Economy

The North-South express railway project will create a significant opportunity for Vietnam's mechanical and construction industries to advance in technology.

While many farmers are struggling because of unstable agricultural prices due to adverse market fluctuations, cooperatives and many farmers still have stable profits thanks to the application of high technology.

Vietnamese enterprises need to make efforts to innovate, proactively improve competitiveness, and participate in new supply chains to boost exports to Asia, said trade official.

Vietnam has become the fifth-largest tea exporter in the world with 108,000 tonnes exported by the end of September, generating a turnover of 189 million USD.

In recent times, the agricultural sector of Long An province has focused on improving and standardizing the quality of agricultural products to increase competitiveness and improve output prices.

In recent years, many cooperatives in Long An province have actively participated in the “One Commune One Product” (OCOP) program, contributing to improving product quality, increasing competitiveness, etc.

With the drastic and synchronous implementation of measures and solutions, Long An has become an attractive, safe and effective investment destination for investors.

Shunsin Technology Vietnam Co., Ltd., a subsidiary of Taiwanese tech giant Foxconn, is applying for an environmental permit for its 80 million USD chip manufacturing project in the northern province of Bac Giang.

Vietnam is expected to be among the top three Southeast Asian countries in terms of industrial competitiveness by the end of this decade, as outlined in an action programme issued by the Ministry of Industry and Trade.

As orders are increasing and key markets are showing signs of positive recovery, businesses are taking full advantage of opportunities to boost production and exports to achieve the highest target in 2024.

South Korea is one of Long An’s major partners, ranking 3rd among 41 countries and territories with direct investment capital in the province of more than 1.1 billion USD in 214 projects.

A total of 115 foreign suppliers have registered and paid taxes through the electronic portal, contributing over 18 trillion VND (711.88 million USD) to the state budget.