Vietnamese

Customers at a branch of Bao Viet Holdings (BVH). BVH lost 1.3 per cent on Thursday. — VNA/VNS Photo The Vietnamese stock market settled lower on Thursday, ending its five-day gaining streak due to the slump of heavy-weight stocks. On the Ho Chi Minh Stock Exchange, the VN-Index lost 1.16 per cent, to close Thursday at 1,036.28 points. The index had risen 1.58 per cent, to close Wednesday at 1,048.42 points. Liquidity hit a 7-month high with more than 1.34 billion shares worth VND21.8 trillion (US$888 million) traded in the southern market. The market breadth was positive with gainers outnumbering losers by 281-166. Another 75 closed flat. Blue chips led the market downtrend. Nineteen out of the top 30 shares by market value and liquidity on the HoSE lost value and only nine gained. The VN-30 Index, tracking the 30 biggest stocks on HoSE, declined 0.63 per cent to close at 1,042.64 points. In the VN-30 basket, Property giant Vinhomes (VHM), steelmaker Hoa Phat Group … [Read more...] about Shares slump after five days of gains

The Saigon Railway Transport Joint Stock Company will offer 3,500 more train tickets to meet the strong travel demand during Tet holidays. The additional tickets will be for the routes, including HCMC-Quy Nhon, HCMC-Hanoi on January 11-12, 2023 and HCMC- Quang Ngai on January 13, 2023. The company continues to offer special promotional programs for people under the preferential treatment policy, including Vietnamese heroic mothers, war veterans, wounded soldiers, disabled people, the elderly, children, members of trade unions, and passengers with membership cards; and provide a five- percent discount for passengers who buy return tickets and a discount of 20 percent to students. Some 65,000 seats are available, including 17,000 for trips from HCMC to Hanoi before Tet, mainly to train stations on this line consisting of Phan Thiet, Nha Trang; Quang Ngai before January 15; Tuy Hoa on January 12,13,20,21. Meanwhile, the trains from Hanoi to HCMC still have more than 48,000 … [Read more...] about Additional 3,500 train tickets to be offered for Tet holiday

Vietnam Wind Power (VWP) is an official industry event organized by the GWEC since 2018. It provides a platform for the Government and the industry to discuss pressing issues around the development of wind energy in Vietnam. Pham Nguyen Hung, Deputy Director of the General Electricity and Renewable Energy Authority at the Ministry of Industry and Trade, said the Vietnamese Government has adopted various policies and mechanisms to facilitate renewable energy development. As of the end of 2021, Vietnam’s total installed capacity of renewables reached 20.7 GW, accounting for over 27% of the accumulative installed capacity of the electricity system, making Vietnam a leading country in this regard. The percentage is expected to hit 59% by 2050. Renewable power, especially wind power, both onshore and offshore, is forecast to grow strongly, serving as a foundation to ensure national energy security in the long term, Hung said. He emphasized that developing wind power, particularly … [Read more...] about Vietnam has opportunity for energy transition towards green growth

Chairman Vuong Dinh Hue congratulated the important achievements that Albanese's Government has made over the past six months, especially in economic development, social security and climate change response, affirming Australia's reputation and role in the international arena. For his part, PM Albanese emphasized that the official visit to Australia by Chairman Vuong Dinh Hue and the high-ranking delegation of the Vietnamese National Assembly is the first high-level visit between the two countries since they fully reopened their borders. It is of great significance in the context of the two countries preparing to celebrate the 50th anniversary of diplomatic relations next year, he said. He appreciated the practical results of his recent meetings with President Nguyen Xuan Phuc and Prime Minister Pham Minh Chinh in the framework of the Asia-Pacific Economic Cooperation (APEC) Economic  Leaders’ Meeting and the Association of Southeast Asian Nations (ASEAN) Summits, respectively. … [Read more...] about National Assembly Chairman meets Australian Prime Minister

Addressing the event, President of the Vietnam-Romania Friendship Association (VRFA)'s chapter in Ho Chi Minh City Nguyen Truong Giang said Romania is one of the first countries to officially recognize the Democratic Republic of Vietnam and has always supported and assisted the Vietnamese people during their struggle for national independence and reunification as well as their current construction and defense. In addition to providing aid in the fields of construction, oil and gas, and railway, Romania has trained more than 4,000 students and post-graduates for Vietnam, many of them have become experts and managers with great contributions to the country’s development, he added. Over the past years,  the municipal VRFA has carried out many activities to support the Romanian Embassy in Vietnam and acted as a bridge to promote solidarity, friendship and cooperation between the people of Ho Chi Minh City and Vietnam and their Romanian peers. For her part, Romanian Ambassador to … [Read more...] about Romania’s National Day celebrated in Ho Chi Minh City

During a working session with PT General Secretary Alberto Anaya Gutiérrez in Hanoi on November 30, Trang stressed that the PT leader's visit to and working session with VNA showed the close and profound sentiments between VNA and PT. She thanked PT for always supporting VNA’s resident correspondents to help the agency fulfill its task of reporting the Mexican situation to leaders of the Party and State, and people of Vietnam. As an official news agency of Vietnam, VNA pledged to make active contributions to the relations between the two nations in the coming time, Trang said. Gutiérrez, for his part, expressed his delight to visit and work with Vietnam and VNA again after three years of disruption due to impacts from the COVID-19 pandemic. He said that with modern technologies and techniques, VNA has well accomplished its task of fully and promptly providing information about Vietnam for foreign friends as well as news for Vietnamese people and leaders at all levels, … [Read more...] about Vietnam News Agency, Mexican Labor Party boost cooperative ties

This year Vietnam has exposed and corrected violations in these markets to "protect the rights of citizens and businesses," he said at a government meeting Thursday morning. Arrests of real estate and property company leaders allegedly involved in bond fraud have disrupted the bond market in recent months, with many companies buying back their issued bonds in fear of legal entanglement. Businesses have been complaining that they lack access to the credit needed for expansions because bond issuance is no longer a viable fundraising option. Depositors have been withdrawing their money from banks to protect their assets, which makes it difficult for companies to acquire loans. But PM Chinh said that the current crackdown would change these "short-term" problems. He added that three state task forces were now tackling capital issues in the property and bond markets. Minister of Finance Ho Duc Phoc, charged with solving the bond market problem, said earlier that bond issuers … [Read more...] about Vietnam needs to ‘protect’ citizens with market ‘rectifications:’ PM

Marketing authorisations (MAs) have been a pressing issue among multinationals and the Vietnamese government and the Ministry of Health (MoH) has made a number of actions to deal with it. What is the current situation? Tran Ngoc Anh, representative of the US-ASEAN Business Council Member companies of the US-ASEAN Business Council highly valued the issuance of Resolution No.12/2021/UBTVQH15 at the end of 2021, which enabled the continued use of MAs scheduled to expire before the end of 2022. The MoH then issued a list of about 10,000 drugs with MAs expired in 2021 and extended until the end of 2022, thus creating favourable conditions for the drugs to continue their imports into Vietnam and ensuring supply for hospitals to meet examination and treatment demands. Until now, all the issues related to MA for the drugs in 2022 have been dealt with. However, starting from January 2023, these 10,000 drugs and around 8,000 others will then expire. We are very concerned about … [Read more...] about The legal adaption measures expected from pharma groups

The Vietnam Rubber Association (VRA) last month proposed to the Ministry of Finance (MoF) to consider applying a VAT policy on preliminarily processed rubber and latex, similar to other agricultural products. The VRA also urges for the application of preferential corporate tax for income from the harvest of liquidated rubber trees, like other crop products, and a land rent exemption policy for replanted rubber areas during the construction period. The goal is to remove difficulties for the entire value chain, from rubber growers to exporters. Rubber producers continue to brood over tough prices and tax complexities, photo Le Toan In Ho Chi Minh City, Hoa Thuan Trading Co., Ltd. is still waiting for a tax refund of $2 million for rubber exports. Representative Tran Le Thu said, “When completing tax refund procedures in Ho Chi Minh City, the company have to wait for the agency to verify invoices for purchasing raw materials in the provinces.” Thu also pointed towards “a … [Read more...] about Rubber producers continue to brood over tough prices and tax complexities

The Law on Land (LoL) and the Law on Residential Housing (LoRH) issued in 2013 and 2014, respectively, are among the main laws applicable to the property market. However, due to certain restrictions in the legal framework, foreign investment in Vietnam’s property market has not reached the level expected by authorities. The authorities are in the process of amending both laws, and the draft amendments have been published for public consultation. Thang Nguyen-Special counsel, ACSV Legal Foreign investors can put money into Vietnam’s property market through directly buying and reselling residential houses, developing real property projects for sale or for lease, or acquiring existing projects. For non-nationals looking to buy residential properties in Vietnam, the draft amended laws contain no notable change compared to prevailing laws. Currently, the total number of units owned by foreigners must not exceed 30 per cent of the total number of units in one condominium … [Read more...] about Law tweaks can allure real estate investors