An overview of the high-level talks in Hanoi on September 10 between Vietnamese Party General Secretary Nguyen Phu Trong and US President Joe Biden.

Vietnam and US lift ties to comprehensive strategic partnership

Vietnam and the United States have agreed to lift their relations to comprehensive strategic partnership for peace, cooperation and sustainable development.

The agreement was reached during high-level talks in Hanoi on September 10 between Vietnamese Party General Secretary Nguyen Phu Trong and US President Joe Biden who arrived in Hanoi on the same day for a two-day State visit to Vietnam.

The two leaders noted with satisfaction the positive development of Vietnam – US relations over the years, and said the lifting of bilateral ties would bring benefits to the two countries and the world in general, cited VOV.

They emphasized the need to fully respect guiding principles that define Vietnam – US relations over the years, considering this the most important factor for the development of bilateral relations. Among the principles, the two countries fully respect the United Nations Charter and international law, as well as political institutions, independence, sovereignty, and territorial integrity of one another.

Trong reminded that the specific motto for the development of Vietnam-US relations is breaking with the past, overcoming differences, promoting similarities, and looking towards the future. He highly appreciated the US supporting a strong, independent, self-reliant and prosperous Vietnamese nation.

He proposed that both countries continue to promote mutual understanding and implement those guiding principles to maintain long-term stability of the relations, while increasing visit exchanges, cooperation and people-to-people exchanges.

The Party leader welcomed the strengthening of economic - trade - investment cooperation and inclusive economic growth towards innovation, considering this the central foundation and driving force for the two countries’ relations and cooperation. He also encouraged breakthroughs to be made in bilateral cooperation in science and technology.

The Party leader reiterated the consistent foreign policy of Vietnam and highly appreciated the US supporting the stance of Vietnam and ASEAN regarding the East Sea issue. He proposed that the US continue to support and actively contribute to peace, security and cooperation, while ensuring freedom of navigation and overflight as well as the legitimate interests of countries in the East Sea.

He once again stressed the need for relevant parties to resolve disputes by peaceful means, implement the Declaration on the Conduct of Parties in the East Sea (DOC) and soon sign an effective Code of Conduct (COC) in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea.

Biden for his part spoke highly of Vietnam’s active role in addressing regional and global issues, including climate change. He voiced his strong support for Vietnam’s development achievements in recent times, especially in the development of the electronics industry, climate change response and clean energy.

The President also affirmed his support for ASEAN’s central role, and his desire to cooperate with Vietnam to contribute to ASEAN’s solidarity and prosperity. He reaffirmed the US position on the East Sea, emphasizing that the East Sea has an important position in international prosperity and stability. The President also spoke of the US’ importance to the goals of the Indo-Pacific Economic Framework for Prosperity (IPEF).

The two leaders agreed that the important results of the talks and the Vietnam visit by President Joe Biden would contribute positively to the development of bilateral relations in the new period, in the interest of the two peoples, for peace, stability and sustainable development.

After the talks, the two leaders hosted a press briefing on the results of their talks.

Laos-Vietnam relationship now at best time in history: Lao minister

The Laos-Vietnam ties have been expanding across the board and are now at the best time in history, said Lao Minister of Planning and Investment Khamjane Vongphosy.

The minister, who is head of the Lao-Vietnam Cooperation Committee, made the assessment in an interview granted to the Vietnam News Agency on economic cooperation between the two countries in the recent past.

According to him, the two countries have the time-honored tradition of cooperation and mutual support throughout their respective revolutions to regain independence and national unification as well as the current causes of national defence, construction and development.

Minister Khamjane noted that under the close leadership of the two Parties and States, ministries, agencies and localities of both countries have actively coordinated with each other to effectively implement the agreement on the 10-year cooperation strategy (2021-2030) and the five-year cooperation agreement (2021-2025) as well as cooperation plans for each period. This has contributed greatly to maintaining political stability, ensuring national defence-security and socio-economic development of each country, and further promoting the great friendship, special solidarity and comprehensive cooperation between the two nations, he said.

Lao Minister of Planning and Investment Khamjane Vongphosy (Photo: VNA)

He underlined that the Vietnamese Government has provided a large volume of aid to Laos, one third of which was used for human resources development, and the remainder was allocated to projects in other fields, including poverty reduction.

The minister highlighted the bilateral economic partnership, with two-way trade value rising throughout the years. Meanwhile, Vietnamese companies are running over 400 investment projects in Laos, which have contributed significantly to local socio-economic development, especially in infrastructure, transports, social welfare, education and culture in remote and hard-to-reach areas, thus helping gradually improve the living conditions of local people, he said.

Khamjane also informed that the two countries have worked to enhance the connectivity between the two economies, particularly in trade, investment, finance, transport infrastructure, energy, telecommunications and tourism, with a view to expanding the scope for cooperation and development not only between them but also with other countries in the region, according to VNA.

The minister said following the direction of their leaders, the two countries have been encouraging Vietnamese firms to invest in Laos, with attention paid to attracting investment of corporations with good financial capacity and expertise to such fields as clean agriculture, processing industry, clean energy, cultural tourism and nature conservation.

He stressed that the Lao Government has attaches importance to improving the investment and business environment through streamlining licensing process, adding that the work is expected to facilitate Vietnamese investors’ investment and expansion of production in Laos.

Vietnam attends Eastern Economic Forum 2023 in Russia

The eighth Eastern Economic Forum opened in the Russian city of Vladivostok on September 10, bringing together approximately 7,000 politicians, business leaders, and public figures from 50 countries worldwide.

The Vietnamese delegation was led by Deputy Minister of Planning and Investment Do Thanh Trung.

An overview of a panel discussion of the eighth Eastern Economic Forum on September 10. (Photo: VNA)

Themed “The Path to Partnership, Peace and Prosperity” this year’s forum reflects Russia’s desire to build constructive relations and engage in inclusive dialogue with foreign partners in the Asia-Pacific region.

In a congratulatory letter to the forum, Russian President Vladimir Putin affirmed that the forum with high international reputation creates important opportunities for politicians, business leaders, public figures and experts from all over the world to engage in direct dialogues.

The forum seeks to address the most pressing issues facing socio-economic and infrastructure development of the Russian Far East and its integration into the vast Asia-Pacific region, reported VOV.

Discussions will focus on prospects for expanding cooperation in trade, investment, science and technology, identifying ways to create new, highly efficient production and logistics chains, modernizing transportation and energy systems, and ensuring food and environmental security in the region.

President Putin is scheduled to attend the plenary session with Vice President of Laos Pani Yathotou, on September 12.

Cashless payments in e-commerce to account for 50% by 2025

The Ministry of Industry and Trade (MoIT) has set a target to increase the cashless payment ratio in e-commerce, especially e-payments through payment intermediaries or applications, to 50% by 2025.

As part of efforts to implement the national plan on e-commerce development, the ministry has set ambitious targets for non-cash payment in e-commerce activities.

Another goal is to raise the ratio of payments conducted through payment intermediary service providers to 80% of non-cash payments in e-commerce activities by 2025.

According to the Center for Information and Digital Technology (CID) under the MoIT’s E-commerce and Digital Economy Agency (iDEA), the center has been and will continue to implement various solutions, and develop infrastructure facilities to promote non-cash payments, including the National E-commerce Payment System (Keypay).

In addition, the center will also focus on researching and developing a secure payment system for e-commerce activities based on the commercial arbitration (ESCROW) method, toward protecting both consumers and sellers in non-cash payment transactions.

To support all parties involved in secured online payment transactions, the centre planned to launch a system that will ensure transaction security in e-commerce activities, which aims to protect consumers' rights in the digital environment and safeguard the interests of all parties involved in online transactions.

The ratio of e-payments via ESCRO is expected to rise, while the rate of cash-on-delivery (COD) payment is projected to decrease.

Attention will be also paid to increasing reliability, thus promoting transactions; resolving disputes with a clear legal basis; and protecting the interests of both buyers and sellers, cited VNA.

Cashless payments in e-commerce to account for 50% by 2025. (Photo: tapchitaichinh.vn)

Transactions conducted without the involvement of intermediary payment service providers, such as bank transfers, cash deposits at service counters, and postal money transfers, currently make up a significant portion of non-cash payment transactions, the center said.

This poses potential risks for consumers during transactions because when the goods/services fail to meet requirements, sellers may not accept returns, and consumers may also be unable to complain or be protected in such transactions.

The main reasons for this are the shopping habits of consumers who still use cash, the low trust of consumers in e-payment infrastructure supporting e-commerce activities, and the lack of consistent and coherent measures to protect consumers and sellers in non-cash payment transactions.

Vietnam-Singapore Industrial Park project launched in Can Tho

The construction of the Vietnam-Singapore Industrial Park (VSIP) project commenced in Vinh Trinh Commune, Vinh Thanh District, Can Tho City on September 9, the 13th VSIP project in Vietnam and the first of its kind in the Mekong Delta region.

VSIP Can Tho has a total area of 900ha, with the first phase of the project requiring over VND3.7 trillion (US$153.8 million) and to be conducted on over 293ha.

Upon the completion of the first phase, VSIP Can Tho is expected to create jobs for about 20,000 – 30,000 workers, NDO reported.

Delegates press the buttons to launch the project.

The industrial park will be built as a smart and sustainable industrial zone model and a large food processing and distribution center in the Southern region, to meet investors’ demands for the supply chain.

At the commencement ceremony, VSIP Can Tho signed a Memorandum of Understanding with 12 investors on land leases and business cooperation.

This is the seventh industrial park in Can Tho. The six other industrial parks in the city have an occupancy rate of 68%, with 256 projects, generating jobs for over 43,000 workers.

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