Businesses struggle to earn money in year-end sale season

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Businesses have geared up to boost sales in the year-end sales seasons. They have also changed the product structure to satisfy the taste of customers. Business results bad Dang Quoc Hung, Chair of Kim Boi Fine Arts and Handicrafts Company, spent the whole morning visiting Vifa Home, a wooden furniture and interior decoration trade fair held in HCM City. A trade fair was also held one year ago, where all the booths of the exhibition center was fully occupied. Meanwhile, a lot of booths remained idle at this year's trade fair, which lessened the enthusiasm of consumers of distributors. Tens of enterprises, which always participated in previous years' trade fairs, refused to attend this year's event. Hung also did not have a booth at Vifa Home, though he is the chair of three enterprises in Tra Vinh, Ben Tre and HCM City. The revenue of all the three companies decreased sharply by 50 percent in the first nine months of the year in comparison with the same period of 2010. Hung … [Read more...]

Housing prices far above average incomes

Housing prices in Viet Nam are still too high in comparison with people's average income.

VietNamNet Bridge – Housing prices in Viet Nam are still too high in comparison with people's average income, said Tran Ngoc Quang, general secretary of the Viet Nam Real-Estate Association. Quang said this during a discussion on how to buy an apartment for less than VND2 billion (US$93,400) held in Ha Noi yesterday, March 24, adding that such a situation had arisen because housing prices had always increased more than people's incomes. In addition, the application of technology and science in reducing housing construction costs was limited. Property developers should enhance the application of science and technology, as well as improve effectiveness in management to save production costs at a maximum level, thus reducing selling prices. "The Government should have a transparent mechanism, which together with transparency from real-estate firms would reduce housing prices to their real value," he said. Responding to a question on real-estate investors and transaction … [Read more...]

Asia’s about to spawn a new tiger economy

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Perched along one of the world’s most crucial shipping routes, and with a young and growing population, Vietnam is - once again - being tipped for economic lift-off, after years of disappointment. Money pouring into the Southeast Asian economy from the likes of manufacturers Samsung Electronics Co. and Intel Corp. is giving Vietnam a second run at becoming Asia’s next tiger economy. The country’s "Doi Moi" market opening in the 1980s ushered in spurts of growth in excess of 7 % that waned in recent years after a pile-up of bad debt at state-owned enterprises. According to PricewaterhouseCoopers LLP, the country has the potential to become one of the world’s fastest-growing economies over the period to 2050. Not only is the Southeast Asian nation gaining ground as a cheaper manufacturing alternative to neighboring China, Vietnam is also a politically palatable destination for Japanese firms boosting investment in the region amid recurring Sino-Japan … [Read more...]

Asia’s about to spawn a new tiger economy: Good morning, Vietnam

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Vendors sell produce at the Cho Hom market in Hanoi, Vietnam. Perched along one of the world’s most crucial shipping routes, and with a young and growing population, Vietnam is -- once again -- being tipped for economic lift-off, after years of disappointment. Money pouring into the Southeast Asian economy from the likes of manufacturers Samsung Electronics Co. and Intel Corp. is giving Vietnam a second run at becoming Asia’s next tiger economy. The country’s "Doi Moi" market opening in the 1980s ushered in spurts of growth in excess of 7 percent that waned in recent years after a pile-up of bad debt at state-owned enterprises. According to PricewaterhouseCoopers LLP, the country has the potential to become one of the world’s fastest-growing economies over the period to 2050. Not only is the Southeast Asian nation gaining ground as a cheaper manufacturing alternative to neighboring China, Vietnam is also a politically palatable destination for Japanese firms … [Read more...]

Aviation firms’ problems discussed

Airplanes parks at Tan Son Nhat Airport in HCM City. A conference has been held in Ha Noi to discuss policies to mitigate the difficulties facing aviation firms. -- Photo tinngan.vn

HA NOI (Biz Hub) — The Civil Aviation Authority of Viet Nam (CAAV) under the Transport Ministry held a conference in Ha Noi on Thursday to discuss the current performance of aviation firms. The conference also deliberated on coming up with relevant measures and policies to mitigate the difficulties facing these firms. Addressing the audience at the event, CAAV Deputy Director Vo Huy Cuong said the Transport Ministry would focus on strengthening reforms for the satisfaction of businesses and people in 2015. The ministry was also eager to hear from enterprises about how policies should be designed to create favourable conditions for aviation firms and boost sustainable growth. Participants agreed that one of the factors influencing aviation enterprises' costs was the rise in environmental taxes imposed on fuel. Vietnam Airlines' costs are estimated to have increased by VND750 billion (US$35.25 million), while that of Vietjet Air had jumped VND400 billion ($18.8 million) and … [Read more...]

Nearly 170,000 people released from dioxin exposure

Bien Hoa airport has the world's highest dioxin contamination level

PANO – Nearly 170,000 people living around Bien Hoa and Phu Cat airbases are now living free from dioxin exposure, say the Office of the National Steering Committee on Tackling Consequences of Toxic Chemicals (Committee 33) and UNDP. The information was revealed at a conference held on March 19th to review the results of the project "Dioxin treatment in heavily-contaminated areas of Vietnam", sponsored by the Global Environment Fund (GEF) via UNDP. The project results revealed at the conference include the isolated burial area of 7,500 cubic meters treated under the safe international standard in Phu Cat airbase, Binh Dinh province, the coordination with the Ministry of National Defence and relevant agencies to build the master-plan for dioxin contamination treatment in Bien Hoa airbase, and other facilities for the project. Bakhodir Burkhanov, UNDP Deputy Country Director in Vietnam, highly valued the dissemination of the project, stressing the importance of mass media in … [Read more...]

HNX to help VNPT in divestment drive

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Representatives of the Ha Noi Stock Exchange (HNX) and the Vietnam Posts and Telecommunications Group sign a cooperative agreement on March 18 (Photo courtesy of HNX) The Hanoi Stock Exchange (HNX) will support the Vietnam Posts and Telecommunications Group (VNPT) in formulating a scheme for selling stakes as regulated under its restructuring plan. This was announced under a cooperative agreement signed by the representatives of the two sides in Hanoi this week. As per the agreement, the group will ask firms, in which it owns shares, to register or list their shares; and will sell its stake in these companies on the stock exchange. HNX will also consult, instruct and support the group and its firms to complete documents and procedures for auctioning stakes, registering and listing on the stock market. It will also support VNPT's enterprises to publicise information on the stock market and help them in attending training courses and conferences to understand … [Read more...]

Higher environmental tax among challenges facing Vietnam airlines

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Vietnamese air carriers pinpointed many difficulties that are hindering their operations, including a higher environmental tax on fuel, as they met with the country’s aviation watchdog on Thursday. The Civil Aviation Authority of Vietnam (CAAV) held the Hanoi meeting to listen to the carriers in the hope of finding possible resolutions to their problems. Duong Tri Thanh, deputy general director of national flag carrier Vietnam Airlines, said the new environmental tax, which will triple starting in May, will result in a VND740 billion (US$34.49 million) cost overrun for the company from now to the end of this year. Budget carriers Jetstar Pacific Airlines and VietJet Air too will incur extra expenses of VND150 billion ($6.99 million) and up to VND400 billion ($18.64 million) due to the new tax, respectively, Thanh added. On March 10, the Standing Committee of the National Assembly passed a resolution to increase the tax to VND3,000 a liter from VND1,000 a liter for … [Read more...]

HNX to help VNPT divest non-core businesses

Representatives of the Ha Noi Stock Exchange (HNX) and the Vietnam Posts and Telecommunications Group sign a cooperative agreement on March 18. HNX will support the corporation to divest from its non-core businesses. - Photo courtesy of HNX.

The Ha Noi Stock Exchange (HNX) will support the Vietnam Posts and Telecommunications Group (VNPT) in formulating a scheme for selling stakes as regulated under its restructuring plan. Representatives of the Ha Noi Stock Exchange (HNX) and the Vietnam Posts and Telecommunications Group sign a cooperative agreement on March 18. HNX will support the corporation to divest from its non-core businesses. - Photo courtesy of HNX This was announced under a cooperative agreement signed by the representatives of the two sides on March 18 in Ha Noi. As per the agreement, VNPT will ask firms, in which VNPT owns shares, to register or list their shares; and will sell its stake in these companies on the stock exchange. HNX will also consult, instruct and support VNPT and its firms to complete documents and procedures for auctioning stakes, registering and listing on the stock market. It will also support VNPT's enterprises to publicise information on the stock market and help them in attending … [Read more...]

Conference seeks ways to ease obstacles facing aviation firm

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Ways to ease obstacles facing aviation firm are needed. (Photo: Vietjet Air) The Civil Aviation Authority of Vietnam (CAAV) under the Transport Ministry held a conference in Hanoi on March 19 to explore the current performance of aviation firms and develop relevant measures and policies to mitigate difficulties. Addressing the event, CAAV Deputy Director Vo Huy Cuong said the Transport Ministry will focus on strengthening reform to the satisfaction of businesses and people in 2015. The ministry is eager to hear from enterprises in the design of policies to create favourable conditions for aviation firms to boost sustainable growth. Participants held that one of the factors influencing aviation enterprises’ cost is a rise in environmental tax on fuels. Vietnam Airlines’ cost is estimated to increase by 750 billion VND (35.25 million USD), while that of Vietjet Air will increase by 400 billion VND (18.8 million USD) and Jestar Pacific by 150 billion VND (7.05 million … [Read more...]

Jan-Feb real estate deals soar in two biggest cities

Customers inspect a property project which was launched in Binh Thanh District, HCMC after the Lunar New Year holiday - PHOTO: MANH TUNG

Manh Tung The latest report by VNREA showed that there were more than 2,300 successful land and home transactions in the two biggest cities of Vietnam last month. Last month saw some 1,200 land lots and apartments changing hands in Hanoi, down around 20% over the previous month but doubling the deals in February 2014. The number of signed property contracts in the capital city in the first month of this year tripled year-on-year to some 1,500. In HCMC, transactions last month reached around 1,100, triple the volume of the same period last year. Customers registered to buy land and homes at the projects with good progress and in good locations in districts 2, 4, 6 and 7. VNREA said the prices of land lots and apartments in the period inched up 1% to 10% despite strong demand, especially in the apartment segment after the Lunar New Year holiday (Tet). As observed by the Daily, major real estate enterprises in HCMC have been busy after the Tet break, which ended on February … [Read more...]

More convenience stores to go up at Petrolimex gas stations

A drugstore of Pharmacity Company is located in the premises of a Petrolimex gas station on Pham Hong Thai Street in HCMC’s District 1 - PHOTO: MINH TAM

Minh Tam Nguyen Dinh Kha, head of business and services at Petrolimex Saigon, told the Daily that pharmacies, carwash facilities and banks’ transaction offices, among others have gone up at 32 gas stations and more will be opened at 45 out of its 68 pumping stations in the inner area of HCMC. Kha said convenience stores and fast-food eateries are planned at the remaining stations of Petrolimex Saigon as part of the enterprise’s plan launched in April last year to develop a convenience store chain to serve fuel buyers at its gas stations. In addition, the enterprise will permit Dat Viet Advertising Co. to place advertisements at the stations. Kha said the enterprise posted revenue of VND50 billion from pharmacies, carwash facilities and insurance sales, and profit of VND4 billion last year. The targets for this year are VND70 billion and VND11 billion respectively, and the revenue makes up 15% of its total sales. Kha said Petrolimex, the parent firm of Petrolimex … [Read more...]

Leaked customer account information being secured: VNPT

A hacker group, calling itself DIE Group, published a list of 10,000 hacked accounts of the Vietnam Posts and Telecommunications's Soc Trang branch. The state-owned corporation has ensured the safety and data of its customer accounts and are working with authorised agencies on the case.

Vietnam Posts and Telecommunications (VNPT) announced it has ensured the safety and data of 50,000 customer accounts in the southern province of Soc Trang. Information stored in the accounts, such as phone numbers, addresses and number codes had been made public on the Internet by a Vietnamese hacker group, calling itself "DIE Group" on March 14. VNPT Deputy General Director Pham Duc Long was quoted by technology site ICTnews as saying that hackers had attacked an old server of VNPT in Soc Trang to steal information related to the names of customers and the fee charged for phone calls and texts when VNPT had upgraded a variety of old servers at its branches in different provinces. "We have identified that hackers stole the basic data of customers, such as passwords, names, and their fees, but have not taken any other specific details. VNPT is fixing the security hole now. The company has strengthened information safety across all networks to prevent similar cases so that customers … [Read more...]

Four-star hotel to be built on Ly Son

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Ly Son Island, off the coast of central Quang Ngai Province, is favourite tourism site in Viet Nam. The Muong Thanh Group plans to build the first four-star hotel in the Island as part of tourism development. (Photo: VNS) The Muong Thanh Hotel Group will build a four-star hotel on Ly Son Island, 30km off the coast of central Quang Ngai province, as part of its 2020 tourism development project. Le Dinh Dong, the group's Deputy General Director, said the project is scheduled to start this year. It will cost 200 billion VND (9.5 million USD). The seven-storey four-star hotel will provide 150 rooms and meeting accommodation for tourists, he added. "It's part of our strategy to boost tourism on the island, as guest houses and homestay services cannot provide enough good accommodation for 3,000 visitors during the busy season," Dong said./. … [Read more...]

Hanoi launches an action month in response to the 2015 Earth Hour campaign

The Hanoi-based Electricity of Vietnam launched an action month to conserve electricity in response to the 2015 Earth Hour campaign

The Hanoitimes - On March 16, the Hanoi-based Electricity of Vietnam launched an action month to conserve electricity in response to the 2015 Earth Hour campaign and inaugurated a green classroom at the Hanoi -Amsterdam High School. Speaking at the launching ceremony, Deputy General Director of Hanoi-based Electricity of Vietnam Nguyen Quang Trung said the company has organized a series of activities in response to Earth Hour campaign since 2009. Particularly, in response to the 2015 Earth Hour campaign, participants to the event will ride bicycles along the capital city’s streets, hang posters in public places and deliver leaflets calling on agencies and municipal residents to join the drive. On this occasion, the power company also inaugurated a green classroom at the Hanoi - Amsterdam High School implementing a new environmental protection model applied in many countries. On March 22, Hanoi will launch the 2015 Earth Hour campaign by turning off decorative lighting … [Read more...]

Leaked client info secured by VNPT

Viet Nam Posts and Telecommunications (VNPT) announced it has ensured the safety and data of 50,000 customer accounts in the southern province of Soc Trang. Information stored in the accounts, such as phone numbers, addresses and number codes had been made public on the Internet by a Vietnamese hacker group, calling itself "DIE Group" last Saturday. VNPT Deputy General Director Pham Duc Long was quoted by technology site ICTnews as saying that hackers had attacked an old server of VNPT in Soc Trang to steal information related to the names of customers and the fee charged for phone calls and texts when VNPT had upgraded a variety of old servers at its branches in different provinces. "We have identified that hackers stole the basic data of customers, such as passwords, names, and their fees, but have not taken any other specific details. VNPT is fixing the security hole now. The company has strengthened information safety across all networks to prevent similar cases so that … [Read more...]

Vietnam targets record year of stake sales in state firms

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Landing and parked Vietnam Airlines aircraft are seen, as well as a Vietjet A320 aircraft (right), at the Tan Son Nhat airport in Vietnam's southern Ho Chi Minh City on Oct 20, 2013. Photo credit: Reuters Vietnam will offer to sell a record amount of shares in state-owned companies this year, with the government planning to publicize a list of assets available to accelerate a program that has repeatedly missed targets. "With about 280 companies, mostly large conglomerates on the list, this will be a record year for the value of state stakes to be sold," Dang Quyet Tien, deputy general director of the finance ministry’s corporate finance department, said in an interview in Hanoi March 13. "Making the list public with the size of stakes on offer will help attract more investors." Vietnam is trying to quicken a share sale program that began in the 1990s as the government seeks to spur economic growth to a four-year high of 6.2 percent this year. The complexities of the … [Read more...]