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Illustrative image. (Photo: SGGP) The People's Committee of HCMC said that the disbursement rate of the Public Investment Plan in 2022 is not much compared to previous years due to many difficulties and obstacles, but mainly the impact of the Covid-19 pandemic in 2021. The restart of the construction of projects in the first months of 2022 experienced a certain delay after the time the city adopted measures to respond to the Covid-19 pandemic. In addition, input costs were unstable and tended to increase. Besides the above objective reasons, the People's Committee of HCMC also raised some other subjective reasons affecting the disbursement progress of public investment capital, for example, difficulties related to site clearance; it is necessary to have time to carry out the project adjustment procedures on the basis of Resolution No.99/NQ-HDND dated October 19, 2021, of the People's Council of HCMC and Decision No.4354/QD-UBND dated December 28, 2021, on the medium-term capital … [Read more...] about HCMC disburses only 17 percent of public investment capital in first six months

Illustrative image (Photo: VNA) Hanoi (VNA) – A joint venture between India ’s Adani Group and Vietnam’s Anh Phat Investment Construction & Trading JSC has been approved by authorities of Da Nang to start studying the development of a major seaport in the central city, according to Nhan dan (People) newspaper. Lien Chieu Port will be capable of handling 3.5 – 5 million tonnes of cargo annually in the first phase. It can accommodate vessels of up to 100,000 tonnes and container ships of up to 8,000 TEU. The new port will be of the world class and offer a new engine for the development of Da Nang and Vietnam at large. Insiders said the project can provide 5,000 jobs and contribute up to 80 million USD to the city's coffer, equivalent to around 2.1 percent of Da Nang’s Gross Regional Domestic Product (GRDP), by 2030. The approval was officially granted by the municipal People’s Committee to the joint venture in the presence of Prime Minister Pham Minh Chinh at the … [Read more...] about India conglomerate pledges to invest 10 billion USD in Vietnam

In the framework of the seminar on spurring Danang’s development as a place to come and live, which was organised on June 27, the leader of Danang People’s Committee granted an investment certificate to the joint venture. The infrastructure of the port will combine a harbour area, a container yard, a warehouse complex, piers, waterways, and a transport system, among others. This project is expected to handle ships with a capacity of 100,000DWT and container ships of up to 8,000TEU. The total cargo going through these harbours would be 3.5-5 million tonnes per year. The development of Lien Chieu Port is one of two key projects that aim to turn the central city into the main logistics centre in ASEAN and the East-West Economic Corridor that links Laos, Myanmar, Thailand, and Vietnam. Adani Group is a diversified organisation in India with a market cap of over $175.21 billion (as of June 29) comprising seven publicly traded companies. The group acquired $21 trillion in profit in … [Read more...] about Adani Group to pour $10 billion into Lien Chieu Port

As much as 755.75 million USD in FDI was poured into Hai Phong city in the first half of this year. (Photo: VNA) Hanoi (VNA) – The northern city of Hai Phong has attracted 755.75 million USD in foreign direct investment (FDI) to local industrial parks (IPs) and economic zones (EZs) in the first half of 2022, raising total FDI there to 22.07 billion USD. According to the Hai Phong EZ Authority, the amount was channelled into 21 new FDI projects and 18 existing ones. It is equivalent to 56.2% of the FDI registered in the same period last year. At present, IPs and EZs in the city are home to 438 FDI projects worth 22.07 billion USD in total and 195 domestic investment projects worth 12.57 billion USD. Head of the authority Le Trung Kien said from now to 2025, the 15 IPs in the city will be expanded to 6,418ha from the current 6,074ha. The latest of them is Tien Thanh IP, for which an infrastructure construction and business project recently received an … [Read more...] about Hai Phong attracts more foreign direct investment in H1

A shopper buys goods at a supermarket in HCM City. (Photo: VNA) HCM City (VNA) – Ho Chi Minh City’s economy has seen a steady revival and is on course to return to pre-COVID levels, Chairman of the municipal People’s Committee Phan Van Mai said on June 29. Speaking at a meeting on the city’s socio-economic situation in the first half of the year, he said the administration had made great efforts to help businesses access funds for their recovery and provided significant policy support to ensure socio-economic activities proceeded smoothly. Administrative procedures remain the biggest obstacle to capital disbursement, hindering capital flow s into production and trade activities and the creation of new jobs, he said. Mai called on authorities in Thu Duc city and the city’s districts and government agencies to focus on smoothing administrative procedures to speed up economic recovery and growth. Director of the Department of Planning and Investment Le Thi Huynh Mai … [Read more...] about HCM City’s economy continues strong recovery momentum

People buy goods at a supermarket in HCM City. VNS Photo Thu Hằng HCM CITY — HCM City’s economy has seen a steady revival and is on course to return to pre-COVID levels, chairman of its People’s Committee, Phan Văn Mãi, has said. Speaking at a meeting yesterday on the city’s socio-economic situation in the first half of the year, he said the administration had made great efforts to help businesses access funds for their recovery and provided significant policy support to ensure socio-economic activities proceeded smoothly. “Administrative procedures remain the biggest obstacle to capital disbursement, hindering capital flows into production and trade activities and the creation of new jobs.” He called on authorities in Thủ Đức City and the city’s districts and government agencies to focus on smoothing administrative procedures to speed up economic recovery and growth. Lê Thị Huỳnh Mai, director of the Department of Planning and Investment, said the Government’s policies to … [Read more...] about HCM City economy recovers, back almost to pre-COVID level

A few of the educational institutions in Nguyen Hoang Group's ecosystem According to Bloomberg, Nguyen Hoang Group is working with a financial advisor to find a buyer for a minority stake of the company. They have gone out to potential purchasers, including private equity firms and other industry players, to evaluate interest. However, the sources said there is no guarantee that the Ho Chi Minh City-headquartered group will follow through with the planned divestiture. Nguyen Hoang Group is a world-class international education service provider that has successfully established a range of state-of-the-art national and international schools, universities, and partnerships across Vietnam and has 23 years of experience and expertise. The group's website stated, “Putting people at the centre of all its practices, Nguyen Hoang Group has designed a comprehensive educational system for all levels from kindergarten to PhD that are available in both national and international … [Read more...] about Vietnam’s educational services provider Nguyen Hoang Group to mull over stake sale

HCM City saw a massive spike in apartment supply in the second quarter of this year. — Photo danviet.vn The HCM City apartment market went through a supply boom in the second quarter of 2022 compared to a lacklustre first quarter, and is expected to completely recover from by 2023, according to global real estate consultancy CBRE Viet Nam. Speaking at a conference in HCM City Tuesday, Vo Huynh Tuan Kiet, director of CBRE’s housing department, said after a big drop in supply year-on-year in the first quarter, primary market supply has shot past 12,000 apartments. In the first quarter there were only around 1,000 apartments on sale, he said. The supply in the first half of this year has been nearly equal to that of the entire 2021, he said. High-class apartments have accounted for around 70 per cent of the supply since 2020. The average price of primary stocks has been rising over the years due to an increase in high-class and luxury apartments, he said. “In 2020 – 21 the … [Read more...] about HCM City apartment supply surges in Q2

A project to upgrade Xuyen Tam Canal in HCM City was approved in 2002, but to date, it has remained on paper, resulting in serious pollution. Xuyen Tam Canal connects Nhieu Loc-Thi Nghe Canal in Binh Thanh District and Vam Thuan River in Go Vap District. Xuyen Tam Canal is 8.2 kilometres long, consisting of a 6.21-km main section and three branches with a total length of 1.9 kilometres. Temporary houses run along the canal. Many households have been living by the canal for dozens of years. People who live by the canal discharge rubbish and wastewater directly into the canal, worsening the canal’s pollution. It also has not been dredged for many years. A local resident said that her family has to face a bad smell from the canal every day. The pollution is worsening. The canal bed is full of litter after the flood tides retreat. The canal has also narrowed because of houses encroaching on the waterway. Piles of … [Read more...] about HCM City canal awaits two-decade late upgrade

Facilities of Binh Son Refining and Petrochemical Company Limited (BSR) in the central province of Quang Ngai. BSR rose 2.8 per cent on Wednesday. Photo bsr.com.vn Vietnamese shares rose on Wednesday, propped up by a slew of banking and energy stocks. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index increased 1.27 per cent, to 1,218.10 points. The benchmark increased 1.46 per cent, to close Tuesday at 1,202.82 points. More than 588.4 million shares were traded on the southern bourse, equivalent to VND14.4 trillion (US$619 million). Market breadth was positive with 136 losers and 326 gainers. Banking stocks were darlings of the market with gainers including Military Bank (MBB), Techcombank (TCB), Bank for Investment and Development of Viet Nam (BID), VietinBank (CTG), Viet Nam International Commercial JS Bank (VIB), Saigon-Hanoi Commercial JS Bank (SHB), Tien Phong Bank (TPB) and Vietcombank (VCB). Energy stocks gained ground with gainers such as Viet Nam National … [Read more...] about Shares extend gains, bolstered by bank and energy sectors