Market set

The Mekong Delta Agricultural Product Center would act as a hub connecting farmers, producers and traders, Duong Tan Hien, deputy chairman of Can Tho, said at a conference held Thursday to collect opinions on it. The "one-stop, multi-service" center would cover the production and processing of agriculture products, provide a warehouse system and set up the non-tariff area for the region, he said. It would also be a place for applying advanced technologies in agriculture, with projects to produce organic microbial fertilizers, nano fertilizers, organic plant protection products, and pharmaceuticals, cosmetics and high-value products from agricultural products, he said. Its most important role will be to serve as a place connecting farmers and businesses so that the farmer can cultivate what the market needs. Within this year Prime Minister Pham Minh Chinh will sign a decision for the city to build the center, which will start operating in 2025. Speaking at the conference, … [Read more...] about Center to be set up for Mekong Delta agriculture development

Developers clamour for legal clarity, Illustrative image (Photo: VNA) Nguyen Manh Ha, vice chairman of the Vietnam Real Estate Association, said that tourism real estate needs to break down barriers to development as soon as possible, in order to move alongside the general economic recovery. “Currently, mechanisms and policies for resort real estate are unclear, especially in terms of new types of real estate such as condotels, officetels, and second-home villas in resorts,” Ha said. The legal framework has not kept pace with the reality of hospitality and resort real estate development, thus partly hindering the growth momentum of these types of property, Ha added. They are not given a right use certificate, known as a red book in Vietnam, because they are built on land plots permitted for developing tourism property only, and not for residential projects. Doan Van Binh, chairman of CEO Group, said that supply is scarce not only in Vietnam but worldwide due to the impact of … [Read more...] about Developers clamour for legal clarity

Kenneth Atkinson-Vice chairman, Vietnam Tourism Advisory Board However, there is no separate body of law governing condotels and in most locations where they have been constructed it is clear that such developments cannot be issued with pink books for individual units, so ownership ultimately rests with the developers, with a lease term not extending beyond 50 years (70 years can be permitted). In addition, many buyers have been lured by guaranteed returns of 8-12 per cent for the 10 years. Warnings of potential future problems sounded from 2017, but due to the cyclical nature of tourism and potential disruptions to inbound tourists, these were largely ignored and we have already seen failures of such projects like Cocobay and other developers now unable to meet their guaranteed return commitments and for certain several more to come. Now, we have around 240 tourism real estate projects and over 114,000 condotel units, and Vietnam has the largest pipeline of tourism-related … [Read more...] about Taking the right approach to the condotel legislation conundrum

A panel discussion at the conference on strengthening ‘Public-Private Partnership for sustainable healthcare transformation’ in Hanoi on May 18. (Photo: VNA) Opening the event, the newspaper's editor-in-chief Le Trong Minh said that Vietnam's health sector faced many challenges, such as increasing infectious and non-communicable diseases, hospital overcrowding, shortage of supplies and equipment, the ageing population as well as the disparity between regions and healthcare levels in terms of quality of medical services and standardisation of modern equipment. “For the health system to be capable and always ready to respond to future situations, towards a comprehensive and sustainable health care system, it is necessary to have new investment orientations in social resources for the health system, as well as stronger cooperation from the parties involved, including the Public-Private Partnership (PPP) method,” said Minh. At the event, MPI deputy minister Tran Duy Dong said it … [Read more...] about Conference discusses Public-Private Partnerships in healthcare

"Even in the very tough environment we are seeing, our employees have maintained a high quality and reliable service for our customers and this is helping us deliver stellar performance year after year," said Jens Lottner, CEO of Techcombank. Last year, the bank continued to reduce costs while focusing on building deposits in its current accounts and savings accounts (CASA), which Lottner described as a "stable and cheap" source of funding. Techcombank’s CASA ratio, which reflects the percentage of the bank’s total deposits that are CASA, jumped from 46.1 percent in 2020 to 50.5 percent last year, on its way to the bank’s target of 55 percent by 2025. Techcombank’s net interest margin (NIM), a measure of the difference between the interest received by the bank and the amount paid out to lenders, also increased 69 basis points to 5.6 percent during the year. "Together, these improving metrics, along with our effective cost management, translated into an excellent profit before tax … [Read more...] about Techcombank eyes seat at top Southeast Asian banking table

The United Nations Development Programme (UNDP) last week again warned that the ocean is faced with increasing threats and multiple risks posed by climate change, natural disasters, environmental pollution, over-exploitation of natural resources, and unsustainable economic activities. “Global warming and marine litter are threatening marine resources, including widespread bleaching of coral reefs. Globally, an estimated 8-20 million tonnes of plastic enter the ocean every year. In Vietnam, around 2,000 tonnes of plastic waste leaks from the country into the ocean every day. It is estimated that there will be more plastic than fish in the ocean by 2050,” said Caitlin Wiesen, resident representative in Vietnam of the UNDP. The global ocean economy contributes an estimated $3 trillion per year, or about 5 per cent of the world’s GDP and comprises industries ranging from oil and gas, shipping and ports to renewable energy, fisheries, marine ecosystems and tourism. The value of the … [Read more...] about Blue economy model gathering pace

Jens Olaf Økland, Equinor’s senior vice president Why did Equinor choose now to open an office in Hanoi? We believe it is very timely to open an office now. Vietnam is one of the world’s fastest-growing economies and power markets. With its long coastline and favourable wind conditions, the country has among the best wind resources in Asia and a strong desire to develop an offshore wind market. The country is on a path to becoming net-zero and offshore wind can enable this transition. We believe Vietnam has a high potential to become an interesting growth market for offshore wind and have therefore opened a representative office in Hanoi. Vietnam has set ambitious targets for offshore wind both for 2030 and 2045 which would result in Vietnam being one of the top offshore wind markets globally. The end of the decade is not that far away and a lot of things still need to come into place, both on the regulatory side and for the industry, but this is also natural in the … [Read more...] about Equinor reaffirms entry in Vietnam’s offshore wind

Well-known groups are continuing to pour money into Vietnam specifically for research and development, Photo: Le Toan LEGO Group COO Carsten Rasmussen last week arrived in Vietnam to speed up the preparation of a $1 billion complex in the southern province of Binh Duong. At last week’s meeting with the Danish toymaker, Deputy Prime Minister Pham Binh Minh said, “This is the largest capital from a Danish group investing in Vietnam, confirming the faith and optimism of Lego, as well as the interest of other Danish investors in this country.” Fresh updates recently revealed by the Ministry of Planning and Investment that the total newly-registered foreign direct investment (FDI) into Vietnam last year amounted to $38.85 billion, up 25.2 per cent on-year, thanks to two billion-dollar projects registered at $7.7 billion and both licensed on the last day of 2021. An annual report on FDI in Vietnam released last week by the Vietnam Association of Foreign-Invested Enteprises … [Read more...] about FDI quality in need of fresh policy boost

Last month, a meeting of the Party Central Committee’s Inspection Commission, chaired by its Chairman Trần Cẩm Tú, was held. — VNA/VNS Photo HÀ NỘI — Inspection and supervision are a crucial part of Party building, a leadership function and task of the entire Party, which have been stepped up in recent times. The work has brought marked results, contributing to detecting and handling violations. One of the key tasks set for 2022 is to conduct inspections when there are signs of violations to deal with wrongdoings by Party organisations and members, preventing the negative phenomena from spilling over from afar, as prescribed in the Party Central Committee’s Regulation No. 22-QĐ/TW dated July 28, 2021, on Party inspection, supervision and discipline. Serious violations should be handled strictly and on time as a deterrence for others, thus raising the prestige of the Party and State agencies, spurring socio-economic development, and building a pure and strong Party. In 2021, … [Read more...] about Party inspections enhanced to avert violations

Japan's core consumer prices posted their biggest jump in seven years in April, official data showed Friday, as global commodity prices soared and the yen slumped against the dollar. The core consumer price index, which excludes fresh food, jumped 2.1 percent year-on-year, according to figures released by the internal affairs ministry. It was the first time since March 2015 that the figure has breached the 2.0 percent set by the Bank of Japan as its long-term inflation target. The reading, against market expectations of 2.0 percent, is the eighth consecutive monthly increase following a 0.8 percent rise in March. And excluding energy, prices were up 0.8 percent in April, against market expectations of a 0.7 percent rise. That was the first positive figure since July 2020, underpinning the impact of skyrocketing energy costs which have been magnified by higher import prices. After years of price stagnation, some manufacturers and stores in Japan who rely on imported … [Read more...] about Japan inflation hits seven-year high