Vietnam News Today (May 18): Vietnam, RoK Foster Multifaceted Cooperation

Deputy Prime Minister Tran Hong Ha receives AFD Deputy Director General Marie-Hélène Loison in Hanoi. (Photo: VNA)

Vietnam, AFD strengthen cooperation, promote energy transition

Vietnam wants to deepen the traditional reliable relations and strategic partnership with France, particularly the French Development Agency (AFD), said Deputy Prime Minister Tran Hong Ha while receiving AFD Deputy Director General Marie-Hélène Loison in Hanoi.

During the reception, Ha appreciated the results of AFD's activities in Vietnam as well as changes in its organizational apparatus for wider and more effective access to new development fields, cited VNA.

Ha said that besides institutionalizing mechanisms and policies on green transition and just energy transition, Vietnam needs advice on techniques, institutional improvement, technology selection, governance models, and financial resources in the fields of energy, transportation, agriculture, and urban areas.

Such advice will help Vietnam to determine actual needs, and plans for effective use of domestic resources, loans, and sponsorship sources, Ha said.

He noted that AFD's studies on green transition, climate change response, and energy transition will provide "solution packages" for investment, science and technology, and technical infrastructure development in Vietnam.

Regarding green transition and just energy transition, the Deputy Prime Minister said that the Government of Vietnam is discussing with partners to soon pilot several offshore wind power projects, adding the country also promotes the participation of the private sector in renewable electricity production.

"AFD's research results can also support French businesses to find investment and business cooperation projects in Vietnam," Ha said.

For her part, Marie-Hélène Loison affirmed that AFD and its partners are always ready to provide technical advice and support for Vietnam to improve the legal framework, find financial sources to implement important socio-economic development programs and projects in Vietnam, especially in the fields of energy transition, climate change response, and green transition.

Since 2019, AFD has coordinated with the Vietnamese side to implement a project to research the socio-economic impacts of climate change in Vietnam and the climate change adaptation strategy. The two sides have launched Phase 2 of the project with priority given to assessing the socio-economic impacts of the energy transition process in Vietnam.

Vietnamese culinary festival to get underway in Singapore

A Vietnamese culinary festival has been taking place at Oscar's Restaurant inside the luxury hotel Conrad Centennial Singapore to introduce the country’s diverse specialties alongside both local and international delicacies.

Two renowned Vietnamese head chefs Tin Nguyen and Khoa Nguyen Dac and their skilled team from Hilton Da Nang have contributed to introducing the authentic and rich flavor of Vietnamese gastronomy such as Pho (Vietnamese noodle soup) and Banh My (Vietnamese baguette), according to VOV.

Photo: VOV

Berry Chua, director of food and beverage of Conrad Hotel's, revealed that Vietnamese cuisine has become very popular in Singapore.

Over the past few years, many hotels in the city island nation have introduced Vietnamese cuisine in their menus, he said, adding that with the boom recorded in tourism and people’s increasing exposure to Vietnamese cuisine, the hotel has hosted the festival as a means of meeting the growing demand for Vietnamese cuisine.

Vietnamese Ambassador to Singapore Mai Phuoc Dung underscored the significance of the festival in helping Singaporean and international friends gain greater insights into special cuisine from three regions of Vietnam.

He expressed his hope that Vietnamese businesses and organizations will arrange additional culinary events moving forward to introduce the quintessence of Vietnamese cuisine to a global audience.

Vietnam, RoK foster multifaceted cooperation

The Ministry of Foreign Affairs in collaboration with the People’s Committee of the southern province of Binh Duong organized the “Meet Korea 2024” program on May 17 in the lead up to the 32nd anniversary of diplomatic relations between Vietnam and the Republic of Korea (RoK).

The event, attended by Deputy Minister of Foreign Affairs Nguyen Minh Hang, Korean Ambassador Choi Youngsam, leaders from southern localities and many Korean firms operating in Vietnam, was an opportunity for the two sides to evaluate their cooperation outcomes in the past 32 years, and discuss orientations for future development.

In her speech, Hang stressed that the Vietnamese Government treasures contributions made by foreign investors, including those from the RoK, to the socio-economic development of Vietnam.

She expressed her hope that the two countries will continue enhancing cooperation across the areas of hi-tech electronic device production, semiconductor, tourism and people-to-people exchange, reported VNA.

Representatives from Binh Duong and Korean partners sign a cooperation agreement at the “Meet Korea 2024” programme on May 17. (Photo: VNA)

Discussions at the event are expected to contribute to the sustainable development and prosperity of the two nations, she underlined.

Over the past more than three decades, the bilateral ties have borne fruit in various domains, particularly economy. The East Asian country is now a leading economic partner of Vietnam as it has poured a total of 86 billion USD in investment into the country. Their cooperative relations have also thrived in tourism, labor and trade, among others.

According to Chairman of the Binh Duong provincial People’s Committee Vo Van Minh, investors from 65 countries and territories have registered nearly 40.6 billion USD in some 4,300 projects in the province, with the RoK being the 5th largest with nearly 800 projects worth 3.4 billion USD.

The province commits to creating the best conditions for Korean firms who run business in the locality, he said, adding it prioritizes investors boasting considerable experience in the advanced technology industry, semiconductors, and state-of-the-art electronic products.

On this occasion, Binh Duong signed several cooperation deals with its Korean partners.

VEPR forecasts Vietnamese GDP growth at below 6% this year

The country's economic growth this year is projected to reach below 6%, according to Dr. Nguyen Quoc Viet, vice director of the Vietnam Institute for Economic and Policy Research (VEPR).

Viet made the projection under the report on Vietnam's economic outlook for 2024, released at a policy dialogue held in Hanoi on May 17.

He pointed out that the Vietnamese economy has experienced a period of recovery regarding import and export activities and foreign direct investment (FDI) inflows, VOV reported.

Photo: VOV

Most notably, the nation has maintained a trade surplus for eight consecutive years, with import-export turnover reaching US$23.88 billion, up 25.2% over the same period from last year.

However, there remains a number of difficulties which have hindered Vietnam’s ongoing economic recovery. Accordingly, the number of businesses withdrawing from the market saw a 1.5-fold rise compared to the number of newly-established firms, while credit growth remains at the lowest level over the past decade.

Furthermore, the economy has also faced exchange rate pressure, gold price escalation, and risks of rising inflation in the near future.

Other challenges include a delay in the US Federal Reserve’s interest rate cuts, geopolitical conflicts in the world and hindrances in terms of the market, human resources, technology, capital, climate change, droughts, flood, saltwater intrusion, and inflationary pressure.

To accelerate the country’s economic recovery and growth efforts, the VEPR recommends increasing public investment disbursement, removing difficulties for local firms, continuing to reduce value-added tax (VAT), diversifying capital and investment channels, as well as improving the level of independence and autonomy by the economy and Vietnamese businesses.

Vietnam promotes digital innovation

Vietnam is undergoing significant change as it shifts from a traditional telecommunications infrastructure to a robust digital infrastructure.

This includes the transition from conventional communications infrastructure to advanced digital economy infrastructure and from conventional information technology to cutting-edge digital technology.

In an official dispatch addressed to various units to mark World Telecommunications Day on May 17, Deputy Minister of Information and Communications (MIC) Phan Tam highlighted the theme for the 2024 celebration as 'digital creativity for sustainable development.' The International Telecommunications Union (ITU) urged member countries to undertake initiatives that promote technological innovation, offering applications, connectivity and digital transformation.

Telecom technology, as well as ICT, could play a crucial role in addressing pressing global challenges such as climate change, hunger eradication and bridging the digital divide. These advancements contribute to the attainment of the sustainable development goals established by the United Nations and its member countries by 2030.

Tam called upon agencies to raise awareness among individuals and businesses about the pivotal role of ICT and digital technology in the industry's development strategy.

Viettel has already initiated research into manufacturing of 6G equipment while actively participating in 6G patent activities. Photo courtesy of Viettel.

According to Nguyen Manh Hung, Minister of Information and Communications, in 2024, significant transitions are anticipated from IT applications to digital technology; automation to artificial intelligence; processing finite information to leveraging infinite digital data to generate new value; individual software to digital platforms; processing and assembly in manufacturing Make in Vietnam products. These trends serve as both a direction and a driving force for network operators.

From a global standpoint, revenue generated by digital applications accounts for more than 50 per cent of total telecoms revenue and contributes to an annual network growth rate of approximately 10 per cent. While new investments in 5G technology directly create 10 per cent growth, it is important to recognise that this growth extends beyond 5G alone; it encompasses the entire 5G ecosystem.

Encouraging network operators to venture into various industries to create digital applications, drive digital transformation and foster the development of the digital economy is also a vital aspect of the country's industrialisation and modernisation process. Embracing digital transformation and implementing digital applications within these industries serve as effective means to enhance labor productivity.

To realize this goal, the Ministry of Information and Communications has awarded licenses to establish networks and provide terrestrial mobile information services using 5G technology to telecommunications carriers, cited VNS.

The director of the ministry’s Department of Telecommunications, Nguyen Thanh Phuc, said: “With the successful auction of the right to use the radio frequency mentioned above, the MIC has officially licensed to establish a network and provide terrestrial mobile communication service using 5G technology from April 11, 2024. Businesses will quickly deploy 5G nationwide in 2024, forming a new infrastructure to promote the development of digital economy - digital society - digital government in Vietnam.”

The ministry also announced that Vietnam would deploy 6G technology, positioning the country among the first ten nations worldwide to establish a dedicated 6G Steering Committee. Vietnam aims to stay at the forefront of 6G technology developments, aligning itself with global leaders in this field. While the 6G network is still at the research and development stage, it is expected to be officially unveiled by 2028 or 2030 at the latest.

Experts believe that 5G networks have already demonstrated their potential to be used in areas such as autonomous vehicles, drones and smart cities. These technologies are expected to advance further with the integration of 6G capabilities. While the 5G network focuses on building a user-centric information ecosystem, the focus of the 6G network will be on unlocking the potential of future technologies.

Viettel has already initiated research into the manufacture of 6G equipment while actively participating in 6G patent activities. In contrast, VNPT will concentrate on researching the 6G ecosystem. MobiFone representatives have also confirmed their involvement in 6G research groups.

According to Pham Duc Long, Deputy Minister of Information and Communications, there are five global manufacturers of 5G equipment currently and several major world powers have initiated research into 6G technology.

Vietnam has set a clear goal of actively participating alongside the global community in the development of 6G, including with research, joint production and simultaneous rollout.

Long said: "Vietnam is committed to global 6G standards. The MIC in collaboration with businesses, is actively engaged in research and driving the advancement of this technology. The government will invest in laboratories to support businesses in their research and production of 6G equipment. Opportunities exist for all nations, but success will be attained by those who seize them. By laying the foundation today, we aim for success in the next decade. Without taking action now, we risk having nothing in ten years' time. Researching and producing 6G equipment will pave the way for a new industry in our country."

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