An overview of the meeting (Photo: VNA)

Vietnam and Algeria ramp up economic cooperation in oil and gas industry

The Vietnam-Algeria Inter-governmental Committee convened its 12th meeting in Hanoi on October 16 to seek ways to enhance economic relations in oil and gas between the two countries.

Addressing the meeting, Minister of Construction Nguyen Thanh Nghi briefed the Algerian side on Vietnam’s development orientations, saying the county has been effectively implementing the "Three Strategic Breakthroughs", namely institutional reform, infrastructure development, and improvement of the quality of human resources.

These breakthroughs will primarily focus on innovating growth models based on science - technology, and innovation, fully tapping into human resources, actively implementing digital and green transformation to achieve net zero carbon emissions by 2050, and becoming a high-income developed country by 2045, he added.

According to the minister, Algeria is Vietnam’s important partner in Africa and the fourth-largest export market for Vietnamese goods in the market.

Due to the impact of the COVID-19 pandemic and other external factors, two-way trade turnover last year reached US$144.2 million, of which Vietnamese exports to Algeria hit US$141 million, cited VOV.

Investment in the oil and gas industry remains a bright spot in economic relations between the two countries. A joint venture on oil and gas exploration and exploitation between Vietnam Petroleum Exploration and Production Corporation (PVEP) and partners Sonatrach Algeria and PTTEP Thailand has been operating effectively and is progressing to deploy the second phase of the project.

At the meeting, the Vietnamese Minister proposed that the two sides focus on promoting linkages in other areas such as agriculture, aquaculture, including farm produce processing, consumer goods production, oil and gas, information and communication, tourism, and construction.

For his part, Algerian Minister of Industry and Pharmaceutical Production Ali Aoun emphasised that Vietnam is Algeria’s important economic partner in Asia.

He expressed his hope that both sides strive to strengthen economic exchanges, increase two-way trade turnover, and deploy new construction investment projects in the coming time.

Vietnamese President welcomes Chairman of Russian State Duma

President Vo Van Thuong received Chairman of the State Duma of the Federal Assembly of the Russian Federation Vyacheslav Victorovich Volodin in Hanoi on October 16, expressing his belief that his guest’s visit will create a strong impetus for bilateral cooperation, including between the State Duma of Russia and the National Assembly (NA) of Vietnam.

Welcoming Volodin and the Russian delegation, who are paying an official visit to Vietnam and co-chairing the second meeting of the countries’ Inter-Parliamentary Cooperation Committee, the host leader applauded the outcomes of Volodin’s talks with NA Chairman Vuong Dinh Hue on October 15.

He attributed Vietnam’s successful struggle for national reunification in the past and achievements in national construction and defence at present partly to the enormous assistance in all aspects, especially training cadres, scientists and intellectuals, from the former Soviet Union and Russia today.

Despite numerous difficulties and challenges, bilateral relations have still harvested practical and concrete results, he noted.

To further promote the two countries’ ties, President Thuong asked both sides to increase all-level mutual visits, foster economic, trade and investment links, and recover and boost people-to-people exchanges and tourism activities after the COVID-19 pandemic.

He also took this occasion to thank Russia, including its Federal Assembly, for supporting the Vietnamese community to live, study, and work stably in the country. He also called on the Russian parliament, as the legislative body, to advocate the provision of more favorable conditions for Vietnamese people there, according to VNA.

President Vo Van Thuong (R) receives Chairman of the State Duma of the Federal Assembly of the Russian Federation Vyacheslav Victorovich Volodin in Hanoi on October 16. (Photo: VNA)

At the meeting, the Chairman of the State Duma affirmed that Russia views Vietnam as not only a strategic partner but also a strategic friend.

The preceding generations of the countries’ leaders have laid a solid and important foundation for bilateral relations, he remarked, perceiving that both sides should seek new forms of cooperation so that their ties will further develop in multiple areas.

Volodin also noted with satisfaction the recent great strides in bilateral cooperation and expressed his hope that the multifaceted relations will keep growing fruitfully and more intensively in the coming time.

Earlier on October 16, the Russian delegation paid tribute to President Ho Chi Minh at his mausoleum and laid a wreath at the monument to heroes and martyrs on Bac Son street in Ba Dinh district of Hanoi.

Vietnamese and RoK firms conduct 80 direct trade talks in Hanoi

Two delegations of Korean enterprises from Daegu city and Gyeongbuk province are set to conduct 80 direct trade exchange sessions with Vietnamese businesses in Hanoi on October 17, according to the Korea Trade and Investment Promotion Agency (KOTRA Hanoi).

During the exchange, 15 Republic of Korea (RoK) exporters are expected to introduce diverse products such as cosmetics, food supplements, beverages, household appliances, and LED electrical equipment. These are high-quality products which have been exported to many countries around the world.

Daegu, the fourth largest city in the RoK, is home to a large number of leading businesses in the fields of beauty, health, and consumption, with many showing a keen interest in the potential of the Vietnamese market, reported VOV.

Photo: VOV

A representative from KOTRA Hanoi confirmed that a delegation of nine manufacturers from Daegu are anticipated to participate in the trade exchange. Several brands of businesses in Daegu are expected to further promote their presence in the country moving forward.

Meanwhile, six enterprises of Gyeongbuk province are expected to introduce their safe and high-quality products in the fields of food, supplements, and beverages at the event.

Vietnamese athletes depart for fourth ASIAN Para Games

The delegation of Vietnamese athletes with disabilities on October 16 departed for the fourth ASIAN Para Games that is taking place in Hangzhou, China from October 22-28.

The Vietnamese sports delegation to the event comprise 71 members, including 48 athletes who will compete in seven sports of track and field, swimming, weightlifting, chess, table tennis, badminton and Taekwondo.

Vietnam’s goal is to win three to four gold medals and to have as many as possible athletes qualified for the 2024 Paris Paralympics, cited VNA.

The delegation of Vietnamese athletes with disabilities on October 16 depart for the fourth ASIAN Para Games in Hangzhou, China (Photo: VNA)

At the seeing-off ceremony at Noi Bai International Airport, Vice Director of the Vietnam Sports Authority Le Thi Hoang Yen expressed her belief that the delegation will show their best performance and achieve best results.

Right after the 12th ASEAN Para Games in Cambodia, the sport sector started to prepare for the 4th ASIAN Para Games by selecting and training athletes and providing them with necessary support.

Vietnam bagged a total of 40 medals, including eight gold, eight silver and 24 bronze medals, ranking 12th at the 2018 Asian Para Games in Indonesia.

Vietnam in good shape to overcome headwinds after a pandemic

Vietnam has become stronger after Covid-19. Deputy Minister of Planning and Investment Tran Quoc Phuong said the outstanding factor in the last nine months was the 4.24 percent GDP growth rate, a satisfactory level compared with other countries.

Favorable factors and reasonable decisions have helped the economy overcome the ‘headwinds’.These include a flexible and effective monetary policy, good price management, measures to control inflation and satisfactory results in public investment disbursement.

“More than 50 percent of investment capital was disbursed in the last nine months, which was rarely seen in the last years,” he commented.

Phuong mentioned the outcomes in external relations. He cited US President Joe Biden’s visit to Vietnam and the decision by the two parties to upgrade the current regulation ship to a Comprehensive Strategic Partnership.

Meanwhile, Phan Duc Hieu, a Permanent Member of the Economics Commission, cited other reasons behind the satisfactory economic growth, including the policies on supporting people and businesses (tax remission, extension of financial obligation fulfillment deadline), totaling VND150 trillion. Prime Minister Pham Minh Chinh instructed to apply a loosened monetary policy.

Hieu, when meeting the business community, found that businesses were highly aware of the need to overcome difficulties themselves rather than rely on support from the government.

Vu Minh Khuong, a lecturer of the Singaporean Lee Kuan Yew School of Public Policy, commented that observing Vietnam and finding out if the economy has become stronger after the pandemic has been an issue of concern of many international researchers. They have found that Vietnam has become stronger.

According to Khuong, trust in the government’s economic management amid the difficulties of the global economies has increased sharply, from both internal and external subjects.

“The localities and large businesses I have met are all ready to develop and cope with difficulties in the future,” he said.

The expert hailed the Prime Minister and the government in regulating rice exports which not only brought high profits to farmers and exporters, but also ensured food security in the world, VNN reported.

Photo: VNN

“Vietnam is not just for itself, but for the whole world as well. What if Vietnam had also become chaotic and decided to stop exporting rice?” he said.

Regarding macroeconomic management, Khuong said Vietnam has been standing firm in the face of the global economy, reasonably managing the exchange rate and interest rate policies.

Many daring and important decisions have been made, including one on building 218 kilometers of metro and the urban railway network in 12-15 years.

Commenting that he could see a ‘special atmosphere’ at the meetings of the government and ministries, Khuong said: “I went through the first period of reform, and in this second reform, although there are countless difficulties and challenges, I can see the horizon."

Vietnam’s businesses now don’t target just short-term benefits and ‘live from hand to mouth’, but draw up long-term business strategies.

Khuong said that Vietnam is standing at the threshold of a new era in which Vietnam can become a developed country in the near future.

“US President Joe Biden’s visit to Vietnam has brought strong motivation for Vietnam’s economy to develop, and create more jobs, such as semiconductor chip manufacturing, which is a great opportunity for Vietnam,” he said, adding that “Vietnam will take impressive steps towards the future".

Going on the right track

Shantanu Chakraborty, Vietnam Country Director of the Asian Development Bank (ADB), warned that infrastructure problems remain. Therefore, it is necessary to mobilize more resources from the private sector for infrastructure development, especially to adapt to climate change.

He stressed that Vietnam needs to reshuffle to encourage the private sector.

“We highly appreciate the Government's proactive policy responses, which aim at balancing macroeconomic stability and supporting socio-economic growth, and promoting public investment. Macroeconomic policies include fiscal and monetary measures,” he said.

"The Government has been on the right track so far,” he said.

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