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PM Pham Minh Chinh (L) and Indian President Droupadi Murmu (Photo: VNA)

Vietnam backs India’s growing role on global stage: PM

Vietnam has reaffirmed its support for India's growing role in the region and on the global stage, with Prime Minister Pham Minh Chinh expressing his hope for the South Asian country's continued development during a meeting with Indian President Droupadi Murmu in New Delhi on August 1.

PM Chinh congratulated India on its remarkable strides in economy, sci-tech, national defense, infrastructure, and improving living standards.

The PM thanked the Indian President and Government for extending condolences over the passing of Party General Secretary Nguyen Phu Trong, a close friend of the Indian people.

Vietnam deeply appreciates India's invaluable support during its past struggle for national liberation and its ongoing construction and development, he said, adding that India's assistance, particularly its medical supplies during the COVID-19 pandemic, reflected the enduring solidarity and mutual support between the two nations during challenging times, cited VNA.

President Murmu expressed her pleasure at the robust development of the bilateral relations in recent years, especially since the establishment of the comprehensive strategic partnership in 2016, highlighting the increase in exchanges across all levels and channels.

She praised the outcomes of the talks between the two PMs, particularly the adoption of the joint statement on strengthening the comprehensive strategic partnership and deepening cooperation based on the "Five Mores" principle, believing that the agreements signed during this visit will be actively carried out by both sides.

The Vietnamese PM suggested that President Murmu continue supporting the Vietnam-India relationship, particularly in national defense. He also sought India's assistance in the form of preferential credit packages, personnel training, and capacity-building.

To further boost ties, he proposed doubling two-way trade, investment, and tourism by 2030 and increasing the frequency of direct flights to facilitate exchanges between localities and their people.

On the occasion, PM Chinh conveyed President To Lam’s invitation to President Murmu to visit Vietnam in the near future.

Vietnam among top 6 SEA economies with strong growth in next 10 years

Over the next 10 years, the top six economies in Southeast Asia, including Vietnam, the Philippines, Indonesia, Malaysia, Thailand and Singapore, will grow at an annual average rate of 5.1%.

The information was revealed in a new report by DBS Bank, Bain & Company and the Angsana Council, a non-profit advisory council by Monk’s Hill Ventures, according to VOV.

Vietnam is among top 6 SEA economies with strong growth in the next 10 years (Photo: VNA)

The report, titled “Navigating High Winds: Southeast Asia Outlook 2024 – 2034”, showed that Vietnam and the Philippines are set to grow at an average annual rate of more than 6% over the next 10 years.

“For Vietnam, this can be attributed to the country’s domestic ecosystem, which promotes a “healthy inter-provincial competition” and a strong workforce”, says the report.

“This sets them up to attract diverse investment sources,” it noted.

The report also encouraged the SEA-6 to adopt opportunities in five areas, including in emerging growth sectors, to be proactive in leveraging technology, develop financial markets, accelerate the green transition and embrace collective growth.

It revealed that the Philippines, Vietnam and Indonesia are well-positioned to produce low-cost energy, which will help to fuel the region’s growing energy needs.

President welcomes Chief Executive of Hong Kong Special Administrative Region

In a reception for visiting Chief Executive of China’s Hong Kong Special Administrative Region Lee Ka-chiu in Hanoi on August 1, President To Lam suggested the two sides strengthen all-level exchanges, and economic, trade and investment cooperation towards fostering bilateral relations.

Valuing the first official bilateral visit to Vietnam by a head of Hong Kong since the establishment of the Special Administrative Region in 1997, the Vietnamese state leader expressed his belief that the visit will help promote practical and win-win cooperation between Vietnam and Hong Kong, as well as significantly contribute to the Vietnam-China Comprehensive Strategic Cooperative Partnership and the Vietnam-China community with a shared future that carries strategic significance.

Hailing Hong Kong's development achievements, President Lam affirmed that based on the consistent policy of viewing the development of cooperative and friendly relations with China as a strategic choice and top priority in its foreign policy of independence, self-reliance, diversification, and multilateralization, Vietnam always respects and supports the "one country, two systems" policy, the Basic Law and related regulations of Hong Kong, and supports Hong Kong's development towards prosperity, stability, and the well-being of its people.

He expressed his pleasure at the strong trade ties between Vietnam and Hong Kong, as Hong Kong is now Vietnam's 7th largest trading partner and the 5th largest source of foreign direct investment, while Vietnam is Hong Kong's 2nd largest trading partner in ASEAN and the 7th biggest globally, VNA reported.

President To Lam (R) receives Chief Executive of China’s Hong Kong Special Administrative Region Lee Ka-chiu in Hanoi on August 1. (Photo: VNA)

Appreciating Hong Kong’s new policies to facilitate the entry of Vietnamese citizens into the Special Administrative Region, President Lam thanked the Hong Kong administration for creating favorable conditions for the Vietnamese community in Hong Kong.

He also suggested enhancing cooperation in multilateral mechanisms and forums where both sides are members.

For his part, Lee stressed that this is the first official visit to Vietnam by the head of Hong Kong, demonstrating that Hong Kong attaches special importance to its relationship with Vietnam.

Lee showed his pleasure and sincere congratulations on Vietnam's significant achievements in socio-economic development, expressing his belief that Vietnam will continue to thrive and prosper, gaining an increasing role and position in the international arena. He also affirmed support for Vietnam in hosting multilateral events, including APEC 2027.

Agreeing with the Vietnamese leader’s cooperation proposals, Lee affirmed that Hong Kong values the development of win-win cooperative relations with Vietnam, especially in the areas of economics, trade, investment, culture, education, and tourism.

Noting the high complementarity and great potential for cooperation between the two sides, Lee hoped that the two sides will enhance delegation exchanges, and encourage their businesses and associations to connect and further strengthen cooperation in trade, investment, finance, tourism, aviation, and emerging fields such as science and technology, digital economy, digital transformation, and clean energy, thus bringing practical benefits to the people and businesses of both sides.

Vietnam attracts US$18 billion in FDI, including new investor from Kyrgyzstan

Vietnam's foreign investment landscape flourished in the first seven months of 2024, with over US$18 billion in registered capital, a significant rise from last year. Remarkably, Kyrgyzstan joined the list of 147 countries investing in Vietnam.

In the first seven months of 2024, foreign investment in Vietnam has reached over US$18 billion, marking a 10.9% increase compared to the same period in 2023. Notably, the entry of an investor from Kyrgyzstan has raised the total number of countries and territories investing in Vietnam to 147.

According to data from the Foreign Investment Agency, by July 20, 2024, the total registered foreign investment in Vietnam exceeded US$18 billion, with disbursed capital reaching over US$12.55 billion, an 8.4% increase year-over-year.

In July 2024 alone, Vietnam recorded over US$2.8 billion in newly registered capital, accounting for 15.6% of the total investment for the seven-month period, ranking third after June and April 2024, cited VNN.

Photo: VNN

Despite the overall positive trend, capital contributions and share purchases continued to decline, whereas new and additional investments maintained a positive growth trajectory.

Specifically, in the first seven months of 2024, new investments reached over US$10.76 billion, a 35.6% increase; additional capital amounted to nearly US$4.97 billion, a 19.4% increase; while capital contributions and share purchases fell to US$2.27 billion, a 45.2% decrease compared to the previous year.

Foreign investors have invested in 18 out of 21 national economic sectors, with the manufacturing and processing industry leading the way with over US$12.65 billion, accounting for 70.3% of total registered capital, a 15.7% increase year-over-year. Real estate followed with over US$2.87 billion, representing nearly 16% of total investment, a 78% increase. The wholesale and retail sector received nearly US$740.5 million in registered capital.

In terms of investment partners, 91 countries and territories have invested in Vietnam in the first seven months of 2024. Singapore leads with nearly US$6.52 billion, accounting for 36.2% of total investment, a 79.1% increase from 2023. Hong Kong follows with over US$2.19 billion, making up 12.2% of the total, more than doubling compared to last year. Japan, China, and South Korea also rank highly.

A notable development in July 2024 was the entry of an investor from Kyrgyzstan, contributing US$5 million in registered capital, placing Kyrgyzstan at 34th among 91 investing countries and territories in the past seven months, and 83rd overall.

Geographically, foreign investors have spread their capital across 48 provinces and cities in Vietnam. Bac Ninh leads with nearly US$3.2 billion, accounting for 17.8% of the total investment, tripling compared to last year. Quang Ninh follows with over US$1.56 billion, representing 8.7% of the total and more than doubling year-over-year. Ho Chi Minh City ranks third with nearly US$1.55 billion, making up 8.6% of the total investment. Other significant locations include Ba Ria - Vung Tau, Hanoi, and Hai Phong.

With the continued growth in foreign investment, Vietnam remains an attractive destination for global investors, supported by a diverse range of sectors and a stable economic environment.

Petrol prices plunge for fourth consecutive time

Petrol prices were adjusted down from 3 p.m. on August 1 by the Ministry of Industry and Trade, and the Ministry of Finance, the fourth time in a row.

In the latest price adjustment by the two ministries, RON95-III, the most commonly used fuel in Vietnam, dropped by VND280 to VND22,600 per liter.

The price of E5 RON 92 biofuel was also revised down by VND290 to a maximum of VND21,610 per liter, VOV reported.

Photo: VOV

Elsewhere, the prices of diesel 0.05S and kerosene were capped at VND19,870 per liter and VND20,090 per liter, falling by VND320 and VND230 per liter, respectively.

Mazut 180CST 3.5S was sold at no more than VND16,880 per kilo, reducing by VND290 per kilo.

For the latest price adjustment, the two ministries decided not to extract the petrol price stabilization fund. Since October 2023 this has marked the 41st time the petrol price stabilization fund has not been used.

Since the beginning of this year, petrol prices have undergone 30 adjustments, with 16 times up and 14 times down. Meanwhile, oil prices have experienced 14 times up and 16 times down.

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