Un secretary general

Senior Lieutenant General Nguyen Chi Vinh

At a seminar with VietNamNet, Senior Lieutenant General Nguyen Chi Vinh, who is the Deputy Minister of National Defence, and Do Hung Viet, Director General at the Department of International Organizations at the Ministry of Foreign Affairs, talked about international cooperation and the great efforts to ensure safety for the mine clearance force.

Vinh, what are the difficulties in mine clearance?

The problems in financial and technical resources are the most mentioned. They really exist, but they are not the biggest problem. The biggest problem is people’s awareness.

If people are aware of UXO (unexploded ordnance) and have a sense of self-protection, and report to appropriate agencies when they discover bombs and mines, this will be very helpful to mine clearance in Vietnam.

People can even see bombs and bombs carried behind them when driving motorbikes and going everywhere. So, what we need to do is educate people to make them afraid of bombs and mines and report to the responsible agencies when they discover bombs. It is necessary to teach students about bombs and mines in the first school lessons.

Second, it is necessary to build capacity for specialized agencies. First of all, we need to have an accurate and sufficient database about the situation in localities, so that we can decide which localities need to be dealt with first and then build a complete plan. We need to improve the capability of management agencies and of people who clear mines on the sites.

Admitting mistakes

The US is one of the countries that most actively cooperates with Vietnam in addressing the war consequences and implementing demining projects. How did the first days of cooperation go?

General Vinh: We need to thank the American people, especially veterans and their families, the families who have relatives who died in the war and the consortium of missing soldiers in the war for their struggle to demand that the US Government be accountable to the children who have suffered from landmines and UXO (unexploded ordnance) after the war.

I, along with a group of US senators, went to see children with amputated limbs caused by tragic UXO accidents, though the war had ended many years ago. They cried and shared the common view that everyone needs to struggle to be sure that this will not occur in the future. The US and some other countries, including South Korea, have shown high responsibility in this issue.

I think that about 95 percent of resources for mine clearance is from the State, while the remaining is from contributions from other countries and organizations. We really appreciate the support in financing, information and technology from other countries.

I assume that in order to obtain such great achievements as we see today, there might be unprecedented stories occurring with the two countries which formerly were on two sides of the front line?

Admitting war crimes, admitting mistakes, and admitting the responsibility of a country after the war is an extremely difficult job. This reminds me of US Senator Patrick Leahy, who said it is a miracle that the handling of the aftermath of the war, which seemed to be a difficult problem in the two-way relationship, turnsmed out to be the most effective field of cooperation.

Director General at Department of International Organizations at the Ministry of Foreign Affairs

No one could imagine that just several months after the signing of the Paris Agreement, we established an organization specializing in searching for the remains of missing American soldiers in order to return them to their families. This had a profound impact on American people’s feelings and thoughts.

A question for Viet. Can you describe the international cooperation in dealing with land contaminated with UXOs?

The US is a typical example of the great efforts in mine clearance. This is obviously a cooperation of great significance to the bilateral relationship. And from a multilateral perspective, we also can see that it has a positive impact: it helps the international community and countries in conflicts realize that countries that were enemies in the past can cooperate with each other.

In addition to the US, we also have international cooperation with many other partners, including Norway, Ireland, and the UK in the Security Council.

The President of Ireland, during his visit to Vietnam some years ago, came to Quang Tri to see with his eyes the mine clearance operations in Vietnam. We also received cooperation and support from the United Nations, international organizations and non-government organizations.

Heroes in real life

Could you please give us more details about the recent open discussion session of the Security Council in Hanoi?

General Vinh: The discussion session caught the high attention and attendance from the United Nations and Security Council member countries.

There was a ministerial meeting with the participation of nine ministers and deputy ministers of countries, including Vietnam, the United Nations’ Secretary General, and two famous actors, including Daniel Craig, who is a United Nations’ Global Advocate for Elimination of Mines and Other Explosive Hazards, and Michelle Yeoh, who is a United Nations’ Goodwill Ambassador.

Yeoh spent one-third of her speech to talk about Vietnam and Vietnam’s efforts in mine clearance.

Do Hung Viet: Other countries highly appreciated Vietnam’s efforts in mine clearance and showed their response to Vietnam’s comprehensive approach in addressing bomb and mine consequences, as well as their agreement with what Vietnam proposed to the Security Council – paying a lot of attention to this issue in association with efforts for sustainable development and post-conflict reconciliation.

As I said above, two famous actors attended the meeting. Right after the meeting ended, there was a tweet on Twitter, maybe from Norway, saying that the two actors were heroes on the screen, while Vietnam has heroes in real life.

We invited Dieu Linh to the meeting. She was head of the demining female team in Quang Tri province. She represented thousands of army engineers and hundreds of volunteers participating in mine clearance.

The presence of Dieu Linh really created repercussions at the discussion session.

Accidents are unacceptable

I myself last week was present in Quang Tri province for a business trip and I could see with my eyes the operations of the mine clearance team. The members of the team are young, careful and professional on the site, and are not afraid of the dangers lurking around them.

General Vinh, which measures are being used and will be applied to ensure safety for mine clearance forces and minimize fatalities in peace time?

We have been applying a lot of measures to ensure safety for them. But honestly speaking, there have been unfortunate accidents. However, no army engineer and no volunteer has refused the tasks assigned to them.

I think there are some measures. First, it is necessary to learn about the situation, and determine the exact ERW areas (explosive remnants of war) and types of explosives in order to decide which areas to focus on.

Second, regularly upgrade the capability of people who directly do the demining on the site. It is a must to follow standard procedures in demining.

Third, regularly check the capability of the agencies and units doing this work. Specialized units must get certificates from the appropriate agencies.

Also, we need to modernize demining operations.

These are major measures to prevent accidents during the demining process which have brought effects in the last years. The accident rate is low. However, accidents, though occurring at minor rate, are unacceptable.

At the open discussion session of the United Nations Security Council in Hanoi on April 18, Minister of Foreign Affairs Bui Thanh Son emphasized that peace will be sustainable only when the consequences of wars and conflicts, including bombs and mines, are resolved.

D. Thuy

Marie Damour is one of a few high-level American diplomats in Vietnam who have an intimate connection with Ho Chi Minh City.

After first coming to the city in 2002, she left and then returned 17 years later for a new position — U.S. Consul General in the city.

Damour welcomed Tuoi Tre (Youth) newspaper for an open talk ahead of this long holiday weekend to celebrate Reunification Day (April 30) and International Workers’ Day.

Her reason is simple: “I was trained to be an educator and historian. And we have a saying in English that ‘those who do not remember history are doomed to repeat it’.”

An international city with an authentic vibe

What was your impression when you arrived in Ho Chi Minh City for the first time in 2002?

I arrived in Vietnam in the summer of 2002. And after a very long flight from Washington D.C. to Hong Kong and then Ho Chi Minh City, I landed at Tan Son Nhat Airport at 11:30 pm. I got into the line for people who had diplomatic passports. And up to a certain point in the airport, I could see the people from the embassy who were there to meet me behind the immigration counter. But at the immigration counter was a very professional and stern-looking gentleman with his uniform on. I handed him my U.S. passport, which lists the state where I was born — Kentucky. And there was a very stern gentleman, and it was very late, and I was very tired. He looked down at my passport. And he looked up at me. And he looked down. And when he looked up again, he said ‘KFC.’

It took me a moment. Then, I was like ‘Yes, yes, I am from Kentucky! We have Kentucky Fried Chicken! Thank you very much!’ And I knew I was going to like Vietnam. Because that was such an unexpected welcome. But I thought it also was indicative since that was still relatively early — only seven years into the relationship. The U.S. Consulate General had only been officially founded around two years before that. So the relationship was still very young. And there was a man who was making a connection between a very iconic American fast food company and my birthplace. So I thought that was going to be a good two years.

During the mission, I lived in the Indochine Park Tower in the central area of Ho Chi Minh City. Most of the people in the tower were diplomats and business people. A lot of the American businessmen there were Vietnamese American.

In your eyes, how did the city change as you came back in 2019? What do you love about the city regarding its culture, lifestyle, cuisine, and people?

When I arrived in 2019, I thought it would look like the city that I left in 2004 and to some degree it did. I recognized the traffic, I recognized the airport. But when I got to my apartment near the Independence Palace, I had a beautiful terrace and it looked out over the city and it was night-time, the entire skyline of the city has changed in the 15 years I was away.

The city’s development of the physical infrastructure is really indicative of the economic and social development that the city has undergone in 15 years. In a lot of ways, Ho Chi Minh City feels like a much more international city now than it did 17-19 years ago. From the outside, the city has definitely transformed itself into a modern 21st century metropolis, but from the inside, it has remained unique and authentic and true to itself.

Here, you can find Italian, Brazilian, Korean, and even Ethiopian food, along with world-class Vietnamese cooking. Ho Chi Minh City is truly a metropolis with so much to offer in terms of history, cultural heritage, monuments, eating, and shopping. As for the lifestyle, I find it to be a very relaxing and pleasant place to live. Vietnamese people are warm and very welcoming to foreigners, and the Vietnamese mindset of ‘work to live’ is apparent in everything they do.

I usually walk my dog in the mornings, and it’s always nice to see how people from this city gather on the streets to eat a bowl of pho with friends. It shows that the Vietnamese people value relationships and good food – and that to me is what makes living and working in Vietnam such a memorable and rewarding experience. I have always felt at home in Vietnam.

‘If I had been born in Vietnam, that could have been my father…’

American diplomats usually avoid talking about April 30, so why did you accept our invitation for an interview?

Because we cannot focus on the future if we do not respect the past. The U.S. and Vietnam have a shared history. There is a lot about that shared history, which is very sad.

I was trained to be an educator and historian. And we have a saying in English that ‘those who do not remember history are doomed to repeat it.’ So when you think about how the U.S. and Vietnam renewed our diplomatic relations 25 years ago, the bedrock of that engagement between our two countries was our work on addressing the legacies of the war.

It was the people-to-people exchanges between veterans who had fought on opposite sides. It was the combined effort to identify missing-in-action soldiers. That was how we are engaged as governments and as people, and everything else came from that. So even if millions may be happy and millions may be sad, this is the reality of our history.

If we pretend it does not exist, it does nothing to help us move forward with our relationship. And I personally believe part of the strength of the U.S.-Vietnam comprehensive partnership is that we can discuss these sensitive issues, we can work together to address those legacies of the past.

It is known that your father fought in the war in Vietnam. How do you know about the war through your father’s account?

One of the first things that I did here as Consul General was going to Da Nang for a ceremony, where we were returning two sets of remains believed to be American soldiers, which had been discovered as part of this search for our war dead. While I was watching these coffins draped with the American flag, all I could think of was that it could have been my father. Because when I was two years old, my father came here and he was stationed in Phu Bai, up in Thua Thien-Hue. He came home, but so many other fathers did not.

I do not think you have to be Vietnamese or American in order to appreciate the sacrifice that people made for their countries. And to respect that, even if at the time they were your adversary, they paid that price for their country in the same way we paid the price for ours. Whatever you think about the war between the U.S. and Vietnam, you have to have respect for that. And so we want to make sure we are doing that.

Ambassador Daniel Kritenbrink particularly has made some very symbolic visits to two different cemeteries and to important sites during the war. He and I went together to the martyrs’ cemetery here in Ho Chi Minh City.

And I think he was the first ambassador to visit that cemetery. He and I talked about it a little after that. It was personally meaningful because, first of all, they were not just from the war with the U.S., they were patriots who had sacrificed in other wars that Vietnam had fought.

When you look at the headstones and see the names, and see the dates of birth and the dates of death, they make you realize that it was young men who paid that price. And for me, it was very touching. Because if I had been born in Vietnam, that could have been my father.

Ambassador Kritenbrink said that if the two countries cooperate well to resolve war legacies, it would open up opportunities for more strategic cooperation. Do you agree?

I think he was very right. The willingness of both countries is critical for any partnership. Both countries need to be willing to address war legacies. I know many families in the United States are incredibly grateful for the work that the Vietnamese government and people have done to help us address our missing war dead.

The U.S. is absolutely committed to addressing the legacies of the war. Whether it is helping Vietnam account for its own missing. Whether it is cleaning up contaminated soil in the cities of Bien Hoa or Da Nang. Whether it is eradicating the unexploded ordnance, particularly up in the central region of the country. Or whether it is helping people with disabilities, regardless of the source in these eight or nine key provinces. That is an incredibly important part of our relationship.

From old adversaries to partners in peace

You are a daughter of an American veteran and now a senior U.S. diplomat in Vietnam, we think you understand the value of peace and friendship very well, right?

When you think about how the relationship has changed in 25 years, you think about economic development, not just in Vietnam but in the U.S. as well. The results of that peace were that we could begin a friendship that allowed both our countries to develop economically. And people’s lives are demonstrably better than they were 25 years ago from both of our countries.

One of the great values of reflecting on history is the lesson that it offers. When you look at how quickly the U.S. and Vietnam went from being adversaries in a war to being partners in peace, I think there is real value to the rest of the world to see why it matters that you can set aside. You never forget what happened in the past, but if you focus on the future, on that friendship, on the bridge that can be built, look at how much we can do together.

You mentioned that the two countries are partners in peace. Did you mean the support that the U.S. offers Vietnam in the United Nations peacekeeping program in South Sudan?

From a government perspective, looking at the role that Vietnam is playing, you know Vietnam became the president of the Security Council at the United Nations (UNSC) in April. Vietnam is playing a much bigger role in the international community than when I was here 15 years ago.

I am also impressed [by Vietnam’s delegation to South Sudan]. I have gone to a couple of ceremonies over it and the [175 Military Hospital in Ho Chi Minh City] to watch the delegation come back from South Sudan. Then, I was just over at Tan Son Nhat to say farewell to the third group of medical personnel who were going off. We have heard from the U.S. personnel in South Sudan about how impressive the Vietnamese hospital unit is in the work, which they do in their effort to connect with the community, and that they are serving both the UN peacekeepers and the local population.

I think that collaboration with the U.S. helps with the training, as we do it with many countries who are involved in UN peacekeeping. But the symbol of two former adversaries working together to create peace on an entirely different continent is incredibly important. Because if we can make peace, and be partners in that way, then the peacekeepers can help those two countries that are fighting right now make peace.

The land of future

Let’s return to bilateral relations between the two countries. The first Vietnamese ambassador to the U.S. after the war, Le Bang, once said that the Vietnam-U.S. relationship had been rocketing after normalization. What do you think about his statement?

When we renewed our diplomatic relations 25 years ago, there was almost no trade between the U.S. and Vietnam.

And even when I was here in 2002, I remember it was probably somewhere like US$400-600 million in two-way trade. And nowadays, it’s almost US$90 billion — which is a huge growth figure.

Before I came to Vietnam, I went around and spoke to all the different agencies in the U.S. government. I went and talked to the U.S. Chamber of Commerce, to different representational groups, so I can learn how Vietnam had changed at least from the American perspective.

It is almost impossible to overstate how enthusiastic people in Washington were about Vietnam, whether it was the comprehensive partnership, the critical role that Vietnam plays in our Indo-Pacific strategy, or the possibilities of expanding trade.

Even though we still do not have a formal free trade agreement and there are areas we need to work together, there is that enthusiasm. It is the belief that Vietnam represents both an opportunity for American businesses to invest, as well as to send and sell American products, and a trust in Vietnam as a maturing and developing economy.

How do you comment on the fight against COVID-19 pandemic of Vietnam and Ho Chi Minh City in particular, in the context that we are conversing directly without having to wear a face mask?

I am really impressed. Everybody has to recognize that Vietnam has done possibly the best job in the world, containing COVID-19 with aggressive measures that the government took to limit exposure, to do contact tracing, and to enforce quarantine. But they could not have been successful if the people of Vietnam had not been so disciplined. Everybody immediately started wearing masks everywhere. And every time there’s a small outbreak, everybody does it again.

It is really impressive that Vietnam has done such a terrific job. We particularly appreciate the transparency of the Vietnamese government in sharing information, whether it was the genetic sequencing that everyone around the world has been using to develop the vaccines, or the information on where the clusters are happening. It is because knowing how the disease was transmitted is incredibly important for the rest of the world to control the pandemic. You were one of the first countries affected and without that transparent exchange of information, the rest of the world would have been at a much greater disadvantage. So it has been a real privilege to watch.

What is your comment on the mutual efforts to fight the pandemic between the two countries, especially the possibility of the U.S. transferring the technology of vaccine production to Vietnam?

We talk a lot about additional cooperation on pandemic or healthcare-related issues. There has been a lot of discussion, particularly up in Hanoi with the central government about access to the various vaccines that are available.

I know Vietnam is now in human trials to have your own, which is incredibly important. Again, 20 years ago, you would not necessarily have seen that.

President Joe Biden, when he came in, announced US$2 billion to COVAX under the WHO. And there have been two recent deliveries for Vietnam, which is a start. Part of [Vietnam’s] problem with being so successful in containing [the pandemic] is perhaps the vaccination came right next. But there will be another $2 billion fund through COVAX by 2022. So as new vaccines come online and production ramps up, I fully expect to see a stronger flow into Vietnam.

Thank you so much!

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Panels on the election of deputies to the National Assembly and People’s Councils of all levels for the 2021-26 tenure in the northern city of Hoa Binh. — VNA/VNS Photo Trong Dat

With barely a month remaining until the general election, how are the preparations coming on so far?

As per the Politburo’s instructions in Directive No. 45-CT/TW, authorities from central to local levels have issued documents guiding the electoral preparations, covering issues such as the composition, number, and structure of NA deputies and representatives at People’s Councils at all levels to issues such as professional guidance, communication and publishing information, and ensuring security for the election.

Up to now, three rounds of consultations have been completed as well as an official list of people who are eligible and qualified to run for seats at the NA and People’s Council at all levels for the term 2021-26.

After the 3rd consultation conference, the National Election Council (NEC) has submitted the list of candidates nominated by the central agencies to their respective localities so that the provincial election committee would post the list of candidates in each constituency.

To ensure that the election preparations in localities are conducted legally, democratically, economically, and safely, the Standing Committee of the NA and NEC have issued a plan on supervision, which is held mostly from March to before the date of the election (May 23, 2021).

So far, 14 working groups have been sent to 40 localities to assess the preparations and evaluation of all 63 localities are expected to wrap up before May 20.

All contents related to the preparation of elections are considered and discussed by the NA in accordance with the principles of democratic centralism and majority decision. Since the start of the election cycle, the NEC has conducted a total of five plenary sessions.

What are the notable highlights in this election?

I would say that there are three major new highlights in this election.

First, preparations are being conducted quite early, including the leadership and the members of the NEC along with the subcommittees, have started earlier than previous elections, which help arrive at timely completion of core basis for the implementation of the preparations for the election.

The second major highlight is the new regulations in the make-up and the number of NA deputies and People’s Council representatives in line with the Law on the Organisation of the National Assembly (revised in 2020) and the Law on the Organisation of Local Administrations (revised in 2019). Accordingly, the number of full-time NA deputies has gone up 40 per cent of the total, while the number of representatives at the People’s Councils decreases by five to ten depending on each level of government and each type of administrative unit. The eligible age has also been reworked to accommodate the labour ministry’s new roadmap on retirement age provided in the Labour Code 2019 (which takes effect on January 1, 2021).

Third, the election is held while the threats of COVID-19 outbreaks are still very present and preparations have been made accordingly. Evaluation of the preparations in localities showed that even though they have planned for scenarios when there is local outbreaks, the prevention and control efforts still need to be prioritised and guards must not be let down to ensure the election is held safely and efficiently. This has been the first time health protocols have been integrated into security preparations.

The increase in full-time NA deputies is expected to help improve the quality of the NA. What are your thoughts on this?

NA deputies are the key factor deciding the performance of the parliament and the increase from 35 to 40 per cent with regards to full-time deputies aims to enhance the capacity of the NA.

However, in addition to increasing the number, the quality of these full-time deputies should also be a priority. Personnel planning issues have been discussed and prepared by the Party Committee of the NA on an annual basis with the principle of “dynamic” and “open” to let NA bodies enjoy certain initiatives and freedoms in the selection of the full-time deputies for the 15th tenure, but still the selection is carefully and meticulously done to ensure standards and regulations are met.

An instruction document on personnel for the 15th-tenure NA and People’s Committee released earlier this year from the Party Central Organisation Commission stated that other general standards for NA deputies, the full-time deputies must also meet criteria on education (holding a bachelor’s degree or above), age, health, and working positions, etc.

Could you tell us the expectations and duties placed on the NA deputies to contribute to the realisation of the aspirations for 2045, and guiding Vietnam to the group of prosperous, developed nations?

There are two more decades left until 2045, a major milestone, or five working tenures of elected representatives.

To realise the development goals in 2045, the stepping stones must be laid by the incoming deputies.

The first and foremost task of each NA deputy is to perform the function of representing the people and the local voters who elect them to the post, as well as representing the people of the entire country. The task of a NA deputy is also to properly and well perform the responsibility of keeping in close contacts with the constituency, regularly meet with voters to listen to their opinions and expectations and concerns, and honestly and timely convey them to the parliament. NA deputies are also expected to receive, study, and request competent agencies to deal with voters’ petitions, complaints and denunciations, follow up and facilitate the settlement. They also have the duty to inform the constituency of their activities and are subject to their supervision.

In addition, NA deputies must be constantly improving their professional capacity, political and bravery mettle/fortitude in order to concretise the Party’s policies and resolutions in law building, supreme supervision, and decisions in the country’s major affairs, and to coordinate with State agencies in formulating national policies on socio-economic development, upholding national defence and security, and social security issues for the people nationwide.

VNS

Do Ngoc Quynh, secretary general of the Vietnam Bond Association.

Viet Nam’s capital market has witnessed remarkable development but has yet to meet the demand of enterprises. Do Ngoc Quynh, secretary general of the Vietnam Bond Association, spoke to Viet Nam News about this issue.

What do you think about the ability of domestic enterprises to access capital?

Vietnamese businesses now have better conditions to access capital than before because besides the commercial banking system, in the past 20 years, with the renovation process of the domestic economy, Viet Nam has seen comprehensive development of its capital market with the growth of the stock market and the bond market.

Thus, besides commercial banks, enterprises can now mobilise capital through issuing shares and bonds in the market. Up to now, the market capitalisation of the stock market has been equal to 90 per cent of GDP while the market capitalisation of the bond market has reached 50 per cent of GDP, including 40 per cent from government bonds and 10 per cent from corporate bonds.

In addition, in recent times, businesses have approached foreign capital with many other forms of capital mobilisation.

How have fluctuations of interest rates at credit institutions from the beginning of the year affected the capital market?

In the domestic capital market, the interest rates of banks generally have negligible fluctuations and stood at low levels, creating conditions for businesses to mobilise capital in the market.

Meanwhile, on the stock market in the first quarter of this year, the number of investors opening accounts reached a record high compared to 2020 and previous years. This shows increasing demand of investors to participate in the stock market. That has helped businesses mobilise capital more smoothly.

For the bond market, in the first quarter, businesses often had difficulty issuing bonds because investors waited for the audit report because after this report, the bond issuance will be more favourable.

In general, low interest rates have created favourable conditions for capital mobilisation in the market both in commercial bank loans and the stock market.

How is the capital market developing?

Viet Nam’s capital market is entering a stage of development with many sources of capital from the banking system, the stock market and from bond issuance.

In the past, the capital market depended on commercial banks. The commercial banking system often mobilised short-term capital and lent both in the medium and long-term. The ratio of medium and long-term loans to total outstanding loans has been often very high, which meant that commercial banks have had difficulty in liquidity and poor financial market system stability.

After 20 years of capital market development, capital from commercial banks account for 60 per cent of the capital market, the capital from the stock market about 24-25 per cent and the bond market, 12-13 per cent. The rest is from the insurance market.

The development of the stock and bond markets in recent years has made the development of Viet Nam’s capital market healthier. The capital value of the stock and bond markets is higher than the value of the banks’ medium- and long-term loans.

This is a major change in the capital market over the years.

Since the beginning of this year, the stock market has passed many historic highs but still has problems in operating. How should the market develop in the future?

The stock market is developing positively and entering a period with more opportunities for development with many factors such as the maturity of the regulatory body, the perfection of the system of policies and mechanisms, and more understanding of the investors, and scale of investment.

The development and changes in quantity and quality of the economy, including the development of the enterprise system, including state-owned enterprises, private enterprises and FDI enterprises have had a positive effect on the capital market. The bright spot is the positive change of private enterprises.

The equitisation of state-owned enterprises, the development of private enterprises and the participation of foreign enterprises have helped the stock market develop and increase the quality of the economy.

In addition, Viet Nam has 100 million people, and there are more than 50 million accounts of individuals at commercial banks. Meanwhile, only three million accounts have been opened at securities companies. In fact, only about 500,000 accounts are in operation.

Therefore, the State should have a policy to continue mobilising people’s capital to increase capital for production and business enterprises and help people increase investment opportunities in the market, creating healthy development in the economy.

How is the corporate bond market developing?

The corporate bond market grew strongly in 2019 and 2020. In recent years, the government bond market has created a standard interest rate system for Viet Nam to develop the corporate bond market. The legal framework has been continuously improved, supporting businesses to participate in the bond market.

The Bond Market Association has also been established to raise awareness and support for enterprises in the process of participating in the bond market.

In 2020, businesses issued more than VND400 trillion of corporate bonds in the market. The corporate bond channel is a very important capital mobilisation channel for businesses. However, this is only the beginning as the scale of the corporate bond market is now very small relative to GDP. The potential for the corporate bond market is enormous.

In 2020, the Government amended the legal framework governing bond market operations. This amendment will change from quantity to quality of this market to create more sustainable and healthy development for the bond market.

State management agencies continue to improve the legal system and infrastructure to create transparency in the governance of this market. This is very important because the legal system that sets the standards and monitoring system requires businesses that want to participate. This will also create confidence for domestic and foreign investors.

Meanwhile, businesses need to diversify their products to help them enter the market more smoothly. — VNS

He is one of the 49 candidates distributed across the capital city’s ten constituencies, from which 29 will be selected for the 15th National Assembly.

President Nguyen Xuan Phuc will represent Ho Chi Minh City in a constituency that comprises the districts of Cu Chi and Hoc Mon while Prime Minister Pham Minh Chinh is a candidate in the Mekong Delta city of Can Tho.

Ho Chi Minh City will select 30 deputies for the 15th National Assembly from 50 candidates while Can Tho will pick 7 from 13 candidates.

In the meantime, National Assembly Chairman Vuong Dinh Hue will have the vote of constituents in the port city of Hai Phong, which will choose 9 deputies from 15 candidates.

Permanent member of the Secretariate Vo Van Thuong is one of the 10 candidates in Da Nang, from which six deputies will be elected.

The National Assembly election is scheduled to take place on Sunday May 23, when voters will also select their representatives for the People’s Councils at all levels.