Vietnam News Today (Oct. 7): Vietnamese Economy Projected at US$2 Trillion by 2050

	Vietnam News Today (Oct. 5): Vietnam's Top Leader Attends 19th Francophonie Summit in France
	Vietnam News Today (Oct. 6): Vietnamese GDP Growth in Q3 Projected at 5.3%

Party General Secretary and State President To Lam meets with the Vietnamese community in France on October 5 (local time) (Photo: VNA)

Top leader meets with Vietnamese community in France

Welcoming the top leader, Ambassador to France Dinh Toan Thang said that the Vietnamese community in France currently has more than 300,000 members, including about 50,000 intellectuals and thousands of entrepreneurs. The community has shown good integration, preserving cultural identity and national traditions and heading to the homeland, he said.

Vuong Huu Nhan, Chairman of the Vietnamese Association in France, said the Vietnamese community is always attached to and heads towards the homeland, caring about compatriots at home and always supporting an independent and sovereign Vietnam.

Nguyen Hai Nam, Chairman of the Association of Vietnamese Business in France (ABVietFrance), said that the association has held many activities to promote investment and trade between France, European countries and Vietnam. Nam gave a number of recommendations on facilitating the resuming of and applying for Vietnamese nationality, allowing Vietnamese people residing abroad to vote in and run for National Assembly elections.

On behalf of the Association of Vietnamese Youth and Students in France, Nguyen Thu Van expressed her wish for financial support for community movements from the State budget or from domestic enterprises.

She suggested organizing a forum exclusively for Vietnamese youth abroad, and showed her hope that relevant ministries and sectors at home will support the association in organizing a Science and Technology Forum for young intellectuals and young businesses in France, cited VNA.

General Secretary and President Lam said that during his talks with French leaders, he asked France to continue to pay attention and create favorable conditions for the Vietnamese community in France to live, study and work stably and integrate with the host society, and contribute to the development of France and the relationship between the two countries.

The leader underlined that the Party and State always value the contributions by generations of overseas Vietnamese in France and the Association of Vietnamese in France to the country. He welcomed their core and active role in Europe in uniting, gathering, and supporting the community, preserving the Vietnamese language and national cultural identity.

He affirmed the Party and State's great attention to the Vietnamese community abroad in general and France in particular, considering the community as an inseparable and an important resource of the nation.

He said he hopes that the Vietnamese community in France in particular and Europe in general will always promote the spirit of solidarity and national pride, turning towards the homeland, contributing to the development of the country, promoting the good values of the nation, and preserving the Vietnamese language for future generations.

Recognizing the community's proposals, he said he will ask authorities at home to take prompt actions to meet the aspirations of the overseas Vietnamese in France in particular and in the world in general.

The leader asked the embassy to continue to show strong performance in community work and citizen protection, supporting the community to settle down, integrate well into the host society, preserve the Vietnamese language and national cultural identity, and act as a bridge between Vietnam and other countries, contributing to the country's development.

Vietnamese economy projected at US$2 trillion by 2050: WEF leader Schwab

World Economic Forum Chairman Klaus Schwab has projected that the Vietnamese economy would grow to hit the US$2 trillion size by 2050.

A large market of more than 100 million consumers, a steady, high economic growth, and a young population with a median age of just over 30 are all significant prerequisites for Vietnam to realize its development goals, the WEF founder said at an economic forum on a knowledge economy in Ho Chi Minh City on October 6.

Prof. Schwab emphasized that the development of a knowledge economy is an inevitable and urgent trend globally that requires workers to be equipped with new knowledge and skills to seize opportunities and overcome the challenges posed by the technological era, VOV reported.

World Economic Forum Chairman Klaus Schwab answers questions relating to the knowledge economy that Vietnam is pursuing at an economic forum in Ho Chi Minh City on October 6.

As industries evolve, continuous learning and adaptability become essential for ensuring competitiveness and innovation in the workforce, he said.

According to the WEF founder, the transition from a traditional economy to a knowledge economy requires a comprehensive and rational restructuring, with people as a key pillar driving this process.

Ho Chi Minh City has many advantages for developing a knowledge economy, such as a young, creative workforce that is quick to adapt to technology. However, to turn these advantages into reality, breakthrough solutions in education and training are necessary to closely align with the practical needs of the economy, stated the WEF chairman.

The Professor identified four key areas where technology is reshaping the Vietnamese economy, including artificial intelligence, automation in manufacturing; e-commerce and digital services; investment in digital infrastructure and smart urban development; and sustainable development and green technology.

However, alongside these opportunities, he said Vietnam also faces challenges related to social inequality, and the risk of increasing poverty and unemployment, necessitating appropriate management policies to mitigate negative impacts.

Vietnam continues to join hands in implementing SDGs: Ambassador

In an interview granted to Vietnam News Agency on the thresholds of Deputy Prime Minister Ho Duc Phoc's German trip from October 7-10 for the HSC and bilateral activities, Minh said that the trip aims to continue affirming the country's external policy of independence, self-reliance, multilateralization and diversification, and actively integrating into the world in a comprehensive, extensive and effective manner.

It also aims to affirm Vietnam's consistent policy of always attaching importance to the strategic partnership with Germany and making bilateral cooperation deeper and more effective, especially in traditional areas such as politics, trade, and investment, and expanding cooperation in new areas with great potential such as energy transition, digital transformation, and labor.

The diplomat held that the HSC, which expects more than 100 delegations, will create a chance for Vietnam to call on countries, international organizations, and funds to cooperate and support Vietnam in socio-economic development and realizing its major goals of digital transformation, green transformation and sustainable development.

HSC is an initiative by German Prime Minister Olaf Scholz. Its objectives include promoting new cross-sectoral and cross-area dialogues and partnerships among governments, businesses, academia, and other stakeholders; seeking measures to accelerate the implementation of the sustainable development goals, including effectively mobilizing necessary investments and finance; and implementing the documents of the Future Summit held in September 2024, according to VNA.

Vietnamese Ambassador to Germany Vu Quang Minh (Photo: VNA)

Participants at the conference are expected to approve three documents - document for the future, the global digital document and the declaration on future generations, setting out ambitious actions and goals across all areas of UN cooperation, with a number of major priorities such as increasing resources to accelerate SDG progress, establishing foundational frameworks for digital cooperation and innovation, and reforming international institutions.

The HSC is considered one of the first multilateral, multi-stakeholder conferences after the Future Summit, offering an opportunity for countries and stakeholders to discuss measures to promote the SDGs, many of which are lagging behind schedule, Minh said.

The ambassador underscored Vietnam's participation in the conference in the context that the country has achieved many great achievements in all aspects, especially in economic development and foreign relations. Currently, Vietnam is one of the 40 largest economies in the world, one of the 20 countries with the largest trade scale, and an investment destination for many leading corporations in the world. The country has shared strategic partnership and comprehensive partnership relations with 31 countries, including all the five permanent members of the UN Security Council. The UN always considers Vietnam a typical example in taking the lead in implementing the UN's major priorities such as implementing the Millennium Development Goals, SDGs, peacekeeping, and humanitarian assistance, with strong and serious commitments in many areas, including responding to climate change.

Minh affirmed that the Party and State of Vietnam always consider sustainable development a priority in socio-economic development to continuously improve the material and spiritual life of the people. Vietnam has issued a National Action Plan to successfully implement the 2030 Agenda for Sustainable Development along with many other legal documents, and recorded many achievements in implementing the SDGs over the recent years.

The diplomat noted that Deputy PM Phoc's Germany trip is to take place in the context that the Vietnam-Germany strategic partnership is growing across all fields. The two sides will celebrate the 50th anniversary of the bilateral diplomatic relations in 2025, while maintaining regular contacts and cooperation mechanisms.

Germany remains Vietnam's largest trading partner in the EU, and Vietnam is Germany's largest trading partner in Southeast Asia. Bilateral trade topped 11 billion USD in 2023 according to Vietnam's data and 17.12 billion USD according to the German's statistics agency Destatis data as of the end of November 2023.

As of June 2024, Germany had invested in 472 projects in Vietnam with a total registered capital of 2.76 billion USD in 37 provinces and cities across the country.

Meanwhile, Vietnamese enterprises had run 41 investment projects in Germany with a total registered capital of 292.3 million USD.

Minh also highlighted fruitful cooperation areas between the two countries, including defense, locality-to-locality collaboration, education-training, science-technology, and especially green growth, energy transition, and climate change response, with Germany's support to Vietnam in realizing commitments within the Just Energy Transition Partnership (JETP).

He said that Vietnam and Germany have planned various activities to celebrate the 50th anniversary of their diplomatic relations in 2025.

Particularly, the Vietnamese Embassy in Germany will organize a Vietnam Festival and Vietnam Days in Germany, and launch the construction of a Vietnam Community House in Berlin, among others.

Vietnam's GDP growth hits 7.4% in Q3 despite high business withdrawal rates

Despite a substantial increase in GDP by 7.4% in Q3 2024, the Vietnamese market witnessed the withdrawal of 163,000 businesses, reflecting ongoing economic challenges.

Vietnam's Gross Domestic Product (GDP) for the third quarter of 2024 recorded a growth of 7.4% compared to the same quarter in the previous year.

However, the period also saw a significant number of businesses withdrawing from the market, totaling 163,000, according to the General Statistics Office (GSO) at a press conference on September 6, 2024.

The GDP growth for the first nine months of 2024 was estimated at 6.82%. The agricultural, forestry, and fisheries sectors contributed 5.37% to the total value added with a growth of 3.2%.

The industrial and construction sectors increased by 8.19%, contributing 46.22%, while the services sector grew by 6.95%, contributing 48.41% to the economy, VNN reported.

Graphical representation of Vietnam's GDP growth from 2011 to 2024, showing a significant uptick in Q3 2024. Chart: GSO

The GSO highlighted the economy's resilience and the political system's commitment to socio-economic development strategies that adapt quickly to global economic fluctuations and recover from severe impacts of natural disasters.

Despite the strong economic performance, the number of businesses exiting the market remains high, increasing by 21.5% compared to the same period last year. On average, about 18,200 businesses withdrew from the market each month.

Conversely, over 183,000 businesses registered as new or resumed operations in the first nine months of 2024, marking a 9.7% increase compared to the same period in 2023.

This translates to an average of more than 20,300 businesses starting or resuming each month.

A survey of business trends in the processing and manufacturing industries for the third quarter of 2024 showed that 34.7% of businesses saw an improvement over the second quarter, 42.6% reported stable conditions, and 22.7% faced difficulties.

Looking ahead to the fourth quarter of 2024, 42.2% of businesses anticipate an improvement, 40.4% expect stability, and 17.4% predict more challenging conditions.

Vietnam values special relationship with Laos

Vietnam and Laos have treasured a special relationship that is an invaluable asset and a rare, exemplary bond characterized by loyalty and purity in international relations, said a senior Vietnamese leader.

Party General Secretary and President To Lam of Vietnam was speaking during his meeting in Paris on October 5 with his Lao counterpart Thongloun Sisoulith, on the sidelines of the 19th Francophonie Summit.

To Lam expressed his appreciation for the mutual support between Vietnam and Laos in overcoming the recent impacts of natural disasters, reflecting the brotherly sentiments and the longstanding tradition of mutual assistance between the two countries.

Sisoulith for his part emphasized that Laos places great importance on its relationship with Vietnam. He highlighted the two countries’ continued efforts to cultivate and develop the great friendship, special solidarity, and comprehensive cooperation between Vietnam and Laos in a sustainable and extensive manner, cited VOV.

Party General Secretary and President To Lam of Vietnam meets with his Lao counterpart Thongloun Sisoulith, on the sidelines of the 19th Francophonie Summit, in Paris on October 5. (Photo: VNA).

The mutual concern and support in addressing the impacts of natural disasters demonstrate the close comradeship and traditional mutual assistance between the two peoples, he said.

The Lao leader conveyed warm regards to Prime Minister Pham Minh Chinh and Chairman of the National Assembly Tran Thanh Man, recalling the positive outcomes of his state visit to Vietnam and the annual meeting between the two Politburos in September 2024.

Both leaders praised the results of bilateral cooperation in implementing major directions agreed upon during their recent meetings, and vowed to closely monitor relevant agencies to effectively implement high-level agreements and cooperative programs between the two sides.

In the context of complex global developments, the two leaders underscored the value of solidarity among Vietnam, Laos, and Cambodia. They agreed to continue coordinating with Cambodia to make the trilateral cooperation increasingly substantive and effective, meeting the practical needs of the three countries and aligning with development requirements in the new phase.

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