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Vietnamese Party General Secretary and President To Lam.

Party General Secretary and President To Lam begins state visit to China

Party General Secretary and President To Lam and his spouse left Hanoi on August 18, beginning an official state visit to China at the invitation of Chinese Party General Secretary and President Xi Jinping and his spouse.

To Lam is being accompanied by a number of Politburo members, Party Central Committee members and senior officials in charge of Party affairs, national defense, people’s public security, among others.

Deputy Prime Minister Tran Luu Quang, Vice Chairman of the National Assembly Nguyen Khac Dinh, and Vietnamese Ambassador to China Pham Sao Mai are also joining the delegation.

This is To Lam’s first visit to China after he was elected General Secretary of the Communist Party of Vietnam Central Committee in early August, cited VOV.

The top leader’s visit is showing Vietnam’s consistent policy of giving top priority to strengthening relations with China. It is of paramount importance to bilateral relations which have been developing positively in recent times.

Vietnam and China have agreed to further deepen and elevate the comprehensive strategic cooperative partnership and build a China-Vietnam community with a shared future that carries strategic significance, during Xi’s state visit to Vietnam in December 2023.

During the August 18-20 visit, Party General Secretary and President To Lam is scheduled to hold talks with his Chinese counterpart Xi Jinping, and meet with other senior Chinese leaders, including Premier Li Qiang, chairman of the Standing Committee of the National People’s Congress Zhao Leji, and chairman of the Chinese People’s Political Consultative Conference Wang Huning.

Vietnam, US seek cooperation opportunities in energy, manufacturing, insurance, finance

A seminar has been held in the US to connect businesses of Vietnam and the US, as well as seek cooperation opportunities in the fields of energy, manufacturing, insurance and finance.

The event was co-organised by a delegation of the Commission for the Management of State Capital at Enterprises (CMSC), the Vietnam Trade Office in the US, and the Asian American Chamber of Commerce (AACC).

At the seminar, CMSC Vice Chairman Do Huu Huy said that by the end of 2023, Vietnam had 676 state-owned enterprises (SOEs), of them 478 100% state-owned, with total assets of about 150 billion USD. SOEs hold large capital and assets, technology, high-quality human resources and contribute significantly to the state budget. They play a dominant and leading role in many important sectors and fields of the Vietnamese economy.

Operating since 2018, the CMSC represents the State ownership in 19 corporations and companies in 16 economic and technical sectors and fields, he said, noting the commission has actively coordinated with State management agencies and policy-making agencies to detect obstacles and facilitate production and business activities.

The Vietnamese representative also told US businesses about investment cooperation opportunities between the two countries, according to VNA.

The delegation of the Commission for the Management of State Capital at Enterprises (CMSC) meet with US businesses. (Photo: VNA)

Dr. Gergana D. Yordanova of the School of Policy and Government at George Mason University said that after the two countries upgraded their relationship last year, their educational cooperation has seen many new directions, with training majors expanded.

Currently, the university has provided training to a large number of Vietnamese students. It has plans to cooperate with universities in Vietnam.

Meanwhile, many US businesses said they have planned to come to Vietnam as soon as possible to continue implementing steps in their investment cooperation agreements that have been reached at this seminar.

The seminar was held within the framework of the CMSC delegation’s working visit to the North American region.

Prime Minister attends Voice of Global South Summit 2024

Prime Minister Pham Minh Chinh called for more practical and effective support from the international community, especially assistance from developed countries in terms of finance, technology, human resource training and governance for developing countries.

Pham made the call while delivering his remarks at the inaugural session of the third Voice of Global South Summit in virtual format on August 17.

The event, hosted by Prime Minister Narendra Modi, is themed "An Empowered Global South for a Sustainable Future".

Pham suggested Global South countries should have a common vision and thinking, action, and approach that are global, comprehensive, and inclusive, reported VGP.

Prime Minister Pham Minh Chinh virtually joins the third Voice of Global South Summit, August 17, 2024. Photo: VGP

They should push for stronger ties in the spirit of solidarity and unity to seize opportunities, overcome challenges, resolve difficulties and move towards a sustainable and prosperous future for all, he emphasized.

Pham underlined the need to effectively and substantially promote the reform process of regional and global governance institutions, with a focus on reforming the United Nations towards a more democratic and effective manner, enhancing the multilateral trading system with the World Trade Organization (WTO), and minimizing trade barriers and unfair competition.

It is necessary to effectively mobilize and use all social resources to successfully implement the United Nations Sustainable Development Goals (SDGs), he asserted.

The PM called on countries to promote their pioneering role in ensuring food security, environmental protection, natural disaster prevention, climate change adaptation, and fostering the development of green economy, digital economy, and circular economy on the principles of equal access, fairness, autonomy and self-reliance.

He stressed the importance of creating new driving forces for growth, especially in science and technology, innovation and entrepreneurship, considering it as the focus of all cooperation mechanisms and initiatives.

Besides, Pham urged countries to step up South-South trade and investment, and develop South-South science and technology markets and an innovation ecosystem connecting the state, schools, and businesses and enhancing regional linkages.

Leaders from Global South countries affirmed their commitment to the global multilateral system and international law, asserting the necessity to promote international solidarity and cooperation, and reform of multilateral mechanisms.

They vowed to accelerate the implementation of SDGs through strengthening financial resources, sharing development experiences, enhancing digital transformation, developing the private economy and boosting technology cooperation.

This year's summit brought together leaders of more than 100 countries in the Global South to discuss a range of complex challenges that continue to affect the world, such as conflicts, food and energy security crises, and climate change-all of which disproportionately affect developing countries in a severe manner.

Vietnam – RoK cultural exchange festival kicks off in Da Nang city

A cultural exchange festival between Vietnam and the Republic of Korea (RoK) opened in the central city of Da Nang on August 16.

In her opening remarks, Vice Chairwoman of the municipal People’s Committee Nguyen Thi Anh Thi, head of the organizing board, laid stress on the sound diplomatic ties between the two nations, with Da Nang positively building the friendship and cooperation with Korean localities, organizations and businesses across trade, investment, tourism, education, human resources and cultural exchange.

The RoK, as a dynamic country that has developed on the back of modern digital platforms, has invested in various ICT, high-tech and automation projects in Da Nang city, she said, adding it is also a top source of tourists for the Vietnamese coastal locality. The East Asian economic power has also become a favorite destination for Da Nang locals to travel, work and study.

The large number of Korean organizations participating in the festival shows that cultural and people-to-people exchanges have gained increasing attention from both countries, the official said, expressing her hope that the collaboration ties between Da Nang and its Korean partners will be unceasingly expanded. An array of activities will be held within the three-day festival, including a cooking contest with materials imported from Jeju island, a talent contest, together with various traditional and modern art performances.

General Consul of the RoK in Da Nang Kang Boosung, for his part, said the festival is a demonstration of the deep friendship, confidence and progressive exchange cooperation between Vietnam’s central region and the RoK.

The two countries are making tireless efforts to deepen the bilateral relations further, he said, adding two-way trade exceeding 76.1 billion USD in 2023, making Vietnam the third largest trade partner of the RoK which is now the biggest investor in Vietnam with the accumulated investment of 85.9 billion USD, cited VNA.

Local residents and tourist try Vietnamese and Korean foods. (Photo: VNA)

He underlined that the number of Korean tourist arrivals to Vietnam was around 3.6 million in 2023, and there are more Vietnamese traveling to the RoK. According to him, the central region in Vietnam, with Da Nang city being the center, has an important role to play in the bilateral people-to-people exchange, since the region is emerging as a favorite destination for Korean travelers.

The Consulate General of the RoK will work closely with the city to expand cooperation to new areas such as high-tech industry, business and university, as well as consolidate a solid foundation for their win-win collaboration in the coming time, he said.

Following the opening ceremony, the festival went vibrant with many art performances of art troupes from Da Nang city and the RoK.

Nigeria’s tax reduction offers opportunities for Vietnamese goods

The Nigeria Customs Service has announced the implementation of a 0% import tax rate and exemption of value-added tax (VAT) on a number of food items imported into Nigeria, including those from Vietnam, according to the Vietnamese Trade Office in Nigeria.

This policy will be implemented from July 15 to December 31 and will open up a wealth of opportunities for Vietnamese goods in this market.

The Vietnamese Trade Office in Nigeria said that the list of items subject to a 0% import tax rate includes brown rice with the HS code 1006.20.00.00, sorghum with the HS code 1007.90.00.00, milleta with the HS code 1008.29.00.00, corn with the HS code 1005.90.00.00, wheat with the HS code 1001.19.00.00, and beans with the HS code 0731.31.90.00.

The Nigerian Ministry of Finance will periodically provide the Nigerian Customs Service with a list of licensed importers and import quotas in a bid to facilitate import activities under the new policy, VOV reported.

Photo: VOV

According to the latest regulations, to be eligible to gain entry into Nigeria under the new policy, a company must be registered in the West African country and have been in business for at least five years. They are also required to submit a list of annual revenue reports and financial reports, as well as paying all types of taxes over the last five years.

Nigeria last year produced 5.56 million tonnes of rice, but the market of more than 200 million consumers imported an additional 2.3 million tonnes to feed its population. The government said that the new policy aims to solve immediate difficulties without affecting the long-term strategy to protect domestic production.

The Ministry of Industry and Trade of Vietnam reported that Nigeria is Vietnam’s largest trading partner in Africa, with its two-way trade turnover hitting US$500 million in 2022. However, bilateral trade has yet to maintain annual growth.

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