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Prime Minister Pham Minh Chinh (R) and Timor-Leste President José Ramos-Horta at their meeting in Hanoi on February 25, 2025. Photo: VNA

Vietnam eyes stronger cooperation with Timor-Leste

Vietnam attaches importance to and wants to further strengthen the friendship and good cooperation with Timor-Leste, Prime Minister Pham Minh Chinh told Timor-Leste President José Ramos-Horta during a reception for the guest in Hanoi on February 25.

The Vietnamese government leader thanked José Ramos-Horta for accepting the invitation to attend and deliver a key speech at the second ASEAN Future Forum (AFF 2025)’s opening session.

The two leaders highly valued the positive progress in bilateral relations, particularly in trade and investment cooperation, highlighting that successful business and investment activities of Telemor, a brand of Vietnam's military-run telecom group Viettel in Timor Leste, have made significant contributions to the Southeast Asian nation’s socio-economic development, and creating jobs for local laborers.

They also agreed to strengthen political trust through all-level exchanges and meetings, effectively implement existing agreements, further improve the legal framework for bilateral cooperation, and fully leverage the huge potential for cooperation between the two countries.

PM Chinh suggested the two sides accelerate negotiations on agreements related to trade, investment protection, labor, and visa exemption for holders of ordinary passports; and step up cooperation in finance, rice production, oil and gas, wind energy, and telecommunications. He called on the Timor-Leste government to invest in projects in Vietnam.

José Ramos-Horta congratulated and expressed his admiration for Vietnam’s remarkable achievements in economic growth and social development. He stressed that Vietnam has always been a model for Timor-Leste to learn from, and his country hopes to continuously elevate and deepen its relations with Vietnam in a more substantive and practical manner, cited VNA.

The guest called on Vietnam to share its experience in building socio-economic policies and strategies; support Timor-Leste in areas where Vietnam has strengths, such as agriculture, food security, digital economy, and infrastructure development; and increase investment in his country.

Timor-Leste is committed to creating favorable conditions for Vietnamese businesses, he said, thanking Vietnam for its continuous support for his country’s national construction and development, and its accession to ASEAN.

The two leaders agreed to expand cooperation in key areas such as security, defense, information and communications, education and training. They also emphasized commitment to effectively utilise emerging trends like green economy, clean energy, and innovation while promoting people-to-people exchanges through tourism and cultural interactions.

Discussing international and regional issues, the two sides agreed to continue coordinating and supporting each other at multilateral forums.

PM Chinh praised Timor-Leste’s determination and efforts in implementing its roadmap for full ASEAN membership, reaffirming Vietnam’s consistent support for Timor-Leste’s early accession to the grouping.

Vietnam likely to achieve GDP growth target of 8% this year: UOB expert

Vietnam is likely to secure high annual growth of 8%, or even double-digit growth after recording a 7% expansion last year, according to Suan Teck Kin, head of research and executive director of Global Economics and Markets Research at Singapore-based United Overseas Bank (UOB).

The economist made the assessment, referring to similar examples in Singapore and China, but said there are two key factors that would affect Vietnam's economic growth in 2025 and the 2026-2030 period - risks from US tariff policies and the need to boost public investment.

Kin noted that Vietnam is largely dependent on international trade, with exports accounting for 90% of the country’s GDP, the second highest in ASEAN after Singapore with 174%.

In addition, the US is Vietnam’s largest export market, making up 30% of its total export turnover. If the US imposes tariffs on Vietnamese goods, the manufacturing and service sectors would be significantly affected.

Export demand may decline due to a slowdown in global economic activity, thus impacting GDP growth. The semiconductor cycle is also weakening, affecting the country’s high-tech exports. FDI inflows may slow down, as investors consider shifting to countries less likely to face US tariffs, according to VOV.

Photo: VOV

To obtain the 8% growth goal, the UOB economist suggested that Vietnam boost public investment to support growth and to cushion declines from export and manufacturing activities. In his analysis, the country faces a significant infrastructure gap, while capital formation expenditure accounts for only 30% of GDP, much lower than China’s 41%.

The government is advised to increase public spending instead of being overly cautious about reducing the public debt-to-GDP ratio (currently 35%, targeted to drop to 31% by 2029).

Another solution, according to the economist, is to accelerate public investment disbursement. In his view, it’s encouraging news that the National Assembly has recently approved an US$8 billion railway project connecting China and Vietnam, and fast-tracked the North-South Expressway expansion. The government is investing heavily in AI/data, energy, and water resources to support sustainable long-term growth.

Vietnam, Cambodia committed to implementing Parties' agreements

Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son met with Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn in Hanoi on February 25 on the sidelines of the 2nd ASEAN Future Forum (AFF).

The officials said as co-chairs of the Vietnam-Cambodia Joint Committee, the two foreign ministries pledged to actively implement agreements between the Communist Party of Vietnam (CPV) and the Cambodian People's Party (CPP). They also affirmed their commitments to strengthening mutual trust, solidarity, and close cooperation between the two countries.

Prak Sokhonn expressed his delight to re-visit Vietnam as well as his honor to attend and deliver a speech at the 2nd AFF, voicing for a strong, prosperous, and people-centered ASEAN, VOV reported.

Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son (R) and Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn in Hanoi on February 25. (Photo: VNA)

He stated that Cambodia always treasures the maintenance of its good neighborliness with Vietnam and that his ministry will closely collaborate with the Vietnamese Ministry of Foreign Affairs (MoFA) to implement agreed tasks.

The host and guest agreed to hold the 21st session of the Vietnam-Cambodia Joint Committee and the 13th conference on cooperation and development of the two countries’ border provinces. They also planned to soon establish a mechanism for regular exchanges between the two ministries’ foreign policy units to assess and coordinate the building of their stances on regional and international strategic issues.

They agreed that Mekong sub-region countries need to seek greater unity and cooperation not only within the Mekong region but also with international development partners. They defined key areas for the collaboration such as technology, clean energy, smart agriculture, environmental protection, and water security.

Recognizing the Association of Southeast Asian Nations (ASEAN)’s growing significance, both sides affirmed the bloc’s role in ensuring security and development for their countries. They pledged to continue efforts to strengthen the bloc’s unity, resilience, and centrality.

Vietnam outpaces Malaysia and Thailand in 2024 export growth: Nikkei Asia

Vietnam stood out among its Southeast Asian peers last year with robust export growth, outpacing peer manufacturing hubs Malaysia and Thailand as the country benefited from supply chain shifts away from China, according to Nikkei Asia.

In 2024, Vietnam's export turnover reached a record high of US$403 billion, an increase of 13.8 percent compared to 2023, higher than Malaysia (5.6 percent), Thailand (5.4 percent) and Indonesia (2.3 percent) and nearly doubling the figure of US$214 billion recorded in 2017.

Two key factors driving this growth include Vietnam's strong economic relationship with the U.S. and the relocation of suppliers from China.

Vietnam's exports to the U.S. in 2024 increased by 23.4 percent to US$120 billion, marking the highest growth in the region. Meanwhile, Malaysia's exports to the U.S. grew by 23.2 percent, Indonesia 19.2 percent, and Thailand 13.7 percent.

Vietnam has been a major beneficiary of suppliers shifting away from China. For example, in 2024, Vietnam had up to 35 suppliers for Apple, up from 27 in 2023, making it the country with the most Apple suppliers in Southeast Asia. Thailand followed with 24 Apple suppliers, Nikkei Asia noted.

Vietnam’s export revenue to the U.S. hits nearly US$119 billion in 2024, up 23.3 percent compared to the previous year.

Vietnam hosts large factories assembling Apple devices such as AirPods, iPads, and Apple Watches. By 2025, Vietnam is expected to produce 20 percent of all iPads and Apple Watches, 5 percent of MacBooks, and 65 percent of AirPods.

Other major tech companies have also decided to invest in Vietnam. Facebook's parent company, Meta, will begin manufacturing virtual reality headsets there this year. While the investment amount and factory location have not been disclosed, Meta is expected to create 1,000 jobs by producing Quest 3S in Vietnam.

Samsung, which operates two large factories in northern Vietnam and accounted for 15.8 percent of the country's total exports in 2023, plans to invest an additional US$1.8 billion in a new OLED display factory near its existing facilities. Meanwhile, major South Korean firm Hyosung Group has planned to invest US$4 billion in Vietnam in the coming years.

The Vietnamese Ministry of Industry and Trade has set a target of 10-12 percent in export-import value growth in 2025 compared to 2024, with a trade surplus projected to record over US$20 billion.

Total import-export turnover in 2024 is estimated to top US$783.4 billion, up 15 percent against 2023.

Vietnam backs Cuba’s efforts to address challenges: Party official

Vietnam always accompanies and supports Cuba’s efforts to overcome socio-economic challenges and its just struggle against blockade and sanctions, Politburo member Nguyen Trong Nghia said while receiving Cuban Ambassador to Vietnam Rogelio Polanco Fuentes in Hanoi on February 25.

Congratulating Rogelio Fuentes on his appointment as the new ambassador of Cuba to Vietnam, Nghia, who is also Secretary of the Party Central Committee and Chairman of its Commission for Information, Education and Mass Mobilisation, expressed his belief that in his position, the diplomat will continue to coordinate with the Vietnamese side to effectively implement signed agreements, thus further strengthening the traditional and special friendship between the two Parties and nations.

He highlighted key milestones in the deep and strong Vietnam-Cuba relationship, stressing that the bilateral political and diplomatic relations have continuously florished.

The state visit to Cuba by Party General Secretary and State President To Lam in September 2024 marked an important milestone in elevating the bilateral ties to a new height and opening new directions for economic, trade, and investment cooperation, Nghia said.

Politburo member, Secretary of the Party Central Committee and Chairman of its Commission for Information, Education and Mass Mobilisation Nguyen Trong Nghia (R) receives Cuban Ambassador to Vietnam Rogelio Polanco Fuentes. (Photo: VNA)

Rogelio Fuentes expressed his gratitude to Vietnamese Party and State leaders, as well as to Nghia personally, for their special attention to promoting Vietnam-Cuba relations.

Cuba is implementing the agreements reached during the Vietnamese Party and State leader to Cuba last year, he said, noting that the bilateral relationship is now in a period of comprehensive and sustainable development.

Regarding signed programmes, joint statements, and agreements, including those on information, education and mass mobilisation, the two officials agreed to work together to effectively implement cooperation agreements between the two Parties in the next phase; expand experience sharing in Party building and socio-economic development; and maintain the mechanism of regular delegation exchanges.

The two sides will actively coordinate to organise various political, economic, cultural, and social activities to educate their young generations about the traditional ties between the two nations, enhance mutual understanding, and promote practical and effective cooperation across fields.

They will enhance and substantively implement the cooperation agreement between the the Communist Party of Vietnam (CPV) Central Committee's Commission for Information, Education and Mass Mobilisation, and the Communist Party of Cuba (CPC) Central Committee's Ideological Department; and strengthen cooperation in political theory, protecting the Party's ideological foundation, and in journalism, culture, and arts.

Additionally, the two sides will promote effective cooperation in publishing works on President Ho Chi Minh, leader Fidel Castro, and other senior leaders of the two countries in Spanish and Vietnamese, thus helping young generations better understand about the special relationship between the two nations.

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