Photo: VOV

Vietnamese economic rise fuels European optimism: EuroCham

The European Chamber of Commerce in Vietnam (EuroCham)'s most recent Business Confidence Index, conducted by Decision Lab, has signaled optimism in the Vietnamese economy and increased confidence within the European business community.

According to the details set out in the report, the quarterly index reached 52.8 in the first quarter of the year, reaching its highest level since the third quarter of 2022.

"This positive trend underscores the European business community's view of Vietnam as a dynamic market with promising growth prospects,” said Dominik Meichle, chairman of EuroCham.

"The index once again rising above the 50 threshold reaffirms the country's growing appeal. Continued efforts to enhance stability and predictability will further strengthen Vietnam's global competitiveness and unlock its full potential," he added.

Thue Quist Thomasen, CEO of Decision Lab said "The hard data from the Business Confidence Index (BCI) paints a clear picture - investor optimism is steadily improving."

"Vietnam certainly has the capacity to become the region's preeminent investment destination, and proactive, investor-focused policies will further accelerate its rise,” he assessed.

In fact, European businesses have a strong likelihood of recommending the nation as a top investment destination. A significant 54% of those surveyed indicated that there was a high likelihood of recommending the country to other foreign businesses, giving ratings of eight or above out of 10.

This therefore highlights the country’s rapidly growing appeal within European business confidence.

Looking towards the long term, this optimism strengthens, with 71% of enterprises feeling positive about their long-term prospects in the nation over the next five years.

Most notably, the skilled local workforce represents a major draw for European investors, with 75% of EuroCham members hiring 76% or more of their staff locally. While the BCI survey of the fourth quarter of last year found 40% of businesses rating workforce proficiency as moderate, the strong hiring trend suggests that there is a solid talent foundation for future growth.

Although optimism remains high, firms face regulatory hurdles which may hinder market entry and long-term investment. Key concerns include administrative burdens, unclear Regulations, permit, license difficulties, and work visa barriers.

Experts pointed out that in order to attract more foreign investment, businesses have pinpointed several key reforms by simplifying administration, strengthening legal framework, and enhancing Infrastructure, cited VOV.

"Vietnam has tremendous economic potential, and addressing regulatory challenges is key to fully realizing it," said Meichle.

"Streamlining procedures and establishing more transparent regulations will empower both Vietnamese and foreign businesses to succeed. This will position Vietnam as a leading investment destination in the region, benefiting domestic businesses, attracting international capital, and strengthening economic partnerships," Meichle noted.

Vietnamese bread tops TasteAtlas world's 100 tastiest sandwiches rankings

Vietnamese banh my (bread) was ranked first among the 100 tastiest sandwiches in the world by TasteAtlas last month.

Bread was first made popular in Vietnam by the French since 1859, but a source from the Ho Chi Minh City’s Tourism Department said it could have been present in the country earlier than that, through trade and commerce with Europeans.

Professional chef Pham Tuan Hai, who is an addict of banh my, said famous and popular Vietnamese banh my include banh my thit (bread with pork), banh my xiu mai (bread with pork and shrimp balls), banh my cha ca (bread with grilled chopped fish), banh my heo quay (bread with roasted pork), banh my ga nuong (bread with roasted chicken), banh my op la (bread with sunny-side up egg), banh my cha lua (bread with pork paste) and banh my que (breadstick).

“I like banh my xiu mai very much. Xiu mai is small minced pork and shrimp balls. It is eaten with special sauce and fresh herbs,” Hai said, adding that he also likes to enjoy a crispy bread with its filling of grilled chopped fish accompanied with fresh onion, coriander, cucumber, fried dried onion topped with aromatic flavor sauce.

Hải said that his wife is a fan of crispy bread with a filling of roasted chicken, fresh carrot threads, cucumber, lettuce and other herbs. She also likes banh my cha lua, a characteristic northern style.

John Henry, from the US, who joined the first Bread Festival held in HCM City last year, said, “I enjoyed Vietnamese bread and its tasty fillings so much. I tried banh my with egg and traditional banh my with pork and roasted chicken.”

In 2020, Vietnamese bread was for the first time presented on the Google homepage of more than 10 world nations, according to VNA.

Vietnamese bread (Photo: cooky.vn)

In 2018, CNN named Hoi An bread “king of sandwiches in the world”. Meanwhile, the renowned tourism magazine Fodor voted Vietnamese bread among the 30 tastiest sandwiches in the world that people should try.

In 2017, Rough Guides from the UK voted Vietnamese bread one of tastiest dishes in the world. In the same year Australian Prime Minister Malcolm Turnbull enjoyed his bread breakfast on Da Nang street.

The World Records Union in 2016 recognized Vietnamese banh my and bun cha (grilled pork and rice noodle) among top 100 most famous dishes in the world and in 2014 the Vietnamese banh my created a fever when it was ranked in the top 20 best street foods in the world by Huffington Post, a prestigious website in the US.

The National Geographic in 2013 voted Vietnamese bread as one of the best 11 street dishes in the world. The US Conde’ Nast Traveler also listed it among 12 best street food in the globe. The Guardian in 2012 praised Vietnamese banh my “the tastiest sandwich in the world.”

China a strategic choice and top priority in Vietnam's foreign policy

Developing relations with China is a strategic choice and can be seen as a top priority in Vietnam's foreign policy of independence, self-reliance, peace, cooperation, development, multilateralization, and diversification of foreign relations.

This statement was made by National Assembly (NA) Chairman Vuong Dinh Hue on April 8 during a meeting held with the General Secretary of the Communist Party of China (CPC) Central Committee and President of the People's Republic of China Xi Jinping in Beijing.

President Xi is the first Chinese leader that NA Chairman Hue met during his official visit to the neighboring country.

The Chinese President’s arrangement for his first meeting with NA Chairman Hue right after the Vietnamese delegation’s arrival in Beijing shows China's high regard for the relationship between the two countries and the delegation's visit.

NA Chairman Hue congratulated the great and historically significant achievements that the Party, State, and people of China have recorded, especially from the 18th Party Congress up to now. He said that he believes that the Chinese people will successfully fulfill the goals of the 20th Congress with the ultimate aim of building China into a civilized, harmonious, beautiful, strong, and modern socialist power.

He also expressed hope that the northern neighbor will make important contributions to the cause of global peace, cooperation, and development, thereby bringing greater opportunities to neighboring countries, including Vietnam, adding that the nation consistently carries out the "One China" policy.

For his part, President Xi affirmed that China supports Vietnamese development, stability, and success in building socialism in accordance with the country's situation. He underlined that the agreement reached by top leaders of both sides in building a Community of a Shared Future carries strategic significance, thereby opening up a new period for bilateral ties based on six major directions. These include higher political trust, more substantial defense-security cooperation, deeper practical collaboration, a stronger social foundation, closer multilateral links, and the ability to resolve differences, thus positively contributing to peace and development in the region and the world.

The two sides showed their elation at the positive development trend of the joint relations, underlining that the two Parties and State share many similarities in ideological foundation and goals of building socialism, both striving for the interests and happiness of the people.

He affirmed that President Xi had pledged that China attaches great importance to relations with the Vietnamese side, whilst being willing to promote the relations between the two Parties and countries in a deeper and more substantial manner, reported VOV.

Vietnam's National Assembly Chairman Vương Đình Huệ meets with the General Secretary of the Communist Party and President of China Xi Jinping on Monday. Photo: VNS

President Xi pledged that China attaches great importance to relations with the country and is willing to foster closer relations between the two Parties and countries in a deeper and more substantial manner.

The Vietnamese NA leader suggested that both sides move to strengthen political trust and intensify high-level meetings, while also pushing up exchange and collaboration through the Party, Government, parliament, and front channels, as well as in important fields such as diplomacy, public security, and defense.

He proposed that the two sides seek to enhance their strategic connectivity, create fresh momentum for bilateral ties, focus on boosting trade, expand the import of goods such as Vietnamese farm produce, and boost connectivity with major development strategies of China. This is as well as links in railways, highways, sea, and air, whilst promoting cooperation in finance, monetary, and digital transformation.

NA Chairman Hue also suggested that the two sides strive to increase people-to-people exchanges, thereby enhancing the role of legislators of the two sides in communications work to create social consensus and strengthening cooperation across a variety of areas. This is along with joining hands with the two Parties and States to properly deal with issues at sea in the spirit of better controlling and settling differences.

Applauding Vietnamese proposals, President Xi affirmed his nation’s readiness to work alongside Vietnam in maintaining strategic exchanges, increasing meetings at high and all levels, as well as exchanges and cooperation through the Party channel. Other efforts include sharing experience and theory in Party building and country governance, fostering practical cooperation, accelerating strategic connections, especially in the fields of railways and smart border gates, and strengthening linkages in the fields of the digital economy, green energy, essential minerals, and emerging industries.

China welcomes Vietnamese efforts in connecting with several of their major inter-regional development strategies.

Emphasizing that the partnership between the two legislative bodies plays an important and irreplaceable role in the relations between the two Parties and countries, the Chinese leader welcomes the National People’s Congress of China and the NA of Vietnam to sign a new co-operation agreement to improve the level and efficiency of ties, whilst actively implementing collaboration across multiple fields and at all levels.

President Xi said the two sides should actively contribute to stepping up practical links and people-to-people exchanges, especially between the youth, thus consolidating the foundation of friendship between the two peoples and sharing experience on building the rule-of-law socialist State under the Party's leadership as well as fine-tuning the socialist legal system.

Vietnam termed a bright spot in R&D field: RoK newspaper

Vietnam is seen as a next-generation workshop and a growing market to become an advanced research and development (R&D) center, said an article published by Dong-a Ilbo newspaper of the Republic of Korea (RoK).

According to the article, there are about 1,000 R&D employees of automotive electronics and electronic equipment working at R&D subsidiaries of LG Electronics Vietnam in Hanoi and the central city of Da Nang, including only six Korean staff.

In 2019, the number of R&D personnel of LG in Vietnam totaled 200, but by January 2023, a R&D department of the firm with about 750 employees was split into an independent unit.

The article said Vietnam's R&D competitiveness benefits from changes in the Government’s policies.

The Vietnamese Government aims to go beyond the previous “Made in Vietnam” model, which was limited to be a hired processing facility, to become a manufacturing center with its own technology and production capacity, and stepped up efforts to promote information and communications technology (ICT) sector.

Domestic universities have recently focused on training engineers specializing in information technology (IT), cited VNA.

At Huyndai Thanh Cong auto assembly factory (Photo: VNA)

Following this trend, the presence of R&D center of LG Electronics Vietnam is also growing stronger. The role of Vietnamese developers, who are mainly responsible for developing and testing basic electronic functions by analyzing orders from automakers, has been expanded to the design of core functions.

Jeong Seung-min, director of the R&D center of LG Electronics Vietnam - said that the establishment is responsible for developing software related to LG's automotive electrical and electronic equipment.

Initially, LG’s research facilities in Vietnam could carry out only 20% of the R&D process, but now they can carry out up to 60% and are expected to increase in the near future.

NA Chairman meets the Vietnamese community in China

National Assembly Chairman Vuong Dinh Hue said the visit would be a chance for the two sides to have in-depth discussions at the strategic level on major matters regarding bilateral ties, as well as the regional and international issues of shared concern.

At the meeting, Ambassador Pham Sao Mai informed the top legislator about the embassy’s operations and affairs relating to the Vietnamese community in China.

Representatives of the Vietnamese community affirmed that they had always stayed united, supported each other, and looked towards the homeland, reported VNS.

This is Hue's first official visit to China in his capacity as NA Chairman at the invitation of the Chairman of the Standing Committee of the National People's Congress (NPC) of China Zhao Leji. It is also the first visit to the neighboring country by a top Vietnamese legislator in five years.

Stressing the significance of the trip to maintaining high-level contacts and strategic exchanges between the two Parties and States, Hue said: “All of us share the responsibility for implementing and concretizing common perceptions reached by the highest leaders of the two Parties and countries.”

NA Chairman Vương Đình Huệ meets representatives of the Vietnamese community in China. Photo: VNA

He also emphasized the task of consolidating, enhancing, and tightening the bilateral legislative ties, and carrying forward the role of legislative cooperation in materializing strategic collaboration orientations between the two countries.

The leader said during the visit, he was scheduled to hold talks and meetings with key Party and State leaders of China, and representatives of some Chinese localities.

This would be a chance for the two sides to have in-depth discussions at the strategic level on major matters regarding bilateral ties, as well as the regional and international issues of shared concern, he added.

The NA Chairman also briefed the overseas Vietnamese on the legislature’s operations, and lauded contributions by the embassy and the community to the Vietnam-China relationship.

He asked the embassy to further effectively implement existing cooperation mechanisms, propose new, suitable ones, and pay attention to studying China’s experience in Party building, corruption combat and corporate governance.

The embassy and Vietnamese consulate generals in China were also requested to pay more heed to affairs relating to the Vietnamese community, citizen protection and associations there.

The leader welcomed the proposal of Vietnamese students in China on the establishment of an innovation network to attract the participation of Vietnamese students in the country to contribute to development in their homeland.

The Party and State always consider the Vietnamese community abroad, including those in China, an indispensable part of the great national solidarity bloc, a driving force, and a source of strength for national development, he affirmed, urging them to uphold their solidarity and mutual support, actively integrate into the host country, and contribute more to the homeland as well as the traditional friendship and the comprehensive strategic cooperative partnership between the two countries.

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