All of the Vietnamese volunteer soldiers return home from Cambodia in September 1989. (Photo: VNA)

Expert highlights Vietnam-Cambodia cooperation prospects

Cambodia’s victory over the Pol Pot genocidal regime (January 7, 1979) demonstrates the solidarity between Vietnamese and Cambodian peoples and armies, opening up a new page for bilateral friendship and neighborliness, according to an article published on the website of the Royal Academy of Cambodia (RAC).

The article, issued on the occasion of the 45th anniversary of the victory, highlighted the role of Vietnamese volunteer soldiers in the event, achievements the neighbor has recorded in development and peacekeeping, and cooperation between the two countries.

Its author Uch Leang, a researcher at RAC, said after the victory, the Vietnamese soldiers continued helping the Cambodian army in personnel training and strengthening combat capacity to avert the return of the genocidal regime.

All of the Vietnamese soldiers returned home in September 1989. Since then, the bilateral relationship has been constantly developing across spheres, benefiting people of both nations.

The relationship is not only about neighborliness but also the fraternity as the two countries have stood side by side in their past struggles for national liberation and reunification, and the present cause of national construction and development, the expert said.

The article also reviewed the official visit to Vietnam by Prime Minister Hun Manet on December 11-12, 2023, which has contributed to consolidating and deepening the friendship and cooperation in all areas on the basis of good neighborliness, solidarity, and mutual understanding.

Regarding bilateral trade, Uch Leang said it grew more than 20% annually during the 2015-2020 period, and reached US$10.57 billion in 2022, up nearly 11% year-on-year. It is expected to stand at US$20 billion in the time ahead, cited VNA.

The article quoted a report by the Vietnamese Ministry of Planning and Investment as saying Vietnam had, as of 2023, run 206 projects in the neighboring country with a total registered capital of US$2.94 billion, ranking fifth among the countries and territories investing in Cambodia.

The researcher held that economic, trade and investment cooperation will create momentum for good neighborliness, traditional friendship, comprehensive cooperation and long-term sustainability to move forward in the time ahead.

Vietnam named as safest country to visit in Asia

World-leading travel news source Travel Off Path has listed Vietnam as the safest country to visit in Asia for 2024.

According to Travel Off Path, safety is a primary concern for Americans traveling abroad, especially amid the current climate where conflicts are breaking out internationally and security is decreasing across a number of destinations.

Over the last few years, Asia has been no exception, but Vietnam has proven to be remarkably stable and safe for tourists, said the newswire.

The website cited the latest Global Law and Order Index indicating Vietnam is not only the most peaceful state in Asia, but is also the seventh worldwide.

According to the newest Global Law and Order ranking which was published by Gallup in late 2023, Vietnam is the highest-charting country in Asia with an enviable score of 92 out of a maximum of 100. Elsewhere, the top 10 is dominated by European countries.

Travel Off Path also shared that Vietnam is both prosperous and peaceful, as it enjoys low rates of crime and impressive political stability. It jumped to conclusions that the country is a lot safer than the United States and the majority European countries, where violence is increasing.

Vietnam is the safest country to travel in the Asia (Photo: tienphong.vn)

In terms of tourist offers, the website noted that Vietnam is ideal for slow travelers and backpackers seeking to reconnect with nature and expose themselves to a culture that is almost entirely different from their own, especially for those coming from the Northern Hemisphere.

The travel outlet suggested that when traveling the country from north to south, or vice-versa, visitors should definitely take time to stroll around the charming, yellow-washed streets of Hoi An which is a river port and UNESCO World Heritage Site internationally recognised for its numerous historical temples and French colonial architecture.

“Also not to be missed is neighboring Hue, home to an imposing moated citadel; further down the coast, the sandy beaches and forested reserves of Da Nang are a mandatory stopover, as are the golden sand dunes and sleepy coastal towns lining the laid-back Mui Ne section of the coast,” said the website.

It stressed that from vibrant city breaks in Ho Chi Minh City, the busy coastal port of Nha Trang, the capital of Hanoi, to escapes into nature in Ninh Binh which famous for its rice fields and monumental geological formations, travelers can truly never exhaust their ‘to-do’ list while exploring the country.

It also revealed that the Vietnamese Government is welcoming tourists with open arms, recently moving to ease visa requirements for Americans, thereby allowing them to remain in Vietnam for a total of 90 full days.

Vietnam sustains recovery momentum, positioned for significant growth

Overcoming the fluctuations from the global economic landscape and internal constraints in 2023, Vietnam's economy continued its trajectory of recovery, with inflation kept under control and key balances safeguarded.

Positioned among the economies with the highest GDP growth rates in both the regional and global context, Vietnam's economic performance in 2023 has set a promising stage for further advancements, according to VNA.

In 2024, Vietnam cannot escape the impacts of global challenges and domestic constraints. However, the signs of economic recovery are becoming increasingly evident. The revival is being driven by various factors, including the global shift in supply chains and investment flows, the reopening of the Chinese market, significant growth in services and consumption, robust public investment, ample room for operating fiscal and monetary policies.

The National Assembly has aimed for a GDP growth rate between 6% and 6.5% this year, reflecting an optimistic assessment of the recovery prospects. 2024 is considered a breakthrough year in the 2021-2025 period, prompting the government, ministries, localities, and relevant agencies to exert maximum efforts toward the set target.

Gemalink International Port, part of the Cai Mep - Thi Vai port cluster in Phu My town, Ba Ria - Vung Tau province, stands out as one of the largest and most modern seaports in Vietnam.(Photo: VNA)

Numerous reputable international organizations have expressed high regard for Vietnam's achievements and prospects, predicting a rapid economic recovery in the time to come. Vietnam has consistently climbed the World Intellectual Property Organization (WIPO)’s global innovation ranking, rising from the 59th place in 2016 to 46th in 2023. Fitch Ratings, a renowned credit rating agency, meanwhile, upgraded Vietnam's long-term national credit rating to BB with a "stable" outlook.

According to the International Monetary Fund (IMF) forecast Vietnam's 2024 growth at approximately 5.8%, doubling the world average and being among the top 20 economies with the highest growth rates in the world.

Meanwhile, the Asian Development Bank forecasts a 6% GDP growth for Vietnam this year. The Southeast Asian economy is expected to remain resilient and recover swiftly in the near future, driven by strong domestic consumption and supported by moderate inflation, accelerated disbursement of public investment, and improvements in trade activities.

A more in-depth analysis of the economic growth drivers in 2024 by Deputy Minister of Planning and Investment Tran Quoc Phuong revealed that the overall economic growth at the end of 2023 was fundamentally positive. Despite not meeting lofty expectations, given the current international and regional context, such results provide a solid foundation for pursuing the goals and tasks set for the current year. Furthermore, favorable opportunities for growth have been noticed for the country’s investment, exports, and consumption throughout 2024.

FTAs give fresh impetus to economic growth, market diversification

The benefits of free trade agreements (FTAs) have exerted a positive impact on the socio-economic development of localities across the country, especially in terms of accelerating trade growth and market expansion, according to insiders.

In fact, new-generation FTAs such as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), the EU – Vietnam FTA (EVFTA), and the UK – Vietnam FTA (UKVFTA) have opened up a wealth of opportunities for Vietnam to diversify its export and import markets and at the same time attract greater foreign investment.

To Thi Huong Lan, deputy director of the Thai Binh provincial Department of Industry and Trade, emphasized that the province’s export turnover has increased to 40% thanks to advantages brought about by these FTAs, adding that local firms have utilized tariff incentives from FTAs in an effective manner.

Lan revealed that the majority of the locality’s export products have met the origin criteria set forth by the new-generation FTAs, while businesses have moved to take advantage of tax incentives in a bid to boost exports to several demanding markets, including Japan.

Phan Thi Thanh Xuan, general secretary of the Vietnam Leather, Footwear and Handbag Association (Lefaso), said that while most major markets have shrunk due to decreasing demand, exports to the UK even witnessed impressive growth of up to 11% last year.

The positive export growth recorded in the UK market helped the Vietnamese leather and footwear industry not suffer any steep declines last year, VOV reported.

Photo: VOV

Xuan analyzed that the UK is also a major importer of Vietnamese footwear, particularly as these products are almost no longer produced in the UK, a factor that will open up bright export prospects for Vietnamese businesses moving forward.

At present, local firms are focused on applying British standards and regulations, as well as testing equipment in order to evaluate product quality to further accelerate exports to the demanding market.

Thanks to effective cooperation among relevant Vietnamese agencies and the German Organization for International Cooperation, Xuan said Lefaso has supported small and medium-sized enterprises (SMEs) to improve product quality, especially when exporting quality shoe products to the European market.

Further penetration into the UK market will also help to create opportunities for Vietnamese products to make greater inroads into other demanding markets around the world, she noted.

According to experts, although FTAs have brought about plenty of positive effects, Vietnamese enterprises have yet to fully tap into the FTA incentives.

In fact, the proportion of export turnover to FTA markets has so far failed to meet expectations, while the rate of taking advantage of preferential certificate of origin (C/O) is not high.

This will therefore require greater efforts and stricter coordination from relevant agencies and craft associations in supporting businesses in gaining greater insights into the advantages of each FTA to bring about the highest possible level efficiency, industry insiders stressed.

With regard to the regulations of new-generation FTAs, Do Thi Thuy Huong, member of the Executive Committee of the Vietnam Electronic Industries Association, underlined the need to grasp the latest rules set forth by foreign importers.

Huong revealed that local businesses have received effective support from the German Corporation for International Cooperation (GIZ), which has provided them with the latest standards set by the German Supply Chain Due Diligence Act (LkSG).

The program, which took effect from January 1, 2023, imposes certain obligations on organizations with respect to the conduct of due diligence implicating adverse environmental and human rights impacts in supply chains.

This is one of the regulations which local exporters in the supply chain are required to abide by in order to boost exports to the EU in a sustainable manner, concluded Huong.

Vietnam reports 3.2 million tourists during New Year holiday

There were more than 3.2 million people traveling within the country during the three-day New Year holiday, an increase of 6.6% over the same period last year, according to a Vietnam National Authority of Tourism report.

HCMC topped the list of destinations, with 1.65 million visitors during the December 30-January 1 holiday, gaining total revenue of VND6.4 trillion. The average room occupancy rate in the city reached around 87%.

Several other regions also welcomed a significant influx of New Year revelers, with Khanh Hoa in south-central Vietnam hosting 465,000 visitors, Hanoi in northern Vietnam receiving 402,000 tourists, and Ninh Binh, also in the north, attracting 300,000 travelers.

Ha Giang and Lao Cai, both in northern Vietnam, saw an overwhelming surge in visitors, resulting in room occupancy exceeding 90%, cited Saigontimes.

New Year revelers are seen at a tourist site in HCMC. Photo: Le Vu

International travelers to Vietnam during the New Year holiday primarily originated from South Korea, China, Japan, the United States, Australia, Europe and Thailand. Hanoi welcomed the highest number of international tourists, with 72,000 arrivals, followed by HCMC with over 46,000 visitors.

Quang Ninh Province welcomed two luxury cruises, accommodating a total of 3,700 passengers from December 31, 2023 to January 1, 2024.

Despite the increase in tourist numbers, the Vietnam National Authority of Tourism said that travelers tightened their belts, affecting tourism revenue.

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