State capital and private resources both play an important role in meeting financial needs for development causes and the implementation of sustainable development goals (SDGs), Minister Counsellor Nguyen Hoang Nguyen said at the 2024 ECOSOC Financing for Development (FfD) Forum, which is being held in New York from April 22 to April 25.

Minister Nguyen, who is also Chargé d’Affaires of the Permanent Delegation of Vietnam to the UN, underlined the importance of North-South and South-South collaboration; and trilateral and quadrilateral co-operation models to share experience, technology, and capital for Southern countries to implement the Agenda 2030 on sustainable development.

He used the platform to call on developed countries to fully carry out their commitments to spend 0.7% of their Gross National Income (GNI) on ODA capital and contribute US$100 billion each year to help developing ones to cope with climate change.

Agreeing with the Vietnamese delegation’s ideas, attendants at the forum said that 2024 is a very important time to strongly implement measures towards fulfilling the SDGs by 2030.

They were able to reach a consensus on approving a document on the forum's outcomes, which affirmed their commitment to continue efforts to mobilise financial resources for development; encourage and promote the participation of the private sector; strengthen international ties in the field of tax and debt management; and take advantage of scientific, technological, and innovation achievements to serve sustainable development.

This comes as the nation recently announced the Voluntary National Review (VNR) in 2023 and is implementing its National Strategy on Climate Change by 2030, thereby affirming its efforts and determination to mobilise and use and manage financing for sustainable development. 

The country is set to host the fourth Partnering for Green Growth and the Global Goals 2030 (P4G) Summit next year in a bid to step up global efforts on green transformation and sustainable development.

Cam Lam - Vinh Hao Expressway to help drive south-central region's economy

The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.

The four-lane road was invested with over 8.92 trillion VND (nearly 352 million USD) in the form of public-private partnership (PPP) and has a designed maximum speed of 90km per hour.

As one of the five sections of the Ho Chi Minh City - Nha Trang Expressway, it runs through the provinces of Khanh Hoa, Ninh Thuan, and Binh Thuan, expected to catalyse economic development in the south-central region.

Vice Chairman of the Khanh Hoa People’s Committee Tran Hoa Nam said the completion of this expressway helps with seamless transportation connectivity from HCM City to south-central localities, thus further promoting the development in the region. In particular, his province now has favourable conditions to attract investment and strongly develop tourism, logistics, and goods transportation.

Highlighting the project's importance to connecting south-central localities with HCM City, Le Huyen, Vice Chairman of the Ninh Thuan People’s Committee, said the expressway makes it easier for Ninh Thuan to take advantage of the region's strengths to boost economic development, especially in the fields of tourism, transportation, and logistics.

Meanwhile, Vice Chairman of the Binh Thuan People’s Committee Nguyen Minh expected the project to help regional localities make strides in tourism development./.

Vietnam’s rice exports may exceed 2024 target

With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.

He said that the Ministry of Agriculture and Rural Development (MARD) projectes the country’s rice export volume at more than 4.3 million tonnes in the first half of 2024. However, in April alone, the figure is likely to top 3 million tonnes in the first four months of this year, and the result in the first six months of this year can surpass the MARD’s projection, he held.

Le Thanh Hoa, Vice Director of the MARD’s Department of Quality, Processing, and Market Development, said due to El Nino phenomenon and climate change impact, the global rice output in the 2023-2024 crop is forecast to drop to nearly 518 tonnes, while the consumption demand is 525 million tonnes, which means the world will face a shortage of about 7 million tonnes of the grain this year.

This is a good opportunity for rice exporters, including Vietnam, he said, adding that the country can supply 8.13 million tonnes to the world this year while ensuring domestic food security at the same time.

The total volume of rice for export in the Mekong Delta, the country's biggest production hub of the grain, in 2024 is estimated to reach about 7.6 million tonnes, the official noted.

However, Hoa held that Vietnam still faces many challenges in rice export this year, including the dependence on certain traditional markets and a lack of adequate efforts in market development.

Deputy Minister of Industry and Trade Phan Thi Hang asked relevant agencies and localities as well as the Vietnam Food Association to join hands with rice export businesses in ensuring national food security in all circumstances, stabilising the domestic market and promoting exports at the same time.

She stressed the need to foster coordination between businesses and rice farmers to ensure stable supply and quality of rice, affirming the trademark of Vietnamese rice in the world market.

The official also underlined the need for the active negotiation and signing of agreements on plant quarantine and technical regulations on paddy and rice quality to create favourable conditions for Vietnamese rice exporting enterprises.

As of the end of the first quarter of 2024, Vietnam shipped abroad 2.18 million tonnes of rice for 1.43 billion USD, up 17.6% in volume and 45.5% in value thanks to 23.6% rise in price over the same period last year./.

Vietnam makes initial efforts to approach creative industries: CIEM

Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).

The report “Promoting Creative Economy: International trends, experience and policy recommendations for Vietnam,” released at a workshop jointly held by the CIEM and the German Agency for International Cooperation (GIZ) on April 26, pointed to advantages, disadvantages, opportunities and challenges to the creative economy in Vietnam.

Accordingly, Vietnam boasts rich and diverse cultural heritage, a young, dynamic population with technological skills, and positive policy changes towards new economic models. 

Meanwhile, it faces difficulties in funding, especially in traditional creative sectors, a lack of relevant skills, especially among middle-aged and elderly groups, women, and disadvantaged localities, and inadequate infrastructure.

The report provides recommendations to develop the creative economy in Vietnam in the coming time, including completing a solid policy framework to nurture it, giving motivation to stakeholders, increasing investment in digital infrastructure and technology, and developing domestic and international markets for creative Vietnamese products.

Speaking at event, CIEM Director Tran Thi Hong Minh said the traditional growth model based on capital increase, unskilled labour, land, and natural resources has touched its limit.

Therefore, she said, it is a must to make reforms in mindset, methods and models to create new spaces for economic growth. 

The CIEM will further perfect the report and propose to the Government measures to boost economic growth through the creative economy, towards building a national strategy in this regard, Minh said./.

Ample room for Quang Ninh to attract FDI

The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.

One of the province's advantages is its four industrial parks – Texhong Hai Ha, Bac Tien Phong, Nam Tien Phong and Song Khoai, according to the provincial People’s Committee.   

The four industrial parks offer a total area of about 336 ha for investors this year, the committee said.

According to the committee, the locality has basically solved issues regarding construction materials for industrial parks. Electricity, water supply and social infrastructure systems at the industrial parks are also under construction. 

Quang Ninh attracted over 3.24 billion USD in FDI last year, ranking third in Vietnam in FDI attraction, and 851 million USD in the first quarter of this year./.

Long An, Dong Nai introduce strengths in RoK

The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.

At the event, which drew the participation of more than 100 large Korean enterprises, leaders of the two localities said that they prioritise projects in infrastructure, energy, environment and industrial park development.

According to Chairman of the Long An provincial People’s Committee Nguyen Van Ut, the province has carried out various programmes and activities to tighten the cooperative ties with Korean localities, organisations and businesses in all areas. With more than 975 million USD registered in 208 projects, the RoK ranks third among 40 countries and territories having investment in the province. The official affirmed that Korean firm have contributed greatly to promoting local export growth, trade surplus and socio-economic development.

Long An eyes to become a dynamic, effective and sustainable economic hub in the southern region by 2030, and a leading industrial province in the country by 2050, he said, expressing his hope that together with the local administration’s efforts to create a favourable investment environment, Korean corporations, with their strengths and experience, will contribute to the province’s breakthrough success in the coming time.

Meanwhile, Vice Chairwoman of the Dong Nai provincial People’s Committee Nguyen Thi Hoang said that Dong Nai is one of the six localities leading the nation’s socio-economic development for years. The province has attracted more than 1,600 projects worth 34.65 billion USD from 46 countries and territories.

The RoK is now the largest foreign investor in the province by funneling 7.26 billion USD into 421 projects, she said, underlining the Korean enterprises have generated jobs for local residents, and bolster the development of the province’s industry, trade and services.

At the conference, participating Korean firms expressed their interest to invest in such potential areas as high technology, energy, semiconductor and environment in localities that hold advantages and boast sound infrastructure like Dong Nai and Long An. A number of investment agreements were signed between firms of the two sides on the occasion./.

Dak Lak firm pioneers in following EUDR in coffee production

The Dak Lak September 2 Import-Export Company Limited (Simexco) has pioneered in building coffee growing zones following the EU Deforestation Regulation (EUDR), it announced on April 25.

The event demonstrated Simexco's strong commitment to sustainable coffee production, contributing to environmental protection and increasing the value of Dak Lak coffee products in the international arena.

Nguyen Tien Dung, Director of Sustainable Agricultural Development at Simexco, said that the main requirements of the EUDR include ensuring no deforestation or degradation, having spatial data using multi-temporal satellite images, and ensuring the legality and traceability of product origin from production, exploitation, harvesting to transportation, processing, and export.

He shared that after 10 months of implementation, Simexco has become a pioneer in building coffee production zones that secure the world's first 4C-certified EUDR certification. It is cooperating with the IDH Sustainable Trade Initiative to update data and implement activities to have six production zones meeting the EUDR in Buon Ma Thuot city, Buon Ho township, and Krong Nang, Cu M'gar, Cu Kuin, and Krong Ana districts, with a total of nearly 82,000 farming households, 106,000 hectares and 300,000 tonnes of coffee.

On this occasion, Bach Thanh Tuan, Vice Chairman of the Vietnam Coffee and Cocoa Association, handed over two certificates from the 4C (Common Code for the Coffee Community), which is an independent, stakeholder-driven, internationally recognised sustainability standard for the entire coffee sector, to Simexco for two growing zones that meet the EUDR standards. These two zones cover nearly 8,000 farmers, 9,500 hectares, and an output of over 35,000 tonnes.

At the event, eight units signed a memorandum of understanding on bringing EUDR-qualified coffee products to import businesses at European ports./.

Vietnamese canned sugarcane juice favoured in US

The first cases of Vietnamese canned sugarcane juice have hit supermarket shelves in Miami, the US state of Florida. 

The beverage, Kanpe Red - a product of Lam Son Sugar Joint Stock Corporation (Lasuco), meets the US Food and Drug Administration (FDA) standards. After being put on shelves, it has won the favour of local consumers.

Henri Chaumin, CEO at Mega 4's Bottling Company, said after Miami, the company will distribute the product to other US states, expressing his hope that the drink will soon gain a strong foothold in the market.

Vietnamese Trade Counsellor in the US Do Ngoc Hung said sugarcane has great export potential and especially sugarcane products are not subject to disease risk assessment, so they can be exported to the US market at any time./.

Vietnam-Singapore trade on the rise since start of 2024

Trade between Vietnam and Singapore topped 2.54 billion SGD (1.87 billion USD) in March, rising 4.29% year on year, according to the Trade Office of Vietnam in the city state.

Vietnam’s exports to Singapore last month increased 7.69% to 603.3 million SGD while its imports went up 3.27% to over 1.93 billion SGD.

In the first quarter, bilateral trade surpassed 7.71 billion SGD, up 4.21% from the same period last year. Vietnam recorded over 1.83 billion SGD in exports to and nearly 5.89 billion SGD in imports from Singapore, respectively growing 15.22% and 1.2%.

With this result, Vietnam remains the 10th largest trading partner of Singapore, the Trade Office said.

Among the three groups of Vietnam’s key exports, only machinery and equipment, mobile phones and components, and spare parts posted growth, at 25.14%. The two remainders witnessed revenue declines, namely reactors, boilers, machine tools, and spare parts of those machines (down 8.25%), along with petrol, oil, and petroleum products (down 18.79%).

Some commodities enjoyed export surges such as animal and plant oil and fat (up nearly 500-fold), rice and cereal (up nearly two-fold), and steel (up over 1.8-fold). Others saw plunges in shipments to Singapore, including salt, sulfur, earth and stone, plaster, lime and cement (down 33.64%), together with timber and wood products (down 35.65%).

Regarding imports from Singapore, 12 of 21 groups of commodities experienced import decreases, including reactors, boilers, machine tools, and spare parts of those machines (down 46%).

The import value of Singapore’s machinery, equipment, mobile phones, components, and spare parts rose 4.84% while petrol, oil and petroleum grew 46.72%. Imports of others also increased sharply such as zinc and zinc products (up 4.18-fold), and pearl, gemstone and jewellery (up 16-fold), statistics showed./.

Digital transformation events for banking sector slated for May

The State Bank of Vietnam (SBV) announced a series of events focusing on digital transformation in the banking sector, scheduled for May 8 in Hanoi.

This initiative aligns with the goals of the National Digital Transformation Programme until 2025, with a vision to 2030, aiming to propel Vietnam towards a digital economy and society, said Director General of the SBV’s Payment Department Pham Anh Tuan at a press conference in Hanoi on April 25.

A thematic seminar will be held for the first time, featuring presentations by leading financial and technology experts from giants such as Google, IBM, Fidelity, SAP, which will be a significant highlight.

Attendees can also explore 16 exhibition booths showcasing the latest products, services and technologies from banks, payment intermediaries and technology companies.

From 2020-2022, the SBV consistently ranked high among ministries and agencies in the digital institutional index.

As of now, about 77.41% of Vietnamese adults have bank accounts, with over 35 million payment accounts and about 14.9 million cards opened through the electronic Know Your Customer (eKYC) method currently operational.

The year 2023 saw a surge in mobile payment transactions, with a 59.86% increase in volume and a 12.73% increase in value. QR code payments also experienced explosive growth, with a 242.46% increase in volume and a 157.2% rise in value compared to the previous year.

The first two months of this year recorded significant year-on-year growth in non-cash payment and digital banking activities, with non-cash payment transactions rising by 59.6% in volume and 32.73% in value. Internet banking transactions also saw impressive growth, increasing by 51.60% in volume and 23.88% in value. Mobile banking transactions followed suit, surging by 63.24% in volume and 33.43% in value. QR code payments continued their dominance, with a phenomenal 846.41% increase in volume and a staggering 1,146.14% increase in value./.

Vietnam Online Business Forum tackles sustainability in e-commerce

The Vietnam Online Business Forum 2024, themed “Sustainable E-Commerce”, kicked off in Hanoi on April 25.

The annual event, held by the Vietnam E-Commerce Association (VECOM), aimed to provide a comprehensive overview of e-commerce in the past year and shed light on the latest technology trends impacting the industry through a market research on smart consumer behavior and overview of the 2024 e-commerce market and its prominent trends.

Speaking at the event, Director of the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade Le Hoang Oanh said e-commerce has experienced the most robust growth in the past decade, with an annual growth rate of 16-30%.

According to the White Book on Vietnamese E-Business 2023, retail e-commerce revenue increased by 25% year on year to 20.5 billion USD in 2023. However, it represented only 8% of the total retail sales of goods and consumer services in the country, much lower than the global average of 90.4%.

The forum delved into trends for Vietnam to leverage sustainable practices in its e-commerce sector, develop human resources to strengthen consumer rights protection and narrow the gap in e-commerce development.

Attendees also explored solutions to creating a greener and more sustainable e-commerce environment.

Market research on consumer behavior trends in e-commerce, handbooks for e-commerce growth, optimising affiliate and key opinion consumer (KOC) marketing campaigns to accelerate sales, and the application of AI technology were among the many prominent topics discussed at the forum.

The event also featured a roundtable discussion with experts to share views on lingering issues in the field of sustainable e-commerce./.

New EU-funded project to boost smart agriculture in Mekong Delta

A meeting took place in the Mekong Delta province of Tra Vinh on April 25 to introduce the project “Smart Agro-ecological Transformation of Farming Systems towards Resilience and Sustainability in Middle and Coastal Zones of the Vietnam Mekong Delta (STAR-FARM)”.

The event was co-hosted by the Ministry of Agriculture and Rural Development (MARD), the Food and Agriculture Organisation of the United Nations (FAO) and the provincial Department of Agriculture and Rural Development.

On the occasion, consultations were held with the provinces of Dong Thap, Kien Giang and Tra Vinh regarding the selection of district-level locations and models for the implementation of the project this year.

Nguyen Do Tuan Anh, Director of the MARD’s Department of International Cooperation, said the project has a total funding of nearly 4.2 million EUR (4.66 million USD), funded by the European Union (EU) through FAO. It was approved by the MARD in April 2023 and launched in the Mekong Delta province of Hau Giang province on December 13, 2023 at the Vietnam-Hau Giang International Rice Festival.

Carried out from 2023-2027, the project consists of three components, including supporting the enforcement of policies related to the transformation of smart food systems in climate change, supporting the development and improvement of ecological agricultural value chains, and enhancing the adaptive capacity of stakeholders in monitoring and evaluating the transformation of food systems, promoting innovation and creativity. This encourages equitable, healthy, sustainable agricultural value chains that are climate and environmentally friendly.

Partners of the project include the French Agricultural Research Centre for International Development (CIRAD), the French National Research Institute for Sustainable Development (IRD), the Institute of Policy and Strategy for Agriculture and Rural Development (IPSARD), the Vietnam Academy of Agricultural Sciences and Can Tho University.

The project aims to help improve production, business administration and marketing capacity for at least 24 cooperatives and cooperative groups, and establish 8 cooperatives of youth, women and ethnic minority people. It will also assist 15 agricultural SMEs to access green financial sources, build three support packages for innovative agricultural schemes and eco-agricultural models./.

Labels on foods exported to Singapore must be accurate: Trade counselor

Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.

The Singapore Food Agency (SFA) recently announced the recall of some food products originating from Vietnam because egg - an ingredient that can cause allergies for consumers - was found in the product, but was not declared on the packaging label.

It said that the egg was found in Li Chuan’s Seafood Roll (750g), Bibigo’s Mandu Prawn (350g), and Mini Mandu Prawn imported by Li Chuan Food Products Pte. Ltd and CJ SE Asia Pte. Ltd.

The recall due to insufficient information provided can adversely affect the purchase decisions of Singaporean consumers, especially for imports from the companies affected by the recall, and Vietnamese suppliers in general, Thang said.

Importers and producers of pre-packaged food products sold in Singapore must provide labels with full information in English, including the name or description of products, all ingredients, and food additives, he noted./.

Experts call for efforts in protecting IP rights

There is a necessity to persist in the research and implementation of mechanisms, support solutions and measures for intellectual property (IP) rights protection, particularly focusing on business entities and unique local products within the OCOP programme, experts have said.

With the development of the knowledge economy, IP assumes an increasingly pivotal role in fortifying investment climates, sustaining competitive edges and defending national and local interests.

Recent times have seen a surge in policies and initiatives from the Government aimed at nurturing, protecting, and enhancing IP assets. Supported by strong legal frameworks, these efforts aim to foster the creation, management, exploitation, protection, and development of intellectual property assets at all levels.

According to the report from the Intellectual Property Office, as of February 2023, there were 137 geographical indications (GI) protected in Việt Nam, including 13 foreign GIs.

By December 2023, all 63 provinces and cities had evaluated and categorised OCOP products ranging from three to five stars. Statistics reveal there are over 5,720 OCOP entities with 978 products achieving 4-star, with 62 per cent benefiting from IP protection.

However, despite strides made, Việt Nam currently lacks many processed products with protected GI, according to Lê Huy Anh, deputy director of the Intellectual Property Office.

Primarily, these include fruits, accounting for 35 per cent of the total protected GI, followed by aquatic products, 14 per cent, medicinal herbs, 10 per cent, industrial crop products, 10 per cent, and rice, 9 per cent.

Production and business scales are small, mainly at the district and commune levels, accounting for approximately 65 per cent of the protected GI.

Dr. Đào Đức Huấn, head of the OCOP and Rural Tourism Management Division at the Central Coordination Office for New Rural Development, emphasised persisting challenges in IP protection for OCOP items.

These hurdles include deficient awareness, attention, and capacity among OCOP entities concerning IP ownership, protracted trademark registration timelines impeding OCOP product enhancements, and the lacuna in integrating OCOP product development with IP advocacy and support initiatives. Additionally, participation in OCOP product rating evaluations by managers falls short of practical requisites, facilitating the certification of 4-star OCOP products.

To address these challenges, Anh underscored the imperative of sustained research and the formulation of mechanisms and solutions to support intellectual property creation, especially for businesses and distinct, local OCOP products. This includes intensifying support for IP protection registration for key export commodities, exploring trading platform establishment, and financial investment in IP asset exploitation and development.

Particularly, emphasis is placed on bolstering domestic IP protection registration for some 3-star OCOP products, serving as a bedrock for provincial-level elevation to 4-star status.

Support for foreign IP registration for 4 and 5-star products, particularly those earmarked for export to key markets like China, Japan, the United States, and Europe, is necessary.

Nguyễn Quốc Hà, deputy director of Hà Nội's Department of Science and Technology, highlighted the importance of an efficient state IP management system to foster innovation.

Hà Nội exceeded its target by protecting 198 out of 307 OCOP products.

In 2023, it recorded nearly 17,540 industrial property registrations, earning recognition nationwide for its innovation capability.

He recommended that the Ministry of Science and Technology continue researching IP valuation mechanisms and organising training courses to enhance IP management capabilities. 

Rubber exports hit US$607 million in Q1

Việt Nam exported a total of 414,317 tonnes of rubber, earning over US$607 million in the first quarter of 2024, according to the General Department of Customs.

In March alone, the country shipped 116,100 tonnes of rubber to foreign markets, generating more than $180 million. These figures indicated an increase of 8.5 per cent in volume and 14.3 per cent in value compared to the same period in 2023.

During the three-month period, Vietnamese rubber commanded an average price of $1,466 per tonne in international markets, marking a 5.3 per cent rise from the corresponding period in 2023.

China remained the largest buyer of Vietnamese rubber, accounting for 52.83 per cent of the country's total rubber exports. China imported nearly 61,340 tonnes worth $90.72 million, representing a volume increase of 4.5 per cent and a value increase of 7.9 per cent compared to the previous month. The average export price of rubber to China stood at $1,479 per tonne, reflecting a 3.2 per cent increase from February 2024 and a 7.1 per cent increase from March 2023.

In the first quarter of the year, China imported 287,850 tonnes of rubber valued at more than $407 million, posting a 1.6 per cent decrease in volume but a 2.7 per cent increase in value compared to the same period last year, according to the Agency of Foreign Trade under the Ministry of Industry and Trade.

In March, rubber exports to various markets, including India, Germany, Turkey, Russia, Sri Lanka, Belgium, and the US, experienced significant growth in both volume and value compared to the same period last year. Notably, India recently decided to reduce import duties on electric vehicles manufactured by companies that invest at least $500 million and commence domestic production within three years. This development bodes well for the demand for rubber in India's tire production.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes