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| MTA Vietnam 2024 kicks off in HCM City (Photo: VNA) |
The four-day event features a wide range of products including metal cutting, metal forming, metrology, cutting tools, ancillary, and equipment.
Including 13 international group pavilions from Taiwan (China), Germany, the Republic of Korea, Singapore, China, and Italy, among others, it is expected to be a good chance for Vietnamese firms to learn from international experience and seek business partnership and technological transfer.
Participating units will have a chance to introduce products and services, and promote brands while updating cutting-edge innovative measures in the industry.
A highlight of the exhibition is the return of the Vietnam Industrial Robotics and Automation display space with a wide range of advanced automotive technologies from leading firms such as Fanuc, Universal Robot, Eco Smart, IDEA, Vimala, and Eurorack.
Under the umbrella of the MTA Vietnam 2024, the second Robot “MTA Challenges” contest will also be held.
It is forecast that the Vietnam’s robot market will witness a vigorous growth in the near future, with an estimated revenue of 356.7 million USD in 2024, of which industrial robots are expected to lead the market with a value of up to 309.8 million USD the same year.
Ample room for Vietnam to bolster exports in H2: Insiders
Vietnamese exports have ample room to grow in the second half of this year since their large markets such as the US and the UK are expected to cut interest rates which will a boost to economic expansion and consumption, according to experts, reported Vietnam News Agency.
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| Workers at the Youngbag Micromotor Vietnam company in Vinh Phuc province (Photo: VNA) |
Deputy Minister of Industry and Trade Nguyen Hoang Long held that enterprises and localities should get an update on the essence of the free trade agreements, especially important ones.
The ministry is completing legal documents and policies to support businesses and localities in trade promotion and international integration as a whole to bolster exports, he added.
According to Secretary General of the Vietnam Vegetable and Fruit Association Dang Phuc Nguyen, the export of fruits and vegetables is forecast to expand 15-20%, and, if opportunities from the inked protocols are levered to the fullest extent, export revenue could hit 7 billion USD this year, up 0.5-1 billion USD from the set plan.
However, specialists held that trade activities have faced numerous challenges, including rising transport costs, a strong USD, trade remedies related to the environment, sustainable development and green transition in large markets like the EU and the US.
Former deputy director of the industrial and commercial information centre under the Ministry of Industry and Trade (MoIT) Le Quoc Phuong said as an export power, Vietnam should work to ensure timely delivery of products that meet stringent requirements from importers.
He suggested enterprises diversity their markets, look for niche markets with huge potential like the Middle East, Africa, and South America to lessen its independence in a single market.
The country’s trade is projected at 369.6 billion USD for the whole year, up 16% against last year, with export revenue being 189.5 billion USD, a year-on-year increase of 14.2%.
Director of the MoIT’s Foreign Trade Agency Tran Thanh Hai said that the ministry is accelerating the negotiations on the comprehensive economic partnership agreement (CEPA) between Vietnam and the UAE, and informing associations and enterprises of the market development, helping them adjust their production plans.
It will continue renewing its trade promotion programmes and connecting firms and their products with the Vietnamese trade offices in foreign countries and territories, he said, adding logistics services will enjoy due attention while administrative procedures will be simplified to facilitate trade activities./.
Vietnam makes progress in budget transparency: OBS report
Vietnam ranks 57th out of the 125 surveyed countries in terms of budget transparency, up 11 places compared to 2021, according to the Open Budget Survey (OBS) 2023 released recently by the International Budget Partnership, reported Vietnam News Agency.
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| The headquarters of the State Bank of Vietnam in Hanoi. The Open Budget Survey (OBS) 2023 shows that Vietnam makes progress in budget transparency. (Photo: VNA) |
The OBS is the world’s only independent, comparative and fact-based research instrument that uses internationally accepted criteria to assess public access to central government budget information; formal opportunities for the public to participate in the national budget process; and the role of budget oversight institutions such as legislatures and national audit offices in the budget process.
It shows that Vietnam has a transparency score of 51 out of 100, higher than the global average of 45, and up seven points from 2021; and a public participation score of 19 out of 100, two points higher than 2021 and four points higher than the global average.
Regarding budget oversight, it recorded 82 points as compared with the global average of 62, and up two points from 2021.
“Vietnam has increased the availability of budget information by increasing the information provided in the executive’s budget proposal,” the report says.
Notably, the country gained 100 points in citizen budget, 83 in enacted budget, and 78 in in-year reports.
To achieve the results, the Ministry of Finance has collected public feedback on the draft state budget estimate to be submitted to the National Assembly and make citizen budget reports. The approved budget estimate has been made public in a timely and accurate manner.
The ministry said it hopes for more advice and technical support from organisations at home and abroad, and individuals to perfect relevant institutions and policies, thus further attracting public attention to budget information and creating favourable conditions for residents to contribute opinions to documents regarding the budget process and oversight.
Vietnam Airlines marks 30 years of its direct flights to RoK
National flag carrier Vietnam Airlines hosted a ceremony in Seoul on July 3 to mark 30 years of its direct flights to the Republic of Korea and welcome the 15 millionth passenger on the Vietnam – RoK route, reported VOV News.
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| Vietnamese Prime Minister Pham Minh Chinh (seventh from left) attends the ceremony maarking 30 years of Vietnam Airlines opening direct flights between Ho Chi Minh City and Seoul |
Three decades, Vietnam Airlines launched its first direct flights connecting Ho Chi Minh City and capital Seoul, helping to promote economic, cultural and tourism exchanges between Vietnam and the RoK.
Currently, the airline is operating six direct flights between Hanoi/Ho Chi Minh City - Seoul; Hanoi/Ho Chi Minh City - Busan; Da Nang – Seoul, and Cam Ranh -Seoul, with an average frequency of up to 112 flights per week.
It is also the first and only airline in Vietnam to operate modern wide-body aircraft Airbus A350s and Boeing 787s on the Vietnam-RoK route, bringing outstanding service experiences for passengers to enjoy.
Over the past three decades, Vietnam Airlines has operated a total of 65,000 flights, transporting 15 million passengers and more than 291,000 tonnes of cargo between the two countries.
In his address at the ceremony, Vietnamese Prime Minister Pham Minh Chinh, who is in Seoul on an official visit to the RoK, highlighted the time-honoured relations between the two countries over the past 30 years, noting that both sides have now upgraded their ties to a comprehensive strategic partnership.
He acknowledged the aviation industry’s role in boosting bilateral relations, and requested that Vietnam Airlines improve service quality; restructure management, capital sources, and human resources; and identify customer segments to meet the rising demand for travel of the two countries’ citizens.
At the event, Vietnam Airlines and Korean Air signed a memorandum of understanding (MoU) on improving the quality of aviation services in both countries.
Aquatic product exporters advised to adapt to market fluctuations
In order for Vietnam's aquatic product exports to reach the target of US$10 billion this year, businesses need to be more adaptative and adjust their operation plans to suit the market context, according to Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Thi Thu Sac.
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| Processing aquatic products for export (Photo: VNA) |
Sac also advised enterprises to diversify export markets to avoid dependence on certain ones, and at the same time develop the domestic market.
The turnover of Vietnam’s aquatic product exports reached US$4.36 billion in the first half of this year, up 4.9% year-on-year.
Among the top five importers, the US recorded the strongest growth, followed by China, the EU, and the Republic of Korea. As for product types, the group of crabs and crustaceans saw the strongest growth.
According to VASEP, a slight increase in export turnover in the first half is a positive sign for this industry. However, the shrimp sector, which brought about US$1.3 billion in export revenue in the first five months, continues to face many challenges as the world economic situation shows no signs of recovery, and inflation remains high.
Tran Van Minh, Director of Nha Trang Seafoods F89 Joint Stock Company in the Meking Delta province of Bac Lieu, said that his company, faced by difficulties and challenges caused by the world economic downturn and tensions between Russia and Ukraine, has promptly adjusted its production and business strategies to improve shrimp export efficiency to the US and EU markets. In addition, it is studying to expand its market to other countries, especially the Asian and Latin American markets.
In particular, the company is focusing on improving raw materials, and increasing production capacity to create quality export products with high competitiveness, so as to ensure that they meet strict standards of the US and EU markets.
To achieve that, the firm is promoting cooperation with farmers and cooperatives through signing contracts, and help farmers with techniques, breed selection, feed, veterinary medicine, and disease control./.