, strategic location, strong integration into global trade, and political stability, along with an increasingly skilled young population and unique cultural identity, are factors that make Vietnam very attractive to the international community, he said.

Gryffoy noted that Belgium investors have run 95 projects worth about 1.1 billion USD in Vietnam.

For his part, Vietnamese Ambassador to Belgium and head of the Vietnamese Delegation to the EU Nguyen Van Thao highlighted the great cooperation potential and demand between the two sides, especially in logistics, seaports, and renewable energy.

Representatives of Belgian businesses shared opinions on advantages and difficulties while operating in Vietnam.

François Coloval, Director of South Export Alliance, said that the EU-Vietnam Free Trade Agreement (EVFTA) has helped Vietnam become more competitive than neighbouring countries, while creating favourable conditions for investment activities and market expansion.

Elyse Kneller from VBB law firm said that Vietnamese exporters should understand and strictly comply with regulations related to the EU's Carbon Border Adjustment Mechanism (CBAM) to ensure not only the legality of their business operations but also increase their competitive advantage in the European market. These regulations can affect the costs and ability of Vietnamese goods to penetrate the market, she added.

Natalia Yerashevich from Ohana Group said that in order to meet the increasingly stringent requirements of the European market, Vietnamese textile and garment manufacturers need to proactively monitor changes in the EU legal system.

Dao Hong Hai, CEO of the Hanoi Station restaurant chain in Brussels, introduced the Vietnam Business Association in Belgium, which was established to promote cooperation and import and export between the two countries' markets in particular and Europe in general, creating an effective bridge between Vietnamese and Belgian businesses, enabling their mutual support in the process of seeking business opportunities and market development.

At the forum, Vietnamese firms introduced their unique products to the Belgian market./.

Vietnam's exports to Singapore maintain high growth

Vietnam's exports to Singapore surged by 35.23% in September, maintaining a high year-on-year growth rate in the first nine months of 2024, at 31.55%.

Last month, all three main export commodity groups of Vietnam to Singapore continued to increase strongly. Specifically, the shipments of machinery, equipment, mobile phones, components and spare parts expanded 18.54%; reactors, boilers, machine tools and spare parts 160%; and petroleum and petroleum products 962%.

Meanwhile, imports from Singapore to Vietnam fell sharply compared to the same period in 2023 in three important groups of machinery, equipment, mobile phones, components and spare parts (down 28.36%); reactors, boilers, machine tools and spare parts (3.29%); and petroleum and petroleum products (41.52%) .

In the nine months, Vietnam remained Singapore's 12th largest trading partner, with two-way trade reaching more than 23.2 billion SGD (17.57 billion USD), up 6.83% year-on-year. Vietnam is Singapore's 10th largest export market and 18th biggest import partner./.

Hanoi hosts textile & garment, fabric garment accessories expos

The Vietnam Hanoi Textile & Garment Industry and Fabric Garment Accessories Expos 2024 (HanoiTex & HanoiFabric 2024) is taking place in Hanoi on October 23 – 25 as part of a series of international exhibitions on Vietnam's textile and garment industry.

Addressing the opening ceremony, Vietnam Textile and Apparel Association President Vu Duc Giang said the industry in Vietnam is enjoying significant opportunities in integration and development, noting that the sector’s export turnover is expected to hit 44 billion USD in 2024, up nearly 10% year-on-year.

Vietnamese textile and garment products are exported to 104 markets worldwide, thanks to efforts to diversify customers and products.

However, the industry’s global development strategy also faces many challenges, particularly stringent standards set by buyers in the EU and the US, he noted, stressing that the trend towards green and sustainable development and the digitalisation are inevitable and businesses should focus on investing in technology to effectively adapt to.

The expos are expected to help businesses explore solutions, especially technological solutions, to meet standards from free trade agreements, Giang said.

Le Tien Truong, Chairman of the Board of Directors of the Vietnam National Textile and Garment Group, said the events showcase the latest trends and technologies in textile material production and a variety of fabrics, and reputable domestic and international brands in textile machinery and equipment.

This year’s events cover over 6,000 sq.m, drawing over 210 exhibitors from 10 countries and territories. They provide a venue for businesses to seek partners, expand their markets, update information, learn from experiences, thus improving their competitiveness and positioning themselves to take advantage of market opportunities.

Within the framework of the expos, thematic seminars on the vision of the textile industry in 2045, green transformation, smart production management and sustainable labour will be arranged./.

Vietnam, Laos step up trade, tourism promotion

A Vietnam-Laos trade fair was kicked off in Phonsavanh township in Xiengkhouang province of Laos on October 23 as part of activities to celebrate the 75th anniversary of the traditional day of Vietnamese volunteer soldiers and experts in Laos (October 30, 1949 – 2024).

The event is also an activity to respond to the Visit Laos Year 2024, which promotes and introduces cultural and tourism products as well as agricultural products of Vietnam and Laos, helping to step up trade and socio-economic development in northern provinces of Laos and border localities of the two countries.

The fair features over 20 booths of Vietnamese localities, Xiengkhouang province’s districts and other Lao provinces.

Speaking at the opening ceremony, Consul General of Vietnam in Luang Prabang Kieu Thi Hang Phuc said that seeing the growing integration trend and grasping the foreign policies of the two Parties and States, ministries, agencies, localities and enterprises of Vietnam and Laos have proactively coordinated and actively implemented the two countries’ cooperation agreements and achieved positive results in all fields.

She said that Laos is gradually becoming one of the important sources of products and raw materials for production for ASEAN countries in general and Vietnam in particular. Regarding tourism, Laos has become an attractive and favourite destination for many Vietnamese and international tourists.

Vice Governor of Xiengkhouang province Buangern Humxayaphom emphasised that the fair is not only an opportunity to promote the image of Vietnam and Laos, their people and culture but also helps connect their businesses.

The fair runs until October 25./.

Vietnamese goods enter US through global supply chain

The Saigon Co.op Distribution Company Limited (SCD) - a member of the Ho Chi Minh City Union of Trade Cooperatives (Saigon Co.op), and STC Natural Vina Company on October 23 held a hand-over ceremony for goods that will be exported to the US.

The goods, worth about 70,000 USD, are mainly domestically produced and selected by Saigon Co.op, such as dipping sauce, vermicelli, noodles, spices, tea, and coffee. They will be sold at H-mart supermarkets of Hee Chang Group - a famous retail group from the Republic of Korea with more than 30 years of experience in the US market and more than 100 points of sale.

In September 2024, SCD also successfully exported two containers of goods to Canada as ordered by Hee Chang Group.

It is expected that in the last three months of 2024, SCD will complete the export of 20 containers of goods to foreign markets. It plans to ship 120 - 150 containers to many major markets around the world such as the US, the RoK, Japan, Australia, China, and Middle East countries next year.

SCD Director Tran Anh Quang said that through commercial contracts between SCD and a variety of partners, including STC Natural Vina, Vietnamese goods will have more opportunities to enter big and promising markets in the world.

Yun SuBong, Director of STC Natural Vina, called the cooperation between his company and Saigon Co.op - a leading retailer in Vietnam - a milestone in its development. The partnership not only benefits the firms, but also helps strengthen the Vietnam- RoK relations in trade, investment, cuisine, and culture exchanges./.

HCM City event promotes digital transformation

The 2024 Ho Chi Minh City Digital Transformation Week encourages the participation of citizens, authorities and businesses in the city’s digital transformation process, fostering sustainable digital economy development in the southern city.

With the theme “Digital technology - a new growth driver for HCM City”, the two-day event officially opened to visitors at Riverside Palace in District 4 from October 22.

In response to National Digital Transformation Day (October 10), it is organised by the city’s Department of Information and Communications, in collaboration with the HCM City Computer Association (HCA) and various organisations.

Ly Minh Tuan, head of Information Technology Division under the HCM City’s Department of Information and Communications, said the event creates opportunities for connection, exchange and cooperation between State agencies and technology solution providers, especially those offering new technology products and solutions using Artificial Intelligence (AI) to address critical issues in key sectors and daily life.

“This contributes to improving the efficiency of digital transformation and innovative startups, and promoting comprehensive digital transformation,” he said.

The event features numerous activities, such as a technology exhibition featuring 50 booths showcasing achievements, models, and digital platforms from different departments, industries and localities.

There is also an area to experience digital transformation solutions and applications in many fields from typical technology enterprises in the city.

The workshop's activities include one plenary session and six thematic workshops, focusing on the potential of applying technology in digital transformation in the fields of digital technology, infrastructure and information security, semiconductor technology, AI, digital office, and new technology.

Vu Anh Tuan, general secretary of HCA, said there will be digital platforms and many digital transformation applications of the city such as digital maps, traffic jam warning applications, and flood alert applications.

The discussions for the business sector will focus on finding effective solutions to help companies integrate technology into their production and business operations.

The attendees will be able to share experiences, learn from one another, and collaboratively identify solutions to overcome challenges in the digital transformation process.

Nguyen Duc Chung, deputy director of the city’s Digital Transformation Centre, said the centre will continue to present digital platforms that the city has developed and implemented to date.

The city is actively coordinating with relevant stakeholders to assess information security compliance in accordance with the regulations of the Ministry of Public Security to launch the app "Digital Citizen" in November.

This assessment will ensure safe connectivity with the VNeID application, safeguarding residents' information when the service is rolled out, he said./.

Vietnam Airlines, Garuda Indonesia strengthen strategic partnership

National flag carrier Vietnam Airlines and Garuda Indonesia have officially signed a Memorandum of Understanding on enhanced collaboration for the expansion of their strategic partnership.

The MoU lays the groundwork of a strategic alliance that will improve passenger and cargo transportation services between the two countries.

They committed to carrying out joint marketing campaigns to boost brand recognition and forging cooperation in codeshare and other support services such as aircraft leasing, ground services, technical maintenance and cargo services.

The collaboration aims at delivering better experience to passengers, meeting the growing transportation demand between the two countries, and promoting the aviation industry’s sustainable development.

Vietnam Airlines General Director Le Hong Ha said the cooperation will generate both immediate and long-term benefits for the two carriers while contributing to strengthening the partnership within the SkyTeam Airline Alliance, adding Vietnam Airlines wants to develop cooperation opportunities across the areas of service, technical maintenance, and cargo transportation, among others.

Meanwhile, President Director/CEO at Garuda Indonesia Irfan Setiaputra said the strategic partnership marks a milestone in the two airlines’ commitment to improving travel experience for passengers across Southeast Asia while helping consolidate their positions in the international aviation market./.

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