Vietnam News Today (Jun 13): Vietnam’s Recovery Path Sees Prospects, Challenges

Illustrative photo. Photo: VNA

Covid-19: New cases stand at 568 on June 12

The Ministry of Health confirmed 568 new infections of Covid-19 in June 12, down 142 cases from the previous day, cited VNA.

Hanoi still reported the highest number of infections on the day with 170 cases, followed by Yen Bai with 64 and Quang Ninh with 25.

The national caseload reached 10,731,812.

A total 5,274 Covid-19 patients were given the all clear on June 12, bringing the number of recoveries so far to 9,553,193.

There are 24 patients needing breathing support, while one death was recorded in the past 24 hours. The total fatalities stood at 43,083.

By June 11, the country had injected 223,511,691 doses of Covid-19 vaccines, including 4,617,162 first doses and 645,880 second doses for children from five to under-12 years old.

Economic cooperation – solid pillar in Vietnam – Oman relations

Economic cooperation between Vietnam and Oman is considered a solid pillar in bilateral relations, with two-way trade turnover in 2021 reaching US$338.1 million, an increase of 100% compared to 2020.

The figure was unveiled by Vietnamese officials and Omani Ambassador Saleh Mohamed Ahmed Al Saqri at a ceremony held recently in Hanoi to mark 30 years of diplomacy between Vietnam and Oman (June 9).

They shared the view that the Vietnam - Oman Investment (VOI) is a bright spot in the overall investment cooperation picture between Vietnam and Oman. Since its inception in 2008 the fund has injected investment into successful projects in essential fields such as agriculture, renewable energy, and infrastructure, hydroelectric power plants, safe water treatment plants.

From the initial committed capital of US$100 million in 2009, VOI has so far disbursed more than US$300 million into essential projects in Vietnam, they noted.

Omani Ambassador Saleh Mohamed Ahmed Al Saqri and Vietnamese diplomats at a ceremony in Hanoi celebrating 30 years of diplomacy between Vietnam and Oman. Photo: baodautu.vn

According to Nasser Al Harthy, chairman of the Board of Directors of VOI, the fund has made 17 investments since 2011 in many businesses and economic fields such as highways, renewable energy, urban safe water, hospitals, pharmaceuticals, universities, consumer goods, building materials, real estate, and agriculture, according to VOV.

These projects have contributed significantly to the development of key industries in Vietnam, promoting regional economic development and improving the quality of life of people in many localities, he stressed.

Notably, VOI, through the VOI - CME Solar Joint Venture that focuses on developing renewable energy, accompanies the Vietnamese Government to strongly implement its COP26 commitment to reduce greenhouse gas emissions.

“Together with investment partner Copper Mountain Energy (CME), we have developed 140 MWP solar power plants in Long An and nearly 100 MWP rooftop solar power to provide renewable energy directly to hundreds of local and FDI businesses in Vietnam,” said Nguyen Hong Son, CEO of VOI.

“In the next five years, we aim to achieve at least 1 GWP in renewable energy generation, equivalent to a contribution to reducing emissions of more than 1 million tonnes of CO2 annually,” he revealed.

In addition, VOI and other stakeholders have developed safe water supply plant projects to produce and distribute millions of cubic meters of safe water to millions of people in Ho Chi Minh City, Hanoi and Mekong Delta localities every day.

Vietnam attends 4th Asia-Europe political forum, 37th ICAPP meeting

A Vietnamese Party delegation attended the 4th Asia-Europe Political Forum (AEPF) and the 37th meeting of the International Conference of Asian Political Parties (ICAPP), which took place in the Czech Republic from June 10-12.

The forum, founded in 2017, attracted the participation of 28 parties from 21 Asian and European nations. It discussed Covid-19-related experiences, globalization, and future EU-Asia relations.

It passed a statement highlighting the importance of strengthening the partnership through the important role of political party cooperation towards sustainability and comprehensiveness, cited VNA.

Participants at the 4th Asia-Europe Political Forum. Photo: VNA

At the 37th ICAPP meeting held within the framework of the AEPF, participants agreed to work together to promote cooperation between political parties in the region as well as their collaboration with their peers in other regions.

On the sidelines of the event, deputy head of the Party Central Committee's Commission for External Relations Ngo Le Van, who led the Vietnamese delegation, had meetings with Jan Zahradil, Vice Chairman of the European Parliament’s Committee on International Trade; ICAPP leaders; and representatives of participating parties.

Van stated the Communist Party of Vietnam will continue actively making contributions to ICAPP operations and prioritized orientations.

Vietnam’s recovery path sees prospects, challenges

Vietnam’s economy glimmers with bright prospects but faces new challenges, given the fact that the Covid-19 pandemic has yet to end and global political and economic shocks continue.

Photo: MOIT

In 2020 and 2021, despite impacts of the pandemic, Vietnam maintained positive growth, mainly thanks to increases in import-export and investment, especially foreign direct investment. Following better Covid-19 control, a strong recovery was recorded in a number of industries, such as retail, personal goods, pharmaceuticals, logistics, and forestry.

The Asian Development Bank (ADB) forecast that Vietnam's economic growth would recover to 6.5% in 2022 and reach 6.7% in 2023.

The International Monetary Fund (IMF) lowered its growth forecast for the global economy this year, but believed Vietnam’s recovery will be boosted by the implementation of its socio-economic development and recovery program. Francois Painchaud, IMF Representative in Vietnam, projected that its GDP will grow at 6% in 2022 and 7.2% in 2023.

Tran Quoc Phuong, Deputy Minister of Planning and Investment, however, said the local business climate faces new and unpredictable challenges, reported VOV.

Inflation is one of the biggest risks to the economy for 2022. Forecasts of domestic and international organizations, as well as economic experts, suggest that this year's inflation will approach the threshold of 4% set by the Government, and cannot be as low as the rates recorded in recent years.

Nguyen Bich Lam, former Director of the General Statistics Office, said that with the delay of the country’s recovery and development package in the context of rising world commodity prices, inflation is likely to be about 4 - 4.5% in 2022. He forecast the rate to move up to 5 – 5.5% in 2023.

Painchaud said that Vietnam has successfully maintained fiscal stability, external balance, and financial stability, with its macroeconomic policies helping to reduce the impact of the Covid-19 pandemic.

However, the recovery is uneven and there are some risks to the growth outlook, he said.

Phan Duc Hieu, Standing Member of the National Assembly’ Economic Committee, said that to successfully implement the recovery program in the new context, it is necessary to implement support for people and businesses.

Increasing the economy’s absorption capacity and avoiding the waste of resources are also important, while publicity and transparency are both a solution and a requirement to improve the program’s effectiveness and efficiency, he added.

Football tournament in Russia promotes Vietnamese people’s love for sports

The Sadovod Football League 2022 recently wrapped up successfully in Moscow, contributing to promoting a love for sports among Overseas Vietnamese people in Russia.

Launched on May 10, the month-long event attracted six teams, who competed in a round-robin format.

It aimed to create a sporting venue for the Overseas Vietnamese community who are doing business at Sadovod shopping complex, which is one of the most bustling trading areas in Moscow, cited NDO.

At the opening ceremony of the tournament. Photo: VNA

Speaking at the closing ceremony, on behalf of the organizer, Nguyen Van Hoi expressed his thanks for the enthusiastic participation of the football teams and the valuable support of Sadovod shopping complex’s management board.

The successful organization of the tournament helped to promote solidarity among Vietnamese expats in Russia and bolter Vietnam-Russia relations, he stressed.

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