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Congratulations on French National Day AT A GLANCE

MORE CAPITAL GOING TO LAOS OVERSEAS INVESTMENT
According to a June 9 report in the biomass power plants, and some transmission lines, with total investment
Vientiane Times, Vietnam has invested of $691 million. The hydropower plants are expected to be completed
over $815 million in hydropower and in 2025. Meanwhile, a transformer station received $30.8 million in
mining projects in Laos’s Attapeu investment. The remaining $93.3 million went to the mining sector.
province. Projects include the Xekaman 1, Xekaman Sanxay, Xekong Vietnam is now operating 417 projects worth $4.3 billion in its
Loum A, and Xekong Loum B hydropower plants, thermal, solar, and neighbor, ranking it third among 54 countries and territories.

WILDLIFE PROTECTION USAID HELPING CONTROL ILLEGAL TRAFFICKING
With a five-year project costing $15 million launched in Hanoi on project is being implemented by the
June 13, the US Agency for International Development (USAID) will World Wide Fund for Nature, in coop-
help Vietnam control illegal wildlife trafficking. The project aims to eration with the Wildlife Trade Moni-
improve the country’s management capacity in handling wildlife toring Network (TRAFFIC) and Educa-
crime by enhancing commitments from leaders at the national and tion for Nature Vietnam (ENV). Vietnam has already taken action to
provincial level, improving the efficiency of law enforcement, and deal with the illegal wildlife trade, including improving legal regulations.
reducing the demand for and consumption of wildlife products. It The Prime Minister issued Directive No. 4/CT-TTg on May 17 on a
will focus on protecting species at risk of international trafficking into number of tasks and solutions to protect migratory and wild birds.
Vietnam, such as African rhino, African and Asian elephants, and Vietnam is also a signatory to international treaties and a participant
pangolins, as well as animals that are regularly poached and traded in institutions and cooperative efforts in biodiversity conservation
domestically or internationally, such as primates and big cats. The and combating illegal wildlife trade.

EVN TO INVEST IN CLEAN ENERGY ENERGY DEVELOPMENT
Electricity of Vietnam (EVN) will put around 5,500 MW of electricity from renewables into operation by
increase its investment in clean 2025, with 4,000 MW from wind power and 1,500 MW from solar
energy in the years to come to meet power, to address power shortages, especially in northern localities.
rising local demand. The group The group has also asked the government for permission to develop
has submitted a proposal to the offshore wind power in the northern region, to increase local supply
government on mechanisms to encourage the development of renewable and ensure national power security. Its proposals are in line with
energy such as wind and solar and also storage systems. It expects to Vietnam’s COP26 commitment to reach net-zero emissions by 2050.

FISHERY EXPORTS TRA FISH HOLD PROMISE
According to the Vietnam Association of Seafood Exporters and Japan (64 per cent), and Australia
Producers (VASEP), tra fish (pangasius) processing factories (19 per cent). The CPTPP is now the
operated at full capacity in the first half of 2022 to meet export second-largest export market for
orders. Revenue from tra fish exports was estimated at $1.4 billion Vietnamese tra fish, after China and
in the period, an increase of about 90 per cent year-on-year. Hong Kong (China) and the US. Demand in CPTPP markets rose
VASEP reported that growth has been posted in all 117 export strongly in the first half of this year, to $170 million, up 64 per
markets, especially the US (131 per cent) and China (124 per cent). cent year-on-year. Export revenue for frozen tra fish to these
Positive signs have also been seen in markets covered by the Com- markets is forecast to increase 35 per cent to more than $110
prehensive and Progressive Agreement for Trans-Pacific Partnership million in the second quarter. Tra fish exports are expected to
(CPTPP), such as Canada (86 per cent), Mexico (71 per cent), recover strongly this year, with revenue totaling $2.6 billion.

EXPORT DIFFICULTIES LIE AHEAD GARMENTS & TEXTILES
A seminar in Ho Chi Minh City including the Comprehensive and Progressive Agreement for Trans-
on June 21 heard that Vietnam’s Pacific Partnership (CPTPP). Vietnam has emerged from being a
garment and textile exports are yarn importer to exporter, shipping $5.6 billion worth abroad last
likely to encounter a host of chal- year and some $3 billion worth in the first half of this year. The
lenges in terms of both markets sector has also shifted towards green energy and water resources,
and supply chains in the second half of this year, despite positive thus better meeting international standards and winning the confidence
results being seen in the first half, when export turnover was estimated of customers. According to Mr. Giang, rising inflation in the US and
at $22 billion, up 23 per cent year-on-year. Chairman of the Vietnam Europe will affect orders in the third and fourth quarters, while the
Textile and Apparel Association (VITAS) Vu Duc Giang attributed ongoing Russia - Ukraine conflict along with surging oil and gas
the first-half results to the utilization of free trade agreements, prices and transportation costs will push up production costs.

www.en.vneconomy.vn JULY 2022 | VIETNAM ECONOMIC TIMES | 5