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Trade minister speaks of harmonious trade relationship with the US

Published

7 hours ago

March 14, 2025

Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien, has reaffirmed the country’s commitment to fostering a balanced and mutually beneficial economic and trade relationship with the United States.

Dien made this statement during a meeting with US Trade Representative Jamieson L. Greer in Washington, DC on March 13, where they discussed bilateral economic and trade cooperation.

This was the first official ministerial-level meeting between the two countries since the new US administration took office.

Vietnam seeks a harmonious trade relationship with the U.S

US Trade Representative Jamieson L. Greer and the Minister of Industry and Trade Nguyen Hong Dien. Photo: Ministry of Industry and Trade

Dien declared the US as one of Vietnam’s most critical strategic partners and spoke of his eagerness to strengthen the comprehensive strategic partnership between the two nations in a practical, in-depth, and sustainable manner.

“The economies of Vietnam and the US are complementary, particularly in their trade structures, which has allowed bilateral trade to grow rapidly and remain stable for many years,” said Minister Dien. “This helps establish key foundations and ensures national interests in bilateral cooperation.”

Dien emphasised Vietnam’s consistent policy of promoting a balanced and mutually beneficial economic and trade relationship with the US. “Vietnam has no intention of creating obstacles that could harm American workers, economic security, or national security, and our government is implementing measures to encourage comprehensive and sustainable economic, trade, and investment relations between our two countries.”

Dien also urged technical teams from both sides to continue discussions so that the US can recognise Vietnam’s market economy status. “This would be a significant decision, reflecting the status of our comprehensive strategic partnership,” he added.

Meanwhile, Greer spoke of how the intent of the new trade policies is not to harm US partners, but rather to ensure that there will be mutual economic benefits in trade relations going forward.

“Vietnam needs to take stronger measures to further open its market and improve the trade balance between our two countries,” said Greer.

Vietnam and the US have mutually agreed on the need for close coordination to foster a fair and sustainable business environment. To that end, the two countries pledged to proactively review and address trade barriers that hinder investment and business operations. Additionally, they emphasised the importance of establishing mechanisms to monitor and prevent trade fraud, origin misrepresentation, and illegal transshipment.

Diplomatic relations between Hanoi and Washington were established in 1995, with a comprehensive strategic partnership following in 2023. The US is Vietnam’s second-largest export market with bilateral trade volume reaching nearly $150 billion last year.

Related Topics:Comprehensive Strategic Partnership the US Vietnam

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Construction of $137 mln waste-to-energy plant begins in HCMC

Published

24 minutes ago

March 15, 2025

Industrialzone.net

Construction on the VND3.5 trillion ($137.2 million) Vietstar waste-to-energy plant, with processing capacity of 2,000 tons of waste per day, commenced on Wednesday in Ho Chi Minh City.

The construction marks a significant step in the city’s efforts to modernize waste treatment technologies.

The project, located in the Northwest Waste Treatment Complex in Cu Chi district, is being developed by VietStar JSC. The project will integrate technology for compost sorting and waste incineration to generate electricity. It is expected to be completed within 17 months, processing 2,000 tons of solid waste daily.

Nguyen Toan Thang, director of the HCMC Department of Natural Resources and Environment, stated: “This is not just a waste management solution; it’s an important step forward in developing renewable energy and a circular economy.”

Thang said once operational, the Vietstar plant will handle 45-50% of the city’s total household waste using modern technology. In addition to reducing pollution, the project will also generate energy for production and daily use.

Illustration of the Vietstar waste treatment plant in Cu Chi district, Ho Chi Minh City, southern Vietnam. Photo courtesy of Vietstar.

The Vietstar plant received in-principle approval from the HCMC administration over five years ago, alongside another waste incineration project in Cu Chi, invested by Tam Sinh Nghia Investment Development JSC.

However, due to procedural delays, construction has only now begun. Meanwhile, construction on the Tam Sinh Nghia plant commenced in July 2024.

According to Thang, the development of waste-to-energy plants is a key part of HCMC’s broader environmental strategy. This includes transitioning all waste treatment technologies to incineration for electricity generation by 2030, recycling organic waste into fertilizers and biofuels, and controlling water and air pollution.

Bui Xuan Cuong, Vice Chairman of the HCMC People’s Committee, highlighted that one of the city’s major challenges is environmental pollution, particularly as the area generates approximately 10,000 tons of domestic waste each day.

He emphasized that the city is working urgently to shift from traditional waste treatment to modern technologies that treat waste as a resource. The Vietstar waste-to-energy plant is a crucial part of this transition.

Currently, most domestic solid waste in HCMC is disposed of in landfills, which risks polluting nearby residential areas. The rest is treated through incineration, fertilizer production, and recycling. According to the city’s goals, waste-to-energy technology will handle 100% of domestic waste by 2030.

Project

Visa and MISA to collaborate on digital payment solutions

Published

1 hour ago

March 15, 2025

Industrialzone.net

MISA, a provider of digital transformation solutions for finance, accounting, and enterprise management, announced a strategic collaboration with Visa on March 14 to empower Vietnamese businesses through comprehensive digital payment solutions.

Visa and MISA to collaborate on digital payment solutions

The collaboration marks a significant step towards accelerating digital transformation within Vietnam’s business community, fostering greater financial inclusion and operational efficiency for enterprises of all sizes.

Vietnam’s dynamic business environment presents both challenges and opportunities for companies. The upcoming VAT law, effective July 1, underscores the increasing need for efficient, transparent, and compliant financial management solutions. Visa and MISA share a common vision of empowering Vietnamese businesses with the tools and resources they need to succeed.

The collaboration will focus on several areas, including the promotion of digital payment adoption among businesses and government entities, thereby enhancing transparency and efficiency. Visa’s corporate card solutions will streamline payment processes and improve reconciliation. Furthermore, Visa will collaborate with JETPAY (a subsidiary of MISA) to develop a Business Payment Service Provider platform.

Another key area is upskilling and capacity building. Visa and MISA will jointly develop and implement training courses, consulting services, and technical support initiatives. These initiatives will enhance businesses’ understanding of digital payment methods and the role of credit cards in managing business cash flow.

In terms of data collaboration and financial inclusion, Visa and MISA will work with bank partners to develop advanced payment services. This includes leveraging AI in data processing and credit appraisal, helping businesses shorten the time to access capital.

The two sides also offer support for new tax regulations. Recognising the impact of the new VAT law, Visa and MISA are committed to providing tools and solutions to help businesses transition to digital payments, manage documentation efficiently, and ensure compliance.

“We are committed to driving financial inclusion and innovation in Vietnam and this partnership combines Visa’s global expertise in payments with MISA’s profound understanding of the Vietnamese business landscape to deliver transformative solutions that help businesses thrive in the digital economy,” said Dung Dang, country manager of Visa Vietnam and Laos.

Le Hong Quang, CEO of MISA, added, “This collaboration allows us to leverage Visa’s top-tier payment technology to create integrated solutions that are tailored to the unique needs of our customers. Together, we will empower Vietnamese businesses to embrace digital payments, streamline their financial processes, and achieve sustainable growth.”

Project

Ninh Binh commences construction of Khanh Loi Industrial Cluster Infrastructure Project

Published

2 hours ago

March 15, 2025

Industrialzone.net

The Ninh Binh Provincial People’s Committee held a groundbreaking ceremony for the Khanh Loi Industrial Cluster Infrastructure Investment and Business Project in Yen Khanh District on February 18.

This is the first newly initiated project among 21 key projects selected to commemorate the 23rd Provincial Party Congress.

Tran Thi Kim Thanh, CEO of Bao Minh-Khanh Hong Infrastructure Investment and Development JSC (the project investor), stated that the project covers 63 hectares and has recieved a total investment of approximately 700 billion VND.

It aims to attract high-quality investment in advanced, eco-friendly industries, integrating local businesses into global supply chains. The project is expected to create 3,000–5,000 jobs and attract skilled labour. Infrastructure construction and equipment installation are set to be completed by the end of 2026.

Nguyen Cao Son, Vice Chairman of Ninh Binh Provincial People’s Committee, urged the investor to ensure synchronised, modern infrastructure, exceed project deadlines, and comply with legal regulations. He also called on local authorities to facilitate project implementation and swiftly resolve any arising issues.

He affirmed the province’s commitment to supporting businesses, fostering a favourable investment environment and driving socio-economic development while improving local living standards.