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AT A GLANCE Congratulations on Ethiopia National Day

STRATEGY TO 2030 APPROVED PUBLIC DEBT
Under the public debt strategy exceed 25 per cent of annual total State budget collections and
to 2030 approved by the Prime national foreign debt obligations are to be below 45 per cent of
Minister on April 14, Vietnam’s GDP. Government bonds will be issued regularly, focusing on at
public debt will be kept at under least five-year terms, while bonds with terms of less than five
60 per cent of GDP while gov- years will also be issued flexibly, along with foreign currency
ernment debt will not exceed 50 bonds to meet capital mobilization demand and complete targets
per cent of GDP by 2030. The strategy aims to control State in developing the government bond market. Meanwhile, interna-
budget overspending approved by the National Assembly in the tional bonds will be issued to make up for annual State budget
State budget estimate and national financial plan for the 2021- overspending on development investment and restructuring gov-
2025 period. The government’s direct debt obligations are to not ernment debt in favorable market conditions.

ENVIRONMENTAL ACTION ROADMAP SET FOR CLIMATE TARGETS
Vietnam has set out a roadmap to achieve its climate targets, to reach the net-zero emissions tar-
including net-zero emissions by 2050 as committed by Prime get. Under the Power Development
Minister Pham Minh Chinh at the 26th UN Climate Change Plan VIII submitted to the Prime
Conference of the Parties (COP26) in Glasgow last November. Minister, Vietnam will not build
The country will gradually phase out coal-fired power and stop new coal-fired power plants, will reduce the number of new
building such plants. According to the Ministry of Industry and projects to the minimum by 2045, and will gradually scrap old
Trade (MoIT), coal-fired thermal power accounts for more than factories equipped with outdated technologies. The country
30 per cent of total supply and plays an important role in expects to generate some 146,000 MW by 2030 and 343,000
ensuring national energy security, and the energy sector is MW by 2045, down by 14,800 MW compared to Power Devel-
working to reduce emissions as well as its reliance on fossil fuels opment Plan VII.

VACCINE PASSPORTS BEING ISSUED TOURISM RECOVERY
Vaccine passports that follow can obtain vaccine passports by accessing the health ministry’s
standards issued by WHO and portal and filling in the necessary information. They will then
the EU and are accepted by 62 receive a passport by email. As of April 7, Vietnam had agreed to
nations have been issued by the mutual recognition of vaccine passports with 19 countries: Japan,
Ministry of Health since April the US, the UK, Australia, India, Belarus, Cambodia, the Philippines,
15. Passports will be available on the PC-Covid or “So suc khoe Palestine, Maldives, New Zealand, Sri Lanka, Egypt, Turkey, Sin-
dien tu” (Digital Health) apps. Those that don’t have these apps gapore, Saint Lucia, the Republic of Korea, Iran, and Malaysia.

FOREIGN RELATIONS ECONOMIC TIES FOSTERED
At their border trade development cooperation conference in lined that in order to realize the goal
Vientiane on April 11, Vietnam and Laos agreed to study and of lifting two-way trade to $2 billion
propose more effective investment attraction policies and promote by 2024, increasing bilateral agricul-
negotiations on the signing of an MoU on border infrastructure tural cooperation and links between
development and links between the two governments. The two the two countries will be key. Vietnam’s agriculture, forestry, and
sides also agreed to facilitate the flow of goods into each other’s fisheries sector trade turnover with New Zealand hit $549.2
market, particularly farm produce, and to team up in fighting million in 2021, for year-on-year growth of 11 per cent. Meanwhile,
smuggling, commercial fraud, and illegal transportation over another key trade partner of Vietnam is Hong Kong (China),
borders. Bilateral trade hit $1.37 billion last year, up 33.3 per which is viewed as a promising market for exporters as bilateral
cent from 2020. Earlier, at the second Vietnam-New Zealand trade saw growth of 64.6 per cent between 2015 and 2021, from
Agricultural Dialogue held online on April 6, the two sides under- $8.28 billion to nearly $13.63 billion.

SECOND CARD DAY HELD DIGITAL ECONOMY
The second Vietnam Card Day in information on and warnings about risks in payment activities,
Hanoi on April 16-17 featured a and helped visitors learn of the latest criminal methods and tricks
number of different activities, such and measures to avoid these in payment activities. More than 1.8
as cashless payment technology million accounts and 1.5 million cards have been opened under the
being available at all booths, to eKYC method in Vietnam so far. Non-cash payment activities
demonstrate the modern and advanced bank card technology. through e-channels have grown strongly over the past five years,
Visitors could also access and experience VietQR technology and with the number of transactions via mobile phones rising 50-80 per
receive gifts and shopping opportunities. Digital technology such cent a year and via the internet by 35-40 per cent, while the
as contactless payments, QR codes, NFC technology, digital banking, percentage of adults with bank accounts reached 66 per cent. The
and eKYC technology was also on display. Organizers provided first Vietnam Card Day took place on November 7-8, 2020.

4 | VIETNAM ECONOMIC TIMES | MAY 2022 www.en.vneconomy.vn