Vietnam News Today (Oct. 17): Vietnam Accompanies OECD to Make Contributions to the Region

Vietnam News Today (Oct. 17): Vietnam’s e-commerce market to reach US$40 bln by 2027; Vietnam accompanies OECD to make contributions to the region; Vietnam and Singapore exploit potential cooperation; Vietnamese agricultural products are on display int’l food trade show in Paris.

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Vietnam News Today (Oct. 17) notable headlines

Vietnam’s e-commerce market to reach US$40 bln by 2027

Vietnam accompanies OECD to make contributions to the region

Vietnam and Singapore exploit potential cooperation

Vietnamese agricultural products are on display int’l food trade show in Paris

Dialogue on war legacies and peace in Vietnam, Laos, Cambodia held in US

Vietnamese cultural day takes place in Sydney

9,500 cyber-attacks recorded in nine months

Standard Chartered raises Vietnam’s 2022 GDP growth forecast to 7.5%

Removal of fishing “yellow card” an urgent task: Deputy PM

Vietnam’s e-commerce market is predicted to record the growth of 28% by 2027, SYNC Southeast Asia report shows - Photo: Bain & Company and Meta
Vietnam’s e-commerce market is predicted to record the growth of 28% by 2027, SYNC Southeast Asia report shows – Photo: Bain & Company and Meta

Vietnam’s e-commerce market to reach US$40 bln by 2027

Vietnam’s e-commerce market is predicted to record the growth of 28%, the highest rate among Southeast Asian nations, and reach US$40 billion by 2027.

This is part of the SYNC Southeast Asia report-Southeast Asia’s digital consumers: A new stage of evolution, released by Bain & Company and Meta.

According to the report, the average contribution of e-commerce to total retail in Vietnam has continued to grow at 15% over the past year with the online share to total retail standing at 6%.

Within the past year, the Southeast Asian nation recorded an additional 4 million digital consumers making online purchases.

Especially, eight out of every ten people of working age are now digital consumers. This means that the nation has 60 million digital consumers.

In the post-pandemic period, 10% of Vietnamese respondents to the report’s survey had moved at least one of their shopping categories from offline to online, cited VGP.

The value of online shopping increased from US$45 in 2021 to US$50 in 2022, the report says.

SYNC Southeast Asia’s research is done through surveys on approximately 16,000 digital consumers and interviews with over 20 customer experience managers in six Southeast Asian countries, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

Vietnam accompanies OECD to make contributions to the region

The year 2022 marks an important milestone in Vietnam’s relationship with the Organization for Economic Cooperation and Development (OECD) when Vietnam assumed a co-chair of OECD’s Southeast Asia Regional Program (SEARP) for the first time during the 2022-2025 period.

This is also the first year the two sides implement the Memorandum of Understanding on enhancing cooperation during the 2022-2026 period, opening a new chapter to promote the relations between Vietnam and the OECD more effectively and substantively.

Founded in 1961, the OECD now has 38 members, mostly developed countries stretching from North and South America to Europe and the Asia-Pacific. The OECD’s mission is to make policies that promote prosperity, equality, opportunity and happiness for all.

The OECD has become a forum where policymakers, experts and people discuss, exchange experiences, and give advice to set international standards to find solutions for a wide range of social, economic and environmental challenges.

Vietnam and the OECD have cooperated closely, substantively and effectively for many years. Officially becoming a member of the OECD Development Center in 2008, Vietnam is also a member of the OECD’s working party on aid effectiveness. The two sides have developed and implemented bilateral plans for the 2012-2015 and 2016-2020 periods. In 2018, Vietnam co-chaired.

Vietnam and Australia officially took over the role of co-chairs of SEARP for 2022-2025 tenure. Source: VNA
Vietnam and Australia officially took over the role of co-chairs of SEARP for 2022-2025 tenure. Source: VNA

Two important events held jointly by Vietnam and the OECD in Hanoi were the OECD Southeast Asia Regional Forum in 2016 and the 10th Regional Conference of the Anti-Corruption Initiative for Asia-Pacific in 2019, according to WVR.

During the 2019-2020 period, Vietnam cooperated with the OECD to develop a report on the “Multi-dimensional assessment of Vietnam”. It was considered a sophisticated document that was valuable and useful for the building of the draft of the 10-year socio-economic development strategy (2021-2030) and the 5-year socio-economic development plan (2021-2025) in Vietnam.

The cooperation between Vietnam and the OECD and its member countries has been deepening. Vietnam has exploited experiences, policy advice and supports from the OECD and its members in realizing the goals of international integration, transforming growth models, deeply participating in global value chains, expanding export markets and attracting investment and foreign resources for the country’s socio-economic development.

On the occasion of Prime Minister Pham Minh Chinh’s visit to France in November 2021, Vietnam and the OECD signed a Memorandum of Understanding on strengthening cooperation for the 2022-2026 period, creating a solid foundation for the two sides to continue to implement the agreements more effectively.

The OECD officially announced the SEARP in 2014 at the initiative of Japan, aiming to support the process of economic reform, boost sustainable and inclusive growth and promote the integration and connectivity of countries in Southeast Asia. An OECD member country and a non-member country will serve as the SEARP’s co-chairs.

At the 8th meeting of the SEARP Coordination Committee in December 2021, Vietnam and Australia were nominated to hold the position of SEARP co-chairs for the 2022-2025 tenure. The OECD’s invitation affirmed the organisation’s recognition of Vietnam’s role and position in the region and its contributions to SEARP while expressing members’ belief that Vietnam can effectively connect the OECD with the region in areas of common interest.

Vietnam will chair the OECD-Southeast Asia Summit in Hanoi, as the co-chair of SEARP for the 2022-2025 tenure. Delegates and senior officials from 38 OECD member countries, Southeast Asian countries and international organizations, business associations and economic experts will attend the event. This is an opportunity for Vietnam to promote the OECD-Southeast Asia relationship, contributing to the region’s economic recovery and development. The event hosted by Vietnam will also send a message about Vietnam’s policy towards building an independent and self-reliant economy, associated with proactive and active international integration.

Vietnam and Singapore exploit potential cooperation

Over nearly half a century, the Vietnam – Singapore relationship has grown deeply and substantially, achieving many important achievements in many fields, notably economic cooperation.

On that basis, the two countries are making efforts to exploit cooperation potential in new fields, contributing to creating momentum for developing their relations deeper and more effective.

Vietnam and Singapore officially established diplomatic ties in 1973. After being lifted to a strategic partnership in 2013, the two country’s relations have increasingly been consolidated and developed strongly. In recent years, their long-standing friendship and cooperation have continued to be developed. To orient the overall cooperation between the two sides in all fields, Vietnam and Singapore have regularly held many meetings and exchanges for delegations at all levels.

In addition, bilateral cooperation mechanisms have also been maintained flexibly and effectively, contributing to strengthening the development of their cooperation, even in the context of the Covid-19 pandemic.

VSIP has become a symbol of economic cooperation between Vietnam and Singapore. Photo: congthuong.vn
VSIP has become a symbol of economic cooperation between Vietnam and Singapore. Photo: congthuong.vn

Economic cooperation between Vietnam and Singapore is a bright spot, bringing many practical benefits to both countries. Despite being affected by the pandemic, trade turnover between the two countries still reached US$8.3 billion in 2021. As of August 2022, bilateral trade turnover reached US$6.3 billion, up 16.8% over the same period in 2021. As two complementary economies, Vietnam and Singapore have a lot of cooperation potential towards the recovery and development following the Covid-19 pandemic.

Singapore is the leading investor in Vietnam, with 2,959 valid projects and total registered investment capital of US$69.86 billion. The “lion island” nation continues to be Vietnam’s largest investor in ASEAN and ranks second among countries and territories conducting investment in Vietnam, reported NDO.

The Vietnam-Singapore Industrial Parks (VSIP) has become a symbol of successful economic cooperation between the two countries, with a total registered investment capital of about US$18.1 billion. The VSIPs have also created jobs for nearly 300,000 direct workers. The two sides have been promoting the expansion and development of the VSIP model towards smart and high-tech industrial parks.

Regarding defence-security cooperation, the two sides have maintained high-level delegation exchanges and existing dialogue and cooperation mechanisms. To strengthen friendship and mutual understanding, the two countries have paid great attention to promoting people-to-people exchanges and cooperation in the fields of culture, education and training. During the fight against Covid-19, Vietnam and Singapore supported each other with many medical supplies and equipment, making practical contributions to the efforts to repel the pandemic. Their cooperation in many other aspects such as finance-banking and natural resources and the environment has continued to be enhanced.

Along with bilateral cooperation, Vietnam and Singapore have also supported each other and worked closely at multilateral organisations and forums, such as the United Nations, the Association of Southeast Asian Nations (ASEAN) and the Asia-Pacific Economic Cooperation (APEC). They have actively contributed to the peace, stability, cooperation and development of the region. Both countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

Vietnam and Singapore are striving to make effective use of the benefits from these agreements to promote the post-pandemic economic recovery and development of each country, as well as the region.

During recent high-level visits, leaders from the two countries agreed on the direction for future cooperation in several areas including digital economy, digital transformation, regional and global supply chain connectivity, green economy and sustainable development. Their efforts in exploiting new cooperation opportunities and fostering cooperation in traditional fields are expected to nurture the strategic partnership between the two nations.

The results obtained from their joint efforts will mark more important cooperation milestones, especially in the context that Vietnam and Singapore are looking forward to the 50th anniversary of their diplomatic ties and the 10th anniversary of their strategic partnership in 2023.

Vietnamese agricultural products are on display int’l food trade show in Paris

Vietnamese agricultural products are on display at Sial Paris 2022, an international food trade show underway in Paris, France from October 15 to 19.

Vietnamese agricultural goods, such as honey, pepper, cashew nut, vegetables, rice and rice-made products, are on display at Sial Paris 2022, an international food trade show underway in Paris, France.

Vietnamese agricultural products are on display at Sial Paris 2022, an international food trade show underway in Paris, France from October 15 to 19. Source: VNA
Vietnamese agricultural products are on display at Sial Paris 2022, an international food trade show underway in Paris, France from October 15 to 19. Source: VNA

The trade fair is being attended by more than 80 Vietnamese exhibitors, the largest number so far.

In his remarks at the launch of the Vietnam’s section, Vietnamese Ambassador to France Dinh Toan Thang expressed his appreciation for Vietnamese food producers joining this year, helping promote Vietnamese food products globally.

With the help of the EU-Vietnam Free Trade Agreement (EVFTA), meetings and discussions between Vietnamese and French businesses will open new opportunities for both sides, he said.

Vu Ba Phu, Director of the Vietnam Trade Promotion Agency, said this year, Vietnamese exhibitors brought to the trade show more processed products rather than raw ones. They have focused more on product quality, packaging and branding, he explained.

Held annually, Sial Paris is one of the world’s largest and most prestigious trade fairs in food and beverage. This year, the 25-ha event attracts about 7,000 exhibitors from 119 countries all around the world which are putting some 400,000 products on display, cited WVR.

It is expected to welcome around 310,000 visitors from more than 200,000 countries.

Dialogue on war legacies and peace in Vietnam, Laos, Cambodia held in US

The United States Institute of Peace (USIP) hosted a dialogue on war legacies and peace in Vietnam, Laos and Cambodia on October 12 -13 in Washington DC.

This is part of a series of dialogues on the settlement of war consequences and building peace in relations between the US and the three Indochinese countries.

Illustrative image. Photo: VNA
Illustrative image. Photo: VNA

With plenary sessions and symposiums, the event aimed to promote the settlement of war consequences and further strengthen the US’s relationships with Vietnam, Laos, and Cambodia amid new opportunities.

According to the USIP, overcoming war consequences is still an important part of the cooperation relationship between Vietnam and the US.

At symposiums on October 12, experts mentioned issues related to mine action, supporting community and Agent Orange/dioxin victims, searching for missing American soldiers, and a new agreement on cooperation between the two countries in searching for missing Vietnamese soldiers, reported VNA.

Meanwhile, discussion sessions on October 13 focused on placing the Vietnam-US relations in a new context, considering the development of bilateral relations and overcoming war consequences an important content in the new cooperation between the two countries.

The USIP’s initiative to support reconciliation and settlement of war consequences was first held via an online conference in 2019, and after a two-year hiatus due to the Covid-19 pandemic, USIP will continue to maintain annual dialogues to highlight lessons and experience from Vietnam-US relations which can be applied to other parts of the world.

Rosie Nguyen