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Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan speaks at the meeting (Photo: VNA)

Vietnam champions ASEAN economic integration at AEM 56 in Laos

Vietnam played a proactive role in shaping regional economic cooperation at the 56th ASEAN Economic Ministers’ Meeting (AEM) in Vientiane, Laos from September 16-17.

The Vietnamese delegation, led by Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, underscored ASEAN's central role in economic and trade cooperation, both regionally and in the global supply chain.

Vietnam advocated initiatives on promoting priority economic cooperation proposed by Laos and contributed opinions on preparations for the signing of the Protocol amending the ASEAN-China Free Trade Agreement (ACFTA) 3.0. The delegation also pushed for negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA) and voiced opinions on the possibility of an ASEAN-Gulf Cooperation Council (GCC) Free Trade Agreement.

These contributions underlined Vietnam's commitment to regional economic integration and its active role in fostering global and regional economic growth and strengthening regional supply chains, cited VNA.

The Vietnamese delegation also welcomed feedback from other ASEAN countries to refine policies aimed at boosting regional trade and investment.

A significant outcome of the meeting was the approval of the ASEAN Declaration on Enhancing Supply Chain Connectivity, which will be submitted to the 24th ASEAN Economic Community Council Meeting and the 44th-45th ASEAN Summits scheduled for October 2024.

Ministers also engaged in discussions on economic cooperation activities between ASEAN and its dialogue partners, including the US, China, the European Union (EU), Japan, the Republic of Korea, Australia, New Zealand, India, Russia, Canada, and the UK; as well as reviewed the implementation of free trade agreements between ASEAN and its partners.

On the sidelines of the event, ministers met with the ASEAN Business Advisory Council (ABAC), endorsing recommendations from the ASEAN Secretariat on strengthening the public-private cooperation mechanism between ASEAN and ABAC.

Following the AEM 56, a series of consultations between ASEAN economic ministers and dialogue partners are scheduled for September 19-22.

Vietnam-US bilateral trade moves closer to US$90 billion mark

The past eight months of the year witnessed two-way trade between Vietnam and the United States reach US$87.7 billion, with strong growth recorded in both exports and imports.

According to details given by the General Statistics Office, the nation fetched US$77.9 billion from exporting goods to the US market, an increase of 25.4% on- year, while the import turnover from this market hit US$9.8 billion, up 6.9% on-year.

The US was the country’s largest export market with an estimated turnover of US$77.9 billion throughout the reviewed period.

According to details given by the Vietnam Trade Office in the US, there are many reasons for the continuous growth of trade between the two countries in recent times, even amid a range of global fluctuations. First of all, the relationship between the two countries is increasingly developing. In 2013, they established a comprehensive partnership which was later upgraded to a comprehensive strategic partnership in 2023.

Furthermore, Vietnamese goods are increasingly popular in the US market due to their continuously improved quality, updated trends, and competitive prices. On the other hand, changes in the supply chain, as well as the wave of investment shifts, have contributed to enhancing the production capacity of Vietnamese enterprises. This has simultaneously created opportunities and greater room for Vietnamese goods to increase exports to the world in general and to the US market in particular.

Topping the list of most exported items to the US market in the first seven months of the year were computers, electronic products, and components with an export turnover of US$13.19 billion, a rise of 50.82% over the same period from last year, thereby accounting for 19.87% of Vietnam's total export turnover to the US market.

Second on the list is machinery, equipment, tools, and spare parts with an export turnover of US$11.14 billion, up 19.87% compared to the previous month, making up 16.79%. In addition, the US market also prefers garments and textiles, footwear, and agricultural products from the country, according to VOV.

Apparel products are one of Vietnam's key export items to the US.

In the opposite direction, the Vietnamese side also imports a large amount of technological equipment, production materials, and agricultural products from the US market, thus helping to further accelerate the industrialization process and improving domestic production capacity.

It is forecast that moving forward, exports to the US will continue to recover and grow amid rising market demand whilst falling inventories decrease. The biggest concern when exporting to the highly lucrative market is the US' increasing application of trade defense measures against imported goods.

Exports to the US market are facing barriers from trade defense. To limit the risk of being investigated and trade remedy measures, Vietnamese enterprises need to increase their understanding of the law on trade defense regulations, create added value on exported products, and store export data to cooperate with the investigation agency when an incident occurs.

As a means of bolstering Vietnamese exports to the US, according to authorities, state management agencies and businesses need to collaborate in order to implement a series of synchronous and effective measures.

In addition, establishing and maintaining training programs and supporting businesses in improving product quality and complying with US standards and regulations also plays an important role. Firms need to be provided with tools and knowledge to meet the increasing demands of this market, from improving production processes to improving packaging and marketing quality.

Local businesses therefore must be active in developing effective export strategies by researching and understanding market trends and fully grasping the needs and preferences of US consumers.

Simultaneously, participating in international exhibitions and trade events is viewed as an opportunity for Vietnamese businesses to promote their brands and establish relationships with partners and distributors in the US.

Vietnam tourism - cinema promotion program to begin in Hollywood

The Ministry of Culture, Sports and Tourism (MoCST) is taking its message directly to the heart of the movie world, pushing ahead with a Vietnam Tourism - Cinema Promotion Program in the US themed 'Vietnam - New Destination of World Cinema'.

It will be traveling to Los Angeles, California, from September 23 to 25, to introduce Vietnam as an ideal location for filmmakers to produce movies, along with highlighting it as a tourist destination.

"One of the key aspects of the comprehensive strategic partnership between the US and Vietnam is promoting greater connection and stronger people ties between the two countries," US Ambassador to Vietnam Marc Knapper, told Viet Nam News.

"There is no better way to promote mutual understanding than through cooperation between Vietnam and US film production companies. The more Americans can see Vietnam through films and television series, the more they understand about rich culture and history and hopefully, they will come here to see themselves."

Local authorities and tourism businesses of Hanoi, Ho Chi Minh City, Ninh Binh and Quang Binh provinces, which have previous tourism and cinema relationships with the US, will join the program.

The program will feature a meeting with the US side to promote cooperation in tourism and cinema development, an exhibition to introduce the country, people and culture of Vietnam and a workshop to introduce the potential of Vietnam's tourism and cinema.

The Vietnamese delegation will also visit, work and discuss with Google how to best promote Vietnamese tourism and cinema, VNA reported.

US Ambassador to Vietnam Marc Knapper addresses the event. (Source: MoCST)

Deputy Minister of MoCST Ho An Phong, said: "With natural landscapes and diverse cultural identities, Vietnam has the potential to become a famous film studio. Cooperation in Vietnam not only offers international audiences the vivid experience of Vietnam but also promotes the demand for tourists to visit and travel here."

The program is expected to attract the participation of more than 450 guests, including agencies, investors, producers and directors of film studios in the US.

General Director of the Vietnam National Authority of Tourism Nguyen Trung Khanh said several prominent American filmmakers and producers may participate, including Oliver Stone, the acclaimed director and screenwriter with three Oscars, Phillip Noyce, known for directing The Quiet American and Jordan Vogt-Roberts, the director of Kong: Skull Island.

The MoCST has also been talking to the Indochina Productions Company, which was founded by Hungarian-American producer Nicholas Simon. He has been producing feature films, TV series and commercials in Southeast Asia for two and half decades.

About 100 leading US news agencies, including Reuters, CNN, New York Times, The Hollywood Reporter, Los Angeles Times, and independent film journalists will participate in the program.

Vietnam named as host of 2025 FIATA World Congress

The country is set to host the 2025 International Federation of Freight Forwarders Associations (FIATA) World Congress (FWC 2025), according to information given by the Vietnam Logistics Business Association (VLA).

The hosting of the event has been adopted by the Ministry of Industry and Trade with support given by Prime Minister Pham Minh Chinh, it said.

The congress is scheduled to take place October 6 to October 10, 2025, at the National Convention Center in Hanoi, cited VOV.

Photo: VOV

The event, considered to be the “Olympics of logistics” and is expected to see the presence of about 1,000 delegates and have a positive impact on various socio-economic aspects of the nation.

Dao Trong Khoa, chairman of the VLA, will receive the Talking Stick from the FWC 2024 leadership at the closing session of the 2024 FIATA World Congress which is due to take place in Panama from September 23 to September 29.

For almost 100 years, FIATA has been gathering industry leaders and innovators in logistics together at its flagship FIATA World Congress to discuss industry challenges and trends, hear perspectives from top industry leaders and their solutions, and exchange and network with supply chain actors from different parts of the sector from all around the world.

This annual event, which takes place around September or October, brings together around 700 to 1,000 participants from the logistics, transport, and cargo industries, as well as observers from other sectors and a number of institutional attendees.

Impending storm No. 4 threatens central Vietnam, from Quang Binh to Quang Ngai

Central Vietnam is on high alert as Tropical Storm No. 4 gears up to make landfall between Quang Binh and Quang Ngai within the next 48 hours, prompting local authorities to prepare for significant weather disruptions.

As the tropical depression in the East Sea intensifies, Nguyen Van Huong, Head of Weather Forecasting at the National Center for Hydro-Meteorological Forecasting, announced today that it is expected to upgrade to Tropical Storm No. 4.

The storm, having passed the Luzon Island area in the Philippines this morning, is on a trajectory towards the Paracel Islands, and will likely affect the coastal stretch from Quang Binh to Quang Ngai, VNN reported.

Forecast map showing Storm No. 4 approaching Central Vietnam. Source: VNDMS

Currently moving west-northwest, the system will bring gale-force winds, reaching level 8 near its center. "We anticipate that the storm will most likely impact the coastal regions from Thanh Hoa to Quang Ngai, with a 70% probability," Huong stated. There's also a 15% chance that it could affect areas north of the Gulf of Tonkin or southern Central Vietnam.

From tomorrow, the northern and central parts of the Central Coast are expected to face moderate to heavy rainfall, which could persist until September 21. "Residents should prepare for possible urban flooding and storm-related disruptions," Huong warned.

As the storm intensifies, it will also impact the Paracel Islands and the northern East Sea. Coastal regions from Thanh Hoa to Thua Thien - Hue, including the waters near Da Nang, Quang Nam, and Quang Ngai, are likely to experience significant weather phenomena.

Marine activities will be severely affected. "All vessels should seek safe harbor immediately, and aquaculture operations, particularly in Thua Thien Hue, should take necessary precautions," Huong advised.

The storm also poses a risk of landslides and flash floods in midland and mountainous areas of the northern and central Central Coast from the night of September 18 through September 21 or 22.

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