Day: November 28, 2022

 

Indonesian authorities said on November 28 that at least one crew was killed after a helicopter operated by police sank in the waters off the western province of Bangka Belitung.

 

The helicopter carrying four crew members, all of them are policemen, crashed in the Manggar waters of East Belitung district on November 27, said Aswind, head of the province’s emergency and logistics unit.

 

A body of the crew was found by rescuers in the waters off Manggar on November 28 morning, said spokesman of the National Search and Rescue Office Yusuf Latief.

 

The search for the helicopter began on November 27 night as three other crews are still missing, the spokesperson said.

 

Local sailors also discovered various body parts from the helicopter this morning, Aswind said.

 

The helicopter departed from an airport in Central Kalimantan province and was heading to Bangka Belitung province when it crashed./

 

Source: Vietnam News Agency

 

 

The National Assembly Standing Committee’s 17th meeting completed all set agenda after one day of sitting on November 28 under the chair of NA Chairman Vuong Dinh Hue.

 

Speaking at the closing ceremony, Chairman Hue said the committee reviewed the NA’s fourth meeting and offered initial opinions on the fifth meeting.

 

Full-time lawmakers also agreed with the Government’s proposal to hold the second extraordinary meeting in early 2023 to consider and decide on several urgent issues, including the approval of the National Master Plan and the revised draft Law on Medical Examination and Treatment, discussions on clause 3 of Resolution 30/2021/QH15 of the NA on special solutions to COVID-19 prevention and control as well as the Government’s health-related proposals.

 

They are also scheduled to consider piloting several special mechanisms and policies for Ho Chi Minh City, and other financial-budget issues.

 

The NA Secretary General, Chairman of the NA Office and members of the NA Standing Committee were asked to work closely with the Government agencies to thoroughly prepare for the extraordinary meeting, adding that whether it is held or not depends on preparations.

 

At the meeting, legislators reached high consensus on the signing of an agreement between the Vietnamese and US Governments to build, upgrade and maintain their buildings of diplomatic and consular offices. The NA Committee for External Relations was assigned to complete documents and procedures in the regard.

 

They also looked into the allocation of development investment capital from the State budget for three national target programmes for 2021-2025 and the addition of foreign capital for the national target programme on new-style rural development.

 

The committee agreed on the policy of adjusting the refinancing plan of localities this year and the Prime Minister’s proposal on the appointment and dismissal of Vietnamese ambassadors abroad.

 

Important conclusions reached by the NA Standing Committee must be realised soon, the NA Chairman stated./.

 

Source: Vietnam News Agency

 

Prime Minister Pham Minh Chinh on November 28 had a telephone conversation with his French counterpart Elisabeth Borne to seek ways to further strengthen the Vietnam-France strategic partnership, especially in economy, trade and investment.

 

Highlighting the connections in history and culture between the two countries, PM Chinh affirmed that Vietnam attaches great importance to the relations with France, an important member of the European Union (EU).

 

He took this occasion to thank the French Government and people for providing 5.5 million doses of COVID-19 vaccines to Vietnam, helping the country overcome the pandemic.

 

PM Borne congratulated Vietnam on the achievements in post-pandemic economic recovery and development, suggesting that the two sides work closely together to make the bilateral strategic partnership deeper, more substantial and effective through the exchange of delegations at all levels, the optimisation of existing cooperation mechanisms and the implementation of activities to mark important milestones of their ties in 2023.

 

The two PMs agreed that economic cooperation is an important pillar in the Vietnam-France strategic partnership. They reviewed the progress of major joint projects, especially the Nhon-Hanoi Station urban railway, sharing a hope that the elevated part of the project will be put into operation by the end of this year.

 

Borne expressed her hope to strengthen cooperation with Vietnam in the fields of digital economy, digital transformation, infrastructure and especially renewable energy, and agreed to promote full and effective implementation of the EU-Vietnam Free Trade Agreement (EVFTA) to optimise opportunities it brings in.

 

PM Chinh proposed that France create favourable conditions for Vietnamese farm produce to approach the French market and that France ratify the EU-Vietnam Investment Protection Agreement (EVIPA) in an early date to motivate the bilateral investment partnership, while hastening the European Commission to soon remove the yellow card against Vietnamese fisheries.

 

Welcoming outcomes of bilateral cooperation in the fields of culture, education and health care over the years, he urged France to increase the number of scholarships for Vietnamese students, contributing to enhancing people-to-people exchanges between the two countries, while supporting Vietnam in the restoration and preservation of UNESCO-recognised cultural heritages.

 

The Government leader also asked for the French Government’s assistance for the Vietnamese community, especially after COVID-19, to integrate into the host society and help foster the friendship between the two nations.

 

The two leaders discussed a number of regional and international issues of shared concern, pledging to continue coordination and mutual support at regional and international forums.

 

PM Chinh appreciated France’s dynamic policy in the Indo-Pacific region and supported its active role in responding to common challenges in the region.

 

They continued to affirm the significance of ensuring peace, stability, security, safety and freedom of navigation and overflight in the East Sea, and the settlement of disputes through peaceful measures in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS 1982).

 

On this occasion, PM Chinh invited PM Elisabeth Borne to visit Vietnam, and received the latter’s acceptance./.

 

Source: Vietnam News Agency

 

President Nguyen Xuan Phuc received outgoing Chilean Ambassador Patricio Becker in Hanoi on November 28, during which the State leader hailed the diplomat’s contributions to the promotion of the comprehensive partnership between the two countries.

 

President Phuc said he was impressed by his phone talks in March 2021 with then Chilean President Sebastian Piñera on the occasion of the 50th anniversary of the diplomatic relations between Vietnam and Chile.

 

He agreed with the Chilean ambassador’s proposal on increasing the exchange of all-level delegations and promoting economic and trade cooperation activities.

 

During their meeting on the sidelines of the APEC Leaders’ Week 2022 in Thailand, he and his Chilean counterpart Gabriel Boric discussed the strengthening of the bilateral trade ties on the basis of the Vietnam-Chile Free Trade Agreement, and the early implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Vietnam hopes to welcome the Chilean President soon, he added.

 

Currently, Chile is the fourth largest trade partner of Vietnam in the Latin American region, while Vietnam is the biggest partner of Chile among ASEAN countries, he noted, expressing his hope that the two sides will further bolster their trade ties, especially in the import and export of farm produce.

 

Chilean products such as cherries, salmon and wine are popular in Vietnam, he added.

 

The State leader said he believes that with the warm sentiments towards Vietnam, the ambassador will continue to work for stronger ties between the two countries in any position.

 

For his part, Ambassador Becker said that despite COVID-19 impacts, two-way trade still reached 1.6 billion USD in the first nine months of this year.

 

Recently, many Chilean firms have visited Vietnam to seek partnership opportunities in the trade of agricultural products. He said he hopes more activities will be held to introduce Vietnamese products to the Latin American market.

 

In the time to come, authorised agencies of both sides will work together to increase the export of Vietnamese fruits to Chile, and the import of Chilean goods into Vietnam, while speeding up procedures to sell Vietnamese mangos in Chile, he said.

 

The diplomat proposed both sides continue to promote the implementation of the CPTPP, which is expected to bring many cooperation opportunities to their businesses./.

 

Source: Vietnam News Agency

The International Finance Corporation (IFC) has completed the disbursement of a loan worth nearly 3.7 trillion VND (150 million USD) to Vietnam Prosperity Joint Stock Commercial Bank (VPBank) to promote projects which would create sustainable value for the business community and the economy.

 

The loan with a five-year term would help VPBank to have more resources to meet the urgent credit needs of small and medium-sized enterprises (SMEs), women-led enterprises and projects in environment protection and climate change response in Vietnam.

 

In the context that the world economy and Vietnam are facing a number of difficulties and challenges, IFC’s disbursement of the 150 million USD loan to VPBank affirmed the bank’s capacity and reputation in the international arena.

 

As a dynamic, innovative, and creative bank, VPBank was constantly looking for international capital sources at reasonable costs in order to meet the credit demand for investing in production and business of corporate customers, especially SMEs which accounted for 90% of the number of firms across the country, thereby joining hands with the Government to stabilise the market and promote post-pandemic growth.

 

The cooperation between VPBank and IFC began many years ago with many loans worth hundreds of millions of US dollars disbursed to the bank.

 

Specifically, within the framework of the financing programme for pandemic-hit businesses, IFC provided a loan of 100 million USD to VPBank in 2020, which helped the bank increase liquidity and continue disbursements of new loans for corporate customers while extending the repayment deadlines for enterprises.

 

Also in 2020, IFC and other international co-sponsors granted VPBank green credit worth 212.5 million USD, opening a pioneering opportunity in lending for green projects of banks in Vietnam.

 

Notably, VPBank inked a syndicated loan agreement worth 500 million USD in November with five prominent financial institutions. Those included the Asian Development Bank, Sumitomo Mitsui Banking Corporation, Japan International Cooperation Agency, ANZ Bank, and Maybank Securities Pte. Ltd. – a member of Maybank Investment Banking Group./.

 

Source: Vietnam News Agency

 

Vietnam always treasures its friendship and cooperation with Denmark, Prime Minister Pham Minh Chinh told the new-appointed Danish Ambassador to Vietnam, Nicolai Prytz, during a reception for the diplomat in Hanoi on November 28.

 

The PM spoke highly of the bilateral intensive and extensive cooperation over the past years, especially since the establishment of a comprehensive partnership in 2013.

 

He hailed the outcomes of the recent Vietnam visit by Crown Prince of Denmark Frederik with the signing of many cooperation deals in promising fields such as green growth, renewable energy and effective use of energy, and applauded the Danish Parliament’s ratification of the EU-Vietnam Investment Protection Agreement.

 

Expressing his delight at the growth of two-way trade which soared by 27% annually to 554 million USD in the first nine months of this year, PM Chinh said Danish investment in Vietnam has leaped with Lego’s carbon-neutral toy factory worth more than 1 billion USD in Binh Duong province, opening up a green investment trend in the future.

 

The PM suggested both sides facilitate all-level visits, work closely together at regional and global forums, especially within the framework of the United Nations, ASEAN – EU, and create conditions for enterprises to expand operations in green growth, environmental protection, renewable energy, hi-tech agriculture. He also welcomed the continued strengthening of cooperation in education – training, people-to-people exchanges, sci-tech and innovation.

 

Prytz, for his part, stressed that bilateral economic-trade-investment ties will be a priority and focus of his tenure.

 

He pledged to do his best to further develop the Vietnam – Denmark comprehensive partnership in fields where Denmark has strength and Vietnam has demand, especially renewable energy, green growth, marine economy, and will coordinate with Vietnam to expand cooperation opportunities in potential fields such as education – training, culture – tourism, and science- technology.

 

The diplomat reiterated the two countries’ strong commitments to sustainable development, building a circular economy, green growth and responding to climate change which was described as a foundation for the establishment of a green strategic partnership in the future.

 

Denmark’s major groups are keen on and ready to join in Vietnam’s big wind power projects, share management experience and train workforce, thus helping Vietnam become a supplier for the offshore wind power sector in the region, he said.

 

On regional issues, both sides affirmed ASEAN’s central role in the region and agreed on the importance of maintaining peace, stability, security, safety and freedom of navigation and overflight in the East Sea, and addressing disputes by peaceful means in line international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS)./.

 

Source: Vietnam News Agency

 

The global chip race is heating up, and Vietnam should be able to raise its position on the global semiconductor manufacturing map as some leading corporations are investing in chip production in the country, local economists said.

 

Prof. Nguyen Mai, President of the Vietnam Association of Foreign Invested Enterprises (VAFIE), said the adverse impact of the COVID-19 pandemic and prolonged trade conflicts have caused a disruption of semiconductor supplies. Global companies involved in using semiconductors to make smartphones, self-driving vehicles, artificial intelligence (AI) technology or data centers have been forced to cut their productivity.

 

Mai emphasied that countries are in a race to produce semiconductors and chips. In particular, the US Department of Commerce (DOC) in September released its strategy for implementing its 50 billion USD CHIPS for America programme. And China has doubled its spending and enacted policies to support semiconductor manufacturing companies.

 

Vietnam has also become a centre of the semiconductor industry as Samsung announced its plan to produce semiconductors from July next year with an additional investment of 920 million USD. The country is also home to Intel’s largest assembly and testing factory with an investment of 1.5 billion USD.

 

Do Nhat Hoang, head of the Ministry of Planning and Investment’s Foreign Investment Agency, said the Synopsys company from the US also announced that it would train electrical engineers in Vietnam and support HCM City Hi-Tech Park (SHTP) to establish a chip design center through a software sponsorship programme.

 

Hoang added that in the first 10 months this year, FDI disbursement reached 17.45 billion USD, an increase of 15.2% over the same period in 2021. This was the highest number in the past five years. Of this figure, the manufacturing sector accounted for 65% and involved the major industries of hi-tech electronics and chip production. This has shown that Vietnam has gradually begun to form an ecosystem of semiconductor and chip production.

 

Over the years, Vietnam’s investment climate has been highly appreciated by foreign investors due to its stable political system and rapid growing economy. Incentives through corporate income taxes have also made an important contribution to creating an attractive investment climate.

 

Hong Sun, Vice President of the Korean Chamber of Commerce in Vietnam(KoCham), said that apart from having a stable business environment and many incentives, chip manufactures want to have abundant and stable power sources.

 

Hong emphasied that chip or semiconductor manufacturing were both high-value products. If a sudden power failure occurred, production would have to restart from the beginning, which would take from a week to a few months and cost billions of dollars.

 

Mai said that “Vietnam should not rest on its gains and we need to make an assessment of the bottlenecks in luring FDI, such as transport infrastructure, and information networks.”

 

He noted that if Vietnam can participate in the semiconductor industry, it will generate a big boost of added value for the country./.

 

Source: Vietnam News Agency

 

Infrastructure investment, trade environment and competitive wages are three factors that keep Vietnam’s economy humming along and its growth numbers positive, according to an article published on the vietnam-briefing.com.

 

Specifically, Vietnam spent around 6% of its GDP on infrastructure, which is among the highest in the ASEAN region.

 

Among that spending were some big ticket items such as the ambitious 1,800 km HCM City–Hanoi highway; the Long Thanh International Airport, which will eventually replace HCM City’s overly congested Tan Son Nhat; metro projects in Hanoi and HCM City; as well as thermal and waste-to-energy power plants.

 

Over the past few years, Vietnam has been active in signing bilateral trade agreements with countries around the world. Its membership in the Association of Southeast Asian Nations (ASEAN) also makes it a party to several FTAs that the regional bloc has inked.

 

The standard of product quality, manufacturing, and employee rights guaranteed in these agreements will allow Vietnam to become a manufacturing hub and expand its export base.

 

The EU-Vietnam Free Trade Agreement (EVFTA), for example, has boosted Vietnam’s exports despite the pandemic. In 2021, the UK-Vietnam FTA helped expand trade between Vietnam and the UK to nearly 6.6 billion USD. Similar increases were also noted with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with exports to Canada and Mexico.

 

Moreover, Vietnam’s business environment is open, and the Government has provided investor-friendly policies aimed at attracting investment and socio-economic development. These are important pull factors for investors looking to invest in Vietnam. This has been made easier through Vietnam’s increasing number of FTAs.

 

One of Vietnam’s biggest advantages is its competitive wage. It has a young, dynamic workforce that is ready to fill the gap. Its young labor force also comes at a relatively lower cost. More than 40% of Vietnamese university graduates major in science and engineering. As Vietnam sees its economy grow, its wages will rise. It will thus have to maintain a balance between inflation, wage levels, and productivity to avoid disrupting the overall labour market.

 

In conclusion, the article wrote that even while geopolitical tensions persist, Vietnam’s economic prospects are promising. In the short term, costs are likely to increase, but investors that play the long game stand to reap big rewards./.

 

Source: Vietnam News Agency