Speaking at the 10th conference of the 10th Party Committee wrapping up yesterday, he added that over 40 percent of 300,000 businesses established recently come from the real estate sector. Building development investment policy should pay attention to the sustainability in developing industries and expanding business size. During the last six months, four key economic industries comprising trade and services obtained the growth rate of only 10 percent. The low growth rate together with a decline in other industries has affected budget revenue reaching over 47 percent of this year’s estimates so far. That leaves a strong pressure on budget revenue for the remaining months. The crux of the problem here is capital for development investment as the state budget can meet only 30 percent of demand. The remaining funds must be mobilized from other social sources and foreign investment attraction. HCMC needs over VND320 trillion (US$14.07 billion) to implement … [Read more...]

Speaking at the 10th conference of the 10th Party Committee wrapping up yesterday, he added that over 40 percent of 300,000 businesses established recently come from the real estate sector. Building development investment policy should pay attention to the sustainability in developing industries and expanding business size. During the last six months, four key economic industries comprising trade and services obtained the growth rate of only 10 percent. The low growth rate together with a decline in other industries has affected budget revenue reaching over 47 percent of this year’s estimates so far. That leaves a strong pressure on budget revenue for the remaining months. The crux of the problem here is capital for development investment as the state budget can meet only 30 percent of demand. The remaining funds must be mobilized from other social sources and foreign investment attraction. HCMC needs over VND320 trillion (US$14.07 billion) to implement … [Read more...]

VietNamNet Bridge - Start a new day with night flower market, and then after sunrise, visit historic buildings, and later relax with coffee or beer at night. Hanoi is one of the most attractive destinations in the world. To discover the cuisine and beauty of the capital in one day, you may have to wake up early and take advantage of every moment for your experience. 4-5 am: night flower market The night flower market Quang Ba is held at about 2 am. From 2 am to 4 am, for wholesale; after 4 am, besides wholesale, there are retail prices for tourists.  This is the most beautiful, freshest, and cheapest flower market in Hanoi because flowers are delivered from Tay Luu, Dong Anh, Gia Lam, Phuc Yen, etc. If you only want to visit or buy some bunches of flowers, you can wake up around 4 am. At this time, the market is not too crowded, you can bargain and choose flowers such as rose, lily, … [Read more...]

If local authorities want to manage logos and barges of ride-hailing firms, they can assign authorized agencies to do so, said Mr. Truong at a conference organized by the ministry in Hanoi yesterday. He was speaking in response to traditional taxi firms’ complaint that the quick increase of Uber and Grab cabs has broken plan and contributed in traffic jam in HCMC and Hanoi. According to the Prime Minister’s decision, the ministry’s pilot project will be implemented in two years. When the project ends this yearend, the ministry will review the ride-hailing service to have better management solutions, said Mr. Truong. The ministry will work with the Ministry of Finance to improve tax management to Grab Taxi and Uber Vietnam and the Ministry of Industry and Trade to cope with anti-dumping from their discount programs. A representative of the Taxation General Department under the Ministry of Finance reported that tax agencies have met difficulties … [Read more...]

If local authorities want to manage logos and barges of ride-hailing firms, they can assign authorized agencies to do so, said Mr. Truong at a conference organized by the ministry in Hanoi yesterday. He was speaking in response to traditional taxi firms’ complaint that the quick increase of Uber and Grab cabs has broken plan and contributed in traffic jam in HCMC and Hanoi. According to the Prime Minister’s decision, the ministry’s pilot project will be implemented in two years. When the project ends this yearend, the ministry will review the ride-hailing service to have better management solutions, said Mr. Truong. The ministry will work with the Ministry of Finance to improve tax management to Grab Taxi and Uber Vietnam and the Ministry of Industry and Trade to cope with anti-dumping from their discount programs. A representative of the Taxation General Department under the Ministry of Finance reported that tax agencies have met difficulties … [Read more...]

Both market indices rose on Thursday morning, backed by the growth of large-cap stocks, particularly the financials. - Photo tinnhanhchungkhoan.vn Both market indices rose on Thursday morning, backed by the growth of large-cap stocks, particularly the financials. The VN Index on the HCM Stock Exchange was up 0.44 per cent at 772.45 points. On the Ha Noi Stock Exchange, the HNX Index also gained 0.44 per cent to close at 98.78 points. Blue chips led the upturn, with 23 of the top 30 largest shares by market value and liquidity on the main bourse in HCM City advancing. Big banks and securities firms, including BIDV (BID), Military Bank (MBB), Vietcombank (CTG), Vietinbank (CTG), Saigon Securities Inc (SSI), HCM Securities Corp (HCM) and BIDV Securities Co (BIS), gained between 0.4 per cent and 2.7 per cent. Other sector-leading companies such as PV Gas (GAS), VinGroup (VIC), FPT Corp (FPT), Masan … [Read more...]

This is part of a project sending young doctors to disadvantaged areas, including mountainous and border localities and islands.  The project, approved by the Ministry of Health in 2013, prioritises 62 poor districts to improve healthcare services at the grassroots level. Speaking at a handover ceremony in Lao Cai province on June 28, Minister of Health Nguyen Thi Kim Tien said that young doctors who have medical practice certificates and performed well at university will work in poor districts. After being further trained in a speciality, male doctors will work in district hospitals in deprived localities for three years and female doctors for two years, Tien said, adding that they will have favourable conditions in terms of salary, allowances and working conditions. She underlined that the project will facilitate access to high-quality … [Read more...]

Secretary of the municipal Party Committee Nguyen Thien Nhan made the affirmation at a reception for Sherry S. Boger, General Director of Intel Products Vietnam, on June 28. Nhan lauded the firm’s investment in HCM City, reflecting its trust in the city’s investment environment. He also mentioned the cooperation between Intel Products Vietnam and local universities, suggesting the group establish a centre for high-tech studies in the city. Nhan expressed his hope that Intel will continue achieving successes in the city and called on the group to provide consultation, technical and technology assistance for HCM City in building a smart city. For her part, Boger extended her thanks to the local authorities for their support, saying that building the factory in HCM City is among the right choices and biggest successes of the … [Read more...]

A man who suffered intestinal perforation after a go-kart accident in southern Vietnam in 2015 was awarded US$3,500 in damages from the company that operated the attraction. The company was sued for operating a poorly designed race track and failing to provide the necessary equipment to protect players in the event of an accident. The lawsuit was filed by Pham Minh Luan, 25, against the Vung Tau Cable Car Company, the owner of Ho May Park in Vung Tau City, a beach town in Ba Ria-Vung Tau Province, where the racing game took place. The case was brought before the People’s Court of Vung Tau on Wednesday, where Luan demanded that the company pay VND90 million ($3,900) in compensation for the health and mental impact he suffered from the accident. According to Luan’s lawsuit, he and a group of friends from Ho Chi Minh City arrived at Ho May Park on June 28, 2015 for a weekend outing. In the afternoon … [Read more...]

During the first half of the year, farm produce export earnings were estimated at US$9.1 billion, up 15.4 percent year-on-year. Meanwhile, revenues from aquatic and forestry product shipments reached US$3.5 billion and US$3.8 billion, respective increases of 14.1 percent and 12.8 percent.  Vietnam exported 413,000 tonnes of rice worth US$182 million in June, raising the six-month volume and value to 2.8 million tonnes and US$1.2 billion, up 6.3 percent and 4.9 percent, respectively. China remained the top importer of rice from Vietnam.  Pepper exports were estimated at 23,000 tonnes in June, bringing home US$110 million. Over the first six months, the volume rose 18.3 percent to 126,000 tonnes but the value was down 16.8 percent to US$714 million.  Meanwhile, the country earned US$259 million from selling 109,000 tonnes of … [Read more...]

The government of Hanoi City has plans to build two more metro lines in the west of the city to cope with traffic congestion there. Nhon-Hanoi Station metro line is under construction in Hanoi. The government of Hanoi City has plans to build two more metro lines  A 13.05-kilometer metro line connecting Cat Linh and Ha Dong has been underway for seven years. The VND18-trillion project is scheduled for completion at the end of this year. A second line, which is 12.5 kilometers long and links Nhon and Hanoi Station, got off the ground in 2010, and was originally expected to be up and running next year. However, the project is just half-complete as the Chinese contractor has been slow in payments for sub-contractors. Meanwhile, traffic congestion in the western gateway of the city is worsening. Worse still, the project is facing cost overruns, with its capital adjusted up to nearly VND33 trillion from the original … [Read more...]

The first movie “Les Vacances du Petit Nicolas” (2014, 97’)  directed by Laurent Tirard, starring Valérie Lemercier, Kad Mérad, Dominique Lavanant, and François-Xavier Demaison, will be screened on July 2. “Holidays of Kid Nicolas ” is adapted from the famous novel by Sempe and Goscinny – the one that French children bring to the beach on holidays.  The feature follows the successful launch of the movie in 2010, which brought laughter to the audience.  The new film selects the most subtle and humorous details from the original story.  The second movie -  “Vandal” – will be screened on June 30 and July 2. Directed by Hélier Cisterne, the film stars Marina Foïs, Jean-Marc Barr, Ramzy Bédia, and Zinédine Benchemine. The movie is about … [Read more...]

Experts say there are several challenges: intense competition from the increasing number of domestic and foreign food companies, high prices (a burger goes for "four times a bowl of Pho"), and the fact that hamburgers and French fries are just not for Vietnamese people. Below are some major chains and their progress in Vietnam compared to other markets in Asia. Burger King Burger King has closed five restaurants in Ho Chi Minh City, Hanoi, and Danang in recent years, citing sub-optimal location, according to news reports, despite an ambitious US$40-million investment plan upon its entry in 2012. At the time, Burger King expected to open 60 restaurants nationwide, as consumers were excited to try the famous hamburger from the west. However, five years later, the fast food chain has only reached a quarter of this target with 15 restaurants: seven in … [Read more...]

Vietnam’s Ministry of Transport has demanded that Uber and Grab remove special features allowing passengers to share rides and split the costs with others. The ruling was made nearly two months after Grab Vietnam introduced its GrabShare service to local users in early May, while Uber Vietnam announced intentions to launch a similar service, UberPool, in the Southeast Asian country. GrabShare and UberPool both allow one passenger to share their ride and split the cost with another rider headed in the same direction. Grab launched GrabShare in Vietnam on May 9, claiming that the feature can help passengers save up to 30 percent on their ride. When Tuoi Tre News checked the Grab app on June 29, the feature was still available in the “ride type” options. In a dispatch sent to Grab Vietnam and Uber Vietnam, the transport ministry said the fare-splitting option is a violation of current legal … [Read more...]

Apple Inc's iPhone turns 10 this week, evoking memories of a rocky start for the device that ended up doing most to start the smartphone revolution and stirring interest in where it will go from here. FILE PHOTO - A salesman checks a customer's iPhone at a mobile phone store in New Delhi, India, July 27, 2016.  Apple has sold more than 1 billion iPhones since June 29, 2007, but the first iPhone, which launched without an App Store and was restricted to the AT&T Inc network (T.N), was limited compared to today's version. After sluggish initial sales, Apple slashed the price to spur holiday sales that year. "The business model for year one of the iPhone was a disaster," Tony Fadell, one of the Apple developers of the device, told Reuters in an interview on Wednesday. "We pivoted and figured it out in year two." The very concept of the iPhone … [Read more...]

There were 61,276 newly-established enterprises in Vietnam in the first half of this year with total capital of VND596.196 trillion ($26.22 billion), according to the Ministry of Planning and Investment (MPI). Numbers up 12.4% and capital up 39.4% year-on-year in first half. Numbers were up 12.4 per cent year-on-year while capital was up 39.4 per cent. Average capital was VND9.7 billion ($42,600), a 24.3 per cent increase year-on-year. There were also 18,100 enterprises adding capital in the first half, totaling VND859.186 trillion ($37.7 billion), for new and additional capital of some VND1,455 trillion ($64 billion). MPI’s figures also reveal that the number of newly-established enterprises and capital grew each year in the first half from 2013 to 2017.  The number of newly-established enterprises in the first half of 2017 increased 1.5-fold compared to the first half of 2013.  Registered … [Read more...]

Matt Wilson, corporate affairs director of Heineken Vietnam introduces the 2016 Sustainable Development Report in Ha Noi on June 28. — VNS Photo Thanh Hai Heineken Vietnam has announced its achievements and future direction for sustainable development through the release of its 2016 Sustainable Development Report. The report focuses on six key areas -- promoting responsible drinking, protecting water resources, reducing CO2 emissions and supporting communities, as well as sourcing sustainability and promoting health and safety. "In 2016, we moved closer to brewing 100 per cent from renewable energy at all our breweries, whilst creating close to zero waste. We strengthened our partnerships and programmes that promote responsible drinking and continued to invest heavily in developing our people and our communities," Matt Wilson, corporate affairs director of Heineken Vietnam, said. “We believe that our … [Read more...]

Vietnam continues to slowly but steadily develop and will be Asia-Pacific’s next emerging market over the next five to ten years, according to the latest report from Cushman & Wakefield entitled “Betting on Asia Pacific’s Next Core Cities”. Cushman & Wakefield's "Betting on Asia Pacific's Next Core Cities" report tags Vietnam as next emerging market in region. Cushman & Wakefield selected the next core and emerging markets in the region that will remain relevant and dominant over the next five to ten years. As an emerging market, Vietnam displays many of the characteristics of its Asia-Pacific neighbors but perhaps is not as well understood.  Factors such as legal titles in the form of 50-year land leases granted by the State, a regulatory and tax environment that facilitates the placement of foreign capital, a real estate market cycle that is now at a stage of controlled … [Read more...]

A computer virus wreaked havoc on firms around the globe on Wednesday as it spread to more than 60 countries, disrupting ports from Mumbai to Los Angeles and halting work at a chocolate factory in Australia. Customers queue in 'Rost' supermarket in Kharkiv, Ukraine June 27, 2017 in this picture obtained from social media. Risk-modeling firm Cyence said economic losses from this week's attack and one last month from a virus dubbed WannaCry would likely total $8 billion. That estimate highlights the steep tolls businesses around the globe face from growth in cyber attacks that knock critical computer networks offline. "When systems are down and can't generate revenue, that really gets the attention of executives and board members," said George Kurtz, chief executive of security software maker CrowdStrike. "This has heightened awareness of the need for … [Read more...]

NDO – A national videoconference was held in Hanoi on June 29 to promote a thorough understanding of the resolutions of the fifth plenum of the 12th Party Central Committee (PCC) among senior officials nationwide. The conference focused on disseminating three resolutions on economics, including the resolution on developing the private economic sector into an important motivation of the socialist-oriented market economy; the resolution on continually restructuring, reforming and enhancing the operational efficiency of State-owned enterprises (SOEs) and the resolution on finalsing socialist-oriented market economy institutions. Addressing the event, Prime Minister Nguyen Xuan Phuc stressed the significance of thorough perception, clear mindset, strong determination, relevant methods and drastic actions in the effective implementation of the PCC’s resolutions. He emphasised that the core contents of these resolutions are big innovative orientations on the … [Read more...]