Vietnam news in brief - June 3

South Korean province promotes agricultural exports to Vietnam

South Korean products are displayed in a shop in Hanoi. Photo: KP International Market

The northern province of Chungcheong in South Korea is starting to explore the Vietnamese market to boost agricultural exports, the provincial government said on June 2. Since May 30, North Chungcheong Province has opened a store in Hanoi's K-Market Sapphire on a trial basis, showcasing tteokbokki (simmered rice cake), seaweed and biscuits among 71 items from the territory. The store is expected to operate for four months until the end of September this year.

Public investment capital disbursement 27% of the plan

In the first five months of 2024, investment capital disbursed from the State budget was estimated at VND190.6 trillion (US$7.44 billion), equivalent to 26.6% of the annual plan and up 5% from the same period last year, the General Statistics Office reported. Realized national investment capital was estimated at VND32.5 trillion ($1.26 billion), equivalent to 29.3% of the annual plan and down 2.6% over the same period last year. Local governments disbursed VND158.1 trillion ($6.2 billion) of public investment, equivalent to 26.1% of the annual plan and up 6.7% over the same period in 2023.

Over 6,200 online sales booths shut down for non-compliance

The Ministry of Industry and Trade (MoIT) has asked e-commerce platforms and websites to remove 6,254 online sales booths selling 23,359 non-compliant products in 2023, according to a ministry report submitted to the National Assembly before the 7th Session interpellation. The MoIT's market management force inspected 834 cases, processed 764 and imposed fines of VND12 billion (US$468,653).

Vinpearl Horse Academy launched in Haiphong

Vinpearl Horse Academy kicks off. Photo: Vingroup

Vinpearl Horse Academy opened on June 1 on Vu Yen Island in the northern city of Haiphong, offering professional equestrian training services and international-standard equestrian experiences. The academy covers an area of 30 hectares, including a reception house, 300 professional horse stalls, multi-level training areas, a nearly one-hectare performance arena, a recreational horse race track, a terrain riding area, a high-quality veterinary hospital and horse health care areas.

Vietnam faces water conservation challenges

Vietnam’s water efficiency is only $2.37 per cubic meter, far below the global average of $19.42 per cubic meter, which Minister of Natural Resources and Environment Dang Quoc Khanh attributes to inadequate water management and coordination. Investment in the water sector is insufficient, and many reservoirs are deteriorating, posing safety risks.

The ministry has implemented an online monitoring system and is exploring solutions for water security and climate change. Future plans include automating water management and building storage and salinity regulation projects. The National Assembly will address these issues from June 4-6. 

Ninh Binh kicks off Golden Tourism Week

The "Golden Season of Tam Coc - Trang An" tourism week was launched on June 1 in Tam Coc - Bich Dong tourist destination to celebrate the 10th anniversary of Trang An being inscribed as a UNESCO World Heritage Site and to promote Ninh Binh tourism. The opening ceremony, attended by provincial leaders and many visitors, featured walking streets, OCOP product displays, art photo exhibitions, and the first goat fighting competition. It is expected to attract 300,000 visitors, a 75% increase from last year, with the highlight being the "Shepherd Boy Playing Flute" painting on the artistic rice field, symbolizing bountiful harvests. 

Vietnamese animation on the rise

Digital technology has helped Vietnamese animation studios conquer international markets. Since 1959, nearly 800 Vietnamese animated films have been produced. Recently, the animation industry has contributed 10-15% of cinema revenues, which has not fully tapped its potential, something that will be addressed with the advent of new technologies like AI.

Many Vietnamese companies, such as Sconnect with its "Wolfoo" series, have gained international recognition. With around 200 animation production companies, the Vietnamese animation industry strives to meet international standards and boost the film and culture sector.