Vietnam News Today (Jun. 14): Vietnam Always Considers US As Strategic Partner
	Vietnam News Today (Jun. 15): Vietnam Calls For UNCTAD’s Continued Support For Developing Countries

Cuban President Miguel Díaz-Canel Bermudez (second from left), Vietnamese Ambassador Le Quang Long (centre), and delegates from both sides pose for a group photo.

Cuba, Vietnam reinforce solidarity, all-round cooperation

Vietnam always treasures and makes constant efforts to deepen as well as expand the fraternal solidarity and comprehensive and trustworthy cooperation with Cuba, Vietnamese Ambassador Le Quang Long said after presenting his letter of credence to Cuban President Miguel Díaz-Canel Bermudez recently.

The Vietnamese diplomat stated that Vietnam always bears in mind and feels grateful for Cuba's assistance for the country in the past, and maintains a consistent stance on supporting the just revolutionary cause of the Cuban people, cited VOV.

In reply, Cuban President Miguel Díaz-Canel, thanked Vietnam for the solidarity and valuable support that it has given to Cuba, affirming that the Latin American country desires and resolves to continue fostering the solidarity and cooperation between the two Parties, States and peoples, thus continuing the historical and traditional relations that President Ho Chi Minh, President Fidel Castro and General Raul Castro nurtured.

He used the occasion to congratulate Vietnam on its successful organization of activities to mark the 70th anniversary of the Dien Bien Phu Victory against the French colonialism, and emphasized that the Cuban Ministry of Foreign Affairs stays ready to coordinate with the Vietnamese side to prepare for celebrations of the 65th anniversary of Vietnam – Cuba diplomatic ties in each nation next year.

Party official hopes for stronger Vietnam-China’s Guangdong cooperation

Politburo member, Secretary of the Party Central Committee and head of the committee’s Commission for Information and Education Nguyen Trong Nghia met with Politburo member and Secretary of the Party Committee of China’s Guangdong province Huang Kunming on June 14.

At the meeting, part of Nghia’s working trip to China from June 11 to 15, the Vietnamese official expressed his impression on the dynamic and comprehensive development of the Chinese locality in all areas, particularly the economy.

Nghia said Guangdong has strong economic and trade cooperation with Vietnam, and suggested both sides enhance communications work on the sound friendship, neighborliness and comprehensive cooperation between the two Parties and States as well as between Vietnamese ministries, sectors and localities with Guangdong, according to VNA.

At the working session between Politburo member, Secretary of the Party Central Committee and head of the committee’s Commission for Information and Education Nguyen Trong Nghia and Politburo member and Secretary of the Party Committee of China’s Guangdong province Huang Kunming (Photo: VNA)

He expressed his hope that the two sides will support and facilitate trade-investment-tourism promotion activities of Vietnamese localities, organizations and companies in Guangdong, the introduction of the Vietnamese culture and arts to Guangdong people, and people-to-people exchange and cooperation between media agencies and publishing houses of the two sides, thus creating firmer foundation for bilateral ties.

Huang, for his part, spoke highly of the development of the Vietnam – China relations as well as positive results in the economic, trade, investment and tourism cooperation between Vietnam and Guangdong in particular, stressing he supports and encourages local firms to promote investment in Vietnam while facilitating Vietnamese investment and business in the locality.

Guangdong always pays attention to preserving the relic sites connected to President Ho Chi Minh and Vietnamese revolutionaries in the locality, particularly the Vietnamese Revolutionary Youth League relic site and the grave of Martyr Pham Hong Thai.

Nghia paid tribute to Martyr Pham Hong Thai at his tomb and visited the Vietnamese Revolutionary Youth League relic site on June 15.

Earlier, Nghia had a working session with the Nanfang Media Group, the largest multi-media agency of Guangdong province.

US recognition of market economy to increase opportunities for Vietnamese exports

The US's recognition of the market economy in Vietnam will help expand business opportunities for Vietnamese enterprises and pave the way for Vietnamese exports to this market, according to experts.

In early May 2024, the US Department of Commerce held a hearing on the recognition of Vietnam's market economy.

Vietnam has made efforts for a long time to meet six criteria for the US to recognize its market economy status, including conducting economic reforms to meet the criteria prescribed by the US, including currency convertibility, salary and wage negotiations between employees and employers, level of foreign investment in economic activities, and issues related to state and private ownership, VOV reported.

According to assessments of many international analysts, Vietnam has demonstrated its performance in accordance with the above criteria as good or often better than other countries that have been granted market economy status. Vietnam also intervenes less in state-owned enterprises than India, and is more open to foreign investment than Indonesia, Canada and the Philippines.

Nguyen Thi Thu Trang, Director of the Center for WTO and Integration under the Vietnam Chamber of Commerce and Industry (VCCI), held that winning the US recognition has great significance for manufacturing and export industries, as exports to this market will receive tax reductions. This move can also encourage US companies to diversify their supply chains.

Photo: VNA

James Borton, a non-resident senior fellow at the Foreign Policy Institute (FPI) of the Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies (SAIS), wrote in an article published on geopoliticalmonitor.com that the market status recognition will bring many economic benefits to both countries.

Burgeoning trade flows between the two countries and the White House’s push for the establishment of the partnership agreement on the Indo-Pacific Economic Framework for Prosperity (IPEF), means market status recognition would help Vietnam expand its trade and investment with the US.

The bilateral benefits for US companies derived from recognition of Vietnam as a market economy include market access and export opportunities, namely in agriculture, machinery, aircraft, and pharmaceutical products, all of which contribute to the development of a supply chain that suits the US’s interests.

Market-status recognition would also contribute to a reduction in trade barriers, making it easier and cheaper for US businesses to export goods and services to Vietnam, according to Borton.

Furthermore, the US’s recognition of Vietnam as a market economy could further incentivise US companies to diversify their supply chains. Additionally, lower import prices and improved market access could enable US companies to increase their output and production in Vietnam. This offers the potential to generate increased sales revenues and profitability for American companies operating in Vietnam, he wrote.

According to Nguyen Dinh Luong, former head of the Vietnamese negotiation delegation of the Vietnam – US Bilateral Trade Agreement (BTA), to be truly recognised as a market economy by the US, Vietnam must learn from the world's laws and apply universal laws in new areas, and have a roadmap to gradually gain a firm foothold in the common playing field.

Trang advised businesses to study and regularly update regulations of the US market, pay attention to those related to trade remedies, epidemic prevention, hygiene, technical standards, rules of origin, and regulations related to labor employment standards.

Vietnam leaves imprints on peacekeeping operations

Over the past ten years, Vietnamese peacekeepers have matured, and made practical and effective contributions to preserving global peace.

More than 800 military officials and professional personnel of the Vietnamese army and police have been sent to the UN peacekeeping operations, such as the missions in South Sudan, the Central African Republic and Abyei, as individuals and units.

Vietnam now ranks 45th among 120 countries sending military and police officers to UN peacekeeping missions, with the number of personnel regularly deployed to the field missions reaching 274, including 36 females, cited VNA.

To be more specific, 27 individual officers, one level-2 field hospital with 63 staff members and one engineering team with 184 people are on missions. Besides, three military and one police officer are working at the UN headquarters, engaging in plan and policy building for UN peacekeeping activities.

Established on May 27, 2014, the Vietnam Department of Peacekeeping Operations has turned itself into an elite force which has affirmed its professionalism and capacity in the international working environment.

Vietnam has one of highest digital potentials in ASEAN: HSBC

With a population of over 100 million and a working age share of close to 70 percent, it is clear to see the strong potential for Vietnam’s digital consumption, noted HSBC in its report Vietnam at a glance released on June 14.

The e-Conomy SEA 2023 report showed that Vietnam was the fastest-growing digital economy in ASEAN with an impressive growth of 20 percent.

Measured by gross merchandise value (GMV), the country has the potential to become the second-largest digital market in the region by 2030, just after Indonesia. HSBC expects the expansion to be led by a rapidly developing e-commerce ecosystem, supported by a rising consumer base.

The bank said, but it is not just the demographic tailwinds–Vietnam's rapid rise in internet users also helps expand its digital market.

Almost 80 percent of Vietnam's population now use the internet, thanks to smartphone ownership more than doubling from a decade ago.

In accordance with the National Digital Transformation Program through 2025 with a vision to 2030, Vietnam aims to build the three pillars of digital government, digital economy, and digital society, VGP reported.

Photo: VGP

The government has correspondingly laid out a number of ambitious targets in recent years, including handling all administrative procedure applications online by 2030.

The national strategy opens up opportunities in a wide range of sectors. In particular, digital literacy is relatively low among the rural population and in the agricultural sector.

While state-led initiatives to drive rural digitalization have spurred progress in building a digital economy, it is important to note that private businesses can also play a role in accelerating the transition, highlighted HSBC.

According to the bank, digitalization brings both opportunities and challenges to Vietnam. In order to leverage its favorable demographics and achieve its digital ambitions, investments need to be channeled into not just new areas such as artificial intelligence (AI), but also foundational areas such as digital education and traditional infrastructure.

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