Sat. PM KTFA Vietnam News Articles 1-14-23



Vietnam News

Henig » January 14th, 2023

Gov’t asks for focus on digital finance, digital economy this year

January, 14/2023 

Non-cash payments for social allowance, pension and social insurance allowance would be promoted while the national population database would be improved and used to identify customers and authenticate bank accounts.

HÀ NỘI — The Vietnamese Government has asked ministries and localities to focus on promoting the development of digital finance and digital economy in 2023.

Accordingly, the institutions, mechanisms, policies and legal framework would be improved to accelerate the national digital transformation with a focus on developing human resources and ensuring information security.


The digital platforms and national databases would be integrated to improve the efficiency in management and handling of administrative procedures.

Non-cash payments for social allowance, pension and social insurance allowance would be promoted while the national population database would be improved and used to identify customers and authenticate bank accounts.

Digital transformation must also be strengthened at corporations and small and medium-sized enterprises.

In the context that global growth momentum losing steam, the Government is looking for new growth drivers, one of which is developing the digital economy.

Recently, the Government has raised drastic measures to promote the development of the digital economy.

The Government issued a strategy for developing e-Government toward digital Government, the national strategy about developing digital economy and society, and the programme about national digital transformation to 2025 with a vision to 2030.

The latest edition of the e-Conomy SEA report by Google, Temasek Holdings Pte and Bain & Co published in late December highlighted that Việt Nam had the fastest growing digital economy in Southeast Asia with a year-on-year increase of 28 per cent in gross merchandise value (GMV).


The report pointed out that the driving force for Việt Nam’s digital growth was the growing penetration of new forms of commerce across urban and rural regions for businesses. Logistical infrastructure also improved to facilitate nationwide e-commerce transactions and there was a noticeable high-quality homegrown tech workforce that had been driving innovation in Việt Nam.

Trần Minh Tuấn, director of the Department of Digital Economy and Society under the Ministry of Information and Communications, said that based on the survey of Financial Times and Omdia, Việt Nam was the second fastest growing digital economy in the world, expanding at the rate of 12.3 per cent in 2022, after India. In 2023, Việt Nam might fall behind Mexico and India but could take the lead in the world in digital economy growth in the 2022-26 period.

Tuấn pointed out that the scale of Việt Nam’s digital economy remained modest, leaving significant room for future development, especially in connectivity, digital payment and digital entertainment.

Digital finance was expected to see breakthrough development with a compound annual growth rate of 114 per cent in 2021-22 and at 56 per cent in 2022-25.

The department said that the digital economy contributed 14.26 per cent of GDP in the third quarter of 2022. Việt Nam targets to increase the contribution of the digital economy to GDP to 20 per cent by 2025.


Việt Nam remains largest trade partner of China’s Guangxi for 23 years

January, 13/2023 – 13:33

Việt Nam has maintained its position as the largest trade partner of China’s Guangxi province for 23 consecutive years, with import and export trade turnover of the two sides so far reaching US$200 billion.

HÀ NỘI — Việt Nam has maintained its position as the largest trade partner of China’s Guangxi province for 23 consecutive years, with import and export trade turnover of the two sides so far reaching 200 billion Chinese yuan.


The information was released at a seminar held Thursday by the Guangxi Department of Commerce in collaboration with the Asia-Africa Market Department, under Việt Nam’s Ministry of Industry and Trade and Vinexad Company.

Guangxi now has 181 enterprises investing in Việt Nam, under non-financial type, with total amount of investment committed by China is US$1.26 billion, and the actual total investment capital of $140 million.

Việt Nam has established a total of 57 enterprises in Guangxi, with a total contracted investment capital of $184 million.

Speaking at the conference, Tô Ngọc Sơn – Deputy Director General of the Asia-Africa Market Department under Việt Nam’s Ministry of Industry and Trade expressed his pleasure to hear that China has removed all PCR tests and concentrated isolation after January 8, 2023. This is a good premise for agencies and businesses of the two sides to have the opportunity to restore exchange and cooperation activities, contributing to bringing more benefits to businesses and people of the two countries.

According to Sơn, for many years Guangxi has played a very important role as a bridge in promoting bilateral trade between Việt Nam and China.

Import and export between Guangxi and Việt Nam turnover in 11 months of 2022 reached 172.65 billion Chinese yuan, equivalent to $25.5 billion and accounting for 29.3 per cent of total import and export turnover of Guangxi and the world.

However, the exchange of goods between the two countries also faces many difficulties. Import and export turnover through border gates has decreased continuously.

In the first 11 months of 2022, import and export turnover with China through the border gates in Việt Nam’s Lạng Sơn province decreased by 39.4 per cent over the same period in 2021; while import and export turnover through border gates in Quảng Ninh province decreased by 68.7 per cent year-on-year.

To overcome the above difficulties, Sơn recommended the Guangxi Department of Commerce coordinate with relevant agencies of Guangxi to soon complete the process and regulations for import and export of goods, creating the most favourable conditions for customs clearance activities.

Businesses need to manage product quality, increase understanding of information and regulations of the Chinese side with imported products, ensuring goods are cleared smoothly, saving time and costs.


For his part, Diao Weihong, deputy director of the Department of Commerce, said that Guangxi is willing to work with Việt Nam to promote cooperation between the two sides; wishing that trade exchanges will take place wider and deeper, bringing richer results.

Currently, the economic and trade cooperation between Guangxi and Việt Nam has entered an important stage of upgrading, he said.


Agriculture an important pillar of the economy: PM

January, 14/2023

Agriculture is an important pillar in building Việt Nam’s independent and self-reliant economy associated with extensive and effective international integration, according to Prime Minister Phạm Minh Chính.

HÀ NỘI — Agriculture is an important pillar in building Việt Nam’s independent and self-reliant economy associated with extensive and effective international integration, according to Prime Minister Phạm Minh Chính.

The Government leader made the remarks while addressing the agricultural sector’s conference on reviewing tasks in 2022 and setting goals for 2023, held by the Ministry of Agriculture and Rural Development (MARD) in Hà Nội on January 13.

The PM said that in 2022, the agriculture and rural development sector has changed its mindset from “agricultural production” to developing an “agricultural economy”. This is an important factor to contribute to growth and the comprehensive and sustainable development of agriculture.

Production has been linked to the market with increased added value. The agricultural sector has nearly 9,000 products recognised as speciality in the One Commune One Product programme, an increase of nearly 3,000 products compared to 2021.


“The Government looks forward to seeing the agricultural sector to be stronger and develop more sustainably in 2023,” PM Chính said.

Minister Lê Minh Hoan reported that the sector has shown strong determination, made great efforts, carried out flexible and creative solutions, and reformed its mindset to overcome difficulties and challenges to achieve targets.

In 2022, the sector’s total value grew 3.36 per cent, the highest in many years. In particular, agriculture expanded 2.88 per cent, fisheries 4.43 per cent, and forestry 6.13 per cent. The forest coverage stood at over 42 per cent while the rate of new-style rural areas was more than 73 per cent.

Agro-forestry-fishery exports reached US$53.22 billion, up 9.3 per cent from a year earlier. That resulted in a trade surplus of over $8.5 billion, accounting for more than 75 per cent of Việt Nam’s total trade surplus.

For 2023, the sector targets GDP growth of 3 per cent, agro-forestry-fishery export revenues of $54 billion, the rate of new-style rural areas at 78 per cent, and forest coverage stable at 42 per cent, Hoan said.

At the conference, the PM pointed out that apart from advantages, the country will continue facing numerous difficulties and challenges in 2023. The sector should strive for a growth rate of 3.5 per cent and exports of $55 billion, higher than last year’s figures.

He emphasised the task of developing ecological agriculture, modern rural areas, and civilised farmers while considering farmers as the centre, agriculture as the impetus, and rural areas as the foundation for the sector’s development.

Agriculture and rural development need to focus on promoting brand building; boosting digital transformation, and green transition and circular economy. It also should connect with cultural and tourism development; diversify products, markets, and supply chains; and improve product quality.

PM Chính also underlined the importance of coordinating with other ministries, sectors and localities to link producers with consumers; optimise free trade agreements, especially the EU-Việt Nam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); continue removing barriers to enter new markets; and pay due attention to the domestic market.

In addition, it is also necessary to step up sustainable ocean farming and exploitation, strongly carry out recommendations to persuade the European Commission to lift the “yellow card” warning against IUU fishing.


It needs to increase forest production and development, effectively implement the national target programme on new-style countryside building, and foster agricultural cooperation with international partners.

He believes that with the ministry and localities’ determination and efforts, as well as farmers’ and businesses’ support, the sector will make stronger progress and gain more achievements in 2023.

At the conference, deputy minister of Industry and Trade Nguyễn Sinh Nhật Tân proposed to promote cooperation between the two ministries in many fields, including restructuring of the agricultural industry for raising the value of Vietnamese agricultural products. 

They will formulate policies to promote border trade, and accelerate negotiations with other countries to increase the number of agro-forestry-fishery products that are officially exported to foreign markets, especially China.

They will also increase focus on trade promotion programmes, especially on digital platforms, e-commerce, information technology application to promote exports and consumption of agricultural products. They will effectively implement trade remedies, handle disputes and lawsuits in international trade, and create favourable conditions for enterprises exporting agricultural products.


Ministry of Industry and Trade sets ceiling prices for solar and wind projects

January, 14/2023 – 08:21

MOIT has set the ceiling prices at 5.05 cents per kWh for ground-mounted solar projects, 6.43 cents for floating solar projects, 6.77 cents for onshore wind projects, and 7.75 cents for offshore wind projects.

HÀ NỘI — The Ministry of Industry and Trade has recently introduced new ceiling prices for solar and wind energy in Việt Nam.


On October 3, 2022, the ministry released Circular 15, which sets out a framework for the Việt Nam Electricity (EVN) to enter into tariff negotiations with developers of transitional solar and wind energy projects by reference to some specific ceiling prices.

On January 7, 2023, the ministry set the ceiling prices at VNĐ1,184.90 (5.05 cents) per kWh for ground-mounted solar projects, VNĐ1,508.27 (6.43 cents) for floating solar projects, VNĐ1,587.12 (6.77 cents) for onshore wind projects, and VNĐ1,815.95 (7.75 cents) for offshore wind projects.

EVN will now use these ceiling prices to negotiate tariffs with transitional projects, which are not subject to any tariff so far.

At a seminar earlier this week, Deputy Chairman of the Việt Nam Energy Association Nguyễn Văn Vy remarked that renewable energy in Việt Nam was facing various obstacles.

Under Circular 32 on power purchase agreement, avoidable cost is defined as the highest cost of producing one kWh of electricity by national generating stations, and the cost would be avoided if EVN purchases the electricity from alternative small hydropower plants.

He revealed that the current avoidable cost was set at VNĐ1,100 (4.68 cents) per kWh, so low that it disincentivises investments in new hydropower plants. He thus called for an adjustment to the cost, estimating that a rate of between VNĐ3,500 to VNĐ4,000 per kWh would be more practical.

Regarding biomass power plants, he said that the plants are fueled by bagasse residue of sugar refining during the sugarcane season and other types of biomass during the rest of the year.

Under his estimation, the plants need to make at least 7.03 cents for each kWh generated by the bagasse and 8.47 cents for other types of biomass to break even. Unfortunately, their electricity is purchased at a price as high as the former, leading to the plants staying idle for eight months every year.

He called for a revision to Decision 08, which set the purchasing price of biomass-derived electricity at over 8.47 cents per kWh during the period out of sugarcane season to encourage the use of other types of biomass in electricity generation.

He was also concerned that the policy mechanism to support solar and wind energy had expired and a new mechanism had not been introduced, leading to a situation that newly built solar and wind farms were put on hold due to the absence of an official feed-in tariff (FIT).


He suggested a temporary FIT, in the meantime, to keep the farms operational until an official FIT would come into force under a new mechanism, which would be applied retroactively to the farms.

“An official FIT was absent when Bình Thuận Wind Power Plant No 1 began operation years ago. At that time, I suggested a temporary FIT of 6.00 cents per kWh and the Prime Minister approved my suggestion,” said Vy.


So Village’s vermicelli goes global

06:00 | 14/01/2023 

(VEN) – Son Lo Village (also known as So Village) in Cong Hoa Commune of the capital’s suburban district of Quoc Oai, about 20 kilometers from downtown Hanoi, has become a major vermicelli center. The village’s safe, clean vermicelli products have been exported to Malaysia, Japan, and Germany.

Duong Dinh Khoi describes safe, clean vermicelli production

Entrepreneur Duong Dinh Khoi, one of the first safe, clean vermicelli producers and exporters in Son Lo Village said villagers use organic arrowroot planted on the Moc Chau Plateau in the northern mountainous province of Son La to make vermicelli, following a strictly controlled production process without coloring, chemicals and preservatives.

Khoi said his Duong Kien Trading, Production and Import Export Company Limited has technicians to strictly control raw materials and ensure they meet food hygiene and safety standards of both domestic and foreign markets. Almost all vermicelli production stages, except vermicelli drying, has been mechanized, he said. Vermicelli needs to be dried with wind and sunlight to ensure its quality and good taste, he added.

In 2020, the company procured a vermicelli production line worth almost VND650 million, VND300 million of which was funded by the Hanoi Department of Industry and Trade’s industry promotion program. The production line is energy and raw material efficient, and has helped the company reduce product cost, control environmental pollution and create one of the capital’s most notable products, introduced at numerous trade fairs and exhibition inside and outside Vietnam.

Son Lo Village (also known as So Village) in Cong Hoa Commune of the capital’s suburban district of Quoc Oai, about 20 kilometers from downtown Hanoi, has become a major vermicelli center. The village’s safe, clean vermicelli products have been exported to Malaysia, Japan, and Germany.

Thu Huong   LINK

Source: Dinar Recaps


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