MASCOPEX

Festival aimed at boosting trade links between the capital and other localities.

The Hanoi Agricultural Product Festival 2023 opened in Hoai Duc district on December 27.

The five-day festival will attract over 100 organizations and individuals from Hanoi and other localities introducing agricultural products and “One commune, One product” (OCOP) products at 145 booths.

It is aimed at promoting trade exchanges between Hanoi and elsewhere and boosting exports of agricultural products, according to Director of the Hanoi Department of Agriculture and Rural Development Nguyen Xuan Dai.

Opportunities will also be available to connect managers, scientists, businesses, farmers, and consumers.

Hanoi’s agricultural sector has continually developed and diversified its products in recent years and improved product quality, contributing to the capital’s socio-economic development, Mr. Dai said.

In particular, it has sped up agricultural restructuring, expanded markets, and promoted green and smart agriculture in connection with the development of services and rural tourism.

The capital has also paid attention to applying high technology in agricultural development and promoting organic agriculture and the circular economy.

Sector’s GDP growth at 3.83% in 2023.

Vietnam’s agricultural sector posted GDP growth of 3.83 per cent in 2023, the highest growth in a decade, according to the Ministry of Agriculture and Rural Development (MARD).

The total rice cultivation area reached 7.12 million ha, up 10,100 ha compared to 2022.

Rice output set a record of 43.5 million tons, up 800,000 tons.

The sector targets over 43 million tons in 2024.

Meanwhile, total aquaculture output reached over 9.3 billion tons, a year-on-year rise of 2.2 per cent, including more than 6.6 billion tons of fish, up 1.8 per cent, and 1.356 billion tons of shrimp, up 5 per cent.

Regarding forestry, the country planted an additional 298,200 ha of forest, down 2.7 per cent year-on-year. The total volume of wood exploited in 2023 was estimated at 20.8 million cu m, up 2.8 per cent year-on-year.

Bank raises charter capital for second time in the last three years.

United Overseas Bank (UOB) Vietnam increased its charter capital by 60 per cent on December 26 to approximately VND8 trillion (nearly $328 million) through a capital injection from its Singapore-based parent bank UOB, it announced on the same day.

This was UOB Vietnam’s second increase in charter capital in the past three years, demonstrating its strong commitment to investing in long-term growth in Vietnam.

Mr. Victor Ngo, CEO of UOB Vietnam, said Vietnam is a strategic market for UOB in ASEAN. The decision to raise its capital is evidence of its long-term commitment to Vietnam’s development and confidence in Vietnam’s significant potential.

This will also help UOB realize its ambition to become a leading retail bank and leading foreign bank in Vietnam, he said.

After 30 years in Vietnam, the bank has five branches in Ho Chi Minh City and Hanoi with over 1,300 employees. It maintained steady growth of over 30 per cent in total assets between 2018 and 2022.