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National Assembly (NA) Chairman Tran Thanh Man (right) on August 5 receives Ambassador of the Republic of Korea (RoK) to Vietnam Choi Young-sam. (Photo: VNA)

NA Chairman receives new Korean Ambassador to Vietnam

National Assembly (NA) Chairman Tran Thanh Man on August 5 received Ambassador of the Republic of Korea (RoK) to Vietnam Choi Young-sam who has started his term of office in Vietnam.

Man asked the ambassador to convey his thanks to Prime Minister Han Duck Soo - Special Envoy of the Korean President - for leading a Korean delegation to Vietnam to pay their respects to General Secretary Nguyen Phu Trong, which demonstrated the sincere sentiments of the Korean Government and people towards the Vietnamese Government and people and the late Party chief.

He said that Vietnam - RoK relations are developing fruitfully. In December 2022, the two countries upgraded the relations to a comprehensive strategic partnership, showing that the bilateral cooperation has developed in different fields, including economy, trade, industry, services, tourism, and labor, cited VNA.

The top Vietnamese legislator said that developing relations with the RoK is a top priority in Vietnam's foreign policy of independence, self-reliance, multilateralization and diversification.

The RoK is currently a major investor in Vietnam. Two-way trade is expected to reach about 100 billion USD in 2025 and 150 billion USD by 2030. To achieve these goals, the two sides need to strive vigorously with specific solutions, prioritizing the fields of economy, trade, import and export, Man said.

The Vietnamese NA will issue preferential mechanisms and policies to attract investment not only for Korean enterprises but also for firms around the world to invest and do business in Vietnam, and monitor agreements and documents signed between the two countries, he said.

As the RoK has strengths in high-tech industry, semiconductor technology, education, healthcare, among others, Man suggested the two countries continue to promote cooperation in these fields.

He noted that about 270,000 Vietnamese nationals are working and living in the RoK and about 200,000 Koreans are working and living in Vietnam, adding they are bridges for good relations between the two countries.

Man suggested that in the coming time, the two countries should increase exchanges and delegations at all levels and high levels, and further consolidate trust and mutual understanding between the two countries and the two NAs.

For his part, Choi agreed that the Vietnam - RoK relationship is developing very brilliantly, affirming that he will make every effort to promote the cooperative ties between the two countries, consolidate political trust through promoting high-level exchanges and exchanges between the two legislative bodies.

According to the ambassador, economic cooperation is a pillar in the bilateral relationship. The Korean government and businesses are interested in promoting investment in Vietnam in the fields of high technology, and semiconductor technology.

He hoped that in the coming time, the Vietnamese NA will issue mechanisms and policies, and create favorable conditions for Korean businesses to invest and do business in Vietnam and for the Korean community to live, study and work in the Southeast Asian country; and promote the implementation of cooperation projects in which the RoK has strengths and Vietnam has needs, such as clean energy, renewable energy, semiconductors, and high-tech electronics.

Vietnam bolsters parliamentary cooperation with Argentina and Chile

A delegation of the Vietnamese National Assembly (NA) led by Vu Hong Thanh, member of the Vietnamese National Assembly's Standing Committee and Chairman of its Economic Committee, paid visits to Argentina and Chile from July 29 to August 4.

During a working session with the Vietnamese NA delegation, Luciana Termine, chairperson of the Argentine Chamber of Deputies’ committee for external relations and international cooperation expressed her deep condolences to the Government and people of Vietnam on the recent passing of late Party General Secretary Nguyen Phu Trong.

With regard to the relationship between Argentina and the nation, Termine highlighted the increasingly deep parliamentary cooperation that exists between the two countries at bilateral forums, as well as within the framework of international inter-parliamentary forums, thereby helping to propel bilateral ties moving forwards.

Thanh hailed the friendship and collaboration in a multitude of fields between both sides over the past 50 years, as well as the establishment of the Comprehensive Partnership in 2010, and expressed his wish to further strengthen bilateral ties, especially in both nations’ parliamentary activities, according to VOV.

Vu Hong Thanh (2nd from left), member of the Vietnamese National Assembly's Standing Committee and Chairman of its Economic Committee, in a group photo with the freshly launched Argentina-Vietnam Friendship Parliamentarians’ Group. (Photo: VNA)

The Vietnamese official emphasized that Argentina is one of the country’s most important economic partners in Latin America, proposing accelerating negotiations on a Free Trade Agreement (FTA) between the nation and the Southern Common Market (Mercosur) bloc. This would further promote economic, trade, and investment exchanges as a contribution to further expanding trade turnover between the country and Mercosur member states in general and with Argentina in particular.

Thanh affirmed that both sides still boast huge potential to expand co-operation in areas such as agriculture, industry, cultural exchange, education, sports, and football exchanges, and proposed opening a direct flight between the two countries to boost investment, trade, and tourism.

As part of this occasion, the National Congress of Argentina launched the Argentina-Vietnam Friendship Parliamentarians’ Group, chaired by Santiago Pauli.

Speaking at the launch ceremony, Vietnamese Ambassador to Argentina Ngo Minh Nguyet stated that over the past five decades joint ties have continuously developed and expanded across multiple fields, ranging through all channels, from the Party, State, National Assembly to people-to-people exchanges.

Ambassador Nguyet applauded the parliamentary cooperation between the two countries, as well as at international inter-parliamentary forums, which has significantly contributed to bringing the mutual relationship to a new level. Indeed, it now enjoys a more substantive and effective co-operation framework, with the diplomat expressing hope that the two countries' legislatures will continue to maintain exchanges of high-level delegations, as well as working delegations of committees.

Pauli pledged to contribute to deepening the co-operative relations with Vietnam, Argentina's leading trade partner, with a trade turnover of nearly US$3.5 billion in 2023, and expressed a wish to establish a strategic partnership between the two countries in the fields of industry and agriculture in the near future.

Congressman Pauli also highly appreciated the average Vietnamese economic growth rate of 6% per year over the past decade, making it one of the most dynamic countries in Southeast Asia and the world, with rapidly increasing purchasing power and consumption levels.

During their stay in Argentina, the Vietnamese NA delegation laid wreaths at the Ho Chi Minh Monument, at Vietnam Park in capital Buenos Aires, as well as visiting some business models around Buenos Aires province.

Previously, during the working trip to Chile, the Vietnamese delegation had a host of working sessions with Karol Cariola, president of the Chamber of Deputies of Chile, and other parliamentary leaders.

At the meeting, Cariola expressed his condolences and deepest sympathies to the Government and people of Vietnam on the passing of the late Party General Secretary Trong.

Both sides highly appreciated the positive developments made in the joint relationship over the years which was nurtured by President Ho Chi Minh and the late President Salvador Allende, as well as the attention of generations of leaders of the two countries to the sound relationship.

They were pleased to note that the Comprehensive Partnership has made positive progress. After the COVID-19 pandemic, both sides have since resumed visits at all levels and high-level contacts, including a visit by former President Michelle Bachelet in March, 2023, on the occasion of the 52nd anniversary of bilateral diplomatic relations (March 25, 1971).

The two sides agreed to continue augmenting linkages between the two law-making bodies as well as their agencies, intensifying delegation exchanges, sharing experience in parliamentary activities, especially co-ordinating to create a legal framework for investment activities and economic and trade cooperation between the two countries.

They consented to continue enhancing the role of the legislative body in the process of promoting bilateral relations and the role of the Parliamentary Friendship Group. The two countries' parliaments will therefore continue to closely collaborate at multilateral parliamentary forums.

During the working session with the Vietnamese delegation Maria Teresa Vial, president of the Santiago de Chile Chamber of Commerce, affirmed that the Chilean side will continue to support Vietnamese enterprises in seeking trade opportunities with Chilean partners across multiple fields, especially agriculture, aquaculture, renewable energy and processing industry, as well as promoting import and export activities to take advantage of the incentives of the Vietnam - Chile FTA.

The delegation also laid a wreath at Ho Chi Minh Park in Cerro Navia district of Santiago de Chile city.

Vietnamese culinary festival underway in India

A Vietnamese culinary festival is underway at the India Expo Centre and Mart in Noida, Uttar Pradesh state, northern India as part of the India International Food and Hospitality Exhibition (IHE) 2024.

The two-day festival, which is organized by the Vietnamese Trade Office in India, the Vietnam Culinary Culture Association, Vietnam Airlines, Vietravel and Uniben Food JSC, is expected to bring a professional event, imbued with cultural identity.

On the first day of the festival (August 4), chefs prepared typical Vietnamese dishes such as pho ga (chicken noodle soup) and nem (spring rolls) which are famous for authentic and rich flavor of Vietnamese gastronomy.

Addressing the event, Vietnam’s Trade Counsellor at the Vietnamese Embassy in India Bui Trung Thuong said this is the first time Vietnam has been chosen as a partner country of the event. With a scale of about 1,000 booths and 20,000-25,000 visitors, IHE 2024 is a good opportunity for Vietnamese businesses to promote the country as an attractive destination as well as its cuisine.

Thuong hoped that thanks to the exhibition, Vietnamese enterprises will actively participate in trade promotion programs organized by the Trade Office in India or the Ministry of Industry and Trade, thereby speeding up trade activities between the two countries, VNA reported.

Fruit carver Pham Van Dong and chef Nguyen Van Thong introduce their products at the Vietnam culinary festival in India. (Photo: VNA)

Noting that India is a large market, he said that Indian people will know more about Vietnam through such a culinary festival and exhibition, adding that it offers a chance for Vietnamese enterprises to affirm their brands and product quality.

UNIBEN - Vietnam's leading food company introduced products that have affirmed their brands such as Reeva Noodles, Boncha Tea and Joco Fruit Juice at the festival.

Vietnamese cuisine will continue to be offered at Paprika Restaurant, ExpoInn Suites & Convention Hotel on the last day of the festival. This is an opportunity for visitors to experience a specialty prepared by talented chefs from Vietnam.

Costa Rica represents the 73rd country to recognize Vietnam as market economy

Costa Rica's diplomatic note recognizing Vietnam as a market economy is viewed as a positive step in the context that the country is asking a number of trade partners to recognise its market economy status.

On August 5, at the headquarters of the Ministry of Industry and Trade, with the consent of the President of Costa Rica Rodrigo Chaves, Minister of Foreign Trade of Costa Rica Manuel Tovar directly announced and handed over a diplomatic note on Costa Rican recognition of Vietnam as a country with a market economy, becoming the 73rd country to recognise the nation’s market economy status.

The Central American nation is a member of the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD), an organization of 38 countries with the most developed market economies in the world.

Costa Rica's legal regulations include provisions on investigation and the application of trade defense measures, cited VOV.

Costa Rica's Foreign Trade Minister presents a diplomatic note recognizing Vietnam as a market economy at a working session with Minister of Industry and Trade Nguyen Hong Dien.

According to WTO statistics, by December 31, 2023, Costa Rica had initiated 12 anti-dumping investigations on imported goods from countries such as Brazil, Chile, Mexico, the United States, Nicaragua, El Salvador, Venezuela, and Guatemala.

The fact that the Minister of Foreign Trade of Costa Rica issued a diplomatic note recognising the nation as a market economy in anti-dumping and anti-subsidy investigations is a positive move amid the country asking some trade partners to recognise its status as a market economy.

At the meeting, Minister of Industry and Trade Nguyen Hong Dien welcomed Costa Rica's diplomatic note recognizing Vietnam as a market economy in anti-dumping and anti-subsidy investigations.

Costa Rican recognition of Vietnam as a country with a market economy thereby reflects the reality of the country’s achievements in the process of national development and integration into the world economy, with this contributing to boosting the overall development of bilateral economic and trade ties between both sides.

Foreigners seek startup opportunities in Vietnam

Foreigners are choosing Vietnam as a place to open offices and employ workers in their businesses. With a young labor force at relatively low cost, Vietnam has become an attractive destination for technology startups and multinationals.

Homebase and Persona Studios, whose founders once worked in the US and have received venture capital from Antler Fund, are starting a business in Vietnam.

Established in 2023, Persona Studios develops AI (artificial intelligence) technology which helps enterprises automate their operation, client access and recruitment. The startup is headquartered in Vung Tau City.

Asked why he chose Vietnam, Kevin Davis, co-founder and CEO of Personata Studios, said Vietnam has an outstanding technological labor force and a bustling startup ecosystem.

He also thinks that the effective investment environment in Vietnam with reasonable costs would create favorable conditions for the startup to grow rapidly, VNN reported.

Kevin Davis, co-founder and CEO of Personata Studios.

Kevin Davis has started a business three times, and one was bought for hundreds of million of dollars. With his many years of experience, he appreciates the cooperative spirit and work ethic of the Vietnamese technological community.

“The Vietnamese technological ecosystem now is similar to Silicon Valley in its early days. Everyone works to create a community which is ready to support each other, thus creating a momentum for startups,” he said. “The startup ecosystem would not be as bustling as it is now without the great efforts of the government of Vietnam."

Homebase, which provides solutions to people who want to buy real estate but have financial difficulties, was set up in 2019.

Just several years after Antler invested in Homebase, the startup got capital from Y Combinator, one of the best known funds in the US which invested in Airbnb, Coinbase and Dropbox.

Homebase was also the first company with a head office in Vietnam that got funding from Y Combinator, before it successfully raised another $30 million of funds from many investors all over the globe.

Phillip An, co-founder and COO of Homebase, which has more than 70 qualified workers, said Vietnam is a dynamic and fast growing market with a tech-savvy young population and growing middle class.

Persona Studios’ Kevin Davis said Vietnamese technology engineers are qualified and industrious. They are willing to work hard to be sure that products have high quality and can be delivered to clients on schedule.

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