Redding housing market

Masan workers on a production line. MSN stocks hit ceiling prices on Thursday, backing market reversal. — Photo vietnambiz.vn As bulls and bears entered a tug-of-war, the benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose by 0.88 points, or 0.07 per cent, to 1,241.64 points. The market’s breadth stood considerably negative as advancers were dwarfed by decliners. Notably, 294 stocks advanced while 519 declined. The market’s liquidity was low with only 460 million stocks traded on the southern bourse, equivalent to around VND11.6 trillion (US$502 million). Buying forces were not strong enough to lift blue chips. The 30 biggest stock tracker VN30-Index lost 2.86 points, or 0.22 per cent, to end at 1,283.55 points. In the basket, decliners outnumbered advancers by 18 to eight. Among ten stocks propping up the market, Masan Group (MSN) was the largest gainer, hitting the ceiling prices. Other stocks that fueled market reversal included Duc Giang Chemicals (DGC), … [Read more...] about Market edges up slightly due to bull-bear tug of war

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

employee Le Van Nhi of Coats Phong Phu Company A few days ago, employee Le Van Nhi of Coats Phong Phu Company who is living in a rented house at 40/19A in Street No.176 in Phuoc Long A Ward in Thu Duc City) was informed that he was eligible for accommodation rent support. Mr. Nhi said that the form is made by the company and he just needs to fill in all the information, choose a payment method, then give it to the landlords to sign for confirmation. Mr. Nguyen Quoc An, an employee of a garment company at a rented house at 33 Dinh Cung Vien in Phuoc Long A Ward of Thu Duc City said that he is eligible for VND500,000 month support. According to the regulations, employees working at enterprises will be supported at VND500,000 a person each month, while an employee returning to the labor market will be supported VND1 million a month. The maximum support period does not exceed three months. Up to now, many localities have received a list of workers who need support from … [Read more...] about HCMC supporting rents for workers

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

The event was part of the activities to mark the 132nd birthday of President Ho Chi Minh and to respond to Humanitarian Month in 2022 launched by the municipal Red Cross Society. The healthcare activity was part of the efforts of the municipal Red Cross Society to help disadvantaged people, including those with disabilities and needy people have access to healthcare services. By giving free health check-ups and consultation, the program was expected to raise people’s health and living standards. During the program, 200 people had their health checked by doctors and nurses. They also received gifts, worth VND 800,000 each, and free medicine. All the gifts were sponsored by Cot Hai An Co., Ltd., FACARE International Medical Technology Joint Stock Company, and the Red Cross societies of Cau Giay and Hai Ba Trung districts. At the event, participants expected that more similar activities will be held for the disadvantaged people. Joining an humanitarian activity for the first time, … [Read more...] about Disadvantaged people have their health checked

Shannon Leahy, trade commissioner for Austrade, and general director of BRG Retail Nguyen Thi Thanh Thuy. Photo: Austrade Australia is one of Vietnam’s major suppliers of beef ad lamb products. Local consumers can enjoy a growing range of Australian products from fresh fruits, dairy, seafood, and beverages including a diverse range of sparkling, red, and white wines. Cherries, citrus, table grapes, milk, yoghurt, cheese, cereals, juices, rock lobsters, and abalone are just some of the beloved Australian products that have made it into Vietnamese stores, restaurants, and homes. General director of BRG Retail Nguyen Thi Thanh Thuy said, “Vietnamese consumers increasingly demand clean, fresh, and delicious products with premium quality and transparent origins regardless of if they are eating out or at home. Australian suppliers can offer exactly what they want, including high-quality sustainable meat, delicious fruits, the finest dairy and cereals, and premium seafood … [Read more...] about Vietnamese consumers’ growing interest in Australian F&B products

Two customers do online shopping on an e-commerce platform. — Photo vneconomy.vn HÀ NỘI — Smuggled, counterfeit and low-quality products have begun to spread rapidly on e-commerce platforms as the absence of physical product touch in online shopping puts buyers at a disadvantage. Nguyễn Đức Lê, deputy director of the Professional Affairs Department under the Ministry of Industry and Trade (MoIT), admitted that deceptive trade practices have been rising steadily in recent years. “Bad vendors use genuine products for advertisements but deliver low-quality or second-hand products to buyers, depriving them of the warranty rights,” he said. Lê Mai Hương, an enthusiastic online shopper in Hà Nội, shared her bad experience when shopping online with Việt Nam News . “In my experience, shoppers should not buy online stuff sold at prices far lower than market prices, notably cosmetics and drugs, as they are almost fake products. In addition, for clothes and consumer goods, many times … [Read more...] about Bad vendors put e-commerce at risk

Pham Viet Tuan-Associate, Indochine Counsel Many of the negative risks arise because of the complicated Vietnamese land laws, which prevent not only foreign investors but also local developers from developing projects. This article will give some hints on how they could properly tackle issues related to land in property project development through the contribution of land. In the Vietnamese real estate market, it is common for a property developer to have land but not the budget or experience/resources needed to develop the project. In this case, such developers might seek other ways to conduct their business plan. Some solutions may be to secure a loan facility from a bank; to cooperate with other developers who have experience/resources in the project development; or to call for financial aid from funds, and foreign/local investors or to issue bonds in the capital market. Each solution has its pros and cons. From a foreign perspective, project land is essential to project … [Read more...] about Making better decisions in real estate

Riccardo Verzella Senior associate (left) and Ho Ngoc Diep Legal advisor, D’Andrea & Partners Legal Counsel Some new innovations of the aforesaid regulations are more relevant compared to the previous FDI regime, and certain aspects may be further optimised with the aim of improving the ease of doing business in Vietnam for overseas investors. Market access rules were significantly improved under the amended LoI. Before its implementation, based on the previous law, the allowed business fields for foreign investors were only those expressly referred to in a permitted list as mentioned therein. Nevertheless, Vietnam has switched to the so-called “negative list” approach with the LoI: hence, currently, foreign investors may perform all the business activities not included in the Negative List for Market Access for Foreign Investors without differentiation from domestic investors. This innovation indeed removes uncertainty for foreign investors, widens their business … [Read more...] about Crafting complete enterprise and investment laws

Nestlé Vietnam celebrates the fifth anniversary of its $115-million factory in Hung Yen The Nestlé Bong Sen factory – one of the company's most cutting-edge facilities – broke ground in 2016 and was put into operation in 2017. The factory boasts seven production lines with the total investment capital of $115 million. Key products manufactured at the factory include the Bear brand and MILO milk. The factory employs 300 permanent staff and 300 part-time workers. Ivo Sieber, Ambassador of Switzerland to Vietnam, lauded Nestlé for its investment in the cutting-edge production line to produce nutritious products. This underscores the company’s commitment to long-term investment in Hung Yen as well as its contribution to strengthening the ties between Switzerland and Vietnam. In 2021, Vietnam and Switzerland marked 50 years of establishing diplomatic relations with a series of events and meetings between senior leaders of the two countries. The growth of investment activities is a … [Read more...] about Nestlé Vietnam celebrates 5th anniversary of its $115-million factory in Hung Yen