Day: January 11, 2023

Despite impacts caused by COVID-19 pandemic and natural disasters in two years, two-way trade between Vietnam and Laos has regained its growth momentum, with the visit of Prime Minister Pham Minh Chinh and the 45th meeting of the Vietnam-Laos Inter-Governmental Committee expected to help promote sustainable development of bilateral ties.

Statistics show that the trade value jumped from some 1 billion USD in 2020 to 1.37 billion USD in 2021 and 1.63 billion USD last year, making it a bright spot in the bilateral relations.

Vietnam’s export to Laos increased from 571.7 million USD in 2020 to 594.7 million USD in 2021. Its major export items included steel, means of transport and accessories, machine, plastic products and vegetables.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien said the two industry and trade ministries have worked together to maintain the annual growth at at least 10% as set by high-ranking leaders since 2012.

The two sides have also closely coordinated in building a complete, comprehensive trade framework and offered special incentives to each other through the Vietnam-Laos Trade Agreement and the Vietnam-Laos Border Trade Agreement in 2015.

In energy, the two Governments signed a memorandum of understanding on cooperation in developing hydropower projects in Laos, connecting the electricity systems and power trading between the two countries.

Given impacts by complex, unexpected developments of the regional and global economy, Dien suggested the industry, energy and mining sectors of Vietnam and Laos tighten their connectivity and further support each other to sail through the difficulties and develop sustainably.

Pointing to limitations in the two-way trade, experts said investment attraction policies in production, manufacturing, infrastructure, transport, and logistics at border gate are not effective.

Ample room remains for Vietnam-Laos trade ties hinh anh 2

Illustrative image (Source: VNA)

Other problems lie with infrastructure, especially routes leading to border gates and connecting districts, which has failed to satisfy the demand for good exchanges in border areas.

The MoIT’s Asia-Africa Market Department noted that with the current growth pace, trade between Vietnam and Laos is expected to hit 2 billion USD soon.

The department suggested Vietnamese firms invest in building their own brands, fully understand rules set in trade agreements and utilise trade promotion programmes to seek partners.

Lao Minister of Industry and Trade Malaythong Kommasith also held that the trade cooperation has yet to match the potential of both nations as well as their political ties.

The two ministries have agreed to actively coordinate in implementing measures to boost the trade ties, soon conclude the negotiations and signing of a memorandum of understanding on border trade infrastructure development and connectivity, and complete adjustments to the bilateral trade agreement to facilitate operations of Vietnamese and Lao businesses./.

Source: Vietnam News Agency

On the occasion of Cambodia marking the 44th anniversary of victory over the Pol Pot genocidal regime (January 7, 1979-2023), local media have published many articles highlighting its significance, the role of volunteer Vietnamese soldiers in the historical event, and the special friendship and solidarity between the two nations.

In an article on Vietnam-Cambodia mutual support for the sake of their people published by the Kampuchea Thmey Daily, author Sophal Tuon said in response to the call of the Kampuchean United Front for National Salvation and Cambodian people, the Party, State, people and army of Vietnam exercised their right to self-defence and joined hands with the Cambodian resistance soldiers to wage the struggle to liberate Cambodia from the Pol Pot genocidal regime, leading to the victory on January 7, 1979.

The article wrote that Cambodia always remembers and is grateful to Vietnam for its participation in the liberation of Cambodia. Vietnam’s assistance and sacrifice once again affirmed that the two nations are close friends and had laid a foundation for their sustainable relationship, it said, adding that the bilateral friendship plays an important role in the development of the two peoples, and in maintaining national independence, peace and growth in each country.

The Vietnam-Cambodia good neighbourliness and traditional friendship have been increasingly tightened through the exchange of visits by leaders at all levels, the article noted.

It also introduced achievements obtained in the two sides’ cooperation over the past time in border demarcation and marker planting, economy – trade – investment, defence – security, education – training, healthcare, culture – sport, and health. As part of their foreign policy implementation and international integration, the two countries have coordinated and cooperated well at international, regional and sub-regional forums, especially in 2022 when Cambodia held the rotating chairmanship of ASEAN.

In conclusion, it affirmed that in the past 55 years, the two nations have clearly demonstrated to the world a strong, open and comprehensive relationship, able to withstand the pressure of geopolitical fluctuations regionally and globally./.

Source: Vietnam News Agency

Vietnam is emerging as a major importer of powdered milk from the Republic of Korea (RoK) that is facing low birth rate.

Specifically, the RoK exported 15.85 million USD worth of powdered milk to Vietnam as of the last November, or 17% of its total shipment of this product.

Data from the Korean Customs Service showed that the RoK earned 95.86 million USD from the export of powdered milk during January-November. Notably, its shipment to Vietnam soared to 19.54 million USD in 2021 from 7.58 million USD in 2016. It is estimated that its powdered milk export revenue will surpass 100 million USD this year, including over 20 million USD from Vietnam for the first time.

Lotte Confectionery, which merged with Lotte Food in July 2022, is expanding its formula milk business in Vietnam with such brands as Nubone, Lotte Kid A and Grand Noble that debuted in 2019.

Thanks to increased marketing via television and social media, the company’s export to Vietnam doubled in 2022 from a year ago.

Korean dairy manufacturer Namyang Dairy Products is also stepping up the export of powdered milk such as Imperial XO and maintaining its reputation in Vietnam./.

Source: Vietnam News Agency

Vietnam will continue to be one of the fastest growing mid-range economies with an economic expansion of around 6% in 2023, according to Andrew Huntley, Senior Managing Director at BDA Partners, a London-based investment banking advisor for Asia.

Huntley commented that although the growth is lower than that in 2022, it is similar to the level recorded before COVID-19 broke out in 2019.

He said that the growth rate of 8.02% in 2022 showed the strong recovery of the Vietnamese economy, with great contributions from high domestic consumption and exports.

Trade deals with the EU, the UK and Canada are also an important factor contributing to the strong growth of Vietnam in 2022, he said.

The expert was of the view that in 2023, tourism will be a bright spot that helps boost the country’s development, along with foreign direct investment.

However, he said that the Vietnamese economy will face many challenges this year, including impacts from instability in the world economy, which may affect the country’s exports.

Another challenge for the country is the double pressure from inflation and interest rates in the context that Vietnam is still dependent on imported raw material and energy.

Vietnam continues to grow fast in 2023: British expert hinh anh 2

Andrew Huntley, Senior Managing Director at BDA Partners (Photo: VNA)

Despite the challenges, Huntley is optimistic about the outlook of the Vietnamese economy in the medium term, as Vietnam has many factors supporting economic growth in following years, including social stability, internal strengths, a focus on technology and education, and a young workforce. Vietnam is also experiencing strong domestic growth when people are seeking higher health care service quality and living conditions, while the Government is providing better infrastructure system, he said, adding that these make the country an attractive destination for global investors.

According to Huntley, many investors also see Vietnam as an attractive market.

In the M&A area, many financial businesses and investors see Vietnam in the Southeast Asian region as a good chance for them. In order to continue promoting growth, Huntley recommended that the Vietnamese Government focus on tackling the ineffectiveness of the central and local administrations to ensure all investment programmes and projects receive suitable support.

At the same time, the country should increase programmes to introduce its strengths to the international community, not limiting to areas of agriculture and tourism but also in the fields needing sustainable investment such as environment, climate change response, the use of farming land, and the impacts of climate change on rivers and forests.

Huntley is one of the three CEOs and co-founder of BDA Partners. Currently, he is in charge of life sciences and global healthcare with his office based in Ho Chi Minh City./.

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh arrived in Vientiane on January 11 morning, beginning his two-day official visit to Laos at the invitation of his Lao counterpart Sonexay Siphandone, during which he will co-chair the 45th meeting of the Vietnam-Laos Inter-Governmental Committee.

He was welcomed at the airport by Minister, Chairman of the Lao Deputy PM Office Alounxai Sounnalath, Lao Deputy Foreign Minister Phoxay Khaykhamphithoune, Lao Ambassador to Vietnam Sengphet Houngboungnuang, and Vietnamese Ambassador to Laos Nguyen Ba Hung.

Right after arriving in Vientiane, Chinh laid a wreath at a monument dedicated to Laos’ unknown martyrs in tribute to Lao people who sacrificed for the independence and freedom of the country, as well as for Vietnam’s independence, freedom and reunification.

Prime Minister starts official visit to Laos hinh anh 2

This is the first official visit to the neighbouring country by PM Chinh and his first overseas trip this year. PM Chinh is also the first foreign leader to visit Laos since PM Sonexay Siphandone took office.

During his stay, Chinh is scheduled to hold talks with Sonexay Siphandone; pay a courtesy visit to Party General Secretary and President of Laos Thongloun Sisoulith; meet with National Assembly President Saysomphone Phomvihane; attend a closing ceremony of the Vietnam-Laos, Laos-Vietnam Friendship and Solidarity Year; and meet the Vietnamese community living in Laos.

The visit affirms Vietnam’s consistent policy of treasuring and prioritising the great friendship, special solidarity and comprehensive partnership between the two nations, as well as Vietnam’s support for Laos during its national renovation and integration./.

Source: Vietnam News Agency

Hanoi aims to have doctors at all healthcare stations by 2025, according to a human resources development plan for the 2022-2025 period issued by the municipal People’s Committee.

By 2025, there will be 26.4 nurses and midwives per 10,000 inhabitants, and up to 41% of the officials and employees in public health facilities will obtain bachelor’s and post-graduate degrees.

To realise the target, the city will adopt some measures including raising the number of hospital beds by 4,704 by 2025, and 1,555 doctors, 2,595 nurses and midwives, and 338 pharmacists will be employed in the sector.

Hanoi will devise recruitment plans to ensure that there will be enough health workers at facilities across the city. It will coordinate with universities and colleges to attract high-quality human resources for units under the Department of Health and devise policies to support the training of medical staff to improve their professional skills, especially at the grassroots level.

Private medical services will be prompted to improve the quality of their operations and collaborate with the public health system to take care of people’s health. Retired medical professionals that are still healthy will be encouraged to continue working at public and non-public health facilities./.

Source: Vietnam News Agency

A get-together to welcome the upcoming Lunar New Year (Tet) – Vietnam’s biggest national festival – was held in Pakse, Champasak province, Laos, on January 10, gathering more than 500 overseas Vietnamese living and working in the country.

Speaking at the event, Consul General Nguyen Van Trung extended Lunar New Year greetings to the Vietnamese community in Laos and highlighted outstanding Vietnam’s socio-economic developments in 2022.

He wished the Vietnamese community in Laos will continue to consolidate the traditional solidarity, promote business and production in order to practically contribute to the socio-economic development in the locality, helping to further strengthening the special and faithful relationship between the two countries.

Somboun Huangvongsa, Deputy Governor, Chairman of the Laos-Vietnam Friendship Association of Champasak province, extended New Year greetings to Vietnamese Party and State leaders and wished the Vietnamese community in Laos will have a prosperous year ahead.

He also wished the two sides will further promote the time-honoured traditional friendship and comprehensive cooperation.

On this occasion, the Consulate General of Vietnam in Pakse presented certificates of merit to nine groups and 11 individuals with outstanding achievements that contribute to strengthening the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos in 2022./.

Source: Vietnam News Agency

President Nguyen Xuan Phuc on January 11 visited families of late leaders of the Party and State in Ho Chi Minh City, as the Lunar New Year (Tet) – the biggest festival of Vietnamese people in a year – is approaching.

Accompanied by leaders of the southern economic hub, President Phuc came to offer incense, paying respect to Nguyen Van Linh (1915-1998) – Party General Secretary from 1986 to 1991; Vo Chi Cong (1912-2011) – Chairman of the Council of State from 1987 to 1992; and Le Duc Anh (1920-2019) – President from 1992 to 1997.

He took the occasion to acknowledge their significant dedication and contributions to the Party, State, and people.

Also on the day, President Phuc offered incense and laid wreaths to pay tribute to late Presidents Ho Chi Minh and Ton Duc Thang at the Ho Chi Minh Museum’s Branch in the city.

Ho Chi Minh (1890-1969) led the Vietnamese people and military to successfully conduct the August Revolution in 1945 and founded the Democratic Republic of Vietnam, now the Socialist Republic of Vietnam.

Ton Duc Thang (1888-1980) was the second President of Vietnam, serving from 1969 to 1976. He made great contributions to the Vietnamese revolution, the world peace movement, and international friendship./.

Source: Vietnam News Agency