Day: August 9, 2021

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

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

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

Border trade infrastructure between Gia Lai province and Cambodia’s localities sharing the same border line will be developed to promote goods trading and exchange activities under a programme to develop Vietnam’s border trade infrastructure to 2025, with a vision to 2030.

The People’s Committee of the Central Highlands province of Gia Lai has just issued a plan on the implementation of the programme, which has been approved by the Prime Minister to boost development cooperation and connect border trade infrastructure between Gia Lai and Cambodia’s border provinces to tap the potential and advantages of the two sides. It also aims to help attract investors and encourage private investment in the construction and development of border infrastructure.

The programme will strengthen close cooperation between the border localities in the fields of economy-trade and socio-culture, contributing to improving the lives of border residents, thus ensuring national defence, social order and safety in the localities.

Under the plan, Gia Lai will coordinate with the Ministry of Industry and Trade to build a list of border trade infrastructure facilities, with priority to be given to projects using State budget and those that calls for private investment.

The province will review and adjust planning, invest in upgrading and building infrastructure and social works in the Le Thanh International Border Gate Economic Zone. Projects to upgrade border markets to facilitate the exchange of goods through the Le Thanh International Border Gate are also promoted.

The province intends to prioritise allocating State budget funds to build border infrastructure projects that the private sector cannot participate in, encourage and assist enterprises to join the construction of border trade markets.

In the coming time, the provincial authorities will support the exchange and circulation of goods and cooperation agreements between the border areas of Gia Lai province and Ratanakiri province (Cambodia).

The focus will be on improving the quality of human resources to manage and develop the team of traders through the dissemination of laws and policies on the origin of goods and methods of payment, signing contracts, and exchanging experience with traders and border residents.

The provincial Department of Industry and Trade was assigned to coordinate with relevant agencies in investment promotion in order to attract businesses inside and outside the province to engage in developing border trade infrastructure.

Source: Vietnam News Agency

The Vietnam Centre for Protection of Music Copyright (VCPMC) has reported that it received nearly 37 billion VND (1.6 million USD) in royalties in the second quarter of this year.

Since early 2019, the VCPMC has adopted new technology towards online operations. Therefore, when the COVID-19 pandemic broke out in Vietnam, it was able to quickly adopt measures to mitigate loss while maintaining higher year-on-year growth.

As the only representative and member of the International Confederation of Societies of Authors and Composers (CISAC), the VCPMC has signed bilateral deals with 76 collective management organisations and publishers, which are applied in 116 countries and territories worldwide.

Source: Vietnam News Agency

Vietnamese Ambassador to Germany Nguyen Minh Vu has paid a working trip to Rostock city, Mecklenburg-Vorpommern state, northern Germany.

During a working session on August 6 held at Warnemünde Maritime Simulation Centre, State Secretary in the Ministry of Economics, Labour and Health of the state Stefan Rudolph expressed his wish to enhance cooperation between Germany and Vietnam, and between the state and Vietnam in particular.

He reviewed several successful projects in Vietnam, including health care, medical human resource training, nursing for German hospitals and nursing centres, workforce for Mecklenburg-Vorpommern state’s representative office in Hanoi, and the state’s foreign language and vocational training centre in Ha Tinh.

Rudolph also hoped that bilateral traditional ties will be expanded in the near future with new orientations, including the transfer of new technologies to defuse bombs and mines, settlement of post-war consequences, and socio-economic development.

Speaking at the event, Vu said Mecklenburg-Vorpommern is one of the states to pioneer in cooperation with Vietnam, including maritime services. Two-way trade between two nations surpassed 14 billion USD last year, and Vietnam is now Germany’s largest trade partner in ASEAN while Germany is Vietnam’s biggest trade partner in the European Union.

He believed that bilateral ties will be further extended with new cooperation opportunities.

Leaders of the Warnemünde Maritime Simulation Centre also briefed the ambassador about maritime control network in Baltic Sea while representatives of several companies introduced their strength./.

Source: Vietnam News Agency