An overview of the high-level talks in Hanoi on September 10 between Vietnamese Party General Secretary Nguyen Phu Trong and US President Joe Biden.

Vietnam and US elevate relations to comprehensive strategic partnership

Vietnam and the United States have mutually agreed to elevate their relationship to a comprehensive strategic partnership, focused on peace, cooperation, and sustainable development.

An agreement was successfully reached during a crucial discussion in Hanoi on September 10. The high-level talks were conducted between Vietnamese Party General Secretary Nguyen Phu Trong and US President Joe Biden, who arrived in Hanoi for a significant two-day State visit to Vietnam.

The two leaders expressed their satisfaction with the significant progress in Vietnam – US relations over the years. They acknowledged that the elevation of bilateral ties would yield numerous advantages for both nations and contribute to global well-being, as reported by VOV.

The importance of upholding the guiding principles that have shaped Vietnam – US relations over the years was underscored, with both parties recognizing it as the paramount factor in the advancement of bilateral ties. These principles encompass the complete appreciation of the United Nations Charter and international law, as well as the political institutions, independence, sovereignty, and territorial integrity of each other.

Trong emphasized that the guiding principle for the development of Vietnam-US relations is to break away from the past, bridge differences, foster similarities, and focus on the future. He expressed deep appreciation for the US’s support in building a resilient, independent, self-reliant, and prosperous Vietnam.

He suggested that both nations should continue to foster mutual understanding and actively abide by these guiding principles to ensure the long-term stability of their relations. Furthermore, he emphasized the need to enhance visit exchanges, cooperation, and people-to-people exchanges between the two countries.

The Party leader expressed his support for the promotion of economic, trade, and investment cooperation, as well as inclusive economic growth focused on innovation. He emphasized the crucial role of these elements in shaping the relations and collaboration between the two countries. Additionally, he encouraged the exploration of new avenues for bilateral cooperation in the fields of science and technology.

The Party leader reaffirmed Vietnam’s unwavering foreign policy and expressed deep appreciation for the United States for aligning with Vietnam and ASEAN on the matter of the East Sea. He suggested that the US continue its support and active participation in promoting peace, security, and cooperation, while safeguarding the rights of countries in the East Sea to freedom of navigation and overflight, as well as their legitimate interests.

The speaker emphasized once more the importance of peaceful dispute resolution among involved parties, the implementation of the Declaration on the Conduct of Parties in the East Sea (DOC), and the timely adoption of an effective Code of Conduct (COC) in line with international law, including the 1982 United Nations Convention on the Law of the Sea.

During the interaction, Biden praised Vietnam’s significant contributions to addressing regional and global challenges, particularly emphasizing their efforts in combatting climate change. He also expressed his admiration for Vietnam’s noteworthy advancements in various sectors, such as the electronics industry, climate change mitigation, and the promotion of clean energy.

The President expressed his firm backing for ASEAN’s pivotal role and his intention to collaborate with Vietnam in advancing ASEAN’s unity and prosperity. He reiterated the United States’ stance on the East Sea, underscoring its significance in promoting global stability and prosperity. Additionally, the President highlighted the vital role of the United States in achieving the objectives of the Indo-Pacific Economic Framework for Prosperity (IPEF).

The leaders reached a mutual understanding that the substantive outcomes of the discussions and President Joe Biden’s visit to Vietnam will have a positive impact on the advancement of bilateral relations in the coming era, benefiting both nations. These efforts are aimed at promoting peace, stability, and sustainable development.

After the discussions, the two leaders conducted a press briefing to announce the outcomes of their talks.

Lao Minister Declares Best Time in History for Laos-Vietnam Relationship

Lao Minister of Planning and Investment, Khamjane Vongphosy, has stated that the relationship between Laos and Vietnam is currently at its peak, with significant expansion in various areas.

The assessment was made by the Minister, who serves as the head of the Lao-Vietnam Cooperation Committee, in an interview conducted with the Vietnam News Agency. This interview focused on the economic cooperation between the two countries in recent times.

According to him, both countries have a longstanding tradition of cooperation and mutual support. This partnership has been evident during their respective struggles for independence and national unification, as well as their ongoing efforts towards national defense, construction, and development.

Minister Khamjane acknowledged that, thanks to the strong leadership of both Parties and States, as well as the active collaboration between ministries, agencies, and localities of both countries, significant progress has been made in the implementation of the 10-year cooperation strategy (2021-2030), the five-year cooperation agreement (2021-2025), and respective cooperation plans. This concerted effort has greatly contributed to maintaining political stability, ensuring national defense and security, and fostering socio-economic development in each country. Additionally, it has further strengthened the deep friendship, special solidarity, and comprehensive cooperation between the two nations.

Lao Minister of Planning and Investment Khamjane Vongphosy (Photo: VNA)

The Vietnamese Government has provided significant aid to Laos, with one third of the aid being dedicated to human resources development. The remaining portion of the aid has been allocated to various projects in fields such as poverty reduction.

The minister emphasized the strong bilateral economic partnership, as evidenced by the continuous growth of two-way trade. Additionally, Vietnamese companies have successfully implemented over 400 investment projects in Laos, making significant contributions to the overall socio-economic development of the country. These investments have particularly benefited infrastructure, transportation, social welfare, education, and culture in remote and underprivileged areas. As a result, the living conditions of local residents have gradually improved.

According to VNA, Khamjane has stated that efforts have been made to strengthen the connectivity between the economies of the two countries. This includes areas such as trade, investment, finance, transport infrastructure, energy, telecommunications, and tourism. The goal is to foster collaboration and growth not only between these two countries but also with other nations in the region.

The minister emphasized that the two nations have been actively promoting investment from Vietnamese businesses in Laos. These efforts have primarily focused on attracting corporations with strong financial capabilities and expertise in various sectors such as clean agriculture, processing industry, clean energy, cultural tourism, and nature conservation.

The speaker emphasized that the Lao Government places great significance on enhancing the investment and business environment by simplifying the licensing process. This effort aims to provide a favorable platform for Vietnamese investors to successfully invest and extend their production operations in Laos.

Vietnam to Participate in Eastern Economic Forum 2023 in Russia

The eighth edition of the Eastern Economic Forum commenced on September 10 in the city of Vladivostok, Russia, attracting around 7,000 attendees including politicians, business executives, and prominent individuals from 50 countries across the globe.

The Vietnamese delegation was headed by Deputy Minister of Planning and Investment, Do Thanh Trung.

An overview of a panel discussion of the eighth Eastern Economic Forum on September 10. (Photo: VNA)

The theme of this year’s forum is “The Path to Partnership, Peace, and Prosperity.” It showcases Russia’s commitment to fostering positive relationships and engaging in inclusive dialogue with foreign partners in the Asia-Pacific region.

In a congratulatory letter addressed to the forum, Russian President Vladimir Putin emphasized the significant opportunities provided by this esteemed international event for politicians, business leaders, public figures, and experts from across the globe to actively engage in direct dialogues.

According to VOV, the forum aims to explore and tackle the crucial challenges surrounding socio-economic and infrastructure development in the Russian Far East, as well as its seamless integration into the expansive Asia-Pacific region.

The main focus of the discussions will be on exploring opportunities for expanding cooperation in various areas, such as trade, investment, science and technology. The goal is to identify strategies to establish new and highly efficient production and logistics chains, as well as to modernize transportation and energy systems. Additionally, measures will be discussed to ensure food and environmental security in the region.

On September 12, President Putin will be attending the plenary session alongside Vice President of Laos, Pani Yathotou.

E-Commerce Cashless Payments Expected to Make up Half of Transactions by 2025

The Ministry of Industry and Trade (MoIT) has announced an ambitious goal to raise the proportion of cashless payments in e-commerce, particularly e-payments facilitated by payment intermediaries or applications, to 50% by the year 2025.

The Ministry has established ambitious targets for non-cash payment in e-commerce activities as part of its initiatives to implement the national plan on e-commerce development.

In order to achieve our objectives, we aim to increase the proportion of non-cash payments in e-commerce transactions conducted through payment intermediary service providers to 80% by 2025.

According to the Center for Information and Digital Technology (CID) under the Ministry of Industry and Trade’s E-commerce and Digital Economy Agency (iDEA), the center is actively working on implementing a range of solutions and developing infrastructure facilities to encourage non-cash payments. This includes the establishment of the National E-commerce Payment System, also known as Keypay.

The center will conduct research and development activities to create a secure payment system for e-commerce. This system will be based on the commercial arbitration (ESCROW) method, aimed at safeguarding both consumers and sellers during non-cash payment transactions.

The center has developed a system to enhance transaction security in e-commerce activities and protect the rights of consumers and all parties involved in online transactions. This system aims to ensure the safety and protection of online payment transactions.

According to projections, the use of ESCRO for e-payments is expected to increase, while the utilization of cash-on-delivery (COD) payment is anticipated to decline.

According to a report by the Vietnamese News Agency (VNA), significant emphasis will be placed on enhancing reliability and trust in transactions. Efforts will be made to effectively resolve disputes by establishing a transparent legal framework. This approach aims to safeguard the interests of buyers and sellers alike.

Cashless payments in e-commerce to account for 50% by 2025. (Photo: tapchitaichinh.vn)

The center reported that a considerable portion of non-cash payment transactions is currently being carried out without the involvement of intermediary payment service providers, such as bank transfers, cash deposits at service counters, and postal money transfers.

The potential risks associated with consumer transactions are concerning since sellers may refuse returns or fail to address issues with goods/services. This lack of protection hinders consumers’ ability to voice complaints and seek resolution in such transactions.

There are three primary factors driving the need for cash in e-commerce: consumer shopping habits, consumer distrust of e-payment infrastructure, and a lack of comprehensive measures to protect both buyers and sellers in non-cash transactions.

Can Tho City Launches Vietnam-Singapore Industrial Park Project

VSIP Can Tho encompasses a vast area of 900 hectares, with the initial phase of the project covering more than 293 hectares and requiring a substantial investment of over VND3.7 trillion (equivalent to US$153.8 million).

According to a report by NDO, it is projected that after the first phase is completed, VSIP Can Tho will generate employment opportunities for approximately 20,000 – 30,000 individuals.

Delegates press the buttons to launch the project.

During the commencement ceremony, VSIP Can Tho entered into a Memorandum of Understanding with 12 investors for land leases and business cooperation.

Seventh Industrial Park in Can Tho

The Seventh Industrial Park in Can Tho is the latest addition to the city’s industrial park network. With six existing industrial parks already operating at a 68% occupancy rate, hosting 256 projects and employing over 43,000 workers, this new park presents exciting opportunities for businesses and job creation.