Most modern cemetery in Vietnam, new threat to Dong Nai river


VietNamNet Bridge - It remains questionable why the cemetery project near the Dong Nai River which threatens the life of the river, has been approved. In early July 2011, Dona Coop announced the project on building a cemetery which is expected to be the most modern one in Vietnam, to be located on the advantageous position in accordance with oriental geomancy. However, worries and doubts have been raised about the feasibility of the project. The position which the investors calls "advantageous position" is, in fact, is just 100 meters far from the Dong Nai river. Therefore, they have every reason to worry that the cemetery would pollute the river and threaten the means of subsistence of thousands of local people. The paradise for the dead… The An Vien Vinh Hang cemetery covers an area of 116 hectares in the first phase, capitalized at 500 billion dong and it is expected to become operational from the end of 2011. After that, 200 hectares more would be expanded in the second phase of … [Read more...]

Overseas Vietnamese rush to pour money into real estate

VietNamNet Bridge - The real estate buying power of Viet Kieu (overseas Vietnamese) increased rapidly as soon as the new policy on allowing Viet Kieu and foreigners to buy houses in Vietnam took effect. Hoang, who lives and works in the UK, has returned to Vietnam to buy a beachfront villa worth VND5 billion in Ba Ria – Vung Tau province. "I decided to inject money into resort real estate projects in Vietnam after some thoughts. If I deposit my idle money in the UK at the interest rate of 1.2 percent per annum (the real deposit interest rate is 1.5 percent, but she would have to pay 20 percent in tax), the profit would be very modest," she explained. "Meanwhile, I have been told that a beachfront villa in Vietnam can have the profitability level of 8 percent. The expected profit in Vietnam is clearly more attractive," Hoang said. VND5 billion is a ‘reasonable amount of money’ for investors like Hoang. She said in the UK, one would have to pay much more money to … [Read more...]

Why are the rich pouring money into seaside villas?


VietNamNet Bridge - Not all resort real estate projects along the coastline are attractive to investors, but beachfront villas have been a magnet to investors for the last six months. BCG, a US-based consultancy group, said that about 3 million Vietnamese in the middle and upper income groups have demand and financial capability to buy seaside villas worth $250,000 to $1 million. The figure is expected to reach 3.3 million Vietnamese by 2020. Vietnam has caught the special attention from the world’s investors to its coastal resort properties, especially now that foreigners now can buy houses in Vietnam (beginning July 1, 2015). A survey by Wealth-X magazine, super-rich people, in Asia, Europe and North America, are all eyeing high-end real estate in South East Asia because of the reasonable prices. According to Viet An Hoa’s CEO Tran Khanh Quang, there are seven reasons behind the new investment wave in seaside villas. First, the villas belong to the ‘second … [Read more...]

Foreigners jump into convenience store market as domestic investors withdraw


VietNamNet Bridge - Vietnamese retailers have withdrawn from the convenience store market after a long period of incurring losses, leaving the market more open to foreign retailers, who have been expanding their chains. Convenience stores are not a lucrative business field for Vietnamese investors, as they once thought. It is estimated that investors have to pay VND1.5-2 billion to develop a store. High rent at retail premises and high operation expenses eat into their revenue from convenience stores. Nguyen Bao Loc, deputy general director of Intimex Vietnam, noted that retailers could only make satisfactory profits if the rent is no more than $9 per square meter a month. However, the average rent in central areas and advantageous positions is $30-50 per square meter a month. Robert Tran, CEO of Robenny Corporation, said that investors need to develop hundreds of shops in Vietnam, double or triple than in other countries, to be able to make profits. In general, a convenience … [Read more...]

Japanese capital injected into real estate


VietNamNet Bridge - Are Japanese too slow to march towards the Vietnamese real estate market? The current merger & acquisition (M&A) wave indicates the answer is ‘no’. Related news More Japanese investing in Vietnam’s property marketJapanese arrive in time Japanese are believed to be the ‘newcomers’ in the Vietnamese real estate market. They have turned up in Vietnam in recent years, while investors from South Korea, Taiwan and Malaysia have been present here for many years. A Vietnamese real estate expert noted it is true that Japanese investors are more ‘slow paced’ than Singaporean, South Korean or Hong Kong’s real estate developers. And because of this, Japanese face a great challenge because they find it more difficult to find advantageous positions for their projects. He also noted that Japanese should have come earlier when the real estate prices plunged to the deepest low. If they had come at that time, they would … [Read more...]

Hoan Kiem Lake prime real estate overestimated by investors


VietNamNet Bridge - Trang Tien, Dinh Le, Le Thai To streets contain the "golden land" plots in the central area of the capital city of Hanoi, valued at billions of dollars. But they have not turned out to be as profitable as expected. Jonathan Hanh Nguyen, a well-known businessman dubbed as the "branded goods king", was believed to spend VND400 billion to renovate the building at No 24 Hai Ba Trung Street and turn it into a luxury shopping mall. Located in the golden land area, facing Hoan Kiem Lake, near the city’s Post Office, but the shopping mall, though well designed, is still deserted. The golden land plot at No 9 Dinh Le Street, not far from Trang Tien Street, is facing the same problem. Vinexad has been trying to sell the land plot, its most valuable asset, at just VND70 billion for the last year. However, there are still no buyers. In Hanoi, where an inch of soil is an inch of gold, there are still golden land plots worth multi-billions of dong left idle for … [Read more...]

Vietnam claim SEA Games men’s football bronze medal following rout of Indonesia


Vietnam secured a 5-0 win over Indonesia on Monday in a third-place game to compete for the bronze medal of the men’s football event at the 28th Southeast Asian Games in Singapore. The Vietnamese side, led by Japanese coach Toshiya Miura, fielded their best line-up, which had been planned for the final game but they lost 1-2 to Myanmar in the semifinals on Saturday, to take on Indonesia. A small change was made as hitman Cong Phuong played in midfield. He was replaced in the attacking line by Phi Son. Midfielder Huy Toan was set up in an advantageous position and blasted a shot from a distance of 18m, driving the ball to hit the arm of an Indonesian midfielder in the box in the 13th minute. Vietnam were awarded a penalty and striker Mac Hong Quan successfully converted it to open the scoring. Eight minutes later, Cong Phuong, who played the role of an attacking midfielder, had the ball in the center of the field to launch a counterattack. He made a long and accurate … [Read more...]

Foreign investors see business opportunities with Long Thanh airport

South Korean Hyosung Group, after two years of preparation, has increased its investment capital to $660 million

VietNamNet Bridge - While the Long Thanh International Airport project is still under discussion at the National Assembly, foreign investors have flocked to Dong Nai province to seek business opportunities. Businessmen from Japan, Singapore, India, the US, UAE, Thailand and China have come to Dong Nai province, where they hope they can develop industry, service, agriculture, real estate and tourism projects once the Long Thanh International Airport is built. In late May 2015, Singaporean Consulate General in HCM City Leow Siu Lin had a working session with the Dong Nai provincial People’s Committee, in which she said Singaporean aviation service companies wished to have opportunities to invest in the airport project. Also in late May, a group of businessmen from UAE also came to Dong Nai, expressing their wish to invest in infrastructure items for the Long Thanh Airport. In late 2014, Japanese, French and American businesses, through their diplomatic agencies in Vietnam, … [Read more...]

Impetus on green growth to boost trade prospects

Green and sustainable growth are necessary for Viet Nam, especially as the country has entered a new period in the global economy that requires better exploitation of free trade benefits. — VNS Photo Duy Khuong

HA NOI (Biz Hub) — Green growth will open trade opportunities in all fields, including agriculture, forestry, fisheries, industrial production, renewable energy, and tourism, said Bui Huy Son, director of Viet Nam Trade Promotion Centre. Speaking at a workshop on green growth and trade opportunities for Viet Nam in Ha Noi yesterday, Son noted that over the past 10 years, green growth has become a new economic model, which has been applied by several countries, especially those in Asia and Pacific regions. The model has also seen the participation of international organisations. "Green growth has supported economic development together with reducing negative effects on the environment by minimising waste generation and greenhouse gas emissions, while using natural resources sustainably," he remarked. He added that Viet Nam has been one of the few developing countries determined to follow the green growth model. Green and sustainable growth are necessary for Viet Nam, … [Read more...]

Quang Ninh Port, with “clean” finance report, attracts private investor


VietNamNet Bridge – The Vietnam National Shipping Lines (Vinalines) did not want to sell Quang Ninh Port because it could bring money, though the profits are not that high. However, the government has decided to withdraw all of its capital from the port. Soon after the government released a decision on selling Quang Ninh Port in late 2014, T&T Group sent a dispatch to Vinalines, which now runs the port, and the Ministry of Transport (MOT), the watchdog agency, saying that it wishes to take over the port. T&T, an economic group which invests capital in many business fields, from industries to finance, from real estate to import/export, is a familiar name in business circles. T&T, when expressing its willingness to buy Quang Ninh Port, also sent documents about the group’s financial situation to prove that buying a business for VND500 billion was within reach of the company, which has stockholder equity of VND2 trillion. Sources said the buyer of Quang … [Read more...]

Lotte continues expansion, becomes partner in Diamond Plaza mall


VietNamNet Bridge – The so-called "Lotte phenomenon" is a phrase on the lips of many businesspeople, reflecting the presence of the South Korean investor in many business fields in Vietnam. Lotte, for example, has replaced Korean conglomerate Posco to become a foreign partner in a joint venture operating Diamond Plaza, a shopping mall, office and high-end apartment complex in district 1 of HCM City. Lotte’s President Shin Dong Bin, at a meeting with HCM City Mayor on March 4, said Lotte had officially joined the management board at Diamond Plaza. Declining to say how much money Lotte had to pay to Posco in the deal, the president said Lotte had acquired 70 percent of Diamond Plaza’s capital. Located at the Le Duan and Pham Ngoc Thach crossroads, behind the Notre Dame Cathedral in the city center, the 22-storey complex built with initial investment capital of $60 million has an advantageous position. It has attracted famous international brands to its shopping … [Read more...]

Vietnam does not have “golden woods and silver sea”: scientists


VietNamNet Bridge – Scientists say that Vietnam is not as rich in natural resources and minerals as people assume, and that the country must avoid squandering its available resources. "Vietnam is a rich country with golden woods and silver sea" is what Vietnamese students hear from their teachers when going to school. Tran Tan Van, head of the Ministry of Natural Resources and the Environment’s Institute of Geology and Mineral Resources, said that Vietnam ranks 13th in the world in terms of population, but its territorial area is small and the minerals are diverse, but the amount of minerals per head is modest. There are many types of minerals, but mineral reserves are limited, especially precious minerals like gold. He said Vietnam should not nurture the hope of developing mining into a key industry in as part of its socio-economic development strategy. Van said in order to prevent "hunger for natural resources" in the next decades, Vietnam should think of … [Read more...]

Removal of cap on advert spending has little effect on local firms


VietNamNet Bridge – While foreign-invested enterprises applauded the removal of the cap on expenses on advertising, Vietnamese businesses, mostly small- and medium-sized, have shown little interest in the new change. Under the old laws, businesses must not pay more than 15 percent of their total expenses on ads and marketing campaigns. With the new law taking effect on January 1, 2015, businesses can figure out ad budgets as they want. Though appreciating the new law, Van Duc Muoi, general director of Vissan, a meat processor and supplier, said he still had not decided on whether to spend more money on ads, because it was difficult to measure the benefits. "As our resources are limited, if we budget bigger expenses on ads, we will have to cut expenses on other items, which would weaken our competitiveness," he explained. The director of a Hanoi-based small business noted that the new law would only benefit foreign-invested enterprises, which always draw large budgets for … [Read more...]

Vinalines’ seaport IPOs fail


VietNamNet Bridge – The recent initial public offerings (IPOs) of Vinalines all failed, with a modest ratios of shares sold on shares offered. In May 2014, Hai Phong Port sold 17,669,000 shares out of the 37,635,600 shares it offered at the IPO, which means more than a half of shares were unsalable. However, Hai Phong Port shares still sold better than other ports. Quang Ninh, for example, put 11.3 million shares in late May 2014, but only 854,500 shares, or 7.5 percent, were sold. The IPO of Nha Trang Port was even worse with only 350,800 shares, or 6.3 percent of offered shares, sold. And only 1.6 million out of 8.3 million of Da Nang Port’s shares were sold at the IPO in June. In the latest news, only 0.8 percent of Chan May Port’s shares were sold at the IPO held in mid-December 2014. A report of Vinalines, the Vietnam National Shipping Lines Corporation, the holding company of the port development companies, said the IPOs made in the first three quarters … [Read more...]

Ba Gia Campaign gives a KO blow to Johnson-McNamara Plan

Ba Gia combat plan

PANO – By the mid of 1965, the balance of power between our force and the enemy in the South Battlefield in general and Military Zone 5 in particular had changed. The Saigon Army was unable to take on its "mission" and was losing the initiative although the army had a large number of troops, was strongly provided with weapons and equipment, and directly backed by US advisors. In their implementation of the strategy "pacification", although US advisors and the Saigon government sought and tried on many measures, they failed to "win hearts and minds" of people in the South; as a result, a number of newly-set up "strategic hamlet" systems were destroyed by South Vietnamese military force and people. In an effort to retake the initiative in the battlefield, the USA continued to introduce the Johnson-McNamara Plan. Accordingly, US Marine Division 3 was sent to Da Nang and at the same time, made up fake reasons to escalate the war, bringing war to the North. For our side, after the … [Read more...]

Winter 1953-Spring 1954 Operation defeats Nava Plan

Troops of Division 316 in operation

PANO – In the Winter 1953-Spring 1954, the Politburo decided to mobilize a large number of Vietnamese regular units in coordination with friendly armed forces of Laos and Cambodia to open strategic offensives in the Indo-China peninsula with the aim of annihilating a major part of the enemy force, distracting enemy strategic mobile forces, defeating the Navarre Plan, liberating land from the enemy, creating an advantageous position for our side, and changing the power balance to achieve the final decisive victory. … [Read more...]

Social News 31/10

Ventilator donated to City hospital The New Zealand-based Julie Ferne Memorial Trust donated a Newport e360 ventilator to the Children Hospital 2 in HCM City yesterday, making it the first medical equipment donation made by the Trust to the hospital. The Preston family partnered with VinaCapital Foundation (VCF) to procure the ventilator and to ensure that the equipment will be used and maintained properly. Since 2012, the Julie Ferne Memorial Trust has raised funds from around the world to advance pediatric care in HCM City, with a focus on helping child trauma sufferers. … [Read more...]

HCMC hosts week of listening to tax payers

Tax payers arrive at the HCMC Taxation Department Office asking about tax policies and related administrative procedures (Photo: SGGP)

Ho Chi Minh City Taxation Department and sub-departments in 24 districts have hosted a week of listening to tax payers from October 27 to November 2. During the week, the department and 24 sub-departments arrange three to five officials at the most advantageous positions in front of their headquarters for answering tax payers' questions and complaints. … [Read more...]