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Vietnamese Trade Counsellor in Algeria Hoang Duc Nhuan (first, right) talks with representatives of Algerian businesses.

Vietnam seeks broader business cooperation with North African nations

The Vietnamese Trade Office in Algeria and Tunisia hosted a conference to connect Vietnamese businesses and their peers in Algeria, Tunisia, and Libya.

The event featured the participation of 40 businesses, associations, and chambers of commerce from the three North African countries, along with 40 Vietnamese firms operating in the fields of production, as well as import and export of agricultural and food products, seafood, industrial products, and logistics.

In his address, Trade Counsellor Hoang Duc Nhuan said that Vietnam represents a large market with nearly 100 million consumers and is extensively open to the world. In 2023, the Vietnamese economy posted a growth rate of 5.1%, which is projected to hit more than 6.5% this year.

The country's per capita income has reached US$4,280. Last year, exports grossed US$356 billion and imports stood at US$328 billion, leading to a trade surplus of US$28 billion. Foreign trade value accounted for nearly 200% of the country's GDP, the official noted.

He added that in 2023, the nation attracted US$36.6 billion in foreign direct investment (FDI), with US$23.2 billion disbursed. Meanwhile, Vietnam invested US$420 million abroad.

Vietnam joined the World Trade Organization (WTO) in 2007 and has since signed 17 multilateral and bilateral free trade agreements.

The country is also an attractive tourist destination in Asia. The Vietnamese tourism industry expects 18 million foreign visitors to arrive this year, whilst remittances from the overseas Vietnamese community stood at about US$16 billion in 2023, cited VOV.

Nhuan said that since Vietnam and Algeria set up their diplomatic ties back in 1962, their relationship has been developing strongly, with two-way trade reaching US$250 million in 2023, up 60% over 2022.

The joint venture between Petrovietnam Exploration Production Corporation (PVEP), Thailand’s PTT Exploration and Production Public Company Limited (PTTEP), and Sonatrach Group is a symbol of successful cooperation between Vietnam and Algeria. Launched in 2003, the Bir Seba exploitation project produced the first barrels of oil in August, 2015, with a current capacity of 18,000 barrels per day.

Meanwhile, Vietnam and Tunisia first established diplomatic relations in 1979. Data from Tunisia’s customs indicates that in 2023, two-way trade rose by 51% on-year to roughly US$100 million, said Nhuan.

Businesses from the three African countries showed their interest in seeking Vietnamese partners in agriculture, garments and textiles, footwear, agricultural machineries, electric vehicles, plastic materials, cosmetics, and chemicals.

Algerian firms were also keen on exploring the procedures for establishing a business in Vietnam in the field of import and export of agricultural products and footwear, as well as import-export tax system between the two countries.

Representatives from Tunisia businesses are interested in cooperating with Vietnam in the field of footwear production as well as equipment for producing this product.

Meanwhile, Libyan enterprises said they are seeking Vietnamese investors in manufacturing sectors to contribute to the country's reconstruction.

Nhuan said that in order to promote economic and trade co-operation between Vietnam and these countries, all sides need to increase the exchange of business delegations and incentivize firms to participate in international fairs and exhibitions held in each country.

This should be done while intensifying the exchange of market information, business and investment opportunities, and co-ordinating in verifying information of business partners and supporting the resolution of disputes that may arise among companies of both sides.

Vietnamese Prime Minister holds phone talks with Thai counterpart

Vietnamese Prime Minister Pham Minh Chinh on August 29 held phone talks with his Thai counterpart Paetongtarn Shinawatra after she became the 31st Prime Minister of Thailand.

In the talks, PM Chinh asked PM Paetongtarn to convey the regards and best wishes of Party General Secretary and President To Lam to the King, Queen and Royal Family of Thailand. He congratulated Paetongtarn on being endorsed as the PM by the King of Thailand.

PM Chinh said that he believed that the Thai Government and people will continue to make greater achievements in the cause of national construction and development.

He affirmed Vietnam's consistent foreign policy of treasuring and wishing to strongly develop the Vietnam-Thailand relations in a more reliable and practical manner. On this occasion, PM Chinh also sent his sympathy to the Government and people of Thailand over the recent serious flooding in the northern region.

For her part, PM Paetongtarn congratulated Vietnam on the 79th anniversary of its National Day. She thanked PM Chinh for sending a letter and making a phone call to congratulate her when she assumed the position of prime minister.

She emphasized that Vietnam is a close neighbor and an important partner of Thailand in the region; highly evaluated Vietnam's socio-economic development achievements; affirmed her willingness to cooperate with the Vietnamese PM to enhance comprehensive and effective cooperation between the two countries for the benefit of the people of the two countries, for peace and stability in the region.

PM Paetongtarn also thanked Vietnam for its warm welcome for Princess Maha Chakri Sirinhorn of Thailand during her visit to the country from August 13-15, according to VNA.

Prime Minister Pham Minh Chinh (centre) at a phone talks with his Thai counterpart Paetongtarn Shinawatra on August 29. (Photo: VNA)

The two PMs assessed that the Vietnam - Thailand Strategic Partnership is developing strongly and effectively in all fields. They agreed that it is necessary to soon upgrade the relationship to a new height.

PM Chinh highly appreciated Thailand's position as Vietnam's largest trading partner and second largest foreign investor in the Association of Southeast Asian Nations (ASEAN).

He affirmed that Vietnam will continue to create favorable conditions for Thai enterprises to do business effectively in Vietnam; supported Thailand's "Six Countries, One Destination" initiative to effectively exploit tourism potential among ASEAN countries.

PM Chinh hoped that the two sides would cooperate closely to promote transport connectivity in the region; step up cultural, educational cooperation, and people-to-people exchanges; and promote the friendship between the people of the two nations.

Agreeing with PM Chinh on the need to closely coordinate and remove difficulties to soon push two-way trade turnover to 25 billion USD, PM Paetongtarn also consented to strengthen the connection between the two economies through the effective implementation of the "Three Connectivity" Strategy.

She said that Vietnam and Thailand are the two economies that have close links and complement each other, hoping that the two countries will cooperate to promote their advantages to become the main economic growth drivers in the region.

Discussing regional and international issues of mutual concern, PM Chinh suggested Vietnam and Thailand continue to cooperate closely, strengthen solidarity in and the central role of ASEAN, support Laos to successfully fulfill its role as ASEAN Chair 2024, sustainably develop the Mekong sub-region; and coordinate to maintain ASEAN's common stance on the East Sea, contributing to peace, stability, cooperation and development in the region.

On this occasion, PM Chinh invited his Thai counterpart to soon pay an official visit to Vietnam and co-chair the 4th Vietnam-Thailand Joint Cabinet Meeting.

PM Paetongtarn accepted the invitation, saying that she is looking forward to meeting with the Vietnamese PM when they attend multilateral conferences such as the ASEAN Summit in the near future.

Vietnam - A key player in semiconductor industry: Int'l media

Vietnam stands out thanks to its high-quality human resources, cost-effectiveness and supportive government policies.

Vietnam is rapidly becoming a key player in the global semiconductor industry, reflecting significant changes in technology and international dynamics, according to international press reports this past week.

Opengovasia, a content platform that initiates dialogue across public sector CIOs and technology experts, affirms that Vietnam's vision for the semiconductor industry is ambitious.

By 2045, Vietnam will become an essential link in the global semiconductor value chain. This vision includes developing a highly skilled workforce that meets the quality and quantity needs of the semiconductor industry.

According to Vietnam Briefing, one of the few sources for quality legal, tax and investment insights into Vietnam, Vietnam is gradually adjusting policies and laws on investment and business to create favorable conditions for investors.

Additionally, the country is implementing various solutions to encourage deeper integration of domestic enterprises into the global semiconductor supply chain.

An article on riotimesonline.com points out some of the challenges that the Vietnamese semiconductor industry is facing, such as infrastructure and logistics issues.

Moreover, the demand for semiconductor experts is increasing dramatically, putting pressure on the labor market in Vietnam, reported VGP.

Photo: VGP

Nikkei Asia quoted CEO of Alchip Technologies Johnny Shen as saying: A source of promising and ethical engineers has made Vietnam an extremely attractive destination in the semiconductor industry.

Meanwhile, Korean corporations are partly turning to Vietnam to compensate for the brain drain in the domestic market.

Experts stressed that Vietnam has a maximum of 3-5 years to address issues related to infrastructure and workforce to achieve its goals, in the context that other countries are also in the race to become part of the global semiconductor value chain.

Vietnam, Spain seek to enhance cooperation in cadre training

Politburo member, President of the Ho Chi Minh National Academy of Politics (HCMA) Nguyen Xuan Thang received new Spanish Ambassador to Vietnam Carmen Cano de Lasala in Hanoi on August 29.

Thang, who is also Chairman of the Central Theory Council, emphasized that Vietnam values its strategic partnership with Spain and wants to elevate the relationship to a new height, which is commensurate with their potential for cooperation, VNA reported.

Politburo member, President of the Ho Chi Minh National Academy of Politics (HCMA) Nguyen Xuan Thang (R) and new Spanish Ambassador to Vietnam Carmen Cano de Lasala at their meeting in Hanoi on August 29. (Photo: VNA)

Welcoming the diplomat to the HCMA in the first months of her tenure, Thang highlighted the academy’s role as a national center for training high- and mid-level leaders and managers for the Party and State. He expressed his hope that Spain would continue to engage in comprehensive cooperation with Vietnam across various sectors, including Spanish language teaching, education and training, scientific research, policy consultation, and tourism.

The official called on the Spanish Embassy to facilitate the academy’s connections with suitable partners in line with its functions, particularly in the training and development of mid- and high-level leadership cadres. He also proposed organizing Vietnam-Spain forums to discuss the two sides’ potential and advantages in various fields.

For her part, Cano de Lasala affirmed that in her tenure, she will strive to strengthen the overall relationship between the two countries, as well as between the academy and its Spanish partners.

Hanoi welcomes nearly 19 million visitors over eight-month period

Hanoi received a total of 18.95 million visitors during the past eight months of the year, up 12.3% over the same period from last year, according to figures released by the Hanoi Department of Tourism.

Of the total figure, the number of foreign visitors reached 3.94 million, a sharp increase of 42% over the corresponding period last year.

Meanwhile, the number of domestic visitors to the capital reached 15.1 million, an increase of 6.5% over the same period from 2023. The department revealed that August alone witnessed Hanoi welcome a total of 2.49 million tourists. Among them were over 496,000 foreign arrivals, up 34.5% on-year.

August saw the average room occupancy rate of one to five star hotels stand at an estimated 57.3%, up 0.3% over the same period from 2023. Hanoi currently boasts 3,760 accommodation establishments with 71,246 rooms, including 606 hotels and apartment buildings ranked between one to five stars.

Thanks to the growing number of tourists, Hanoi’s revenue from tourism was estimated to be at VND73,261 trillion in the eight-month period, an annual increase of 19.2%, VOV reported.

Tourists visit St. Joseph's Cathedral (Nha Tho Lon) in Hanoi.

Dang Huong Giang, director of the Hanoi Department of Tourism, said that the city’s tourism sector will continue to organise a number of tourism events ahead in the remaining months of the year, including Hanoi Tourism Ao Dai Festival 2024, a series of sporting and tourism activities, and a series of specialized activities aimed at developing cultural and historical tourism products in the capital.

She added that the department will build a model of agritourism in line with the building of new-style rural areas and a community-based tourism model which is linked to hands-on experiences in craft villages and tourist destinations with traditional cultural values of ethnic minorities.

In addition, it will also launch experiential tourism products associated with heritage and relic sites around Dan Phuong district, as well as taking steps to speed up digitalization in the tourism sector as a means of meeting the changing demands of tourists.

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