The two sides at the meeting (Photo: VNA)

Vietnam, UAE to kick off negotiations of comprehensive economic partnership agreement

Minister of Industry and Trade Nguyen Hong Dien and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi of the United Arab Emirates (UAE) have signed a Ministerial Declaration on starting negotiations on a comprehensive economic partnership agreement (CEPA) between the two nations right after Vietnam completed its procedures. ​

The signing took place after a meeting between Dien and Al Zeyoudi during the Vietnamese minister's working visit to the UAE from April 5-6.

During the meeting, the Vietnamese official said the two countries can start their negotiations on CEPA after the draft terms of reference (TOR) of the agreement is agreed and approved by authorised agencies.

Dien spoke highly of opportunities that the CEPA can bring for both countries, in the context of Vietnam having become a manufacturing hub for many important commodities in the region and the world, while the UAE has many strengths as a transshipment port and financial and logistics centre. The combination of strengths of the two sides will create a momentum for growth in their trade and investment ties in the coming time, he said.

The minister affirmed that the UAE is Vietnam's largest trading partner in the Middle East - North Africa regions, noting that ample room remains for the two countries to tap the potential of their economies that have complementary strengths.

He suggested the two sides strengthen the exchange of all-level delegations and business delegations to explore cooperation opportunities, especially in the field of trade and investment.

Dien also proposed management agencies of Vietnam and the UAE study and promote the establishment of a cooperation mechanism for Halal certification to facilitate the trade in agricultural products between the two countries.

Agreeing with the proposals of the Vietnamese official, Al Zeyoudi said his country wishes to expand economic cooperation with Vietnam and always considers Vietnam its important economic partner.

The UAE's leaders have also given instructions on starting negotiations on the CEPA as soon as Vietnam completes procedures, he noted, adding not only the Ministry of Foreign Trade, but many ministries and sectors in charge of fields such as energy, industry, and logistics services of the UAE have all backed the negotiation, signing and implementation of the CEPA.

Also during the visit, Minister Dien held a meeting with the UAE's Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei, cited VOV.

Dien informed his host on Vietnam's wish to cooperate more closely with the UAE Ministry of Energy and Infrastructure in not only traditional energy, but also new and renewable energy development.

He proposed that the two sides sign a new MoU on energy cooperation, adding that Vietnam will create favourable conditions for UAE partners to cooperate with Vietnam in oil and gas exploitation. He suggested considering the possibility of investing in building a centre for transshipment and storage of crude oil and petrochemical products in Vietnam to provide for the Asian region.

Dien also asked the UAE side to study investment opportunities in power transmission infrastructure in Vietnam and support Vietnam in training human resources in this field.

Agreeing with Dien’s proposals, Al Mazrouei stressed that there is great potential for the two countries to step up their cooperation.

The UAE has been researching, negotiating and signing many FTAs with important partners like Vietnam, he said, adding that the UAE government hopes the two countries can sign an FTA this year.

The UAE wants to partner with Vietnam in the fields of power transmission, power generation, food security, healthcare, infrastructure, construction, and port management, the official said.

Vietnam to take advantage of demographics to drive economy

Vietnam can take advantage of its population structure to promote economic development and attract foreign investment, according to foreign media outlets and experts.

Global Finance, a magazine providing global news and insight for corporate financial professionals, reported that Vietnam’s population is about to reach an impressive milestone of 100 million, creating an important driving force for the economy.

A larger population translates into a bigger domestic consumer market, enhanced availability of skilled workers, and a more attractive profile for foreign investment, said the magazine.

Meanwhile, Brian Lee Shun Rong, a macroeconomist at Maybank, Singapore, quoted the United Nations Population Fund, saying Vietnam is likely to maintain a golden population structure until 2029, meaning it can take advantage of favourable demographics at least for more than 20 years to drive growth in the long term.

In his opinion, Vietnam needs to further invest in higher education and vocational training, and leverage its large workforce to boost economic productivity to elevate the economy in the global value chain, according to VOV.

Vietnam has been advised to take advantage of its golden population structure to drive economic growth. (Illustrative image)

The Banker that gives the latest UK and international banking, finance, and business coverage and analysis noted Vietnam, along with India, Malaysia, and Indonesia, is undergoing a an upward trend in foreign direct investment inflows, especially in manufacturing thanks to supply chain shifts.

Al Arabiya, a TV channel providing an in-depth coverage of breaking news in Saudi Arabia and the world, reported that Vietnam, Thailand, India and Cambodia are the first to benefit this year from the shifting of the semiconductor manufacturing industry from traditional production bases.

Tristan Cotte, managing director of Salveo, a subsidiary of Adit Group which specialises in investment consulting, shared that Vietnam is a typical example of economic recovery ability.

Despite global uncertainties, Vietnam remains stable, having grown steadily over the past 30 years in spectacular fashion, the executive said, adding Vietnam is an investment destination not to be missed.

In its recently released Asian Development Outlook, the Asian Development Bank forecast that Vietnam’s economic growth would be 6.5% this year before rising to 6.8% next year. The rates would be achieved if the government resolves to speed up public investment disbursement, apply a flexible monetary policy and promote domestic consumption.

However, the bank also warned about the risks of external inflation, the liquidity of the banking system, and the slow spending in major markets.

State President’s Laos visit to further consolidate, develop special bilateral ties

State President Vo Van Thuong will pay an official visit to Laos from April 10-11 at the invitation of General Secretary of the Lao People's Revolutionary Party (LPRP) and President of Laos Thongloun Sisoulith.

This marks the President’s first overseas trip, and Laos is the first country he will visit in his new position. The visit takes place in the context of the continued development of the great friendship, special solidarity and comprehensive cooperation between the two countries.

Over the past years, cooperation and political ties between Vietnam and Laos have seen fine developments. It is noteworthy that the two sides have joined hands to successfully hold the Vietnam – Laos and Laos – Vietnam Year of Solidarity and Friendship, with a focus being the ceremony to mark the 60th anniversary of the bilateral diplomatic ties and the 45th anniversary of the signing of the friendship and cooperation treaty between the two countries.

President Vo Van Thuong (Photo: VNA)

Cooperation on national defence and security have continued to be consolidated, and that on economy, trade and investment maintained. Last year, the two sides launched and completed a number of projects using Vietnam’s assistance to Laos.

Also in 2022, Vietnam’s investment in Laos saw five new projects and four others adding a total of 70 million USD in their capitals, while two-way trade value reached nearly 1.7 billion USD, an increase of more than 25%. Meanwhile, cooperation on education and culture continued to enjoy attention, evidenced by Vietnam’s provision of 1,155 scholarships to Laos and the figure of about 14,000 Lao students studying in Vietnam.

Besides, cooperation between the two countries’ localities, especially those sharing the borderline, also continued to be strengthened.

The two sides have been closely coordinating and providing mutual support to each other at regional and international cooperation forums, especially within the framework of ASEAN, the UN and sub-regional mechanism, VNA reported.

Vietnamese Ambassador to Laos Nguyen Ba Hung said President Thuong’s visit to Laos shortly after his election by the National Assembly once more demonstrates special attention and sentiments from leaders of the Vietnamese Party and State to Laos, as well as their firm determination and commitment to nurturing the relations between the two countries.

Within the framework of the visit, President Thuong and his entourage are scheduled to take a series of important activities such as talks with the top Lao leader, meetings with Lao Prime Minister and Chairman of the Lao National Assembly.

In the context of the fine development of the Vietnam – Laos relations, the visit is believed to create a new push for the bilateral cooperation and relations through all the channels and in all fields, helping realise the high-level agreements between the two Parties and countries and unceasingly consolidate and develop the relations of great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos.

Osaka Concert marks 50 years of Vietnam – Japan diplomacy

A special concert was held in Sakai city of Japanese prefecture of Osaka on April 6 to celebrate the 50th anniversary of diplomatic ties between Vietnam and Japan.

The event brought together artists from the Vietnam Symphony Orchestra and the Osaka Symphony Orchestra. Notably, conductor Honna Tetsuji who has been with Vietnam for years, and famous violinist Bui Cong Duy also participated in the programme.

In his opening speech, Deputy Minister of Foreign Affairs of Vietnam Pham Quang Hieu highlighted the significance of the concert which he said together with other cultural activities to be held in the coming weeks will help promote cultural exchanges and close bond between the two countries.

The Fenice Sakai Performing Arts Centre has been occupied by approximately 2,000 spectators watching Vietnamese and Japanese artists perform in the special concert.

State Minister for Foreign Affairs of Japan Takei Shunsuke congratulated the success of the concert, the first cultural event in celebration of the 50th anniversary of diplomatic ties between Japan and Vietnam, noting bilateral relations are at their best.

He said 2023 is a special time for the two sides to review the achievements of the past 50 years of their relations and to strive for better relations in the next 50 years, cited VOV.

The ballroom of Fenice Sakai Performing Arts Centre was occupied by approximately 2,000 spectators who were treated to masterpieces of Beethoven such as Symphony No5 and Violin Concerto, among others.

Conductor Honna Tetsuji said Beethoven’s Symphony No5 and Violin Concerto are his favorite pieces that have performed many times in his career. There in Osaka, he wanted to play the pieces again together with Meritorious Artist Bui Cong Duy.

Vietnam through to second round of Paris 2024 women’s football qualifiers

Vietnamese players defeated Nepal 7-1 on aggregate to advance to the second round of women’s football qualification for the Paris 2024 Olympic Games.

As the favourites, Vietnam soon dominated the match and opened the score in the 5th minute with a goal by Hai Yen, who doubled the difference just one minute later.

Two goals within a span of six minutes helped head coach Mai Duc Chung’s team play comfortably and slacken the pace, with the ball mainly moving around the halfway line, NDO reported.

Hai Yen’s two goals help send Vietnam to the second qualification round of the Paris 2024 Olympic Games. (Photo: ANFA)

But a reduced speed also gave Nepal more space to organise their attack and the hosts managed to create several scares, though all failed to materialise.

In the second half, Nepal stepped up their offensive but Vietnam were still able to control the game, which concluded with no side scoring any more goals.

With a 5-1 win in the first leg, Vietnam beat Nepal 7-1 on aggregate to advance to the next qualification round for the Paris 2024 Games.

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