Vietnam News Today (May 7): International Financiers Upbeat About Vietnam’s Economic Outlook For 2024

In a solemn atmosphere, the leaders express their heartfelt gratitude to those who fought bravely and laid down their lives during the Dien Bien Phu campaign, leading to the glorious victory over French colonialism on May 7, 1954.

Party, State leaders commemorate Dien Bien Phu martyrs

Vietnamese Party and State leaders on May 6 laid wreaths, offered incense and paid tribute to heroic martyrs at the A1 National Martyrs Cemetery in Dien Bien province ahead of a grand ceremony marking 70 years of the Dien Bien Phu Victory over French colonialism.

The delegation was led by Politburo member, permanent member of the Party’s Secretariat and head of the Party Central Committee’s Organisation Commission Truong Thi Mai.

Former Party General Secretary Nong Duc Manh, former State presidents Nguyen Minh Triet, Truong Tan Sang, and Nguyen Xuan Phuc, former National Assembly Chairman Nguyen Van An, and former Prime Minister Nguyen Tan Dung also joined the delegation.

Party General Secretary Nguyen Phu Trong sent a wreath to commemorate the heroic martyrs, cited VOV.

In a solemn atmosphere, the leaders expressed their heartfelt gratitude to many officers, soldiers, young volunteers and people who fought bravely and laid down their lives during the Dien Bien Phu campaign, leading to the glorious victory over French colonialism on May 7, 1954.

Built in 1958 in Dien Bien Phu city, Martyrs Cemetery A1 is the resting place of 644 officers and soldiers who joined the Dien Bien Phu campaign and died during the fierce battle. Most of the graves are unknown, except for four heroic martyrs – To Vinh Dien, Phan Dinh Giot, Be Van Dan and Tran Can.

War Martyrs Cemetery A1 serves as a historical witness reminding young generations to follow the example and remember the merits of the heroic martyrs who sacrificed to record the victory of Dien Bien Phu. The Cemetery is a not-to-be missed destination for any tourist when they come to Dien Bien.

Vietnam will hold a grand ceremony marking 70 years of the Dien Bien Phu victory in Dien Bien on May 7.

Vietnam to defend human rights record at UNHRC’s dialogue

Deputy Minister of Foreign Affairs Do Hung Viet will lead a Vietnamese delegation to a dialogue on Vietnam's national report on human rights protection and promotion under the United Nations Human Rights Council (UNHRC)’s fourth cycle of the Universal Periodic Review (UPR) mechanism on May 7.

The dialogue is expected to draw significant international attention, with nearly 140 countries registering to make statements and pose questions to the Vietnamese delegation, according to VNA.

Deputy Minister of Foreign Affairs Do Hung Viet chairs a press conference announcing Vietnam's national report on human rights protection and promotion (Photo: VNA)

The delegation plans to deliver a comprehensive overview of Vietnam's human rights progress since the previous UPR review. This will include updates on relevant policies, legal frameworks, socio-economic development, and the current human rights situation in the country. Additionally, they will discuss progress on implementing recommendations accepted during the previous review and outline Vietnam's future priorities and commitments regarding human rights.

Vietnam's national UPR report for the fourth cycle was meticulously prepared, with a serious and transparent approach, covering comprehensive content on all human rights. It collected feedback from various central and local agencies, through multiple rounds of consultations with partner countries, non-Governmental organizations, research institutes, and numerous individuals both at home and abroad.

Vietnam is currently serving its second term as a UNHRC member for 2023-2025 and preparing for re-election for the 2026-2028 term.

International financiers upbeat about Vietnam’s economic outlook for 2024

A number of international financiers have expressed their optimism about Vietnam’s economic growth in 2024 which is likely to be higher than last year’s figure, reported by Tuoi Tre (Young Age) newspaper.

International optimism about Vietnamese economic outlook

The International Monetary Fund (IMF) recently forecast that Vietnam would be the 20th largest economy in the world with a growth rate of 5.8% this year. However, the financier anticipated that the country would secure a growth rate of 6.5% in the medium term if it can seize upon opportunities from digitalisation and green transformation.

Another global financial institution, the World Bank, projected that the country’s economy would expand by 5.5% throughout the year and 6% next year, thereby continuing to be among the global economies with the highest growth rate.

The country’s exports are anticipated to grow by 3.5% compared to 2023, while domestic consumption and private investment are also on the rise. In addition, inflation is forecast to increase slightly to 3.5% in 2024.

At a car assembly production line in Vietnam (Photo: tapchicongthuong.vn)

Furthermore, the Asian Development Bank (ADB) projected that the Vietnamese economy is likely to grow by 6% in 2024 and 6.2% ahead in 2025. However, it warned that weak global demand, delayed normalization of interest rates in the United States and other economies, along with continued geopolitical tensions could potentially hinder the full recovery of the Vietnamese economy which is mainly driven by exports.

Elsewhere, Fitch Ratings, Standard Chartered, and United Overseas Bank all forecast that the Vietnamese economy would develop by between 6% and 6.3% in the year ahead, reaching even higher figures in 2025.

Highly valuing the country’s growth prospects, the international financiers noted that the country has secured the fastest growth in ASEAN in terms of the digital economy, and finished third in Southeast Asia in terms of investment in start-ups.

Domestically, the Government has maintained macroeconomic stability, kept inflation in check with suitable balances, and guaranteed both food security and energy security.

More room to raise economic growth

According to the Ministry of Planning and Investment, the country still has plenty of room to improve its growth rate by promoting public investment, consumption, and tourism; increasing the contribution of digitalisation and high technology to boost growth; stepping up green transition; and taking advantage of the shifting of foreign investment flows.

Many international groups also recommended that Vietnam quickly seize upon opportunities from shifting investment flows amid fierce competition in the region. Accordingly, the country should choose stages with competitive advantages, such as AI application, AI chip design, and AI cloud computing, all of which are associated with the engagement of a number of leading multinational companies in order to develop a high-tech ecosystem.

International experts highly appreciated the Government’s policy-making and implementation, as well as its performance, but emphasized the need to focus on speeding up progress and improving the overall effectiveness of policy implementation.

Furthermore, the Government should continue to support the economy through a flexible fiscal policy in a bid to consolidate recovery, whilst paying close attention to accelerating the pace of implementation of infrastructure investment projects using public financial sources.

Vietnamese culture, handicraft products attract visitors at Paris Fair 2024

Vietnamese businesses are taking part in the Foire de Paris (Paris Fair) in the capital of France, a showcase of culture and food from around the world that runs from May 1-12.

They brought to the fair a range of items including traditional handicrafts, silk products, processed fruits and Vietnamese banh mi (baguette), which have made Vietnam's pavilions outstanding and attractive to visitors.

A special lion dance performance along with traditional performances by Vietnamese artists also attracted the attention of the audience here, VNA reported.

Vietnamese booth at Paris fair (Photo: VNA)

Nguyen Thi Nhu Y, owner of An Tam handicraft business in Hanoi, said that her handicraft products made of buffalo horn and clam shells are always favored by customers. She went on to say that bamboo and rattan products are both beautiful and environmentally friendly, so they are also well responded to by international customers.

Tang Thanh Son, deputy director of the Vietnamese Culture Centre in France said the center has coordinated with domestic enterprises to popularize the diverse culture of the Southeast Asian country.

Steven Abajoli, Director of the Paris Fair, said the fair offers an opportunity for participating countries to introduce their traditional crafts, helping their handicraft items shine to the French public.

Speaking highly of the presence of the Vietnamese pavilions at the fair, Vietnamese Ambassador to France Dinh Toan Thang expressed his hope that activities to promote the country’s image at major fairs in France, including the Paris Fair, will help the French people understand more about Vietnamese culture, cuisine, and tourism, contributing to promoting stronger cooperation and friendship between the two countries.

The Paris Fair is the biggest in France for family space, cuisine, creativity, and traditional crafts. Organizers expect this year's event, with 1,250 booths, to attract about 400,000 visitors.

Vietnam's semiconductor industry awaits groundbreaking policy

The implementation of a project on developing human resources for the semiconductor industry requires a strategic vision and a thorough understanding of the relationship between the electronics and semiconductor industries.

At a working session on the implementation of a project on developing a workforce for the semiconductor industry by 2030, Deputy Minister of Planning and Investment Tran Duy Dong said many large semiconductor corporations are seeking to diversify their supply chains by taking full advantage of the young labor force with high qualifications in Asian countries, including Vietnam.

The Ministry of Planning and Investment (MPI) estimated that Vietnam would need 15,000 chip design engineers by 2030, and 35,000 engineers working in microchip plants, generating 154,000 indirect jobs and contributing VND360 trillion to GDP, cited VNN.

(Photo: TSMC)

To reach that end, it is necessary to provide in-depth training to 1,300 lecturers and expand training of workers for semiconductor and related industries with 200 training establishments, four common-used semiconductor centers, and 20 standard training centers.

Prof Dr Vu Hai Quan, director of the HCM City National University, said in order to obtain rapid development, there must be a groundbreaking policy related to lecturers, facilities and technical equipment, lab development, and attraction of foreign experts.

Deputy Minister of Education and Training Hoang Minh Son thinks that in current conditions, Vietnam has great advantages in chip designing, packaging and testing. Therefore, training establishments need to accurately predict demand, so as to draw up effective training plans.

Meanwhile, Deputy Minister of Science and Technology Tran Hong Thai has proposed that the government make heavy investments in researching, receiving and transferring technologies. It needs to offer preferential policies to parties that get involved in training the workforce for the semiconductor industry.

Ha believes there should be cooperation between transitional training and in-depth training programs. He emphasized the need to fully prepare the lecturing staff, and build training programs, curricula and teaching methods.

Ha said there must be a long-term strategic vision and thorough understanding about the close relationship between electronics and semiconductors.

The project on preparing the workforce in semiconductors needs to have specific schemes and policies that help solve problems in education and training, science and technology development, public investment, research and development.

The state will hold the leading role, and, together with enterprises, will ensure conditions for policy, and facilities and equipment for training. Vietnam also needs to place orders to form groups of researchers and experts specializing in chip designing, and materials and information technology.

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