Illustrative image. (Photo: VNA)

Vietnam-Laos trade turnover hit 99.2 million USD in January

Bilateral trade between Vietnam and Laos reached 99.2 million USD in January, a year-on-year decrease of 27.3%.

Vietnamese shipments to Laos were valued at 27.8 million USD, down 35% from a year ago, while its imports from Laos reached 71.4 million USD, a year-on-year decline of 23.8%.

Major exports included vegetables and fruits with 1.94 million USD and petroleum products of all kinds 3 million USD, representing respective increases of 242.2% and 24.9% against the corresponding period last year.

Its main imports from Laos were corn, rubber, wood and wood products and fertilisers of all types, cited VNA.

Two-way trade revenue between Vietnam and Laos in 2022 grew 24% year-on-year to reach some 1.7 billion USD.

Vietnam exported 656 million USD worth of goods to the neighboring country in 2022, up over 10%. The included mainly oil and gas, fertilizers, steel, machinery and accessories, and means of transport. Meanwhile, Vietnam’s imports were valued at over 1 billion USD, a year-on-year rise of 35%, with main items including wood and wood products, fertilisers, rubber and corn.

In December alone, the two-way trade stood at 211 million USD, up 60% from a year earlier.

Vietnamese economy likely to boom in second quarter

The Vietnamese economy is likely to recover strongly in the second quarter of the year, according Tim Leelahaphan, economist for Thailand and Vietnam at Standard Chartered.

In a recent interview granted to Lao Dong (Labour) Newspaper, Leelahaphan said the nation endured a challenging 2022, particularly as foreign exchange reserves saw a remarkable decrease, along with difficulties related to real estate and bond markets, as well as liquidity issues.

However, the economic situation gradually improved in the first quarter of the year, he said, pointing to the recovery of the VND and citing Standard Chartered's forecast that the country's GDP growth could hit 7.2% this year and 6.7% ahead in 2024.

Photo: VOV

Despite the Vietnamese economy still facing a number of macro risks such as inflation, public debt, and confidence on economic recovery, the prospect of recovery moving forward is positive for the second half of the year, he said.

Leelahaphan stated there are at least five challenges facing the nation which relate to economic growth, inflation, foreign reserves, monetary policy, and the real estate market.

The Vietnamese inflation rate is anticipated to rise from 3.15% last year to 4% to 4.5% this year, he said, adding that factors that may impact inflation this year such as increasing tuition fees and import inflation, according to VOV.

However, he noted that the country has experience in inflation control and it will be the top priority in terms of policy management.

According to the expert, Vietnam will continue to be an important link in the global supply chain, as well as being an attractive destination chosen by many businesses.

He said the most important thing now is to speed up the disbursement of public investment in support of the economy, adding that strengthening investment in infrastructure development represents the key to supporting economic growth.

Vietnam attends Baku Summit of Non-Aligned Movement Contact Group

A Vietnamese delegation led by Ambassador to Russia and Azerbaijan Dang Minh Khoi attended the Summit of Non-Aligned Movement (NAM) Contact Group in response to the COVID-19 pandemic, held in Baku on March 2.

The summit, chaired by Azerbaijan President Ilham Aliyev, saw the participation of leaders, foreign ministers, and ambassadors from NAM member countries as well as representatives from international organisations, observers, and guests of Azerbaijan that is taking NAM chairmanship.

NAM member countries recognised the movement's contributions to COVID-19 prevention and control. In the last three years, the pandemic has widened the rich-poor gap, seriously affecting socio-economic development in developing countries, especially in Africa and small island countries. Furthermore, a third of the world's population has yet to receive the first dose of the COVID-19 vaccine. Besides, it is forecast that the world will not be avoidable to new pandemics in the future, so humanity must prepare for potential pandemics and possible consequences.

As the consequences of the pandemic are increasingly multi-dimensional, geopolitical tensions, global economic crisis, and non-conventional challenges, the countries emphasised the role of multilateral cooperation in general and NAM in particular in post-pandemic recovery.

Vietnamese Ambassador to Russia and Azerbaijan Dang Minh Khoi speaks at the Summit of Non-Aligned Movement (NAM) Contact Group in response to the COVID-19 pandemic in Baku. (Photo: VNA)

Representatives from countries called for the lifting of restrictions on vaccine exports, strengthening health capacity building, sharing experiences, and transferring biotechnology. At the same time, they reaffirmed their commitment to promote the 2030 Sustainable Development Goals and highlighted the urgency of developing a vision and strategy for NAM to ensure the common interests of member countries during the post-pandemic period.

At the summit, Ambassador Dang Minh Khoi shared Vietnam’s experiences in COVID-19 prevention and control as well as post-pandemic recovery.

He emphasised the country’s policies of putting people at the centre and its duo goals for both disease control and socio-economic development.

To promote post-pandemic recovery, Vietnam suggested that NAM cooperation in the coming time should strengthen solidarity based on respecting the sovereignty and diversity of members, upholding the voice of members at international forums, promoting cooperation mechanisms within the NAM framework and implementing people-centered recovery policies, Khoi said.

The summit was closed on March 3 with the issuance of a summary statement of chairing country. Azerbaijan will continue to hold NAM Chairmanship until the end of 2023 before handing it over to Uganda.

Vietnam and UN World Tourism Organization enhance cooperation

Deputy Prime Minister Tran Luu Quang met with Executive Director of the World Tourism Organization (UNWTO) Zoritsa Urosevic in Madrid on March 2 within the framework of his visit to Spain, reported NDO.

Deputy Prime Minister Tran Luu Quang met UNWTO Executive Director Zoritsa Urosevic.

At the meeting, the UNWTO Executive Director spoke highly of the close cooperation between UNWTO and Vietnam and expressed her impression of achievements obtained by Vietnam in the fight against the COVID-19 pandemic, and Vietnam's dynamic socio-economic development and sustainable tourism, over the years.

She also emphasised the positive assessment of the world tourism organizations about Vietnam, as a favourite destination for international tourists.

For his part, Deputy PM Tran Luu Quang underscored the important role of UNWTO and the Executive Director, in promoting the recovery of global tourism, contributing to sustainable socio-economic development, gender equality, education, job creation and rural development.

The Deputy PM proposed that UNWTO promote cooperation with Vietnam, select Vietnam to host several UNWTO events and provide Vietnam with technical assistance on digital transformation and application of information technology, to develop a smart tourism ecosystem, statistical work, response to climate change, and help Vietnam position and develop its national tourism brand.

Vietnam, RoK aim for US$100 billion trade target this year

Vietnam and the Republic of Korea (RoK) have made efforts to intensify trade promotion activities as a contribution to bringing the two-way trade turnover up to US$100 billion this year.

The Korea Trade and Investment Promotion Agency (KOTRA Hanoi) have successfully organised a direct trade exchange between businesses from the RoK’s Incheon city and Chungbuk Province and Vietnamese importers at Lotte Hanoi Hotel recently, cited VOV.

An overivew of the direct trade exchange between Korean and Vietnamese businesses.

During the course of the event, a total of 20 prestigious Korean manufacturers and suppliers introduced Vietnamese importers to a wide range of products, ranging from essential consumer goods to industrial products. Due to their strengths in cosmetics, food supplements, and health products, Korean enterprises have received special attention from Vietnamese importers.

With regard to the overall effectiveness of the direct trade exchange, An Manh Tung, director of Tung Minh Import-Export Joint Stock Company, said that local businesses remain keen on the RoK’s health care products as a result of their high quality, adding that through 120 direct trade exchanges nearly 70 Vietnamese firms have found suitable products from Korean suppliers.

Eun Sung Kang, Director of Flexplay Korea, emphasised that this marks the fourth time that the enterprise has come to Vietnam in order to seek co-operation opportunities, noting that Flexplay's whole grain and cereal powdered milk products have great potential for further development in the Vietnamese market.

As a means of fulfilling the Vietnam-RoK trade turnover target of US$100 billion, Tran Thi Hai Yen, head of KOTRA Hanoi's office, said the KOTRA Office will continue to arrange between 70 and 80 direct and online trade events this year in a bid to connect more than 1,000 Korean enterprises with over 1,500 local businesses.

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