Vietnam news in brief - October 25

Two relics declared special national heritage in Quang Ninh Province

Tra Co Communal House in Quang Ninh Province. Photo: Quang Ninh Newspaper

Two historical sites in Van Don Commercial Port and Tra Co Communal House, the northern province of Quang Ninh Province, have been declared National Heritage Sites. Van Don Port, the first commercial port in northern Vietnam, was built in 1149 with a total area of 200 km2 and eight piers. The port was declared a national heritage site in 2003.

Tra Co Communal House was declared a national heritage site in 1974 for its long history, unique architecture and storage of antique objects.

Ho Chi Minh City to start canal restoration in August 2024

Ho Chi Minh City will begin upgrading the Xuyen Tam Canal in August 2024 to improve the city's standard of living and drainage. The project, costing about VND9.6 trillion ($390.6 million), is scheduled for completion in 2028. The main activities include water purification, embankment, installation of new drains, and construction of roads along both banks.

The Xuyen Tam Canal is 9 km long and flows through Go Vap and Binh Thanh districts. For the past two decades, it has been one of the most polluted areas in Ho Chi Minh City.

Vietnam's growth to gear up next year: VinaCapital expert

Michael Kokalari, CFA and chief economist at VinaCapital, projected that Vietnam will see a rebound in 2024 as exports recover. The country's GDP growth is targeted at 6.5% in 2024.

Kokalari predicted on October 24 that Vietnam's GDP growth will slow to 4.7% in 2023 from 8% in 2022. He attributed the slowdown to weaker exports, which fell 10% year-on-year in January-September, while domestic purchasing power remained almost unchanged.

Vietnam, South Korea boost R&D cooperation

The ministries of science and technology of Vietnam and South Korea will continue implementing policies and activities to boost R&D in both countries, according to a meeting between the two sides on October 24. The two ministries will diversify their cooperation programs, work on the second phase of the development of the Vietnam-Korea Institute of Science and Technology, and share practices in AI and core technology development and digital transformation.

The two countries will also support connections between their startup communities and build additional R&D centers in Vietnam.

Second Food & Hotel Hanoi 2023 to open in November

A local visitor attends the first Food & Hotel Hanoi 2023. Photo: Hoai Nam/ The Hanoi Times

About 113 exhibitors from 13 countries and territories will showcase their products at the 2nd International Exhibition on Food, Beverage, Restaurants, Hotels and Service Supplies in Vietnam (Food & Hotel Hanoi 2023) in November.

At the event, US companies will introduce meat, dried fruits, potatoes, raisins, ginseng and popcorn, among other agricultural products.

Korean airlines open direct flights to Phu Quoc Island

Three South Korean airlines, including Jeju Air, Korean Air and Jin Air, will operate direct flights to Phu Quoc Island in the southern province of Kien Giang this Winter, according to South Korea's Business Post.

Korean Air will operate the Seoul-Phu Quoc route with one daily flight starting November 26. Jin Air, a subsidiary of Korean Air, also announced that it will run the route from December 24.

Jeju Air officially resumed the Seoul-Phu Quoc route on October 29.

Establishment of two real estate trading centers in Vietnam under consideration

The Ministry of Natural Resources and Environment is seeking opinions from ministries and sectors on the establishment of two real estate trading centers, one State-owned and the other private.

Earlier, Prime Minister Pham Minh Chinh instructed the Ministries of Construction and Natural Resources and Environment to study the establishment of one trading floor for real estate transactions and the other for trading land use rights. The Ministry of Construction proposed integrating these two floors into a real estate trading center under the provincial People's Committee, which would have three main functions: supervising real estate transactions, collecting taxes, and issuing land-use right certificates.

2024 budget earmarks US$2.25 billion for salary reform

In 2024, the Government plans to spend about VND55.4 trillion (US$2.25 billion) on salary reform, of which 89% will come from the central budget, according to a report on the three-year budget plan (2024-2026) submitted to the National Assembly on October 23. From July 1, 2024, the Government will implement the public sector wage reform policy under Central Committee Resolution 27. Regional minimum wages and wage policies for enterprises will also be adjusted.

Minister of Finance Ho Duc Phoc affirmed that there are sufficient resources to implement the wage policy reform with the expected revenue and expenditure in 2024, together with the use of part of the accumulated wage reform funds from the central and local budgets.