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AT A GLANCE

VIETNAM - CHINA TIES NA CHAIRMAN VISITS NORTHERN NEIGHBOR

During his official six-day visit to China, which started on April 7, also met with leaders from many major
National Assembly Chairman Vuong Dinh Hue held separate Chinese corporations and businesses, includ-
meetings with General Secretary of the Communist Party of China ing the China Railway Construction Cor-
(CPC) Central Committee and Chinese President Xi Jinping, poration (CRCC), the China Communica-
Chairman of the Standing Committee of the National People’s tions Construction Company (CCCC), Energy China, the China
Congress (NPC) of China Zhao Leji, and other high-ranking International Energy Group, the TCL Technology Group Corp.,
leaders in the host country. The two sides reached common the Tianneng Group, the Texhong Group, the ZTE Corporation,
agreement on further strengthening the comprehensive strategic and the China Pacific Construction Group (CPCG), among others.
cooperative partnership. NA Chairman Hue also attended a policy He encouraged Chinese corporations to make additional investments
and law forum in Shanghai held to promote investment and trade in Vietnam, thus contributing to boosting the economic cooperation
ties between Vietnam and China. During his stay, the NA Chairman between the two countries.

JOINT TRADE FAIR HELD VIETNAM - LAOS - CAMBODIA - THAILAND COOPERATION

A fair to promote trade, investment, and The fair featured 60 booths from 90 business associations and
tourism between Vietnam, Laos, Cambodia, enterprises from the four countries. Forty-five Vietnamese exhibitors
and Thailand was held from April 10-12 showcased products such as coffee, tea, vegetables, food, drinks,
in Laos’ Champasak province as part of a and handicrafts. Exhibitors also introduced their countries’ tourism
trade, investment, and tourism promotion forum in the locality. destinations and strength and potential to attract investors.

VIETNAM - US AGRICULTURAL COOPERATION FERTILIZE RIGHT PROJECT LAUNCHED
At a workshop in Hanoi on April 9, the Ministry of Agriculture CH4 and N2O will be cut by an annual
and Rural Development and the United States Department of amount equivalent to 56,000 tons of CO2.
Agriculture officially launched the Fertilize Right Project. Led by Addressing the workshop, Deputy Minister
the Plant Protection Department and implemented by the Inter- of Agriculture and Rural Development
national Rice Research Institute, the four-year project is estimated Hoang Trung said the project aims to promote sustainable and
to cost $4.4 million and will be carried out in the three Red River environmentally-responsible agricultural production. Meanwhile,
Delta provinces of Hai Duong, Thai Binh, and Nam Dinh and the US Ambassador to Vietnam, H.E. Marc E. Knapper, said the two
three Mekong Delta localities of Can Tho city and Dong Thap and countries upgrading relations to a Comprehensive Strategic Part-
Soc Trang provinces. More than 2,600 individuals are expected to nership last year opened up new opportunities for agricultural
benefit from short-term training, while greenhouse gases such as cooperation for sustainable development.

ADB FORECASTS 6% IN 2024 ECONOMIC GROWTH

At a conference in Hanoi on April 11, the inflows of FDI and remittances, a sustained trade surplus, recovery
Asian Development Bank (ADB) main- in domestic consumption, and continued fiscal stimulus charac-
tained its earlier growth projection for terized by a substantial public investment program are seen as
Vietnam of 6 per cent in 2024 and 6.2 per key to boosting growth this year. Meanwhile, ADB Country
cent in 2025. Mr. Nguyen Ba Hung, ADB Chief Economist in Director for Vietnam, Mr. Shantanu Chakraborty, said Vietnam’s
Vietnam, said slowing global demand and high international economy is expected to grow at a solid pace this year and next,
interest rates impacted Vietnam’s growth in 2023. However, the despite a challenging global environment. However, global geopo-
rapid shift to pro-growth monetary policies and large-scale public litical uncertainties and domestic structural fragilities could impact
investment are key measures taken to sustain growth recovery. A its outlook. Therefore, policy measures in 2024 will need to
relatively broad-based restoration of export-led manufacturing combine short-term growth support measures to strengthen
and services and the stable performance of the agriculture sector domestic demand with long-term structural remedies to promote
are expected to support Vietnam’s recovery momentum. Positive sustainable growth.

FOREIGN INVESTMENT REGISTERED CAPITAL IN Q1 UP 13.4%
Registered capital from FDI projects reached $6.17 billion in the $4.63 billion, a sign that disbursement will
first quarter of this year, up 13.4 per cent year-on-year. Of this, continue its positive trend, the FIA said.
newly-registered capital stood at $4.77 billion, a rise of 57.9 per Foreign investors poured capital into 17 of
cent year-on-year. Meanwhile, $934.6 million was added to 248 the 21 economic sectors in Vietnam, of
existing projects, and $466.2 million earmarked for stake purchases which manufacturing and processing took the lead with capital of
and capital contributions, declines of 22.6 per cent and 61.7 per $3.93 billion, down 1.3 per cent year-on-year. The real estate sector
cent, respectively, according to the Foreign Investment Agency followed, with total capital of $1.58 billion, or 2.1-fold higher, then
(FIA) at the Ministry of Planning and Investment. Disbursed the wholesale and retail sector and the science and technology
foreign investment capital rose by 7.1 per cent in the first quarter to sector with $224.8 million and $190.2 million, respectively.

4 Vietnam Economic Times April 15, 2024 en.vneconomy.vn