Vietnamese National Assembly Chairman Vuong Dinh Hue addresses a external policy forum in Jakarta, Indonesia, on August 5.

Top legislator attends external policy forum in Jakarta

To maintain a blue sky, a peaceful environment and prosperity for future generations, all countries should join hands in building a regional cooperation structure of inclusion and stability with connectivity in politics, security, economy, trade, culture, society and people-to-people exchange, while upholding the UN Charter and international law, stated the top legislator of Vietnam.

Addressing a external policy forum in Jakarta on August 5, Chairman of the National Assembly of Vietnam Vuong Dinh Hue held that in the 21st century, security and prosperous development of Asia-Pacific and Indian Ocean have an decisive influence to the security and prosperity of all countries and the globe.

He said that over the past nearly six decades of establishment and development, ASEAN has never been in a better position than it is today, but it has never faced as many challenges as it does today.

He underlined the need for the grouping to relocate itself, generating ideas, inspiring self-reliance and smoothing resources for community development.

The Vietnamese NA Chairman suggested that the association should take three "unity" as a strong root for its flexibility and creativity.

Firstly, it is the unity in firmly upholding the principle showing through the maintaining of strategic balance in the relations between ASEAN and partners, he said. He underscored that a "great ASEAN" must persist in ensuring the principles of independence and self-reliance, not allowing ASEAN to become a tool for any confrontation and division.

The second is the unity in maintaining consensus through the ASEAN common stance on important security and development in the region, as well as joint efforts in protecting the common stance and view following the "ASEAN style" and the ASEAN Charter. Specifically, amid the current complicated developments causing risks of tension in the East Sea, the association should stay united and persistent in promoting dialogue and the settlement of disputes through peaceful measures, ensuring maritime and aviation security, safety and freedom, fully implementing the Declaration on the Conduct of Parties in the East Sea (DOC) and speeding up negotiations for a Code of Conduct in the East Sea (COC) in line with international law and the 1982 UN Convention on the Law of the Sea (UNCLOS).

NA Chairman Hue stressed the need for ASEAN to support Myanmar to fully realise the "Five-Point Consensus". He affirmed that Vietnam supports ASEAN Chair of Indonesia and the ASEAN Special Envoy in promoting their positive role and guiding ASEAN to realise this goal.

The third unity that the Vietnamese top legislator mentioned is the unity in community building, showing through the putting of the people in the centre, taking the people as the subject, target and motivation for the community building, cited VNA.

He underlined that it is necessary to strengthen connections in institution, infrastructure and people to optimise development potential and support each other in engaging deeper into the regional and global supply chains.

Regarding cooperation between Vietnam and Indonesia, Hue stated that the closer the two countries cooperate, the greater their contribution to ASEAN will be.

Hue affirmed that Vietnam always supports "peace, harmony and friendship" in its foreign policy.

Hue highlighted the very important role of parliamentary diplomacy, while mentioning Vietnam's plan to host the IPU Global Young Parliamentarians Conference in this September. He wished the AIPA member countries' parliaments and partners support and participate in the event.

At the forum, NA Chairman Hue discussed with participants about issues including Vietnam-Indonesia traditional friendship, their strategic partnership, their cooperation potential, and the role of parliamentary diplomacy in promoting cooperation between the two countries, connecting their people.

Also the same day, NA Chairman Hue attended and delivered a speech at the Vietnam-Indonesia forum on policies and laws to promote economic, trade and investment cooperation. The event held by the NA's Finance and Budget Committee and, Economic Committee and the Ministry of Industry and Trade of Vietnam in collaboration with the Indonesian Chamber of Commerce and Industry (KADIN), drew the participation of representatives from about 200 businesses, including about 170 Indonesian firms.

Indonesian businesses keen to explore Vietnamese market

About 200 businesses, including 170 Indonesian firms, attended the Vietnam-Indonesia forum on policies and laws to promote economic, trade and investment cooperation in Jakarta on August 5.

In his opening remarks, Vietnamese National Assembly Chairman Vuong Dinh Hue, who is in Jakarta for an official visit, briefed business executives on Vietnam’s development potential, saying the economy has boasted high growth of more than 6% per annum, a lucrative market of more than 100 million consumers and an attractive tourist destination.

Vietnam always identifies the foreign-invested economic sector as an important part of its economy. To date, it has attracted 37,000 FDI projects with a total investment of nearly US$450 billion, becoming one of the 20 most successful FDI attracting countries in the world, according to VOV.

Representatives of Vietnamese and Indonesian businesses sign a cooperation deal at a joint business forum in Jakarta, Indonesia, on August 5. (Photo: VNA)

Currently, Indonesia is Vietnam’s third largest trading partner in ASEAN and the 30th largest investor worldwide. Two-way trade turnover in 2022 reached US$14 billion, and is on track to soon hit the US$15 million target set for 2028.

Hue affirmed that the National Assembly and the Government of Vietnam always strive to synchronously perfect its legal system and economic institutions to create an attractive investment and business environment for domestic and foreign firms to operate efficiently.

The future of the Vietnam-Indonesia cooperation relationship depends a lot on the dynamic, creative and effective cooperation of businesses themselves because the best way to predict the future is to create it, stressed Hue.

At the forum, delegates witnessed the signing of a business and economic cooperation deal between Vietnam National Shipping Lines and Black Diamond Resources Company Sinar Multi Surya Cemerlang Company and Virema Impex Company in the field of supplying and transporting coal and rice.

They also witnessed the launch of a direct flight between Ho Chi Minh City (Vietnam) and Jakarta (Indonesia) by VietJet Air.

Businesses benefit from tourism recovery, but risks remain

The strong recovery of tourism has helped businesses in the industry prosper. However, risks such as economic recession, high interest rates and interest expenses still affect corporate profits.

The oldest hotel operator in Hoi An – Hoi An Tourism and Service Joint Stock Company (HOT) - recorded a sharp increase in revenue and profit. In the second quarter, HOT achieved revenue of VNĐ23.3 billion, 2.7 times higher than last year. Profit after tax reached VND720 million in the first half of the year while in the same period last year, it lost VND11.69 billion.

HOT's business activities recovered strongly after three years of losses (2020-2022). It suffered consecutive net losses of more than VND61.3 billion. At the end of 2022, the company's short-term debt exceeded current assets by VND22.8 billion.

HOT stock was forced to cancel listing by the HCM Stock Exchange, because of losses for three consecutive years. On April 27 this year, eight million HOT shares left the HoSE. On May 12, this stock was traded again on the UPCoM, but liquidity plunged, cited VNS.

Six Senses Ninh Van Bay resort developed by Ninh Van Bay Tourism Real Estate Joint Stock Company (NVT). Photo: sixsenses.com

Owning the most luxurious resorts in the market, Ninh Van Bay Tourism Real Estate Joint Stock Company (NVT) also announced its profit in the first six months of this year, with profit after tax of VNĐ7.2 billion, while last year's loss was VND12.9 billion. NVT said that in 2023, domestic tourism had shown many signs of recovery.

Profit erosion

Thanh Thanh Cong Tourism Joint Stock Company - TTC Hospitality (VNG) recorded a 31 per cent decrease in profit after tax compared to the same period last year, to VND7.79 billion. In the same period last year, the business made a profit of more than VND11.3 billion.

This enterprise explained that in the context of the global economic recession, sharply increased interest rates and corporate income tax expenses were the main factors that reduced profits.

VNG has a hotel system with the brands TTC Hotel, Imperial Hotel and three resorts, including TTC Resort - Ke Ga, TTC Resort - Ninh Thuan and TTC Resort – Doc Let. In addition, the system also includes two conference centres, two amusement parks and six large restaurants.

In the first six months of this year, the business achieved a profit of VNĐ1.1 billion, just equal to nearly 50 per cent of last year. The sharp increase in interest expenses has affected TTC Hospitality's profit. In six months, the business paid VND72.5 billion of loan interests, VND20 billion higher than last year. The short-term interest of loans that businesses are paying fluctuates between 8.5 - 12.7 per cent per year, interest rate of long-term is 8.5 - 15.78 per cent per year.

Liabilities also increased by more than VND256 billion compared to the beginning of the year, mainly due to increased long-term debt

Significant activities mark 10th anniversary of Vietnam-Thailand strategic partnership

The Consulate General of Vietnam in Khon Kaen in collaboration with authorities of Nakhon Phanom province and the association of Thai people of Vietnamese origin in the province held a ceremony on August 6 to mark the 47th founding anniversary of diplomatic relations and the 10th anniversary of the strategic partnership between Vietnam and Thailand.

Before the opening ceremony, delegates offered incense at President Ho Chi Minh Monument in Nakhon Phanom’s Nong Yat commune.

In his opening remarks, Consul General Chu Duc Dung affirmed that Vietnam and Thailand have made continuous efforts to jointly develop the bilateral relationship strongly and practically in all fields, and build trusted, equal and mutually beneficial cooperative ties, VNA reported.

Delegates pose for a photo in front of the Thailand - Vietnam exhibition area in the Thai-Vietnamese Friendship Village in Nakhon Phanom. (Photo: VNA)

Thailand has become a leading important partner of Vietnam in the Association of Southeast Asian Nations (ASEAN). The two countries have regularly maintained mutual high-level visits and exchanges; always cooperated closely and supported each other at regional and international forums, especially in ASEAN and the Mekong sub-region, thus contributing to building a peaceful, stable and prosperous ASEAN.

Sharing the same view, Governor of Nakhon Phanom province Wanchai Chanporn said that since the two countries upgraded their ties to a strategic partnership 10 years ago, Thailand and Vietnam have maintained close relations both at the bilateral level and within the framework of the ASEAN Community.

On this occasion, delegates attended an inaugural ceremony of the water tower and solar power system invested and supported by some overseas Vietnamese business families in Khon Kaen province to provide electricity and water for the President Ho Chi Minh Monument and the Thai-Vietnamese Friendship Village, and a project to renovate the Thailand-Vietnam exhibition area in the village.

On the same day, a programme was held to discuss trade cooperation and cross-border trade along the Northeastern region of Thailand connecting with Laos and Vietnam.

Vietnamese wins “Best support actress” at AIFFA 2023

The film focuses on domestic abuse, telling the story of the funeral of a grandfather whose family members believe they have been left a fortune.

Kim B, born in 1989 in Bien Hoa City, the southern province of Dong Nai province, was a makeup artist before taking to the stage.

She has participated in makeup in famous film projects including Kong: Skull Island by director Jordan Roberts. Kim B's role as Kim Bao in Brilliant Night is her first role in a film.

The film focuses on domestic abuse, telling the story of the funeral of a grandfather whose family members believe they have been left a fortune. His children soon discover that their father lost a fortune gambling and the mafia is coming to collect the debt. They must pay by sunrise or else there will be another funeral, reported VNS.

Director Aron Toronto (second from right) and screenwriter Nha Uyen (first from right) receive the award on behalf of Kim B. Photo courtesy of AIFFA

AIFFA 2023‘s “Best Film” award was given to Barbarian Invasion by female director Chui Mun Tan from Malaysia. Previously, it won the Jury Grand Prix in the 24th Shanghai International Film Festival Golden Goblet Awards in 2021.

AIFFA 2023 also presented the "ASEAN Inspiration" award to movie and music star Bi Rain from the Republic of Korea.

Up to 120 films from filmmakers across countries in the region were sent to the AIFFA 2023. The jury had to select 34 films for an official competition round.

Actress and director Hong Anh is the only Vietnamese representative on the jury at the festival together with other members including U-Wei Bin Haji Saari from Malaysia, Ihsan Nurullah Kabil from Turkey, Viva Westi from Indonesia, and Effendee Mazlan from Malaysia.

Two Vietnamese movies, namely Memento Mori: Dat (Memento: Earth) and The Brilliant Darkness, have been nominated in four categories of the AIFFA 2023.

Nguyen Hai Yen and Tran Ngoc Khuyen of Memento Mori: Dat received nominations as best actress and best director of cinematography while Nha Uyen and Kim B of The Brilliant Darkness were nominated for best screenplay and best support actress.

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