Vietnam Newswire

A total of 5,766 new enterprises were established in the southern province of Binh Duong in the first 10 months of this year with a total registered capital of 43,155 billion VND, an increase of 3.6% in number and 21.9% in capital compared to the same period last year. According to the province's Department of Planning and Investment, in the period under review, the total domestic investment capital in the province increased to nearly 75.77 trillion VND (3.2 billion USD). So far, there have been 64,975 domestic enterprises registering to operate in Binh Duong with a total registered capital of 706,335 billion VND. Chairman of the provincial People's Committee Vo Van Minh said that increased domestic investment capital contributes to improving the province's resilience and shows dynamism and high adaptability of the business to market challenges. Over the past time, the province has always committed to continuing to create an attractive and open investment environment for businesses. According to the Bin h Duong Import-Export Association, the increase in domestic investment is a good sign for the economy of Binh Duong in particular and of the country in general. The province is striving for an export turnover of 31.8 billion USD and an import turnover of 23.1 billion USD this year, down 7.3% and 7% respectively compared to those in 2022./. Source: Vietnam News Agency

President Vo Van Thuong's trip to the US for the APEC Leaders' Week and bilateral activities from November 14-17 is expected to open up many investment opportunities for businesses of the two countries in the time ahead. Ted Osius, former US Ambassador to Vietnam and President of the US-ASEAN Business Council, held that there are no limits in the Vietnam-US relations, and expressed his belief that the bilateral trade and economic ties as well as people-to-people exchanges will be reinforced and deepened in the coming time. US Ambassador to Vietnam Marc Knapper emphasised that cooperation potential between the two countries remains huge, particularly in aviation infrastructure and seaports. US firms have also commended Vietnam's economic development potential, and noted their hope for more business opportunities in the Southeast Asian nation. They have proposed the areas that need to be improved to help Vietnam attract more foreign investment. President and CEO of the US Semiconductor Industry Association (SIA) John Neuffer spoke highly of Vietnam's policies on high-tech and the semiconductor industry, and suggested the country soon take specific steps to lure US capital flows to the field. Within the framework of Thuong's trip, some localities like Ho Chi Minh City and Hung Yen organised investment promotion conferences on green growth, high-tech, carbon emission reduction and agricultural consumption, drawing the participation of US enterprises. Chairman of the HCM City People's Committee Phan Van Mai told the Vietnam News Agency that US firms showed their interest in investing in Vietnam and its southern metropolis in particular. Chairman of the Hung Yen province People's Committee Tran Quoc Van said Hung Yen signed cooperation agreements with four US partners in semiconductor, high-tech, agricultural consumption and waste treatment on this occasion. The President's trip has contributed to materialising the joint statement on the establishment of the Vietnam-US comprehensive strategic partnership, and p romoting collaboration in high-tech and green economy, as well as connectivity between localities./. Source: Vietnam News Agency

Specialties from regions across Vietnam are being introduced to local consumers and foreign visitors at a fair opened at the shopping centre of Vincom Mega Mall Royal City in Hanoi's Thanh Xuan district on November 22. The fair, held by the Hanoi Investment, Trade and Tourism Promotion Centre, features nearly 300 booths of 200 units and businesses from 56 provinces and cities. A wide range of the localities' typical and specialty products, including many with geographical indications, are being displayed such as shan tuyet tea harvested from hundreds-of-years plants in the northwestern region, coffee from the Central Highlands, garlic from Ly Son island, the Hoa Loc mango, palm sugar of An Giang province, peppercorn of Phu Quoc Island, and sea crabs of Ca Mau province. Business matching events are being held to connect specialty producers and suppliers with major distributors such as Aeon, Lotte and Central Retail, and other retail chains. A number of cultural, tourism promotion, and product demonstratio n activities of provinces and cities are also taking place on this occasion. The fair will last through November 26./. Source: Vietnam News Agency

Deputy Prime Minister Tran Hong Ha on November 23 had a meeting with a delegation of Russia's Kaluga oblast led by its Governor Vladislav Valerievich Shapsha and suggested the Russian oblast to cooperate with Vietnamese localities in manufacturing projects as well as traditional fields of cooperation. Welcoming the guests, Ha said that the special relationship between Vietnam and Russia is a premise for more effective cooperation between the two countries, including that between Kaluga oblast and localities, partners in Vietnam. Besides the fields of trade, agriculture, nuclear medicine, education, training, and cultural exchange, the Deputy PM suggested that Kaluga oblast coordinate with Vietnamese localities and businesses to study and implement manufacturing projects to keep pace with current science and technology development trends. For his part, the Russian said said that as a door to attract foreign investment in Russia, Kaluga has strengths and potential for cooperation in the fields of agricultur e, manufacturing industry, healthcare, pharmaceuticals, and nuclear medicine. In the past three years, trade turnover between Kaluga and Vietnam has increased tenfold, from more than 30 million USD to more than 300 million USD. As a large Vietnamese enterprise has invested in livestock farming and milk processing in Kaluga, the Governor believes that more Vietnamese businesses will come to look for investment opportunities in Kaluga. He also said that during their stay in Vietnam, the Kaluga delegation worked with ministries, branches, localities and businesses to seek investment opportunities in Vietnam. The oblast also hopes to promote diverse cooperative relationships in education - training and cultural exchanges with Vietnamese partners and localities./. Source: Vietnam News Agency

Retail petrol prices were revised down from 3pm on November 23 in the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance. Specifically, the retail prices of E5RON 92 and RON 95-III were cut by 584 VND and 506 VND to 21,690 VND (0.89 USD) and 23,024 VND (0.94 USD) per litre, respectively. Meanwhile, those of diesel, kerosene and mazut were reduced to 20,283 VND per litre, 20,944 VND per litre, and 15,638 VND per kilogram, respectively. The ministries decided not to deduct prices of different types of gasoline and oil for the national gasoline price stabilisation fund and refrain from using the fund. Since the beginning of the year, domestic fuel prices have seen 33 adjustments, with 18 up, 11 down, and four unchanged./. Source: Vietnam News Agency

A series of conferences discussing market connection solutions for Vietnamese food and agricultural products are taking place in Ho Chi Minh City within the framework of the ongoing Vietnam Foodexpo 2023 hosted by the Ministry of Industry and Trade (MoIT). At a conference themed "Vietnamese agricultural products and food in the digital era", many experts and representatives from businesses updated relevant regulations, mechanisms and policies on applying information technology (IT) and digital transformation in trade promotion activities. According to Deputy Minister of Industry and Trade Do Thang Hai, with unique advantages and potential, the food industry is considered one of Vietnam's spearhead industries which plays an important role in promoting exports. The MoIT is actively coordinating with many related units to promote activities and solutions for developing markets, improving product quality, building brands and gradually increasing the export value of Vietnamese food in the international market as part efforts to promoting sustainable development of the food industry, Hai said. Although facing many difficulties due to the impact of the economic situation both at home and abroad, Vietnam's export prospects, especially for the farm produce and food industry, to major markets, still remain positive, he stressed. The Vietnamese business community has increasingly focused on applying IT and digital transformation to expand sale channels, increasing investment in digital technology, researching and developing products, building brands, and strengthening trade promotion, he added. According to Marketing Director of Alibaba.com Vietnam Nguyen Thi Phuong Uyen, this unit and the MoIT's Vietnam Trade Promotion Agency (Vietrade) are coordinating to develop a Vietnam pavilion on Alibaba.com, which gathers typical products and businesses participating in the global business-to-business (B2B) e-commerce platform to help Vietnamese brands reach out to the world market. Meanwhile, at a conference to promote trad e connection between Vietnamese and Chinese businesses in the fields of agriculture and fisheries, Vietrade Deputy Director Le Hoang Tai said there is ample room for the two countries to further expand economic and trade cooperation in the coming time. Vietnam's participation in free trade agrements (FTAs) has helped attract investors from China, as well as businesses that want to take advantage of the FTAs in production and export activities. Vietnamese Trade Counselor in China Nong Duc Lai said to enhance trade connection between the Vietnamese and Chinese markets, Vietnam's agricultural and aquatic products must meet increasingly high requirements of China in terms of quality standards, food safety, traceability, and packaging. The Vietnamese business community should focus on opportunities to attract Chinese businesses operating in the field of processed food, thus seeking ways to boost cooperation with Chinese partners and expand market to this Asian country, he said. Statistics showed that the impor t-export turnover between the two countries reached 103.92 billion USD in the first eight months of 2023. China was Vietnam's second largest export market in the period. The two-way trade is predicted to maintain growth momentum and achieve positive results in 2023. Vietnam Foodexpo 2023, which will last until November 25, features more than 500 booths of nearly 400 domestic and international enterprises, including businesses from 30 Vietnamese cities and provinces and more than 20 countries and territories such as the US, Russia, Australia, China, the Republic of Korea, Japan. On display are a wide range of agricultural products, aquatic products, processed foodstuff and beverages, as well as food processing, preservation and packaging technologies and equipment, among others./. Source: Vietnam News Agency

Transactions with a value of 400 million VND (16,520 USD) or more must be reported to the State Bank of Vietnam (SBV) from December 1, 2023, according to a new regulation. Under Prime Minister's Decision 11/2023/QÐ-TTg, the new regulation is applied to financial institutions; and organisations and individuals engaged in related non-financial businesses as prescribed in Clauses 1 and 2, Article 4 of the Anti-Money Laundering Law. It affects financial institutions licensed to perform one or several activities including: acceptance of deposits; lending; financial leasing; payment services; intermediary payment services; issuance of negotiable instruments, bank cards, money transfer orders; bank guarantees and financial commitments; provision of foreign exchange services and monetary tools in the currency market; securities brokerage; securities investment consulting, securities underwriting; securities investment fund management; securities investment portfolio management; life insurance business; and currenc y exchange. Relevant non-financial businesses and professions carrying out one or several activities including prize-awarding games (including electronic games); telecommunications network-based games; Internet-based games; casinos, lottery and betting; real estate transactions except real estate leasing and subleasing activities and real estate consulting services; trading precious metals and gemstones; providing accounting services, notary services and legal services by lawyers and law-practicing organizations; services for establishing, managing and operating businesses; director and secretary services for third parties; and legal agreement services will also have to comply with the decision. Currently, the value of transactions to be reported to the SBV is 300 million VND./. Source: Vietnam News Agency

Prime Minister Pham Minh Chinh has urged greater efforts to promote credit access, thus boosting corporate bond and real estate markets in a safe, healthy and sustainable fashion. In a dispatch issued on November 23 and sent to relevant ministers, the central bank governor and local leaders, the PM stresses that despite joint efforts, the corporate bond and real estate markets have yet to improve as expected, with low credit growth, difficulties in capital absorption, and increasing bad debts. Given this, he asks the Ministry of Finance to coordinate with concerned agencies to continue rolling out the fiscal policy in a suitable, focused and effective manner, and combine it with the monetary policy to promote investment, especially the non-state capital flow. The ministry needs to quickly review and thoroughly evaluate the payment capacity of corporate bond issuers, especially bonds due for payment in late 2023 and 2024. It also needs to assess the implementation of Decree No. 08/2023/ND-CP, dated March 5 , 2023 and other documents regulating the trading of corporate bonds in the domestic market and offering of corporate bonds in international market. The PM asks the ministry to work together with the Ministry of Justice, Ministry of Planning and Investment, the State Bank of Vietnam (SBV) and other agencies to look back on legal documents on the issuance of corporate bonds, and propose specific plans for legal adjustments and supplements, which should be completed in early December. Meanwhile, the SBV is urged to keep a close watch on market developments to operate monetary policy and control credit growth, he said, suggesting that priorities should be given to production and business, and such growth engines as investment, consumption, export, digital transformation and green transition. The bank should take solutions to effectively roll out the 120 trillion VND (4.9 billion USD) package in preferential lending rates for social housing development and purchase, and push ahead with the 15 trillion VND pack age in the forestry and fishery sectors. The outcomes of the implementation of the social housing package must be reported to the PM within this month, according to the dispatch. The leader also requests the bank to facilitate credit access by businesses and people, further streamline administrative procedures, and strictly handle commercial banks that seek ways to hinder credit access by real estate firms and buyers. The Ministry of Construction is tasked to coordinate with National Assembly agencies and others to review and perfect the draft Housing Law (amended) and the revised draft Law on Real Estate Business, which are expected to be adopted at the sixth sitting of the 15th legislature. The Ministry of Natural Resources and Environment will guide localities to remove obstacles to land allocation and lease, especially in land pricing, management and use. The People's Committees of centrally-run cities and provinces are asked to speed up the building and approval of planning schemes which serve as a foundation for the rollout of real estate projects, and publicise the list of real estate projects that need to select investors in the form of bidding./. Source: Vietnam News Agency