The credit quality of real estate firms is at a good level with financial leverage below 1.5x. During the first seven months of 2022, over VND420 trillion (US$18 billion) was pumped into the real estate market. The figure could be raised to VND800 trillion ($34 billion) by the end of the year in case of favorable conditions. Investors looking at a real estate project in Me Linh District, Hanoi. Photo: Pham Hung Economist Can Van Luc, a member of the National Financial and Monetary Advisory Council, shared the view at a real estate forum held on August 17, noting the figure is huge compared to total investment capital for the economy. According to Luc, while transaction activities have been subdued in recent months, this would pose a golden opportunity to restructure the market for more sustainable growth. “In the past, real estate was widely seen as the first option when people explore fields to invest in, and that is a huge risk to the economy,” Luc said. … [Read more...] about Over US$34 billion set to pour into Vietnam’s real estate market this year
44 ways where the grass is greener
[Vietnam-US relations] Agriculture – a prominent pillar in US-Vietnam trade: Marc Knapper
American agricultural products are available in many parts of Vietnam and some are becoming well-received in the country of 100 million people. Agriculture plays a prominent role in trade relations between the US and Vietnam, US Ambassador to Vietnam Marc Evans Knapper has said. US Ambassador to Vietnam Marc Evans Knapper at a press conference in Hanoi. Photo: NLD The ambassador shared the idea at the United Tastes of Food and Wine Reception held in Hanoi earlier this week in collaboration between the US Embassy, the California Milk Advisory Board, and the Nebraska Department of Agriculture. To boost the market share of American agricultural products in the Southeast Asian country, relevant agencies are working for further availability. “We are looking for ways to expand US agricultural imports into Vietnam,” Ambassador Knapper said. What Ambassador Knapper said might be true, based on the fact that American agricultural products are safe and … [Read more...] about [Vietnam-US relations] Agriculture – a prominent pillar in US-Vietnam trade: Marc Knapper
FLC securities subsidiary appoints new board after mass resignation
The three, Trinh Van Nam, Pham Thi Thanh Nga and Chairman Le Ba Phuong were appointed at its general meeting of shareholders Tuesday afternoon. This is the first time Phuong works at BOS Securities, though he was a member of FLC’s board of supervisors before resigning in 2014. The BOS board used to have five members but two, Trinh Thi Thuy Nga and Huong Tran Kieu Dung, were arrested for allegedly manipulating the stock market in April and were officially dismissed Tuesday. The rest, Le Ba Nguyen, Chu Tien Vuong and Nguyen Quynh Nga, all resigned in early August for personal reasons. In July Nguyen was named chairman of FLC to replace Trinh Van Quyet, his brother-in-law who got arrested in March for allegedly manipulating the stock market. BOS targets revenues of VND110 billion ($4.44 million) and profits of VND50 billion this year. … [Read more...] about FLC securities subsidiary appoints new board after mass resignation
Phat Dat’s strategy to successfully acquire new real estate projects
In 2020, chairman Nguyen Van Dat appointed you as CEO of Phat Dat. Taking on this new responsibility, how did you feel back then? Throughout Phat Dat's 16-year history, the chairman and founder exerted his influence on every decision. In such a context, I found myself in a favourable situation thanks to the inherited strategic orientations from the chairman and the determined management team. Besides this, Phat Dat has embarked on an ambitious plan for 2019-2023 to restructure its investment portfolio, targeting billions USD in market cap and exceeding 50 per cent in compound growth rate. Growing up inside the organisation, I am enthusiastic about Phat Dat's development. My new task, which capitalises on the past achievements and simultaneously accompanies the chairman to write Phat Dat's further development, is really challenging. When I received the appointment decision, many thoughts crossed my mind. I immediately told myself that I must live well, grow strongly, and see … [Read more...] about Phat Dat’s strategy to successfully acquire new real estate projects
Sapa bans big coaches and trucks on many streets
Coaches with more than 29 seats and 10-tonne minimum capacity trucks will be banned on many streets in Sapa Town in order to help ease traffic jams. These vehicles won’t be allowed to travel on 31 major roads in the town between 6 am and 11 pm from Thursday to Sunday and the whole of Friday and Saturday. Traffic jam in Sapa Local authorities will also arrange one-way traffic for some streets which often see large numbers of tourists. This will be carried out from August 21. The town will also regulate certain streets for electric vehicles and those that allow car parking. The centre area of Sapa Town is often congested during the weekends and holidays. … [Read more...] about Sapa bans big coaches and trucks on many streets
Man dies after attempting to rescue drowning victims on Phu Quoc Island
Authorities in Phu Quoc Island City, off the coast of Kien Giang Province in southern Vietnam, said on Wednesday night that a 56-year-old man had passed away from exhaustion en route to the hospital after attempting to rescue five tourists from drowning at a local beach earlier the same day. The victim was Nguyen Van Thai, 56, a resident of Duong To Ward, Phu Quoc City, who participated in rescue efforts to save five tourists from drowning at Bai Truong Beach on Wednesday afternoon. According to Tran Van Chung, another individual involved in the rescue operation, five tourists, including three adults and two children, were swept into the ocean by strong currents at Bai Truong Beach at around 5:30 pm that same day. Thai immediately dived into the sea following the tourists' calls for help. He then approached the five victims but was unable to bring them back to the shore due to the strong currents. At that time, Do Huy Dung, 34, a local, paddled a boat out into the ocean to … [Read more...] about Man dies after attempting to rescue drowning victims on Phu Quoc Island
Luxury sneakers may be a step too far for cash-strapped Gen Z
SHANGHAI/PARIS -- From $300 bucket hats to $900 sneakers and $700 t-shirts, the high-flying luxury sector is fretting over the appetite among financially stretched Gen Z consumers for such "aspirational" purchases. Executives are troubled in particular by a hit to young Chinese shoppers, not only because mainland China has been a major driver of the industry's growth in recent years, but also because high end consumers in the world's second-largest economy are a decade younger than the global average of 38. Young adults around the world have been "a very strong factor of luxury growth over the past decade," said Gregory Boutte, chief client and digital officer at Gucci-owner Kering. Data this week showed China's economy slowed unexpectedly, prompting a central bank rate cut, while macroeconomic trends are disproportionately impacting the extra funds that those born between 1996 and 2012 might use to enter the world of luxury. Whereas in North America and Europe, inflation and … [Read more...] about Luxury sneakers may be a step too far for cash-strapped Gen Z
Vietnamese travel businesses boost linkages to lure Indian tourists
The successive opening of direct flights connecting famous tourist destinations between the two countries is paving the way for travel to boom. Indian arrivals to Vietnam would increase further through the implementation of specific solutions linking the two markets. Vietnamese and Indian enterprises exchange information at the conference. Photo: nguoilaodong.com.vn Ambassador of India to Vietnam Pranay Verma shared his expectation at the Tourism Promotion Conference between India and Vietnam held by the Consulate General of India in Ho Chi Minh City on August 17. “My family is looking forward to traveling to Vietnam. Currently, many airlines have reconnected flights between cities around the world. Besides, there are many opportunities to deploy solutions to attract tourists to Vietnam and India. On the Indian side, medical tourism is also very potential but not popular to many tourists,” he added. He acknowledged that less than 200,000 Indian visitors … [Read more...] about Vietnamese travel businesses boost linkages to lure Indian tourists
General Staff’s Chief works with Saigon Newport Corporation
Reports revealed that the Saigon Newport Corporation has effectively carried out the defense and security consolidation in combination with socio-economic development. The unit has always fulfilled production and trade missions excellently and obtained sustainable achievements in port operations, logistics services, and marine economy while effectively carrying out military and defense mission. So far, the military business has invested in building a synchronous and modern infrastructure system in all three regions of the country and at key areas holding a strategic position both in terms of defense and security and economy. The Saigon Newport Corporation has been listed in the world’s top 19 container terminal operators in terms of throughput and held the No.1 position in Vietnam in terms of port operations. The unit is currently undertaking port services for over 55% of the market share of import and export containers through seaports nationwide. Every year, Saigon Newport … [Read more...] about General Staff’s Chief works with Saigon Newport Corporation
RoK seminar on investment in Vietnam
Seoul – An international seminar on trend of investment in Vietnam in the new normal context took place in Seoul on August 18, with over 150 Korean investors and enterprises in different areas taking part. CEO of Anam Electronics speaks at the event (Photo: VNA) The event was co-hosted by the Vietnam Viglacera Corporation, the Vietnamese Embassy in the RoK, the Vietnamese Ministry of Planning and Investment’s Foreign Investment Agency, the Industrial Bank of Korea (IBK) and the Bae, Kim & Lee LLC, on the occasion of the 30th anniversary of Vietnam – RoK diplomatic ties. It was one of the first investment promotion seminars held in the RoK following the COVID-19 pandemic. Speaking at the event, Vietnamese Ambassador to the RoK Nguyen Vu Tung stressed the country as the biggest FDI partner to Vietnam with nearly 10,000 projects worth 80 billion USD. Two-way trade hit 78.1 billion USD in 2021 and is likely to reach 90 billion USD. The Embassy commits to standing … [Read more...] about RoK seminar on investment in Vietnam