Besides, the single-window mechanism has been carried out to settle procedures in planning and investment, natural resources and environment and tax, among others, helping locals and businesses save time and costs.

In the northern port city of Hai Phong, the Hai Phong Economic Zone Authority has been assigned to settle all administrative procedures. Accordingly, it has cooperated with competent authorities to grant business certificates and tax codes for investors at the earliest.

Despite improved investment climate, investors have encountered formidable challenges while carrying out their projects, including site clearance work and shortage of industrial land funds.

Against this backdrop, local authorities have worked to push ahead land clearance, develop industrial parks and build transport infrastructure to improve regional connectivity./.

Vietnam ranks fifth among aquatic product suppliers for Singapore

Vietnam jumped one place to become the fifth largest exporter of aquatic products to Singapore for the first time in the first quarter of this year, according to its Trade Office in the city state.

Vietnam’s aquatic exports to Singapore reached over 24 million SGD (17.64 million USD) during January - March, gaining a market share of 8.58 %. 

Statistics from the Singaporean corporate regulatory authority showed that during the time under review, the country imported nearly 340 million SGD worth of aquatic products from nearly 100 countries and territories, a decrease of 5.67% from the same period in 2023. It mainly imported shrimp, crab, crustacean, fresh fish, chilled fish, fish fillet, frozen fish, and mollusc.

The top exporters of aquatic products to Singapore during the period were Malaysia with a 13.6% market share, Norway 11.45%, Indonesia 11.13%, China 10.15%, Vietnam 8.58%, and Japan 8.34%.

Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, said Singapore has continuously expanded and diversified supply sources to ensures food security, but this has also boosted competition among seafood exporters to the country.

Moreover, rising inflation is also a big challenge for the fisheries industry of the countries exporting to Singapore, including Vietnam, Thang noted, adding that any that can capitalise on logistics advantages and minimise costs will gain a greater competitive edge in exporting to Singapore.

He said that to maintain, raise its ranking as well as market share, and increase the export value in this market, Vietnam needs to further improve product quality.

Businesses also need to study and make use of the free trade agreements Vietnam has joined while regularly updating themselves on local regulations, especially those on quality standards and labelling. They are advised to participate in trade fairs, promote their brands and products, increase the presence of Vietnamese goods in international markets, improve their competitiveness, and ensure quality consistency. 

In addition, they are suggested to be careful in verifying information about partners and delivering goods and making payments to avoid risks in business transactions, according to Thang./.

Dong Nai calls for Korean investment into green growth

The southern province Dong Nai introduced its investment projects and incentives to the Republic of Korea (RoK)’s firms at a workshop in Seoul on April 25.

The workshop on collaboration in green growth projects between Korean enterprises and Dong Nai was co-organised by the province, the Vietnamese Embassy in the RoK, and many partners, with the participation of about 50 Korean businesses interested in green growth.

Addressing the event, Ambassador Vu Ho said the event offers an opportunity for Dong Nai and Korean businesses to exchange experience in researching and developing emission reduction technologies and green transition projects.

Secretary of the provincial Party Committee Nguyen Hong Linh briefed participants on Dong Nai’s economic situation, saying it is home to more than 53,000 operational enterprises with more than 1,600 FDI projects, of them 421 by Korean investors.

The locality is pursuing the goal of green and sustainable development as reflected in its master plan for 2021-2030 with a vision towards 2050 which sets the target of cutting emissions to net zero by 2050.

On this occasion, Korean businesses shared experience in sustainable development and engaged in a business-to-business meeting with Vietnamese enterprises./.

Forum seeks ways to boost exports amid external challenges

Experts gathered at a forum in Ho Chi Minh City on April 25 to seek ways to untangle knots in terms of capital and market for exporters in the context that the ongoing conflicts in many regions are disrupting international trade.

Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the country saw increases in orders in the first quarter of this year, notably aquatic product exports rose nearly 7% year-on-year to nearly 2 billion USD.

In terms of market, many businesses were hesitant to export to the European Union (EU) due to the conflicts, while shipments to the US, China and Japan grew significantly, he said.

Hoe noted that although Vietnam has self-supplied more than 70% of aquaculture materials, the hikes in the prices of aquatic feed and packaging materials, and transport costs have affected domestic production and business.

Garment-textile exports also rebounded in the first months of 2024, reaching some 9.5 billion USD, up 9.6% year-on-year, earning the country the third position in the global market, only after China and Bangladesh, according to Tran Nhu Tung, Vice President of the Vietnam Textile and Apparel Association (VITAS).

Tung, however, pointed to rising production costs and higher requirements by clients as double pressures on domestic exporters although their orders are piling up.

Chairman of GC Food JSC Nguyen Van Thu said the company’s customers in the Middle East have suspended their orders due to transport and payment challenges, and declining demand.

Meanwhile, GC Food is facing exchange rate problems in its main markets, comprising the Republic of Korea, Japan and China, he added.

Although the world's demand is recovering thanks to low inventories of many products, experts advised businesses to be ready for conflict-induced lingering supply chain and transport issues.

Head of the Vietnam Trade Office in Saudi Arabia Tran Trong Kim said the Red Sea unrest has caused declines in orders, and affected trade between Vietnam and Saudi Arabia.

He suggested agencies and organisations at home further provide updates for associations and businesses to make preparedness for difficulties in Saudi Arabia and Yemen in the time ahead, saying Vietnamese firms should be cautious in trading with partners in conflict-hit regions.

The Ministry of Industry and Trade also advised enterprises to diversify goods supplies and export markets, and stay updated with market developments./.

HCM City to host international livestock, dairy, meat processing, aquaculture exhibition

The 9th International Livestock, Dairy, Meat Processing and Aquaculture Exposition (ILDEX Vietnam) will take place from May 29 to 31 in HCM City.

ILDEX Vietnam will feature more than 200 leading companies from 30 countries and expects 10,000 trade visitors, making it a major networking opportunity.

Speaking at a press conference on Wednesday, Kevin Zhao, project manager at VNU Asia Pacific, one of the event’s organisers, said: “The 2024 edition of ILDEX Vietnam will be a gathering of hundreds of world’s leading suppliers from six different industry segments, covering the complete supply chain of livestock production.”

Exhibitors would be from various industry segments, including animal health, feed ingredients and additives, breeding and hatching, feed technology, farm production, processing and handling, he said.

The main exhibitor countries would be China, the US, France, South Korea, the Netherlands, Turkey, Germany, Spain, Demark, and Thailand, and the share of international exhibitors would be nearly 90 per cent, he said.

“This again shows us that international investors eye Việt Nam as one of the most promising and dynamic markets in the region.

“This year we are thrilled to introduce the HAN Select Vietnam Pavilion and the exclusive Meat Pro Pavilion.”

While the former is dedicated to horticulture and agriculture, the latter would showcase innovative solutions for egg, poultry, meat, seafood, and food products, he added.

Dương Tất Thắng, head of the Ministry of Agriculture and Rural Development’s livestock production department, said local companies joining the National Pavilion - MARD Pavilion would get support to promote Vietnamese brands.

It would be a good opportunity for Vietnamese businesses to promote their brands and exports and update cutting-edge technologies and innovative solutions, he added.

The “Vietnam Golden Livestock Products” programme will be held for a third time at the expo to recognise and honour groups and individuals who have contributed greatly to the development of the country’s livestock industry.

There will be conferences to provide professional information and updates on the latest trends in the livestock industry such as reducing greenhouse gas emissions from livestock farming.

The event at the Saigon Exhibition and Convention Centre in District 7 will be organised by VNU Asia Pacific and International Technology Exhibition and Events JSC.

Vingroup merges two subsidiaries into smartphone and AI concern

Vingroup JSC (VIC) has announced a restructuring plan in which two of its subsidiaries will be merged into a smartphone and AI concern.

Resolution No. 08/2024 was adopted by Vingroup’s board of directors on April 22 to merge Ngoc Viet Commerce and Trading JSC and VSN Commerce and Trading JSC into Vinsmart Research and Manufacture JSC.

Representatives from these subsidiaries have been entrusted with overseeing and executing the merger process, ensuring adherence to the relevant regulations.

Closing the trading session today, April 25, VIC inched up by 0.96% to VND42,000 per share, with more than 1.5 million shares changing hands.

The Hochiminh Stock Exchange saw 166 stocks advancing and 293 others dipping. The VN-Index moved sideways as it slipped 0.64 point, or 0.05%, to 1,204.97 points.

Stock trade plunged by 30% in volume and 29% in value over the session earlier, with 569.6 million shares worth nearly VND14.2 trillion, including more than 80.5 million valued at VND2 trillion transacted in put-through deals.

The VN30 basket, comprising the 30 largest cap stocks, continued to exhibit strong divergence, with 11 advancers and 16 decliners. The VN30-Index added 1.55 points, or 0.13%, to 1,233.72 points.

FPT, MWG and VCB contributed the most to the main index with respective increases of 2.58%, 2.87%, and 0.44%. MWG was the most actively traded stock on the southern bourse with more than 19.3 million shares changing hands.

On the other hand, three lenders, including TCB, BID and MBB, negatively affected the benchmark index, collectively taking off 1.65 points from the VN-Index with respective decreases of 1.81%, 0.8% and 1.33%.

Việt Nam's rice export surges in Q1 2024

Việt Nam’s rice export saw remarkable growth in terms of volume and turnover in the first quarter of the year, and the Ministry of Industry and Trade will tackle trade difficulties to facilitate rice exports for the rest of 2024.

The ministry organised a conference in Cần Thơ City on Friday to assess Việt Nam’s rice exports in 2023 and the first quarter of 2024, and guide the country’s rice exports for the year.

According to the General Department of Việt Nam Customs, in the first quarter of 2024, Việt Nam exported over 2.18 million tonnes of rice at a value of $1.43 billion, a 17.6 per cent and 45.5 per cent year-on-year increase in volume and export turnover, respectively.

Việt Nam’s rice exports continued to do well in key markets such as the Philippines, Indonesia and Malaysia, with exports to these markets recording high double digit growth.

The Philippines remains Việt Nam’s largest rice buyer, accounting for 45.5 per cent of the country’s rice export turnover.

Nguyễn Anh Sơn, head of the ministry’s Agency of Foreign Trade, said that while the 2023 global rice market faced many complications, the Government, the ministry and other agencies had quickly carried out solutions to facilitate exports, such as providing market information and strengthening trade co-operation with rice importing countries.

The authorities’ efforts in managing rice exports had helped ensure sales for commercial rice and the livelihoods of rice farmers, keep rice prices stable, and fulfil Việt Nam’s international commitments, he said.

Exports of high value rice varieties that are Việt Nam’s strength are consistently rising, including Jasmine rice, ST rice varieties, premium white rice and japonica rice, according to the official.

Rice exporters have been taking advantage of new generation FTAs to expand their markets, such as to the EU, although export volume is still limited.

This demonstrates that Việt Nam’s rice quality is rising and capable of satisfying the strict requirements of demanding markets.

Exporters have also taken advantage of global food supply challenges to become alternative suppliers to markets such as the US, Canada and Chile.​

They also have not paid enough attention to building or connecting with raw material zones, origin traceability and building databases to meet the export requirements of foreign markets.

Việt Nam’s rice is also facing tough competition from other suppliers such as Thailand, Myanmar, and Pakistan, while geo-political complications around the world are increasing international shipping costs and production costs, and hindering trade.

Salt intrusion in the Mekong Delta during the 2023 – 2024 dry season has been more severe than normal, affecting rice farming.

Sơn said that for 2024, it was crucial to monitor and assess the rice import demands of big markets such as the US and EU, in addition to making use of exporting opportunities to other Asian and African countries.

The Ministry of Industry and Trade would continue to tackle challenges and make use of new generation FTAs to push rice exports.

It would organise online and offline trade facilitation activities to strengthen rice trading with Việt Nam’s traditional markets and exploit the country’s niche market segments of Jasmine rice and premium rice in the EU, Korea and the US.

The ministry would also monitor and provide market information from trade offices in foreign countries to businesses in order to deal with unexpected market changes and enhance rice trading.

Associations and businesses were instructed to closely follow regulations for rice trading and export, especially on origins and traceability, and pay close attention to food safety (on which foreign markets are increasingly tight).

In 2023, Việt Nam exported 8.1 million tonnes of rice for US$4.67 billion, an increase of 14.4 per cent in volume and 35.3 per cent in value compared to 2022.

The first quarter of 2024 also marked the first time Việt Nam became the biggest rice exporter to Singapore, accounting for 32 per cent of market share for SGD36 million ($26.5 million). 

VN eyes $2 bilion in cassava export on China’s import demand

Việt Nam has set the target for cassava export at around US$2 billion by 2030 under the project on promoting the sustainable development of the cassava industry recently approved by the Ministry of Agriculture and Rural Development.

By 2050, the export value is expected to reach $2.3-2.5 billion.

The cassava export is mainly driven by the import demand of China.

Statistics of the General Department of Customs showed that Việt Nam exported 944.93 tonnes of cassava and products from cassava in the first quarter of this year, worth $430.44 million, representing a rise of 15.6 per cent in value over the same period last year.

The average casava export price was $451.3 per tonne in March, up 1,7 per cent against February and 18.2 per cent over the same month last year.

Casava export prices averaged $455.5 per tonne in the first quarter, up 19.5 per cent.

Notably, China was the largest importer of Việt Nam’s cassava which imported 94.2 per cent of Việt Nam’s total cassava export volume and 92 per cent of value.

Cassava is the first type of vegetable of Việt Nam which sees billion-US-dollar export value.

Việt Nam’s casava export in 2023 was reported at $1.3 billion.

Under the project on promoting cassava industry development, Việt Nam eyes to achieve a total output of fresh cassava at 11.5-12.5 million tonnes by 2030 with around 50 per cent of the plantation areas to apply sustainable farming process.

By 2050, 70-80 per cent of the cassava plantation areas will apply sustainable farming process. 

Khánh Hoà hosts regional trade promotion programme

Nha Trang City will host a programme on trade connectivity and promotion in the South Central and Central Highlands regions on May 23-24.

To be held by the Vietnam Trade and Investment Promotion Club (VINATIPC) and Khánh Hòa Young Entrepreneurs Association, the event will gather nearly 1,000 delegates and entrepreneurs from the two regions and other localities nationwide.

Besides promoting trade connectivity, it would be a good opportunity for businesses to introduce their products and find new production and trade partners, its organisers said at a press conference on Thursday.

Nguyễn Hữu Hùng, Vice President of VINATIPC, said that the programme would also display quality agro-forestry and fishery products of each locality in the two regions, especially those that meet OCOP standards.

He added that discussions for financial institutions and investment funds and sessions on the import and export of goods, e-commerce, and tourism and service development would be held on the sidelines of the event.

The Central Highlands region encompasses the five provinces of Kon Tum, Gia Lai, Đắk Lắk, Đắk Nông and Lâm Đồng. This is a particularly important strategic area in the Laos-Việt Nam-Cambodia development triangle.

In addition, it is a region with great potential for forest economic development, agricultural and forestry product processing, and mineral exploitation and processing.

Meanwhile, the South Central region comprises the eight localities of Khánh Hòa, Ninh Thuận, Bình Thuận, Đà Nẵng City, Quảng Nam, Quảng Ngãi, Bình Định and Phú Yên.

The gross regional domestic product (GRDP) growth is expected to reach 7-7.5 per cent annually between now and 2030. 

Completed legal framework helps better manage virtual assets

Việt Nam needs to complete a legal framework to better manage virtual assets (VAs) as well as virtual asset service providers (VASPs), experts said at an annual forum on Blockchain and AI held by the Việt Nam Blockchain Association (VBA) in Hà Nội this week.

Some 20 per cent of the Vietnamese population own crypto assets which are developed by blockchain technology, they said, stressing that without strict management and failure to comply with global taxing principles, VA transactions could pose great challenges for the country in the coming time.

As of the end of December 2023, 32 countries regulated crypto-assets in their jurisdictions, including ten nations of the G20 group officially issuing regulations on VA and VASP, the Atlantic Council’s surveys on anti-money laundering and combatting the financing of terrorism (AML/CFT) and protection of users and the VASPs revealed.

VBA’s Standing Vice Chairman Phan Đức Trung said 18 related documents had been issued in Việt Nam so far. The notable one was the national action plan to carry out the Government’s commitment to preventing money laundering and financing of terrorism and the proliferation of weapons of mass destruction so as to lift Việt Nam out of the Financial Action Task Force’s list of Jurisdictions under Increased Monitoring (grey list).

He said the plan focused on the AML/CFT and VASP standard, but neglected taxation of VA and protection of users. Therefore, a complete legal framework had not been formed yet.

The association hoped to collect opinions from the community and enterprises as well as have dialogue with state management agencies to develop a complete framework before May 2025.

At the event, the association announced the second Switch Up Accelerator, helping startups to call for funds, and highlighted an overview of the blockchain industry in Việt Nam and the globe.

The Academy of Blockchain and AI Innovation debuted on the occasion, aimed at providing blockchain and AI training strategies for 1 million people by 2030.

In particular, about 100,000 students at 30 universities across the country will be equipped with the latest knowledge on this field through various activities such as workshops, training courses, programming competitions (hackathon), idea creation competitions (ideathon), and the 2024 university tour programme (Unitour 2024).

Đào Trung Thành, ABAII deputy director, shared that the Unitour had been held at five universities in Hà Nội, HCM City, and Đà Nẵng City over the past two months, bringing useful knowledge on the applications of blockchain and AI according to the needs and desires of each university with topics of interest such as digital economy and finance, banking data analysis and career opportunities.

On this occasion, the academy also gave five universities 50 scholarships each to promote the universalisation of Blockchain and AI among Vietnamese technology students. 

Deputy PM calls for enhanced accountability in restructuring agricultural, forestry enterprises

Deputy Prime Minister Lê Minh Khái has asked for accountability to be enhanced to speed up and improve efficiency in restructuring agricultural and forestry enterprises.

At a meeting on Thursday, Khái stressed the determination to achieve the goals of restructuring, renovating and improving operation efficiency of agricultural and forestry enterprises following the Politburo’s Resolution 30-NQ-TW and Conclusion 82-KL/TW.

“Every level must enhance their accountability,” Khái asked.

Statistics show that to date, the Prime Minister approved 40 out of 41 overall restructuring plans of localities. Some 161 out of 256 companies completed their restructuring.

Fifty-seven enterprises and branches in 20 provinces and cities were granted land use right certificates. Eleven out of 45 provinces basically completed the granting of land use right certificates to agricultural and forestry companies.

Notably, some operate efficiently after restructuring in terms of business operation, job creation and rural development, such as Việt Nam Rubber Group and Việt Nam Forest Corporation.

However, there were a number of bottlenecks in the restructuring, causing slow progress and lack of efficiency, Khái said. Ninety-five enterprises had not completed their restructuring.

Khái said that a directive would be enhanced to speed up the restructuring of agricultural and forestry enterprises with specific deadlines set for each ministry, agency, locality, ownership representative and enterprise.

He asked the Ministry of Finance to work with the agriculture ministry to develop support policies for agricultural and forestry enterprises which are dissolved or fall into insolvency.

Localities which have not had their overall restructuring plans approved must complete and submit for approval before June 30.

In addition, the finance ministry was asked to improve the regulations on evaluating asset value of enterprises for privatisation and capital divestment together with the formation of carbon credit trading platform and its financial mechanism for the operation of the carbon market.

Khái asked the State Bank of Việt Nam to provide lending to forestation projects.

Specifically, the Deputy PM asked the Ministry of Natural Resources and Environment to speed up the granting of land use right certificates and thoroughly settle existing land disputes, encroachment and improper land use purposes. Cooperation must be enhanced to prevent land disputes and encroachments.

The Ministry of Industry and Trade must work with the Commission for the Management of State Capital at Enterprises to approve the restructuring projects of Việt Nam Paper Corporation and Việt Nam Coffee Corporation which will serve as base to implement the restructuring of their member agricultural and forestry companies.

Among 161 companies which completed the restructuring out of a total of 256 agricultural and forestry enterprises in Việt Nam, 76 implemented restructuring but maintained the model of a limited liability company with the State holding 100 per cent of charter capital, 54 were privatised, 22 were converted into limited liability companies with 2 or more members, 3 were transformed into forest management boards and six were dissolved. 

Experts call for efforts in protecting IP rights

There is a necessity to persist in the research and implementation of mechanisms, support solutions and measures for intellectual property (IP) rights protection, particularly focusing on business entities and unique local products within the OCOP programme, experts have said.

With the development of the knowledge economy, IP assumes an increasingly pivotal role in fortifying investment climates, sustaining competitive edges and defending national and local interests.

Recent times have seen a surge in policies and initiatives from the Government aimed at nurturing, protecting, and enhancing IP assets. Supported by strong legal frameworks, these efforts aim to foster the creation, management, exploitation, protection, and development of intellectual property assets at all levels.

According to the report from the Intellectual Property Office, as of February 2023, there were 137 geographical indications (GI) protected in Việt Nam, including 13 foreign GIs.

By December 2023, all 63 provinces and cities had evaluated and categorised OCOP products ranging from three to five stars. Statistics reveal there are over 5,720 OCOP entities with 978 products achieving 4-star, with 62 per cent benefiting from IP protection.

However, despite strides made, Việt Nam currently lacks many processed products with protected GI, according to Lê Huy Anh, deputy director of the Intellectual Property Office.

Primarily, these include fruits, accounting for 35 per cent of the total protected GI, followed by aquatic products, 14 per cent, medicinal herbs, 10 per cent, industrial crop products, 10 per cent, and rice, 9 per cent.

Production and business scales are small, mainly at the district and commune levels, accounting for approximately 65 per cent of the protected GI.

Dr. Đào Đức Huấn, head of the OCOP and Rural Tourism Management Division at the Central Coordination Office for New Rural Development, emphasised persisting challenges in IP protection for OCOP items.

These hurdles include deficient awareness, attention, and capacity among OCOP entities concerning IP ownership, protracted trademark registration timelines impeding OCOP product enhancements, and the lacuna in integrating OCOP product development with IP advocacy and support initiatives. Additionally, participation in OCOP product rating evaluations by managers falls short of practical requisites, facilitating the certification of 4-star OCOP products.

To address these challenges, Anh underscored the imperative of sustained research and the formulation of mechanisms and solutions to support intellectual property creation, especially for businesses and distinct, local OCOP products. This includes intensifying support for IP protection registration for key export commodities, exploring trading platform establishment, and financial investment in IP asset exploitation and development.

Particularly, emphasis is placed on bolstering domestic IP protection registration for some 3-star OCOP products, serving as a bedrock for provincial-level elevation to 4-star status.

Support for foreign IP registration for 4 and 5-star products, particularly those earmarked for export to key markets like China, Japan, the United States, and Europe, is necessary.

Nguyễn Quốc Hà, deputy director of Hà Nội's Department of Science and Technology, highlighted the importance of an efficient state IP management system to foster innovation.

Hà Nội exceeded its target by protecting 198 out of 307 OCOP products.

In 2023, it recorded nearly 17,540 industrial property registrations, earning recognition nationwide for its innovation capability.

He recommended that the Ministry of Science and Technology continue researching IP valuation mechanisms and organising training courses to enhance IP management capabilities. 

E-commerce contributes $7 million in taxes during 2022-23

A total of VNĐ180 trillion (US$7.2 million) was collected from e-commerce business in 2022 and 2023, according to updates of the General Department of Taxation at a conference on Thursday in Hà Nội.

Specifically, the tax collection amounted to VNĐ83 trillion on revenues of VNĐ3.1 quadrillion in 2022 and VNĐ97 trillion on revenues of VNĐ3.5 quadrillion in 2023.

To date, 94 foreign services providers including Facebook and Google have declared and paid taxes worth totally VNĐ14.5 trillion.

Mai Sơn, Deputy Director of the General Department of Taxation, said that a number of solutions have been implemented to enhance the tax management on e-commerce, including the development of a database on e-commerce.

The Ministry of Industry and Trade, the Ministry of Information and Communication and the State Bank of Vietnam have basically completed the sharing of database to the General Department of Taxation, including the data of 929 websites providing e-commerce services, 130 organisations operating in the fields of telecommunications, advertising, broadcasting and payment accounts of more than nine million organistions and 121 individuals at 96 commercial banks.

Sơn said that the tax watchdog will continue to improve the policies to enhance the management on e-commerce business as well as creating favourable conditions for tax declaration and payment and using e-invoices.

The focus will be on upgrading the database and applying machine learning and artificial intelligence in analysing. 

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes