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? Afternoon briefing on March 21

The following is a brief review of the day’s events as reported by the Vietnam News Agency.

– Vietnamese Minister of Foreign Affairs Bui Thanh Son held talks with Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn in Hanoi on March 21.

Prak Sokhonn arrived in Vietnam earlier the same day to co-chair the 20th meeting of the Vietnam-Cambodia Joint Commission on Economic, Cultural, and Scientific-Technological Cooperation from March 21-22. Read full story

– The Saigon-Hanoi Commercial Joint Stock Bank (SHB) has teamed up with the International Finance Corporation (IFC) to increase access to finance for small and medium enterprises (SMEs) in Vietnam.

As part of the agreement signed on March 20, IFC is providing a 40 million USD loan to SHB, which is the first step towards a total financing package of 120 million USD. This funding will help SHB support local businesses and enhance their participation in the global supply chain. The investment from IFC is expected to more than double the number of SME loans and outstanding loan volumes for women-owned businesses by 2025. Read full story

– A working delegation led by Vietnamese Ambassador to South Africa Hoang Van Loi paid a working trip to KwaZulu-Natal (KZN) province from March 16-20, as part of Vietnam’s economic diplomacy programme for this year.

During the trip, the delegation held working sessions with the Trade and Investment KwaZulu-Natal (TIKZN), the management board of the Richards Bay Coal Terminal and the railway transport conglomerate Transnet. Read full story

– The central coastal city of Da Nang is taking measures to revive the foreign direct investment (FDI) flow with a view to attracting 7 billion USD in this capital by 2030.

In the first two months of this year, Da Nang licenced 16 new FDI projects with a total registered capital of 2.55 million USD, a decrease of 53.6% in value year-on-year.Read full story

– The Mong Cai international border gate in the northern province of Quang Ninh is becoming a customs clearance gateway for agro-fisheries products between Vietnam and China.

Head of the Mong Cai international border gate management board Tran Bich Ngoc said from January 1-March 18, the total volume of goods through the gate topped 286,700 tonnes, up 154.8% annually. Read full story

– Digital transformation is an opportunity for Vietnam to become a developed country. However, many challenges remain to ensure a rapid, smart and green digital transformation, experts have said.

According to the 7th edition of e-Conomy SEA report by Google, Temasek and Bain, Vietnam’s digital economy reached a value of 23 billion USD in 2022 and is on track to hit 49 billion USD by 2025 – the fastest in Southeast Asia. Read full story

– The blockchain-based origin tracing system iTrace247 made its debut at a seminar in Hanoi on March 21, which was held to review the Support of Regional Economic Cooperation in Asia (SRECA) project.

The system enables firms to market their images and trademarks in both domestic and foreign markets while giving consumers an insight into the farming, processing, transportation and distribution process of products. Read full story

– Vietnam ranked first at the 2023 Southeast Asian Karate Championships, which concluded in the Philippines on March 19.

Vietnamese athletes secured 23 gold, 20 silver and 23 bronze medals from tournaments for both seniors and juniors during the seven days of competition in Manila./. Read full story

Source: Vietnam News Agency

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Vietnamese FM suggests expanding cooperation in areas of UK’s strength

Vietnamese Minister of Foreign Affairs Bui Thanh Son hosted a reception in Hanoi on March 20 for British Ambassador to Vietnam Iain Frew, during which he hailed the latter for actively promoting bilateral activities over the past years.

Son said the signing and enforcement of the UK-Vietnam Free Trade Agreement has made the UK the third largest trade partner in Europe and the ninth largest export market of Vietnam and the most important European investor in the country despite impacts from the COVID-19 pandemic.

He asked Frew to continue facilitating the exchange of all-level delegations, effectively implement bilateral cooperation mechanisms and work closely with Vietnamese partners to hold activities celebrating the 50th founding anniversary of Vietnam-UK diplomatic ties this year.

The host suggested both sides maintain effective cooperation in traditional areas such as trade – investment, education – training, national defence – security while expanding collaboration in new fields where the UK has strength and Vietnam has development priorities such as green growth and climate change adaptation.

Son spoke highly of the UK’s role in promoting the building of a Just Energy Transition Partnership framework between Vietnam and international partners. He proposed the UK continue assisting Vietnam in terms of experience, technology transfer, green finance and human resource development in this field.

Frew, for his part, affirmed that with its policy towards the Indo-Pacific region, the UK attaches great importance to developing its relations with Vietnam on the basis of political trust, close cooperation at multilateral and regional forums, solid economic relations and rich potential for cooperation in the future, especially in new fields and development trends of the world, including sustainable energy transition and climate change response.

To improve the effectiveness of bilateral cooperation, the ambassador vowed to work closely with the Vietnamese Ministry of Foreign Affairs, and other ministries and agencies to build practical cooperation plans in the coming time./.

Source: Vietnam News Agency

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Travel demand to surge during coming holidays

Outbound tours are preferred by Vietnamese travellers for the coming holidays starting on April 29, according to travel agents and tour operators.

Working people will enjoy five consecutive days off from April 29 to May 3 to celebrate the commemoration of the Hung Kings (the nation legendary founders) that falls on April 29, the National Reunification Day on April 30 and International Labour Day on May 1, which has prompted a surge in tour bookings.

Tran Phuong Linh, marketing and IT director of BenThanh Tourist, said some customers can arrange to extend their holiday to nine days for long-haul outbound destinations.

BenThanh Tourist reported an increase of 30-40% in tour bookings for the coming holidays compared to last year.

Tours to Hong Kong and Taiwan have been fully booked one and a half months ahead of the Reunification Day and International Labour Day holidays, Linh said.

Saigontourist is offering more than 200 inbound and outbound tours for the holidays.

The company expects to serve more than 100,000 leisure and MICE (meeting, incentive, convention, exhibition) customers.

Nguyen Nguyet Van Khanh, marketing director of Vietravel, said more than 3,000 customers have booked tours for the Reunification Day & International Labour Day holidays, with outbound tours accounting for 70% of overall tour bookings.

Thailand, Cambodia, Singapore, Malaysia, the Republic of Korea, Japan, Taiwan Island, and Dubai are favourite destinations, Khanh said.

Nguyen Minh Man, marketing and communications director of TSTtourist, said domestic tours to islands and beaches as well as tourist destinations in the Central Highlands, and central and northern regions were mostly chosen for the coming holidays.

The company expects to serve 2,000 customers during the holidays, Man said.

The Vietnam Railways Corporation (VNR) will operate additional 52 train services between April 28 and May 3 to meet rising travel demand for the holidays.

In the north, it will add 22 train services connecting Hanoi with Lao Cai, Hai Phong, Thanh Hoa, Vinh, Dong Hoi, and Da Nang.

In the south, it will add 28 train services connecting Ho Chi Minh City with Da Nang, Quang Ngai, Quy Nhon, Nha Trang, and Phan Thiet.

It will also run two more trains connecting Hanoi and HCM City during the holidays./.

Source: Vietnam News Agency

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Vietnam win Asian Beach Handball Championship gold medal

Vietnam have successfully defended their title at the Asian Beach Handball Championship in Bali, Indonesia.

The Vietnamese women won all six of their matches to win the tournament.

They also secured their place at the 2024 World Beach Handball Championship and the 2023 Asian Beach Games.

Joining the March 10-19 tournament, Vietnam faced Hong Kong (China), the Philippines and the hosts in a two-leg round robin format group on their way to maintaining as their status as Asia’s No 1./.

Source: Vietnam News Agency

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Indonesia may import another 500,000 tonnes of rice in 2023

Indonesia may procure another 500,000 tonnes of rice from abroad this year to fill up the diminishing government rice reserves, the Trade Ministry has said.

The announcement came despite the government having imported 500,000 tonnes of rice from countries including Vietnam, Thailand, and Pakistan starting last December.

Trade Minister Zulkifli Hasan said the government had agreed to offer the option, arguing that the State Logistics Agency (Bulog) only had around a quarter of the required minimum reserves of 1.2 million tonnes.

They decided at a meeting with the President that whenever necessary, they can import again as many as 500,000 tonnes, the minister told a recent session with Commission VI of the Indonesian House of Representatives.

However, he noted, the government will not import rice in the near future as the harvest season is coming and the import of foreign rice may affect domestic prices.

Rice prices has kept rising in Indonesia since the year’s beginning despite the rice import since late 2022 and recent market interventions by Bulog.

Head of Bulog Budi Waseso said this agency has distributed about 230,000 tonnes, or nearly half of the imported 500,000 tonnes to stabilise prices.

He pledged continued distribution to meet demand of retailers and traditional markets, affirming that import is licensed only in emergency cases./.

Source: Vietnam News Agency

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ASEAN, China vow to advance comprehensive strategic partnership

ASEAN and China reaffirmed commitment to advance their comprehensive strategic partnership at the 24th ASEAN-China Joint Cooperation Committee (JCC) meeting held at the ASEAN Secretariat on March 17.

China also reaffirmed its support for ASEAN Community building and for ASEAN Centrality in regional ASEAN-led mechanisms.

The meeting exchanged views on developments in ASEAN and China and discussed the continued progress of cooperation over the past year. Notable progress has been made in various areas of the ASEAN-China Plan of Action 2021-2025 and its annex to advance the ASEAN-China Comprehensive Strategic Partnership (CSP) particularly in political dialogue and cooperation, non-traditional security, trade and investment, food and agriculture, ICT, cyber security, digital economy, tourism, education, public health, culture and information, media, environment, and sustainable development.

The meeting also discussed this year’s cooperation theme, ASEAN-China Year of Agricultural Development and Food Security, noting China’s proposal for projects and activities to be conducted throughout the year. Both sides looked forward to robust cooperation in agriculture and food security to contribute to building a more sustainable and resilient region.

The meeting discussed ways to promote cooperation under the CSP. Several areas were highlighted as priority to make the partnership more substantive, meaningful, and mutually beneficial, such as further enhancing the ASEAN-China Free Trade Area, effective implementation of the Regional Comprehensive Economic Partnership Agreement, connectivity, digital economy, e-commerce, sustainable development, and environment protection.

With the easing of pandemic-related policies and measures in ASEAN Member States and China, both sides agreed to restore and increase two-way tourist arrivals, as well as youth and student exchanges. ASEAN and China are preparing for the signing of a technical cooperation agreement to strengthen collaboration in this area in support of ASEAN Community building./.

Source: Vietnam News Agency

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Indian culture promoted in Hanoi

The Indian Embassy in Vietnam held ‘India Day- a Festival of Unity in Diversity’ in Hanoi on March 18, aiming to promote the cultural features of India to Vietnamese people.

The event aimed to celebrate the 75th anniversary of India’s independence, known as “Azadi Ka Amrit Mahotsav”, 50 years of India-Vietnam diplomatic relations, India’s Presidency of G-20 and the International Year of Millets, reported the Nhan Dan newspaper.

The art programme featured different classical, folk and popular dance forms of India, and yoga demonstrations by experienced practitioners. Ladies and children from the Indian diaspora and Vietnamese students from the University of Social Sciences and Humanities also performed music and dance performances, representing art and culture from India.

At the festival, Indian garments, art and craft, henna, mehndi and many other products were displayed, attracting a large number of both Indian and Vietnamese people. In addition, many photos highlighting the exchanges of high-level delegations and cultural activities between the two countries were also showcased.

Visitors to the event had a chance to enjoy traditional dishes of India at the food stalls, with “Tastes of India” from Kashmir to Kanyakumari.

Notably, the festival introduced different kinds of food items made from millets that are climate-resilient and nutritious. ‘Millets’ were among the first crops to be cultivated in India, with evidence of its consumption during the Indus valley civilisation 4000 years ago. 2023 is the International Year of Millets, as declared by the United Nations General Assembly.

According to President of the Vietnam Union of Friendship Organisations (VUFO) Ambassador Nguyen Phuong Nga, the imprints and cultural values of India preserved in Vietnam, are an important bridge to tighten the understanding between the two peoples and the festival would contribute to deepening the traditional friendship between Vietnam and India, personally created and cultivated by the two late leaders, Ho Chi Minh and Jawaharlal Nehru./.

Source: Vietnam News Agency

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Moody’s downgrades credit ratings on First Republic Bank

Ratings agency Moody’s on Friday downgraded the credit of First Republic Bank, citing deterioration in the bank’s financial profile and challenges faced by the lender due to increased reliance on funding amid deposit outflows, Trend reports with reference to Reuters.

The agency cut the bank’s long-term issuer rating and local currency subordinate ratings to B2 from Baa1 and long-term local currency bank deposit rating to Baa3 from A1, among others.

The outlook on the issuer rating and long-term bank deposits of First Republic Bank remain under review, Moody’s said.

Moody’s said it believes the bank’s high cost of borrowings, along with the “high proportion of fixed rate assets at the bank, is likely to have a large negative impact on First Republic’s core profitability in coming quarters.”

“In addition, the rating agency noted that while the news of the banking consortium’s deposits is positive in the short-run, the longer-run path for the bank back to sustained profitability remains uncertain.”

Moody’s this week lowered its outlook on the U.S. banking system to “negative” from “stable,” citing heightened risks for the sector after the rapid unraveling of SVB Financial Group fueled fears of contagion.

Source: TREND News Agency