Indonesian Businesses Showing Interest in Exploring Vietnamese Market

On Tuesday (Aug. 7), Vietnam’s top legislator Nguyen Thi Kim Ngan attended an external policy forum in Jakarta, Indonesia, which witnessed the keenness of Indonesian businesses to explore the Vietnamese market. Furthermore, businesses benefitted from the recovery of the tourism sector, but risks still remain. Finally, a range of activities was held to mark the 10th anniversary of the Vietnam-Thailand strategic partnership.


Vietnam News Today (August 7) Notable Headlines

Top legislator attends external policy forum in Jakarta

Indonesian Businesses Interested in Exploring the Vietnamese Market

As tourism begins to recover from the impact of the global pandemic, businesses in the tourism industry are starting to see some positive trends. However, it is important to acknowledge that there are still risks and challenges that need to be addressed.

One of the key benefits for businesses is the increase in customer demand. People are eager to travel and explore new places as restrictions are lifted and vaccination rates rise. This increase in demand creates opportunities for businesses to attract more customers and generate revenue.

Additionally, the recovery of tourism also leads to job creation. As businesses in the tourism industry start to reopen and expand their operations, they are hiring more employees to meet the growing demand. This is especially crucial as the pandemic has caused significant job losses in the sector.

However, it is important for businesses to remain cautious and prepared for potential risks. The tourism industry is still vulnerable to unforeseen challenges, such as new variants of the virus or changes in travel restrictions. It is crucial for businesses to have contingency plans in place and adapt to changing circumstances.

Furthermore, businesses should also consider the long-term sustainability of tourism. The pandemic has highlighted the need for a more sustainable and resilient tourism industry. Businesses that prioritize sustainability and responsible practices are likely to attract more customers and create long-term value.

In conclusion, while businesses in the tourism industry are benefiting from the recovery, it is important to remain mindful of the risks and challenges that still exist. By staying cautious, prepared, and sustainable, businesses can navigate the uncertainties and thrive in the post-pandemic tourism landscape.

Significant Activities Mark 10th Anniversary of Vietnam-Thailand Strategic Partnership

The 10th anniversary of the strategic partnership between Vietnam and Thailand was celebrated with a series of important activities. These activities highlighted the strong and comprehensive cooperation between the two countries over the past decade.

One of the key events was the Vietnam-Thailand Business Forum, which brought together business leaders from both countries to explore new opportunities for trade and investment. The forum was a platform for dialogue and networking, and aimed to promote bilateral economic ties.

Another highlight was the cultural exchange program, which showcased the rich heritage and traditions of both Vietnam and Thailand. The program included performances, exhibitions, and workshops that allowed people from both countries to learn more about each other’s culture.

In addition, a high-level government delegation from Thailand visited Vietnam to strengthen political ties and discuss important issues of mutual concern. The visit included meetings with Vietnamese government officials, as well as cultural and diplomatic events.

The 10th anniversary of the strategic partnership between Vietnam and Thailand provided an opportunity to reflect on the achievements of the past decade and set the agenda for future cooperation. The activities organized during this milestone year served to deepen the friendship and enhance the cooperation between the two countries.

Vietnamese actress awarded “Best Supporting Actress” at AIFFA 2023

The governments of Vietnam and Venezuela have recently taken steps to strengthen their cooperation in matters related to ethnic affairs. This collaboration aims to foster mutual understanding and support between the two nations in addressing the needs and challenges faced by their respective ethnic communities. Through shared knowledge and experiences, Vietnam and Venezuela seek to promote inclusivity, equality, and cultural preservation among their diverse populations. This partnership signifies a commitment to social progress and harmony, and highlights the importance of intercultural dialogue and cooperation on a global scale.

The Chairman of the Vietnamese National Assembly Welcomes the Governor of Jakarta

Vietnam’s rice export prices have reached a 15-year high

Vietnam’s engineering unit is set to deliver approximately 300 tonnes of supplies to Abyei.

Vietnamese National Assembly Chairman Vuong Dinh Hue addresses a external policy forum in Jakarta, Indonesia, on August 5.
Vietnamese National Assembly Chairman Vuong Dinh Hue addresses a external policy forum in Jakarta, Indonesia, on August 5.

DPR Speaker Joins External Policy Forum in Jakarta

In order to preserve a blue sky, foster a tranquil environment, and promote prosperity for future generations, it is essential for all nations to collaborate in establishing a regional framework that prioritizes inclusivity and stability, with a strong emphasis on connectivity in various domains such as politics, security, economy, trade, culture, society, and people-to-people exchange. This endeavor must be conducted in accordance with the principles outlined in the UN Charter and international law, as emphasized by the esteemed leader of Vietnam.

During an external policy forum held in Jakarta on August 5, the Chairman of the National Assembly of Vietnam, Vuong Dinh Hue, emphasized the crucial role that security and prosperous development in the Asia-Pacific and Indian Ocean regions play in the overall security and prosperity of all nations worldwide.

Accordingly, during its nearly six decades of establishment and growth, ASEAN has encountered numerous challenges. However, the organization has never been more poised for success than it is at present.

The speaker emphasized the importance of the group relocating, brainstorming, fostering independence, and pooling resources to promote community development.

The Chairman of the National Assembly of Vietnam recommended that the association should prioritize three key principles of “unity” in order to foster flexibility and creativity.

First and foremost, it is imperative for ASEAN to uphold the principle of unity by maintaining a strategic balance in its relations with partners. This entails ensuring that ASEAN remains independent and self-reliant, avoiding any circumstances in which it could be manipulated or divided for the sake of confrontation. The goal is to establish a strong and cohesive ASEAN that truly embodies these principles.

ASEAN maintains unity through a common stance on important security and development issues in the region. This includes protecting and upholding the ASEAN Charter and following the principles of the “ASEAN style”. In light of the complex developments in the East Sea that pose risks of tension, it is imperative for ASEAN to remain united and committed to promoting dialogue and peaceful dispute resolution. This involves ensuring maritime and aviation security, safety, and freedom, as well as fully implementing the Declaration on the Conduct of Parties in the East Sea (DOC). Additionally, ASEAN should expedite negotiations for a Code of Conduct in the East Sea (COC) in accordance with international law, particularly the 1982 UN Convention on the Law of the Sea (UNCLOS).

At a recent event, the Chairman of the National Assembly, Mr. Hue, emphasized the importance of ASEAN’s support for Myanmar in effectively implementing the “Five-Point Consensus”. He reassured that Vietnam fully backs the role of Indonesia as the ASEAN Chair and the ASEAN Special Envoy in directing positive efforts towards achieving this objective within ASEAN.

According to the Vietnam News Agency (VNA), the third point highlighted by the Vietnamese top legislator is the importance of unity in community building. This is exemplified by prioritizing the needs and well-being of the people, with a focus on their active participation and as the driving force behind community development.

The speaker highlighted the importance of enhancing connections among institutions, infrastructure, and people to maximize development potential and foster mutual support in furthering engagement within regional and global supply chains.

In terms of collaboration between Vietnam and Indonesia, Hue emphasized the significance of enhanced cooperation, highlighting its potential for bolstering ASEAN’s overall impact and achievements.

Vietnam consistently upholds “peace, harmony, and friendship” as fundamental principles in its foreign policy, as stated by Hue.

Hue emphasized the crucial role of parliamentary diplomacy and announced Vietnam’s upcoming hosting of the IPU Global Young Parliamentarians Conference in September. He expressed his hope for the support and participation of the parliaments of AIPA member countries and their partners in this event.

During the forum, the Chairman of the National Assembly, Mr. Hue, engaged in meaningful discussions regarding the long-standing friendship between Vietnam and Indonesia. Key talking points included their strategic partnership, potential for collaboration, and the influential role of parliamentary diplomacy in enhancing cooperation and fostering connections between their respective populations.

On the same day, Chairman Hai of the National Assembly (NA) also attended and delivered a speech at the Vietnam-Indonesia forum, which focused on policies and laws to enhance economic, trade, and investment cooperation. This event, organized by the NA’s Finance and Budget Committee, Economic Committee, and the Ministry of Industry and Trade of Vietnam, in partnership with the Indonesian Chamber of Commerce and Industry (KADIN), attracted around 200 business representatives, including approximately 170 Indonesian companies.

Exploring possibilities in the Vietnamese market: Indonesian businesses show interest

Approximately 200 businesses, consisting of 170 Indonesian firms, actively participated in the Vietnam-Indonesia forum held in Jakarta on August 5. The primary focus of the event was the exploration of policies and laws aimed at advancing economic, trade, and investment cooperation between the two nations.

During his visit to Jakarta, Vietnamese National Assembly Chairman Vuong Dinh Hue took the opportunity to provide business executives with an overview of Vietnam’s promising development potential. Highlighting the country’s impressive economic growth rate of over 6% per year, he emphasized its enticing market of over 100 million consumers and its appeal as a desirable tourist destination.

Vietnam considers the foreign-invested economic sector to be a vital component of its economy. To date, it has successfully attracted 37,000 FDI projects, amounting to a substantial investment of nearly US$450 billion. As a result, Vietnam has emerged as one of the top 20 countries in the world in terms of FDI attraction, as reported by VOV.

Representatives of Vietnamese and Indonesian businesses sign a cooperation deal at a joint business forum in Jakarta, Indonesia, on August 5. (Photo: VNA)
Representatives of Vietnamese and Indonesian businesses sign a cooperation deal at a joint business forum in Jakarta, Indonesia, on August 5. (Photo: VNA)

Indonesia holds the position of Vietnam’s third largest trading partner within ASEAN, boasting a commendable international ranking as the 30th largest investor. With a two-way trade turnover surpassing US$14 billion in the year 2022, it is projected to achieve an impressive US$15 billion target by the year 2028.

Hue emphasized that the National Assembly and the Government of Vietnam are committed to continuously enhancing their legal system and economic institutions, in order to foster a favorable investment and business climate that facilitates efficient operations for both domestic and foreign companies.

The future of the Vietnam-Indonesia cooperation relationship relies heavily on the proactive, innovative, and efficient collaboration among businesses. It is essential to actively shape the future through our actions, as emphasized by Hue.

During the forum, delegates had the opportunity to witness the signing of a business and economic cooperation agreement between Vietnam National Shipping Lines, Black Diamond Resources Company, Sinar Multi Surya Cemerlang Company, and Virema Impex Company. This agreement focuses on the supply and transportation of coal and rice, symbolizing a significant milestone in their collaboration.

At the event, attendees were delighted to witness the inauguration of a new direct flight route connecting Ho Chi Minh City in Vietnam with Jakarta in Indonesia, which will be operated by VietJet Air.

The Comeback of Tourism: Rewards for Businesses but Risks Ahead

The robust revival of the tourism sector has greatly contributed to the profitability of businesses operating in the industry. Nonetheless, potential risks, such as economic downturns, elevated interest rates, and interest-related expenditures, continue to impact corporate earnings.

Hoi An Tourism and Service Joint Stock Company (HOT), the oldest hotel operator in Hoi An, has experienced a significant growth in both revenue and profit. In the second quarter, HOT reported a revenue of VNĐ23.3 billion, marking a substantial increase of 2.7 times compared to the previous year. Furthermore, the company achieved a profit after tax of VND720 million in the first half of this year, displaying a remarkable turnaround from a loss of VND11.69 billion during the same period in the previous year.

HOT’s business operations have exhibited a significant rebound following a three-year period of losses spanning from 2020 to 2022. Throughout this challenging period, the company incurred consecutive net losses amounting to over VND61.3 billion. Moreover, as of the conclusion of 2022, HOT encountered additional financial strain as its short-term debt surpassed current assets by VND22.8 billion.

The listing of HOT stock on the HCM Stock Exchange was cancelled due to three consecutive years of losses. On April 27, eight million HOT shares were delisted from HoSE. However, on May 12, the stock began trading again on UPCoM, but experienced a significant decrease in liquidity, as reported by VNS.

Six Senses Ninh Vân Bay resort developed by Ninh Vân Bay Tourism Real Estate Joint Stock Company (NVT) — Photo
Six Senses Ninh Van Bay resort developed by Ninh Van Bay Tourism Real Estate Joint Stock Company (NVT). Photo:

Ninh Van Bay Tourism Real Estate Joint Stock Company (NVT), renowned for its opulent resorts, has reported impressive financial results for the first half of the year. Despite facing a loss of VND12.9 billion in the previous year, NVT has successfully turned its fortunes around, achieving a remarkable profit after tax of VNĐ7.2 billion. The company attributes this success to the promising recovery of the domestic tourism sector, which has exhibited positive signs for the year 2023.

Profit Erosion

According to the recent financial report, Thanh Thanh Cong Tourism Joint Stock Company – TTC Hospitality (VNG) reported a 31% decline in profit after tax compared to the corresponding period of the previous year, with a total of VND7.79 billion. In the same period last year, the company had achieved a profit of over VND11.3 billion.

The company stated that amidst the global economic recession, profits were significantly impacted by the surge in interest rates and the increase in corporate income tax expenses.

VNG operates a comprehensive hotel system featuring renowned brands such as TTC Hotel, Imperial Hotel, and three exceptional resorts, namely TTC Resort – Ke Ga, TTC Resort – Ninh Thuan, and TTC Resort – Doc Let. Our system also encompasses two state-of-the-art conference centers, two captivating amusement parks, and six exquisite restaurants, providing an unforgettable experience for our esteemed guests.

In the first half of the current year, TTC Hospitality generated a profit of VNĐ1.1 billion, representing approximately 50% of the total profit achieved in the previous year. The surge in interest expenses has had a significant impact on the company’s profitability. Within this period, TTC Hospitality disbursed VND72.5 billion in loan interest payments, which is an increase of VND20 billion compared to the previous year. The interest rates on the short-term loans fluctuate between 8.5% and 12.7% per annum, whereas the long-term loans carry an interest rate ranging from 8.5% to 15.78% per annum.

The liabilities have also witnessed a significant increase of over VND256 billion since the beginning of the year, primarily attributed to the rise in long-term debt.

Celebrating 10 Years of Vietnam-Thailand Strategic Partnership

The Consulate General of Vietnam in Khon Kaen, in cooperation with the authorities of Nakhon Phanom province and the Association of Thai People of Vietnamese Origin in the province, hosted a ceremony on August 6th to commemorate the 47th anniversary of diplomatic relations and the 10th anniversary of the strategic partnership between Vietnam and Thailand.

Prior to the commencement of the opening ceremony, the delegates respectfully paid homage by offering incense at the President Ho Chi Minh Monument situated in Nong Yat commune, Nakhon Phanom.

According to a report by VNA, Consul General Chu Duc Dung emphasized in his opening statement that Vietnam and Thailand have actively worked together to strengthen their bilateral relationship in various areas. He highlighted the importance of building a cooperative partnership based on trust, equality, and mutual benefits.

Delegates pose for a photo in front of the Thailand - Vietnam exhibition area in the Thai-Vietnamese Friendship Village in Nakhon Phanom. (Photo: VNA)
Delegates pose for a photo in front of the Thailand – Vietnam exhibition area in the Thai-Vietnamese Friendship Village in Nakhon Phanom. (Photo: VNA)

Thailand has emerged as a key partner of Vietnam within the Association of Southeast Asian Nations (ASEAN). The two nations have consistently engaged in high-level visits and exchanges, fostering strong cooperation and mutual support in regional and global forums, particularly within ASEAN and the Mekong sub-region. This collaboration has played a pivotal role in the development of a peaceful, stable, and prosperous ASEAN.

Governor of Nakhon Phanom province, Wanchai Chanporn, expressed his agreement on the matter, stating that Thailand and Vietnam have enjoyed a strong and close relationship at both the bilateral level and within the ASEAN Community framework ever since the two countries elevated their ties to a strategic partnership a decade ago.

Delegates recently gathered for the official inauguration ceremony of the water tower and solar power system in Khon Kaen province. This project has been funded and supported by various overseas Vietnamese business families. Its main purpose is to provide electricity and water for the President Ho Chi Minh Monument and the Thai-Vietnamese Friendship Village. Additionally, a project aimed at renovating the Thailand-Vietnam exhibition area within the village was also announced during the ceremony.

A program was conducted on the same day to deliberate on trade cooperation and cross-border trade in the Northeastern region of Thailand, connecting with Laos and Vietnam.

Vietnamese Actor Receives “Best Supporting Actress” at AIFFA 2023

The film explores the issue of domestic abuse by centering around the funeral of a grandfather. The plot revolves around the family’s belief that they have inherited a significant fortune.

Kim B, born in 1989 in Bien Hoa City, Dong Nai province, is a talented makeup artist who has transitioned into a successful career in the entertainment industry.

Kim B has had the opportunity to showcase her makeup skills in renowned film projects such as Kong: Skull Island, directed by Jordan Roberts. Notably, her debut role in the film Brilliant Night as Kim Bao marks an important milestone in her career.

The film centers around the sensitive topic of domestic abuse and revolves around the funeral of a grandfather. It portrays the story of his family members, who harbor the belief that they have inherited a substantial fortune. However, the plot takes a surprising turn when the children realize that their father had squandered the supposed inheritance through gambling. As if that were not enough, they now find themselves in grave danger as the mafia seeks to collect the debt. To avoid dire consequences, they must find a way to repay the debt before sunrise, or face yet another tragic funeral. This information has been reported by VNS.

Director Aron Toronto (second from right) and screenwriter Nhã Uyên (first from right) receive the award on behalf of Kim B. Photo courtesy of AIFFA
Director Aron Toronto (second from right) and screenwriter Nha Uyen (first from right) receive the award on behalf of Kim B. Photo courtesy of AIFFA

The prestigious “Best Film” award at AIFFA 2023 was presented to Barbarian Invasion, a film directed by the talented Chui Mun Tan from Malaysia. This achievement follows its previous recognition as the recipient of the Jury Grand Prix at the 24th Shanghai International Film Festival Golden Goblet Awards in 2021.

AIFFA 2023 awarded the prestigious “ASEAN Inspiration” accolade to Bi Rain, a renowned actor and musician hailing from the Republic of Korea.

A total of 120 films were submitted to the AIFFA 2023 from filmmakers from various countries in the region. After careful consideration, the jury selected 34 films to participate in the official competition round.

Hong Anh, an esteemed actress and director, proudly represents Vietnam as part of the distinguished jury at the festival. She joins other esteemed jury members such as U-Wei Bin Haji Saari from Malaysia, Ihsan Nurullah Kabil from Turkey, Viva Westi from Indonesia, and Effendee Mazlan from Malaysia.

Two Vietnamese films, Memento Mori: Dat (Memento: Earth) and The Brilliant Darkness, have received nominations in four categories at the AIFFA 2023.

Nguyen Hai Yen and Tran Ngoc Khuyen from Memento Mori: Dat have been nominated for Best Actress and Best Director of Cinematography, respectively. Additionally, Nha Uyen and Kim B from The Brilliant Darkness received nominations for Best Screenplay and Best Supporting Actress.

Rosie Nguyen