Chapter 7 economic integration and cooperation

Evergreen Ninh Thuận Grape Cooperative in Phan Rang - Tháp Chàm City. The focus of the support for cooperatives should be on helping them to expand scale, increase production efficiency, and competitiveness and move towards sustainable development. — VNA/VNS Photo Công Thử The collective and cooperative economic sector needs support policies to overcome challenges from the fast-changing world and create breakthrough development, experts have said. Deputy Minister of Planning and Investment, Đỗ Thành Trung, said the collective economic sector was faced with a number of problems. These included internal problems such as poor socio-economic conditions of members, weak qualifications and capacity of staff, and outdated infrastructure and technology. Cooperatives also faced difficulties in accessing the Government's support in capital, land, technology, and market. The boom of the fourth industrial revolution, increasing competitive pressure, and rapid international integration … [Read more...] about Cooperatives need support to make a breakthrough

At the international conference on the Vietnam-Laos-Cambodia trade and investment cooperation given the digital economy held in HCM City on September 20.(Photo: VNA) HCM City (VNA) – More than 100 Vietnamese, Lao, and Cambodian experts, managers, and diplomats joined an international conference on the three countries’ trade and investment cooperation given the digital economy, which took place in Ho Chi Minh City on September 20. The event was co-organised by the Vietnam Academy of Social Sciences ( VASS ), Lao Academy of Social and Economic Sciences ( LASES ), and Royal Academy of Cambodia (RAC). Addressing the conference, VASS President Dr Phan Chi Hieu said the promotion of the digital economy is considered one of the key tasks to accelerate the restructuring of an economy, associated with innovation in the growth model and the improvement of growth quality, aiming to help a nation escape the middle-income trap and move towards the goal of becoming a developed … [Read more...] about Int’l conference discusses Vietnam-Laos-Cambodia cooperation in digital economy

On Thursday evening (Hanoi time), Prime Minister Pham Minh Chinh held a discussion on "Promoting growth and sustainable development in a volatile global economic environment" with professors and researchers from Harvard, Columbia and Yale universities. He sought their advice on how to promote growth and sustainable development. David Dapice, chief economist of the Vietnam Program at Harvard’s Kennedy School, said the country’s economy is very open and consequently would be affected by the global economic struggle. He added that Vietnam needs to be more self-reliant. David Dapice and Columbia University’s Shang Jin-Wei also believed that Vietnam needs to train human resources to raise its economic efficiency and position in the supply and production chains. It needs constant improvements to institutions, investment in high-tech fields, guarantee of energy supply, diversification of exports, and improvements to the social security network. Chinh Chu, a billionaire of … [Read more...] about PM Chinh plots Vietnam economic growth with US academics

Vietnam and the U.S. have announced their intention to bolster cooperation in the fields of science, technology, digital innovation, semiconductor manufacturing, and chip production, creating ample opportunities for Vietnamese tech firms to establish a strong presence in global supply chains. This cooperation is poised to present significant opportunities for the development of Vietnam’s domestic semiconductor sector, Vo Xuan Hoai, deputy director of the Vietnam National Innovation Center (NIC), said in an interview with Tuoi Tre (Youth) newspaper. The NIC has inked numerous memoranda of understanding with U.S. partners during Vietnamese Prime Minister Pham Minh Chinh’s ongoing week-long visit to the U.S. for the high-level General Debate of the 78th United Nations General Assembly. Vietnam has identified science, technology, and innovation as the driving forces for its development. Consequently, collaboration with the U.S. is expected to hasten the transformation of Vietnam’s … [Read more...] about Cooperation with US to propel development of Vietnam’s semiconductor industry: expert

Chairman of the Vietnamese National Assembly Vương Đình Huệ (second, left) and delegates attend the forum. —VNA/VNS Photo Việt Nam defines Bangladesh, which is currently the country's second largest trading partner in South Asia, as its important partner and a potential investment destination for major corporations and enterprises of the Southeast Asian country in the future, National Assembly Chairman Vương Đình Huệ said on Friday. In his speech at the Việt Nam-Bangladesh forum on policies and laws to promote economic, trade and investment cooperation in Dhaka capital, Bangladesh, Huệ said with a favourable geographical location, Bangladesh could be considered a gateway for Vietnamese businesses to enter and expand to other South Asian and Middle East markets, and vice versa, Bangladeshi businesses can expand to markets in the Association of Southeast Asian Nations (ASEAN) - the 5th largest market in the world with about 650 million people - and enlarge to partner countries which … [Read more...] about Việt Nam, Bangladesh boost economic cooperation

Southern Vietnam’s Ho Chi Minh City and the northeastern American city of New York signed a memorandum of understanding to establish the twinning relationship at a ceremony in New York on Friday. The signing was made between Phan Van Mai, chairman of the Ho Chi Minh City administration and New York Mayor Eric Adams, in the presence of Vietnamese Prime Minister Pham Minh Chinh, who are in the U.S. city to attend the General Debate of the 78th session of the United Nations General Assembly. This MoU on twinning ties “is of great significance to both cities” as the two countries have recently upgraded their bilateral relations to a comprehensive strategic partnership, Mai told Tuoi Tre (Youth) newspaper. “This is not only symbolic but also demonstrates a strong commitment to promoting comprehensive, substantive and effective cooperation between the two countries at all levels,” Mai commented. “I hope the sister relationship will serve as a solid and favorable foundation for … [Read more...] about Ho Chi Minh City, New York set up twinning ties to foster cooperation

Vietnam has maintained a consistent upward trajectory since 2015, reflecting the government's efforts to restructure the economy toward full market-oriented development and international integration. Vietnam has climbed four places to secure the 106th position out of 165 countries and territories in the Economic Freedom of the World index, according to the Canada-based Fraser Institute. Manufacturing of mechanical products at Tam Hop Company in Soc Son District, Hanoi. Photo: Viet Linh/The Hanoi Times The Economic Freedom of the World index evaluates the extent to which policies and institutions support economic freedom. It is published annually by the Fraser Institute in collaboration with the Economic Freedom Network, a coalition of independent research and educational institutions covering nearly 100 countries and territories. Singapore currently leads the world in economic freedom, followed by Hong Kong (China), Switzerland, New Zealand, the US, and … [Read more...] about Vietnam moves up 4 places in Economic Freedom of World index

In this pool photograph distributed by Russian state owned Sputnik agency on September 20, 2023, Russia's President Vladimir Putin (R) shakes hands with China's Foreign Minister Wang Yi, in Saint Petersburg. Photo handout via AFP Speaking at a meeting with Putin in Saint Petersburg, at which the Russian leader accepted an invitation to visit China next month, Wang Yi said the "world is rapidly moving toward multipolarity." "Economic globalization is progressing against headwinds, unilateral actions are unsustainable, and hegemonism is not popular," Wang said, according to an English readout by Beijing's Xinhua news agency. "Both sides need to strengthen their multilateral strategic cooperation, protect their legitimate rights and interests, and make new efforts to promote the international order toward fairness and justice," he added. Putin, in response, told Wang "our positions coincide regarding the emergence of a multipolar world," according to a readout from the … [Read more...] about Beijing, Moscow must deepen cooperation: China foreign minister

PM Pham Minh Chinh (R) and Burundian President Evariste Ndayishimiye. (Photo: VNA) New York (VNA) – Vietnam always attaches importance to promoting friendship and cooperation with African countries, including Burundi, Prime Minister Pham Minh Chinh said while meeting Burundian President Evariste Ndayishimiye in New York on September 22 as part of his trip to attend the high-level week of the 78th UN General Assembly. PM Chinh thanked the Burundian government for supporting Vietnamese enterprise’s telecommunications project which contributes to the host nation’s socio-economic development. He proposed Burundi create more favourable conditions for Vietnamese firms to operate in the African nation, and suggested both countries enhance delegation exchanges, promote cooperation mechanisms, and bolster trade exchanges as well as agricultural collaboration. President Ndayishimiye, for his part, congratulated Vietnam on its achievements in the cause of national … [Read more...] about Vietnam treasures friendship and cooperation with Burundi: PM

Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen (R) and Mayor of Shenzhen Qin Weizhong. (Photo: hanoi moi.com.vn) Hanoi (VNA) – Shenzhen city of China wishes to further promote economic and trade relations with Vietnamese localities, including the capital city of Hanoi, especially in investment, 5G technology, new energy vehicles (NEV), wind power, and renewable energy, said Mayor of Shenzhen Qin Weizhong. During a meeting with Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen in Hanoi on September 18, Qin, who is also Deputy Secretary of the Shenzhen Municipal Party Committee, briefed the host on the Chinese city’s development. Shenzhen's GDP reached 500 billion USD in 2022, while its industrial production topped localities across China. Shenzhen has also witnessed the formation and development of big high-tech enterprises, such as Huawei, Tencent, and BYD automobile companies. It is also the headquarters of 11 firms in the global Top … [Read more...] about Hanoi, China’s Shenzhen look to beef up multifaceted cooperation