Quang Ninh Boosts Investment, Tourism Ties with Russia's Sverdlovsk Oblast

Quang Ninh province in northern Vietnam is stepping up efforts to enhance investment and tourism cooperation with Russia's Sverdlovsk Oblast. The province's booth at an industrial exhibition attracted numerous visitors with displays highlighting its tourism potential, sparking interest in cooperation in tourism and related sectors. Under a master plan, Quang Ninh is organizing its urban development around three corridors, four socio-economic zones, and five growth centers, including Ha Long, Van Don, Mong Cai, Quang Yen, and the Yen Tu–Ha Long Bay heritage complex. The province aims to adopt a multi-center urban model that places people and heritage, such as Ha Long Bay and the Yen Tu scenic complex, at its core. Economically, Quang Ninh aims to collect over VND100 trillion (US$3.7 billion) in state budget revenue this year. The provincial People's Committee has set detailed Gross Regional Domestic Product (GRDP) growth targets for each quarter: 12.58% in the second quarter, leading to 11.07% growth in the first half. The province targets 15.48% growth in the third quarter and 14.86% in the fourth, projecting a full-year growth of 13.21%. As part of broader trade promotion efforts, a pilot event is scheduled in Shanghai in July to introduce Vietnamese specialty coffee, gauge market interest, and prepare for future trade activities. The demand for Korean food in Vietnam continues to grow due to the popularity of the "Korean Wave," making Vietnam a strategic market for South Korea's agricultural and food export expansion to ASEAN. The State Bank of Vietnam set the daily reference exchange rate at VND25,206 per USD on July 8. The city's push for investment promotion is moving towards a modern, transparent, and technology-led model using digital tools and AI. Financing from the ADB will support HDBank's medium- to long-term lending, with at least 40% directed to Women-led Micro, Small, and Medium Enterprises (WMSMEs) to empower women entrepreneurs. Vietnam recorded exports of $266.5 billion and imports of $283.2 billion in the first six months, resulting in a trade deficit of about $16.7 billion, according to the Agency of Foreign Trade. The successful conclusion of negotiations with EFTA countries over 10 years demonstrates a commitment to an open, transparent, and rules-based international trading system, promoting growth and job creation. Vietnamese companies can now establish a foothold in Kyrgyzstan for capital structuring and supply chain management through a special financial investment territory (SFIT) launched as an international hub. In the first six months of the year, 219 km of national highways were built and 212 km were upgraded. Trade promotion needs to become more specialized, focusing on market and sector demands. Smuggling and illicit trade are becoming increasingly sophisticated. In the first half of 2026, authorities initiated legal proceedings against 1,333 cases involving 2,354 suspects. An exhibition showcased prominent Vietnamese brands in food, beverages, tourism, and logistics, including Me Trang Coffee and Vietnam Tea Shop, alongside Vietnamese specialty food products introduced by the Vietnamese community in Thailand. Vietnam's wood and wood product exports exceeded $17 billion in 2025, reaching a record $17.2 billion. Exports to the UK were $244 million, indicating significant growth potential. Khanh Hoa province, a leading tourism destination, needs more comprehensive planning for night-time tourism to further exploit its potential. Approximately 3.4 million exemplary farming households exist in Vietnam, but farmers need modern management, market analysis, financial, and digital skills to become entrepreneurs. The restructuring of Vietnam's securities market marks a clearer functional separation between the country's two stock exchanges. Authorities detected and handled 67,937 violations in the first half of the year, a 36.66% increase year-on-year. Budget revenue from enforcement reached nearly VND9.65 trillion ($367 million), an increase of 49.36%, with 1,676 criminal cases initiated. A growing number of German companies view Vietnam as an attractive investment destination, with Da Nang well-positioned to attract them due to its development strategy and incentives. The city's GRDP expanded 8.55% in the first half, the highest in a decade, but requires over 11% growth in Q3 and 12% in Q4 to meet annual targets. Experts emphasize that the long-term success of a new trading platform depends on a transparent system with robust measurement, reporting, and verification (MRV) standards for emissions reductions.