Vietnam News Today (Sep. 5): Vietnam, Laos Vow to Create Economic Breakthroughs
	Vietnam News Today (Sep. 6): Vietnam Considers Airport Closures Due to Super Typhoon Yagi Impact

Party General Secretary and President To Lam of Vietnam and President Umaro Sissoco Embalo of Guinea Bissau shaking hands ahead of their talks in Hanoi on September 6.

Vietnam and Guinea-Bissau seek to enhance all-round cooperation

Party General Secretary and President To Lam of Vietnam and President Umaro Sissoco Embalo of Guinea Bissau discussed measures to foster the traditional friendship and all-round cooperation between the two countries during their talks in Hanoi on September 6.

To Lam welcomed Umaro Sissoco Embalo’s first visit to Vietnam which he believed would be a great success, contributing to creating new momentum for the traditionally friendly and cooperative relationship between the two countries.

He spoke highly of Guinea-Bissau’s achievements in maintaining political stability, national unity, and reconciliation, as well as in socio-economic development, while acknowledging its contributions to the overall development of the African region.

Umaro Sissoco Embalo expressed his admiration for Vietnam’s revolutionary achievements, noting that Vietnamese distinguished leaders such as President Ho Chi Minh and General Vo Nguyen Giap served as sources of inspiration for the national liberation movements in Guinea-Bissau and Africa in general.

He said that he had named a secondary school in Guinea-Bissau after President Ho Chi Minh, and affirmed that Vietnam is viewed as a model for developing countries in Africa, including Guinea-Bissau.

Umaro Sissoco Embalo reiterated Guinea-Bissau’s policy of expanding cooperation with Asian countries, including Vietnam which is considered a top priority partner.

Guinea-Bissau wants to strengthen and develop the traditional friendship and cooperative relations with Vietnam in the interest of both countries and their peoples, the guest stressed.

The two leaders briefed each other on the current situation in their respective countries, expressing satisfaction with the positive outcomes in bilateral relations, especially as both countries celebrated 50 years of their diplomacy in 2023.

The leaders discussed and outlined directions to further enhance the effectiveness of bilateral cooperation in the future. They agreed to enhance visit exchanges to strengthen political trust and create new momentum for bilateral cooperation. They also emphasized the need to effectively deploy bilateral cooperation mechanisms, including a memorandum of understanding on the establishment of a political and diplomatic consultation mechanism between the two foreign ministries to be signed during this visit.

To facilitate delegation exchanges between the two countries, Umaro Sissoco Embalo announced that Guinea-Bissau would waive visa requirements for holders of Vietnamese diplomatic and official passports, cited VOV.

Guinea-Bissau stays ready to work closely with Vietnam to make significant progress in economic, trade, and investment cooperation, said Umaro Sissoco Embalo.

He went on to say that the African state will continue to leverage the traditional strength of cashew nuts while implementing preferential policies to diversify export and import products, thereby creating favorable conditions for businesses from both countries to explore investment opportunities in each other’s markets.

Umaro Sissoco Embalo agreed with To Lam’s proposal to expand cooperation in potential areas with Vietnam - the third largest trade partner that accounts for a quarter of Guinea-Bissau’s total trade volume. These areas include agriculture, policy development and exchange, development models, and managerial training.

Exchanging views on mutual regional and global issues of interest, the two sides agreed to enhance close cooperation and support each other at multilateral forums, particularly at the United Nations, the Non-Aligned Movement, and the G77 forum.

They also consented to promote each country’s cooperation within regional organizations of which both are members, such as ASEAN, the African Union (AU), and the Economic Community of West African States (ECOWAS), especially in priority areas like agriculture, education, health care, and digital transformation.

With regard to the East Sea issue, both sides shared a common view on the importance of ensuring security, safety, and freedom of navigation and overflight in the regional waters. They emphasized support for resolving disputes through peaceful means in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

After the talks, the two leaders witnessed the signing of a memorandum of understanding on establishing a political and diplomatic consultation mechanism between the two Ministries of Foreign Affairs, as well as a memorandum of understanding on agricultural cooperation between the two Ministries of Agriculture and Rural Development.

Vietnam remains an economic spotlight in ASEAN: experts

Vietnam is one of the fastest-growing economies in Southeast Asia with promising potential and favorable macroeconomic factors such as a young population, skilled labor force, and abundant natural resources, according to Deputy Chairman & CEO of Singapore-based United Overseas Bank (UOB) Wee Ee Cheong.

Addressing the bank’s annual “Gateway to ASEAN” conference, held in Ho Chi Minh City on September 6, the official said that Vietnam has benefited from the global supply chain shift and free trade agreements, leading to a significant increase in foreign direct investment (FDI), reaching record levels recently. Additionally, the country has become a key global market for the production of electronic equipment.

Phan Van Mai, Chairman of the Ho Chi Minh City People's Committee, said that the consistent orientation of Vietnam and Ho Chi Minh City is to pursue peace, friendship, cooperation, and mutual development with partners. The Association of Southeast Asian Nations (ASEAN), including Vietnam, is affirmed to be the fastest growing region of the global economy, and continues to be a driving force for world economic growth.

Vietnam in general and Ho Chi Minh City in particular are striving to catch up with the common development trends of the world and the region in developing circular economy, digital economy, and green economy, Mai said, adding that with its role and position, the city is always ready to cooperate with and create favorable conditions for partners to invest and organize production and business activities in the city.

Experts agreed that Vietnam is an ASEAN country that has benefited to varying extents from the reorganization of global export markets. Specifically, it is attracting substantial investments across various sectors, with manufacturing and processing remaining the primary focus for FDI, accounting for over 72% of the total registered capital in 2023. This aligns with the long-standing trend of Vietnam becoming a key destination for manufacturing due to its competitive labor costs, increasingly developed infrastructure, and business-friendly policies, according to VNA.

Photo: VNA

In terms of labor, Vietnam's job market saw positive developments in 2023, with the unemployment rate decreasing to 2.28%. The labor force also increased to 52.4 million people, indicating a plentiful workforce that continues to attract foreign investors.

As a crucial link in the global supply chain, Vietnam has become a preferred destination for groups looking to diversify their manufacturing activities amid global uncertainties, supply chain restructuring, and the "China Plus One" strategy.

Victor Ngo, CEO of UOB Vietnam, said that within the ASEAN region, Vietnam stands out as a gateway to the region. Its strategic location, large and young population, and business-friendly policies make the country an attractive destination for companies looking to tap into the growth potential of ASEAN.

This is the first time UOB has held its annual conference in Vietnam, attracting the participation of 600 delegates who are experts and leaders and enterprises and trade partners from ASEAN countries, China, and Hong Kong (China).

Eight-month foreign arrivals to Vietnam surge by 45.8%

Vietnam welcomed 11.4 million foreign arrivals during the first eight months of the year, an annual rise of 45.8% and up 1% from the same period in 2019 before the COVID-19 pandemic broke out.

According to the General Statistics Office (GSO), August alone witnessed the country receive 1.43 million foreign visitors, up 17.7% compared to the same period last year.

Of the eight-month figure, 9.7 million foreigners chose to travel to Vietnam by air, representing a 41% increase.

Around 1.6 million international tourists came to the country by road, marking a yearly increase of 73.3%, while the remaining 165,600 came by sea, or a 2.8-fold rise from the previous year, VOV reported.

A group of 4,500 Indian tourists visit Hanoi in late August.

During the reviewed period, earnings from tourism services enjoyed an annual surge of 26.2% to VND40.9 trillion.

Ho Chi Minh City topped the list with an increase of 42.2%, followed by Da Nang with 38.6%, Can Tho with 33.7%, and Hanoi with 29.7%.

The Republic of Korea sent the largest number of foreign tourists to Vietnam with over three million, followed by China with 2.4 million.

The number of international visitors has increased considerably thanks to the effectiveness of favorable visa policies coupled with a relevant tourism promotion programme which has been put in place.

The GSO anticipates that future growth momentum will be maintained over the coming months towards meeting the set goal of welcoming 18 million foreign tourists by the end of the year.

US consulting firm optimistic about Vietnam’s economic outlook

The Southeast Asian economies remain steadfastly resilient and delivered credible economic growth in the second quarter of 2024, with Vietnam and the Philippines continuing as the region’s top two performing economies, growing at 6.9% and 6.3%, respectively, according to McKinsey & Company, a US multinational strategy and management consulting firm.

In its recent report, the company wrote that Vietnam’s economy accelerated in the second quarter, as its GDP growth rose by 6.9% compared to 5.6% in the previous quarter, with the industry and service sectors being the largest contributors.

Private consumption further improved and is poised for a strong expansion throughout 2024, while the export sector continued its growth momentum following a recovery in global demand, supported by key sectors including smartphones, electronics, and textiles, cited VNA.

Garment production at May 10 Corporation in Sai Dong, Long Bien district, Hanoi. (Photo: VNA)

The report also highlighted that FDI achieved significant growth this quarter, further cementing Vietnam as a credible investment destination. However, it noted inflation continued to rise, driven by wage hikes that put pressure on the central bank’s policy rate stance.

According to the firm, FDI is one of Vietnam’s key highlights of the quarter, with disbursed FDI recorded at 6.2 billion USD in the second quarter, up from 4.6 billion USD in the first quarter. Meanwhile, total FDI registered reached 15.2 billion USD in the first half of 2024, an increase of 13.1% over the same period last year.

The strong performance could spur the country’s economy in the immediate quarters, and it supports Vietnam’s position as an important investment destination for foreign businesses as they look to diversify their global supply chains, it stressed.

Vietnam shines globally with full medal haul at Int'l Informatics Olympiad

In an outstanding display of talent and preparation, the entire Vietnamese contingent at this year’s International Informatics Olympiad (IOI) has returned with medals.

The team, comprising four talented students from the High School for Gifted Students under the University of Science (Vietnam National University, Hanoi), secured two gold, one silver, and one bronze medal, placing Vietnam among the top four performing countries.

The students, Pham Cong Minh and Hoang Xuan Bach, both clinched gold medals, while Nguyen Huu Tuan and Pham Ngoc Trung brought home silver and bronze respectively. This remarkable achievement underscores Vietnam's growing prowess in the global digital arena.

The 36th edition of the IOI was held in Alexandria, Egypt, from September 1-6. This year’s competition saw direct participation from 353 contenders across 91 countries and territories, cited VNN.

Four contestants from the Vietnam team. Photo: Ministry of Education and Training

Despite the fierce competition, Vietnam’s IOI team demonstrated exceptional skills and creativity, particularly in a challenging environment marked by high-caliber problems requiring innovative solutions.

The problems presented during the competition were highly demanding, requiring a blend of in-depth knowledge and creative application, a testament to the evolving landscape of the digital age where countries are increasingly investing in nurturing young tech talents.

The closing ceremony of the IOI 2024 is scheduled for the evening of September 6 in Alexandria, where the achievements of young talents will be celebrated.

This year’s success builds on Vietnam’s solid performance in the previous years and highlights the country's commitment to advancing its educational standards in computer science and information technology.

Vietnam News Today (Sep. 3): Vietnam’s National Day Celebrated in Various Countries Vietnam News Today (Sep. 3): Ho Chi Minh Mausoleum welcomes over 30,500 visitors on National Day; Storm Yagi appears in East Sea; Vietnam - top ...

Vietnam News Today (Sep. 4): Vietnam’s Cuc Phuong Honored as Asia’s Leading National Park 2024 Vietnam News Today (Sep. 4): Top leader holds online talks with Japanese PM; Vietnam’s Cuc Phuong honored as Asia’s Leading National Park 2024; Chinese airline ...