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Photo: VOV

Vietnamese economy forecast to grow 6.1% this year: WB

The Vietnamese economy is forecast to grow 6.1 % in 2024, and 6.5 % in both 2025 and 2026, up from 5 % last year, according to the World Bank’s latest report titled “Taking Stock: Reaching New Heights in Capital Markets”.

The report points out that Vietnam’s economic growth is expected to pick up in 2024, driven by a rebound in manufactured exports and tourism, and recovering consumption and business investment

However, the report also highlights the resilience of the Vietnamese economy despite rising global challenges. It notes that the economy is not yet back to its pre-pandemic growth path. Enhanced public investment would provide short-term stimulus while also addressing emerging infrastructure gaps – for example in energy, transport, and logistics – which are becoming a growing constraint on growth, the report said. Bank asset quality remains a concern given rising non-performing loans (NPLs) and should be closely monitored by the authorities.

“During the first half of the year, Vietnam’s economy benefited from the rebound in export demand,” said World Bank East Asia and Pacific Practice Manager for Macroeconomics, Trade, and Investment Sebastian Eckardt.

“To sustain growth momentum not only for the rest of the year but over the medium-term, the authorities should deepen structural reforms, step up public investment while carefully managing emerging financial risks”, he added.

A special chapter of the report finds that development of capital markets would provide a vital source of long-term funding for Vietnam's economy and help the country achieve its goal of becoming a high-income nation by 2045. The report highlights key challenges, including underdevelopment of the institutional investor base and underutilization of the Vietnam Social Security fund (VSS).

The report recommends a stronger policy framework, in which VSS could be a force in driving capital market development. Policies that would allow markets to reclassify Vietnam from Frontier Market status to Emerging Market status would help attract more foreign investors, as would reforms to enhance market transparency and investor protection. Effective coordination among financial regulators is crucial for achieving these goals, cited VOV.

Meanwhile, World Bank Senior Financial Sector Specialist Ketut Ariadi Kusuma said "Billions of dollars of global investment funds will flow into the capital markets if Vietnam is upgraded to the Emerging Market status".

"At the same time, gradual diversification of VSS investment is key not only to improve its long-term investment returns, but also to fuel Vietnam’s economic growth through investments in the corporate sector", he noted.

PM urges early conclusion of Vietnam-UAE CEPA negotiations

Prime Minister Pham Minh Chinh called for the early conclusion of negotiations on the Vietnam-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) at a reception in Hanoi on August 26 for UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and leaders of 19 major UAE corporations.

Welcoming the Minister of State and business leaders from sectors such as logistics, energy, minerals, food, investment funds, finance, and banking, PM Chinh commended the progress in CEPA negotiations and highlighted the role of Al Zeyoudi as the UAE's chief negotiator.

Congratulating the UAE on its remarkable achievements, particularly in economy, the PM expressed Vietnam's eagerness to learn from the UAE's experiences.

Vietnam values its multifaceted friendship and cooperation with the UAE, one of its leading economic partners in the Middle East, he said.

Both sides expressed their delight at the recent positive development of the bilateral ties, with regular exchanges of all-level delegations and two-way trade estimated at nearly 4 billion USD in the first seven months of this year, up 47% year on year, according to VNA.

Prime Minister Pham Minh Chinh (R) and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, Hanoi, August 26 (VNA)

They expressed determination to further bolster comprehensive cooperation and elevate the bilateral relations by finalizing and signing the CEPA.

PM Chinh suggested facilitating cooperation and investment between businesses of both countries, considering the possibility of reducing tariffs on certain goods to leverage complementary strengths of their economies, aiming for a two-way trade target of 10 billion USD.

Both sides need to work closely to realize the agreements already reached, well prepare for the 6th meeting of the Inter-Governmental Committee in 2025, and step up cooperation in the energy, oil and gas sectors, he said.

They should also enhance collaboration in developing the Halal food industry, promoting the Vietnamese export of Halal products, seafood, fresh fruits, and processed foods to the UAE and the Middle East, PM Chinh said, encouraging the UAE to support the establishment of an international financial center in Ho Chi Minh City and invest in other sectors.

As both sides should enhance collaboration in labor, culture, sports, tourism, and people-to-people exchanges through easing visa requirements and launching direct flights, he said Vietnam would step up its efforts to train human resources to meet the UAE's needs.

PM Chinh noted that Vietnam is ready to serve as a bridge for the UAE to strengthen cooperation with the Association of Southeast Asian Nations (ASEAN), while considering the UAE as a gateway to foster collaboration with the Middle East.

Al Zeyoudi updated the PM on the CEPA negotiations, assuring that UAE ministries and agencies are actively working with Vietnamese counterparts to finalize and sign the agreement.

The UAE wants to strengthen collaboration with Vietnamese firms to produce and process Halal food, he said, adding that the UAE plans to establish a council of business cooperation with Vietnam to deepen and improve the effectiveness of Vietnam-UAE cooperation, particularly in trade and investment.

Singapore, Vietnam share experience in addressing development challenges

The future leader program for Vietnamese officials was launched at the Lee Kuan Yew School of Public Policy, National University of Singapore (NUS) on August 26 with a view to sharing Singapore's knowledge and experience in dealing with development challenges, thereby identifying areas for more effective co-operation between Vietnam and Singapore.

The Vietnamese delegation was led by Lai Xuan Mon, member of the 13th Party Central Committee and permanent deputy head of the Party Central Committee's Commission for Information and Education.

The program launching ceremony was attended by Vietnamese Ambassador to Singapore Mai Phuoc Dung, representatives of the Lee Kuan Yew School of Public Policy, and other participating units.

In his opening speech, Mon emphasized the extremely natural close co-operation between both sides, along with the rapid and strong progress recorded in energy ties between the two countries over recent times, VOV reported.

Photo: VOV

He affirmed that the Vietnamese Party and State always pays close attention to learning, exchanging information and experience on sustainable development, science and technology development, and state and social governance methods from Singapore.

Within the framework of the plan aimed at training and updating knowledge and skills for strategic planning officials of Vietnam this time, the trainees attended an intensive, scientific training course featuring many useful topics. They also met and exchanged directly with leaders and former leaders of Singapore, especially former Prime Minister and Emeritus Senior Minister of Singapore Goh Chok Tong, as well as taking field trips to a number of agencies, organizations, and enterprises.

According to Mon, Singapore's experience in national development and its national governance skills and vision will prove to be very useful for future senior leaders of Vietnam to achieve the goal of sustainable national development in the coming time.

Speaking to students, Assoc. Prof. Vu Minh Khuong from Lee Kuan Yew School of Public Policy said that strengthening ties, exchanging experience, and learning from each other is the right direction to help both nations create values, vitality, develop together, and elevate their position in the international arena.

He highlighted this learning and experience exchange scheme as an opportunity for potential leaders of Vietnam and relevant entities in Singapore to build trust, step up linkages, and identify effective areas of co-operation to deal with development challenges, thereby helping the two countries foster their strategic partnership for peace and progress of humanity.

The Potential Leaders Program is organized by the Lee Kuan Yew School of Public Policy in collaboration with Temasek Foundation, Ho Chi Minh National Academy of Politics and Sembcorp Group. The program lasts from August 26 to August 30.

Festival promotes Vietnam-India friendship, trade ties

The third Namaste Vietnam (Hello Vietnam) Festival opened in Ho Chi Minh City on August 25, which is one of the activities to celebrate the 52nd anniversary of the establishment of diplomatic relations between Vietnam and India (1972-2024).

The event was held by the Ho Chi Minh City Union of Friendship Organisations and the Consulate General of India in Ho Chi Minh City.

Speaking at the event, the Indian Consul General in Ho Chi Minh City, Madan Mohan Sethi, emphasized that the festival aims to bring the people of India and the people of Vietnam closer together.

Vietnam and India share the same motivation and aspiration for growth and development, he said, noting that the festival originally aimed to promote cultural connection, but now expands to the fields of business, tourism, railways and cinema.

He added that it is time for the people of India and Vietnam to optimize the opportunities brought by their friendship and partnership in areas of mutual interest.

Chairman of the Vietnam - India Friendship Association of Ho Chi Minh City Huynh Thanh Lap said activities in the festival are designed to help Vietnamese people learn more about Indian culture, people and country, contributing to enhance the two countries’ relations in general and the cooperation between Ho Chi Minh City and Indian localities in particular.

Besides Ho Chi Minh City, the festival is also taking place in the south central province of Khanh Hoa and Da Lat city in the Central Highland province of Lam Dong from August 25 - 31, cited VNA.

Delegates carry out candle lighting ceremony - an Indian traditional ritual - at the opening ceremony of the third Namaste Vietnam (Hello Vietnam) Festival in Ho Chi Minh City. (Photo: VNA)

The festival includes traditional art performances and trade-tourism-education promotion activities. About 20 famous Indian artists, film producers, entertainment companies, 30 travel companies, 34 universities and 30 Indian businesses have come to Vietnam to participate in the festival.

One of the main events of the festival is a ceremony to announce the production plan for the film “Love in Vietnam” - a cooperation project between Vietnam and India with filming locations in both countries.

Vietnam Paralympic athletes eye medals at 2024 Paris Paralympic Games

The Vietnamese sports delegation has arrived in Paris for the 2024 Paris Paralympic Games from which they expect to bring back medals.

The delegation checked-in at athletes' village, said head of the delegation Nguyen Hong Minh, Deputy Director of the Sports Authority of Vietnam.

The Vietnamese sports delegation to the 2024 Paris Paralympic Games. (Photo: VNA)

The 14th Summer Paralympics, which will take place between August 28 and September 8, will bring together 4,400 athletes from around the world competing across 22 sports.

Vietnam is sending a contingent of 14 members, with seven strong contenders under four para athletes – Le Van Cong, Nguyen Binh An, Dang Thi Linh Phuong and Chau Hoang Tuyet Loan - will compete in powerlifting. Do Thanh Hai and Le Tien Dat will take part in the swimming events and Pham Nguyen Khanh Minh will run in the T12 400m event.

Vietnamese athletes strive to win medals at the games, with the highest expectation placed on weightlifting, especially weightlifter Le Van Cong.

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