Deflation risk emerges in Vietnam after years battling high consumer prices

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Vendors sell produce at the Cho Hom market in Hanoi. Photo credit: Bloomberg This holiday season, economists have observed a peculiar trend in Vietnam: consumers are apparently not buying as much as they should be. After years of trying to curb high inflation, which has weighed down the economy, the country seems to be facing a new risk for the first time: deflation. Inflation consistently cooled in recent months, signaling slowdown in an emerging market driven by a young population with growing disposable income. Consumer prices declined 0.2 percent per month in the past five months, mostly due to cheaper oil prices. In January, inflation increased a meager 0.9 percent year-on-year, compared to 6.5 percent recorded the same time last year, according to a report issued by HSBC last week. "Should inflation continue to fall, the economy may not grow nominally fast enough to service its widening fiscal deficit," the report said, adding that oil export revenues are set to decline in … [Read more...]

Vietnam’s Nguyen Kim electronics chain to sell more products after Thai deal

Nguyen Kim and Thai retail conglomerate Central Group announced yesterday that the Thai side had bought a

One of the largest electronics store chains in Vietnam will expand in the retail sector following a strategic partnership it entered last month with a Thai retail giant, which was only publicized on Monday. 49 percent stake in the Vietnamese company, but still refused to disclose the value of the deal. The strategic cooperation took effect on January 9, and was only made public to Nguyen Kim’s suppliers, partners, and shareholders on Monday. Central Group Vietnam CEO Philippe Broianigo has become the chief executive officer of Nguyen Kim, an appointment the Thai company said in a previous press release "will enable Nguyen Kim’s management to further enhance their electronic retailing expertise and competitiveness." Nguyen Kim’s chairman of the board of directors, Nguyen Van Kim, will retain his position. The two sides also announced their five-year business plan, highlighted by the strategy to become the top consumer electronics retailer in Vietnam and the … [Read more...]

Vietnam tourist attractions open for free, offer diverse activities during Tet

Lush peach blossoms are in seen in Hanoi's iconic Nhat Tan Garden in this  Tuoi Tre  file photo.   A farmer is pictured watering his citrus plants, a common Tet embellishment, in this  Reuters  file photo.  Hoi An

A number of relics in Hanoi, Hue, and Hoi An Ancient Town will be open to tourists for free during Tet (Lunar New Year), while a myriad of activities are poised to take place in several other localities to celebrate the holiday. Hanoi The Hanoi People’s Committee has decided six of the capital’s relics and scenic spots will be open free to visitors on Lunar New Year’s Eve and the first two days of the new year, or from February 18 to 20. The spots are Ngoc Son and Quan Thanh Temples, Tay Phuong, Thay and Huong Pagodas, and Duong Lam Ancient Village. Pyrotechnic shows are also expected to light up 30 spots in the city on Lunar New Year’s Eve. Five high-range firework shows are set to sparkle over Hoan Kiem (Sword) Lake, Thong Nhat Park, Lac Long Quan Garden, Van Quan Lake, and My Dinh National Stadium. The other 25 low-range firework shows will take place in other areas. Authorities in Hoi An City, located in the central province of Quang Nam, … [Read more...]

Social News 18/1

Hand, foot and mouth disease strikes Hanoi A health official from the Hanoi Health Department says a surging outbreak of hand, foot and mouth disease in ten districts in Hanoi has infected 36 people so far this year. According to the official, there have been five separate outbreaks reported and there is an especially high risk of a widespread outbreak in Bac Tu Liem district with six infected cases recently reported. There is no vaccine to prevent the disease, the official said. Vietnam recorded 80,685 cases of hand-foot and mouth disease in 2014 including eight deaths while Hanoi reported 1,170 infected cases in 26 out of 30 districts citywide. The disease is a contagious viral illness that commonly affects infants and young children. Symptoms usually begin with a fever, sore throat, painful sores in the mouth. Complications include viral meningitis, myocarditis, and acute pneumonia, which can be fatal. To reduce the risk of catching the virus, both children and adults should … [Read more...]

Photos: Eight outstanding construction works in Hanoi

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VietNamNet Bridge - Ha Noi - Lao Cai Highway, National Assembly House, Nhat Tan Bridge, Vo Nguyen Giap Road, and Terminal T2 at Noi Bai Airport are the monumental works of Hanoi that were inaugurated in 2014. The National Assembly House is located on the road of Doc Lap (Independence) in Ba Dinh District. The 39m building, with a square shape, is inside the campus of the Thang Long Imperial Citadel. This is the first large office building of central agencies being built after the country’s unification (1975). The building has three-storey underground car park for over 500 vehicles, with an area of 17,000 m2. The tunnel connecting the National Assembly House and the Ministry of Foreign Affairs is 60m long, with two lanes for pedestrians and cars. Completed in early October 2014, the building served the 8th session of the National Assembly. The 65-store Lotte Building was inaugurated on the National Day 2014 on Dao Tan Street, Ba Dinh District. With the height of 267m, Lotte … [Read more...]

Ho Chi Minh City bustling with numerous New Year activities

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A series of festive activities will be held across Ho Chi Minh City to welcome the New Year 2015. One of the highlights is spectacular firework displays on New Year’s Eve (January 1). A 15-minute firework display in combination with light art performances will be set up at the Bitexco Financial Tower in District 1. The art of visual effects in motion pictures will give audiences an opportunity to enjoy images of national flag, Party flag, President Ho Chi Minh and the city’s icons. Another low-range firework display will take place at the Dam Sen Park in District 11. The city will also see many cultural events, including the 2015 New Year Festival in September 23 Park; a ‘Street Lighting’ program featuring thousands of colorful lights in the City Center; and art performances at Labor Culture Palace, in front of Thu Thiem tunnel's gate in District 2, in Rach Mieu Indoor Stadium in Phu Nhuan District, Nga Ba Giong Martyr Monument in Hoc Mon District, … [Read more...]

Vingroup starts work on Vietnam’s tallest luxury skyscraper

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Real estate firm Vingroup on Saturday began construction work on an 81-floor building in Ho Chi Minh City, which is expected to be Vietnam’s tallest and hold a few Southeast Asian records, according to the Vietnam News Agency (VNA). The skyscraper, Landmark81, is at the heart of the deluxe residential zone Vinhomes Central Park, which is located on the Saigon River banks. The building, slated to open by the end of 2017, has an expected height of 350 meters and boasts extravagant comforts which appear for the first time in Vietnam. Upon completion, the Landmark81 will be the tallest skyscraper and one of the most sumptuous ones throughout the country, according to the VNA. Covering an area of 141,000 m2, the complex will be home to hotels, Vinhomes service apartments, Officetel commercial apartments, shopping malls, restaurants, bars and an observatory. The five-star plus Vinpearl Hotel will boast around 450 rooms and suites, including a luxury 1,000m2 Presidential … [Read more...]

14 Vietnamese get ASEAN CIO, CSO awards

Duc Tam Vietnamese accounted for 12 out of 17 winners of the 10th ASEAN CIO Awards and two out of three winners of the 10th ASEAN CSO Awards as announced by International Data Group (IDG) and the CEO & CIO Club at an award ceremony at the five-star hotel Sofitel Saigon Plaza in HCMC on Tuesday. The remaining five winners of the 10th ASEAN CIO Awards are from Singapore, the Philippines and Laos while the only recipient of the 10th ASEAN CSO Awards outside Vietnam was Amirudin Bin Abdul Wahab, chief executive officer of CyberSecurity Malaysia. … [Read more...]

Art & Entertainment News 3/11

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First 4DX theatre in Ha Noi to open next month Next month, the first 4DX theatre in Ha Noi will provide movie-goers the opportunity to enjoy international blockbusters like never before. The 4DX theatre will be opened at the Ba Trieu Vincom Centre by CGV Cinemas, who launched Viet Nam's first 4DX theatre at Hung Vuong Plaza in HCM City earlier this year. The CGV cinemas in Ha Noi and HCM City are the first to offer the group's latest technology. Hanoi to host Toyota Classics 2014 Toyota Motor Vietnam (TMV) on October 30 announced its annual 2014 Toyota Classics Concert for charity has been set to perform at the Ho Chi Minh City Opera House on November 18. … [Read more...]

Political News 8/10

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FM appreciative of Vietnam-Norway cooperation Deputy Prime Minister cum Foreign Minister Pham Binh Minh has highlighted the fine Vietnam-Norway friendship and cooperation in politics, diplomacy, and development while urging expanded cooperation in economics, trade, and investment. … [Read more...]

Efficient Services For Enterprises

By Quang Tuan Kenichi Maekawa, manager of the Global Network Operations Center of KDDI Group in Vietnam, says two years ago the Japanese company surveyed locations in Southeast Asia to set up a center for supporting its global network. Finally, KDDI chose QTSC in HCMC as it met requirements such as software business growth potential, a contingent of engineers with a good command of English, good network infrastructure and reliable power supply to ensure continual operations and regular support of its staff. … [Read more...]

Social News 6/8

VND2.3 trillion to be invested in upgrading Tan Son Nhat airport A VND2.3 trillion (US$108 million) project is set to begin in November to expand T2 International Terminal of Tan Son Nhat International Airport in Ho Chi Minh City. Minister of Transportation Dinh La Thang has approved the project of the Airports Corporation of Vietnam (ACV), which is scheduled to be completed in three years. Accordingly, three areas of the terminal will be expanded, raising the current 22,000 square metres in use to 115,834 square metres. The improved terminal, which will include 120 check-in desks, 10 jet bridges and 19 gates, will be able to serve about 13 million passengers per year, increasing current capacity by three million. … [Read more...]

How pivotal is the US ‘pivot’ to the East Sea dispute?

Southwest Cay, part of the Spratly Island chain, is a small island controlled by Vietnam in the East Sea. Vietnam has built a fortified inlet, an army garrison and a number of support buildings on the island. Source: DigitalGlobe via Getty Images

China has not ceased upping the ante in the East Sea despite the US' words of support for its smaller neighbors, a gesture that has drawn great anticipation in Vietnam China has begun building a school on an island that it took from Vietnam illegally by force in 1974, two years after establishing a frontier settlement there to administer most of what the rest of the world calls the South China Sea. The Philippines said over the weekend that it had lodged a protest with Beijing for seizing a disputed reef on the Spratly Islands--the fourth such complaint Manila has filed in three months as Beijing continues to pursue its controversial claim to nearly all of the resources in the oil-rich waters Vietnam calls the East Sea. … [Read more...]

Japanese businesses invited to purchase Vietnam NPLs

(VOV) - The State Bank of Vietnam (SBV) governor Nguyen Van Binh has expressed hope that the Japan Financial Services Agency (JFSA) will encourage Japanese businesses to purchase Vietnam's non-performing loans (NPLs). Binh made the proposal at a working session in Hanoi on June 6 with Ryutaro Hatanaka JFSA Commissioner, adding the purchase is part of key cooperation between SBV and JFSA. The Vietnam Asset Management Company (VAMC), an arm of SBV, was set up last July to acquire NPLs from commercial banks, providing much needed capital to enable the banks to lend again. … [Read more...]

Vietcombank: Remarkable Business Performance

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In the context of unfavourable macro economy and banking system, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has presented its best effort as one of the leading commercial banks, contributing to the implementation of the policy of the State Bank of Vietnam (SBV) and to the macro economy stabilisation. With management perspectives of "Acute-Flexible-Drastic", the Board of Directors and the Board of Management have closely monitored changes in the business environment and directed Vietcombank's operations accordingly, in order to achieve the business targets. … [Read more...]

Over 500 cycle for environment in Ho Chi Minh City

The U.S. Consulate General" />   The "Let's Ride for a Green Environment" bike ride was jointly organized by the

Over 500 people joined a bike ride held in Ho Chi Minh City at the weekend. The bike ride focused on raising awareness for the people of protecting the environment. Saigon Economic Times newswire and the Sports Center in District 7, and sponsored by the U.S. Consulate General's American Center and Vietnam Intel Corporation. … [Read more...]

Social News Headlines 2/6

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Lean pork paste proved to emit light Information that lean pork paste was giving off light proved to be true and was witnessed by many people, said Truong Hoang Kien, deputy director of the Quang Ninh Food Safety and Hygiene Department. … [Read more...]