Vietnam News Today (Nov. 22): Vietnam Emerges As Important Pillar in US Economy

Susan Burns, US Consul General in Ho Chi Minh City, speaks at the Vietnam - US Trade Forum 2023. (Photo: sggp.org.vn)

Vietnam emerges as important pillar in US economy

The United States has identified Vietnam as an important pillar as part of its economy, especially after both countries recently elevated ties to a comprehensive strategic partnership, said Susan Burns, US Consul General in Ho Chi Minh City, at the Vietnam - US Trade Forum 2023 on November 21.

The US diplomat pointed out that the upgrade in diplomatic relations has created a wealth of opportunities for further economic development between the two countries.

Accordingly, Burns said Vietnamese firms enjoy advantages in attracting direct investment from US businesses, focusing on the fields of semiconductor chip manufacturing and mining, and in increasing its exports to the US.

Furthermore, both sides can work together to remove technical barriers in import-export, and investment activities. Their close economic links play a key role in the resilience of global supply chains and common prosperity across the region.

For his part, Deputy Minister of Industry and Trade Do Thang Hai acknowledged that global economic impacts have somewhat hindered Vietnamese export activities to the US market.

However, these can be viewed as only short-term impacts and they will soon be overcome next year, expected the trade official.

He went on to reveal that Vietnamese exports to the US market has shown positive signs in the last months of the year in the context that many US corporations and distribution channels are not only increasing the purchasing goods, but also seeking opportunities to establish channels for purchasing goods from Vietnam, cited VOV.

Currently, Vietnam makes up the US’ 10th largest trading partner with a trade turnover of about US$90.8 billion, accounting for 2.4% of total US import and export turnover. Of the total value, US$83.7 billion was generated from Vietnamese exports, accounting for 3.6% of total US imports.

At the forum, experts provided the latest information on new US policy trends, putting forward solutions, and orientations for businesses to gradually expand import and export markets and accelerate trade and investment exchanges between the two countries in a balanced and sustainable manner.

Business representatives highly appreciated panel discussions at the forum with the participation of governors of US states, helping to create an additional channel for policy advice, share experiences and market information, and support firms to overcome challenges amid global uncertainties.

German firms consider Vietnam potential destination: Survey

The German Chamber of Commerce Abroad (AHK) in Vietnam on November 21 released its AHK World Business Outlook – Fall 2023, which highlights Vietnam as a promising investment destination for German businesses.

In October, German companies made a big step in increasing their presence in the Vietnamese market with the implementation of 26 projects worth nearly US$221.5 million. This reflected the firms’ strong confidence in the Vietnamese market, and at the same time showed the attractiveness of Vietnam to German businesses who wish to expand their operations in Asia, according to the survey.

It said that German enterprises are paying great attention to green investment projects. Meanwhile, the Vietnamese market is ready to welcome and support business projects, providing a foundation for growth and sustainable business diversification.

Electronic accessories production at YPE Vietnam company in Binh Xuyen 2 Industrial Park in Vinh Phuc province (Photo: VNA)

Specifically, for investment plans, the survey revealed that 42% of German companies in Vietnam prioritize diversifying production and manufacturing activities, as well as focusing on product diversification strategies. The sector is followed by sales and marketing at 41%, services (35%), and logistics (31%).

Regarding factors affecting the investment decision, 50% of surveyed businesses held that the growth potential of the Vietnamese market is a key factor, along with a skilled workforce, according to VNA.

Over risks and challenges, the survey pointed out that German businesses assess that the decline in global demand is a main barrier, and they are concerned about the risk of supply chain disruption. In addition, those operating in the Vietnamese market also encounter some difficulties such as energy costs and financial resources.

At the same time, it said that German businesses tend to invest more in their network of business establishments abroad than in the German market. In response to the development of the global economy, many German enterprises and businesses with close connections to Germany are continuing to expand their business scale in the global market, including Vietnam, it added.

The AHK World Business Outlook is based on a regular German Chamber of Commerce and Industry (DIHK) survey of member companies of the German Chambers of Commerce Abroad, Delegations, and Representative Offices (AHKs). In fall 2023, it collected feedback from more than 3,600 German companies, branches, and subsidiaries worldwide as well as companies with close ties to Germany. The survey was conducted from September 25 to October 20.

Vietnam proposes improving effectiveness of international humanitarian missions

Governments, international and regional organizations, and relevant parties should give high priority and more resources to humanitarian activities in the Asia-Pacific region, said a high-ranking Vietnamese government official.

Deputy Prime Minister Tran Luu Quang made the proposal at the opening of the 11th Asia-Pacific Regional Conference of the International Federation of Red Cross and Red Crescent Societies (AP11) in Hanoi on November 21.

According to Quang, Asia-Pacific is one of the regions most heavily impacted by natural disasters, catastrophes and epidemics, especially the recent COVID-19 pandemic. In addition, resources for humanitarian relief and support activities remain limited in many places, requiring closer international cooperation in strategic planning, mobilization and management of resources, and enhancement of capacity building in humanitarian activities, as well as in disaster prevention and response.

Vietnamese Deputy Prime Minister Tran Luu Quang puts forward initiatives to improve the effectiveness of humanitarian missions at the 11th Asia-Pacific Regional Conference of the International Federation of Red Cross and Red Crescent Societies (AP11) in Hanoi on November 21.

In addition to common efforts to prevent and resolve the consequences of wars and conflicts, international humanitarian activities need to focus more on preventing and effectively responding to non-traditional security challenges such as disasters, natural calamities, and epidemics, stressed Quang.

He called on the international community to continue making its best efforts to prevent conflicts and wars, eliminate hunger, reduce poverty, and promote equitable, sustainable, and inclusive development, to ensure no nation, no community is left behind in the process of human development.

He expressed his belief that the conference would examine the advantages and disadvantages, and share success stories, to work out measures and action plans for humanitarian work regionally and internationally, while improving the effectiveness of cooperation mechanisms between national associations in implementing their noble humanitarian mission.

The 11th Asia-Pacific Regional Conference of the International Federation of Red Cross and Red Crescent Societies (AP11) is getting underway in Hanoi from November 20-23 on the theme of “Asia-Pacific: Preparedness for Disasters”.

The opening ceremony was attended by Vice President of the International Federation of Red Cross and Red Crescent Societies Maha Barjas Al-Barjas, Secretary General of the International Federation of Red Cross and Red Crescent Societies Jagan Chapagain, Vice President of the International Committee of the Red Cross Gilles Carbonnier, and leader of Red Cross and Red Crescent societies from more than 60 countries in the Asia-Pacific region, VOV reported.

This is the second time the Vietnam Red Cross Society has played host to the regional conference, giving the society an opportunity to promote its development cooperation activities with international partners and organizations and businesses in Vietnam.

Travel firms offer promotions for New Year tours

Travel firms in Ho Chi Minh City are offering promotion programs for New Year holidays, aiming to convince customers to book tours early.

Viet Media Travel Corporation (Viet Media Travel), for instance, has a variety of choices and reasonable prices for travelers. Accordingly, those who register for the company's tours will enjoy special discounts worth up to VND3 million (US$123) depending on each tour as well as receive gifts and incentives of up to VND2 million when making transactions via Zalo, VNpay and Viettel Pay.

Pham Anh Vu, the company’s communications director said outbound tours to Japan, the Republic of Korea and Europe have attracted a large number of tourists, adding that they have registered tours earlier than the same period last year.

Tours drawing attention from consumers such as France, Belgium, Netherlands, Germany, and Switzerland last ten days and nine nights with prices from VND77.99 million or tours to China at VND189 million per person, cited VNA.

The river bus route No 1 in HCM City (Photo: VNA)

Meanwhile, the tourism industry of HCM City also has a variety of products to serve the entertainment needs of residents and tourists during the New Year holidays.

The municipal Tourism Department, in coordination with the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) and Sunrise Events Vietnam, will organize the 6th edition of the Techcombank Ho Chi Minh City International Marathon in December. Some 15,000 runners, including international athletes, have so far registered to take part in the event entitled “Run for an Outstanding Vietnam.”

Waterway tours also boast impressive itineraries. The Nhieu Loc Boat Co. Ltd has just welcomed more than 200 cruise passengers to experience "A Glimpse at Saigon" on the 4.5km-long Nhieu Loc - Thi Nghe canal, starting from the District 1 tourist wharf and ending at the District 3 tourist wharf, HCM City.

Nguyen Thi Vuong, the company’s Executive Manager, said that tourism products on the canal are competitive with many other tourist destinations for foreign visitors accounting for more than 50% of the company's customers.

In the coming time, the company will increase experiences and services at the wharf to bring more interesting experiences to visitors to the city, she added.

US travel guide suggests ways to discover local Vietnamese culture

Travel publisher Lonely Planet of the United States has revealed three destinations in order for guests to explore the local culture in Vietnam, namely the Central Highlands, the Mekong Delta, and the southcentral regions.

Thanks to its array of beaches, historic sites, mountain hikes, and irresistible food, the nation tends to draw travelers from all over the world, the article wrote.

Chasing waterfalls and sampling coffee in the Central Highlands region is therefore a great experience for many tourists.

According to the US travel guide, Buon Ma Thuot is famous for its coffee culture. Here, travelers can come and enjoy guided tours of lush coffee plantations, taking in the aroma of freshly roasted beans, with visitors even able to learn how to make their own coffee in the Vietnamese style.

Furthermore, mystical waterfalls like Dray Nur and Dray Sap evoke fairy tales. While swimming isn’t allowed, the lush greenery and the sound of cascading water creates a scenery that’s breathtaking to experience from land.

Meanwhile, tourists should not miss out on visiting Chau Doc city in the Mekong Delta region which has been dubbed “the kingdom of fish sauce”.

Located close to the Cambodian border, Chau Doc is home to Chinese, Cham, and Khmer communities; with the diversity of its residents apparent through its architecture and cuisine.

In addition to Mekong Delta cruises, visitors can stop by sacred sites such as the Hang Pagoda or Ba Chuc Tomb, or they can immerse themselves in nature and wildlife at the Tra Su Bird Sanctuary.

Chau Doc floating market is widely considered to be the primary reason for visiting the city as it promises unique culinary adventures thanks to the incredible variety of fish harvested from the river.

The southcentral region is also known as a treasure trove of natural wonders. Located far away from the nation’s bustling tourist spots, Lang Co is a hidden gem that takes pride in its rich traditions, warm hospitality, and diverse landscapes.

Located between the imperial city of Hue and Da Nang in the central region, it’s a place where travelers can go to discover pristine fishing villages, national parks, white-sand beaches, and turquoise bays.

Another must-visit place is Bach Ma National Park, an absolute treasure trove of natural wonders that boasts awe-inspiring views, towering waterfalls measuring nearly 300m (984ft) in height, and a remarkable array of flora and fauna.

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