Standing Vice chairman of the National Assembly Tran Thanh Man, who is President of the Vietnam-Laos Friendship Parliamentarians Group, speaks at the event (Photo: VNA)

Vietnam - Laos Friendship Association holds 5th congress

The Vietnam-Laos Friendship Association (VLFA) held the fifth congress for the 2023-2028 term in Hanoi on October 9 with the attendance of 150 delegates.

In his remarks at the event, Standing Vice chairman of the National Assembly Tran Thanh Man, who is President of the Vietnam-Laos Friendship Parliamentarians Group, spoke highly of the exciting, regular and practical activities of the association.

Hailing the important contributions that the VLFA has made to cultivating the traditional friendship between the two nations, Man suggested that during the new term, the association continues to attract the participation of outstanding individuals and relevant organizations in people-to-people diplomacy activities with new methods of operation along with the application of information technology.

A report presented at the congress showed that the past term has witnessed many important events in Vietnam - Laos relations including the 60th anniversary of establishing diplomatic relations and 45th anniversary of the signing of the bilateral Treaty of Friendship and Cooperation, cited VOV.

In that context, the VLFA has launched a broad array of diverse activities as a contribution to consolidating and reinforcing the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos with highlights being large-scale people-to-people exchanges and thematic activities "following the leader's footsteps" which attracted young generation of the two countries.

The congress elected a new executive board of 73 members, with Nguyen Dac Vinh, Chairman of the NA’s Committee for Culture and Education, elected as Chairman of the association for 2023-2028.

On the occasion, organizations and individuals of the VLFA were commended for their contribution to people-to-people diplomacy activities in the 2024-2024 period.

Vietnam’s overseas investment up 4.6% during nine months

Vietnam’s overseas investment approximated US$416.8 million during the first nine months of 2023, rising 4.6% year on year, reported the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

Of the amount, over US$244.8 million was registered for 84 new projects, equivalent to 70.5% of the value posted in the same period last year, while more than US$171.96 million was added to 18 existing ones, surging 3.38-fold.

Vietnamese investors poured money into 14 sectors abroad during the nine months. The wholesale and retail sector topped the list with nearly US$150.64 million, accounting for 36.1% of the total, channelled into 26 new projects and six existing ones, according to VNA.

A car assembly factory of Vinfast (Illustrative photo: VNA)

The information and communications sector ranked second with over US$114.35 million, or 27.4%. It was followed by electricity production and distribution, agro-forestry-fisheries, and processing - manufacturing, statistics show.

Among the 24 countries and territories recording Vietnamese investments during the period, Canada took the lead with over US$150.2 million (36%) poured into one new project and one existing project there, followed by Singapore, Laos, and Cuba.

As of September 20, Vietnam had 1,667 valid overseas investment projects with combined capital of nearly US$22.1 billion. They include 141 projects worth almost US$11.67 billion of State-invested enterprises, making up 52.8%.

The investments concentrated on mining (31.5%) and agro-forestry-fisheries (15.5%). Meanwhile, the biggest destinations of Vietnamese investments were Laos (24.7%), Cambodia (13.3%), and Venezuela (8.3%), according to the FIA.

Foreign retail giants flock to Vietnam

Big retailers from South Korea, Japan, Thailand and Singapore are eyeing the Vietnamese market with estimated value of US$350 billion and 100 million consumers.

Reuters has quoted a source as reporting that GIC, the Singaporean national investment fund, and some Thai investors want to buy 20 percent of shares of the third largest retail chain in Vietnam – Bach Hoa Xanh, which is valued at US$1.5-1.7 billion.

The deal is about to be closed, possibly in the first quarter 2024.

Foreign retailers have recently expanded their networks in Vietnam.

On September 22, Shin Dong-bin, president of Lotte, and his elder son Shin Yoo-yeol, CEO of Lotte Chemical, flew to Vietnam to open Lotte Mall West Lake worth US$643 million. This is a 23-storey complex comprising a shopping mall, hotel, offices and condotels, covering an area of 7.3 hectares. The total retail area is 82,550 sqm.

This is the place for many global famous brands, including Marks & Spencer, Uniqlo, Zara, Massimo Dutti, Pull & Bear, Fred Perry, Lagerfeld, Maison Margiela, Foot Locker, Rockport, Camper and Marimekk.

In the first half 2023, Central Retail, owned by Thai billionaire Chirathivat, consecutively opened GO!, the shopping mall and hypermarket in Ha Nam and Dong Nai, and launched its own furniture brand Home Come.

Earlier this year, the Thai retailer announced investment of US$1.45 billion in Vietnam in the next five years.

As of mid-2023, Central Retail had opened 38 Go! hypermarkets in Vietnam and 39 stores bearing Tops market, Go! and LanChi Mart brands, as well as 52 Nguyen Kim stores, specializing in distributing home appliances, and a high number of food stores.

Central Retail plans to become the No 1 omni-channel retailer in the food industry, and No2 in the real estate sector – shopping center.

Also in the first half 2023, Uniqlo from Japan opened four more stores in Vietnam, while its fellow-countryman Muji opened more shops in HCM City and Hanoi.

Aeon, another Japanese retailer, has just inaugurated Aeon Binh Duong New City in Binh Duong, and it plans to open up 2-3 more hypermarkets (with the average area of 5,000 sqm) in Vietnam this year.

Meanwhile, Vietnamese retailers have also geared up to open more shopping centers throughout the country, VNN reported.

Photo: VNN

WinCommerce owned by billionaire Nguyen Dang Quang opened 150 more Winmart+ (convenience stores) and 2 Winmart (supermarkets) in the first six months 2023, raising its total retail points to 3,500. This is the largest retail chain in terms of sale points.

As for Bach Hoa Xanh, more than 1,700 stores with the brand have been opened so far which brought the turnover of VND13.67 trillion (up 7 percent) in the first half 2023. However, it still incurred an accumulated loss of VND8 trillion.

How attractive is the Vietnamese retail market?

Vietnam is believed to be one of the markets in Southeast Asia with the most potential, which now has value of $140 billion, expected to rise to $350 billion by 2025.

However, the scale of modern retail channels is still modest, just accounting for 25 percent of the total retail market size, which is much lower than the 80 percent market share in Singapore and 48 percent in Thailand. Vietnam’s total population is high and its economy is open to most large partners in the world.

These could be the reasons for investors to continue to inject money into the market. Despite inflation pressure and people’s tightening of their purse strings, the retail market has been growing well.

According to the General Statistics Office, the total goods and consumer service revenue in the first nine months 2023 surged by 9.7 percent year on year to VND4.57 quadrillion. Revenue from goods retail alone reached VND3.572 trillion, up 8.4 percent.

In the first half 2023, Bach Hoa Xanh (belonging to MWG) and Wincommerce (Masan) reported positive growth rates. WinCommerce earned revenue of VND14.5 trillion in the first two quarters, while Central Retail had VND17 trillion in revenue.

The recovery of Vietnam's retail industry after the Covid-19 pandemic is attributed to good economic performance and the increase in average income. Vietnam’s GDP per capita was US$4,110 in 2022.

Vietnam pledges responsible engagement in ASEAN disaster management activities

Vietnam has and will continue to pledge its active and responsible engagement in disaster management activities in the ASEAN region, Deputy Minister of Agriculture and Rural Development Nguyen Hoang Hiep has said.

The 43rd annual meeting of the ASEAN Committee on Disaster Management opened in Ha Long city, the northern province of Quang Ninh, featuring the participation of 10 ASEAN member states and Timor Leste serving as observers.

According to the rotation order among ASEAN members, in 2023, Vietnam will assume the position of Chairmanship of the ASEAN Committee on Disaster Management (ACDM), chair the organization of the 11th Ministerial Meeting on Disaster Management (AMMDM), ACDM annual meetings and launch response activities.

This is both an important responsibility and an opportunity for Vietnam to proactively lead, enhance its position, and demonstrate its role in ASEAN cooperation on natural disaster management in particular and in building the ASEAN Community and relations between ASEAN and partners in general.

In addition, assuming the role of chairmanship will help Vietnam take advantage of experience and resources from partners and the international community for the country’s natural disaster prevention and control and actively contribute to building ASEAN community that is resilient to natural disasters, contributing to the common development of the country and the region.

In his opening speech, Deputy Minister of Agriculture and Rural Development Nguyen Hoang Hiep said that this conference will continue to give opinions and approve a number of major contents on implementing decisions of relevant senior leaders; updating the outcomes of the implementation of the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) 2021 - 2025 program in recent times, cited VOV.

Photo: VOV

The conference will also submit to the Ministerial Conference for adoption the Ha Long Declaration on strengthening early action in disaster management in the ASEAN region and discuss financial regulations of the ASEAN Disaster Management and Emergency Relief Fund, provisions on duties and powers of the Secretary General of ASEAN in his role as ASEAN Humanitarian Assistance Coordinator.

In addition, issues relating to cooperation and agreements with Chinese, Japanese and Korean partners and updates on the results of implementation of disaster management activities in the ASEAN region were also tabled for discussion.

Deputy Minister of Agriculture and Rural Development Nguyen Hoang Hiep emphasized that with the rotating chairmanship, the support of ASEAN member states, the help of the ASEAN Secretariat and other relevant agencies, Vietnam and Brunei have fulfilled the task of coordinating ASEAN natural disaster management activities in 2023 with many practical and effective agendas.

From the results achieved, Vietnam has and will continue to commit to participating actively and responsibly in disaster management activities in the ASEAN region, Hiep continued.

Hiep said he believes that with determination, scientific and methodical methods, and the support of international partners and friends, we will build a united, strong, and leading ASEAN community in management. natural disasters globally.

Earlier at the 42nd annual ACDM meeting held in June in Da Nang, practical results were achieved in all aspects of the natural disaster prevention and control process, from assessment and monitoring, prevention, response, and natural disaster risk mitigation, to enhancement of disaster resilience.

Within the framework of the 43rd annual ACDM meeting from October 9 - 11, an array of activities to be organized in the next few days include the 11th AMMDM; the AMMDM Plus China, AMMDM Plus Japan, and AMMDM Plus RoK; the 43rd annual ACDM meeting; the ACDM Plus meetings with the three Northeast Asian countries; the 19th meeting of the AHA center’s Governing Board; and the 4th ASEAN Disaster Resilience Platform.

The ASEAN Day for Disaster Management (October 13) and the International Day for Disaster Risk Reduction 2023 will be held at Bai Chay Primary and Secondary School in Ha Long City.

HCM City eyes further cooperation with localities of Australia, New Zealand

A delegation from Ho Chi Minh City People’s Council led by Vice Chairman Nguyen Van Dung is on a working visit to Australia and New Zealand, aiming to strengthen cooperation between the city and localities of the two countries.

During their trip to Australia, the delegation is scheduled to have working sessions with leaders of Melbourne City and to promote cooperation between the two cities on startups, innovation and creativity, urban planning, and sustainable urban development.

The Australia visit is to strengthen the relationship between HCM City with Melbourne and Victoria state in general, cited VNA.

Lord Mayor of Melbourne Sally Capp at the meeting with the delegation from Ho Chi Minh City. (Photo: sggp.org.vn)

According to the HCM City Department of Foreign Affairs, the southern city of Vietnam and Victoria State signed a memorandum of understanding to cooperation focusing on such fields as hotel and tourism vocational training, innovation and startup, trade promotion, and urban development.

Following the Australia visit, the delegation will travel to New Zealand where they are scheduled to meet with leaders of the Wellington Capital Council and NEC Group to learn experience in smart urban development.

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