Vietnam, the Cook Islands set up diplomatic ties

A Joint Communiqué announcing the establishment was signed in Wellington, New Zealand, by Vietnamese Ambassador to New Zealand Nguyen Van Trung, who is on behalf of the Government of Vietnam, and Elizabeth Wright-Koteka, Cook Islands High Commissioner to New Zealand, who is on behalf of the Government of the Cook Islands.The two sides agreed to officially establish their diplomatic ties at the ambassadorial level from the date of signing the Joint Communiqué and apply the 1961 Vienna Convention on diplomatic relations in the two countries’ relationship.After the signing ceremony, Ambassador Trung discussed with High Commissioner Elizabeth about activities to enhance mutual understanding and develop solidarity and friendship between the two peoples.Regarding bilateral cooperation, the two sides agreed to intensify collaboration in their advantageous fields such as tourism, agriculture and fisheries, and exchange experience in climate change response and COVID-19 prevention and control.They were also unanimous to coordinate at Asia-Pacific forums as well as in United Nations (UN) organisations.With this move, Vietnam has had diplomatic relations with 190 countries around the world. Vietnam is the 57th country in the world and the sixth in ASEAN that the Cook Islands has officially set up diplomatic relations with.The Cook Islands is a nation in the South Pacific, with a population of 20,200 (2019’s data) and 15 main islands. It boasts rich marine and ocean resources, including fisheries and pearling./.

April 26, 2022 15:20 UTC


Vietnam strives for export growth rate of 5-6 percent in 2021-30

Bananas being packed for export at MTV Kizuna Co in Ba Ria-Vung Tau province. (Photo: VNA)- Vietnam has set a goal of achieving an average export growth rate of 6-7 percent in the 2021-30 period, following the Government's strategy on import and export released recently.Specifically, the country sets an annual average export growth goal of 8-9 percent between 2021 and 2025 and 5-6 percent in the subsequent five years.Meanwhile, annual import growth is expected to average 5-6 percent in 2021-30. The growth will be 7-8 percent in 2021-25 and 4-5 percent in the following five years.Under the strategy, the State expects to achieve a trade balance by 2025 and a sustainable trade surplus by 2030 period.Manufactured and processed products will account for 88 percent of export turnover by 2025 and 90 percent by 2030 with the proportion of exported medium and high-tech goods reaching about 65 percent by 2025 and 70 percent by 2030.By 2025, Asia will make up 49-50 percent of the country's total export turnover, 46-47 percent by 2030. This will create a premise to improve the productivity, quality and competitiveness of export products and carry out an in-depth restructuring of export goods.Furthermore, greater efforts will be made in diversifying export markets in order to avoid excessive dependence on one market and ensure a healthy and reasonable bilateral trade balance.Effectively exploiting opportunities brought by international economic integration commitments in free trade agreements (FTAs) to boost exports to major markets such as the EU, Japan, the Republic of Korea, and ASEAN and deeply penetrating into potential markets like the US, Russia, India, Africa, the Middle East and Latin America are parts of the strategy.Both imports and exports rose strongly in the first quarter, according to the latest updates of the General Statistics Office.Total trade stood at 176.35 billion USD, up 14.37 percent year-on-year, with exports rising by 12.9 percent to 88.58 billion USD and imports by 15.9 percent to 87.77 billion USD.Most key exports achieved high growth, helping the trade balance climb into positive territory.Major markets like the US, EU, the Republic of Korea, and Japan increased their imports of Vietnamese goods. The US was the largest export market of Vietnam in the first quarter of this year, with a revenue of 25.57 billion USD, up by 15 percent from the same period last year.Exports to the US reached 11.21 billion USD, up 16.3 percent, ASEAN 8.1 billion USD, up by 19.9 percent, the RoK 6.26 billion USD, up 21 percent and Japan 5.4 billion USD, up 10.6 percent.Both exports volume and value were up, especially for agricultural produce, crude oil, fertilisers and plastics.Another 16 products joined the 1 billion USD list, in which five saw exports of more than 5 billion USD.Experts forecast that the nation's total import-export revenue might hit a record 700 billion USD by the year-end, driven by the enforcement of new-generation FTAs.The Ministry of Industry and Trade targeted that Vietnam would maintain a trade surplus this year and exports would grow by 6-8 percent to reach around 363 billion USD./.

April 26, 2022 03:53 UTC


Vietnam should prioritise domestic market: experts

The Vietnamese business community was recommended to actively participate in the "Vietnamese people give priority to using Vietnamese goods" campaign to develop the domestic market. (Photo: daidoanket.vn)- In the context of instability in the world, Vietnam needs to develop its domestic market with the "Vietnamese people giving priority to using Vietnamese products" campaign.So said Vice President of the Vietnam Fatherland Front Central Committee Truong Thi Ngoc Anh said at the workshop promoting growth and efficiency in implementing the "Vietnamese people give priority to using Vietnamese products " campaign, which was held on April 22 in Hanoi.At the workshop, Anh said in 2021, six groups of tasks and solutions were carried out according to the Party Central Committee's Directive 03 on promoting the implementation of the campaign, to enhance production and business, ensuring macro-economic stability and social security.However, COVID-19 had not yet ended completely, meaning supply chains, trade activities, production and business activities still faced many difficulties.Instability in the world economic and political situation had also affected the country's economic recovery after the pandemic.As a result, the Vietnamese business community needed to actively participate in the campaign to develop the domestic market , Anh said.“One of the basic solutions in developing the domestic market is to create a chain connecting supply and demand. This is also one of the important solutions to remove difficulties for production and business activities, and form supply chains from production to consumption for enterprises," Anh said. "The chains will help recover the domestic economy and reach growth goals as forecast, contributing to the efficient implementation of the campaign in the new situation," she added.According to Prof. Dr. Vo Dai Luoc, former Director of the World Economic Institute, the campaign has had a great effect on the Vietnamese business community, especially private businesses and households. However, there are few incentives for private enterprises and households, leading to many difficulties and challenges for them.Luoc proposed that the Government provide supporting policies for Vietnamese private enterprises and households.Tran Thi Phuong Lan, acting Director of the Hanoi Department of Industry and Trade, said that it was necessary to connect business associations with State management agencies so that the State could grasp the needs of the businesses, thereby removing difficulties for them.Lan recommended the State should improve the mechanisms and policies for supporting the development of infrastructure, distribution systems, and investment in product development.

April 24, 2022 10:00 UTC


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