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At the discussion between VUFO and an Indian delegation in Hanoi on December 16. (Photo: VNA)

Vietnam, India strengthen friendship

President of the Viet Nam Union of Friendship Organizations (VUFO) Phan Anh Son chaired a discussion with an Indian delegation in Hanoi on December 16 to share insight on Vietnam’s current situation and enduring friendship between Vietnam and India, as part of the 12th Vietnam-India People's Friendship Festival.

Son welcomed the 37-member delegation from the All India Peace and Solidarity Organisation (AIPSO) led by its Secretary General Harchand Singh, believing that cooperation between VUFO, the Vietnam-India Friendship Association (VIFA) and AIPSO will thrive in the future.

He suggested that during the festival, both sides should focus on updating the latest developments in their respective countries, reviewing the progress of their fine traditional relations built and nurtured by Vietnamese President Ho Chi Minh and Indian Prime Minister Jawaharlal Nehru, and suggesting ideas to deepen bilateral ties, especially in people-to-people exchange, cited VNA.

Singh, for his part, stressed that cultural and music exchanges at the festival are crucial for further strengthening traditional friendship between the two countries’ people.

The festival's itinerary promises a rich experience, beginning with an opening ceremony in Vinh Phuc province, followed by discussions on Vietnam's current situation, and wrapping up with a closing ceremony in Ho Chi Minh City. Delegates will pay homage to President Ho Chi Minh at his mausoleum, tour the historic Presidential Palace, and explore various cultural, economic and historical sites across Hanoi, Vinh Phuc and Ho Chi Minh City. Additionally, they will meet with the Vietnamese Minister of Information and Communications, the VIFA President, leaders of several provinces, as well as hold working sessions with the VUFO and VIFA branches in Ho Chi Minh City.

Since its inception in 2007, the festival has alternated annually between Vietnam and India, providing a unique platform for both nations to reflect on key historical milestones in their long-standing friendship. It not only facilitates cultural exchanges but also fosters discussions on enhancing cooperation in socio-economic and people-to-people exchange domains.

Vietnam’s GDP growth poised for robust growth in 2024: officials

With 2024 nearing its end, Vietnam's GDP growth is set to surpass the 7 per cent target, driven by efforts from ministries and sectors, says Deputy Minister of Planning and Investment Tran Quoc Phuong.

Phuong said most international organizations have upgraded the country’s economic growth projections as compared to their previous predictions, adding his ministry’s economic scenario, reported to the Government in Quarter 3, suggests that without significant disruptions such as typhoons, floods and adverse global impacts, Vietnam has a solid foundation to obtain its 7 per cent growth goal, according to VNS.

Trade activities at Cat Lai port in HCM City. Photo: VNA

Key growth drivers include a remarkable revival in export orders while export growth demonstrating exceptional performance. Notably, despite the global gloomy investment panorama, foreign direct investment (FDI) in Vietnam has been on a good trajectory. Besides, the number of newly-registered businesses has rebounded over the past few months, signaling restored and growing economic confidence from investors, he pointed out.

Regarding consumer spending, Phuong said although the growth has not met expectations yet, consumption could be boosted during the Christmas Day and New Year holiday.

Meanwhile, Deputy Director of the General Statistics Office’s System of National Accounts Department Nguyen Dieu Huyen held that the US Federal Reserve (FED)’s potential interest rate reductions will help stabilise the macroeconomy and fuel GDP growth despite inherent time lag.

2024 is expected to be a year of stable economic expansion on the back of the recovery of the global economy and the Government’s support policies, she said, adding Vietnam could continue its robust growth momentum, with FED’s loosened monetary policy and stable macroeconomic conditions.

Looking ahead to 2025, Phuong said the National Assembly eyes 6.5 to 7 per cent in economic growth, and asks ministries, sectors and localities to strive for 7 to 7.5 per cent. Prime Minister Pham Minh Chinh has drastically pushed for an 8 per cent growth target, which is grounded in the momentum from 2024 and significant institutional reforms.

Recent legislative changes, a breakthrough mindset to remove bottlenecks and simplify administrative procedures for investors, will take effect in early 2025, potentially unleashing long-blocked resource potentials, he stressed.

This growth strategy is part of Vietnam’s preparation for a new era - that of the nation’s rise. The country is striving to become an upper middle-income one with a modern industrial base by 2030 - the time when it will celebrate the 100th anniversary of the Communist Party of Vietnam.

Vietnam and Laos vow to create breakthroughs in economic cooperation

Vietnam and Laos will deepen defense and security cooperation and strive to create breakthroughs in economic, trade, and investment cooperation.

They will continue working closely to effectively implement high-level agreements in the fourth quarter of 2024 and 2025, and prepare well for the 47th meeting of the Vietnam-Laos Intergovernmental Committee.

The agreements were reached during the 11th Vietnam-Laos Foreign Ministerial Political Consultation co-chaired by Lao Foreign Minister Thongsavanh Phomvihane and visiting Vietnamese Deputy Prime Minister and Foreign Minister Bui Thanh Son, in Vientiane on December 16.

They expressed their pleasure that the Vietnam-Laos relationship continues to develop strongly in many areas. Political cooperation remains close, trustworthy, and increasingly substantive. Both sides have maintained regular high-level exchanges, and bilateral cooperation mechanisms have been actively promoted. Defense and security cooperation continues to be strengthened and remains a key pillar of bilateral relations.

Economic, trade, and investment cooperation has been enhanced, with two-way trade reaching more than US$1.7 billion in the first 10 months of 2024, an increase of 28.26% compared to the same period in 2023. Notably, both sides have resolved several difficulties and obstacles in some key projects, VOV reported.

Lao Foreign Minister Thongsavanh Phomvihane (R) shaking hands with visiting Vietnamese Deputy Prime Minister and Foreign Minister Bui Thanh Son, ahead of the 11th Vietnam-Laos Foreign Ministerial Political Consultation in Vientiane on December 16.

Cooperation in cultural, educational, scientific, and technical fields, as well as human resource development, has also yielded significant results. Numerous people-to-people exchanges have taken place, contributing positively to fostering the understanding of the younger generations in both countries about the great, special solidarity and comprehensive cooperation between Vietnam and Laos.

Both sides held that cooperation between the two Ministries of Foreign Affairs has become increasingly close. Based on the Cooperation Agreement between the two ministries for the 2021-2025 period, they have maintained regular annual cooperation mechanisms at the ministerial and deputy ministerial levels and exchanges between relevant departments, as well as maintaining multilateral cooperation, including cooperation in the Mekong region.

Under the Action Program on economic diplomacy cooperation for 2020-2025, both sides have held several direct and online exchanges on economic diplomacy. On this occasion, they agreed to instruct their relevant departments to exchange views in detail and soon draft the Cooperation Agreement between the two ministries for the 2026-2031 period and the Economic Diplomacy Action Program for 2026-2030.

Phonsavanh thanked Vietnam for its active coordination and support for Laos in successfully taking on the role of ASEAN/AIPA Chair in 2024. He affirmed that Laos would continue to actively cooperate and support Vietnam in hosting the second ASEAN Future Forum (AFF 2), scheduled for early 2025.

Exchanging views on regional and international issues of mutual concern, the two sides vowed to regularly coordinate and support each other at multilateral forums, especially in United Nations agencies and on the East Sea issue, as well as within the Mekong cooperation framework. At the end of the Political Consultation, both sides agreed to hold the 12th Political Consultation in Vietnam.

Immediately following the meeting, Son awarded the noble distinctions of Vietnam to the collectives and individuals from the Ministry of Foreign Affairs of Laos who made significant contributions to the Vietnam-Laos Solidarity and Friendship Year 2022.

Vietnam ranks 23rd among top 30 largest exporters globally

Vietnam was placed in 23rd position among the world’s top 30 largest exporters last year with an export turnover reaching US$354 billion, according to the rankings released by the World Trade Organization (WTO).

The WTO’s statistics indicate that Vietnamese export earnings accounted for 1.5% of the total global export turnover.

Accordingly, total global export turnover last year reached US$23.8 trillion, marking a drop of 5% compared to 2022.

China became the world's largest exporter with turnover hitting US$3.4 trillion, followed by the United States at US$2.02 trillion, Germany at US$1.6 trillion, and the Netherlands at US$935 billion.

In Southeast Asia, the leading exporter was Singapore raking in US$476 billion, followed by Vietnam (US$354 billion), Malaysia (US$313 billion), Thailand (US$285 billion), and Indonesia (US$259 billion), VOV reported.

Photo: VOV

The WTO noted that, Vietnam was one of the countries with the fastest average annual export growth in the world in the 2019 - 2023 period.

Statistics compiled by the Ministry of Industry and Trade of Vietnam unveiled that the past 11 months saw Vietnam earn U$$369.93 billion from exports, up 15.4% year on year. The domestic economic sector brought in US$103.88 billion, up 20.0%, while the foreign-invested sector grossed US$266.05 billion, including from crude oil export, up 12.4%.

Vietnam continued to post a trade surplus of more than US$23 billion throughout the reviewed period.

Vietnam among top 3 destinations appealing to Australians

Australians are continuing to travel in record numbers with the latest data revealing Vietnam as one of the three top-growth destinations, according to the Singapore-based asianaviation.com on December 16.

Citing the Australian Travel Industry Association (ATIA)’s December Travel Trends report, the site cited the most recent data as showing that in October alone, 1.66 million Australians departed for international destinations, a 12.1% increase against the same month last year.

Japan recorded an astounding 73.8% year-on-year growth (567,330 Australians travelling as of late October compared to the same period the previous year). Vietnam was up 35.4% (423,630), and Indonesia was up 26% (1,644,010), cited VNA.

Tram Tau hot spring in the northwestern province of Yen Bai (Photo: VNA)

ATIA Director of Membership and Industry Affairs Richard Taylor said destinations like Japan, Vietnam and Indonesia are seeing unprecedented growth. These figures highlight the evolving preferences of Australian travellers. Leisure travel is driving this surge, with 63.6% of Australians travelling for holidays.

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