Deputy Minister of Planning and Investment Do Thanh Trung (left) speaks at the Government’s regular press conference on May 4. (Photo: VNA)

Vietnam improving readiness to attract foreign investment: official

Vietnam has been applying itself to making institutional, infrastructure, and manpower improvements in efforts to attract more foreign investment, especially in such big industries as electronics and semiconductor, said Deputy Minister of Planning and Investment Do Thanh Trung.

He made the remark at the Government’s regular press conference on May 4 in response to the media’s question about some large foreign businesses’ interest in the Vietnamese market.

Trung pointed out that foreign businesses invest in not just Vietnam but various countries. Their investment decisions depend on many factors of which objective factors, subjective factors, and Vietnam’s readiness are main ones.

Objective factors include the geopolitical and economic situation in the world, the region and Vietnam, investment trends, and the shift of supply chains among countries around the globe.

Subjective factors include investment strategies and targets of businesses, the suitability of each country and region to them, resources, and implementation feasibility, cited VNA.

Meanwhile, the Government, the Ministry of Planning and Investment (MPI), and other ministries and sectors have been striving to promote the institutional, infrastructure, and manpower readiness of Vietnam to attract those firms, he noted.

In terms of regulation, Trung elaborated, the country has been perfecting policies, laws, mechanisms, and policies to improve the business and investment climate. It is also considering specific mechanisms and attractive incentives for technology, semiconductor, electronics, and chip companies.

Vietnam has been working to ensure the best possible transport infrastructure, including road, waterway and air transport facilities, along with infrastructure serving production such as electricity. Hi-tech parks and innovation centers are also being developed to create an even better environment for investors.

Regarding human resources, it has been building concrete programs, Trung went on, saying that aside from the units capable of training and researching like universities and big companies, the Government and the Prime Minister assigned the MPI to draft a plan on training 50,000 engineers for the semiconductor industry, and the draft has already been submitted.

He revealed that foreign businesses highly value the Government’s determination to develop the semiconductor and chip industry. Aside from the US, investors from Japan, the Republic of Korea, Taiwan (China) have also moved to make investments in Vietnam.

The Deputy Minister expressed his belief that with efforts by the Government and agencies, clearer results will be recorded in the time ahead.

Vietnam seeks broader cooperation with OECD

Minister of Foreign Affairs Bui Thanh Son has proposed the Organisation for Economic Co-operation and Development (OECD) coordinate with the nation to realize their cooperation focuses at a meeting with Mathias Cormann, secretary general of the OECD, on the sidelines of the OECD Ministerial Council Meeting 2024 (MCM) held from May 2 to May 3 in Paris.

FM Son called on the organization to go ahead with its continued support for the implementation of the 15 projects within the Vietnam-OECD action plan for 2022 to 2026.

He therefore requested that both sides strive to enhance their partnership on the basis of the memorandum of understanding (MoU) they signed, while also suggesting the OECD facilitate the country’s ongoing intensive integration into its specialized bodies. This should be done alongside helping the country to understand and contribute more to the building of global governance policies, especially in finance, tax, economy, development, digital policies, investment, and science-technology.

The Minister presented Prime Minister Pham Minh Chinh’s thank-you letter to the OECD, in which the leader appreciated the organization’s invitation for the nation to attend the MCM, as well as its support for the country’s co-chairmanship of the OECD’s Southeast Asia Regional program (SEARP) for the 2022 to 2025 period.

In response, Cormann greatly valued the country’s role, as well as its active and responsible contributions to the SEARP, saying that he is willing to work alongside the country to select the specialized bodies that can help it to seize global trends and standards in service of its making of suitable development policies.

As part of the occasion, Minister Son met with Assistant Minister for Trade and Assistant Minister for Manufacturing of Australia Tim Ayres, during which the Vietnamese official suggested the two sides soon complete the action program in a bid to implement the comprehensive strategic partnership between the two countries.

This would create a firm foundation for them to deepen their collaboration across several spheres, particularly economics, trade, investment, agriculture, education-training, and labor, while also expanding co-operation in new areas such as the green economy, energy transition, and digital transformation, he said. The Assistant Minister went on to suggest that the Australian side continue its official development assistance (ODA) to Vietnam in terms of climate change response and human resources development.

Assistant Minister Ayres highlighted co-ordination between the two countries as SEARP co-chairs for the 2022 to 2025 period, affirming Australian support for Vietnamese efforts in enhancing its relationship with the OECD.

He also voiced his support for the cooperation project between Vietnam, Australia, and Laos, expressing his wishes for stronger ties with the Vietnamese side in all fields, according to VOV.

Minister of Foreign Affairs Bui Thanh Son (left) and OECD Secretary-General Mathias Cormann.

On May 3, Minister Son held a meeting with his Japanese counterpart Minister Kamikawa Yoko, where he called on the Far East nation to increase its investment in the Vietnamese market in new realms like semiconductors, as well as helping the Southeast Asian nation to join its regional supply chain.

He also suggested the two countries bolster linkages in culture, people-to-people exchange, labor, and personnel training.

For her part, Minister Yoko said Japan backs the initiatives, orientations, and priorities proposed by the Vietnamese side to promote cooperation with the OECD, agreeing to forge ties between the two countries at multilateral forums like the OECD and the ASEAN.

Japan will therefore continue its assistance to Vietnam in industrialisation and modernisation in the new context, she pledged.

As part of his working trip, Minister Son visited the headquarters of the International Organisation of La Francophonie (OIF) in Paris, where he met with Louise Mushikiwabo, secretary general of the OIF.

The Minister said the nation always supports the OIF’s efforts in promoting cooperation for peace and development worldwide, noting that the country will attend and actively contribute to the 19th Francophonie Summit slated for October in France.

Mushikiwabo emphasized that the OIF attaches importance to the Vietnamese role and position within the Francophone community, promising to help Vietnam enhance its economic, trade, investment, and tourism ties with French-speaking countries in a sustainable manner.

The OIF will therefore strive to beef up cooperation with the nation in terms of spreading the language and providing French language training for Vietnamese peacekeeping forces, she said, affirming the organization’s readiness to admit Vietnamese officials to work at its Secretariat.

Public screening of documentaries marking Dien Bien Phu Victory opens in Hanoi

A documentary film screening program to celebrate the 70th anniversary of the Dien Bien Phu Victory (May 7, 1954 - 2024) opened in Hanoi on May 3 by the National Documentary and Scientific Film Studio Co. Ltd. (DSF).

Accordingly, six films will be screened for the public free of charge during the five-day event, including "Dien Bien Phu";Hoi uc Dien Bien (Memories of Dien Bien)”;Chuyen nhung nguoi linh gia (Stories of old soldiers); “Dong hanh cung lich su” (Accompanying history);Chia lua cung Dien Bien” (Sharing fire with Dien Bien), and “Dien Bien Phu niem hy vong” (Dien Bien Phu – hope)

DSF Chairman Nguyen Quang Tuan said the program aims to bridge the audience with the nation's history, so that young generations are always grateful for, pay tribute to, and take pride in the country’s historic achievements and current position, reported VNA.

Public screening of documentaries marking Dien Bien Phu Victory opens in Hanoi (Photo: VNA)

After seven decades of construction and development, Dien Bien Phu has emerged as a beacon in the northwestern region, serving as an economic, cultural, and tourist hub. The lives of local people have significantly improved, enjoying prosperity and happiness in peace.

The films are being screened at 465 Hoang Hoa Tham street in Hanoi’s Ba Dinh district.

Hanoi grosses US$5.8 billion from exports in four months

The capital city of Hanoi earned US$5.8 billion from exports during the past four months of the year, representing a rise of 9% against the same period from last year, according to the Hanoi Statistical Office.

Of the figure, the domestic economy grossed US$3.5 billion, up 18.1%, while export turnover of the foreign-invested sector reached US$2.3 billion, down 2.7%.

April alone witnessed Hanoi rake in US$1.5 billion from exports, up 0.8% from the previous month and up 4% compared to last year’s corresponding period. Of which, the domestic economic sector grossed US$1 billion, up 16.2%, while the foreign-invested sector fetched US$502 million in export turnover, down 20.8%, cited VOV.

Photo: VOV

Most notably, exports of several industrial product groups witnessed robust growth during the four-month period, including computers, electronics and components, up 6.2%; machinery, equipment, and spare parts, up 15.1%; transport vehicles and spare parts, up 11.3%; garment and textiles, up 2.6%; agricultural products, up 72%; petroleum products, up 16.4%; and timber and wood products, up 8.3%.

Furthermore, the city also spent US$12.4 billion on importing goods during the reviewed period, up 8.1% on-year, of which the domestic economic sector imported goods worth US$10.4 billion, up 10.9%, and the foreign-invested sector purchased commodities worth US$2 billion, down 4.6%.

Fair seeks to help VN firms capitalize on global recovery

The annual HCM City Export Fair to be held in HCM City from May 8 to 11 is expected to help Vietnamese firms get new export orders and customers, the city Department of Industry and Trade has said.

To be held at the Saigon Exhibition and Convention Center, the fair will have 450 booths, double last year’s number, showcasing the country’s major export items such as food and beverages, farm produce and fisheries, furniture, handicrafts, textiles and garments, footwear, handbags, rubber, plastics, and electronics besides supporting services.

Vietnam's reputable export firms will be in attendance.

Organized by the department, the event is expected to attract 20,000 visitors and buyers from major markets such as the US, Europe, Southeast Asia, China, Japan, and South Korea, and e-commerce platforms.

It will feature activities like a forum to promote linkages towards green exports and business matching programs that will bring together local firms and foreign retail chains such as Central Retail, MM Mega Market, Amazon, and Alibaba.

Nguyen Nguyen Phuong, the department’s deputy director, said the fair comes amid a revival in demand in many markets, cited VNS.

A meeting being held to introduce this year’s HCM City Export Fair and other key activities of the city industry and trade sector in HCM City on May 3. Photo: VNS

It would also help local manufacturing and export firms study market demand and trends to improve their products and technology, participate in the global production, supply and distribution chains and build strategic relationships with foreign distribution systems in both traditional and e-commerce channels, he added.

The organizer plans to digitize the fair by scanning it entirely using 3D scan technology to turn it into a 365-day virtual exhibition on Hopefair (https://hopefair.com), enabling exhibitors and potential buyers to interact 24/7.

The fair, held last year for the first time, was successful, attracting 9,244 visitors, including 306 foreign delegations from countries and territories such as the US, UK, India, Cambodia, South Korea, mainland China, Malaysia, Russia, Taiwan (China), and Australia, and seeing many contracts and MoUs signed.

Nguyen Hoai Bao, deputy chairman of the Handicraft and Wood Industry Association of HCM City, and vice president of Scancia Pacific Co., Ltd, said exports of wood and wooden products have recovered after a sharp drop last year.

Buyers in major markets such as the US, China, South Korea, and Japan have run out of inventories and are placing orders again, he said.

Many woodworking firms have got orders but geopolitical tensions and trade barriers set by importing countries have caused difficulties for exports. He suggested firms seek new export markets such as the Middle East, Australia and Canada.

By participating in the fair, his company and others hope to seek opportunities for expanding into new markets, he added.

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