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Vietnamese Prime Minister Pham Minh Chinh speaks at the Vietnam - India Business Forum in New Delhi on July 31. (Photo: VGP)

Vietnam and India eye US$20 billion trade target

Prime Minister Pham Minh Chinh has called on businesses of Vietnam and India to expand cooperation, striving to soon raise two-way trade turnover between the two countries to US$20 billion in the coming time from nearly US$15 billion recorded last year.

Facilitating market access for products, increasing development cooperation in strategic infrastructure, and launching more direct flights between the two sides are some of the solutions to the target, said Chinh at the Vietnam – India business forum in New Delhi on July 31.

He requested that Vietnamese ministries, agencies and localities strengthen dialogue to remove difficulties and obstacles for Indian investors in Vietnam, accelerate administrative reform, and prepare necessary conditions in terms of transport infrastructure, human resources, electricity supply, clean land fund to support investors.

He encouraged Indian businesses to expand investment in Vietnam and cooperate in training high-quality human resources, especially in the fields of semiconductors, science and technology, innovation, digital transformation, green transition, pharmaceutical manufacturing, renewable energy, and biotechnology.

The PM also asked the Indian businesses to support Vietnamese businesses in engaging in their value chains, while considering Vietnam a strategic destination for building research and development (R&D) centers and applying high technology, cited VOV.

According to the PM, after nearly 40 years of implementing the Renewal process, Vietnam has become one of the 40 largest economies and in the top 20 trading countries in the world. It has signed 16 free trade agreements (FTAs) ​​with more than 60 countries and blocs worldwide.

The country is synchronously putting in place solutions aimed at improving the business investment environment, enhancing economic competitiveness, simplifying administrative procedures, and removing difficulties to support people and businesses.

Thanks to those efforts, he said Vietnam’s business and investment environment is constantly improving. Last year saw the country attract nearly US$36.6 billion in foreign direct investment, an increase of 32.1% compared to 2022. About US$23.2 billion was disbursed last year, the highest ever.

He held that foreign-invested economic sector plays an important role in Vietnam, with a primary focus on selectively attracting foreign investment, and connecting the FDI sector and the domestic economic sector, while promoting public-private partnerships, mobilizing all development resources, and strongly developing the green economy, digital economy, circular economy, and knowledge economy.

Foreign investors’ success is Vietnam's success, stressed the PM, adding that economic-investment-trade cooperation will continue to be an important pillar in bilateral relations on the back of the long-standing friendship and the constant development of the comprehensive strategic partnership set up in 2016 between the two countries.

At the forum, the Prime Minister and delegates attended a ceremony to launch a new air route connecting Da Nang (Vietnam) and Ahmedabad (Gujarat State, India) and to welcome the 200 millionth passenger of budget airline Vietjet.

The Prime Minister also witnessed the exchange of Memorandums of Understanding on cooperation between businesses of the two countries, including an MoU on cooperation in the fields of aviation, airport building and logistics between Sovico Group and Adani Group, an MoU on organizing the third Vietnam - India Friendship Festival between Vietnam Airlines and Innovations India, and an MoU on developing a pharmaceutical park between T&T Group and Ramky Group.

Timor-Leste President arrives in Hanoi, beginning state visit to Vietnam

President of Timor-Leste José Ramos-Horta arrived in Hanoi on July 31 evening, beginning his four-day state visit to Vietnam at the invitation of President To Lam.

He was welcomed at Noi Bai International Airport by Chairman of the Presidential Office Le Khanh Hai, Deputy Foreign Minister Do Hung Viet, Vietnamese Ambassador to Indonesia and Timor-Leste Ta Van Thong, Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen, and senior officials, according to VNA.

President of Timor-Leste José Ramos-Horta (front row, left) arrived in Hanoi on July 31 evening, beginning his four-day state visit to Vietnam at the invitation of President To Lam. (Photo: VNA)

Since the establishment of the bilateral diplomatic ties in 2002, Timor-Leste high-ranking leaders have paid three official visits to Vietnam, one by President Kay Rala Xanana Gusmao in August 2005, another by President José Ramos-Horta in 2010, and the latest by Prime Minister Kay Rala Xanana Gusmao in September 2013.

This trip by President José Ramos-Hort will be the fourth high-ranking visit. It will be a chance for both sides to continue discussing measures to boost cooperation and deepen the bilateral relations, thereby tightening their traditional friendship.

EU wants to upgrade ties with Vietnam to new heights, says EC vice president

The European Union wants to kick-start a process of upgrading relations with Vietnam to a comprehensive strategic partnership, said Josep Borrell Fontelles, High Representative of the European Union for Foreign Affairs and Security Policy.

Borrell told media workers in Hanoi on July 31 that among ASEAN countries, Vietnam is the country that has signed the largest number of agreements and treaties with the EU. Among the agreements are the Vietnam-EU Free Trade Agreement (EVFTA), the EU-Vietnam Framework Agreement on Comprehensive Partnership and Cooperation (PCA), the Just Energy Transition Partnership (JETP) agreement.

Both the EU and Vietnam currently have many different levels of cooperation, but bilateral cooperation is not commensurate with the depth of their relationship in practice, said Fontelles, who is also Vice President of the European Commission.

With regard to the EU-Vietnam Investment Protection Agreement (EVIPA), Borrell said the ratification of the agreement is still slow going in some EU member states, VOV reported.

EC Vice President Josep Borrell Fontelles (R) and EU Ambassador to Vietnam Julien Guerrier during their meeting with media workers on July 31. (Photo: TPO)

According to the senior EC official, the EVIPA that covers investment protection and investment dispute resolution, requires the ratification by the European Parliament and the member parliaments to take effect. To date 18 out of 27 EU countries have ratified the EVIPA, and nine EU member states that have not yet ratified the document are Ireland, Austria, Poland, Belgium, Germany, France, Cyprus, the Netherlands, and Slovenia.

He assured that the EC would encourage the remaining countries to speed up the ratification of the document for the sake of mutual interest.

Borrell also acknowledged Vietnam’s efforts in combating illegal, unreported and unregulated (IUU) fishing, and said the EU has suggested installing cruise monitoring equipment on fishing vessels, during working sessions with the Vietnamese side.

The crux of the matter is that such measures, among others, should be effectively implemented in relevant localities, said the official, adding the EC expects to receive a Vietnamese report this autumn to consider if it will remove its yellow card warnings against Vietnamese seafood exports to the bloc.

Josep Borrell Fontelles paid a working visit to Vietnam from July 29 to 31. During his stay, he attended the State funeral of Vietnamese Party General Secretary Nguyen Phu Trong and met Vietnamese leaders, including President To Lam and Minister of Foreign Affairs Bui Thanh Son.

Vietnam, Cambodia suggested to enhance sharing experience to ensure religious freedom

Vietnam and Cambodia, boasting similarities in the practice of Buddhism, should share experience with each other in building the great national solidarity to create favorable conditions for their people to exercise the right to freedom of belief and religion, Minister of Home Affairs Pham Thi Thanh Tra said on July 31.

Hosting Cambodian Minister of Cults and Religions Chay Borin, Tra stressed that as a multi-religion country, Vietnam has paid due regard to the state management of religious affairs. Over the recent years, the religious situation in Vietnam has remained stable while the Party's policies and guidelines on the affairs have been carried out properly, thus ensuring solidarity and the respect for all people's right to the freedom of belief and religion to contribute to national development and the great national solidarity, cited VNA.

Minister of Home Affairs Pham Thi Thanh Tra hosts Cambodian Minister of Cults and Religions Chay Borin in Hanoi on July 31. (Photo: VNA)

The host highly valued the cooperation between the Vietnamese Ministry of Home Affairs/the Government's Committee for Religious Affairs and the Cambodian Ministry of Cults and Religions. She expressed her hope that the two sides will discuss and reach consensus to bolster their cooperation regarding state management in the area in a more intensive and effective manner, aiming to promote the great national solidarity as well as the values of religions.

The Cambodian official, for his part, laid stress on the friendly neighborliness, traditional friendship, and time-tested comprehensive cooperation between the two nations, while affirming his commitment to fruitful implementation of the agreements signed between the two ministries.

At their talks following the reception, the two ministers briefed each other on their countries' religious situation and state management experience in the field. They also reviewed the implementation of the cooperation agreement on religious work for 2022 - 2026, signed in Ho Chi Minh City in November 2022.

The sides concurred to continue carrying out their cooperation agreement, improve the cooperation effectiveness in state management of religious affairs, and also encourage and create favorable conditions for the two Buddhist communities to enhance collaboration so as to make practical contributions to building solidarity and friendship between the two nations.

According to Deputy Minister of Home Affairs Vu Chien Thang, about 95% of the Vietnamese population practice a belief or a religion, with more than 27 million people, or 27% of the population, being religious followers. The State of Vietnam has been consistently implementing the policy of respecting and protecting the right to freedom of belief and religion for all, ensuring equality among the religions, and capitalizing on religions’ cultural and ethical values along with resources for national development.

Vietnam emerges as EU’s biggest trade partner in ASEAN

Vietnam has emerged as the EU's biggest trade partner in ASEAN while the EU is the fourth largest trade partner of Vietnam, thanks to the effective implementation of the EU-Vietnam Free Trade Agreement (EVFTA).

The Ministry of Industry and Trade (MoIT) reported that after four years since the EVFTA took effect (August 1, 2020, Vietnam has occupied the biggest market shares among ASEAN member states in the EU’s market.

Last year, trade between Vietnam and the EU hit US$72.3 billion, representing a year-on-year decline of 5.3 percent, VGP reported.

Photo: VGP

A series of made-in-VietNam exports were on the rise namely aquaculture (up 29.5 percent), fruits and vegetables (up 34.2 percent), footwear (up 49.7 percent), garments and textiles (up 43.4 percent), and furniture (85.2 percent). Vietnam’s biggest export markets are the Netherlands, Germany, Italy, Belgium and France.

The Vietnam Customs reported that in June, Vietnam’s export turnover to the EU reached over US$4.28 billion, up 7.85 percent against the previous month and 19.54 percent against the same period last year.

In the first six months, Vietnam's export turnover increased by 15.37 percent to over US$4.28 billion.

Specifically, export value to the Netherlands hit over US$6.14 billion, accounting for 24.88 percent of total export turnover to the EU, up 27.12 percent against the same period last year.

Germany was the second largest export market with US$3.82 billion, followed by Italy with US$2.53 billion, and Spain with nearly US$1.97 billion.

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