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Vietnamese, Bangladeshi entrepreneurs discuss cooperation at the conference (Photo: VNA)

Vietnam, Bangladesh eye booming trade, investment ties

Experts gathered in Ho Chi Minh City on August 7 to underscore the immense potential for trade and investment cooperation between Vietnam and Bangladesh.

The business networking conference, co-organised by the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) and the Ministry of Industry and Trade’s Asia-Africa Markets Department, served as a platform to explore opportunities in these two burgeoning economies.

ITPC Deputy Director Tran Phu Lu highlighted Bangladesh’s position as Vietnam’s second-largest trade partner in South Asia, accounting for 9.3% of Vietnam’s total exports to the region, cited VNA.

Data from the General Department of Vietnam Customs showed that two-way trade has surged dramatically over the past decade, from around 350 million USD in 2012 to over 1.06 billion USD in 2023. The upward trend continued in the first half of 2024, with trade reaching 562 million USD. Vietnam’s exports to Bangladesh, primarily clinker, cement, textiles and plastics, fetched an estimated 505 million USD during this period. Conversely, Vietnam imported pharmaceuticals and steel scrap from its South Asian neighbor.

Bangladesh has also emerged as an investor in Vietnam, with 20 projects valued at 980 million USD as of June 2024.

Trade between Ho Chi Minh City and Bangladesh has been particularly vibrant, surging by 43% year-on-year to reach 36.57 million USD in the first seven months of 2024.

According to Lu, collaboration in information technology, apparel, Halal products, software services, trade promotion, banking, and tourism are seen as key drivers of growth for business in both nations.

Md. Ashraf Ahmed, President of the Dhaka Chamber of Commerce and Industry, proposed expanding cooperation into areas such as hi-tech agriculture, farm mechanization, processing of value-added farm produce, aquaculture, dairy products and confectionery, construction materials, pharmaceuticals, medical equipment, industrial machinery, lighting technology, electronics, information technology, fintech, and Halal products.

Ahmed underlined Bangladesh’s attractiveness to Vietnamese investors, citing its competitive investment framework that features diverse financial and non-financial benefits, and a favorable legal environment.

Notable incentives include a 100% tax exemption policy, foreign ownership, bonded warehousing, and intellectual property protection. Additionally, Bangladesh has established the Bilateral Investment Treaties (BITs) and Double Taxation Avoidance Treaties (DTTs) with 35 countries, including Vietnam.

To elevate economic ties to new heights, regular exchanges of trade delegations and business-to-business meetings are essential, he stressed.

Vietnam-Japan Cooperation Committee convenes 12th meeting

Minister of Foreign Affairs Bui Thanh Son and his Japanese counterpart Kamikawa Yoko co-chaired the 12th meeting of the Vietnam-Japan Cooperation Committee, and held talks on August 7, as part of the Vietnamese diplomat’s official visit to Japan from August 7-10.

At the meeting, Kamikawa showed her deepest condolences over the passing of late Party General Secretary Nguyen Phu Trong, and her hope that both sides will continue the legacy of the late leader to further strengthen the bilateral friendship and cooperation in a multitude of fields.

The two sides reviewed the results achieved since the 11th meeting, and discussed a score of measures to concretise the framework of the Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World established in 2023.

They greatly valued the resumption of the Vietnam-Japan Cooperation Committee mechanism after a 5-year hiatus due to the COVID-19 pandemic, the increasing political trust and the strong developments in the bilateral ties across multiple fields.

The two diplomats consented to further enhance the economic connection by increasing the official development assistance (ODA), and promoting investment, trade, and labor cooperation.

Son suggested Japan continue its new-generation ODA with high concessional terms, and simplified and more flexible procedures for Vietnam in areas such as digital transformation, green transition, climate change response, health care, and large-scale and key infrastructure projects.

Kamikawa affirmed her nation’s wish to support Vietnam in building an independent and self-reliant economy, achieving the goals of industrialisation and modernisation and becoming a developed country by 2045.

She hailed Vietnam’s efforts in recent years to reform and modernize administrative procedures, improve the investment environment, noting that Japanese businesses are interested in and view Vietnam as an appealing investment destination for diversifying their supply chains.

The two sides affirmed their commitment to maintaining their close coordination in effectively carrying out the Vietnam-Japan Joint Initiative in the new era in a bid to ensure that Japanese investors in Vietnam operate effectively and sustainably; achieve stable and sustainable growth in bilateral trade; and promote market access for fruits from both countries.

They concurred to expand comprehensive cooperation into new areas, including digital transformation, innovation, information technology, and digital society through practical and specific initiatives and projects.

Kamikawa underlined Japan's wish to collaborate with Vietnam in co-creation for sustainable development, emission reduction, and environmental protection through initiatives such as the Asia Zero Emission Community (AZEC).

They concurred to bolster cooperation in human resources training and addressing population aging, and begin negotiations for a bilateral social insurance agreement.

FM Son asked Japan to boost cooperation in training human resources in key industries, and others like semiconductors and artificial intelligence. He also requested the East Asian nation to continue simplifying entry procedures, towards visa-free entry for Vietnamese citizens. He also called on Japan to speed up the establishment of departments of the Vietnamese language and Vietnamese studies at Japanese universities in the context of the increasing number of Vietnamese in the country.

In response, Kamikawa said Japan's new labor law, issued in June 2024, offers more incentives to foreign workers, including those from Vietnam. She affirmed that the Japanese government will continue creating a more favorable and attractive environment for Vietnamese workers.

She also affirmed her country’s commitment to stepping up cooperation in training young workforce with Vietnam within the framework of the Networked Exchange, United Strength for Stronger Partnerships between Japan and ASEAN. After the meeting, both sides issued a joint press release.

In their talks after the meeting, the officials agreed to consolidate political trust through regular high-level visits and exchanges between both nations’ leaders; further enhance the role of dialogue mechanisms, and augment substantive cooperation in defense and security, according to VOV.

At the 12th meeting of the Vietnam-Japan Cooperation Committee.

FM Son asked for Japan's support for ASEAN's solidarity and centrality, urging the country to ramp up cooperation with ASEAN and the Mekong subregion.

Kamikawa highlighted Vietnam as an important partner in Japan's foreign policy in the region, emphasizing that Japan will support Vietnam in engaging effectively and successfully in the EXPO 2025 in Osaka.

The two FMs also compared notes on international and regional issues of shared concern, such as ASEAN cooperation, the Mekong region, and the East Sea, and agreed to enhance coordination and exchange perceptions at international and regional forums, including ASEAN, the United Nations, the Asia-Pacific Economic Cooperation (APEC), and the Organisation for Economic Co-operation and Development (OECD).

Son used the occasion to invite Japanese leaders to attend the 4th Partnering for Green Growth and the Global Goals 2030 (P4G) Summit and the ASEAN Future Forum in Vietnam in 2025.

On the same day, Son met with Chief Representative of the Komeito Party Yamaguchi Natsuo; the representative of the Japan-Vietnam Parliamentary Friendship Alliance (JVPFA), and head of the Liberal Democratic Party's Election Strategy Committee Obuchi Yuko.

At the meeting with Yamaguchi, Son suggested Yamaguchi and other Party members support and intensify cooperation and exchanges between the Komeito Party and the Communist Party of Vietnam; and support joint efforts to deepen the bilateral economic ties through increased ODA, and the enhanced investment and trade ties.

Yamaguchi affirmed the support and cooperation of the Komeito Party to further deepen the bilateral relationship between the two nations, and bolster cooperation in regional and international forums. He also noted commitment to supporting Vietnamese workers in effectively becoming involved in Japan's new “training-work” system.

Meeting with Obuchi, Son asked for support from the alliance, and proposed strengthening delegation exchanges, fostering economic cooperation, and expanding collaboration in new areas.

Obuchi affirmed her commitment to continue supporting the promotion of exchanges among female and young legislators; and beefing up cooperation between Japan and Vietnam in the areas with great potential, such as labor, agriculture, science and technology, energy, and people-to-people exchanges.

She conveyed an invitation from JVPFA Chairman Nikai Toshihiro to newly- elected Party General Secretary and President To Lam to visit Japan as soon as possible.

Vietnam, Singapore spur financial investment promotion

Vietnam is committed to accompanying and creating favorable opportunities for partners, businesses, and investors to seek investment and cooperation opportunities, said Minister of Finance Ho Duc Phoc.

Minister of Finance Ho Duc Phoc made the point while addressing the Investment Promotion Conference themed “My Vietnam – Your Investment Destination” in Singapore on August 6.

The minister said that over more than 24 years of operation, the Vietnamese stock market has demonstrated its attractiveness through the number of listed securities, high liquidity, and strong participation of both domestic and foreign investors.

As of July 2024, the market has over 1.600 securities and fund certificates listed and registered for trading on the market, with a market capitalization of approximately US$278 billion, equivalent to 65 percent of the national GDP.

The number of investors has grown significantly, with 8 million securities accounts, equivalent to more than 10 percent of the adult population, VGP reported.

Minister of Finance Ho Duc Phoc addresses the Investment Promotion Conference themed “My Vietnam – Your Investment Destination” in Singapore, August 6, 2024.

Within the ASEAN region, the Vietnamese stock market is very dynamic, with liquidity reaching about US$1 billion per day, ranking first or second in the region in terms of liquidity. The liquidity of the Vietnamese and Singaporean stock markets is equivalent.

Ho affirmed that Vietnam is committed to accompanying and creating favorable opportunities for partners, businesses, and investors to seek investment and cooperation opportunities in the Southeast Asian nation.

The Ministry of Finance welcomes Singaporean businesses and investors in particular, and the region in general, to increase new investments and expand investment scales in Vietnam, further promoting the effectiveness of cooperation and investment to achieve mutual success and shared prosperity.

Earlier, on August 5, Minister of Finance Ho Duc Phoc witnessed the signing of a Memorandum of Understanding (MoU) between Singapore Exchange (SGX) and the Vietnam Exchange (VNX) to boost the development of Singaporean and Vietnamese stock markets.

Vietnamese dishes among top 100 Asian stir-fry dishes

Five Vietnamese dishes have been named in the list of top 100 Asian stir-fry dishes of TasteAtlas, a reputable culinary website that specializes in food from around the world.

They include rau muong xao toi (morning glory stir-fry), pho xao (stir-fried pho), mien xao cua (crab meat and glass noodle stir-fry), qua su su xao toi (chayote squash and garlic stir-fry), and oc huong (sweet snails).

Morning glory stir-fry ranked 13th, the highest among the Vietnamese dishes on the list, with a rating of 4.3/5 stars. TasteAtlas describes it as a traditional Vietnamese dish that's suitable for vegetarians.

It's cooked with a combination of morning glory (water spinach), garlic, fish sauce, salt, sugar and oyster sauce. The water spinach is blanched, then stir-fried with garlic, salt and sugar, while the fish sauce is added near the end of cooking.

“This vegetable dish is served hot, usually as a part of a three-course meal, the first is a stir-fry, the second course is a boiled or steamed dish and the third course is a soup. Rau muong xao toi also makes for a great accompaniment to white rice,” according to the website.

Stir-fried pho occupies the 27th position. Considered as a more convenient variation of the classic pho, this traditional Vietnamese dish employs similar ingredients, but they are stir-fried rather than cooked and the dish does not contain the broth. It is normally made with beef or chicken, flat rice noodles (pho) and various sliced vegetables.

Rau muong xao toi (morning glory stir-fry) is included in top 100 Asian stir-fry dishes of TasteAtlas. (Photo: Com Nha Facebook)

Crab meat and glass noodle stir-fry is placed at 65th. The traditional Vietnamese dish is made from stir-fried glass noodles, crab meat, wood-ear mushrooms, shiitake mushrooms, carrots and bean sprouts. The ingredients are stir-fried in a big pan, then dressed with a combination of lime juice, minced garlic, sugar, water and fish sauce. Once done, the dish is decorated with chopped green onions and coriander before serving.

Chayote squash and garlic stir-fry, a traditional Vietnamese dish originating from Sapa, claimed the 68th position while sweet snails the 71st.

The ingredients to cook chayote squash and garlic stir-fry include chayote squash (su su), garlic, fish sauce, oil and dried shrimp. The chayote squash is usually sliced into matchsticks, then stir-fried with shrimps sautéed in olive oil, garlic and fish sauce.

Meanwhile, oc huong, a traditional Vietnamese snail dish, is cooked from large and sweet Babylonian snails with white and brown spotted shells. They're usually stir-fried in a large wok with a sweet and sticky sauce. When served, the snails are pulled out of their shells with a small two-pronged fork, then dipped into a combination of salt, pepper, lime juice, and chili sauce.

Other top 100 Asian stir-fry dishes, according TasteAtlas, include Dak Galbi (stir-fried chicken with cabbage) from the Republic of Korea, phat kaphrao from Thailand, nasi goreng ayam (Indonesian fried rice), pad Thai, beef chow fun and stir-fry shrimps from China.

TasteAtlas, established in 2015, is an encyclopedia of flavors, a world atlas of traditional dishes, local ingredients and authentic restaurants.

TasteAtlas food rankings are based on the ratings of the TasteAtlas audience, with an algorithm that confirms real users and which ignores bots, nationalist or local patriotic ratings and gives additional value to the ratings of users that the system recognises as knowledgeable.

For the 'Top 100 Asian Stir-fry Dishes' list 3,652 ratings were recorded, of which 2,991 were recognized by the system as legitimate.

The rankings aim to promote excellent local foods, instill pride in traditional dishes and arouse curiosity about dishes you haven’t tried.

Philippines-Vietnam trade turnover anticipated to hit US$8 billion this year

Trade turnover between Vietnam and the Philippines is likely to reach between US$8.1 billion and US$8.3 billion this year, up between 3.9% and 6.4% on-year, according to the Vietnam Trade Office in the Philippines.

Turnover reached US$4.21 billion in the first half of this year, of which US$2.93 billion came from Vietnamese exports, up 17.6% compared to the same period from last year.

Prominent among Vietnamese exports was rice, with its revenue being US$1.2 billion, an annual increase of 40.9% to account for 41% of Vietnam’s total from this market, cited VOV.

Photo: VOV

Throughout the reviewed period, the country spent nearly US$1.28 billion on importing products from the Philippines, up 19.5% on-year, primarily computers, electronic products and components with US$779.2 million, equipment, tools and spare parts at US$132.3 million, and metals of all kinds with US$103 million.

Moving forward, Vietnamese rice exports to the Philippine market are expected to benefit from Manila's new import tax reduction regulations.

In a meeting held in early June, the Philippine Government announced that it will reduce the rice import tax from 35% to 15%, starting this year and running to 2028 in order to keep domestic inflation in check.

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