Vietnam News Today (May 29): Ample Room Remains for Vietnamese Exports to Africa

A Vietnamese invested rubber plantation farm in Laos. (Illustrative image)

Vietnam invests more than US$300 overseas over five months

Vietnam's total newly and adjusted investment capital overseas reached nearly US$316.4 million during the first five months of this year, equivalent to 93.5% over the same period last year, reported the Foreign Investment Agency under the Ministry of Planning and Investment.

Of the total, 47 newly-registered projects were valued at more than US$142.7 million, representing 48.6% of the same period last year. An additional nearly US$173.7 million was added to 16 projects, nearly 3.9 times as much as the same period last year, cited VOV.

During the reviewed period, Vietnamese firms invested abroad in 13 industries, with wholesale and retail injecting nearly US$147.7 million. It was followed by the information and communication industry, banking and finance services, agriculture, forestry, and fishery.

There were 20 countries and territories receiving investment from Vietnam. Canada too the lead, attracting more than US$150.2 million, followed by Singapore, Laos and Cuba.

So far Vietnam has had 1,648 valid overseas investment projects valued at nearly US$22.1 billion. Its investment mainly focused on mining (31.5%), and agriculture, forestry and fishery (15.6%). Vietnam’s largest investment recipients were Laos (24.4%), Cambodia (13.3%), and Venezuela (8.3%).

Ample room remains for Vietnamese exports to Africa

There remains an ample room for Vietnamese exports to Africa, as the country accounts for only 0.6% of the continent's total import of 600 billion USD per year, according to the Ministry of Industry and Trade, given opportunities brought about by the African Continental Free Trade Area (AfCFTA) agreement.

The Asian-African Market Department said that trade between Vietnam and Africa increased from 2.52 billion USD in 2010 to 5.5 billion USD in 2022.

Of the total, Vietnam’s exports were valued at more than 2.8 billion USD, resulting in a trade surplus of 226.3 million USD.

Vietnam mainly shipped rice (568.6 million USD), phones and component parts (355.6 million USD), computers and electronic products (210.4 million USD), and footwear (141.8 million USD) to Africa.

Meanwhile, it bought cashew nuts (1.1 billion USD), metals (484.1 million USD), and wood and wood products (114.3 million USD) from this continent.

Illustrative image (Photo: VNA)

In the coming time, to facilitate intra-bloc trade, African nations will pour more capital into infrastructure facilities, thus opening up more opportunities for Vietnamese goods to access more markets, including 15 landlocked countries, in Africa. At present, Vietnam’s main export markets in the region are major economies with seaports such as South Africa, Egypt and Nigeria.

The Asian-African Market Department said that trade between Vietnam and Africa increased from 2.52 billion USD in 2010 to 5.5 billion USD in 2022, according to VNA.

Of the total, Vietnam’s exports were valued at more than 2.8 billion USD, resulting in a trade surplus of 226.3 million USD.

Vietnam mainly shipped rice (568.6 million USD), phones and component parts (355.6 million USD), computers and electronic products (210.4 million USD), and footwear (141.8 million USD) to Africa.

Meanwhile, it bought cashew nuts (1.1 billion USD), metals (484.1 million USD), and wood and wood products (114.3 million USD) from this continent.

In the coming time, to facilitate intra-bloc trade, African nations will pour more capital into infrastructure facilities, thus opening up more opportunities for Vietnamese goods to access more markets, including 15 landlocked countries, in Africa. At present, Vietnam’s main export markets in the region are major economies with seaports such as South Africa, Egypt and Nigeria.

Vietnam wins four bronzes at Asian Physics Olympiad 2023

Vietnamese students were awarded four bronze medals and four Honourable Mention at the 23rd Asian Physics Olympiad (APhO) recently held in Mongolia.

The four bronze medals went to two 12th graders of a high school in Bac Ninh province and two 11th graders in Hanoi city and Bac Giang province.

The four Honourable Mention awardees were all the 12th graders in Hanoi, Thua Thien-Hue, Thanh Hoa and Hai Phong.

Vietnam was one of the seven countries with all members winning the awards at the contest, according to the Ministry of Education and Training (MOET), reported VOV.

Eight Vietnamese students participating in the APhO 2023 in Mongolia have all won awards. (Photo: MOET)

The 23rd Asian Physics Olympiad (APhO) was held in Ulaanbaatar, Mongolia, from May 21 to 29. APhO 2023 attracted 195 contestants from 26 countries and territories. The contestants sit both theory and practical exams, each lasting for 300 minutes.

Last year, Vietnam won a silver medal, two bronze medals and five Honourable Mention certificates.

Da Nang aims to become attractive logistics centre by 2030

The central city of Da Nang targets to become an attractive logistics centre of the central key economic region by 2030, and the key gateway of the East-West Economic Corridor and an important link of the Asia-Pacific transport corridor by 2050.

The target is set in a project on developing logistics services in the city in association with the central key economic region and the East-West Economic Corridor for the 2021-2030 period, with a vision to 2050, which has just been approved by the municipal People’s Committee.

Under the plan, the logistics service industry is expected to contribute 11-12% of the city’s gross regional domestic product by 2030 and up to 15.5% by 2050, cited VNA.

A view of Tien Sa Port in Da Nang (Photo: danangport.com)

Regarding the potential of logistics development in Da Nang, Duong Tien Lam, head of the representative office of the Vietnam Logistics Business Association (VLA) in Da Nang, said that the central city has opportunities to attract cargo through this economic corridor as it boasts an international container port and international airport and a location at the beginning of the East-West Economic Corridor.

However, to unlock its potential, it is necessary for Da Nang to devise specific policies to increase the volume of goods in circulation including incentives for investment in for-export production and logistics facilities.

Director of the municipal Department of Industry and Trade Le Thi Kim Phuong said that from now until 2030, the city has put forth solutions to research and issue new mechanisms and policies to facilitate container transportation activities via Da Nang seaport.

It will also provide support relating to land rent for logistics centre investment projects to encourage enterprises to invest in infrastructure construction, she noted.

To attract investment in the field of logistics, Da Nang city will study the formation of a Free Trade Zone (FTZ) with Lien Chieu Seaport, Da Nang International Airport and Hi-tech Park being its centre. The FTZ will offer incentives for investors such as exemption/reduction of taxes and fees; simplify the procedures for issuing and extending work visas and work permits.

Da Nang will boost trade and investment promotion in the south-central provinces of Laos; strengthen linkages with logistics associations and enterprises in the Association of Southeast Asian Nations (ASEAN) countries and around the world.

There are 1,056 enterprises operating in the field of logistics in Da Nang, including 681 engaging in providing road freight transport services; 16 offering services related to sea transport and 30 enterprises providing agency, forwarding and shipping services.

Vietnamese intellectuals in Japan meet

As many as 100 outstanding Vietnamese intellectuals in Japan gathered at an event held on Saturday by the Association of Vietnamese Intellectuals in Japan (AVIJ), under the auspices of the Vietnamese Embassy, the Ministry of Science and Technology, and the Ministry of Planning and Investment.

In his remarks, Ambassador Pham Quang Hieu stressed that Japan has been a destination for many generations of Vietnamese to work, study and develop their career.

Nearly 500,000 Vietnamese are in Japan, becoming the second biggest foreign community in the East Asian nation, he said.

The diplomat stressed that the Vietnamese Party and State always paid special attention to overseas Vietnamese – an integral part of the nation – and have issued various policies and guidelines for them.

He lauded contributions by Vietnamese intellectuals, including those in Japan, to the success of such events as Vietnam Summits in 2019 and 2021, and symposiums, which attracted crowds of Vietnamese and Japanese intellectuals and businesses, VNS reported.

Ambassador Pham Quang Hieu addresses the meeting with 100 outstanding Vietnamese intellectuals in Japan. Photo: VNS

Hieu expressed his hope that the AVIJ and the intellectual community in general will produce more research studies, and make more proposals and contributions, helping Vietnam apply Japan’s cutting-edge technology in socio-economic development.

At the get-together, the intellectuals exchanged information and sought ways to boost cooperation, thus forming a dynamic, united community of Vietnamese intellectuals in Japan, with increasing contributions to the development in their homeland, as well as the collaboration between the two countries.

Vietnam News Today (May 26): Vietnam Ready for Joint Work to Maintain Global Peace, Stability Vietnam News Today (May 26): Vietnam ready for joint work to maintain global peace, stability; Ninh Binh among world's top 10 best hidden family vacation ...

Vietnam News Today (May 27): Canada Wants to Strengthen Cooperation with Vietnam Vietnam News Today (May 27): Ample room for Vietnamese exports to UK: insider; Canada wants to strengthen cooperation with Vietnam; Vietnam's five-month FDI rises sharply ...

Vietnam News Today (May 28): Vietnam Likely to Extend E-visa Validity to Three Months Vietnam News Today (May 28): Vietnam considers US a leading partner in foreign policy; New Zealand highly values potential for cooperation with Vietnam; Vietnam likely ...