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Inside a foreign direct investment garment and textile firm (Photo: VNA)

Vietnam remains Southeast Asia’s bright star: ASEAN specialist

Vietnam remains a “bright star” of the Southeast Asian region despite power shortages and a weakened realty market last year, according to Kai Wei Ang, an ASEAN economist at the BofA Securities Inc., which is previously the Bank of America Merrill Lynch.

In a recent talk on CNBC’s Squawk Box, he laid stress on Vietnam’s advantages, including a competitive labor market, and a wide range of signed free trade agreements (FTAs) that facilitate its exports, describing them as fundamental support for the Southeast Asian country to lure investments, cited VNA.

Mentioning the power imbalance last year which was due to scorching weather, he said the Vietnamese authorities have learnt from the experience and made better preparations while carrying out more pre-emptive approaches with hope to prevent the repeat of the shortages.

The specialist highlighted that Vietnam has been a bright star in the region regarding foreign direct investment (FDI) attractions over the past decade, adding foreign investors funneled more than US$11 billion into the country from the beginning of the year to May 20, and some US$8.25 billion was disbursed during the time span, up 2% and 7.8% year-on-year, respectively.

Vietnam seeks to build stronger economic, trade, and investment ties with US

Cooperation in economics, trade, and investment between Vietnam and the United States continues to be a bright spot in the national pillar, representing an important pillar and being a major driving force in propelling bilateral ties forward.

Lieutenant General and Minister of Public Security Luong Tam Quang held a meeting with a delegation from the Information Technology Industry Council (ITI) led by President and CEO Jason Oxman in Hanoi on June 17.

At the meeting, Minister Quang welcomed the US delegation's visit and its proposal to work with Ministry of Public Security leaders.

Bilateral ties have seen positive developments in recent times, demonstrated by President Joe Biden's visit to Vietnam and the two countries moving to upgrade their relationship to that of a comprehensive strategic partnership, according to VOV.

At the working session between Lieutenant General and Minister of Public Security Luong Tam Quang and the delegation from the Information Technology Industry Council. (Photo:VNA)

The ITI is a prestigious and influential organization based in the US which brings together the world's leading companies in information and communications technology, while continuing to further enhance its role as a bridge between the Governments and businesses of the two countries. It therefore seeks to boost economic, trade, and investment co-operation between the two sides, especially investment by the US’s leading information technology enterprises in Vietnam.

The council currently has more than 80 member businesses, all of which are leading US enterprises in industry and high technology.

Through this visit, the council is keen to gain deeper insights into the Vietnamese investment environment and policies which will serve as a bridge furthering economic, trade, and investment linkages between the two nations.

To promote economic, trade, and investment relations commensurate with the development momentum of relations between the two countries, the council hopes that the Vietnamese Government, as well as the Ministry of Public Security, will continue to pay attention to and offer favorable conditions for US businesses to run stable, long-term investments in the Vietnamese market.

It also expressed a desire to continue working closely with relevant units in the Ministry of Public Security in terms of policy consultation, collaboration efforts to improve capacity, exchanges of information, experience, and other areas of mutual interest.

Vietnamese, Chinese officials vow to cement ties

The Vietnamese Party and State attach special importance to developing stable, healthy, sustainable and long-term relations with China, considering it a consistent guideline, a strategic choice and a top priority in its overall foreign policy, said National Assembly Vice Chairman Tran Quoc Phuong.

During a reception in Hanoi on June 17 for Vice Chairman of the Foreign Affairs Committee of the National People’s Congress of China Fu Ziying, Phuong said over the past years, ties between the two Parties and countries have been growing strongly, both in width and depth, evidenced by the regular exchange of all-level delegations, dialogues, consultations and close coordination at regional and global inter-parliamentary forums.

According to him, both sides agreed on major directions for cooperation between the legislative bodies, and signed a new cooperation agreement with updated content, providing a legal framework to elevate the bilateral cooperative relationship.

Phuong proposed continued engagement at all levels, including regular meetings, effective implementation of existing cooperation mechanisms, and deeper collaboration in various fields. He also advocated for increased exchanges between localities, people-to-people interactions, and knowledge sharing related to legislative functions, VNA reported.

At the reception (Photo: VNA)

Fu, for his part, said the China-Vietnam traditional friendship, founded and nurtured by generations of leaders, is an invaluable common asset of the two countries’ Parties, States and people, which should be inherited and upheld in the time ahead.

Affirming that China always considers developing relations with Vietnam a priority direction in its neighborhood diplomacy, Fu stressed that in the future, a crucial priority is to realize the shared perceptions reached by leaders of both Parties and States, inherite and promote the bilateral traditional friendship, toward further elevating the bilateral comprehensive cooperative partnership and building the strategic China-Vietnam community with a shared future.

He believed that continued efforts and concrete actions will lead to a florishing partnership that benefits the people of both countries.

Vietnamese exports forecast to grow by 10-12% in 2024

Vietnam’s exports are forecast to grow by between 10% and 12% in the year ahead, with a trade surplus reaching between US$21 billion to US$24 billion, according to June’s macroeconomic report released by MB Securities Company (MBS).

The report revealed that the country’s exports in May showed signs of recovery by raking in US$33.8 billion, up 5.7% compared to the previous month and up 15.8% against the same period from last year.

However, Vietnam recorded a trade deficit of US$1 billion in May due to a rise in importing equipment, machinery, and raw materials as many businesses moved to expand their operations to meet export orders from emerging markets through trade agreements struck between the country and international partners.

High export growth was recorded in products such as metals, up 111.6%; rice, up 56.4%; and textile fibers and yarns, up 52.7%, cited VOV.

Photo: VOV

During the five-month period, exports stood at an estimated US$156.7 billion, up 15.2% with impressive growth being reported in items such as cameras, camcorders, and components, up 61.1%; coffee, up 43.9%; and furniture products, up 34.2%.

With regard to export markets, the US remained the largest Vietnamese export market with US$44 billion, up 2%; followed by the EU with US$20.7 billion, up 16.1%; and Japan with US$9.4 billion, up 4.7%.

According to information given by MBS, the country’s exports are anticipated to grow by 10% to 12% this year due to inflationary pressures being eased, along with positive signs gained from foreign direct investment (FDI) in Vietnam.

However, there continue to be hurdles ahead for Vietnamese exports, including rising transportation costs due to escalating geopolitical conflicts; along with fierce competition from regional peers such as China, Indonesia, and Thailand.

President Putin to visit Vietnam this week

Russian President Vladimir Putin will pay a State visit to Vietnam from June 19-20, the Ministry of Foreign Affairs announced Monday.

The visit will be made at the invitation of Party General Secretary Nguyen Phu Trong.

Vietnam and Russia established diplomatic relations in 1950 and elevated the relationship to a Comprehensive Strategic Partnership in 2012.

On June 16, Vietnamese and Russian leaders exchanged congratulatory letters to mark the 30th anniversary of the signing of the Treaty on Principles of Friendly Relations between the two nations, cited VGP.

President Vladimir Putin.

In the letter, leaders of both nations underlined the historic significance of the treaty, which heralded a new era of multifaceted cooperation between Vietnam and Russia and laid the groundwork for elevating the bilateral ties to a Comprehensive Strategic Partnership.

Over the past three decades, generations of leaders and citizens from both countries have tirelessly nurtured their steadfast friendship, bolstered and expanded bilateral cooperation across various fields for the benefit of the people of both nations and for global and regional peace, cooperation and development.

They expressed confidence that the anniversary will usher in a new phase of development characterized by increasing trust, and even more substantive and effective cooperation between the two countries.

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