Category: General

The Chinese University of Hong Kong (CUHK), one of the top 10 universities in Asia, has announced that it will offer 15 full scholarships to outstanding Vietnamese high school students each year.

The CUHK ranks 39th in the world according to the QS World University Ranking, and cooperates with more than 330 research institutes and centres. It is hosting more than 4,000 international students from 50 different countries.

At a working session with Pham Binh Dam, Vietnamese Consul General in Hong Kong (China) on August 6, Prof. Suk-Ying Wong, Associate Vice-President and Director of Admissions and Financial Aid at CUHK, said that Vietnam is one of the prioritised countries in the university’s student admission policy, expressing her hope that the Vietnamese Consulate General will help connect the university and Vietnamese students.

For his part, Dam held that Hong Kong is among top choices of Vietnamese high school students. He suggested the CUHK set up direct partnership with about six high schools in northern and central regions of Vietnam initially.

He pledged that the Vietnamese Consul General will help connect the university and a professional agency of the Ministry of Education and Training to support the university during the admission process.

Besides, the Consulate General will seek sponsorships for different sources to help CUHK form more scholarship funds, thus giving more flexible support to students in tuition fees, enabling more Vietnamese students to afford studying in the university, he said.

Both sides also agreed to foster research cooperation by connecting collabbetween the university and Vietnamese facilities in hospitality, tourism and public health sectors.

Source: Vietnam News Agency

The State Bank of Vietnam set the daily reference exchange rate at 23,173 VND/USD on August 9, up 6 VND from the last working day of previous week (August 6).

With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,868 VND/USD and the floor rate 22,477 VND/USD.

The listed rates at commercial banks stayed stable.

At 8:25am, Vietcombank listed the buying rate at 22,800 VND/USD and the selling rate at 23,030 VND/USD), unchanged from August 6.

The rates at BIDV also remained unchanged at 22,830 VND/USD (buying and 23,030 VND/USD (selling).

Similarly, Vietinbank kept both rates at the same level as on August 6, at 22,805 VND/USD (buying) and 23,025 VND/USD (selling)./

Source: Vietnam News Agency

Vietnamese Minister of Foreign Affairs Bui Thanh Son and his Lao counterpart, Saleumxay Kommasith, agreed to enhance the bilateral cooperation during their meeting in Vientiane on August 9.

The two sides will prepare for the Vietnam-Laos Solidarity and Friendship Year 2022 to celebrate the 60th founding anniversary of diplomatic ties and 45 years of the signing of the Vietnam-Lao Treaty of Amity and Cooperation.

They shared the view that the two countries have fruitfully cooperated both bilaterally, and at regional and international forums, especially within the Association of Southeast Asian Nations (ASEAN).

Vietnam and Laos, and other ASEAN member nations have made efforts in building the ASEAN Community that plays a central role in evolving regional mechanisms, while joining hands to combat COVID-19 and handle emerging issues.

The ministers agreed to enhance coordination between agencies of the two ministries, and organise the sixth political consultation at the deputy foreign ministerial level at the end of this year.

The two sides will also prepare for in-person political consultations and exchanges between the two ministries after the pandemic is put under control to discuss the bilateral cooperation specifically and pragmatically.

They will also further exchange experience in different fields and promote economic diplomacy.

The meeting took place within the framework of the official friendly visit to Laos by President Nguyen Xuan Phuc.

The same day, Chairman of the Communist Party of Vietnam Central Committee’s Commission for External Relations Le Hoai Trung had a working session with Chairman of the Lao People’s Revolutionary Party (LPRP) Central Committee’s Commission for External Relations Thongsavanh Phomvihane.

The officials briefed each other on the situation of each Party and country, and discussed regional and global issues of shared concern.

They also looked at collaboration between the two Parties and countries, including coordination in organising visits by high-ranking leaders.

They affirmed their determination to closely coordinate to effectively implement agreements reached by senior leaders of the two Parties and countries, as well as the cooperation agreement between the two commissions for 2021-2025, and working harder to promote the Vietnam-Laos relationship./.

Source: Vietnam News Agency

Vietnam remains an attractive destination for US investors in the Indo-Pacific, heard a webinar recently held by The Asia Group.

The event aimed to share business opportunities and updates on the fight against COVID-19 and economic prospects in Vietnam, drawing over 40 executives and representatives from US firms in the fields of energy, finance, technology, manufacturing such as Blackstone Group, Google, Facebook, Ford, UPS and Walmart.

Speaking at the event, Vietnamese Ambassador to the US Ha Kim Ngoc highlighted Vietnam’s economic achievements, and informed participants about the country’s incentives in foreign direct investment (FDI) attraction.

He underscored the Vietnamese Government’s determination to selectively attract FDI and strengthen Vietnam’s role in restructuring the global supply chain.

As for the US investors, the active development of the Vietnam – US comprehensive partnership and Vietnam’s network of free trade agreements are conducive to their activities in the country, he said.

Vietnam is ready to hold constructive dialogues, deal with difficulties and ensure a stable business environment for US enterprises, he added.

According to the ambassador, the Vietnamese Government has been exerting utmost efforts to effectively fight the pandemic, maintain important supply chains and create favourable conditions for economic development.

He thanked the US administration, people and business community for supporting Vietnam, especially the delivery of two batches of five million Moderna vaccines.

Ngoc also suggested US businesses continue helping Vietnam access more vaccines, medical supplies and COVID-19 medicines, thus contributing to Vietnam’s economic development.

On the occasion, he also highly valued the US firms’ support for Vietnam regarding the currency valuation investigation, and asked for their continued backing in the case related to timber so as to maintain trade and investment growth for the benefit of both sides.

Participants at the event expressed their trust in Vietnam’s determination and efforts against the pandemic. They vowed to continue partnering with Vietnam in the joint effort.

Several firms expressed interest in specific issues such as addressing differences in digital trade, and considering a direct flight between the two nations.

They wished that the Vietnamese Embassy in the US will continue serving as a bridge to collect recommendations and feedback while raising understanding about Vietnam among the US business community./.

Source: Vietnam News Agency

Vietnam exported 9.58 billion USD worth of wood and wood products in the first seven months of this year, a year-on-year increase of 55 percent, according to the General Department of Customs.

Of the figure, wood products raked in 7.44 billion USD, posting a 64-percent rise compared with the same period last year.

Local experts contributed the impressive growth of wood export to the fact that the demand for furniture increases during the COVID-19 pandemic.

According to Dien Quang Hiep, chairman of Binh Duong Furniture Association (BIFA), shipments to the main export markets of the Binh Duong wood processing industry surge considerably.

The US market accounted for more than 65 percent of Binh Duong’s total wood product export turnover, with an increase of 81 percent over the same period last year while Hong Kong (China) market made up 8.5 percent, with an increase of more than 47 percent, and Taiwan (China) market picked up 43 percent.

A similar situation is also reported in the central province of Binh Dinh.

Ngo Van Tong, director of Binh Dinh Department of Industry and Trade said local wood products have been exported to countries in Europe, Oceania, America, Asia, and Africa. The province’s furniture exporters have received orders until the end of the third quarter of this year.

The COVID-19 pandemic has caused many difficulties for trade and transportation activities, resulting in changes in working and living lifestyle of people, with consumers purchasing more furniture to maintain work and life at home. Thus, Hiep said, the province’s export turnover of living room and dining room furniture is forecast to rise rapidly in the coming time.

To be able to meet the orders of wood products, wood processing enterprises in Binh Duong have quickly adapted and changed their production methods accordingly, he said, adding that some businesses are renting more land to open factories.

Bui Chinh Nghia, deputy general director of the Vietnam Administration of Forestry (VNFOREST) under the Ministry of Agriculture and Rural Development, said along with the US, Japan, and Hong Kong (China) markets, Vietnam’s export turnover of wood and wood products to the European market would increase sharply in the last months of 2021 when the COVID-19 pandemic is brought under control and the prevention measures are gradually eased.

Although Vietnam’s wood processing and export industry has gained a momentum given the context that the whole country is coping with the COVID-19 pandemic, challenges still lie ahead.

According to Nguyen Liem, Chairman of the Board of Directors of Lam Viet Company in Binh Duong province, the high growth in export value of the wood industry in the past two years contains potential risks because the United States would increase defensive measures for imports with sudden growth.

Therefore, enterprises that export furniture for living and dining rooms should be careful to avoid becoming a transit point for goods to a third country, he said, adding that if the US imposes sanctions on Vietnam’s wood industry, the whole sector would be seriously affected.

Another problem for the sector is the lack of empty containers for shipments, which has pushed transport cost up by twice, thrice and even 10 times in the past two-three years.

Source: Vietnam News Agency

Vietnamese Deputy Prime Minister Le Van Thanh has suggested Vietnam and Laos boost cooperation in institution-policy, infrastructure and human resources in the time ahead.

During his talks with Lao Deputy Prime Minister and Minister of Planning and Investment Sonexay Siphandone in Vientiane on August 9, Thanh said many Vietnamese firms want to invest in the neighbouring country, and called on Laos to further streamline its procedures and offer more incentives to investors.

Vietnam and Laos have ample room for trade and investment cooperation, he said, suggesting the establishment of a special working group that is in charge of drawing up specific cooperation programmes, and removing roadblocks for joint projects.

Sonexay Siphandone said the two sides should step up border trade and collaboration in electricity and mining, intensify infrastructure connectivity, and upgrade border gates to facilitate trade and transportation of goods.

Vietnamese fruits are favoured in Laos, he said, noting the two countries’ ministries and agencies would work on mechanisms and policies on goods production and exchange, and increase online exchanges amid COVID-19.

The Deputy PMs agreed to designate 2022 as the Year of Vietnam-Laos, Laos-Vietnam Friendship and Solidarity to mark the 60th founding anniversary of the bilateral diplomatic ties and 45 years of the signing of the Vietnam-Lao Treaty of Amity and Cooperation.

Source: Vietnam News Agency

SCG, a cement and building material conglomerate in the ASEAN region, has announced a revenue from sales in Vietnam at over 9.85 trillion VND (428 million USD) in the second quarter of this year, up 41 percent year-on-year.

The positive performance was mainly attributable to new partnership of packaging (SOVI, GOPAK), chemicals (TPC, Chemtech) and export sales from Thailand to Vietnam, according to the company.

In the second quarter, SCG’s total assets in Vietnam surpassed 122 trillion VND, an increase of 37 percent year-on-year, mainly from the chemicals business.

Amid the pandemic, SCG has actively contributed to the national vaccine fund while its subsidiaries have supported nationwide pandemic curbing attempts.

In southern provinces, SCGP – the packaging business of SCG – has donated 2,000 field hospital beds to alleviate frontline pressure in HCM City, Dong Nai, Binh Duong and Long An, while Long Son Petrochemicals has contributed 10 billion VND for vaccination purposes.

In the central region, Song Gianh Cement has supported the vaccination programme in Quang Binh. Meanwhile, in the northern areas, SCGP has accompanied Hai Duong and Bac Giang in the fight against the pandemic.

Overall, SCG revenue from sales for the first half of 2021 rose 27 percent year-on-year to over 8.29 billion USD thanks to higher chemical prices. Profit for the period saw a yearly hike of 99 per cent to over 1 billion USD on the back of improved chemical product spreads and equity income./

Source: Vietnam News Agency

Chairman of the People’s Committee of the Vietnamese northern province of Bac Giang Le Anh Duong had a meeting with Khamlieng Outthakaison, Secretary of the provincial Party Committee and Governor of Xaysomboun province of Laos in Vientiane on August 9.

Duong is a member of President Nguyen Xuan Phuc’s entourage on his ongoing official friendly visit to Laos.

Earlier the same day, Duong and Khamlieng signed a cooperation agreement between Bac Giang and Xaysomboun provinces for 2021 – 2025 under the witness of President Phuc and General Secretary of the Lao People’s Revolutionary Party (LPRP) Central Committee and President of Laos Thongloun Sisoulith.

At the meeting, the Vietnamese and Lao officials expressed their delight at the strong growth of the Vietnam-Laos great friendship, special solidarity and comprehensive cooperation, including increasing collaboration between their localities, which have been deepened toward effectiveness and practical outcomes.

They underscored that their provinces boast favourable geographical locations and tremendous potential for cooperation, especially in farming and animal husbandry.

The two sides also exchanged experience in COVID-19 prevention and control. Bac Giang province was once a pandemic hotspot of Vietnam that has successfully controlled the pandemic.

Both officials believed that the freshly signed cooperation pact will deepen and expand the ties between the two provinces in the future.

Source: Vietnam News Agency