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Fresh coconut is one of the fruits officially exported to China.

Vietnam-China trade moves towards US$100 billion in first quarter

The bilateral trade between Vietnam and China is reaching the threshold of US$100 billion in the first half of this year, with bilateral trade recording positive recovery despite on-going global economic difficulties and geopolitical conflicts.

According to details given by the Ministry of Industry and Trade, China remains the country’s biggest trade partner, the largest import market, and is the second largest export market to Vietnam.

Statistics compiled by the General Statistics Office indicate that Vietnamese exports to China hit US$27.8 billion in the first half of the year, up 5.3% on-year.

The nation’s imported goods from China stood at US$67 billion in the reviewed period, up 34.7%, while the country ran a trade deficit worth US$39.2 billion with China, up 67.9%, cited VOV.

There exists huge potential to promote trade between the two countries with a number of trade deals such as ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).

The Vietnamese Trade Office in Beijing said that the Chinese economy is recovering positively. In addition, the Chinese Government is also issuing policies on import-export management which will offer favorable conditions for exports into this market if products fully meet quality standards.

The trade office pointed out that the country boasts a wealth of opportunities to increase exports to China. Chinese enterprises are therefore showing a keen interest in buying manufacturing and processing and agricultural products, especially fruits from Vietnam such as durians, watermelons, and bananas.

To date, a dozen agricultural products are officially being exported to the neighboring country, with negotiations being finalized for the official export of fresh coconuts and frozen durians.

PM Pham Minh Chinh meets with RoK NA Speaker

Prime Minister Pham Minh Chinh had a meeting with Speaker of the National Assembly of the Republic of Korea (RoK) Woo Won-shik on July 2 as part of his official visit to the East Asian country from June 30 to July 3.

Woo welcomed Chinh and the high-level Vietnamese delegation and said the official visit will help deepen the comprehensive strategic partnership between the two nations and promote the concretisation of the bilateral ties in accordance with the new framework.

He congratulated Vietnam on its socio-economic development over the past time and highlighted that the two nations share numerous similarities in history, culture and priorities in economic development such as digital and green transformation and climate change response, while their economies are complementary.

He affirmed that the RoK parliament will work closely with the Vietnamese NA to support the two governments in effectively and substantively carrying out the action program under the new relationship framework, and bolstering cooperation in economic security and human resources connectivity.

At the event, the two leaders assessed that the Vietnam – RoK ties have developed rapidly and substantively in various domains since the two countries upgraded their relations to a comprehensive strategic partnership, with positive results recorded in trade, investment and people-to-people exchange.

They agreed to strengthen collaboration between the two parliaments in the coming time through enhancing delegation exchanges and leveraging the bridging role of the friendship parliamentary groups, and share experience in law and institution building for sustainable development as well as digital and green transformation.

Besides, they reached consensus on promoting the role of the two legislative bodies in helping the two governments boost cooperation, including realizing the goal of lifting the two-way trade to US$100 billion in 2025, according to VNA.

Prime Minister Pham Minh Chinh and Speaker of the National Assembly of the Republic of Korea (RoK) Woo Won-shik (Photo: VNA)

PM Chinh requested that the two NAs work closely to effectively implement bilateral and multilateral mechanisms, adopt policies to support Vietnamese enterprises to better engage in the global supply chains of Korean firms, and continue opening the Korean market for Vietnamese goods.

He called for enhanced cooperation in the areas of digital and green transformation, and the RoK's assistance for Vietnam in human resources training in semiconductor and AI, among others.

The RoK legislative leader suggested the Vietnamese Government create favorable conditions for Korean firms' operation in Vietnam.

Acknowledging the positive contributions of the expatriate communities in the two countries, he agreed to work with the Vietnamese NA to urge the two governments to promote citizen protection work and support for expatriates, ensuring their stable livelihoods in the host nation.

He added that cultural exchanges, tourism cooperation and exchanges between localities and the two nations should be enhanced to better mutual understanding between the two sides and create a basis for the sustainable development of the bilateral ties.

At the event, the two leaders also exchanged their viewpoints on regional and international issues of mutual concerns, and concurred to coordinate and support each other at international organizations.

PM Chinh took the occasion to convey NA Chairman Tran Thanh Man’s invitation to Woo to visit Vietnam soon, and the RoK NA speaker accepted it with pleasure.

Hanoi announces 30 fireworks shows for October 9 to mark historic anniversary

The Hanoi People's Committee has announced plans to organize 30 fireworks displays across various districts at 9:30 p.m. on October 9, 2024, to celebrate the 70th anniversary of Capital Liberation Day.

To mark the 70th anniversary of the Capital Liberation Day (October 10, 1954 - October 10, 2024), Hanoi will host 30 fireworks displays at 31 locations.

The main event will feature a high-altitude and low-altitude fireworks show at My Dinh National Stadium in Phu Do Ward, Nam Tu Liem District, comprising 800 fireworks and 24 pyrotechnics with 480 tubes, VNN reported.

Hanoi will organize 30 fireworks displays to celebrate the 70th anniversary of Capital Liberation Day. Photo: Viet Thanh

Eight additional locations will host combined high-altitude and low-altitude displays, each featuring 600 fireworks. These locations include:

- In front of the headquarters of Hanoi Moi newspaper and the Hanoi Post Office (Hoan Kiem District)

- Lac Long Quan Flower Garden (Tay Ho District)

- Dua Island, Thong Nhat Park, Le Dai Hanh Ward (Hai Ba Trung District)

- Van Quan Lake, Van Quan Ward (Ha Dong District)

- Son Tay Ancient Citadel (Son Tay Town)

- Project land of the regulating lake, Tam Hiep Commune (Thanh Tri District)

- Dong Anh District Sports and Physical Training Center

The remaining 22 districts will each host low-altitude fireworks displays.

The fireworks displays will last for 15 minutes, from 9:30 p.m. to 9:45 p.m. on October 9, 2024.

The Hanoi People's Committee stated that the purpose of these displays is to evoke pride, honor the heroic spirit, and highlight the historical significance and revolutionary traditions of the city. These events are intended to inspire and motivate the public to continue building a thousand-year-old civilized and heroic capital.

The Committee has requested all involved agencies and units to adhere to the prescribed schedule and ensure absolute safety during the events.

Vietnam's economic growth may slow in H2, but outlook remains positive: UOB report

Vietnam's economic growth might decelerate in the second half compared to that in the first half, with several supportive factors expected to sustain the overall growth outlook, according to the a report released by the Singaporean-based United Overseas Bank (UOB)'s Global Economics & Market Research Unit on July 2.

According to UOB experts, Vietnam’s real GDP grew by 6.93% year-on-year in Q2, continuing the momentum from the 5.87% increase in Q1 and previous quarters. Overall, the economy expanded by 6.42% in the first half, significantly outpacing the 3.84% growth logged in the same period of 2023.

The manufacturing and services sectors continued to drive most business activities, while foreign trade remained robust in Q2. The increase in semiconductor sales since mid-2023 indicates that this momentum may persist for another 1-2 quarters, cited VNA.

Manufacturing electronics components at Youngbag ViNa company, Binh Xuyen Industrial Zone, Vinh Phuc province (Photo: VNA)

The UOB maintained its growth forecast for Vietnam at 6.0% for 2024, compared to the government's target range of 6.0-6.5%.

Notably, the analysts said most foreign investors have a positive long-term outlook for Vietnam. This is evidenced by the 13.1% year-on-year increase to US$15.2 billion in registered foreign direct investment (FDI) in the first six months.

Regarding interest and exchange rates, the UOB’s report noted that the recent depreciation of the VND against a strengthening USD and rising inflation may prompt the State Bank of Vietnam to be cautious with any changes to policy rates. Considering the potential slowdown in growth in the latter half, the UOB projected that the central bank would maintain the refinancing rate at the current level of 4.5%.

Vietnamese culture introduced at ASEAN youth forum

A Vietnamese delegation joined the recent 19th ASEAN and 9th ASEAN 3 Youth Cultural Forum organized by the ASEAN University Network in Bandar Seri Begawan, the capital city of Brunei.

The purpose of the events is to share different cultures and values via cultural workshops, trips, and spaces to present unique traditional cultural performances as a way of introducing the country's traditional culture and costumes.

As part of the occasion, the Vietnamese delegation also visited the Vietnamese Embassy in Brunei Darussalam and shared information about people-to-people exchanges, bilateral education, and training co-operation, cited VOV.

A Vietnamese booth at the 19th ASEAN and 9th ASEAN+3 Youth Cultural Forum (Photo: VNA)

Moving forward, the Vietnamese side hopes to access information about scholarship opportunities at Brunei's universities, as well as the collaboration opportunities between the two sides’ educational institutions and universities.

The Vietnamese Embassy in Brunei hailed the participation of the Vietnamese delegation at the ASEAN Youth Cultural Forum and expressed a wish for officials, lecturers, and students of local universities to promote their active roles in educational, cultural, and people-to-people exchanges , which are also among both nations' cooperation priorities during 2023-2027 and beyond.

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