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National Assembly deputies are expected to ratify the UK's CPTPP accession protocol at its ongoing session in Hanoi.

Vietnam considers ratifying UK’s Accession Protocol to CPTPP

Deputies to the National Assembly debated documents on the ratification of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at the ongoing session in Hanoi on June 8.

The United Kingdom officially applied for CPTPP membership on February 21, 2021. Accession negotiations between the UK and the 11 current CPTPP members were concluded on 31 March 2023. The UK concluded negotiations to join the CPTPP on 31 March 2023 and signed the Protocol of Accession on 16 July 2023.

At the legislature on June 8, Vice President Vo Thi Anh Xuan presented the President’s report, saying the UK’s CPTPP accession documents include two main parts: Accession Protocol and Annexes; and UK letters and bilateral letters between Vietnam and the UK.

The Protocol and its Annexes represent the UK’s market opening commitments in six areas, namely trade in goods, trade in services - investment, and temporary entry of businesses, government procurement, financial services and state-owned enterprises.

The Protocol also represents a number of legal-institutional commitments, thereby unifying specific chapters of the Agreement applicable to certain territories of the UK, and CPTPP members’ agreement to accept an exception clause to the Protocol on Ireland/Northern Ireland.

Like the other 10 CPTPP members, Vietnam has signed five bilateral documents with the UK in the fields of labor – trade union, e-commerce, intellectual property and financial services. In addition, Vietnam and the UK also signed bilateral documents on Government procurement, grace periods in intellectual property and investment licensing on the basis of ensuring reciprocity and balance of obligations between the two parties.

The UK has signed a document confirming that Vietnamese industries are considered operating under market economy conditions, and that the UK will not apply Article 14.1(b) of its 2019 Trade Remedies Regulations to imported goods in Vietnam, cited VOV.

According to Vice President Vo Thi Anh Xuan, the UK’s CPTPP accession will help promote and attract more economies to join this agreement, expand market access opportunities for Vietnamese goods and increase Vietnam’s attractiveness in the eyes of foreign investors.

The UK is one of the largest import markets in the world. The results of negotiations Vietnam has achieved will strongly promote its trade and investment exchange activities with the UK, especially creating conditions for Vietnamese goods to access the market with a large annual import turnover.

However, she said the UK is one of the most demanding markets in the world regarding the standards of domestically circulated goods. Therefore, Vietnamese goods exported to the UK market still face challenges in meeting its standards.

Vietnam will also commit to opening its market to goods and services for the UK, bringing to bear certain competitive pressure on local businesses, goods and services. Yet, this is healthy, selective competitive pressure that follows an appropriate roadmap. More importantly, she said the competitive pressure will not be great as the economic structures of both the UK and Vietnam are highly complementary.

The Government proposed the National Assembly ratify the UK’s accession protocol at the ongoing legislature session so that Vietnam will be one of the first six CPTPP countries to ratify it. So far three CPTPP members - Singapore, Japan and Chile - have completed procedures in their countries.

The Vietnamese President also requested the National Assembly consider and decide to ratify the UKs Accession Protocol at the session.

Vietnam, Russia further enhance cooperation

The relationship between Vietnam and Russia is a testament to the strength of time-tested friendship and cooperation that have continuously been strengthened and expanded across fields, Deputy Prime Minister Tran Hong Ha has said.

He made the remarks at a banquet held by the Russian Embassy in Vietnam on June 7 in celebration of Russia Day (June 12, 1990) and the 30th anniversary of the signing of the Treaty on Principles of Friendly Relations between Vietnam and Russia (June 16, 1994-2024).

The Vietnam-Russia relationship is an invaluable asset of the two countries and peoples of Vietnam and Russia that needs to be promoted and transmitted to future generations, he continued.

Ha affirmed that for many generations of Vietnamese people, Russia holds a very important place in their hearts. This sentiment stems not only from Russia’s political and economic support and cooperation with Vietnam but also from the mutual love and cultural connections between their people, according to VNA.

Deputy Prime Minister Tran Hong Ha (right) and Russian Ambassador to Vietnam Gennady Stepanovich Bezdetko (Photo: VNA)

According to the Deputy PM, the 30th anniversary of the Treaty on Principles of Friendly Relations and the upcoming 75th anniversary of bilateral diplomatic relations in 2025 mark significant moments for both sides to honor past achievements, seize present opportunities, and build a roadmap towards a future based on shared values, trust and mutual benefit.

Addressing the function, Russian Ambassador to Vietnam Gennady Stepanovich Bezdetko said that since the establishment of the comprehensive strategic partnership, the traditional friendship between the two countries have developed robustly across all areas.

Russia prioritizes fostering its strategic partnership with the Association of Southeast Asian Nations (ASEAN), the ambassador said, elaborating that his country always treasures and wishes to further strengthen ties with Vietnam, one of its key partners in Southeast Asia, for the sake of peace, stability and prosperity in the region and the world.

Vietnam and Venezuela pledge to expand multifaceted cooperation

Vietnamese Foreign Minister Bui Thanh Son held talks with his visiting Venezuelan counterpart Yván Gil Pinto in Hanoi on June 8, hammering out measures to increase multifaceted cooperation between the two countries.

Son welcomed Yván Gil Pinto’s visit to Vietnam, showing the Venezuelan Government’s desire to further strengthen the traditional friendship and comprehensive partnership between the two countries on the occasion of the 35th anniversary of establishing their diplomatic relations this year.

He affirmed that Vietnam attaches importance to relations with Venezuela, ​​and hopes that bilateral relations will achieve important progress, consistent with the strengths and needs of both sides, especially in economics, trade and investment.

Son proposed that the two sides increase the exchange of delegations at all levels, including business delegations to carry out trade and investment promotion activities, creating conditions for market access for their strong export products, while concretizing cooperation and investment opportunities.

Yván Gil Pinto for his part said the Venezuelan Government always values ​​and prioritizes strengthening relations with Vietnam, which is an important partner for Venezuela in Asia – Pacific.

Vietnamese Foreign Minister Bui Thanh Son shaking hands with his visiting Venezuelan counterpart Yván Gil Pinto head of their talks in Hanoi on June 8. (Photo: MOFA)

Venezuela desires to strengthen and expand cooperative relations with Vietnam both bilaterally and multilaterally, contributing to the construction and development of each country, he stated.

The two Ministers expressed satisfaction at the positive developments in the two countries’ relations in recent times, especially the results of Deputy Prime Minister Tran Luu Quang’s visit to Venezuela in April 2024.

They emphasized that the two sides need to further improve the effectiveness and flexibly implement the Political Consultation mechanism at the Deputy Foreign Minister level and soon convene the meeting of the Vietnam-Venezuela Intergovernmental Cooperation Committee to review and promote negotiations on cooperation agreements, creating a legal framework for strengthening multifaceted cooperation.

The two sides agreed on a number of measures to further deepen the multifaceted cooperation between Vietnam and Venezuela in the coming time in the fields of politics, diplomacy, trade, agriculture, energy, culture, and people-to-people exchanges, VOV reported.

They agreed to increase cooperation in new fields such as telecommunications, construction and pharmaceuticals. They also spoke highly of the potential for cooperation in the fields of energy, agriculture, pharmaceuticals and trade.

The two sides vowed to maintain coordination and mutual support at international organizations and multilateral forums, especially at the United Nations and the Non-Aligned Movement.

Discussing international and regional issues of mutual concern, the two Ministers agreed that disputes need to be resolved by peaceful means on the basis of international law, respecting the legitimate interests of relevant parties, contributing to peace, stability, cooperation and development in the region and the world.

HCM City, Hanoi among Savills list of fastest-developing cities

Ho Chi Minh City and Hanoi have been included in the Savills list of fastest-developing cities on the planet recently released by the commercial real estate brokerage firm.

The southern metropolis ranks second, while the capital city, sixth, in the Growth Hubs Index, a companion to the Savills Resilient Cities Index.

According to Savills, the Growth Hubs Index builds on the Resilient Cities Index by forecasting the economic aspects of 230 cities through to 2033 to identify the fastest-growing cities.

Cities in India and Bangladesh, which are expected to see GDP growth of more than 68% over the decade, feature heavily. Bengaluru in India leads the Growth Cities pack, followed by HCM City, cited VOV.

Ho Chi Minh City ranks second in the Savills list of fastest-developing cities on the planet recently released by the commercial real estate brokerage firm. (Photo: VNA)

Data is city-metro level from Oxford Economics. Future credit rating is at a country level. Only cities with a GDP in 2023 of 50 billion USD or above are included in the analysis.

The firm said HCM City’s strong forecast is driven by the largest increase in the number of high-income households, while Hanoi’s prospects are based on growing personal wealth and an expanding middle class.

Vietnam continues to lay the groundwork to reap the benefits of strong inflows of foreign direct investment in the coming decade through step-changes in infrastructure, regulation and planning.

About 6% of GDP is committed to infrastructure – the highest level in the region. This is for projects including Long Thanh International Airport, east of Ho Chi Minh City, as well as thousands of kilometers of new roads and deep sea ports.

“Vietnam has changed from traditional dirt-floor manufacturing, with companies just seeking a lower cost of labor, to a country that is high-tech, more intensive, with tertiary manufacturing,” says Troy Griffiths, Deputy Managing Director, Central Management at Savills Vietnam.

This means the production of solar panels, electric vehicles, chips, laptop batteries, phones, monitors and all the relevant downstream components. Vietnam relies on a couple of key relationships, however: Samsung represents a remarkable 10-30% of the country’s GDP, while LG Corp also has a strong presence.

HCM City has always been the gateway for foreign investment. At 92% occupancy, it has a strong office market with a shortage of Grade A stock. Retail is thriving too, with robust domestic demand driving modernisation of the city’s traditional shophouses.

Hanoi has also won a large share of high tech manufacturing opportunities recently, but its downfall is its air quality. Situated in a delta bordered by two mountain ranges, any pollution becomes trapped; the city recently topped a list of the most polluted cities in the world. However, improving infrastructure has facilitated the development of localities with clean and natural environments within an hour’s travel, offsetting the city’s pollution issues.

Overall, investment in infrastructure is expected to shift the country’s industrial landscape. Around these new projects, land will also be earmarked for residential developments, plus supporting services and amenities.

Vietnamese blockbuster to hit international screens

Vietnamese blockbuster Lat mat 7: Mot dieu uoc (Face off 7: One Wish) will be screened internationally starting June 14, its producer had said.

It will be shown in North America, Europe and Australia, becoming the first Vietnamese film to premiere in three continents.

Screenings are scheduled in the US, Canada, Australia, New Zealand, the UK, Germany, France, Norway, Sweden, the Czech Republic, Slovakia, and Poland through 33888 Films distribution company, according to Hollywood newspaper Deadline.

In North America, it is set to be released during the Father’s Day week, VNS reported.

A scene from the film Lat Mat 7: Mot Dieu Uoc (Face Off 7: One Wish) by Lý Hải, which will premiere in three continents starting June 14. — Photo courtesy of Ly Hai Production

The film by Ly Hai revolves around a 73-year-old single mother who devotes her life to raising her five children.

She breaks her leg in an accident, and her only wish is to have her children by her side.

But each of them contrives excuses not to take the responsibility.

Taking a different approach to previous films in the series, it raises many problems surrounding families in modern society, Hailed by viewers as being relatable and meaningful.

It is the second highest grossing Vietnamese film of all time, with its revenues as of June reaching VND461 billion (US$18.07 million), according to Box Office Vietnam.

It remains among the five most popular films despite having had a run of over five weeks in theaters.

Three out of six films in Hai’s Lat mat (Face off) series collected more than VND100 billion (US$3.9 million).

They include Lat mat 5: 48h (Face Off 5: 48 hours) with VND156 billion (US$6.1 million), Lat mat 4: Nhà Có Khách (Face Off 4: The Walking Guest) with VND117.5 billion (US$4.5 million) and Lat mat 6: Tam Ve Dinh Menh (Face Off 6: The Ticket of Destiny) with VND272 billion (US$11 million).

The franchise has been worth VND712 billion (US$27.8 million) so far.

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