Vietnams growth prospects

Hanoi (VNA) – Vietnamese enterprises should take advantage of online marketing channels, re-arrange production and business orientations and strategies, and bring into full play advantages brought by free trade agreements if they want to achieve sustainable export growth , according to insiders.

Statistics of the Ministry of Industry and Trade (MoIT) shows that Vietnam’s import-export value reached 95.8 billion USD in the first two months of 2021, up 24.5 percent year-on-year. Of the total, exports were valued at 48.55 billion USD, up 23.2 percent, and imports 47.26 billion USD, up 25.9 percent.

During January-February, Vietnam enjoyed a trade surplus of 1.29 billion USD, down from the 1.8 billion USD seen in the same period last year. The domestic sector posted a trade deficit of 4.14 billion USD, while the FDI sector, including crude oil, saw a trade surplus of 5.43 billion USD.

At the Government’s February regular meeting, MoIT Minister Tran Tuan Anh set a target of 4-5 percent in export growth in 2021.

To that end, MoIT Deputy Minister Cao Quoc Hung said that the ministry is considering a new strategy on import-export activities in the coming time to be submitted to the Prime Minister for issuance.

In addition, the ministry will continue engaging in negotiations and perfecting relevant institutions on free trade agreements (FTAs), including issues related to the rule of origins so as to help business better optimize advantages of the agreements.

It will also consolidate and expand export markets, bring into full play opportunities brought about by existing FTAs, diversify import and export markets, diversify exported products, increase the competitiveness of exported products, and develop brands so as to achieve sustainable export development, Hung added./.

VNA

During his virtual talks with Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh on March 5, Arreaza congratulated Vietnam on the success of the 13th National Party Congress, while praising the Southeast Asian country’s efforts in fighting the COVID-19 pandemic as well as in maintaining economic growth momentum.

Minh briefed on Vietnam’s situation and the outstanding outcome of the 13th National Party Congress as well as the country’s COVID-19 response measures and solutions to promote socio-economic development and ensure social security.

He affirmed that Vietnam supports efforts by the constitutional government of Venezuela to promote political dialogue on the basis of respecting Venezuela’s Constitution and aspirations of Venezuelan people, thus gradually solving difficulties and boosting socio-economic development in the current context.

The two officials focused their discussion on measures to further enhance the friendship and cooperation between the two countries.

The two sides agreed to maintain mechanisms to promote cooperation between the two nations, especially the Vietnam-Venezuela Intergovernmental Committee for Cooperation and the Political Consultation between the two Ministries of Foreign Affairs.

They also consented to increase exchanges between ministries, sectors and businesses, and foster trade and investment ties in areas of mutual interest such as agriculture, oil and gas, health, commerce, culture, and sports and tourism.

The two sides pledged to promote people-to-people exchange and operation of friendship associations.

Vietnam and Venezuela also agreed to enhance the exchange of views on international and regional issues of shared concern, and work closely at multilateral forums of which both nations are members.

Source: VNA

HCM City (VNS/VNA) – Prudential Vietnam Assurance Private Limited , a subsidiary of Prudential Plc , and Vietnam Maritime Commercial Joint Stock Bank have renewed their strategic bancassurance partnership for another 15 years.

The new agreement significantly expands the geographical scope to include the north, where MSB is headquartered, and make Prudential the lender’s only partner.

They have been collaborating since 2013 and built a highly successful bancassurance partnership which delivered a 34 percent compounded annual growth rate in annual premium equivalent between 2014 and 2020.

Under the renewed partnership, the two sides will also expand into new segments, including digital, to deliver holistic protection solutions to customers.

With a digital-focused approach that is aligned with MSB and Prudential’s plans to leverage existing digital tools such as the latter’s artificial intelligence-powered application Pulse, they hope to seize further growth opportunities.

Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said: “Vietnam is an important market and source of growth for Prudential. The renewal and expansion of our long-term partnership with MSB represents a tremendous opportunity for Prudential to build on its strong presence in the market. It is a clear demonstration of our commitment to serving MSB’s customers, helping them get the most out of life with our leading suite of health and wealth solutions.”

Phuong Tien Minh, Chief Executive Officer of Prudential Vietnam, said: “Prudential Vietnam has built a highly-effective bancassurance partnership with MSB since 2013.

“We are delighted to be taking the partnership to the next level as we deliver our innovative offerings to MSB’s customers through existing as well as new channels, including digital. We look forward to continuing our strong relationship with MSB for another 15 years.”

Nguyen Hoang Linh, Chief Executive Officer of MSB, said: “We have enjoyed a very successful partnership with Prudential Vietnam and this reinforced our decision to extend the partnership and expand its scope to cover all of Vietnam.

“Together with Prudential Vietnam, we will remain focused on providing best-in-class financial and investment solutions to consumers across the country, helping them fulfil their evolving needs and providing them with a secure future.”/.

VNA

The deal will serve as a beachhead for Tenaga in the Vietnamese solar market

In a filing to Bursa Malaysia today, TNB said this acquisition extends TNB’s collaboration with Sunseap, beyond the Malaysia and Singapore cross-border partnership, to capture the rapid growth in the Vietnamese renewable energy market, as reported by The Malaysian Reserve .

The acquired project has secured the Feed-in Tariff (FiT) 2 rates in Vietnam. Having achieved commercial operation date in December 2020, all five plants are under 20-year Power Purchase Agreements (PPAs) with EVN to supply clean energy to the national grid.

Sunseap currently holds a 90 per cent stake in the projects, which will be reduced to 51 per cent upon completion of the 39 per cent stake acquisition by TNB Renewables slated for the first quarter of this year. Sun Times Energy JSC, an existing shareholder of the project, will continue to own 10 per cent equity interest in the project, according to TNB.

“This acquisition will serve as a beachhead for TNB to establish a local presence in Vietnam and expand into the rapidly growing renewable energy and utility market in Vietnam. This acquisition builds on our earlier Malaysia-Singapore cross-border collaboration with Sunseap and demonstrates our commitment in transforming TNB into a regional renewable energy and utility player,” said TNB’s president and CEO Datuk Ir. Baharin Din.