Day: November 19, 2022

Danish toymaker LEGO has officially begun the construction of its 1 billion USD project in the southern province of Binh Duong as green investment starts to take shape in Vietnam.

 

The project covers an area of 44ha in the Vietnam-Singapore Industrial Park III, making it the company’s sixth in the world and second in Asia.

 

LEGO CEO Niels B. Christiansen said it is the first factory designed as a neutral carbon facility. Apart from solar panels on the roof, the factory will also have a nearby solar power farm to meet annual energy demand and use energy-saving equipment to meet the minimum standards of LEED Gold, a green building certification used worldwide.

 

Once completed in 2024, the factory is expected to generate thousands of jobs for skilled workers, contributing to Binh Duong’s economic development in the coming years.

 

Although LEGO’s project is considered an important milestone, this is not the only one contributing to the trend of green FDI inflows in Vietnam.

 

A few months ago, Pandora, a Danish jewelry manufacturer, decided to invest 100 USD million in building a new facility in Binh Duong. The plant is set to follow the LEED Gold standard and be powered by renewable energy. It will create jobs for more than 6,000 craftspeople and have an annual capacity of 60 million pieces of jewellery.

 

Recently, DHL Express, the world’s leading international express delivery service provider, inaugurated its newest operation centre in Vietnam. It is worth mentioning that, with the goal of sustainable development at the heart of all business activities, the centre has been equipped with a series of technologies to help reduce carbon emissions and optimise efficiency.

 

Notably, European investors are very interested in green projects in Vietnam.

 

Chairman of the European Chamber of Commerce in Vietnam (EuroCham) Alain Cany said that EuroCham is implementing an investment promotion programme, planning to bring 300 European enterprises in green economic fields to Vietnam to explore investment opportunities. Related feedback has been positive.

 

With policies to encourage sustainable growth, Vietnam can leap ahead of many other countries in the region, said Cany./.

 

Source: Vietnam News Agency

Chairman of the National Assembly Vuong Dinh Hue left Hanoi on November 19 morning for the 43rd ASEAN Inter-Parliamentary Assembly (AIPA-43) and official visits to Cambodia and the Philippines.

 

The trips, from November 19-25, are made at the invitation of President of the Cambodian National Assembly and AIPA-43 Chair Samdech Heng Samrin, and President of the Senate of the Philippines Juan Miguel Zubiri.

 

This is the first official visit to Cambodia by Hue as Chairman of the Vietnamese National Assembly. It aims to deepen the “good neighbourliness, traditional friendship, comprehensive, long-term and sustainable cooperation” between the two countries.

 

During the visit, the two sides will discuss future cooperation orientations between the two legislatures, both bilaterally and multilaterally, as well as exchange views on international and regional issues of mutual concern.

 

In Cambodia, Chairman Hue will attend AIPA-43 to continue implementing the policy of proactively and actively promoting comprehensive and intensive international integration, and raising the level of multilateral diplomacy.

 

The Vietnamese legislature will join other AIPA member parliaments to strengthen ASEAN solidarity and centrality, and boost relations between AIPA and partners, contributing to the ASEAN Community building process as well as to promoting regional peace, cooperation and development.

 

The friendship and strategic partnership between Vietnam and the Philippines over the past time have continued to thrive in all fields. This is the first official visit to the Philippines by a key leader of the Vietnamese Party and State in 2022 and by a Vietnamese NA Chairperson after 16 years.

 

It is also one of the first visits by a foreign parliament leader to the Philippines after the country successfully held the General Elections in May 2022 and had the new leadership of the House of Representatives and the Senate two months later./.

 

Source: Vietnam News Agency

 

The German-funded Green Innovation Centres for the Agriculture and Food Sector (GIC) project worth over 7 million EUR is underway in Mekong Delta localities.

 

Co-implemented by German development agency GIZ and the Department of Cooperatives and Rural Development, the project aims to promote the introduction and replication of innovative models and solutions through various agricultural products in contribution to sustainable rural development.

 

Accordingly, a series of goals have been set, including helping farmers reduce 40% of water use, 25% chemical use, 40% of greenhouse gas emissions, and 60 of pesticides.

 

Beneficiaries are the provinces of An Giang, Kien Giang, Hau Giang, Dong Thap, Soc Trang, and Can Tho city.

 

Kamila Tovbaeva, Coordinator of the Component Coordinator of Capacity Building for Cooperatives and Farmers under GFA Consulting Company, said the GFA will provide assistance to 90 cooperatives in the Green Innovation Project located in six delta localities as well as business training for nearly 8,000 farmers until 2023.

 

In An Giang, the GFA is in charge of capacity building for 17 local agricultural cooperatives and business training for farmers. These components primarily focus on boosting skills in cooperative management, production and business planning, financial management, marketing and market management.

 

Earmarked to implement the project for the local cultivation of rice and mango from 2021 to 2025, An Giang expects to improve farming efficiency and quality and gradually develop a sustainable value chain./.

 

Source: Vietnam News Agency

 

Vice President Vo Thi Anh Xuan arrived in Djerba city, Tunisia on November 18 (local time) to attend the 18th Francophonie Summit at the invitation of Tunisian President Kais Saied.

 

The summit, themed “Connectivity in diversity – the digital vector of development and solidarity in the French-speaking world” will be held from November 19-20, with discussions on political and economic situation in the world.

 

On the occasion, the summit will hold a ceremony marking the 50th founding anniversary of the Francophone Community, elect the General Secretary of the Francophone Community for the 2023-2026 tenure; consider the adoption of many documents such as the Djerba Declaration, the Resolution on crisis situation, escape from crisis and consolidating peace in Francophone space; the Strategic Framework on Francophone Community Cooperation for the 2023-2030 period, and regulations on admission procedures and changes to the community’s membership rules.

 

Founded in 1970, the Francophone Community groups 88 member states with the goal of sharing French language and universal values for the sake of peace, cooperation, solidarity and sustainable development. The members are from five continents, with about 220 million French speakers out of a population of 890 million.

 

The community has made efforts to affirm its international position and strengthen relations with international and regional organisations such as the United Nations, the African Union, the European Union, the Commonwealth of Nations, and the Association of Southeast Asian Nations (ASEAN). From the traditional cultural and technical cooperation, the community has made a strong shift to political activities while culture and language remain a top priority. The safeguarding of cultural diversity and French language at international forums has always been its consistent goal.

 

Fully, actively and substantively joining most of the community’s priority issues,  Vietnam has been a key Asia-Pacific member that has an important voice in the planning and implementation of the community’s cooperation strategy./.

 

Source: Vietnam News Agency

 

President Nguyen Xuan Phuc and his spouse on November 18 paid a courtesy call to Thai King Maha Vajiralongkorn and Queen Suthida, as part of the State leader’s official visit to Thailand and attendance in the 29th APEC Economic Leaders’ Week.

 

Welcoming President Phuc, the King congratulated Vietnam on its post-COVID19 socio-economic development and recovery.

 

For his part, the Vietnamese leader said he is impressed by Thailand’s growth after the pandemic and believes that under the wise reign of the King and the efforts of the Royal Government and people, the nation will thrive further and increase its role in the regional and global arenas.

 

He thanked the Thai royal family for sponsoring projects in Vietnam in the fields of education and community development based on the late King Rama’s sufficient economic philosophy. These projects have helped rural people tackle difficulties and improve their lives, Phuc said.

 

The President hoped the Thai King and Government to continue creating favourable conditions for the Vietnamese community and support the development of Vietnam’s culture in the country as a basis for stronger mutual understanding and people-to-people exchange between the nations.

 

The King affirmed the royal family will pay further attention to implementing cooperation projects, and supporting Vietnam and the Vietnamese community in Thailand, contributing to the growth of the bilateral friendship and cooperation.

 

On the occasion, Phuc invited the King and Queen to visit Vietnam at an appropriate time in the future./.

 

Source: Vietnam News Agency

 

 

With ten-month positive results, Vietnam’s major currency earners like aquatic products, rice, coffee, footwear and handbags are very likely to exceed their export revenue targets set early this year.

 

With its 10 billion USD goal this year, aquatic products already brought home 9.5 billion USD in the ten months of this year, up 34% annually. The figure for the whole year is estimated at 11.2-11.4 billion USD, a record in the past more than two decades.

 

The rice sector targeted selling 6.3 million tonnes worth 3.3 billion USD, but the Vietnam Food Association said 6.5 million tonnes of rice valued at 3.5 billion USD are likely to be consumed soon, given that exporters sold nearly 6.1 million tonnes for 2.95 billion USD in the past 10 months, up 17.2% in volume and 7.4% in value.

 

Coffee has also surpassed the goal of 3 billion USD as it earned 3.27 billion USD from exports in the period, up 33.4% in value and 10.6% in value year-on-year. It is on course to achieve 3.8 billion USD this year.

 

The goal of 25 billion USD by footwear and handbags sector is also within reach as it raked in 23.34 billion USD in January-October. With an average turnover of 2.2 billion USD each month, it is completely feasible to reach 27 billion USD this year.

 

However, the Ministry of Industry and Trade (MoIT) said in recent months, the number of new orders has been falling while inventories in retail system remain high.

 

Against that backdrop, the ministry directed the Vietnam Trade Offices abroad actively instruct firms to switch to Asian markets that are less impacted by inflation to diversify markets and ease reliance on traditional markets./.

 

Source: Vietnam News Agency

 

Vietnam’s automotive market is expected to see car sales rise during the holiday season, as the industry continues to recover after sluggish sales during the global pandemic, according to experts.

 

According to the Vietnam Automobile Manufacturers’ Association (VAMA), sales volume of automobiles in Vietnam reached 36,560 units in October, an increase of 9.3% over September and 22.7% against the same period last year.

 

The number of passenger cars sold increased by 10% from the previous month to 28,230 units. Deliveries of commercial vehicles grew by 6% to 8,003 units, while deliveries of special-purpose vehicles rose by 4% to 327 units.

 

Meanwhile, there were 20,051 completely knocked-down (CKD) vehicles and 16,509 completely built units (CBUs) sold in October, a rise of 17% and 1%, respectively, compared to last month.

 

In total, 397,457 vehicles were sold by VAMA members in the first 10 months of 2022, up 52% from the same period last year. Auto sales could exceed 400,000 for the first time in eight years.

 

Apart from car sales of VAMA’s members, Vietnam’s automotive market also saw strong sales of car manufacturers such as Audi, Jaguar, Land Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen and Volvo as well. However, they did not make public their sales figures.

 

Other car manufacturers, such as Hyundai and VinFast, recorded combined sales of 10,000 cars per month. If those figures are added, Vietnam’s car sales would surpass the 400,000-unit mark for the first 10 months of the year.

 

Experts said Vietnam’s macroeconomic stability, increasingly stable car supply and impressive sales of many newly released models will continue to help the local auto market maintain its growth in upcoming months.

 

The domestic auto market is expected to remain robust in the remaining months this year as it enters the peak season in preparation for coming Tet (Lunar New Year 2023).

 

Dealers have been giving discounts for the end-of-year holiday season and Tet, Vietnamese biggest holiday, which falls in late January in 2023.

 

The Vietnam Motor Show 2022 from October 26-30 also contributed to the increase in auto sales in the 10-month period as a record number of nearly 2,000 units were sold and thousands more were pre-ordered thanks to the show, indicating a revival in demand after two years of sluggishness due to COVID-19.

 

In addition, many automakers have recently released new models to prepare for the year-end high season.

 

According to General Director of Ford Vietnam, Ruchik Shah, the positive sales for Vietnam’s car market reflect a recovery after COVID-19. In addition, the fourth quarter of every year is always the best sales time for local dealers./.

 

Source: Vietnam News Agency

Vietnamese Minister of Foreign Affairs Bui Thanh Son met bilaterally with French Minister for Europe and Foreign Affairs Catherine Colonna and Foreign Minister of Papua New Guinea Justin Tkatchenko in Bangkok on November 18, on the occasion of the ongoing APEC Economic Leaders’ Week 2022.

 

Meeting French Minister Catherine Colonna, Son said since the upgrade of bilateral ties to strategic partnership nearly a decade ago, Vietnam and France have seen their ties growing in various areas.

 

Hailing the developments of bilateral cultural-education and health cooperation over the past years, he thanked the French Government and people for their valuable support for Vietnam during COVID-19 pandemic.

 

He suggested the two countries discuss and effectively adopt measures to deepen their effective collaboration post pandemic, facilitate all-level visits, especially during next year when the two countries celebrate the 50th anniversary of diplomatic ties and the 10th anniversary of strategic partnership.

 

Describing economic cooperation as an important pillar of bilateral strategic partnership, Son proposed France soon approve the EU-Vietnam Investment Protection Agreement (EVIPA) to fully tap the two countries’ potential.

 

The FM spoke highly of France’s role and voice in the international arena as well as the two countries’ coordination at region and global forums like the United Nations, the Asia-Europe Meeting (ASEM), ASEAN-EU framework, and the Francophone Community.

 

Colonna, for her part, highly valued Vietnam’s role and position in Indo-Pacific and wished to work more closely with Vietnam in the near future amid global uncertainties.

 

She affirmed that French firms are interested in investing in Vietnam in fields of their strength such as green and digital technology, and clean energy.

 

The minister wished to visit Vietnam soon to discuss specific measures to boost bilateral ties in all areas, especially economy-trade, culture, defence, education, tourism, and science-technology.

 

Talking with Minister Justin Tkatchenko, Son asserted that Vietnam is ready to share socio-economic development experience with Papua New Guinea and reinforce coordination in fields of shared concern.

 

Tkatchenko said Papua New Guinea considers ties with Vietnam strategic in the coming time and wishes to soon open a representative diplomatic agency in the Southeast Asian nation to enhance relations, particularly in economy-trade-investment, farm produce processing, aquaculture, mining, liquefied natural gas and locality-to-locality cooperation.

 

He wished to acquire Vietnam’s experience in industrialisation and modernisation, and attract more Vietnam investors to his country.

 

Both sides agreed to step up all-level visits as well as trade and investment promotion activities, and implement the Memorandum of Understanding on fisheries cooperation, including establishing a Joint Technical Committee on Fisheries Cooperation, issuing more mechanisms and signing several deals to lay legal foundation for collaboration such as investment promotion and protection, double taxation avoidance, oil and gas.

 

They pledged to continue strengthening cooperation within the framework of the United Nations, APEC and regional and international forums.

 

Papua New Guinea supports ASEAN’s and Vietnam’s stance and efforts in the settlement of disputes in the East Sea by peaceful means in line with international law, including the 1982 UN Convention on the Law of the Sea, Tkatchenko said.

 

Son affirmed that Vietnam stands ready to serve as a bridge promoting ties between Papua New Guinea and ASEAN. He also wished Papua New Guinea would cultivate ties between Vietnam and Pacific island nations./.

 

Source: Vietnam News Agency