At the forum in Hanoi on January 11 (Photo: VNA)

Vietnam, China promote cooperation in culture, academic exchange

A cultural and academic exchange forum was held between Vietnam and China in Hanoi on January 11, drawing the participation of many experts, scholars, intellectuals, and artists from the two countries.

The event was chaired by the Secretary of the Communist Party of Vietnam Central Committee and head of its Commission for Communication and Education Nguyen Trong Nghia, and Politburo member, Secretary of the Communist Party of China (CPC) Central Committee’s Secretariat and head of the Publicity Department of the CPC Central Committee Li Shulei.

The two sides exchanged their viewpoints and shared experience in the areas of economy, politics – society, literature and art, cited VNA.

Li spoke highly of the research achievements that Vietnamese experts and scholars have carved out in various fields, making positive contributions to the Vietnam–China friendship.

Competent authorities in China are willing to bolster the exchange of ideas with the Vietnamese sides in the issues of mutual concerns, he added.

Concluding the forum, Nghia expressed his belief that cooperation between the two Parties and states in culture and academic exchange will help enhance mutual understanding and trust, while tightening the friendship between the two peoples, helping build the international community on the basis of understanding, respect and close collaboration.

Vietnam ready to contribute to maintaining East Sea stability

A spokesperson for the Ministry of Foreign Affairs of Vietnam on January 11 reaffirmed Vietnam’s readiness to join hands with other ASEAN members and partners to peacefully handle disputes and maintain peace and stability in the East Sea, known as South China Sea internationally.

At a regular press briefing in Hanoi, spokesperson Pham Thu Hang spoke of the ASEAN Foreign Ministers’ December 30, 2023 statement on maintaining and promoting peace, security and stability in the region, noting the statement shows respect for maritime space in the region.

Pham Thu Hang, spokesperson for the Ministry of Foreign Affairs of Vietnam.

According to Hang, the statement demonstrates ASEAN’s solidarity, unified voice, determination and central role in protecting peace and stability, and in building maritime zones, including the East Sea, into a space of cooperation and development.

The document affirms the grouping’s principled stance on confidence building, restraint, and peaceful resolution of disputes in line with international law and the 1982 United Nations Convention on the Law of the Sea (UNCLOS), according to VOV.

The statement also conveys ASEAN’s message, expecting its partners to support and contribute to realizing the commitment

As an active and responsible member of ASEAN, Vietnam is always ready to join hands with other ASEAN countries and partners in this effort, stressed Hang.

Vietnam experiencing a vibrant sea tourist influx

The tourism industry in 2024 has seen positive signals as ocean liners have bustled at ports for the past 10 days, bringing tens of thousands of foreign visitors to Vietnam.

According to the UN World Tourism Organization, sea tourism generates revenue over 40% higher than air or land travel. However, this niche market requires suitable measures for efficient exploitation.

Nguyen Huyen Anh, Deputy Director of the Department of Tourism of Quang Ninh – which houses the UNESCO world heritage site Ha Long Bay, stated that as the sea tourism season unfolds this year, the northern coastal province has been continuously receiving high-end international cruise ships with thousands aboard. Particularly noteworthy was the simultaneous New Year arrival in Ha Long of the Portuguese-flagged Vasco Da Gama carrying nearly 650 German tourists and the Celebrity Solstice of Maltese nationality with 3,000 visitors.

Meanwhile, the central coastal city of Da Nang, which hosted 22 ships with over 18,000 passengers onboard last year, has anticipated welcoming 45 liners with over 40,000 passengers this year. Most recently, over 2,000 passengers on the Westerdam arrived at the local Tien Sa port to celebrate the New Year, VNA reported.

Foreign tourists at the Ha Long International Cruise Port. (Photo: VNA)

Travel agencies stressed that Vietnam's extensive coastline, featuring destinations along vital maritime routes in Asia, positions the country ideally for connecting sea tourism routes regionally and globally. There is a significant opportunity for Vietnam to become a hub for sea tourism in the future. However, attracting and retaining this type of traveler for an extended duration remains a challenging task.

Many travel experts pointed out that Vietnam’s large and upscale stores and shopping centers still fall in the mid-range compared to regional peers and have yet to fully capture the attention of international visitors, especially those with big pockets. According to estimates from Phan Xuan Anh, head of the Tan Hong - Du Ngoan Viet Company – a specialist in the field, sea tourists spend around US$100 per person during their time onshore of between 8 and 11 hours.

Nguyen Anh Tuan, Director of the Institute for Tourism Development Research, emphasized that international sea voyages not only are leverage to rejuvenate the market but also affirm the high-end tourism brand of the destination. Characteristics of marine passengers include large group size and a short visiting time at each destination, hence a need for quick, precise, and safe organizational operations.

In reality, not many businesses are capable of providing services for the group, and the quality of related reception services is restricted. In the long run, localities need to continue improving service quality, focusing on developing luxury tourism products, and implementing plans for supplementary training to ensure an adequate workforce.

President Joko Widodo arrives in Hanoi for three-day Vietnam visit

Indonesian President Joko Widodo arrived at Noi Bai International Airport in Hanoi on January 11, beginning a three-day working visit to Vietnam at the invitation of Vietnamese President Vo Van Thuong.

The President is accompanied by several ministers in charge of foreign affairs, State-owned enterprises, industry, and fisheries, along with other officials.

Widodo and his entourage were welcomed at the airport by the Chairman of the President's Office Le Khanh Hai, Chairman of the Hanoi People’s Committee Tran Sy Thanh, Deputy Minister of Foreign Affairs Ha Kim Ngoc, and Vietnamese Ambassador to Indonesia Ta Van Thong.

Indonesian Ambassador to Vietnam Denny Abdi and several officials from the Indonesian Embassy were also on hand.

This is Widodo’s second state visit to Vietnam after the first in 2018, cited VOV.

Chairman of the President Office Le Khanh Hai (R) welcomes President Joko Widodo at Noi Bai International Airport in Hanoi upon the latter's arrival for a three-day official visit to Vietnam on January 11. (Photo: VNA)

In Southeast Asia, Indonesia is currently Vietnam’s third-largest trading partner, while Vietnam is Indonesia’s fourth-largest trading partner.

Two-way trade turnover between the two countries has grown rapidly over the years, from just US$4.6 billion to US$14.2 billion in 2022, surpassing the US$10 billion target set for 2023. Bilateral trade fetched US$12.63 billion between January – November 2023, and was estimated to hit US$15 billion by the year’s end.

In an interview granted to Vietnamese media agencies ahead of Widodo’s departure, Indonesian Ambassador to Vietnam Denny Abdi noted both Indonesia and Vietnam have great potential for stronger cooperation, and it’s time for the two sides to lift their ties to new heights.

President Vo Van Thuong and President Joko Widodo are scheduled to hold talks shortly after the official welcoming ceremony due to take place in Hanoi on January 12 morning.

Standard Chartered forecasts Vietnam's 2024 GDP growth at 6.7%

Standard Chartered Bank expects Vietnam to have a robust GDP growth of 6.7% in 2024 (6.2% and 6.9% in the first half and second half of the year, respectively).

The forecast is highlighted in the bank’s recently published global research report on Vietnam titled “Vietnam – stronger but not easier”.

“Vietnam continues to offer a promising medium-term outlook. To maintain rapid growth and competitiveness, Vietnam needs to upgrade infrastructure and prepare to lower carbon emissions,” said Tim Leelahaphan, Economist for Thailand and Vietnam, Standard Chartered.

Standard Chartered Bank expects Vietnam to have a robust GDP growth of 6.7% in 2024. (Photo: vneconomy)

According to Standard Chartered’s economist, retail sales and industrial production have stayed robust despite the recent moderation. Exports and imports are starting to recover, though electronics-related trade remains tentative. The FDI recovery remains lackluster; a stronger recovery in FDI flow would require faster GDP growth. Headwinds to global trade pose a key risk.

Given re-emerging inflation concerns, inflation is anticipated to pick up to 5.5% in 2024 from 3.3% in 2023. Standard Chartered Bank forecasts monetary loosening has likely ended, given Vietnam’s economic recovery starting to gain momentum. The bank expects rates to stay on hold despite the possibility of another rate cut. The refinancing rate is expected to stay on hold at 4.5% until end-Q3-2024, before a 50bps hike in Q4, VNS reported.

“We expect the central bank to strike a delicate policy balance between supporting the economic recovery and combating rising inflation and currency weakness. Inflation and a wide income-spending gap may result in a search-for-yield behavior and financial instability risks,” Tim said.

He believes the Vietnamese dong continues to face headwinds, with a mild VND appreciation, targeting 24,000 by end-2024. Forex reserves are forecasted to be rebuilt when US dollar strength abates.

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