Speaking online at a discussion on the Indo-Pacific Economic Framework for Prosperity (IPEF), held in Tokyo on May 23, Prime Minister Pham Minh Chinh emphasized that Vietnam has participated in many initiatives for international economic links and has actively contributed to accelerating economic recovery and sustainable development in the region and the world, and will work with ASEAN countries and related partners to continue discussing and clarifying the content of the IPEF’s pillars.
The “Innovation in science and technology of natural rubber for the global carbon cycle” project will be implemented in Vietnam for five years, from 2022 to 2027. Funded by Japanese ODA through the Science and Technology Research Partnership for Sustainable Development (SATREPS) and implemented by the Japan International Cooperation Agency (JICA) and the Japan Science and Technology Agency (JST), the project focuses on developing advanced technologies to establish a large-scale protein-free natural rubber production process in Vietnam.
The Vietnam Blockchain Summit 2022 is to be held over two days, July 21 and 22, with more than 2,500 delegates expected to attend. Vietnam is considered a bright spot on the world blockchain map, with a large number of projects and a high level of blockchain human resources.
Exchange-traded funds (ETF) capital in Vietnam remained at a positive level last week, of $1 million, despite negative ETF capital flows rising sharply in Southeast Asia, reaching $107 million, according to the KIS Vietnam Securities Corporation.
At a roundtable discussion with CEOs of some leading corporations and investment funds listed on the New York Stock Exchange (NYSE) on May 16, Prime Minister Pham Minh Chinh, who is paying an official working visit to the US, affirmed that Vietnam welcomes foreign investors in emerging industries and that the government has been introducing many measures to create a favorable and competitive business and investment environment.
In a phone conversation with the Deputy Managing Director of the International Monetary Fund (IMF) Antoinette Monsio Sayeh on May 16, Prime Minister Pham Minh Chinh, who is in the US on a working visit, asked that the IMF support and advise Vietnam in areas such as capital market development; inflation control; logistics development; technological innovation and digital transformation; supply chain diversification; combatting climate change; and energy conversion. Ms. Sayeh affirmed that the IMF is ready to support Vietnam.
The European Commission (EC) now accepts Vietnam’s Covid-19 vaccine passports, with the same conditions as the EU’s Covid-19 digital certificate. Vietnam’s vaccine passports are now accepted in 81 countries and territories. Greater acceptance helps with the recovery efforts of Vietnam’s tourism industry.
On May 12, on the sidelines of the ASEAN-US Special Summit, Prime Minister Pham Minh Chinh met with his Singaporean counterpart Lee Hsien Loong. The two leaders agreed to continue cooperation in post-pandemic economic recovery and development, expanding and developing the Vietnam-Singapore Industrial Park (VSIP) and coordinating to make effective use of new-generation free trade agreements (FTAs) the two countries are party to, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).
At a meeting with US Treasury Secretary Janet Yellen in Washington D.C. on May 11, Prime Minister Pham Minh Chinh affirmed that Vietnam-US cooperation in finance, currency, and economics and commerce have seen positive development over the years. He added that Vietnam hopes the US will share its experience in developing financial markets, especially the stock market and also the real estate market, in a safe and transparent manner.
While delivering a presentation at the Center for Strategic and International Studies (CSIS) in Washington D.C. on May 11 (local time), as part of activities during his working visit to the US, Prime Minister Pham Minh Chinh emphasized three important areas with potential for cooperation between Vietnam and the US: green growth, technology innovation, and digital transformation and supply chain diversification.
At the invitation of US President Joe Biden, Prime Minister Pham Minh Chinh will lead a Vietnamese delegation attending the ASEAN-US Special Summit in Washington D.C. and then make a working visit to the United States and the United Nations from May 11 to 17. Ahead of the visit, Minister of Foreign Affairs Bui Thanh Son answered questions from the Associated Press on the relationship between Vietnam and the US. Trade and investment are important and potential drivers of Vietnam-US relations into the future, he answered. The US is Vietnam’s second-largest trading partner, while Vietnam is the ninth-largest trading partner of the US and an important destination for US investors.
Vietnam’s capital market is developing quite quickly, according to Professor Hoang Van Cuong, a Member of the National Assembly’s Committee for Financial and Budgetary Affairs. The market reached 134.5 per cent of GDP last year, or 3.5 times higher than in 2015. It still has limitations and shortcomings, however, and needs to be transformed from quantity to quality to ensure sustainable development.
On May 1, in the presence of Prime Minister Pham Minh Chinh and his visiting Japanese counterpart Fumio Kishida, the Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and the Japanese financial group Sumitomo Mitsui Banking Corporation (SMBC) signed an MoU on business cooperation to provide customers in Vietnam with high-quality products and services to contribute to the development of Vietnam’s financial market.
Speaking at the Vietnam - Japan cooperation seminar on technology innovation, digital transformation, and supply chain diversification on May 1, Japanese Prime Minister Kishida Fumio, who visited Vietnam from April 30 to May 1, said that Vietnam holds an increasingly important position in the global supply chain. Out of a total of 92 projects to diversify supply chains supported by Japan in ASEAN, Vietnam ranks first with 39 projects. He also emphasized that the possibility of cooperation between Vietnam and Japan is unlimited.