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President Nguyen Xuan Phuc attends Boao Forum for Asia

April 20, 2021 by en.vietnamplus.vn

President Nguyen Xuan Phuc attends Boao Forum for Asia hinh anh 1 President Nguyen Xuan Phuc (Photo: VNA)

Hanoi (VNA) – State President Nguyen Xuan Phuc praised achievements of the Boao Forum for Asia over the past two decades in his video speech at the opening ceremony of the event held in Boao city of China’s Hainan province on April 20.

The President said he hopes the forum continue being a communications channel for politicians, scholars, and businesses regarding key matters in the region.

Amid unprecedented challenges facing the world, no country could solve these difficulties by itself, the President noted.

He went on stating that only cooperation and solidarity could bring about success and join actions of nations are needed for inclusive and sustainable growth that ensures safety for the people.

Phuc highlighted a number of issues that require special attention from countries. They included promoting cooperation in disease control and prevention; ensuring opportunities to access vaccines at reasonable costs; maintaining macroeconomic stability and facilitating trade and investment; mobilising resources for sustainable and inclusive economic development towards the realisation of the 2030 sustainable development goals; and building synchronous infrastructure and developing human resources for digital transformation.

On Vietnam – China cooperation , he highlighted the two countries’ collaboration in containing COVID-19 and sustaining economic growth to become bright spots in the region and in the world.

The President affirmed Vietnam’s wish for comprehensive, effective, and equal cooperation with China for mutual benefits so that the two could together overcome the pandemic, maintain an environment of peace and stability, and push for the strong growth of their ties.

The Boao Forum for Asia Annual Conference 2021 (AC2021) is set to run from April 18 to 21 under the theme of “A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation”.

It consists of six modules – “Explore China”, “Understand the Changing World”, “Belt and Road Initiative Cooperation”, “Embrace the Industrial Changes”, “Dance with New Technologies” and “Development for All”./.

VNA

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2021 National Tourism Year launched in Ninh Binh

April 21, 2021 by vov.vn

As part of his opening address at the function, Deputy Prime Minister Vu Duc Dam noted that this year’s ceremony is being held at a time when the COVID-19 pandemic continues to ravage many countries worldwide, with tourism being one of the hardest-hit sectors.

According to the Deputy PM, due to the swift response and drastic measures put in place during the initial phases of the pandemic, Vietnam has been able to successfully control numerous COVID-19 outbreaks, making it easier for several economic sectors to recover, including the local tourism sector.

“When Vietnam is yet to open its doors to international travelers, this is a good opportunity for visitors to discover more about the natural beauty and cultural tradition of the country, fostering love for the homeland and national pride,” said Deputy PM Dam.

He therefore requested that State agencies and tourism service providers work to perfect their policies and design fresh products aimed at welcoming back international travelers when the international tourism market reopens.

It remains imperative to support coronavirus hit travel firms, deploy digital transformation in tourism, develop a safe, friendly, and cultural tourism environment, alongside preserving the unique traditional values of the nation, he stressed.

At the opening ceremony, delegates, tourists, and local people enjoyed a special art programme which was performed by more than 500 artists, models, and people. Following the conclusion of the art show a high-altitude fireworks display was also put on.

The northern province of Ninh Binh has been selected to host this year’s national tourism year, as it is home to the UNESCO-recognised Trang An tourism complex, the imperial city of Hoa Lu, Bai Dinh pagoda, Cuc Phuong National Park, Phat Diem Church, and various other tourist destinations.

Ninh Binh has made numerous breakthroughs in tourism development over the years, making it one of the leading travel destinations nationwide.

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Vietnamese, Singaporean prime ministers discuss bilateral ties during phone talks

April 21, 2021 by tuoitrenews.vn

Vietnamese Prime Minister Pham Minh Chinh held phone talks with his Singaporean counterpart Lee Hsien Loong on Tuesday, the Vietnam Government Portal reported.

During the conversation, PM Lee offered his congratulations to the newly-elected Vietnamese government leader and praised Vietnam’s successful organization of the 13th National Party Congress, effective management of the COVID-19 pandemic, as well as socio-economic development and foreign affairs.

The premier affirmed that Singapore gives high priority to fostering relations with Vietnam.

PM Chinh thanked PM Lee for his congratulatory message and expressed his wish to work closely with the Singaporean leader to further strengthen the Vietnam-Singapore strategic partnership across all fields.

The two premiers rejoiced at the positive developments in bilateral cooperation despite the COVID-19 pandemic.

In 2020 and the first quarter of 2021, Singapore was the largest foreign investor in Vietnam, while the Vietnam-Singapore Industrial Park (VSIP) model is operating very effectively, becoming a symbol for the success in economic collaboration between the two countries.

The leaders agreed to enhance cooperation in such fields as finance, information technology, agro-fisheries, education and training, infrastructure, clean energy, smart city development, digital economy and digitization, economic management, and human resource training.

Both sides will also boost coordination in response to the COVID-19 epidemic, facilitate the repatriation of citizens, and promote the negotiation on travel regulations between the two countries to enhance trade, investment, and tourism cooperation.

PM Chinh applauded the close and effective cooperation between both sides at regional and international forums.

He thanked Singapore for having supported Vietnam during its ASEAN chairmanship in 2020, asking the city-state to continue backing Vietnam in fulfilling its role as a non-permanent member of the United Nations Security Council in 2021.

The Vietnamese PM took the occasion to invite his Singaporean counterpart to visit Vietnam at an appropriate time.

PM Lee also expressed his wish to welcome PM Chinh on a visit to Singapore in the near future.

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M&A appetite robust in textile and garment sector

April 21, 2021 by www.vir.com.vn

ma appetite robust in textile and garment sector
Short- and long-term weaknesses of painting the M&A target on select Vietnamese textile and garment producers

Nguyen Thi Tuyet Mai, general secretary of the Vietnam Textile and Apparel Association, said that foreign investors are purchasing shares and making capital contributions into Vietnamese textile companies to capitalise on the global textile and garment market. Given the impact of COVID-19 and their long-standing weaknesses, several Vietnamese textile enterprises are struggling, setting them up as potential M&A targets.

At present, Vietnam is home to 7,000 textile and garment companies. Over 80 per cent of whom are small- and medium-sized enterprises limited by a lack of capital, technology, skilled workforce and good governance. Meanwhile, foreign-invested companies are equipped with modern technology, experts, strong financial capability, and have a stable market for their projects.

Meanwhile, Vu Kim Hanh, chairwoman of the Vietnam High-Quality Goods Association said that Vietnamese textile and garment firms have yet to catch up with the digitalisation trend. Many are confused about digital marketing and online sale. Due to their small scale, local firms cannot fulfil large orders. They remain weak in design and branding, making it difficult to increase added value and raise the competitiveness in the market.

She expected that the participation of strategic investors via M&A will help Vietnamese firms address the challenges and scale up in the future.

E-Land, Korea’s first and largest integrated fashion and retail company, has been a strategic partner of Thanh Cong Textile Garment Investment Trading JSC for over the past 10 years by holding a 30 per cent stake at the local firm.

E-Land has steadily increased its ownership to 43.26 per cent to become the largest foreign strategic investor in Thanh Cong Textile, making significant contributions to improving corporate restructuring and governance. Thanh Cong Textile has seen its after-tax profit growing six-fold since E-Land’s investment.

In 2018, Japanese trading house Itochu has increased its stakes in Vietnam National Textile and Garment Group (Vinatex) to nearly 15 per cent by investing $46.9 million with an aim to turn the country into a textile export hub for Europe. Itochu is now the second-largest stakeholder in Vinatex after the Vietnamese government.

Itochu exports a little over ¥60 billion ($553 million) worth of apparel from Vietnam a year, half of which is produced by Vinatex. The company aims to raise outsourced production and exports to ¥100 billion ($922 million) by 2021.

The outlook for Vietnam’s textile and garment exports is brighter in 2021 as the EU-Vietnam Free Trade Agreement has taken effect. There is also a higher demand for “Made in Vietnam” fabrics as big brands are increasingly sourcing fabrics from Vietnam than China. The fabric prices are steadily increasing this year, improving the profit margins of local firms.

In the past two years, there have not been so many M&A deals in the textile and garment industry. The majority of buyers scooped up around 10-15 per cent stake in Vietnamese companies as an investment rather than holding a controlling stake.

By Thanh Van

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Singaporean PM affirms high priority for bilateral relations in phone call with Vietnamese counterpart

April 21, 2021 by vietnamnews.vn

Vietnamese Prime Minister Phạm Minh Chính during his phone talk with his Singaporean counterpart Lee Hsien-Loong on Tuesday. — VNA/VNS Photo Dương Giang

HÀ NỘI — Singaporean Prime Minister Lee Hsien-Loong on Tuesday said his country gives high priority to relations with Việt Nam, during phone discussions with his Vietnamese counterpart Phạm Minh Chính.

Calling Chính to congratulate him over his election as Prime Minister of Việt Nam, Lee also appreciated Việt Nam’s success in responding to the COVID-19 pandemic and in socio-economic development as well as external relations.

In reply, Chính said he hoped to work closely with the Singaporean PM to further promote the strategic partnership between the two countries across all fields.

The two government leaders rejoiced at the positive developments in bilateral cooperation despite difficulties brought by COVID-19. They noted that Singapore was the biggest investor in Việt Nam in 2020 and the first quarter of 2021.

They agreed to bolster joint work in fields of the countries’ potential and strength, such as finance, information technology, agro-fisheries, education-training, and infrastructure, while seeking to expand cooperation in areas related to the Fourth Industrial Revolution such as clean energy, smart city, innovation, digital economy, as well as the sharing of experience in management, economic development, and human resources training.

The two sides agreed to boost cooperation in responding to COVID-19 and facilitating the repatriation of each other’s citizens, and accelerate negotiations on travel preferential regulations between the two countries toward resuming safe commercial flights that suit the situation in each country and in the region to promote bilateral trade, investment and tourism ties.

Chính appreciated the close and effective cooperation between Việt Nam and Singapore at regional and international forums, and thanked Singapore for supporting Việt Nam as Chair of ASEAN in 2020. He asked Singapore to continue backing Việt Nam in its role as a non-permanent member of the UN Security Council for the remainder of 2021.

The two PMs affirmed their resolve to make active contributions to building a strong, united and resilient ASEAN Community with a central role and common voice in regional and international peace and security issues.

Chính invited the Singaporean PM to visit Việt Nam at a suitable time. Lee accepted the invitation and expressed his wish to welcome the Vietnamese PM to Singapore. — VNS

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