Day: September 19, 2022

The following is a list of selected news summaries over the weekend by the Vietnam News Agency.

 

– The Vietnam Socio-Economic Forum 2022, themed “Reinforcing macro-economic foundation, promoting sustainable recovery and development”, opened in Hanoi on September 18. About 400 delegates, including scientists, experts, ambassadors, representatives of diplomatic agencies and international organisations, lawmakers and businesspeople at home and abroad attended the event offline. Several foreign experts and scientists were present at the event via videoconference. Read full story

 

– Prime Minister Pham Minh Chinh chaired the second meeting of the State steering committee for national key transport projects with 33 provinces and centrally-run cities nationwide, which took place in both face-to-face and online forms on September 17. Read full story

 

– Prime Minister Pham Minh Chinh inspected the construction of the branches of Viet Duc, Bach Mai and National Geriatric Hospitals in the northern province of Ha Nam on September 18. Read full story

 

– The Consulate General of Vietnam in Fukuoka (Japan) has debuted a new website, aiming to meet the increasing demand of foreign affairs and the Vietnamese community in the Kyushu-Okinawa region.

 

The website, https://vnconsulate-fukuoka.org, was launched with the support of FPT Japan Holdings. The launching ceremony was held after more than a month of trial run with more than 100,000 visits. It is operated in parallel with the current official website: https://vnconsulate-fukuoka.mofa.gov.vn. Read full story

 

– The Vietnamese Embassy in Cambodia, the border guard and the Consular Department of the Vietnamese Foreign Ministry have coordinated with Cambodian authorities to bring home Vietnamese citizens who fled from a business establishment in Cambodia as soon as possible.

 

According to the Vietnamese Embassy in Cambodia, 60 Vietnamese fled a business establishment in Bavet Kandal hamlet, Bavet ward, Bavet city, Svay Rieng province towards the Bavet border gate at 2:30pm on September 17. While fleeing, four were caught by the business. Read full story

 

– The first batch of six containers of Vietnamese durian from the Central Highlands province of Dak Lak that have passed stringent safety guidelines began its journey to China on September 17. Read full story

 

– The northern moutainous province of Son La on September 17 held a ceremony to honour the art of Xoe dance of the Thai ethnic people which has been listed as an Intangible Cultural Heritage of Humanity by the United Nations Educational, Scientific and Cultural Organisation (UNESCO). Read full story./.

 

Source: Vietnam News Agency

Lawmakers are gathering comments on a draft amending the Law on E-Transactions, and insiders comment that the draft needs revisions to be more practical.

 

Nguyen Quoc Hung, General Secretary of the Vietnam Banks Association, believes that Article 27, which said e-signatures require public approval to be legitimate, is ill-conceived.

 

He suggests a set of legitimacy criteria for e-signatures whereby firms could conduct legitimacy reviews by themselves and inform the authorities of their reviews. The self-assessment would save firms the bother of e-signature registration and requests for public approval.

 

The general secretary also believes that Article 50 should be revised to exempt credit institutions and branches of foreign banks from connecting to surveillance systems since the connection would cause additional costs and risks to the organisations.

 

“Interference in banks’ data systems is out of the question as it would disrupt banking operations. In fact, even the Law on Credit Institutions does not go so far as to allow such interference,” he said.

 

He also underscores Article 52 on the reliability of e-transaction platforms as an article ill-suited to regulating banks’ digital platforms. He says the article, if passed, would pose great risks to the banking system.

 

Lastly, the general secretary mentions nine other issues that are making the draft unfit for legal passage. The issues involve the scope of the draft, e-authentication, e-contract, e-identification and dispute settlement.

 

Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, asserts that some articles of the draft would add complexity to administrative procedures and create more regulatory burdens on banks.

 

He calls for a more detailed definition of the relations between credit institutions and the authorities to prevent the abuse of authority during approval-granting processes.

 

He also urges lawmakers to keep the draft in line with the Law on Enterprises, Law on Archives and some other relevant laws to ensure legal consistency.

 

Nguyen Thi Thu Trang, Director of the Centre for WTO and International Trade, Vietnam Chamber of Commerce and Industry, calls for a revision to improve the draft’s compatibility with international agreements of which Vietnam is a member.

 

“Many FTA-related commitments have yet to be incorporated into the draft,” she said.

 

The director also calls for a more detailed definition of e-authentication in the draft, and the abolishment of the regulation that requires the submission of genuine papers for electronic verification.

 

She also believes that individuals should be allowed to use e-documents in administrative procedures should they find the practice more convenient.

 

The Law on E-Transactions was issued in 2005 and over 141 legal documents related to the law remain in effect so far, comprising 26 laws, 29 decrees, 57 circulars, 29 decisions and nine international agreements./.

 

Source: Vietnam News Agency

Foreign Minister Bui Thanh Son, under the delegation of President Nguyen Xuan Phuc, will attend the funeral of Queen Elizabeth II in London, the UK, on September 19, according to the Foreign Ministry./.

 

Source: Vietnam News Agency

 

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,295 VND/USD on September 19, up 12 VND from the last working day of previous week (September 16).

 

With the current trading band of +/-3 percent, the ceiling rate applicable to commercial banks during the day is 23,993 VND/USD and the floor rate 22,596 VND/USD.

 

The opening-hour rates at many commercial banks stayed stable.

 

At 8:30am, BIDV listed the buying rate at 23,530 VND/USD and the selling rate at 23,810 VND/USD, unchanged from the end of September 16.

 

Vietcombank also kept both rates unchanged at 23,485 VND/USD (buying) and 23,795 VND/USD (selling).

 

During the week from September 12-16, the reference exchange rate was adjusted down on the first two days but up on the rest of the week. It ended the week up 30 VND./.

 

Source: Vietnam News Agency

 

Several measures for developing a sustainable labour market in the post-pandemic period were suggested by many delegates on the sidelines of the Vietnam Socio-Economic Forum 2022 on September 18.

 

Bui Sy Loi, former Vice Chairman of the National Assembly (NA)’s Committee for Social Affairs, said the labour market has been disrupted due to impacts of the COVID-19 pandemic.

 

The biggest obstacle to production and business recovery is the low human resource quality, so it is necessary to develop a flexible, sustainable, integrated, and effective labour market, he said, recommending the NA perfect regulations, mechanisms, and policies so that the labour market and the economy can stay resilient to such incidents as the COVID-19 pandemic.

 

Pham Trong Nghia, a delegate from Lang Son province, said Vietnam is now in the recovery period, during which enterprises are expanding operations and need great labour supply since when COVID-19 broke out, a large number of workers returned to their hometowns, leading to labour shortages in the places with many major industrial parks.

 

Labour supply and human resource quality in key industrial parks need due attention, he added.

 

He said economic recovery will be accompanied by labour-related issues. Many jobs in new fields will appear after the pandemic and require workers to have new skills. Given this, workers need to undergo more training to meet new requirements.

 

This is the best measure for improving the quantity and quality of workers to satisfy post-pandemic economic development demand, Nghia went on Echoing the view, delegate Lam Van Doan from Lam Dong province cited statistics as showing that only 26% of the workforce had degrees or certificates in June 2022, which meant over 70% underwent only short-term or general training.

 

This is a big challenge when Vietnam is striving to boost digital transformation and integration into global value chain, he noted, pointing out that it is highly difficult to seek workers capable of meeting requirements in high-value industries.

 

The country needs to step up vocational training to form a skilled workforce meeting development requirements in the new context, Doan went on.

 

Loi also underlined the importance of social housing, which has fulfilled just 41% of the target in the housing development strategy by 2020.

 

Nghia held that one of the reasons for workers to return to their hometowns during the pandemic is that social security, including housing, has yet to be guaranteed. Social housing, including housing for workers, have been debated much, but the Government still needs stronger measures so that workers can settle down and focus on their jobs./.

 

Source: Vietnam News Agency

 

Hanoi will start Ring Road No. 4 project in June, 2023 under a plan approved recently by Chairman of the Hanoi People’s Committee Tran Sy Thanh.

 

The plan aims to basically complete the road in 2026 and put it into use in 2027.

 

To reach the target, at least 70% of the construction site must be handed over the investor by June 2023 and the site clearance work must be finished by December 2023.

 

Earlier, the Party Committee of Hanoi has called for ground clearance and relocation for the project of Ring Road No. 4 to be sped up.

 

The investment project to build Ring Road No 4 in the capital city is an important project contributing to the expansion of development space for the capital. It will reduce population density and traffic congestion in the inner city and gradually change the economic structure of the area along the road and the suburbs. It was promulgated in Directive 16-CT/TU signed by Secretary of the municipal Party Committee Dinh Tien Dung.

 

The road will also strengthen connectivity and create motivation and breakthroughs in the socio-economic development of Hanoi and neighbouring areas.

 

The Ring Road No. 4 project is 58.2km long, passing through the seven districts of Soc Son, Me Linh, Dan Phuong, Hoai Duc, Ha Dong, Thanh Oai and Thuong Tin.

 

The workload related to site clearance and land acquisition for project construction is very large.

 

The Party Committee directed seven groups of tasks of raising leadership and direction of the Party committees at all levels and enlisting the support of land users, including individuals and collectives, to ensure the schedule of site clearance and construction of the project.

 

The Party Committee’s Standing Board asked district-level Party Committees, authorities and social organisations where the road passes to organised seminars to provide information on the project and its meanings for socio-economic development.

 

The standing board also unified policies on compensation, support, resettlement and site clearance to maximise the legal rights and interests of people whose land is recovered, according to regulations, as well as to mobilise people to comply with the policy on land recovery.

 

The relevant offices were asked to strengthen inspection and supervision of the implementation of the Party’s guidelines and State’s policies and laws on population management, planning, land, construction, compensation and resettlement.

 

The Party Committees of the districts of Ha Dong, Soc Son, Me Linh, Dan Phuong, Hoai Duc, Thanh Oai and Thuong Tin have to set up working teams serving for the project.

 

Each locality needs to clearly define the roadmap and completion time of the site clearance and ensure the interests of the State, enterprises and people.

 

The heads of district party committees are responsible for not completing the site clearance schedule, affecting the overall progress of the project.

 

The district leaders must promptly propose and report to the municipal People’s Committee to solve problems and difficulties in site clearance.

 

Regarding the specific progress, the districts must complete the investment in building the technical infrastructure of the resettlement area in service of site clearance by the second quarter of next year.

 

Districts will hand over 60-70% of the cleared land area by the third quarter next year and the remaining area in the fourth quarter next year.

 

On June 16, 2022, the National Assembly issued Resolution No 56/2022/QH15 on the project’s policy to build Ring Road No 4 in Hanoi. Accordingly, the project will be completed in 2026 and implemented in 2027.

 

On July 5, 2022, the Hanoi Party Committee issued Decision No 2915-QD/TU on the establishment of a steering committee for the implementation of the Ring Road No 4 project headed by Dinh Tien Dung, Member of the Politburo and Secretary of the Hanoi Party Committee.

 

The Hanoi People’s Committee also issued Decision No 2447/QD-UBND dated July 13, 2022, assigning the task of implementing the project and Decision No 2747/QD-UBND dated August 5, 2022, assigning the task of implementing compensation and site clearance./.

 

Source: Vietnam News Agency

 

The Regional Comprehensive Economic Partnership (RCEP) can contribute to the region’s post-COVID-19 pandemic recovery efforts, according to an Association of Southeast Asian Nations (ASEAN) joint statement released on September 18.

 

The statement was issued following an RCEP Ministers’ Meeting held in northwest Cambodia’s Siem Reap province, on the sidelines of the 54th ASEAN Economic Ministers’ Meeting.

 

The meeting welcomed the entry into force of the RCEP agreement on January 1, 2022, and looked forward to its ratification by all signatory states, it said.

 

According to the statement, the meeting shared the view that the RCEP could contribute to the region’s post-pandemic recovery efforts and to creating a more resilient supply chain. In this regard, it highlighted the need to promote greater utilisation of the RCEP agreement to deepen regional economic integration.

 

In the meeting, the ministers noted the progress of the work of the RCEP Joint Committee and welcomed the establishment of subsidiary bodies under the Joint Committee’s supervision.

 

They also looked forward to the expeditious establishment of the RCEP Secretariat, on terms to be agreed by the parties, to provide secretariat and technical support to the RCEP Joint Committee and its subsidiary bodies, the statement said.

 

Coming into effect in January 2022, RCEP comprises regulations on digital trade, including cross-border data transfers, protection of transactions and online consumers, while providing an opportunity to strengthen the digital commerce business environment for small and medium-sized enterprises (SMEs) in Asia.

 

The agreement, gathering the 10 ASEAN member nations and Australia, China, Japan, New Zealand and the Republic of Korea, will cover a market of 2.2 billion people, accounting for about 30 percent of the world’s population, and a total GDP of 26.2 trillion USD./.

 

Source: Vietnam News Agency

 

Economic ministers of the Association of Southeast Asian Nations (ASEAN) and partners held consultations on September 17 – 18 as part of the 54th ASEAN Economic Ministers’ Meeting (AEM-54) and related meetings in Siem Reap, Cambodia.

 

On September 18, ASEAN and US officials looked into the implementation of bilateral economic cooperation activities under the Trade and Investment Framework Agreement (TIFA) and the Expanded Economic Engagement (E3) Initiative between the two sides for 2021 – 2022, along with the US’ technical support under the ASEAN – US Connect and the ASEAN – USAID Inclusive Growth in ASEAN through Innovation, Trade, and E-Commerce (IGNITE) programmes. They also approved the TIFA and E3 work programmes for 2022 – 2023.

 

As a leading trade partner of the US in the region, Vietnam said it has made active contributions to the implementation of the ASEAN – US initiatives. It also called on the US to cooperate with the bloc more strongly in the spheres matching their potential such as energy transition and digital transformation.

 

At another consultation, economic ministers of ASEAN and the EU discussed the possibility of cooperation activities in the fields benefiting both sides like supply chain connectivity, e-commerce, green technology and services. They adopted a trade and investment work programme for 2022 – 2023.

 

Meanwhile, ASEAN and Japan scrutinised the implementation of the ASEAN – Japan Comprehensive Economic Partnership Agreement and economic partnership activities within such frameworks as the ASEAN – Japan Economic Resilience Action Plan and the two sides’ 10-year Strategic Economic Cooperation Roadmap. They also talked new proposals for next year submitted by Japan.

 

Officials of ASEAN, Australia, and New Zealand discussed negotiations on the upgrade of the ASEAN – Australia – New Zealand Free Trade Area (AANFTA) to ensure that after upgraded, this deal will continue creating added value for the parties’ trade, investment, and business ties.

 

They agreed to make utmost efforts to basically finalise the negotiations in 2022 and also recognised the implementation of the economic cooperation support programme under the AANFTA.

 

Vietnam stressed the importance of upgrading the contents that will generate practical added value to all parties to help consolidate regional supply chain, boost post-pandemic economic recovery, and promote sustainable development.

 

In addition, ministers also met representatives of the ASEAN – Japan, ASEAN – EU, ASEAN – UK, ASEAN – US, and ASEAN – New Zealand business councils, along with the Australian Chamber of Commerce and Industry to talk cooperation activities and give recommendations to foster trade, investment, and economic rebound.

 

On September 17, economic ministers of the Regional Comprehensive Economic Partnership (RCEP) members gathered to discuss the recent regional and global economic situation and forecasts for 2023.

 

They shared information about economic recovery measures and the enforcement of existing free trade agreements (FTAs) between ASEAN and partners like the RCEP, the ASEAN – China Free Trade Area, and the FTA and investment agreement between the bloc and Hong Kong. They also talked the progress of negotiations on an FTA between ASEAN and Canada.

 

Besides, consultations also took place between ASEAN and China, Canada, the three Northeast Asian countries (China, Japan, the Republic of Korea), Hong Kong (China), and the East Asia Business Council./.

 

Source: Vietnam News Agency