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Vietnam bussiness news on 29 September, 2023 

 Friday, September 29,2023

AsemconnectVietnam - Vietnam-US Comprehensive Strategic Partnership heralds new waves of trade. Vietnam, Colombia ink MoU on trade, investment, industrial cooperation.More investments from RoK coming to Vietnam.Vietnamese goods introduced in France.Hanoi, Shanghai businesses set up cooperation.

Vietnam-US Comprehensive Strategic Partnership heralds new waves of trade
On the back of the newly-signed Comprehensive Strategic Partnership between Vietnam and the US, American exporters are setting their sights on delivering a wider range of agricultural products to Vietnamese consumers.
US Ambassador to Vietnam Marc Knapper said bilateral trade was growing steadily over the past decade, reaching 130 billion USD in 2022, of which 10 billion USD went to agriculture.
Following the elevation of the relationship to a Comprehensive Strategic Partnership, there's no doubt that bilateral trade, particularly in the agricultural sector, would continue to thrive.
In other words, a wider range of American agricultural products would make their way into Vietnam in the short term and so would Vietnamese products into the US.
Francis Lee, a representative of the Washington Apple Commission, said American apples were in high demand in Vietnam with about 2 million baskets being consumed annually. Other products such as grapes and cherries were also gaining popularity among Vietnamese consumers.
Vietnam, Colombia ink MoU on trade, investment, industrial cooperation
Vietnamese Deputy Minister of Industry and Trade Do Thang Hai and Colombian Deputy Minister of Trade, Industry and Tourism Soraya Caro Vargas signed a Memorandum of Understanding (MoU) on trade, investment, and industrial cooperation, and co-chaired the first meeting of the Joint Economic Committee of the two countries on September 27 in Bogota.
The signing of the MoU marks the first time the two countries have established a mechanism of joint economic commission, thus creating an official and comprehensive channel for periodic dialogue, reviewing cooperation, addressing issues, and discussing measures to promote economic, trade, and investment cooperation.
Speaking at the meeting, Hai spoke highly of development in bilateral trade relations, emphasising that Vietnam considers Colombia an important partner in the Latin American region and is ready to collaborate with the country to implement measures towards boosting trade, economic recovery, and global supply chain connectivity.
More investments from RoK coming to Vietnam
A number of large enterprises from the Republic of Korea (RoK) are continuing to pour investment into Vietnam, turning the Southeast Asian country into their leading manufacturing hub in the world.
On September 22, Lotte Group Chairman Shin Dong-bin came to Vietnam to attend the opening ceremony of Lotte Mall West Lake Hanoi. With an invetment of 643 million USD, this mall is currently the biggest project of Lotte that has become operational in Vietnam.
Entering Vietnam in 1996, the group has opened shopping centres and supermarkets and then expanded operations to other fields such as hotels and cinemas. Lotte now has 19 member companies in Vietnam, Shin said as cited by Dau tu (Vietnam Investment Review).
Lotte has reportedly channelled about 5 billion USD into Vietnam, and the figure is expected to keep rising. When he attended the launch of work on Lotte Eco Smart City Thu Thiem, worth 900 million USD, in September last year, Shin said this project marked the start of a series of more Lotte investments in the country in the time ahead.
Vietnamese goods introduced in France
A Vietnamese goods week is underway at Systeme U supermarket chain in Paris with the participation of 15 Vietnamese businesses. The event, which is co-organised by the Vietnamese Ministry of Industry and Trade, Systeme U Group and T&T Foods Company, aims to introduce Vietnamese products to French consumers.
The Vietnamese Goods Week, the first of its kind offers a chance for close cooperation in the near future between Système U and Vietnamese businesses.
Earlier, Deputy Minister of Industry and Trade Do Thang Hai held a working session with Dominique Schelcher, President and CEO of Système U Group.
Schelcher said that Vietnamese goods, with high quality and reasonable prices, are increasingly popular in the Système U's system.
He emphasised that quality and quality stability are the decisive factors to enter the French market.
Hanoi, Shanghai businesses set up cooperation
The Hanoi Supporting Industries Business Association (HANSIBA) and N&G Group signed a cooperation agreement with a business delegation from Shanghai (China) in Hanoi on September 26.
Under the agreement, the sides will implement investment and production procedures in 2024 to implement the agreed cooperation for mutual benefits.
At the event, they exchanged opinions on cooperation orientations in development, investment and capital arrangement for N&G Group industrial parks.
With the agreement, the Techno Park production complex is expected to be formed with joint work of Hanoi and Shanghai in Hanoi South Supporting Industrial Park (HANSSIP).
The Techno Park production complex in Hanoi will be built according to international standards in order to attract high-tech projects from China and foreign countries, especially those in semiconductor.
Source: VNA


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