Vice Chairman of the National Assembly of Vietnam Tran Thanh Man and Chairman of the European Parliament’s Committee on International Trade (INTA) Bernd Lange at a working session in Brussels on November 15.

Vietnam fosters parliamentary cooperation with European Union

Vietnam wishes to increase cooperation with the European Parliament to further develop the comprehensive partnership between Vietnam and the European Union, said Vice Chairman of the National Assembly of Vietnam Tran Thanh Man.

Man was speaking during a working session with Bernd Lange, chairman of the European Parliament’s Committee on International Trade (INTA) in Brussels on November 15 upon his arrival for an official visit to Belgium.

He said the two sides have maintained substantive and effective inter-parliamentary dialogues through the exchange of high-level delegations. In addition, they have worked out cooperation mechanisms to implement the EU-Vietnam Free Trade Agreement (EVFTA), helping to promote priorities and resolve pending issues in Vietnam-EU relations.

Vietnam considers the EU one of its most important trade, investment, and development aid partners, he affirmed.

He underscored the importance of fully implementing the EVFTA to ramp up trade exchanges between the two sides, saying two-way trade turnover last year reached US$62.4 billion, an increase of 14% year on year.

Vietnam will seriously and fully implement EVFTA commitments, continue to improve legislation on labor, and meet other international commitments, Man assured his host.

He suggested that the European Parliament support the strengthening of comprehensive cooperation between Vietnam and the EU and member countries in all fields, including inter-parliamentary cooperation. He also asked the EP to encourage the parliaments of the remaining 10 EU countries to quickly ratify the Vietnam - EU Investment Protection Agreement (EVIPA) so that the agreement would soon take effect to bring benefits to both sides, as well as to all EU member countries.

Man also requested that the EP encourage the European Commission to soon remove the illegal, unreported, and unregulated (IUU) fishing warnings against Vietnamese seafood to ensure fishermen’s livelihood and a sufficient supply of seafood to the EU.

He expressed hope that the EU and its member countries would continue to have a strong voice, supporting the stance of Vietnam and ASEAN on the peaceful resolution of disputes in the East Sea in line with international law, especially the 1982 United Nations Convention on the Law of the Sea, cited VOV.

On this occasion, he invited the INTA leader to visit Vietnam again at an appropriate time.

INTA chairman Bernd Lange for his part hailed Vietnam’s green transition efforts toward sustainable development, saying green transition is a major global concern nowadays and there is much room for Vietnam to develop in the European market.

Talking about the implementation of the EVFTA, Lange said the two sides should continue to promote exchanges and increase information on cooperation and openness in the pharmaceutical sector. He expected that the two sides would continue to discuss and coordinate closely to resolve outstanding issues, including those in the field of agriculture.

Acknowledging Vietnam’s important role in ASEAN’s security landscape, the INTA leader voiced his support for freedom of navigation and aviation in the East Sea in line with international law.

He said he was looking forward to returning to Vietnam on a visit in January 2024.

Vietnam's M&A is attractive to foreign investors

An influx of new capital from European and US firms into Vietnam has become noticeable, with the local mergers and acquisitions (M&A) market expected to maintain its attractiveness despite its relatively modest scale.

The assessment was heard at the first Global M&A Partners (GMAP) conference held in Vietnam earlier this week. Global M&A Partners is a partnership of independent corporate finance advisory firms operating in 50 countries and regions across the Americas, Europe, and the Asia-Pacific, reported VNA.

Vietnam's strengths lie in its stable political environment, abundant and skilled labor force, and competitive labour costs. (Photo: VNA)

Ivan Alver, Co-chairman of GMAP, said he believes that Vietnam's strengths lie in its stable political environment, abundant and skilled labor force, and competitive labor costs. As a result, multinationals are choosing the Southeast Asian country as a destination to implement their supply chain diversification strategies.

In addition to the prospect of becoming a manufacturing hub in the region, Vietnam also promises to be a consumer market with an increasing middle-class population. European and American investors will have to invest more to penetrate this market, said Alver.

Sam Yoshida, CEO of RECOF Vietnam, stated that global economic fluctuations are directly impacting Japanese investors, hence a need to invest to seek profits in attractive markets like Vietnam.

According to the official, Vietnam’s sectors related to consumers will continue to attract M&A opportunities from foreign investors, such as FMCG, retail, food manufacturing and processing, logistics-warehouses, and finance-fintech.

Alver highlighted Vietnam’s great potential in the semiconductor industry, given the sector’s specificity and the nation’s favorable conditions resulting from recent agreements signed with the US.

Arnaud Ginolin, deputy general director of Boston Consulting Group Vietnam, shared that although electronic manufacturing companies in Vietnam mainly focus on outsourcing activities, the country, with its current advantages, can certainly rise in the value chain of the semiconductor industry.

US businesses keen to expand operations in Vietnam

Representatives of US corporations expressed their desire to further seek investment opportunities and expand operations in Vietnam during an exchange between the US-APEC Business Coalition and Vietnamese President Vo Van Thuong in San Francisco on November 15 (local time).

The meeting attracted the participation of leaders of dozens of large US firms such as Apple, Boeing, BowerGroupAsia, Cargill, Chubb, Citi, Crowell & Moring International, East West Bank, FedEx, Google, KKR, Mayer Brown, Meta Platforms, Microsoft, Moody's, Organon, Pfizer, Procter & Gamble, Prudential Financial, PwC, UPS, Visa, Walmart, and Western Digital Corporation.

US business leaders highly appreciated Vietnam’s economic development potential and made recommendations to help the Southeast Asian nation to attract more foreign investment.

They recommended that Vietnam increase investment in hard infrastructure, including airports, digital infrastructure, reform, and e-customs services. They also expected that Vietnam would make breakthroughs in digital transformation, one-touch payment, and government spending management, while taking care of people’s health, especially women and children.

President Thuong for his part briefed US businesses on Vietnam’s economic development strategy, affirming the US is Vietnam’s important trading partner.

According to the President, Vietnam is making every effort to improve the investment environment, creating more favorable conditions for foreign businesses, including US corporations, to invest in Vietnam efficiently for win-win gains.

He shared some difficulties faced by US businesses in their operations in Vietnam and said the government is now working hard to address these concerns, VOV reported.

Vietnamese President Vo Van Thuong meets with representatives of US - APEC Businesss Coalition in San Francisco on November 15. (Photo: VNA)

The president said the upgrade of the Vietnam – US relationship to the Comprehensive Strategic Partnership framework presents a great opportunity for US firms to strengthen cooperation with Vietnamese businesses and localities, especially in fields of the US’ strengths, such as innovation, infrastructure development, health care, research and development.

Vietnam encourages cooperation programs and projects targeting women, children, and people in remote areas, he said.

The president encouraged US corporations to invest in Vietnamese localities, saying only when there is cooperation between US businesses and investors and Vietnamese localities, is cooperation between the two sides truly effective, stressed the president.

He also proposed that US corporations encourage the US administration to soon recognize Vietnam’s market economy status and remove Vietnam from the list of entities subject to restrictive export controls on semiconductor manufacturing items, in order to facilitate cooperation programs and projects between the two sides.

President clarifies Vietnam’s policy at US Council on Foreign Relations

Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoa met with the visiting Vice Chairwoman of the Guangxi Zhuang Autonomous Region Hui Guo Hua on November 16.

The municipal leader stated that the southern metropolis is ready to cooperate with Chinese localities to enhance the healthy, stable, and sustainable growth of the Vietnam-China relationship for the sake of both peoples and for peace, stability, and development of each country, region, and the world.

Hoan noted that cooperation proposals by the region are highly suitable to the needs of HCM City, VNA reported.

Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoa (R) meet with visiting Vice Chairwoman of the Guangxi Zhuang Autonomous Region Hui Guo Hua on November 16. (Photo: VNA)

He suggested the two sides further strengthen exchange activities in the field of urban management and culture, while stepping up joint works in tourism and trade to realize and maximize the effectiveness of their agreement on establishing friendly cooperation.

For her part, Hui expressed her wish to boost economy-trade engagements and port development collaboration between the two localities, as well as to fortify partnerships between their business communities.

She asked the HCM City authorities to pay attention to and create favorable conditions for enterprises from Guangxi province to invest and do business in the city.

Vietnam hailed among best holiday destinations for December

Vietnam is ranked sixth among the 12 best places to go for a December holiday as announced by Affordable Luxury Travel, a UK travel aggregator website.

During the final month of the year, Vietnam opens its heart to travelers with a captivating array of experiences, the article wrote.

As winter embraces the northern region, destinations such as Hanoi and Sa Pa don a picturesque charm, offering a chance to relish the cool temperatures and misty landscapes. In contrast, localities in the southern region such as Ho Chi Minh City and the Mekong Delta revel in pleasant warmth and abundant sunshine.

Whether exploring ancient temples in Hoi An’s lantern-lit streets or cruising along the breathtaking Ha Long Bay, the nation’s diverse scenery tends to captivate the senses.

The article recommended that adventurers can trek through lush terraced rice fields in the highlands or embark on thrilling motorbike rides along winding coastal roads. December also ushers in a festive atmosphere, with colourful celebrations being held during Christmas and the upcoming lunar New Year holiday.

Vietnam is among the best holiday destinations for December. (Photo courtesy of Affordable Luxury Travel)

Exploring the Old Quarter of Hanoi, visiting the War Remnants Museum in Ho Chi Minh City, and discovering the ancient town of Hoi An are among the wonderful things travelers should do when paying a visit to Vietnam, suggested Affordable Luxury Travel.

The UK-based website also suggested plenty of places to visit, stay, and eat in Vietnam.

Amidst the local hospitality and delectable cuisine, the country in December beckons travelers with an enticing blend of culture, natural beauty, and warm-hearted festivities, it said.

Topping the list is the Maldives which emerges as a breathtaking paradise, welcoming travelers with its idyllic charm in December. It is followed by Dubai, Thailand, Barbados, and Sri Lanka.

Others to make the Top 12 include Kerala of India, the Bahamas, Rome of Italy, Cape Town of South Africa, Mauritius, and the Southern Alps.

Vietnam News Today (Nov. 14): Strong Cold Grips Northern Vietnam, Heavy Rain Spreads Across Localities Vietnam News Today (Nov. 14): Strong cold grips northern Vietnam, heavy rain spreads across localities; Vietnam ready to develop ties with US: Deputy FM; VKBIA ...

Vietnam News Today (Nov. 15): Vietnamese President Arrives in San Francisco for APEC Summit 2023 Vietnam News Today (Nov. 15): Vietnamese President arrives in San Francisco for APEC summit 2023; Hanoi ranks third in FDI attraction in ten months; Vietnam ...

Vietnam News Today (Nov. 16): 50th Anniversary of Diplomatic Ties Between Vietnam And Luxembourg Vietnam News Today (Nov. 16): President Vo Van Thuong to pay official visit to Japan; Vietnam upholds principle of peaceful resolution of international disputes; 50th ...