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AT A GLANCE Congratulations on Qatar National Day

ECONOMIC ENGAGEMENT STRATEGY SIGNED VIETNAM - AUSTRALIA RELATIONS
Vietnam and Australia will becoming each other’s top 10 trading partners and doubling
accelerate trade and investment two-way investment. The strategy will guide economic engage-
during 2021-2025 and bring ment to enhance opportunities for the producers, consumers,
their burgeoning commercial investors, traders, and entrepreneurs of both. It will also help
ties into sharp focus, according the two countries take advantage of emerging market opportu-
to the Vietnam - Australia Enhanced Economic Engagement nities, including in agriculture, energy, services, and the digital
Strategy (EEES), which was announced on November 1 by economy, as their economies recover from the impact of Covid-
Prime Minister Pham Minh Chinh and Australian Prime 19. The development of the strategy represents close cooperation
Minister Scott Morrison at the 2021 United Nations Climate and considerable work by both, including economic analysis,
Change Conference of the Parties (COP26). With the EEES, cross-government consultation, and recommendations put for-
the two countries have committed to an ambitious target of ward by business stakeholders.

SPACE LAUNCH VIETNAMESE SATELLITE REACHES ORBIT
The Vietnamese-made NanoDragon satellite was successfully under the Vietnam Academy of Sci-
launched into space on November 9 by the fifth Epsilon solid- ence and Technology. The devel-
fuel rocket at Japan’s Uchinoura Space Centre. The Japan Aero- opment of the NanoDragon satellite
space Exploration Agency (JAXA) had to postpone the launch is part of VNSC’s “Made in Vietnam”
of Epsilon-5 three times, on October 1, October 7, and November small satellite development roadmap. Earlier, the VNSC suc-
7, due to ground radar issues and unfavorable weather. Nan- cessfully developed the 1-kg PicoDragon microsatellite and the
oDragon, a nano-layer cubesat satellite weighing around 4 kilos, 50-kg MicroDragon satellite, which were launched into orbit in
was developed by the Vietnam National Space Centre (VNSC) 2013 and 2019, respectively.

COMMERCIAL OPERATIONS DATE ARRIVES WIND POWER
Of the 146 wind power projects date the feed-in tariff (FIT) for wind power expired under Decision
that have signed power purchase No. 39/2018/QD-TTg dated September 10, 2018, under which the
and sale contracts with Electricity fixed preferential price of offshore wind power is VND2,223
of Vietnam (EVN), 84 had been ($0.098) while that of inland wind power is around VND1,927
put into commercial operation ($0.085), excluding VAT. These prices are for wind power projects
as of October 31, with a total capacity of 3,980.27 MW. The with part or all of the plant having a commercial operation date
remaining 62 projects, with a total capacity of 3,479 MW, could prior to November 1, 2021, and applies for 20 years from the date
not become commercially operational before November 1, the of commercial operation.

AIRPORT DEVELOPMENT MASTER PLAN RELEASED
Under a Ministry of Transport master plan on the development of investment priority, including the
airports in the 2021-2030 period and vision to 2050, six new first phase of Long Thanh Interna-
airports will be built over the next decade, raising the number to tional Airport in southern Dong Nai
28 with a combined capacity of welcoming 278 million passengers province, with a capacity of welcom-
a year. Half are international airports. About VND400 trillion ing 25 million passengers a year, and the construction of T3
($17.68 billion) will be needed to develop the airport network to terminal at Tan Son Nhat International Airport in Ho Chi Minh
2030. By 2050, Vietnam expects to have 29 airports, including 15 City and the upgrading of the existing T2 terminal at Noi Bai
domestic facilities. A new airport in the southeast of Hanoi will International Airport in Hanoi, to raise their capacity to 20 million
also be built. The plan includes a list of national key projects with and 15 million passengers a year, respectively.

CONDITIONS MET FOR OFFICIAL EFFECT RCEP
Signed by ten ASEAN members and New Zealand - had submitted documents ratifying the agreement
five partner countries on November to the ASEAN Secretary-General. The agreement is expected to
15, 2020 on the sidelines of the 37th multilateralize free trade agreements ASEAN has signed with
ASEAN Summit, chaired by Vietnam, partner countries, harmonize commitments and regulations in
the Regional Comprehensive Eco- trade pacts, maximize economic interests, particularly in origin
nomic Partnership (RCEP) will officially take effect from January and trade facilitation, and strengthen regional supply chains and
1, 2022, according to the Ministry of Industry and Trade. Under economic recovery in the post-pandemic period. Gathering the
the terms of the agreement, it is to come into effect 60 days after ten ASEAN members and Australia, China, Japan, New Zealand,
it is ratified by at least six ASEAN members and three of the sig- and South Korea, the agreement will cover a market of 2.2 billion
natory countries. As of November 2, six ASEAN nations, including people, or 30 per cent of the world’s population, with a total GDP
Vietnam, and four signatories - Australia, China, Japan, and of $26.2 trillion.

4 | VIETNAM ECONOMIC TIMES | DECEMBER 2021 www.en.vneconomy.vn