HÀ NỘI — The insurance sector is attracting the attention of investors when it comes to investment portfolios because businesses in this group have recorded positive results in recent years. Bảo Việt Insurance Group recorded positive growth with total consolidated revenue of VNĐ28.35 trillion, up 6.3 per cent over the same period in 2022. But thanks to the insurance premiums accumulated in the past, plus the investment profits over time, the total investment value returned to the economy of the insurance businesses achieved positive results. Currently, insurance companies in Việt Nam own a business model based on two main sources of profit, net profit from insurance business and financial profit from investments. A survey by the Việt Nam Assessment Report Company shows that insurance technology (Insurtech) is developing strongly and applied in all stages of the current insurance industry value chain.

250 firms from 22 countries and territories showcase products, services, and latest technologies in the fields of transport and forwarding, services and warehouse systems, packaging and cold chains, and logistics IT. As part of the event, a series of thematic workshops and conferences focusing on urgent issues and the latest trends, ranging from IoT smart technology and export-import competitiveness to cross-border e-commerce, are also taking place. The 3-day expo is attracting the participation of logistics service, equipment, and solution providers, facilitating enterprises’ bids to access international solutions and markets./.

HÀ NỘI — Việt Nam Trade and Investment Arbitration Center (VTIAC) coordinated with Việt Nam’s reputable law firms and offices to implement the programme "Support to Review Legal Risks of Contracts” on August 1. The programme, which is completely free for registering from August 1 to October 31, 2023, is open to credit institutions, including banks, financial companies, finance leasing companies and people's credit funds, and businesses of all types and sizes. Under the programme, VTIAC will assist credit institutions and businesses to review and assess legal risks in contract templates, drafts and signed contracts, consulting them to overcome legal risks and simultaneously proposing amendments to the dispute settlement provisions to prevent and limit legal risks. VTIAC is committed to ensuring absolute confidentiality of the provided information and delivering practical results to the business community with thoughtfulness. Please visit VTIAC's official website https://vtiac.vn for details.

Vietnam News in Brief: Weekly Roundup August 11Vietnam Briefing keeps track of what’s happening in Vietnam’s business and economic news so that you don’t have to. The US has actively been pursuing a closer relationship with Vietnam as it seeks to counter China’s influence in Asia. Australian cotton week is underway in VietnamA delegation of cotton industry professionals from Australia is currently in Vietnam to showcase Australian cotton at a series of events in Ho Chi Minh City, Hue, and Hanoi. Vietnam became the biggest market for Australian cotton last year when it imported over US$1.17 billion worth. The cotton industry delegation will be looking to build on that success with this round of events.

Illustrative image (Photo: baochinhphu.vn)Hanoi (VNA) - The United Nations in Vietnam marked the International Youth Day (August 12) with a ceremony in Hanoi on August 11, with over 50 young people taking part. In line with the theme of this year’s International Youth Day - Green Skills for Youth: Towards a Sustainable World, young delegates and stakeholders engaged in meaningful dialogues about education and the use of green skills in two round-table discussions and various interactive activities conducted both in-person and online. United Nations Resident Coordinator in Vietnam Pauline Tamesis said by 2030, 60% of young people could lack the necessary skills for development in the green economy. She underlined the need to fill the gap and ensure that everyone has equal access to green skills. According to her, seizing new opportunities to foster green employment and future skills is not just an investment in the potential of youths, but also a commitment towards a sustainable world./.

Accordingly, Mitr Phol Sugar, Thailand’s and Asia’s biggest sugar and bio-energy producer, and four associated companies, would be subject to an anti-dumping tax of 32.75 per cent. An anti-dumping tax of 25.73 per cent and an anti-subsidy tax of 4.65 per cent would be applied to Thai Roong Ruang Industry and its five affiliates, the ministry’s announcement said. The ministry said that the anti-dumping and anti-subsidy taxes were additional import taxes, applied to imported sugar products originating from Thailand, including imports under tariff quotas. Việt Nam, in June 2021, decided to officially impose an anti-dumping tax of 42.99 per cent and an anti-subsidy tax of 4.65 per cent on sugar products originating from Thailand in a period of five years starting from June 16, 2021. According to the Việt Nam Sugarcane and Sugar Association, sugar imported from Thailand to Việt Nam caused 3,300 people to lose their jobs and 93,225 farming households to be affected due to difficulties of the domestic sugar industry.

HÀ NỘI — Thai conglomerate SCG witnessed a business recovery in the second quarter of this year due to swift adjustments to operational plans amid a slowing ASEAN and Chinese economy, the company announced on Wednesday. In Q2 alone, SCG reported revenue from sales of US$3.7 billion and its profit excluding extra items of $154 million, up 14 per cent quarter-on-quarter, largely due to dividend income from the investment business. Despite this, the company's profit for the period increased by 31 per cent year-on-year to $726 million, primarily due to the one-time gain from fair value adjustment of investment. Profit excluding extra items hit $289 million), down 49 per cent year-on-year. Of these, the total assets of SCG in ASEAN (ex-Thailand) were US$ 11.9 billion, or 45 per cent of SCG’s total consolidated assets.

Vietnam's economy is predicted to grow strong in the next two years. (Photo: VNA)Hanoi (VNA) – The World Bank forecasts that Vietnam’s economy will grow 4.7% in 2023, and accelerate to 5.5% in 2024 and 6.0% in 2025. The bank made the prediction in its latest economic update entitled “Making Public Investment Work for Growth” released on August 10. The report said Vietnam’s economic growth slowed from 8% in 2022 to 3.7% in the first half of 2023, noting that a challenging external environment and weaker domestic demand is leading to a slowdown in economic growth in Vietnam. The report’s special chapter studies Vietnam’s public investment management and how it can contribute to the goal of climbing the income ladder.

A comprehensive and unified database system on climate change, resources and environment has been initially established. The resolution set out the Party’s major policies in responding to climate change, resource management and environmental protection in Việt Nam. The capacity of natural disaster prevention, combat and climate change response has increased. The conference pointed out that the damage caused by natural disasters is still huge, and the evolution and impacts of climate change are increasing. The paintings feature a wide range of topics such as the landscapes and people of Vietnam and Indonesia, climate change, environmental protection, and aspirations for peace.

Input prices for cement production continued to increase, also putting a burden on enterprises. Since the beginning of this year, cement production and consumption have faced many difficulties. Given the slow domestic consumption, many cement enterprises have chosen to export as a temporary solution to deal with excessive cement sources. Occupying about 36 per cent market share, Việt Nam Cement Corporation (VICEM) has also suffered. Facing the situation of slow domestic consumption, many cement enterprises have chosen to export as a temporary solution to deal with excessive cement sources.

24-NQ/TW on proactively responding to climate change, strengthening natural resource management and environmental protection was issued by the Party Central Committee in 2013. The resolution set out the Party’s major policies in responding to climate change, resource management and environmental protection in Việt Nam. The capacity of natural disaster prevention, combat and climate change response has increased. Việt Nam has also integrated climate change response and environmental protection objectives into development plans and established an integrated and unified database system on climate change, natural resources and the environment. Experts also recommended mission updates in the resolution and key solutions of climate change response in the context of emerging environmental issues.

The statement from the US Department of Agriculture’s body outlined that the department has conducted an internal assessment to comprehensively evaluate the Vietnamese husked coconut. This assessment has been aligned with the subsequent stages of the market entry process. The outcome of this evaluation affirms that the Vietnamese husked coconut satisfies the processing criteria established by the US and presents a negligible risk of spreading plant pests. This streamlined approach significantly speeds up the authorisation process for importing coconuts from Việt Nam into the United States. According to APHIS, Vietnamese producers are eligible to commence the export of husked coconuts to the US immediately.

HCM City hospitals under pressure with high number of HFMD child patientsA child patient infected with hand, foot and mouth disease (HFMD) is treated at Children’s Hospital No 2 in HCM City. — VNA/VNS PhotoMany cases of hand, foot and mouth disease (HFMD) among children in HCM City are showing severe symptoms, with some requiring mechanical ventilation. Nguyen Quy Phuong, head of tourism promotion management department under Vietnam National Authority of Tourism, said China has always been a key market for the Vietnamese tourism industry. The event is one of the activities organised by the Vietnam Association for Victims of Agent Orange/Dioxin’s HCM City chapter to commemorate the 62nd anniversary of the dioxin disaster in Vietnam (August 10). In an interview granted to the Vietnam News Agency, Thang said the relationship between the State of Vietnam and the Vatican is relatively special.

The Vietnamese National Assembly (NA)'s delegation had bilateral meetings with delegation heads from AIPA observer nations on the occasion of the 44th General Assembly of the ASEAN Inter-Parliamentary Assembly ( AIPA-44 ) in Jakarta, Indonesia, on August 8.Chairman of the NA Committee for External Relations Vu Hai Ha met with Chairman of the Committee on Foreign Policy and Interparliamentary Cooperation of the Ukrainian Parliament Oleksandr Merezhko; Chairman of the Georgian Parliament's Committee for Foreign Affairs Nikoloz Samkharadze; member of the Foreign Relations and Inter-Parliamentary Ties Committee of the Azerbaijani Parliament, MP Kamran Bayramo; and Deputy Chairman of the House of Representatives of the National Assembly of Belarus Valery Mitskevich.Meanwhile, Vice Chairman of the Vietnamese NA's Committee for External Relations Don Tuan Phong held a meeting with Chairman of the European Parliament (EP) Delegation for Relations with the Countries of Southeast Asia and ASEAN Daniel Caspary.At the meetings, Ha stressed that Vietnam always attaches importance to the friendship and good cooperation with the countries, and wishes to expand collaboration with its traditional friends in all spheres, for the benefits of both sides.He suggested the two sides maintain their close coordination and mutual support at multilateral forums and international organisations, especially at international inter-parliamentary forums like the Inter-Parliamentary Union (IPU) and the AIPA.The legislator used the occasion to convey invitations to the foreign legislatures to send representatives to the 9th Global Conference of Young Parliamentarians slated for September in Hanoi.The Ukrainian side affirmed that the country wants to strengthen its relations with Vietnam , and expressed concern over issues regarding food and energy security, and the disrupted supply chain, which have not only adversely impacted Ukraine but also emerged as a global headache. Chairman of the NA Committee for External Relations Vu Hai Ha (left) and Chairman of the Committee on Foreign Policy and Interparliamentary Cooperation of the Ukrainian Parliament Oleksandr Merezhko. (Photo: VNA)The two sides shared the view that disputes should be settled by peaceful measures in line with international law, and agreed to work together to handle obstacles to the bilateral cooperation, especially in economy, trade and investment.Ha stressed that Vietnam supports the international community’s efforts to create conditions for relevant sides to conduct negotiations, and increase humanitarian aid to civilians.Vietnam stands ready to join international efforts aiming to promote dialogues and seek peaceful solutions to the present problems, and reconstruct Ukraine, he said.Meanwhile, Vietnam and Azerbaijan agreed to work harder to make their bilateral trade ties on par with their potential as well as promote their traditional friendship.At the meeting with the EP delegation, the two sides pointed to the rapid, unexpected developments of the regional and global situation, and the need to settle disputes by peaceful measures and in accordance with international law, saying relevant sides should take stronger actions for peace and prosperity in the region and the world.Phong suggested Vietnam and the EP maintain the exchange of high-level delegations and meetings, and effectively implement cooperation mechanisms in all spheres, from politics, and national defence and security, to trade and investment.Meanwhile, Vietnam and Georgia consented to step up cooperation in the areas where both sides have potential like transport, infrastructure development, digital transformation, just energy transition, culture and tourism, and increase trade and investment promotion activities.At the meeting with Deputy Chairman of the House of Representatives of the National Assembly of Belarus Valery Mitskevich, Ha suggested the two countries foster results-oriented cooperation, and optimise their potential and strengths as well as trade agreements to boost their economic and trade ties.At the same time, the two sides should strengthen their parliamentary ties, both bilaterally and multilaterally, he said./.

The two countries will continue to coordinate with and support each other at international forums, and well prepare for the 10th meeting of the Vietnam - Iran Inter-Governmental Committee in Hanoi. On this occasion, the Vietnamese NA Chairman invited his host to pay an official visit to Vietnam. Chairman Hue affirmed to his host that Vietnam always attaches importance to further promoting the friendship and multifaceted cooperation with Iran. In collaboration with the Vietnam National Committee for Search and Rescue, UTS has also built a drone-based simulation system to assess risks and offer the safest, fastest and most effective approaches to the scene. On this occasion, the Vietnam National Authority of Tourism and the State Committee for OV Affairs signed a cooperation deal to attract OV resources for tourism development.