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Party General Secretary and President To Lam, his spouse, and a high-ranking delegation of Vietnam leaves Hanoi for a trip to the US for the United Nations Summit of the Future and the 79th session of the UN General Assembly (UNGA 79) and later for a state visit to Cuba.

Top Vietnamese leader departs Hanoi for UNGA 79, state visit to Cuba

General Secretary of the Communist Party of Vietnam (CPV) Central Committee and President of Vietnam To Lam, his spouse, and a high-ranking delegation of Vietnam left Hanoi on September 21 morning for a trip to the US to attend the United Nations Summit of the Future and the 79th session of the UN General Assembly (UNGA 79), hold working sessions, and later make a state visit to Cuba.

The visit to Cuba are made following an invitation of First Secretary of the Communist Party of Cuba Central Committee and President of Cuba Miguel Diaz Canel Bermudez and his spouse.

The delegation include Politburo members: Nguyen Hoa Binh, Secretary of the CPV Central Committee and Permanent Deputy Prime Minister; Nguyen Trong Nghia, Secretary of the CPV Central Committee and Chairman of the CPV Central Committee’s Commission for Information and Education; Phan Van Giang, Minister of National Defence; and Luong Tam Quang, Minister of Public Security.

The trip to the UN is of significance since it continues to demonstrate Vietnam’s contributions to the world’s largest multilateral organization, as well as the nation’s proactive and active engagement in the settlement of regional and international issues.

Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son said over the past nearly 50 years, the relationship between Vietnam and the United Nations has been developing positively, and constantly being consolidated in a deeper manner.

During the period of national reconstruction, post-war recovery, breaking the embargo and gradually integrating into the world, Vietnam has had the companionship and assistance of the United Nations, cited VOV.

Most recently, during the COVD-19 pandemic response, the United Nations promptly supported Vietnam, especially in terms of vaccines, to help quickly control the pandemic and restore their national economy.

Vietnam has become a reliable, proactive and responsible partner of the international community as well as the UN. The nation has participated more and more proactively and actively, and has made more and more substantial and extensive contributions in terms of ideas, people and resources in all the pillars of the UN' activities.

On the other hand, the working visit to the US coincides with the first anniversary of both nations’ comprehensive strategic partnership and their preparations for the celebration of the 30th anniversary of bilateral diplomatic ties in 2025. This is an important occasion for both sides to look back on the achievements that their new partnership framework has generated and, at the same time, discuss major orientations and measures for sustaining the trend of positive, stable, and substantive development of their relations in many years ahead.

The state visit to Cuba serves as evidence of the traditional solidarity and special friendship between Vietnam and the Caribbean nation, which have consistently been viewed as a precious asset that the two Parties, States, and peoples have exerted their utmost efforts to nurture. It also indicates that Vietnam places great importance on the Caribbean nation along with the latter’s position in its external policy.

According to Secretary of the Communist Party of Vietnam (CPV) Central Committee and head of its Commission for External Relations Le Hoai Trung, through this visit, the Vietnamese Party and State, together with their counterparts Cuban Party and State, also hope to continue to enhance mutual understanding and coordinate on international issues for the benefit of both countries and peoples at the current period.

In particular, the two sides will exchange views and outlined directions and specific measures aimed at strengthening all-around cooperation, including economic and trade links.

Vietnam records trade surplus of US$2.4 billion with the Philippines

In the first eight months of 2024, trade between Vietnam and the Philippines reached a total value of US$5.7 billion, marking a 21 per cent increase compared to the same period in 2023. During this period, Vietnam posted a trade surplus of US$2.41 billion with the Philippines.

According to data from the General Department of Customs, Vietnam's exports to the Philippines amounted to US$4.07 billion, up 17 per cent year-on-year (YoY). Rice remained the top export commodity, with a value of US$1.71 billion, reflecting a 39.7 percent increase from the previous year. It was also the only export to the Philippines exceeding US$1 billion.

The rice export warehouse to the Philippines in Long An Province. Rice is a key export commodity from Vietnam to this market.. Photo: VNS

In addition to rice, Vietnam exported six other products to the Philippines with a turnover of over US$100 million. These included machinery, equipment, and spare parts (US$255 million, up 3.6 per cent), clinker and cement (US$214 million, down 12.9 per cent), and coffee (US$196 million, a significant increase of 126 per cent). Furthermore, exports of phones and components reached US$172 million, up 48 per cent, while computers and electronic products totalled US$119 million, a slight decrease of 1.4 per cent, according to VNS.

In the agricultural and seafood sector, key exports included cassava and cassava products (US$6.1 million, down 6 per cent), pepper (US$22.8 million, up 39 per cent), cashew nuts (US$11.4 million, up 5.5 per cent), and seafood (US$57.9 million, down 23.9 per cent).

Among the 33 main products exported to the Philippines, 13 saw a decline in value, while 20 recorded growth. Coal experienced the highest growth rate, with export value rising from US$0.09 million to US$15.1 million, and the export volume surging from 219 tonnes to 69,720 tonnes.

On the other hand, Vietnam imported US$1.66 billion worth of goods from the Philippines, an increase of 4 per cent compared to the same period last year. The three main import items included computers and components (US$1.03 billion, up 8.3 per cent), machinery and spare parts (US$176 million, down 3.7 per cent), and common metals (US$109 million, up 3.6 per cent).

Among the imported items, metal products and auto parts recorded the highest growth rates, with increases of 157 per cent and 98 per cent, respectively, compared to the same period last year.

Vietnamese in Japan, Canada send aid to typhoon victims back home

Vietnamese people in Japan and Canada have provided support to people at home who were affected by Typhoon Yagi.

The Union of Vietnamese Associations in Japan on September 20 announced that it and the Vietnamese Embassy there have raised over 3.6 billion VND (146,000 USD) to support Yagi victims.

Speaking at an event held on September 20 to review the campaign, Nguyen Duc Minh - Charge d'Affaires of the Embassy - affirmed that the support shows the solidarity, tradition of sharing, sentiments and responsibilities of overseas Vietnamese people.

Nguyen Hong Son, Chairman of the Union of Vietnamese Associations in Japan said individuals and organizations pay much attention to the campaign. Representatives of some Vietnamese associations in Japan have been directly participating in relief activities in localities in Vietnam, Son said.

Meanwhile, on the occasion of the 79th National Day, the Vietnamese Embassy in Canada on September 20 launched a campaign to support Yagi victims, VNA reported.

Representatives from Vietnamese Embassy and associations in Japan at the meeting to review the donation campaign to support typhoon victims. (Photo: VNA)

The Union of Vietnamese Associations in Japan on September 20 announced that it and the Vietnamese Embassy there have raised over 3.6 billion VND (146,000 USD) to support Yagi victims.

Speaking at an event held on September 20 to review the campaign, Nguyen Duc Minh - Charge d'Affaires of the Embassy - affirmed that the support shows the solidarity, tradition of sharing, sentiments and responsibilities of overseas Vietnamese people.

Nguyen Hong Son, Chairman of the Union of Vietnamese Associations in Japan said individuals and organizations pay much attention to the campaign. Representatives of some Vietnamese associations in Japan have been directly participating in relief activities in localities in Vietnam, Son said.

Meanwhile, on the occasion of the 79th National Day, the Vietnamese Embassy in Canada on September 20 launched a campaign to support Yagi victims.

Top Vietnamese leader’s trip to give fresh opportunities for trade links with US

The trip by Party General Secretary and State President To Lam, his spouse, and a high-ranking delegation of Vietnam to attend the UN Summit of the Future and the 79th session of the UN General Assembly (UNGA 79), and hold working sessions in the US is expected to provide fresh opportunities for trade ties with the US.

According to information given by trade experts, the economic - trade cooperation mechanism between the two countries has seen important developments, including those relating to the bilateral trade agreement signed in 2000, the permanent normal trade relations that the US granted for Vietnam in 2006, and the nation’s accession to the World Trade Organization in 2006.

Both nations signed the Trade and Investment Framework Agreement (TIFA) in 2007, established the Vietnam - US Comprehensive Partnership in 2013, and signed an action plan towards a harmonious and sustainable trade balance in 2019. They also engaged in the consultation on the Indo-Pacific Economic Framework for Prosperity (IPEF) in 2022.

Over the years, the US has always been one of the Vietnamese side’s largest investors with nearly 1,150 valid projects and a total registered capital of more than US$10.3 billion, ranking 11th out of the 141 economies investing in the nation.

In addition, increasing ties and engagement between the country and the US states of Oregon, West Virginia, Maryland, Virginia, and California have helped to establish comprehensive cooperation frameworks, further facilitating trade and investment exchanges in areas.

Businesses from the two countries have also intensified information sharing relating to potential opportunities.

According to the General Statistics Office, in the first eight months of the year, Vietnamese export turnover to the US fetched US$77.9 billion, up 25.4% compared to the same period from last year. Elsewhere, import turnover from the US to the nation hit US$9.8 billion, up 6.9%.

Most notably, the US can be viewed as the Vietnamese side’s largest export market with an estimated turnover of US$77.9 billion, cited VOV.

Seafood is one of Vietnam's major products exported to the US market.

Vietnamese trade surplus with the US stands at an estimated US$68.1 billion, up 28.6% on-year. Recently, a US trade delegation of 100 participants, including 35 business representatives and officials from the departments of agriculture of nine states, visited the nation to explore cooperation opportunities between the two countries.

This marks the largest-ever agricultural trade mission from the US to Vietnam and was led by Under Secretary for Trade and Foreign Agricultural Affairs Alexis Taylor in celebration of the first anniversary of the Comprehensive Strategic Partnership between the two sides.

Taylor noted that this is her second visit to Vietnam in two years. The mission aims to connect with key importers via business-to-business meetings and to gain greater insights into local and regional market conditions through site visits and discussions with industry experts and government officials in Hanoi and Ho Chi Minh City.

She said the Southeast Asian market holds great opportunities for US exporters. As such, Vietnamese consumers are increasingly interested in US products to meet the growing demand in the food processing, retail, and restaurant industries with the presence of many high-quality US products such as nuts, fresh fruits, chicken, beef, and pork.

A representative of the European-American Market Department under the Ministry of Industry and Trade said that after the COVID-19 pandemic and recent geopolitical-economic instability, many corporations, retailers, and wholesale distributors are diversifying strategies to ensure sustainable supply sources. Many of them have therefore chosen Vietnam as one of the strategic locations in the global supply chain.

In particular, the Vietnam visit by US President Joe Biden back in 2023 and the upgrade of diplomatic relations will create unprecedented opportunities to promote new and breakthrough areas of collaboration in the time ahead.

Hanoi’s economy shows a strong recovery momentum

The capital’s economy has improved significantly since the beginning of 2024, with many important indicators showing high growth rates.

In the coming time, the city will continue to persevere in reform activities, with the consistent viewpoint of accompanying, through practical measures, businesses and people, thereby overcoming challenges to move toward faster and more comprehensive growth.

Many areas indicate clear improvement

In the first eight months of 2024, the city granted certificates to 20,400 newly-established enterprises with registered capital of 198.7 trillion VND, down 5% in the number of enterprises and down 7% in registered capital compared to the same period last year. In addition, 7,100 enterprises resumed operations, up 11%, and 19,200 enterprises registered to temporarily suspend operations, up 21%. These figures show that start-up activities in general still face many difficulties.

Also in the eight months, the city attracted 1.4 billion USD in foreign direct investment (FDI), up 71% over the same period in 2023. Of which, 172 new projects were registered with capital of 1.1 billion USD; 120 ongoing projects increased their capital by 155 million USD; 154 foreign investors contributed capital and bought shares, with 177.7 million USD. Thus, Hanoi still maintains its position as a safe and potential destination, as well as an attractive position for investment capital of the whole country.

The city’s industrial production in the eight months increased by 5.4% over the same period. Of which, the processing and manufacturing industry increased by 4.8%; electricity production and distribution rose by 10.8%; water supply and waste and wastewater treatment soared by 9%, while the mining industry decreased by 1.5%.

In the first eight months of 2024, Hanoi granted certificates to 20,400 newly-established enterprises. (Source: VNA)

Some key industries enjoyed growth such as machinery and equipment production, up 19%; paper and paper products production, 12.3%; bed, wardrobe, table and chair production, 10.7%; electrical equipment production, 9.9%; other processing and manufacturing industries, 9.5% and apparel production, 7.7%.

During the period, Hanoi’s export turnover reached 12.4 billion USD, up 13.1% over the same period. Notably, the domestic economic sector earned 7.3 billion USD, up 17.9% - a strong increase, while the FDI sector bagged 5.1 billion USD, up 6.9%. This shows that the domestic enterprise sector is making a higher breakthrough than foreign-invested enterprises and that is a positive change.

In summary, most of the most important indicators determining the vitality and economic development results in the capital are improving and growing clearly, showing a strong recovery momentum.

Focusing on reform, production support

The city government is persistently pursuing reform activities, with the consistent view of accompanying enterprises with practical measures such as simplifying administrative procedures, supporting human resource training, promoting trade, implementing digital transformation and more.

Currently, functional departments and branches are still making efforts, especially proactively improving the efficiency of serving businesses. Specifically, the rate of online business registration dossiers is maintained at 100%, ensuring quality and timeliness.

According to Deputy Director of the Hanoi Department of Planning and Investment Le Trung Hieu, despite the huge workload, requiring quick and accurate resolution; the department’s staff always tries to complete the work with a sense of responsibility and the highest effort. That contributes to improving competitiveness, creating changes in the quality of the investment - business environment, serving businesses and people as well as creating favorable conditions for startups.

He said that the department will continue to review legal documents in the sector, monitor the impact of mechanisms and policies, and promptly propose adjustments to ensure effectiveness when they are applied in practice.

Along with that, it will propose new mechanisms and policies suitable to objective conditions and development needs, in order to unblock and release resources, especially socialized resources in investment and development of the sector.

The department will support enterprises in opening new markets by taking advantage of free trade agreements to promote sustainable export growth, focusing on supporting exports of craft village products; supporting rural industrial establishments in applying digital transformation technology to promote, introduce and consume online products.

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