Top Lao leader’s Vietnam visit to deepen bilateral relations

The upcoming visit to Vietnam by General Secretary of the Lao People’s Revolutionary Party (LPRP) Central Committee and President of Laos Thongloun Sisoulith is expected to contribute to deepening close and trusting relations between leaders of the two Parties and countries in the time ahead.

Thongloun Sisoulith, his wife and a high-ranking delegation of the Lao Party and State will pay an official visit to Vietnam from June 28-29, at the invitation of General Secretary of the Communist Party of Vietnam (CPV) Central Committee Nguyen Phu Trong and President Nguyen Xuan Phuc and their spouses.

This is the first overseas trip by Thongloun Sisoulith in his capacity as Lao Party General Secretary and President for the 2021-2026 tenure, helping to affirm the two countries’ foreign policies of attaching great importance to preserving and continuously developing the great friendship, special solidarity and comprehensive cooperation.

The relationship has been consolidated and developed intensively, extensively, practically and effectively in different spheres, with political ties playing the core role.

The two sides have coordinated to organise visits, meetings and exchange programmes between leaders of the two Parties and countries, while signing many important cooperative agreements between the two Parties and governments.

Party commissions, ministries, agencies and localities of Vietnam and Laos have also signed and actively implemented cooperative agreements and programmes, exchanged visits and shared experience.

Joint efforts have been made to raise public awareness of the bilateral ties, especially among young people, organise major events, and build and upgrade historical relic sites featuring the relations.

Despite the complex development of the COVID-19 pandemic in 2020 and early 2021, the two countries maintained a number of visits and meetings in suitable forms.

Cooperation in national defence and security, and external affairs has also been seen as an important pillar of the bilateral ties.

The two sides have worked together to realise protocols and annual cooperative plans between the ministries of national defence and public security, build a common border of stability and sustainable development, complete a project to increase and upgrade border markers, and reach a protocol on Vietnam – Laos borderline and border markers and an agreement on land border and border gates management regulations between the Vietnamese and Lao governments.

Competent forces of the two countries have coordinated in the fight against cross-border crime, especially drug smuggling, the search and repatriation of remains of Vietnamese volunteers and experts who laid down their lives in the neighbouring country, and the COVID-19 combat.

At the same time, the two countries have closely and effectively coordinated at multilateral forums.

The political ties have created a firm foundation for the bilateral economic cooperation. Vietnam has invested 4.22 billion USD in 413 projects in Laos so far, up about 30 percent from 2010, with about 2.2 billion USD disbursed.

During the 2016-2020 period, two-way trade revenue stood at around 4.8 billion USD.

Attention has also been paid to cooperation in personnel training in transport and construction, energy industry; education and training; and people-to-people diplomacy.

The Vietnam visit by the top leader of Laos will offer an opportunity for the two sides to further exchange experience in development, and seek measures to push ahead with the implementation of high-level agreements between the two Parties and countries in 2021 and the years to come./.

Source: Vietnam News Agency

Vietnamese farm produce popularised in RoK

The Vietnamese Embassy in the Republic of Korea, TPS Farmers and Vinaka companies signed an agreement in the southern city of Kwangyang on June 25 to boost the import and distribution of Vietnamese farm produce in the country.

The Vietnamese community in the RoK have rising demand for agro-aquatic products and processed food from Vietnam, especially since the COVID-19 pandemic broke out. At the same time, Vietnam’s cuisine is becoming popular in the RoK with more than 4,000 Vietnamese restaurants nationwide, according to a survey of Chosun cuisine magazine in 2019.

With the support of the Ministry of Industry and Trade’s Department of Asian – African Markets, the embassy’s Trade Office actively worked with Vietnamese exporters and importers to study demand and suggest building a regular information sharing mechanism to promptly tackle difficulties.

As a result, they agreed to popularise Vietnamese farm produce trademarks in the RoK, and pledged to import farm produce and processed food worth 5.2 million USD between now and 2022, including fresh and frozen fruits, vegetables, beverages, and spices which will be distributed via Asian Mart chain and Korean distribution outlets.

The Vietnamese importers are also investing in logistics, cold storage and e-commerce to gradually navigate major supermarket chains such as Lotte, Emart, Home Plus and online retailers like Coupang and Gmarket.

The Trade Office and the Department of Asian – African Markets also vowed support to trade promotion activities in the RoK to increase export value.

At a conference held on June 18, TPS Farmers and Vinaka were also introduced to Hai Duong province’s prestigious lychee exporters. They are planning to bring Vietnamese frozen lychees to the RoK./.

Source: Vietnam News Agency

Vietnam-China Party relations highlighted

Vietnamese and Chinese Party officials, scholars and experts gathered at an online symposium on June 25 to discuss the relationship of the Communist Party of Vietnam and the Communist Party of China in the past, present and future.

Speaking at the event, Nguyen Ho Hai, Deputy Secretary of the Party Committee of Ho Chi Minh City, stressed that the Vietnam-China friendship, founded by the countries’ leaders Ho Chi Minh and Mao Zedong, is a shared treasure of both sides and needs to be further promoted.

He noted that the Parties and States of Vietnam and China have given each other support during the reform and opening and socialism building in each country for peace, stability, cooperation and development in the region and the world.

HCM City Party organisation, administration and people treasure the valuable support from international friends, foreign partners, including those from China, to the city’s efforts to become a socio-economic, trade, science-technology hub of the country and an attractive destination of the region and the world over, the official said.

He held that the symposium creates a good chance for experts and scholars to review the traditional friendship, comprehensive strategic cooperative partnership between the two countries and draw lessons for each side, thus further promoting the traditional friendship between the two Parties as well as the comprehensive strategic cooperative partnership between the two countries.

For his part, Liu Xiaoming, Deputy Secretary of the Party Committee of Guangxi Zhuang Autonomous Region, said that the shared path to socialism has brought Vietnam and China closer together to become “good neighbours, good friends, good comrades, and good partners”.

Vietnam and China are among the few socialist countries having Communist Party as the ruling party, which is the choice of not only the history but also the peoples of both sides to represent their interest and their pursuit of happiness.

It is for the interest of both sides to preserve the vitality of the two Parties, which is a motivation for the completion of socio-economic development and the building of strong countries with rich peoples, he said.

The official noted that over the years, under the leadership of the two Parties and efforts of peoples of both sides, China and Vietnam have recorded considerable achievements, while promoting and deepening bilateral relations, especially in economy, trade, investment and COVID-19 prevention and control.

The function is expected to contribute to the growth of the communist movement in the world as well as the acceleration of partnership between political parties of both countries and the reinforcement of traditional ties between China and Vietnam, he added.

Addressing the event, Chinese Consul-General in HCM City Wu Jun said that the history and reality have proved that the persistent pursuit of socialism and the safeguard of security of the political systems in both countries are the most fundamental joint strategic interest of both sides. The staunch leadership of the Communist Party and the superiority of the socialism system are the basic factors for both countries to overcome all the difficulties, he affirmed.

The official stressed that the Party and Government of China are willing to work with Vietnam to promote the traditional friendship, comprehensive partnership between the two countries in the new era, thus building a community with shared destiny and creating new motivation for the growth of bilateral ties as well as the socialism building in both countries.

Participants at the event highlighted the theory of communism, and focused on the relations between the Communist Party of Vietnam and Communist Party of China in the past and the future, among others./.

Source: Vietnam News Agency

AEON event promotes Vietnamese products in Japan

About 350 stores and supermarkets of retail giant AEON across Japan, along with its website, are displaying diverse products during the Vietnamese Goods Week that kicked off on June 25.

The products on display include fresh fruits like lychee and banana, food, garments-textiles, leather and footwear, household utensils, and handicrafts.

AEON imported 30 tonnes of lychee from Vietnam’s northern provinces of Bac Giang and Hai Duong to serve the event as the fruit has won preference in Japan.

Vietnamese Ambassador to Japan Vu Hong Nam said this is the second year Vietnamese lychee has hit shelves in Japan.

Gaining a foothold for the fruit in a demanding market like Japan will help Vietnamese farmers change their production, processing and preservation methods, while promoting the prestige of the fruit globally, he said.

It is hard to bring Vietnamese lychee to Japan, and even harder to maintain its foothold in the market, Nam said, urging exporters to invest more in preservation equipment and technologies and farmers to observe production process.

Vietnamese Trade Counsellor in Japan Ta Duc Minh affirmed that Vietnamese lychee has satisfied stringent regulations on food quarantine and safety set by Japan.

Therefore, the fruit has been consumed well in the market despite the complex development of COVID-19, he said.

Apart from lychee, AEON has focused on promoting Vietnamese banana which Soichi Okazaki – Executive Officer, ASEAN Business of AEON – said tastes better than that imported from Ecuador, the Philippines, and Taiwan (China).

The annual Vietnamese Goods Week aims to raise AEON’s sales of Vietnamese products in Japan to 1 billion USD by 2025. Through the event, more than 100 businesses from 21 Vietnamese cities and provinces have introduced their products to Japanese consumers.

During a reception for the Vietnamese ambassador prior to the opening ceremony of the Vietnamese Goods Week at AEON Lake Town in Saitama prefecture, Okazaki said the group has worked to promote many Vietnamese products not only in Vietnam but also in other Southeast Asian nations and Japan.

AEON’s import revenue of Vietnamese goods rose from 35 billion JPY (300 million USD) in 2019 to 40.4 billion JPY last year, and would reach 50 billion JPY this year, he said.

Nam said other Vietnamese fruits like longan are also expected to enter Japan in the time ahead.

According to statistics of the General Department of Vietnam Customs, Vietnam earned 1.8 billion USD from exporting agricultural and fishery products to Japan last year, up 0.1 percent from 2019.

In the first five months of this year, the value was 740.4 million USD, a rise of 3.2 percent year-on-year./.

Source: Vietnam News Agency

KRX trading system to run officially at the end of this year

The stock trading system from the Republic of Korea, known as KRX, will be officially put into operation at the end of this year after a six-month trial run.

“Putting the new system into operation is not easy, requiring many steps and much preparation,” said Tran Van Dung, Chairman of the State Securities Commission at a seminar held in Hanoi on June 24.

The implementation of the KRX project, aiming to tackle system overloads which have troubled investors recently, was delayed last year due to the COVID-19 pandemic. HoSE would use all available resources to accelerate the implementation of the project this year, it said.

The new system is set up by HoSE with support from the South Korea Exchange, meeting the requirements for Vietnam’s stock trading, including market information, market surveillance, clearing, settlement and depository and registration.

“SSC has many plans to develop the stock market but at the present time, easing overloading is our top priority, other plans including the development of a 10-year strategy for the market, may have to be delayed by several months,”Dung said.

“In recent months, many investors have been upset with the trading system but they still show their sympathy. In the context of continuous congestion these days, the market regulators owe them an apology,” he said.

Since the end of 2020, Vietnam’s stock market has witnessed a booming trading period with multi-session liquidity of more than 24 trillion VND (1 billion USD) on HoSE.

On HoSE, liquidity has increased by nearly 13 times compared to last year, surpassing other countries in the region and now only behind Thailand and Singapore.

The wave of new investors entering the stock market has helped set new liquidity records, which is a positive signal for the market.

However, skyrocketing liquidity has far exceeded market forecasts, leading to frequent congestion in many sessions, causing a lot of trouble for investors and affecting the quality of the market.

The KRX system is expected to help the Vietnamese stock market enhance capacity with higher liquidity, reaching up to 4 billion USD per session.

“Individual investors in the country are the driving force for the stock market growth, so they should receive more attention,” said SSI Securities Corp Chairman Nguyen Duy Hung.

“There is an unprecedented large number of new investors that have participated in the market, this is a once-in-a-lifetime opportunity to build the Vietnamese stock market. Therefore, it is necessary to listen to domestic investors to ensure transparent and secure transactions,” he said./.

Source: Vietnam News Agency

HCM City needs nearly 29.8 million USD for mid-term public investment plan

Ho Chi Minh City needs nearly 686 trillion VND (29.8 million USD) for its mid-term investment plan for the 2021-25 period, heard the first meeting of the 10th municipal People’s Council on June 25.

Of the sum, the city’s budget is estimated at 672.86 trillion VND, which will be earmarked for over 5,000 projects in line with the southern hub’s socio-economic development plan.

More than 13 trillion VND is projected to come from the State budget.

Priority will be given to programmes fostering collective economy and cooperatives in the 2021-25 of the city.

The municipal People’s Council assigned the People’s Committee to keep a close eye and suggest the Prime Minister and centrally-run agencies consider and supplement the mid-term public investment plan in the period and the State budget, so as to help the city carry out the projects.

The Committee has requested reviewing the projects, especially new ones, in a bid to ensure effectiveness./.

Source: Vietnam News Agency

Long An’s economic growth in H1 ranks third in Mekong Delta

Long An province posted high growth in the first half of 2021 despite the negative impact of COVID-19, coming third amongst 13 Mekong Delta localities, according to the provincial People’s Committee.

The province’s economy expanded 6.06 percent in H1, higher than the 4.34 percent recorded in the same period last year.

The outcome made Long An rank fourth amongst eight cities and provinces in the country’s southern key economic region.

Of note, a number of industrial sectors have seen signs of recovery, as the index of industrial production rose 7.5 percent year on year. Power production and distribution increased 14.9 percent and construction 10.4 percent.

In the period, Long An authorities handed over investment licences to 77 domestic projects with a registered capital nearing 5.6 trillion VND (243.44 million USD), and 30 foreign ones worth over 3.2 billion USD.

The provincial People’s Committee asked relevant agencies to continue realising the dual targets of curbing the spread of COVID-19 and bolstering socio-economic development./.

Source: Vietnam News Agency