Vietnam News Today (Sep. 21): Vietnam Remains Bright Spot in Foreign Investment Attraction in ASEAN
	Vietnam News Today (Sep. 22): Vietnam Records Trade Surplus of US$2.4 Billion With Philippines

A rice export warehouse in Long An Province. Rice is a key export commodity from Vietnam to this market. (Photo: VNA)

Vietnam runs trade surplus of 2.4 billion USD with Philippines

Vietnam posted a trade surplus of 2.41 billion USD with the Philippines in the first eight months of 2024, according to the General Department of Vietnam Customs.

Two-way trade reached a total value of 5.7 billion USD, marking a 21% increase compared to the same period in 2023.

Vietnam’s exports to the Philippines amounted to 4.07 billion USD in the eight-month period, up 17% year-on-year (YoY). Rice remained the top export commodity, with a value of 1.71 billion USD, reflecting a 39.7% increase from the previous year. It was also the only export to the Philippines exceeding 1 billion USD.

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

In the agricultural and seafood sector, key exports included cassava and cassava products (6.1 million USD, down 6%), pepper (22.8 million USD, up 39%), cashew nuts (11.4 million USD, up 5.5%), and seafood (57.9 million USD, down 23.9%), cited VNA.

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 0.09 million USD to 15.1 million USD, and the export volume surging from 219 tonnes to 69,720 tonnes.

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

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

Top Vietnamese leader speaks at UN Summit of the Future in New York

Party General Secretary and President To Lam delivered a speech at the United Nations Summit of the Future that opened at the UN headquarters in New York on September 22.

In his address at the first plenary session of the event, To Lam stated that human intelligence has changed the world, making life better, more developed, and more perfect in every aspect. However, it is also humans who have caused the difficulties and challenges that humanity faces today, according to VOV.

Party General Secretary and President To Lam speaks at the United Nations Summit of the Future (Photo: VNA)

Emphasizing that the choices we make today will shape our future, Lam said the goal of sustainable development and the well-being of humanity must be placed at the center of our efforts and remain our highest objective. “Scientific and technological achievements must serve social progress, focus on humanity, liberate individuals, promote comprehensive human development, and continually improve living standards, for the benefits and happiness of humanity and for future generations,” the top Vietnamese said.

In his view, scientific and technological achievements should augment cooperation and not become tools against nations or run counter to the aspirations for peace, development, equity, and justice of all peoples. The fruits of human intelligence must concentrate on economic development, building a fair and civilized society, enhancing the quality of life for the people, and alleviating poverty, he said

“Therefore, we propose increasing investments in medical research, education and training, digital transformation, green transition, and solutions that serve the masses, while minimizing investments in the research and production of weapons of mass destruction, for the goal of peace, stability, sustainable development, and equality among nations and peoples worldwide,” Lam continued.

The Party and State leader called on the world to reinforce solidarity, cooperation, and mutual respect, adhere to international law and the United Nations Charter, and settle disagreements and disputes through peaceful means.

“Major powers must act responsibly and share the common sci-tech achievements to advance together. The UN and regional organizations, including the Association of Southeast Asian Nations (ASEAN), should take the lead in strengthening cooperation and coordinating actions to respond to global challenges and harness opportunities from scientific and technological advances,” he stressed.

He held that the world is standing before a historic opportunity to usher the world into a new era, a new phase of development that is better, for progress and social equity, and for the well-being, freedom and happiness of people. “This can be achieved when we reach consensus and act together, make joint efforts, and cooperate closely and effectively,” he said.

Lam affirmed that Vietnam welcomes the documents adopted at the summit and hopes that their contents will be realized decisively and effectively.

Vietnam pledges to make positive and effective contributions to combined efforts in building a peaceful world with equal development for a prosperous and happy life of humanity, he added.

On the occasion, the summit approved the Pact for the Future, the Global Digital Compact and the Declaration on Future Generations, with the documents devising ambitions, actions and goals across all cooperation fields of the UN.

Overseas Vietnamese continue to raise funds for flood victims

Over the past few days, Vietnamese embassies and communities in Slovakia, Poland, the Czech Republic, Japan and Tanzania have launched donation drives to raise funds for people affected by typhoon Yagi at home.

As of September 20, the Vietnamese Embassy in Slovakia had collected over 17,000 EUR (19,000 USD) just one week after the campaign was launched in response to the appeals of Party General Secretary and State President To Lam, the Presidium of the Vietnam Fatherland Front (VFF) Central Committee, and Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son.

The Vietnamese Embassy in Slovakia receives token of relief worth over 17,000 EUR (19,000 USD) raised by the Vietnamese community in the European country (Photo: VNA)

The Vietnamese Embassies in Poland and the Czech Republic have raised over 1 billion VND ( 40,642 USD) and 3.3 billion VND, respectively.

The Vietnamese Embassy in Tanzania launched a fundraising campaign on September 21 during which ambassador Vu Thanh Huyen highlighted that the mutual love and support of those living far from the homeland will be a source of encouragement for compatriots suffering typhoon damage in the country, VNA reported.

Meanwhile, the total amount of donations, both cash and kind, from the Vietnamese community in Japan hit over 3.6 billion VND, which will be sent to competent agencies of Vietnam to promptly deliver to people in need in the homeland.

Samsung injects an additional US$1.8 billion into new Vietnam project

Samsung Display (SDV) of the Republic of Korea will pour US$1.8 billion into a project to manufacture screens and electronic components in Yen Phong Industrial Park of northern Bac Ninh province, Vietnam.

A memorandum of understanding (MoU) to develop a US$1.8 billion project for screens and electronic components was signed by representatives of the Bac Ninh provincial administration and Samsung Display on September 22 afternoon.

The exchange of the MoU took place during a conference to announce the province’s planning and investment promotion for 2024. The ceremony was witnessed by Prime Minister Pham Minh Chinh, Minister of Science and Technology Huynh Thanh Dat, along with representatives of international organizations, and diplomatic agencies, VOV reported.

Samsung has decided to inject an additional US$1.8 billion into a project to manufacture screens and electronic components in Yen Phong Industrial Park of northern Bac Ninh province, Vietnam.

The RoK group began investing in Bac Ninh in 2008 with an initial capital of US$670 million. After more than a decade, Samsung has become the largest foreign direct investor in Vietnam, with total investment exceeding US$22.4 billion in Bac Ninh, Thai Nguyen, and Ho Chi Minh City. Nearly 50% of the investment has been channeled into Bac Ninh.

Alongside Samsung Display (SDV), Samsung Electronics Vietnam (SEV) is operating a manufacturing plant in Bac Ninh. The first half of this year saw the SDV plant generate US$6.8 billion in revenue and US$283.6 million in profit. Meanwhile, SEV reported revenue of more than US$8.2 billion and a profit of US$692 million.

At a meeting with Prime Minister Pham Minh Chinh in July, Samsung Chairman Lee Jae Yong committed to a long-term partnership with Vietnam, emphasizing shared risks and harmonized interests.

Samsung plans to make significant investments over the next three years to turn its plants in Vietnam into the group’s largest display module production base globally.

Currently, Samsung’s mobile phone production in Vietnam accounts for over 50% of its global output.

At the September 22 conference, Bac Ninh signed MoUs for 17 investment projects with a total investment of US$5.5 billion. Among big investors were Foxconn, GoerTek, Victory Giant Vietnam, and Aeon.

By the end of the first eight months of the year, Bac Ninh was the leading locality in Vietnam for attracting foreign direct investment (FDI). It aims to attract approximately US$7 billion in FDI this year.

Important opportunity for Vietnam to contribute to world’s future

Vietnam’s participation at the Summit of the Future is crucial, said United Nations Resident Coordinator in Vietnam Pauline Tamesis.

Pauline Tamesis told the press ahead of General Secretary and President To Lam's upcoming tour to the U.S. to attend the summit and the 79th session of the UN General Assembly (UNGA 79).

The UN Resident Coordinator in Vietnam said that as a middle-income country, Vietnam has a vested interest in reshaping global financial structures to ensure access to affordable financing for sustainable development.

Vietnam adds its voice and leadership to the critical discussions on climate change – a timely reminder of a developing country's vulnerability to climate change, especially soon after Typhoon Yagi brought immense damage to its most vulnerable populations, Tamesis said.

By participating actively, the country can raise voices for reforms that prioritize developing countries and contribute to building more inclusive and responsive international institutions.

On the other hand, Pauline Tamesis said that the summit provides a good chance for Vietnam to work with global leaders, lead and contribute to global conversations and follow-up actions.

Tamesis noted that with Vietnam's active contributions to the summit and collective efforts to strengthen peace, cooperation and international solidarity with a view to implementing the Sustainable Development Goals, the UN in Vietnam is confident that together, "we can achieve the summit's goals and lay a solid foundation for future generations".

She proposed that Vietnam should continue to enable the youth to bring their ideas, expertise and energy to decision making platforms locally and globally, VGP reported.

United Nations Resident Coordinator in Vietnam Pauline Tamesis

The UN is committed to ensuring that youth are meaningfully engaged at every level of decision-making, making sure their voices don't just echo in the room but actually shape policies, she affirmed.

Pauline Tamesis said that "We are facing challenges that our current international systems – designed decades ago – are simply not equipped to handle. From climate change and widening inequality to the rapid development of technologies like artificial intelligence (AI)."

Hence, the summit aims to overhaul these outdated structures, creating a new framework for global governance that is inclusive, effective, and ready for the 21st century.

It is about building systems that can solve the problems we face today, not the ones we faced almost 80 years ago when the UN was established.

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