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Vietnamese Ambassador Trinh Thi Tam presents credentials to Maldivian President Mohamed Muizzu. (Photo: VNA)

Vietnam, Maldives explore economic opportunities

A seminar aimed at bolstering Vietnam-Maldives connectivity across various economic sectors took place in Male on September 10, coinciding with Vietnamese Ambassador Trinh Thi Tam presenting her credentials to Maldivian President Mohamed Muizzu.

The event, co-hosted by the Vietnamese Embassy in Sri Lanka and Maldives and the Maldivian Ministry of Economic Development and Trade (MEDT), marked a significant step in deepening bilateral ties.

In her speech, Ambassador Tam expressed hope that the seminar would provide Maldivian Government officials and businesses with a deeper understanding of investment opportunities in Vietnam. This, she said, could help boost modest economic, trade, and investment ties between the two countries, with annual two-way trade now standing at around 15 million USD and only one Maldivian investment project in Vietnam valued at 23 million USD.

The Vietnamese Embassy is ready to facilitate connections between enterprises from both nations in areas of mutual interest, she said. She pledged to propose visits for Vietnamese business delegations to explore opportunities in the Maldives, paving the way for more practical cooperation activities as the two countries approach the 50th anniversary of diplomatic ties next year.

Maldivian Minister of State for Economic Development and Trade Hussain Zamir underlined the potential for stronger bilateral relations, particularly in tourism, construction, fisheries, trade, investment, finance and education, cited VNA.

Zamir praised Vietnam as a rapidly developing economy with a robust manufacturing sector and an increasingly significant role in the international trade network. He noted that Maldives, with its strategic location and thriving tourism industry, is looking to diversify its economy, partners and markets. Businesses from both countries hold substantial potential to leverage each other's strengths and complement one another, he said.

He also suggested establishing mechanisms and signing relevant cooperation agreements to lay the groundwork for economic, trade and investment ties.

Maldivian firms highlighted substantial import demand for products serving the tourism sector, such as seafood (excluding tuna), foodstuff and fruits, construction materials like sand, apparel and footwear. Additionally, there is a need for skilled labor in the tourism, construction and fisheries sectors.

They also expressed interest in facilitating visa procedures and establishing a direct air route between the two countries soon.

On the occasion, the Vietnamese embassy showcased several Vietnamese handicraft products, along with popular items like coffee, dried jackfruit and lotus seeds.

Ambassador Tam also held working sessions with the Maldivian Ministry of Tourism and the Ministry of Fisheries and Ocean Resources to discuss potential collaboration in resort construction, community-based and eco-tourism, seafood export and processing.

Vietnam puts forward five cooperation initiatives at Belt and Road Summit

Vietnamese Deputy Prime Minister Nguyen Hoa Binh proposed five priority areas for cooperation between Vietnam and Hong Kong (China) to leverage the complementary strengths of the two economies at the ninth Belt and Road Summit on September 11-12.

In his remarks at the summit, Binh emphasized the need to further strengthen financial cooperation, particularly in financial services and securities, share banking digitalization experience, develop and expand regional and global financial centers, and establish voluntary carbon credit trading markets.

It is crucial to further facilitate trade and the movement of goods, explore the expansion of regional economic corridors, share information, coordinate trade promotion efforts, and support businesses in expanding their markets, he said.

It is also important to promote high-quality investment, particularly by expanding investment into new technology sectors such as biotechnology, artificial intelligence, semiconductors, renewable energy, and smart cities that will in turn support digital and green transformation processes, he added.

Binh underscored the importance of enhancing infrastructure connectivity, by developing and connecting border infrastructure and railways between Vietnam and China. He encouraged Hong Kong enterprises with strong capabilities to invest, transfer technology, and prepare human resources for large-scale, symbolic transportation infrastructure projects that represent the Vietnam-China relations, according to VOV.

Vietnamese Deputy Prime Minister Nguyen Hoa Binh speaks at the ninth Belt and Road Summit in Hong Kong on September 11-12.

He also suggested strengthening connections between friendly cities and promoting people-to-people exchanges, including enhancing interactions between people and businesses of both sides and boosting bilateral tourism.

The Belt and Road Summit is an important annual economic and foreign affairs event organized by the Hong Kong Special Administrative Region government. Since its first inception in 2016, the summit has increasingly played a significant role in promoting public-private dialogue as well as trade and investment cooperation among countries engaging in the Belt and Road Initiative.

Themed “Building a Connected, Innovative and Green Belt and Road”, the ninth Belt and Road Summit was held from September 11-12 in Hong Kong (China), with nearly 6,000 delegates representing governments, leading corporations, and businesses from 70 countries and economies in attendance.

Vietnam ranks second among most favored destinations for Koreans on Chuseok holidays

Vietnam ranks second among preferred travel destinations for travelers from the Republic of Korea (RoK) during the Mid-Autumn holidays, known as Chuseok in the East Asian nation, with a rate of 18%.

Japan is the most favored destination, with 31.1%, according to a survey on foreign travel intentions during the holidays, conducted from August 1-7 among 1,270 Korean people aged 18 and over who have traveled through Incheon International Airport in the past five years. The survey revealed that Korean travelers prioritize destinations based on factors such as short flight distances, low exchange rates, and cost-effectiveness.

About 11.2% of respondents said they plan to travel abroad during the Mid-Autumn Festival, the highest percentage since the first survey conducted in 2020. The intention to travel abroad among Korean people has steadily increased from 1.9% in 2020 to 2.0% in 2021, 3.2% in 2022, and 9.3% in 2023. The response rate for "I plan to travel a short distance" is 74.8%, up 3.9% from 70.9% in 2023, VNA reported.

Korean tourists visit the central post office, a famous destination in Ho Chi Minh City. (Photo: VNA)

Among those surveyed, 60.9% of them expressed a desire to travel with family and relatives, 20.5% with friends or partners, 12.6% alone, and 4% with colleagues.

The Incheon International Airport Corporation estimates that, on average, 201,000 people will use the Incheon International Airport per day, as special traffic measures will be in place for six days, starting on September 13.

Vietnam attends Seoul Defense Dialogue 2024

A delegation of the Ministry of National Security of Vietnam led by Deputy Minister Hoang Xuan Chien attended the 13th Seoul Defense Dialogue (SDD 2024) in the Republic of Korea from September 10-12.

In his opening remarks, RoK Prime Minister Han Duck-soo emphasized that the world is experiencing significant upheaval, with geopolitical competition becoming increasingly intense.

The world faces simultaneous threats such as new security challenges, large-scale disasters, infectious diseases, technology-driven terrorism, and fake news, and in this context, enhancing international cooperation is more crucial and urgent than ever, he said.

The Seoul Defense Dialogue (SDD) is a major international forum on regional and global security, organized annually by the RoK Ministry of National Defense since 2012. It brings together numerous high-ranking officials, experts, and scholars in defense and security from various countries and international organizations.

This year’s dialogue was attended by approximately 900 delegates from more than 70 countries and international organizations. Vietnam has participated in all SDD meetings so far, cited VOV.

Delegates to the Seoul Defense Dialogue 2024 pose for a group photo. (Photo: VNA)

Themed “International Cooperation Beyond Global Security Challenges” the SDD 2024 discussed measures to prevent conflicts and reinforce the international order governed by rules and norms; strategies to promote peace, freedom, and prosperity in the Indo-Pacific region; and approaches to tackle various security crises in an increasingly interconnected global environment.

Delegates shared perspectives on global and regional situations, aiming to build trust among participants, foster dialogue, and enhance cooperation.

On the sidelines of the meeting, Senior Lieutenant General Hoang Xuan Chien of Vietnam had bilateral meetings with key defense officials of the Republic of Korea, Laos, Cambodia, and the United Kingdom. They examined measures to enhance bilateral defense cooperation in the future.

Senior Lieutenant General Hoang Xuan Chien also had sidelines discussions with representatives from the International Institute for Strategic Studies (IISS) Asia and the Singapore-based Information Sharing Centre for the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against ships in Asia (RECAAP) to explore collaboration on maritime security and anti-piracy efforts in Asia.

At the Cybersecurity Working Group session during the 13th Seoul Defense Dialogue, Major General Nguyen Tung Hung, Deputy Commander of Command 86, spoke about the cybersecurity situation in Vietnam. He highlighted the role of the military in ensuring national security and proposed the establishment of a global cybersecurity information-sharing system.

Vietnam’s exports maintain growth momentum, new record set in August

As Vietnam’s key export markets show signs of robust recovery, the nation’s exports in August reached an all-time high of US$37.59 billion compared to US$36.24 billion of the previous month.

Export is a direct motivation with the largest impact on Vietnam's economic growth now. The improved purchasing power in developed countries has had a noticeable impact on Vietnam's economy. Exports to the U.S., the European Union (EU), South Korea, and Japan have all bounced back over the recent months of this year.

Official statistics showed that trade between the Southeast Asian nation and the rest of the world was estimated at US$70.11 billion in July and US$70.65 billion in August.

If the current growth momentum is maintained, this year's import and export value will set a new record, surpassing the US$732 billion mark recorded in 2022. It should be noted that 2022 is a record year for Vietnam's foreign trade, but no month saw import-export turnover reaching US$70 billion.

During January-August, the total export value witnessed a year-on-year increase of 15.8 percent, achieving US$265 billion, VGP reported.

Photo: VGP

Continuing the positive trend in recent months, the nation's import value hit US$246 billion in eight months, up 17.7 percent. Remarkably, Vietnam spent US$230.95 billion on importing production materials, making up 93.9 percent. In the reviewed period, the country's trade surplus reached US$19.07 billion.

Insiders said that with positive economic forecasts from developed markets and increasing imports from the U.S., Vietnam's exports are expected to exceed US$790 billion by the end of this year.

Regarding the structure of exported goods, agricultural products and minerals accounted for only 12 percent while the group of industrial goods made up over 88 percent, said Le Quoc Phuong, deputy head of Vietnam Industry and Trade Information Center, under the Ministry of Industry and Trade.

The increase in exports is mainly attributed to the rise in exports of industrial goods, reflecting the goals set by import-export strategies and plans, he shared.

According to the latest report released by the S&P Global, Vietnam Manufacturing Purchasing Managers' Index (PMI) stood at 52.4 in August, signaling a solid monthly improvement in terms of business conditions midway through the third quarter.

The improvement recorded in the health of the sector reflects further rapid increases in output and new orders, with respective rates of expansion remaining sharp despite easing from the particularly elevated rates seen in June and July.

Improvements seen in customer demand resulted in growth of new orders, prompting firms to expand production. In some cases, the relative stability of prices helped firms to secure new business, while there were also mentions of improving international demand, and new export orders rose for the fifth month running.

Manufacturers remain optimistic that output will increase over the coming year, based on expectations of further improvements in customer demand and new orders, the S&P Global noted.

According to the World Bank, Vietnam's goods and services export value is equivalent to 94 percent of its GDP, ranking 14th globally.

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