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Vietnam trade gains significant achievements despite pandemic

December 17, 2020 by hanoitimes.vn

The Hanoitimes – In a difficult year amid the Covid-19 pandemic, exports remain a spotlight and lay a foundation for the economy to maintain its growth momentum coming into the next year.

While the Covid-19 pandemic continue to cause severe consequences on the economy as a whole and trade activities in particular, it could not stop Vietnam’s exports from attaining significant achievements.

Vice Minister of Industry and Trade Do Thang Hai.

Vice Minister of Industry and Trade Do Thang Hai shared the view at the Vietnam Export Promotion Forum 2020 held on December 16.

As of the end of November, Vietnam’s trade turnover reached US$489.1 billion during the period, up 3.5% year-on-year. Of the sum, exports rose by 5.3% year-on-year to US$254.6 billion, and imports of US$234.5 billion, up 1.5%, resulting in an all time high trade surplus of US$20.1 billion.

Vietnam had 31 export items earning more than US$1 billion each in the first eleven months of 2020, accounting for 92% of total exports, and six grossing over US$10 billion, or 64.3%. On the other hand, 34 items were  imported with US$1 billion, or 89.4% of total.

It is estimated that Vietnam’s export turnover could reach US$267 billion for 2020, representing an increase of 1% against the previous year, while imports are estimated at US$260 billion, up 2.6%. This would result in a trade surplus of US$7 billion for the year.

Overview of the forum.

“In a difficult year amid the Covid-19 pandemic, exports remain a spotlight and lay a foundation for the economy to maintain its growth momentum coming into the next year,” stated Mr. Hai.

“As the pandemic is set to persist for a longer period, solutions are needed for Vietnam to ensure efficient utilization of free trade deals, including the EVFTA, CPTPP or RCEP, as well as to promote the Vietnamese brands globally,” he continued.

Market expansion key for sustainable trade

Vu Ba Phu, head of the Trade Promotion Agency.

Vu Ba Phu, head of the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT), said the agency plans to provide support for local traders in brand building and promoting e-commerce and IT application.

“The idea is to help them enhance resilience against the Covid-19 pandemic,” Mr. Phu said.

For Vietnam to maintain export growth of 5-10% during the 2021-25 period, the MoIT expected trade promotion activities to focus on Vietnam’s key export products, including seafood, fruits, coffee, tea, cashew, rice, rubber, textile, footwear and wooden products, among others.

“In addition to priority markets such as China, the US, EU, India, Japan, ASEAN, South Korea, Vietnam would look to penetrate new markets such as the Middle East or Africa,” he added.

Swiss Ambassador to Vietnam Ivo Sieber.

Swiss Ambassador to Vietnam Ivo Sieber said market expansion holds significant role for Vietnam to further expand trade globally.

Mr. Sieber informed that the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway and Switzerland, is negotiating a trade deal with Vietnam.

Once completed, the deal can take trade relations between the two parties to a new level, Mr. Sieber said, adding he hopes the deal can be concluded next year on the occasion of 50th anniversary of the establishment of diplomatic relations between Vietnam and Switzerland.

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Laos – Vietnam Cooperation Committee opens official portal

January 22, 2021 by en.nhandan.org.vn

The site was the outcome of the first phase of a project sponsored by Startech, a Vietnamese IT company operating in Laos. The second phase will build a software to serve the committee’s project and administrative management.

Speaking at the ceremony, Lao Deputy Minister of Planning and Investment and Vice Chairman of the committee Khamphuei Keokinaly stressed the launch of the website presents an opportunity for the committee to boost its employment of advanced science and technology serving its work in a new period.

The website is a tool to spread information on Laos’ policies for attracting foreign investors, including those from Vietnam, he noted.

Once completed in December this year, the Startech project is expected to help the committee digitise its data on operations, investment promotion, and management of Vietnam – Laos cooperation projects. It will also facilitate access by Vietnamese agencies and firms to information on the two nations’ collaboration developments.

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PM attends national congress of Vietnam Union of Science and Technology Associations

December 25, 2020 by en.nhandan.org.vn

Speaking at the congress, PM Phuc urged the association to continue its work in building up the Vietnamese intellectual circle in order to serve national development.

The Government leader spoke highly of VUSTA’s role in gathering and uniting Vietnamese scientists and technical experts at home and abroad, providing favourable conditions to make contributions to their homeland.

Intellectuals lay the foundation for social progress, and Vietnamese intellectuals play a crucial role in the country’s construction and development, the PM said, asking the union to strengthen its operations to become a strong political and social organisation, acting as the voice of scientists and technicians across the country, while caring for and protecting the legitimate rights and interests of its members.

The union was also assigned to serve as a consultant for the Party and State in gathering the brainpower of intellectuals, while contributing ideas to the Party and State’s policies and major socio-economic projects and programmes.

The congress saw the participation of over 900 delegates representing more than 3 million VUSTA members nationwide.

The participants reviewed the union’s operations in the 2015-2020 period and set out its orientations and tasks for the next five years.

Member of the Party Central Committee and Chairman of the National Assembly’s Committee for Science, Technology and the Environment Phan Xuan Dung was elected as President of the union.

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Bulgaria and Việt Nam: Charting the next decade of partnership and solidarity

March 3, 2021 by vietnamnews.vn

Việt Nam News introduces a story by Bulgarian Ambassador to Việt Nam Marinela Petkova to mark the National Day of the Republic of Bulgaria (March 3)

Bulgaria and Việt Nam are natural and close partners. Our decades-long relationship exhibits shared principles and goals for building a community of peace and prosperity for our peoples. Our lasting bilateral ties have been carefully cultivated and nowadays rest on common objectives, executed with equal strength on bilateral, as well as on multilateral level.

On March 3 Bulgaria celebrates its National Day, its liberation in 1878 from foreign domination, the end of a centuries-long struggle, which in its final stages attracted widespread international support. Therefore, it is not only an occasion to celebrate Bulgaria’s sovereignty and freedom, but also a day to reflect on the transformative power of solidarity, cooperation and common values.

Being one of the first countries to recognise Việt Nam’s right to independence, in 2020 Bulgaria and Việt Nam celebrated 70 years of the establishment of diplomatic relations. Thanks to Việt Nam’s successful effort in containing the spread of COVID-19 we were able to carry out a series of events to commemorate the anniversary as an important milestone and a testament to the endurance and resilience of a friendship that upholds its unique people-centred character.

Rallying the support of partners from state and local level institutions and agencies across Việt Nam and Bulgaria, with the help of the numerous active Việt Nam-Bulgaria friendship associations , the 70th anniversary was widely recognized through diplomatic visits and events in HCM City, Hải Phòng and Vĩnh Phúc, with B2B webinars, various cultural happenings, book publications, all culminating in the month of November with the inauguration by the Vietnam News Agency of the exhibition Việt Nam-Bulgaria: 70 Years of Friendship and Development and a friendship concert at the Hà Nội Opera House.

The Ambassador of the Republic of Bulgaria Marinela Petkova (centre) with the Vice Minister of Foreign Affairs Tô Anh Dũng (right) and the General Director of Vietnam News Agency Nguyễn Đức Lợi at the ’70 years of Việt Nam-Bulgaria Friendship and Development’ exhibition on November 16, 2020 in Hà Nội. Photo courtesy of the embassy

It was the turbulent historical events of the mid-20th century that brought Bulgaria and Việt Nam together, but it was through dedicated will and thoughtful commitment that our partnership managed to transcend tests of time to nowadays encompass pragmatic and hands-on solutions for applied diplomacy. Boasting an earnest bilateral political dialogue, consistently growing economic co-operation (yet to meet its full potential), and dynamic multi-sectoral collaboration, the current agenda of Bulgaria-Việt Nam relations has widened to include exchange on international developments and security concerns, economic engagement and socio-cultural matters, taking shape and projecting results on a larger world canvas.

While competing visions and agendas on the global order are at play now, the COVID-19 pandemic has swept the globe and demonstrated how interconnected and interdependent the world has become. It has overturned lives and livelihoods revealing some opportunities hidden in the conspicuous challenges, such as hastening the transformation of industries, digital connectivity, setting up regulatory standards and norms and pointing to the necessity of streamlining government policies for an enhanced rule-based multilateral framework.

Drawing on Việt Nam’s membership in ASEAN and Bulgaria’s membership into the European Union we ensure and witness consistency and complementarity between our multilateral and bilateral diplomacy and co-operation. In December 2020 under Việt Nam’s Chairmanship of ASEAN both organisations elevated their relationship to the level of strategic partnership, stipulating even deeper joint work on matters of politics, economy, security, connectivity, sustainable development, climate change and green growth. The institutionalisation of the EU-Việt Nam relations continued through the groundbreaking EU-Việt Nam FTA, the launch of the Partnership and Cooperation Agreement and the signature of the Framework Partnership Agreement, to name just a few.

Furthermore, the timely and effective measures for COVID-19 control taken by the Government of Việt Nam made the country a world role model, while in parallel as ASEAN Chair Việt Nam led the regional efforts in containing the pandemic and guiding the post-pandemic recovery. In Europe, Bulgaria participated in developing a common EU approach to ensure safe and free vaccination for all, and in co-ordinating on a 1.8 trillion euro recovery plan; the EU has committed more than 850 million euro to COVAX, working also to advance solidarity with international partners, including ASEAN and its member states, via ‘Team Europe’. The objective, defined as a joint EU global vision, with the substantial financial resources allocated, is “to seek a post-pandemic recovery that is sustainable, human rights-based, inclusive, green, digital, and which strengthens gender equality and boosts human development, especially for those furthest behind.”

Ambassador of the Republic of Bulgaria, Marinela Petkova, with distinguished guests at the ceremony to celebrate the 70th Anniversary of Bulgaria – Việt Nam Diplomatic relations on November 17, 2020, at Hà Nội Opera House. Photo courtesy of the embassy

Now, the emerging new norms of co-operation are integral to seeking pragmatic co-operative solutions and a drive towards inclusive multilateralism, deepening our ties on key priorities and demanding truly strategic relationships. Tackling social and gender inequalities is also essential. In that regard promoting the role and participation of women, including along the Women, Peace and Security Agenda has a vital place in both Bulgaria’s and Việt Nam’s foreign policies, with the alignment of objectives and initiatives between the programme document ‘Hanoi Commitment to Action’ , adopted in December 2020, and Bulgaria’s ‘Women, Peace and Security National Action Plan 2020-2025’ .

Pushing further the multi-stakeholder partnerships between government, society, private sector, academia, scientific community the guidelines of the 13th National Congress of the CPV aim at increasing prosperity towards a high-income Việt Nam by 2045. Transcribed into Vietnam’s Socio-Economic Development Strategy 2021-2030 they outline areas of bilateral collaboration of common significance such as economic modernisation, innovation and promoting environmentally-friendly standards, private sector development, effective institution-building, resilience to climate change and social justice.

******

Bulgaria and Việt Nam’s relationship persevered because it has been continuously adapting and developing, nowadays doing so to match and navigate the ever complex body of entwined international challenges and changing geopolitical realities. Upheld by mutual understanding and true peoples’ friendship the story of the Bulgaria-Việt Nam partnership teaches a lot about solidarity, compassion, generosity of spirit and giving back. It is the story of how diplomacy and dialogue have been instrumental in influencing and strengthening peaceful state-to-state relations.

Decades of mutual support and respect give Bulgaria and Việt Nam the confidence and the ambition to continue to work together to promote growth and ensure sustainable and inclusive national development. While we prepare for another leap forward post-pandemic both countries should continue to act as effective partners in today’s multipolar world, to propel the strategic communication through well-connected networks for dialogue – academic, cultural, social and business, and encourage their significance in state-to-state affairs. VNS

Children from Việt-Bun Kindergarten performing Bulgarian songs at the International Food Festival 2020, on December 6, 2020, in Vạn Phúc Diplomatic Compound, Hà Nội. Photo courtesy of the embassy

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ASEAN economic ministers endorse 10 priority economic deliverables

March 3, 2021 by hanoitimes.vn

The Hanoitimes – Vietnam is committed to closely cooperating with other ASEAN members in realizing the common goal of an ASEAN Economic Community.

ASEAN economic ministers have endorsed Brunei’s 10 Priority Economic Deliverables (PEDs) as ASEAN Chair for 2021 with theme “We Care, We Prepare, We Prosper.”

Overview of the online conference. Source: asean2021.bn

The information was unveiled following the conclusion of 2-day 27th ASEAN Economic Ministers (AEM) Retreat that took place from March 2-3 via video conferencing.

Divided into three strategic thrusts, the PEDs among others will focus on:

(i) Recovery of the region through initiatives such as streamlining non-tariff measures and investment facilitation, providing a recovery plan for ASEAN tourism sector, and open new market and partnership for ASEAN with the launch of the possible ASEAN-Canada FTA negotiations;

(ii) Digitalization for a resilient ASEAN by focusing on the work in providing a safe, secure, and harmonized e-commerce environment and digital ecosystem. This includes initiatives such as the ASEAN Agreement on E Commerce and a regional action plan in the area of cyberspace; and

(iii) Sustainability efforts towards advancing an inclusive and sustainable economic growth through initiatives such as support and guidance for micro, small and medium enterprises (MSMEs), development of a regional framework for Circular Economy and cooperation in sustainable energy transitions.

Deputy Minister of Industry and Trade Tran Quoc Khanh. Source: MoIT

Attending the meeting, Vietnam’s Deputy Minister of Industry and Trade Tran Quoc Khanh expressed support for Brunei’s initiatives as the Chair of ASEAN in 2021, stressing the country is committed to closely cooperating with other ASEAN members in realizing the common goal of an ASEAN Economic Community.

“Vietnam will share its experience with other countries in efforts to contain the Covid-19, aiming to realize economic development goals along with realizing commitments under the ASEAN and ASEAN+ frameworks,” Khanh said.

The meeting also discussed and provided guidance on the post COVID-19 recovery efforts in the region including initiatives implemented under ASEAN Comprehensive Recovery Framework; Progress under the ASEAN Economic Community including 2021 priorities of sectoral bodies under the purview of AEM and the Post 2025 Vision for the ASEAN Economic Community (AEC); ASEAN external economic relations including progress in ratifying the Regional Comprehensive Economic Partnership (RCEP) Agreement as well as status of the review on ASEAN-India Trade in Goods Agreement (AITIGA).

In this regard, ministers stressed the importance of accelerating each country’s internal approval for the RCEP to aid the region’s economic recovery in the post-Covid-19 period.

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Vietnam needs a legal framework to manage cryptocurrency

March 3, 2021 by hanoitimes.vn

The Hanoitimes – Vietnamese laws have not accepted cryptocurrency as a medium of exchange in the country.

The State Bank of Vietnam (SBV), the country’s central bank, and government agencies are working on a legal framework to manage cryptocurrency and virtual assets.

Vice Governor of the State Bank of Vietnam (SBV) Dao Minh Tu at the press conference. Photo: Nhat Bac

The information was released by Vice Governor of the SBV Dao Minh Tu at a monthly government’s press conference on March 2, saying that bitcoin and other cryptocurrency are not legal tender and lawful means of payment in Vietnam.

“Vietnamese laws do not allow such cryptocurrency to act as a kind of legal tender in Vietnam,” Tu said.

In another move, the Ministry of Finance has set up a research team on cryptocurrency and virtual assets to propose changes in laws related to these issues accordingly.

People face huge risks taking part in illegal forex trading

Tu, meanwhile, also reiterated the SBV’s stance regarding current operation of foreign exchange (FX) trading platforms in Vietnam that only credit institutions with permission from competent authorities are authorized to provide such services on the domestic and international markets.

“So far, local authorities have not issued license for any forex trading floor. Therefore, all transactions on these floors are illegal,” stressed Mr. Tu, urging investors to be cautious from advertisements of these platforms with promises of soaring profits despite current difficult economic climate.

People taking part in illegal forex activities, therefore, face huge risks and are not protected by law, added Tu.

Tu noted investors before putting their money on any investment channel should consult local authorities and credit institutions.

Some investors admitted greedy is a major reason for them to participate in forex trading activities. However, they argued a lack of legal framework regulating such activities has directly led to a growing number of such platforms operating publicly and attracting ill-informed investors.

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