Vietnam business association

An overview of the programme (Photo: VNA) HCM City (VNA) – A programme linking the strength of Vietnam’s tourism opened in Ho Chi Minh City on August 8, seeking ways to gain international tourism growth and comprehensive recovery of Vietnam’s tourism. The two-day event is jointly held by the Vietnam Tourism Association, the Tourism Association of Ho Chi Minh City, and the Vietnam National Administration of Tourism. Nguyen Thi Khanh, President of Ho Chi Minh City ’s Tourism Association, said that at present, domestic tourism is gradually recovering with positive results, but international tourism, both inbound and outbound, has not recovered as expected. Therefore, in addition to trading activities between units in the tourism industry, the programme also has activities to introduce new products and services of localities and businesses around the country. Organisers said that they will organise tours to destinations in Ho Chi Minh City and other southern localities … [Read more...] about Programme links strength of Vietnam’s tourism

Truong Hai Auto Corporation (THACO), a typical successful firm in Vietnam's automobile sector, has been investing heavily in mechanics and the manufacturing of accessories. THACO leaders shared the firm’s journey to resolve the issue: increasing the localization rate or surrendering to auto imports flooding the local market. They also shared the one-stop model to help other Vietnamese enterprises cooperate to develop, thereby improving the internal power of Vietnam’s industry. THACO chairman Tran Ba Duong said at a meeting with mechanical enterprises that “you have technology and machinery. We will build factories and lease them at low prices.” “If we fail to demonstrate our commitment, you can take your machinery away. “We will not go back on our words. Only actual acts and thoughts will create values." Refreshing itself by enhancing investment Returning to Chu Lai Industrial Park in central Quang Nam Province nearly three years after Tuoi Tre (Youth) newspaper held … [Read more...] about Vietnam’s THACO and philosophy of no surrender

Co-organized by the MARD and the Vietnam Chamber of Commerce and Industry (VCCI), the event focused on the role of raw bamboo in the development of the value chain of Vietnamese bamboo products. Participants discussed the plant's role, position and value in Vietnam’s traditional culture, climate change response, and market mechanism. Deputy Minister of Agriculture and Rural Development Tran Thanh Nam said bamboo trees bring about export value of about 300-400 million USD a year. To develop the bamboo industry, he recommended businesses, together with local authorities, and producers, to build large areas of raw materials to meet production, processing and export requirements. According to the MARD, Vietnam houses nearly 1.6 million ha of bamboos, producing 2.5-3 million tons of bamboo annually. The E.U., the Republic of Korea, and Japan are the destinations for most of Vietnamese bamboo exports. Nguyen Thi Thanh Huyen, coordinator of the E.U.-funded "Inclusive and Sustainable … [Read more...] about Vietnam bamboo association to be established

MDF production line at Thanh Thanh Dat MDF JSC's factory in Ha Tinh province. (Photo: VNA) Hanoi (VNS/VNA) - While many products exported to the UK enjoyed strong increases thanks to the UK-Vietnam Free Trade Agreement ( UKVFTA ), Vietnam’s timber industry is facing difficulties in expanding in this market, requiring manufacturers and exporters to change their business strategies. In fact, Vietnam’s wood industry is seeing declining sales overseas. The export value in July was estimated at 1.41 billion USD, down 5.5% against June and 1.6% year-on-year, according to a report of the General Department of Forestry under the Ministry of Agriculture and Rural Development (MARD). This was the second month that the export of wood and timber products decelerated. Earlier, figures from the General Department of Customs showed the export turnover of wood and wood products reached 1.4 billion USD in June, down nearly 11% year-on-year. Ending July, wood and wood products were … [Read more...] about Vietnam’s timber industry urged to seek new opportunities in UK

Dr Jonathan Choi, Chairman of the Hong Kong-based Sunwah Group. (Photo: VNA) Hanoi (VNA) – Dr Jonathan Choi, Chairman of the Hong Kong-based Sunwah Group, has expressed his optimism about Vietnam’s future, saying the country has recovered “very quickly” after the COVID-19 pandemic was controlled and is one of the best performers in the Association of Southeast Asian Nations ( ASEAN ) in this regard. In an interview granted to the Vietnam News Agency (VNA) in Hanoi on August 5, Choi said Vietnam has made a good decision on the pandemic as the country opened doors right after the situation got better. Vietnam’s gross domestic product (GDP) growth was one of the best in the region, and many investors from Hong Kong (China) and all over the world would like to come to the Southeast Asian nation. Expressing his belief that the Vietnamese market will grow very fast in the time ahead, Choi emphasised the country’s potential in a range of areas, from finance to smart city … [Read more...] about Sunwah Group Chairman optimistic about Vietnam’s future

The Korea and Vietnam Economic and Cultural Association (KOVECA) and the Association for Liaison with Overseas Vietnamese, along with ministries and localities, last week jointly held two Vietnam-Korea cooperation forums in both the northern and southern regions with the participation of 30 associations and 50 enterprises from South Korea. PM Pham Minh Chinh greets representatives of the RoK's associations and businesses at the dialogue in Hanoi on July 30. (Photo: VNA) The associations and enterprises are looking for investment opportunities in terms of urban and transport infrastructure, hospitals, renewable energy, high-tech, and career training. Previously, in the framework of a conference connecting the northern province of Thai Binh and South Korea in early July by Thai Binh People’s Committee, coordinated with the Ministry of Foreign Affairs and the Korean Embassy to Vietnam, an investment registration certificate was granted to South Korea’s SMT Company for the … [Read more...] about South Korean investors lavish attention on Vietnam

Revisions to the Petroleum Law are necessary to help boost the oil and gas industry's development. (Photo: VNA) Hanoi (VNA) – After nearly 30 years of enforcement, the Petroleum Law now needs revisions to be in line with international practices and Vietnam’s energy development strategy and create momentum for the oil and gas industry’s development. Nguyen Van Que, General Director of the Cuu Long Joint Operating Company - which is running the Su Tu Trang (White Lion) project, said the overlaps among existing laws such as the Petroleum Law and the Law on Public Investment have been impeding the implementation of exploration and exploitation projects. Citing difficulties his company faced when operating Su Tu Trang, he said in this law, the regulation on capital preservation at risky projects such as oil and gas exploration and exploitation should be amended in order to attract businesses, especially foreign ones. The Cuu Long JOC also proposed Article 47 on the making, … [Read more...] about Comprehensive revisions needed for Petroleum Law

At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2 percent in Q4 of 2021, and respectively 5.1 percent and 7.7 percent in Q1 and Q2 of 2022. Inflation is projected to average 3.8 percent over the year. Carolyn Turk, WB Country Director for Vietnam, said that the bi-annual report “lays out a set of policy recommendations that could help mitigate the impact of these risks and make the economy more resilient going forward.” Titled “Taking Stock: Educate to Grow”, this edition underlines transforming the higher education system as the key to boosting the country’s productivity and achieving its development goals, in the context where the country re-emerges from the pandemic and into a challenging global environment. The report’s co-author Dorsati Madani said that while Vietnam’s economic recovery had been relatively stable, not all sectors witnessed the same … [Read more...] about Vietnam’s economic growth forecast at 7.5 percent in 2022: World Bank

A shrimp processing line of the Minh Phu Hau Giang Seafood JSC in the Mekong Delta province of Hau Giang. (Photo: VNA) Hanoi (VNA) – Enterprises in the fisheries sector are facing an export slowdown after strong shipments in the first months of 2022, which may subsequently affect their growth in the time ahead. After surges of 39 - 62% in the first four months, fishery exports have shown signs of growth slowdown, according to the Vietnam Association of Seafood Exporters and Producers ( VASEP ). Shipments increased 34% in May and 18% in June compared to the same period last year. In July, fishery exports stood at 970 million USD, up 14% from a year earlier but down 4% from the previous month. Le Hang, Deputy Director of VASEP’s Training and Trade Promotion Centre, blamed the slowdown since May on unfavourable weather as the rainy season came early and impacted fishery output. Businesses in the industry said the inventory in export markets, especially the US - … [Read more...] about Fisheries businesses face export growth slowdown

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN. (Photo: VNA) In a meeting on August 9 with Robert McCooey, Senior Vice President of Nasdaq's Listing Services unit, who leads business development for new listings in Latin America and Asia-Pacific, the Vietnamese diplomat said Vietnam wants to attract big firms from the US to invest in the above-mentioned areas, especially those that can contribute to implementing Vietnam's commitments at the 26th UN Climate Change Conference of the Parties (COP26). The Delegation of Vietnam to the UN is ready to cooperate with Nasdaq in the organisation of meetings and seminars to this purpose, especially on the occasion of working visits of Vietnam’s high-ranking delegations to New York, he affirmed. McCooey said that Vietnam's investment environment has a clear competitive advantage in the region thanks to its flexible response policy to the Covid-19 pandemic, and stable legal system. He welcomed the suggestion … [Read more...] about Vietnam looks to draw reputable US investors: Ambassador