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AT A GLANCE Congratulations on Zimbabwe Independence Day

PMs AGREE TO BOOST TWO-WAY TRADE VIETNAM - MALAYSIA RELATIONS
During talks in Hanoi on March for Economic, Scientific, and Technological Cooperation, imple-
21, Prime Minister Pham Minh menting the action program for the strategic partnership during
Chinh and visiting Malaysian 2021-2025, stepping up people-to-people exchanges, and holding
Prime Minister Dato’ Sri Ismail activities to mark the 50th anniversary of diplomatic ties next
Sabri bin Yaakob agreed to raise year. They shared a view that economic, trade, and investment
two-way trade to $18 billion or cooperation has been a bright spot in bilateral ties, and the two
higher by 2025. The two also agreed on orientations to promote countries hold substantial potential to advance the partnership in
bilateral cooperation across all fields for socio-economic recovery these fields. Following the talks, the two Prime Ministers witnessed
and development in the post-pandemic period, including increasing the exchange of a number of cooperation documents, including
the exchange of high-ranking delegations at all levels, optimizing an MoU on recruitment, employment, and repatriation of workers,
bilateral cooperation mechanisms, particularly the Joint Committee and another on legal cooperation between their governments.

VIETNAM-US BUSINESS SUMMIT BILATERAL ECONOMIC TIES TO GO HIGHER
At the fifth Vietnam-US Business Summit in Hanoi on March 8, the desire of US businesses and
Prime Minister Pham Minh Chinh highlighted the progress in officials to expand their investment
Vietnam-US relations in all respects in the 26 years since nor- in Vietnam, and called upon busi-
malization, with economic, trade, and investment cooperation nesses in both countries to further
being a key pillar. Two-way trade has seen a 247-fold rise, strengthen partnerships. At a reception he hosted for leaders of
hitting $111 billion in 2021. The US is currently Vietnam’s the US-ASEAN Business Council and representatives from US
largest export market, while Vietnam is the US’s ninth-largest companies doing business in Vietnam and the region, he suggested
trade partner. The US has long been among the largest foreign that the two sides continue to hold meetings to share ideas on
investors in Vietnam, with nearly 1,150 projects underway worth cooperation and business, towards elevating the comprehensive
over $10.3 billion. The Prime Minister expressed his delight at partnership to a new high with greater effectiveness.

VIETNAM REOPENS DOORS INTERNATIONAL TOURISM
Vietnam officially reopened to tine-free travel from day one. Travelers entering Vietnam will
international tourism on March have to present proof of a negative SARS-CoV-2 test (except for
15. On the same day, the govern- children under two years old) conducted within 72 hours prior to
ment issued a resolution on visa departure in cases of RT-PCR/RT-LAMP or within 24 hours in
waivers for citizens from 13 coun- cases of rapid antigen tests, and the results must be certified by
tries and territories: Germany, France, Italy, Spain, the UK, Russia, authorities in the country where the test was conducted. With the
Japan, the Republic of Korea, Denmark, Sweden, Norway, Finland, new policy encouraging foreign tourists to travel to Vietnam, it is
and Belarus. Under regulations also issued that day by the Ministry forecast that international arrivals will reach 5 million by the end
of Health, visitors with negative Covid-19 tests can enjoy quaran- of the year.

SOE RESTRUCTURING EQUITIZATION & DIVESTMENT AGAIN THE FOCUS
Under the Prime Minister’s Decision No. 360/QD-TTg dated had been approved by the then-Prime
March 17, the restructuring of State-owned enterprises (SOEs) Minister, but according to the Corpo-
will be accelerated in the 2021-2022 period. The decision aims to rate Finance Department at the Min-
improve the operational efficiency and competitiveness of SOEs istry of Finance (MoF), only 39 com-
on the basis of technology and innovation capacity and manage- pleted equitization, or just 30 per cent. The remaining 89 are
ment. Speaking at an online conference with representatives scheduled to be equitized this year. Divestment of State capital
from SOEs on March 24, Prime Minister Pham Minh Chinh from SOEs has also been slow. Director of the Corporate Finance
stressed that weaknesses and obstacles in the development of Department, Dang Quyet Tien, said the slow progress of equitization
SOEs need to be identified and appropriate measures taken. An and divestment has been due to large-scale enterprises owning a
earlier plan on equitizing 128 enterprises in the 2017-2020 period lot of land and capital and also because of the pandemic.

VIETNAM TO BE AMONG TOP 15 EXPORTERS TRADE DEVELOPMENT
According to a report from the as a major weakness for Vietnam, especially in key industries
Ministry of Industry and Trade such as electronics, textiles, leather and footwear, manufacturing,
(MoIT), Vietnam has set a target and automobiles. To address the issue, the MoIT has proposed a
of becoming one of the world’s top restructuring plan for Vietnamese industry, with a focus on the
15 exporters by 2030. To that end, development of supporting industries. According to the ministry,
the country will develop 20 products with strong international significant progress had been made in the 2011-2020 period,
brands, strengthen its position in global supply chains, and raise with industrial production accounting for around 27.45 per cent
the capacity of its supporting industry to meet 70 per cent of of the country’s annual GDP. By the end of 2030, industrial pro-
domestic demand and reach a localization ratio of 45 per cent. duction is to account for 40 per cent of total GDP, with manufac-
The report noted that the supporting industry, which remains turing value added per capita to exceed $2,000, with a 45 per
underdeveloped and overly-reliant on imports, has been identified cent contribution from high-tech industries.

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