Vietnam must not settle for “world factory” status

Illustrative image (Photo: VNA)– Vietnam must move forward unless it wants to be saddled with the status of the “ world’s factory ”, heard a conference in Ho Chi Minh City on July 28.The National Science Conference on Policies on Industrialisation and Modernisation of the Nation by 2030, with a Vision to 2045 was co-held by the Party Central Committee’s Economic Commission, HCM City Party Committee and the Vietnam National University HCM City (VNU-HCM).In his opening remarks, VNU-HCM Director Assoc. Vu Hai Quan said that Vietnam has made major achievements during the Party-led industrialisation and modernisation era. The industry sector has contributed an increasing share to the economy, he said, adding that there has been a more substantial approach to promoting industrial restructuring in association with growth model innovation in Vietnam.Industry has been the fastest growing sector in Vietnam, and contributed 28.5% to the economy in 2019 from 26.6% in 2011, he said.Nguyen Xuan Thang, President of Ho Chi Minh National Academy of Politics, highlighted that industrialization and modernization have allow Vietnam to maintain relatively high GDP growth, transforming from an underdeveloped to a developing country.However, Vietnam’s industrialization was mainly reliant on harnessing natural resources, capital intensity, and under-skilled workers, Thang said, noting that industrial production largely depends on assembly and use of imported machinery and input materials.As a result, these factors have impacted on the environment, and national industrial capacity remained weak. If the situation continues, Vietnam will eventually fall into the trap of being an assembly manufacturer and involved in only low value chains.Speakers agreed that the national industrialization and modernization strategy from 2021 – 2030, with a vision to 2045, must stay relevant to the changing situation both domestically and internationally.Speaking at the event, Chairman of the Central Economic Commission Tran Tuan Anh underscored that science, technology and innovation act as the main engine driving national industrialization and modernization. Coupled with skilled human resources, they are breakthrough factors for the acceleration of the process, he noted.It is critical to improve the regulatory framework and develop exclusive policies and mechanisms to boost technology use and transfer and innovation, he emphasised.Vietnam must reduce independence on foreign resources while enhancing internal strengths, mastering core and digital technologies, and strengthening its resilience, he added./.

July 28, 2022 23:00 UTC

Vietnam advised to make policies clearer to attract Korean investment

A factory of Samsung in Vietnam (Photo:– Many investors from the Republic of Korea (RoK) hold that Vietnam is an attractive destination, but it still needs clearer policies to attract a new investment wave from the Northeast Asian country, reported Dau tu (Vietnam Investment Review).With fast digital transformation and a young population, Vietnam is currently an attractive destination for Korean businesses, Vice Chairman of the Korea & Vietnam Economic and Cultural Association (KOVECA) Kwon Seung-taek told a recent conference promoting Korean investment in Ho Chi Minh City and other southern localities.This event attracted 30 businesses and 50 enterprises of the RoK who came to explore investment chances in many areas, including infrastructure, urban development, health care, education, renewable energy, high technology and vocational training.He said Korean firms boast technology, technique, experience and large capital while Vietnam has a diverse market and a young and abundant workforce.If the two countries enhance investment cooperation, bilateral trade will grow correspondingly. Amid global trade uncertainties, if they can capitalise on opportunities, the bilateral trade targets of 100 billion USD by 2023 and 150 billion USD by 2030 are completely achievable, Kwon emphasised.Many Korean investors believe that the two countries still have much room for cooperation in multiple spheres.In the past, Korean investments mostly concentrated in big cities like Hanoi, HCM City and neighbouring provinces, but now they have expanded to many other localities. They are also shifting from labour-intensive industries to manufacturing and high technology sectors.However, they also hope Vietnam to have clearer investment policies.CEO of JP Investment Choi Jeong-pil recommended the country elaborate on the projects it is inviting investment to so that investors and investment funds can make consideration.He also suggested favourable conditions for investment funds to engage in the equitisation of State-owned enterprises, noting that their presence will help improve those firms’ capacity and participation in global supply chains.Meanwhile, a business in the environmental sector underlined the need for the Government’s assistance since waste treatment projects are long-term investments that last for 20 - 30 years.The company added it is important that the Vietnamese Government has transparent and consistent policies in order to attract Korean investment./.

July 28, 2022 20:34 UTC

Vietnam seeks to quicken recovery of international tourism

Foreign tourists at a hotel in downtown HCM City (Photo: VNA)- Despite improvement seen in the first quarter of the year, the pace of international travel recovery remains slow since mid-March when Vietnam reopened its borders to international tourism, according to the Vietnam Tourism Association The number of international tourist arrivals reached more than 600,000 in the first half of 2022, making the target of welcoming five million foreign visitors this year more challenging, said Vu The Binh , chairman of the association.In the first six months of this year, domestic travel saw a strong performance, with tourist arrivals jumping to 60.8 million, a 1.9-fold increase compared to the same period last year, he said at a press briefing held on July 25 in Ho Chi Minh City.Domestic visitor arrivals are expected to reach pre-COVID-19 levels of 85 million in October, he said.But domestic travel accounted for only 30% of the tourism sector, which covers inbound, outbound and domestic travel.Government agencies and tourism stakeholders will identify challenges and discuss measures to quicken the recovery of international tourism and the sustainable growth of the tourism sector at a national forum held on August 8, he said.The forum with the theme “New products, new markets” and a national workshop on training tourism human resources are part of a range of activities during the two-day programme entitled “Lien Ket Suc Manh Du Lich Vietnam năm 2022” (Power of Vietnam Tourism Linkages) held August 8-9 at the Independence Palace.The programme will feature an exhibition with 120 booths showing tour packages, travel products and services, and B2B interaction.Organised by the HCM City Tourism Association, the event offers opportunities for tourism businesses to network and take advantage of opportunities for cooperation to accelerate the tourism sector’s recovery from COVID-19.Free entrance to the Independence Palace is offered for visitors during the event./.

July 28, 2022 08:49 UTC

Vietnam Artificial Intelligence Day to kick off this September

Illustrative photo (Source: 2022 Vietnam Artificial Intelligence Day (AI4VN), with its theme spotlighting economic recovery and future shaping, is scheduled to take place in Hanoi on September 22.AI4VN is an annual programme of the Ministry of Science and Technology ( MOST ) since 2018. Its series of events pull together a wide range of stakeholders in the AI community, from policy makers and technology corporations to researchers and university students.A press conference on its 2022 edition held in Hanoi on July 27 informed that the Vietnamese online newspaper VnExpress will coordinate with the Aus4Innovation programme to implement the series. Aus4Innovation is a 10 million AUD development assistance programme being enacted under the Vietnam-Australia innovation partnership.Three discussion sessions on AI solutions in banking-finance, human resources, and production will be held before a plenary one. The sponsorship for AI4VN 2022 aims to help promote and strengthen the development of the country’s AI ecosystem, he added.Bui Thanh Van from VnExpress, who is head of the AI4VN 2022 organising board emphasised the AI Awards 2022 as a highlight of this year.Van said the awards honour outstanding AI products and solutions in business and life. It is open for submissions from July to September.The AI Tech Matching will connect and support the development of potential AI products from the awards and competitions held within the AI4VN 2022’s framework, with total investment amounting to 60,000 AUD./.

July 27, 2022 21:15 UTC

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