Vietnam News Today (Jun 7): Vietnam Nominated in 10 Categories at World Travel Awards 2022

Vietnam News Today (Jun 7): Vietnam to adopt V2K protocol in Covid-19 fight; Vietnam nominated in 10 categories at World Travel Awards 2022; Vietnam and Cambodia treasure close-knit ties over 55 years; Foreign investors keen on VN real estate market.
June 07, 2022 | 08:04

Vietnam News Today (Jun 7) notable headlines

Vietnam to adopt V2K protocol in Covid-19 fight

Vietnam nominated in 10 categories at World Travel Awards 2022

Vietnam and Cambodia treasure close-knit ties over 55 years

Foreign investors keen on VN real estate market

Book on Vietnam-RoK ties debuts

Daily Covid-19 caseload stands at 806 on June 6

Domestic firms to receive consultations to strengthen export to RCEP markets

Huge potential for Vietnam to promote blue economy

Free cartoons for Hanoi children from summer to year-end

The MoH proposes changing stringent 5K anti-pandemic measures to V2K. Photo: Phap Luat
The MoH proposes changing stringent 5K anti-pandemic measures to V2K. Photo: Phap Luat

Vietnam to adopt V2K protocol in Covid-19 fight

The Ministry of Health (MoH) has proposed that the Government take steps to replace the current 5K guidance on Covid-19 control with a V2K practice to match the actual situation.

During the height of the Covid-19 outbreak, Vietnamese people were encouraged to strictly abide by the 5K protocol that stands for khau trang (facemasks), khu khuan (disinfection), khoang cach (distance), khong tu tap (no gatherings), and khai bao y te (health declarations).

This form of communication helped residents to live safely with the virus and allow the country to move into a period of ‘new normal’.

Now with the latest outbreak being brought under control, the MoH suggested maintaining two rules on khau trang (facemasks), and khu khuan (disinfection).

The MoH has gathered opinions from various members of the National Steering Committee for Covid-19 Prevention and Control and has already submitted the proposal to the Government for approval, said Deputy Minister of Health Nguyen Thi Lien Huong, cited VOV.

However, she said the 5K message would be reinstated in the event new variants of Covid-19 emerge in the future.

Assoc. Prof. Tran Dac Phu, former head of the General Department of Preventive Medicine, welcomed the proposal, noting although the pandemic has been brought under control nationwide, some prevention measures such as mask wearing and disinfection remain necessary.

This is particular important as the Covid-19 pandemic has so far proved to be complicated, whilst there is also the danger that other diseases or variants may breakout, he said.

Concurring with this point of view, Assoc. Prof. Le Thi Anh Thu, president of the Vietnam Association for Infection Control, stated changing the Covid-19 prevention plan from 5K to V2K can be viewed as an appropriate and timely measure.

Vietnam nominated in 10 categories at World Travel Awards 2022

Vietnam has made the shortlist in 10 categories at the prestigious World Travel Awards (WTA) 2022, the Vietnam National Administration of Tourism (VNAT) said on June 6.

It was nominated for awards in the Asian region for Leading Destination, Leading Sustainable Tourism Destination, Leading Heritage Destination, Leading Cultural Destination, Leading Nature Destination, Leading Youth Travel Destination and Leading Beach Destination.

Photo: baobacgiang
Photo: baobacgiang

The Vietnam National Administration of Tourism is running for the Asia's Leading Sustainable Tourism Destination award.

The capital city of Hanoi was shortlisted as Asia’s Leading City Break Destination and Asia’s Leading Cultural City Destination, reported VNA.

To cast votes for Vietnam, please visit https://www.worldtravelawards.com. Voting will close on August 31.

The WTA was launched in 1993 to acknowledge excellence in the travel and tourism industry. Heralded as the “travel industry’s equivalent of the Oscars” by the Wall Street Journal, the awards are based on votes from the public and travel professionals across the globe.

Vietnam won the title of Asia’s Leading Destination at the World Travel Awards 2021.

The WTA also honored Vietnam as Asia’s Leading Sustainable Tourism Destination, and the Vietnam National Administration of Tourism as Asia’s Leading Tourist Board 2021.

Vietnam and Cambodia treasure close-knit ties over 55 years

On June 24, 1967, Vietnam and Cambodia officially established diplomatic relations, opening a new chapter in the relationship between the two countries.

Despite enduring ups and downs throughout history, both sides have gone on to treasure their close-knit relationship as it has been constantly nurtured and preserved by generations of leaders and people of the two countries. They have both stood alongside each other in the cause of national liberation and jointly built peaceful, happy, and prosperous states.

The solidarity, affection, and mutual support of the two peoples served as the driving force and strength for the two countries to stand together to overcome the genocidal regime of former Cambodian dictator Pol Pot, and revitalize relations in general.

Cambodian PM Hun Sen welcomes Vietnamese State President Nguyen Xuan Phuc in Phnom Penh during the latter's visit in December 2021. Photo: baoquocte.vn
Cambodian PM Hun Sen welcomes Vietnamese State President Nguyen Xuan Phuc in Phnom Penh during the latter's visit in December 2021. Photo: baoquocte.vn

Dr. Kin Phea, deputy director of the Royal Academy of Cambodia, points out that Vietnam, especially through use of its volunteer soldiers, played a pivotal role in overthrowing the Khmer Rouge regime and rebuilding Cambodia.

The co-operation, solidarity, friendship, and support from Vietnamese volunteer soldiers operating in Cambodia is of historical value which is a reality that cannot be denied, says Dr. Kin Phea.

The numerous achievements that both countries have jointly recorded over the past 55 years have not only resulted in the victory of the national liberation struggle, but have also manifested themselves in the development of bilateral relations across all fields in the process of national construction and development.

Amidst the negative impact of the Covid-19 pandemic over the past two years, mutual ties have been increasingly promoted. Indeed, the two countries joined hands to effectively prevent the pandemic and assist each other in various forms, both mentally and physically. They regularly co-ordinated closely, shared timely information, and supported each other at international and regional forums, especially within co-operation frameworks such as ASEAN, the UN, and the Greater Mekong Subregion, cited VOV.

At present, bilateral relations are developing well under the motto of ‘good neighborliness, traditional friendship, comprehensive cooperation, long-term sustainability’.

Vietnamese Ambassador to Cambodia Nguyen Huy Tang affirms that the two sides have reinforced political ties and are seeking to promote the education of the two peoples, especially the younger generations about the role, importance, and strategic significance of the mutual relations, so as to enhance political trust and create a solid social foundation for strengthening their comprehensive relations.

Along with these efforts, he says both countries have promoted co-operation in the fields of security, defense, and foreign affairs to help maintain the environment for national development and greater economic co-operation.

Sum So Phonl, an alumnus of a university based in Phnom Penh, says neighboring countries like Cambodia and Vietnam must rely on each other to develop in a sustainable manner, whilst young people have the responsibility to preserve this special relationship.

The important achievements recorded in each country, as well as their extensive and effective co-operation over the past 55 years are anticipated to create an essential prerequisite for the two countries to build on this legacy moving forward.

Foreign investors keen on VN real estate market

The decision to open all air routes from March 15 and the visa policy will both accelerate negotiation of M&A deals and strengthen real estate investment activities.

According to the Ministry of Construction, the real estate business has received more than US$31 billion of registered foreign investment capital. In 2021, the disbursed capital was $2.6 billion, down $1.6 billion compared to 2020.

In terms of macro factors, Vietnam's economy is growing steadily and sustainably compared to other countries in the region. According to FocusEconomics, Vietnam will lead in economic growth in 2022 and also in 2023.

According to the Ministry of Planning and Investment, in early 2022, the Government officially approved the largest socio-economic recovery and development program ever, worth nearly VMD350 trillion. Of which, more than VND100 trillion is invested in infrastructure development.

This acts as a “spill-out” driving force, providing many growth opportunities to satellite areas. From there, FDI enterprises can expand their investment scale, instead of just concentrating in big centers like Hanoi and Ho Chi Minh City.

In addition, Vietnam has a young and abundant labor force and competitive labor costs compared to other countries in the region. The high urbanization rate also creates favorable conditions for socio-economic development, opening up the potential for the development of many new urban projects.

Besides favorable macro factors, the timely support from the State plays a prerequisite role in helping strengthen the confidence of FDI enterprises in Vietnam.

Along with economic policies, the universal vaccination campaign was also deployed quickly. Thanks to accelerating the speed and scale of vaccination, Vietnam has become one of the six countries with the highest vaccine coverage rate in the world. This is the basis for foreign businesses to put their faith in the recovery of the Vietnamese market.

Limitations

In return for the opportunities and potential offered by Vietnam, merger and acquisition activities in the country still have certain limitations. This makes FDI enterprises more cautious, somewhat inhibiting the development of the M&A market.

Experts said that Vietnam’s M&A market has many advantages compared to other countries in the region, but still has potential challenges for foreign investors. M&A transactions are a complex commodity. Therefore, the parties involved need to carefully study as well as make detailed plans to aim for long-term value in the future.

In the context that businesses with investment needs are allowed to move freely, this is a golden time for the market to keep trade moving into Vietnam.

Photo: VNN
Photo: VNN

To increase its attractiveness to foreign investors, the market needs to maximize its potential and overcome outstanding limitations. The legal system on land is still relatively complicated. This causes bottlenecks and waste that have not yet been solved. Despite the government's institutional reform over the years, these shortcomings will be a factor hindering the development of M&A deals, VNN reported.

In terms of transaction structure, most foreign-invested enterprises want to deploy a joint venture structure. Under this model, they hold the main decision-making power and Vietnamese investors provide legal support for the project. However, due to the difference in business practices as well as the legal system, the negotiation between the two parties becomes time consuming, and sometimes leads to conflicts in the post-M&A stage.

Because the M&A market is a relatively new concept, many Vietnamese businesses, especially small and medium enterprises, have not prepared well for this process. For enterprises that own large projects, they have not yet specifically planned for a reasonable divergence right from the project planning stage, leading to many difficulties in mobilizing investment capital or transferring capital.

Buyers and sellers are taking different pricing approaches, creating differences in the expected price of the project. This leads to difficulties in negotiating to find a suitable price between the two parties.

Book on Vietnam-RoK ties debuts

A book on the 30 years of socio-economic cooperation between Vietnam and the Republic of Korea (RoK) has been published by the Korea Institute for International Economic Policy (KIEP) on the occasion of the 30th anniversary of the Vietnam-RoK diplomatic relations (1992-2022).

It is a collection of researches by Vietnamese and Korean professors and researchers.

Trade between Vietnam and the RoK rose 150 times and is expected to hit US$100 billion in 2023. Photo: VNA
Trade between Vietnam and the RoK rose 150 times and is expected to hit US$100 billion in 2023. Photo: VNA

Speaking to the Vietnam News Agency, Prof. Dr. Lee Han-woo from Sogang University said that the book provides an insight into the socio-economic partnership between the two countries over the past 30 years and gives objective assessments on the design of a better future for the bilateral ties.

Pointing to bright signs in economic cooperation between Vietnam and the RoK over the past 30 years, Prof. Lee noted that two-way trade rose 150 times and is expected to hit US$100 billion in 2023, cited VNA.

He said that in the future, Vietnam and the RoK should further reinforce the foundation for their win-win partnership by supporting businesses to strengthen partnership and balancing bilateral trade.

In the field of socio-culture, he proposed that the two sides should work together to increase the promotion of the Vietnamese culture, art and literature in the RoK.

The professor suggested that the two sides coordinate together to expand programs to introduce Vietnamese and Korean cultures to the other country through the Internet to strengthen mutual understanding.

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