Vietnam News Today (Jun. 7): Vietnam Increases in Importance in World Investors' Eyes

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At the meeting between Vietnam, Singapore and the US on large-scale electricity export. (Photo: VNA)

Vietnam actively engages in regional green transition

A Vietnamese delegation led by Minister of Industry and Trade Nguyen Hong Dien has attended the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting, and its sidelines event - Clean Economy Investor Forum in Singapore.

The forum, co-organised on June 6 by the Singaporean Ministry of Trade and Industry and 13 other IPEF member countries, brought together ministers, senior officials and world leading investors. Singaporean Prime Minister Lawrence Wong attended and delivered opening remarks at the event.

It was an initiative to promote the targets set in the IPEF Clean Economy Agreement, facilitating business activities and high-quality capital connectivity, while connecting the public and private sectors through in-depth dialogues with experts.

Notably, the forum identified a total of 69 sustainable infrastructure projects worth more than 23 billion USD.

On the sidelines of the ministerial meeting, Dien met with US and Singaporean representatives to exchange views on important matters in bilateral trade, as well as collaboration in renewable energy.

The minister stressed that Vietnam boasts huge potential for cross-border electricity trade, and it is interested in enhancing power connectivity in the Association of Southeast Asian Nations (ASEAN), cited VNA.

Vietnam appreciates the cooperation and support from the US and other relevant sides over the past time, he said.

Vietnam hopes that through the working group, countries will share experience in developing offshore wind power, and building underground power transmission cable systems and other related issues, Dien continued.

Notably, at the meeting between Vietnam, Singapore and the US on large-scale electricity export not through the national power grid, the leaders welcomed the establishment of the tripartite working group.

Vietnam expressed its interest in enhancing power grid connectivity within ASEAN, as well as between Vietnam and Singapore.

According to Luong Hoang Thai, Director of the MoIT’s Multilateral Trade Policy Department, the IPEF Ministerial Meeting marks countries putting the initiative in place.

On this occasion, Vietnam proposed working together with Singapore and the US to form a trilateral framework to discuss potential steps for the establishment of a power connection network with ASEAN countries, he said.

Global retailers seek opportunities at Vietnam International Sourcing Expo 2024

The Vietnam International Sourcing Expo 2024 opened in Ho Chi Minh City on June 6, attracting the participation of nearly 300 reputable distribution channels and importers from around the world in an attempt to seek and establish partnerships with Vietnamese suppliers.

According to organizers of the expo, the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) and the European - American Market Department under the Ministry of Industry and Trade, the Vietnam International Sourcing Expo 2024 has attracted firms from the United States, Canada, Mexico, Chile, Venezuela, France, the UK, Germany, Sweden, Italy, Russia, Latvia, Japan, the Republic of Korea, Thailand, the United Arab Emirates (UAE), Saudi Arabia, Malaysia, China, India, Australia, and New Zealand, among others.

Some major participating brands include Aeon and Uniqlo (Japan); Walmart, Amazon, and Safeway (USA); Carrefour and Decathlon (France); Falabella (Chile); Coppel (Mexico); Central Group (Thailand); Lotte (RoK); Miniso (China); IKEA (Sweden); and Lulu (UAE), according to VOV.

Representatives of many of the world's leading retailers and wholesalers attend the expo (Photo: congthuong.vn)

Meanwhile, 600 Vietnamese businesses have been selected to display products representing various industries in the international supply chain. These enterprises have obtained international certificates and produced high-quality products in industries that Vietnam has strengths in and international distributors and retailers need, such as food, textiles and garments, shoes, backpacks, bags, sports items, household appliances, and furniture, as well as supporting industries.

To optimize export opportunities, the organizers have arranged B2B trade matching sessions and field trips to localities for buyers, thereby creating conditions for participants to meet partners and customers and have more contracts and cooperation agreements signed.

In her opening speech, Deputy Minister of Industry and Trade Phan Thi Thang emphasized that the Vietnam International Sourcing Expo 2024 has been held to effectively support businesses in their efforts to engage more deeply in global production and supply chains, helping them to adapt to the trend of increasingly deep international economic integration and to promote connections between foreign distributors and importers with domestic manufacturing and exporting enterprises.

In recent years, Vietnam has been transforming strongly to become a major global manufacturing center with the ability to supply the world market with many diverse, quality products and competitive prices, said Deputy Minister Thang.

She also noted that many corporations and retailers that are seeking stable sources of supply after the COVID-19 pandemic and recent geopolitical-economic instability have chosen Vietnam as a strategic location in their global supply chain.

The organizers expect that many business agreements and commercial transactions will be signed at the event, and participating businesses will have more ideas after meetings and seminars, serving to help Vietnam International Sourcing 2024 become a reputable business meeting place for firms, contributing to bringing Vietnamese goods and products to the wider world, said the Deputy Minister.

Statistics show that Vietnam’s total import-export turnover last year reached more than US$681 billion, including US$354.7 billion worth of exports. There were 35 items with an export turnover of over US$1 billion each, as well as seven export items with export turnover of over US$10 billion each. The first five months of 2024 saw the country rake in US$156.5 billion from exports, up 15% over the same period last year.

Exports to markets that have signed free trade agreements (FTA) with Vietnam have all seen a positive recovery. New generation FTAs ​​such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam FTA (EVFTA), and the UK-Vietnam FTA (UKFTA), along with a series of bilateral and multilateral FTAs ​​that the country has previously signed and implemented have created a large market network, becoming a driving force for local businesses to reach out global consumers.

In 2023 alone, Vietnamese exports to the FTA markets hit US$230.5 billion, accounting for nearly 65% ​​of the country’s total export turnover.

The Vietnam International Sourcing Expo 2024 is scheduled to last through to June 8.

Vietnam increases in importance in world investors' eyes: HSBC

Vietnam is poised to become one of the fastest-growing economies in the region in the coming years, according to experts from HSBC.

Head of Investments for Southeast Asia and India, HSBC Global Private Banking and Wealth Management, James Cheo, emphasized that Asia remains a significant driving force for global growth, bringing many investment opportunities and portfolio diversification to international investors.

Here, ASEAN and India are emerging as new growth fronts thanks to their young populations and expanding middle-class consumers.

With ASEAN, James Cheo believes that this region will bring one of Asia's most exciting growth stories thanks to the growing middle class and the opportunity to benefit from diversifying global supply chains.

Experts from HSBC assess that with a population of more than 680 million people, ASEAN's middle class is ready to become one of the world's most significant economic engines in the next decade, VGP reported.

Photo: VGP

Vietnam, a booming economy fueled by foreign direct investment (FDI) and manufacturing capacity, is poised to become one of the fastest-growing economies in the region in the coming years.

Favorable demographic characteristics, substantial infrastructure investment, high trade openness and the ability to attract FDI will continue to drive growth for Vietnam.

As stock market reform continues to progress, Vietnam will increase in importance in the eyes of investors worldwide.

Implementing the Regional Comprehensive Economic Partnership (RCEP) will also help increase trade integration and promote regional investment.

Vietnam calls on US to end embargo against Cuba

Vietnam, together with the international community, calls on the US to remove Cuba from the list of state sponsors of terrorism, and completely lift its embargo against the Caribbean country, Spokeswoman of the Vietnamese Ministry of Foreign Affairs Pham Thu Hang said on June 6.

While answering a reporter's question about the US's policy towards Cuba at the ministry’s regular press conference, Hang said Vietnam acknowledged that the US has removed Cuba from the list of countries not fully cooperating in counterterrorism, but still kept it in the list of state sponsors of terrorism.

She reiterated Vietnam’s consistent stance on strongly supporting the UN General Assembly's resolutions and requesting the US to end its blockage and embargo against Cuba, cited VNA.

Spokeswoman of the Vietnamese Ministry of Foreign Affairs Pham Thu Hang. (Photo: VNA)

"We wish that the US will take necessary steps to reach a full normalization of relations with Cuba and contribute to peace, cooperation, stability and development in the Americas and the world," the diplomat noted.

Responding to a reporter’s query on the Russia - Ukraine conflict, Hang said Vietnam’s stance on this issue has been stated on many occasions, reaffirming the country’s support for the settlement of disputes and disagreements through peaceful means, in accordance with international law and the United Nations Charter, taking into account the legitimate interests of all relevant parties, for peace, stability, cooperation and development in the region and the world at large.

"We welcome and stand ready to join international intermediary efforts to seek peaceful and sustainable solutions to the Russia - Ukraine conflict in line with international law and the UN Charter with the participation of concerned parties," she stressed.

Vietnam stun Philippines 3-2 in FIFA World Cup qualifier

Chief coach Kim Sang-sik made an impressive debut when Vietnam defeated the Philippines 3-2 with a goal in injury time in an emotional match as part of the second qualifying round of the 2026 FIFA World Cup in Hanoi on June 6 evening.

Vietnamese players controlled the ball quite well, and midfielder Hung Dung almost scored the opening goal when goalkeeper Neil Etheridge left the woodwork in the second minute. Unfortunately, the ball went wide of the post.

Host team players continued to dominate the game but they almost had to pay the price for mistakes near the end of the first half.

Both Bailey, who is playing in the United States, and Reichelt twice carved out two scoring chances by challenging goalkeeper Van Lam, but they all failed.

After the break, Kim decided to make some substitutions to increase the attacking ability of home team players, cited VOV.

Vietnamese striker Tien Linh celebrates his goal into the Philippine net.

However, in a lightning attack in the 62nd minute, Reichelt eliminated Duy Manh before defeating goalkeeper Van Lam in a face-to-face challenge, opening the score for the Philippines.

Vietnamese players responded with an impressive goal four minutes later. Van Toan broke the offside trap and made a pass to striker Tien Linh who ran in and finished the shot into the Philippines’ net.

The equalizer helped the Vietnamese team become more excited, and it was striker Tien Linh again who extended Vietnam’s lead with a header in the 77th minute.

Vietnamese continued creating more scoring chances but could not take advantage of them. Meanwhile, the visitors earned an equalizer from Kevin Ingreso’s close-range shot that beat goalkeeper Van Lam.

Five minutes into injury time, Tuan Anh shot from outside the penalty area, goalkeeper Etheridge repelled the ball out and Tuan Hai rushed in to score a valuable goal for Vietnam.

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