FDI boon for City property

HCM CITY (VNS) — The HCM City property sector has attracted more than US$1.42 billion worth of foreign direct investment this year, the city's Statistics Office has reported. The amount accounts for almost 62 per cent of total FDI in the period. The city has granted licences for 327 projects with total registered capital of more than $2.31 billion. The city continued to overwhelmingly top the country in terms of FDI in property, accounting for nearly 78.5 per cent of the total investment of $1.82 billion in 18 new projects and seven existing ones that are expanding. They include a $1.2 billion joint venture in HCM City between several local firms and Denver Power Ltd of the UK. Experts forecast a torrent of FDI in the property sector by year-end thanks to the changes to the Law on Housing and Real Estate Business that allow foreigners and Viet kieu (overseas Vietnamese) to buy houses in Viet Nam. — VNS … [Read more...]

Remittances to HCM City up 13.2% in 8 months

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(VOV) - Vietnamese living abroad remitted around US$330 million in August, bringing the total remittances in 8 months this year to US$2.75 billion, 13.2% higher than last year’s same period. With current move, remittances to HCM City this year are likely to hit US$5.3-5.5 billion, higher than last year’s figure of US$5 billion, said the State Bank of Vietnam (SBV), HCM City branch. On August 31, the exchange rate of US dollar and VN Dong at commercial banks rise VND15-30 higher than late last week. The highest rate for US dollar was seen at Eximbank from VND22,480 to VND22,510 per US dollar. Meanwhile, the rate at Vietcombank raised VND15 to VND22,505/USD. The price of US dollar in the flea market continued to decline to VND22,650/USD, down VND50 compared to previous week. … [Read more...]

HCM City property sector attracts over $1.4b FDI

HCM City continues leading the country in FDI attraction in real estate. — Photo vneconomy.vn HCM CITY (Biz Hub) — The HCM City property sector has attracted more than US$1.42 billion worth of foreign direct investment this year, the city's Statistics Office has reported. The amount accounts for almost 62 per cent of total FDI in the period. The city has granted licences for 327 projects with total registered capital of more than $2.31 billion. The city continued to overwhelmingly top the country in terms of FDI in property, accounting for nearly 78.5 per cent of the total investment of $1.82 billion in 18 new projects and seven existing ones that are expanding. They include a $1.2 billion joint venture in HCM City between several local firms and Denver Power Ltd of the UK. Experts forecast a torrent of FDI in the property sector by year-end thanks to the changes to the Law on Housing and Real Estate Business that allow foreigners and Viet Kieu (overseas Vietnamese) … [Read more...]

Requiem for heroic martyrs held in Poland

Photo: VNA The Buddhist Association of Thien Phuc pagoda held a requiem for heroic martyrs sacrificed to protect the sovereignty over the sea and islands of the country in Poland’s Warsaw on August 26th. At the requiem, Mr. Chanh Tue Quy, a representative of the Buddhist Association and the head of the ceremony, stressed that the sea and islands are inseparable parts of Vietnam. Over the periods of struggle, our forefathers heroically sacrificed to protect the sacred sovereignty over the sea and islands of the country, especially sovereignty over Truong Sa and Hoang Sa archipelagoes. The requiem was held to show the great gratitude for heroic martyrs who sacrificed for the cause of protecting the sovereignty over the sea and islands of Vietnam, as well as represent the tradition of remembering the origin and Buddhist philosophy of Vietnamese people. In the coming time, the Buddhists of Thien Phuc pagoda will continue to coordinate with the associations of the Vietnamese … [Read more...]

Summer camps for Vietnamese young people organized in Czech Republic

Dramas make campers interest (Photo : VNA) A summer camp for Vietnamese young people aged 10-20 in the Czech Republic was organized by the Vietnamese Buddhists’ Association and the Vietnamese Women’s Association in Královéhradec province on August 22nd -25th. During the camp, the Vietnamese young people, most of whom were born and grown up in the Czech Republic, were guided to play group games, outdoor activities, art exchange, group activities, campfire by monks and students. Highlight of the camp was an art program performed by campers, who were divided into five teams and each team told a Vietnamese fairy tale in the form of drama and hip-hop dance. With witty performance, combination between fairy and modern elements and lisp in speaking Vietnamese language of campers, the program brought laugh to viewers. Ms. Vu Thi Ha, Head of the Vietnamese Women’s Association and a member of the executive board of the Vietnamese Buddhists’ Association … [Read more...]

Vietnamese people always turn to their home land for national construction efforts

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(VOVworld) - The Vietnam Fatherland Front has met 30 overseas Vietnamese representing 4.5 million Viet Kieu worldwide. They have returned home to celebrate the 70th anniversary of the August Revolution and the Independence Day on September 2. They unanimously voiced their commitment to national construction and their pleasure with national development. Nguyen Duy Nhien is the Deputy Chief of the Vietnamese community association in the Czech Republic: "We must help the next generations to engage in national unity and turn their hearts and minds to the home land. We expect more support from the Party, State, government, and the Fatherland Front to help the next generations turning to the homeland." … [Read more...]

32 outstanding Overseas Vietnamese people return home on National Day

At the invitation of the National Committee for Overseas Vietnamese under the Vietnamese ministry of foreign Affairs, 32 outstanding overseas Vietnamese people from the Angola Republic, Canada, Cambodia, Laos, the United States, Russia, France, and the Czech Republic have returned homeland to attend the ceremonies of August Revolution and National Day. They all are outstanding delagates including those who are heads of overseas Vietnamese associations had many contributions for Vietnamese community activities abroad. From August 27 to September 3, overseas Vietnamese people will join the events in the country such as offering incense to martyrs; visiting Ho Chi Minh Mausoleum; offering incense to commemorate late president Ho Chi Minh, late general Vo Nguyen Giap; taking part in the ceremonies of August Revolution and national day… On this occasion, they will have opportunity to visit historical sites in the country such as Hoang Thanh Thang Long Imperial citadel's … [Read more...]

Vu Lan festival in UK

Vu Lan festival in the UK (Photo: quehuongonline.vn)

The Vu Lan festival was organized at the Tu Dam pagoda in the city of Birmingham, UK on August 23rd and attracted the participation of a large number of overseas Vietnamese Buddhists from all over the UK as well as monks and nuns from Vietnam and the US. At the event, many significant activities were organized, Buddhists were heard about filial duty and Vu Lan sprayer. In addition, the Buddhists also launched a donation to support people in difficult circumstance and remote areas in Vietnam. This was a meaningful community activity to express expatriates’ filial piety for their parents./. … [Read more...]

Promoting humanity value of Vu Lan festival in Thailand

Rose ceremony to show gratitude to parents.   (Photo: VNA)

The Quang Phuoc pagoda in Bangkok (Thailand), the Thailand - Vietnam Cultural Association and the Vietnamese Language and Knowledge Center co-organized Vu Lan festival in Bangkok on August 23rd. This was the 7th year Vu Lan festival has been organized under the Vietnamese Buddhist rituals at the Vietnamese pagoda in Bangkok. Vu Lan festival has been always an opportunity for overseas Vietnamese to express the gratitude, filial duty to their parents and thereby to maintain the memory of the origin of the nation. The festival not only attracted the participation of a large number of overseas Vietnamese in the country but also Thai people. One of the most significant rituals is the rose ceremony to show the gratitude to parents. After the ceremony, the monks and nuns at the pagoda took part in a requiem./. … [Read more...]

Ceremony celebrates National Day in Argentina

Participants at the ceremony. Photo: Vietnam+

The Vietnamese Embassy in Argentina and the Communist Party of Argentina co-hosted a ceremony in Buenos Aires on August 22 to mark the 70th anniversary of the August Revolution (August 19) and National Day (September 2). At the event, representatives from the Argentine Movement of Solidarity with Cuba, political and social organizations in the country, parliamentarians and diplomats together watched a documentary film highlighting great efforts made by the Vietnamese people during the resistance war against French colonialism. The film recalled the moment of September 2, 1945 when President Ho Chi Minh read the Declaration of Independence founding the Democratic Republic of Vietnam and historical fights during the Dien Bien Phu Campaign in 1954, which ended the French colonial rule in Vietnam. Speaking at the ceremony, Poldi Sosa, Chairperson of the Argentina-Vietnam Cultural Institute stressed that Vietnam is an epitome of enduring fighting spirit for independence, freedom, and … [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...]

Gentle beauty of Vietnamese-Chinese girl in Taiwan

Vu Ha My (Photo: dantri.com.vn) Vu Ha My loves her mother tongue, so she has always sought out opportunities to communicate in Vietnamese for many years she has been living in Taiwan (China). She was born and grew up in Taiwan, with Vietnamese and Chinese fluently. From an early age, she was aware that someday she would return to Vietnam and have to communicate with her relatives in Vietnamese, thus creating a motivation for her to study her mother tongue in the foreign land. Fluency of Vietnamese and Chinese languages not only helps Ha My communicate well with her fellow-countrymen in Taiwan but also brings much supports when returning to Vietnam. Since she was only 14 years old, Ha My was good enough at both languages to become a freelance interpreter for Taiwanese companies in Vietnam. Currently, the 20-year-old girl is working for a Taiwanese business, which has branches in Vietnam and other countries in Southeast Asia./. … [Read more...]

Vietnam’s first food store chain opened in Russia

Photo: VNA Europe is home to many well known wholesale/retail outlets such as Auchan (France), Metro Cash & Carry (Germany) and Russia’s Magnit. It is now home to the first Vietnamese chain under the trade name "Cherry" which opened in Krasnodar city, Russia. The Cherry chain sells plentiful amounts of vegetables, fresh food, bread, spring rolls, milk and essential household goods, including soluble coffee G-7 from Vietnam. There are around ten stores of Cherry owned by the expatriate family company Tran Quoc Trieu in the city of Krasnodar. Cherry is expected to compete well with other chains in the city thanks to good prices, civilized service and positive sales attitude./. … [Read more...]

Remittances to HCM City hit US$2.42 bil in Jan-July

Overseas remittances to Ho Chi Minh City rose 12% year-on-year in the first seven months thanks partly to an increased interest in the property market from overseas Vietnamese, local media reported. A source from the central bank's branch in the city said remittances to the city climbed to US$2.42 billion in the period. Nguyen Hoang Minh, deputy director of the branch, said it expects US$5.3-US$5.5 billion of remittances to the city this year. The amended Housing Law, which takes effect July 1, allows overseas Vietnamese, or Viet kieu, to buy houses in the country without any restriction. Even before the introduction of the policy, a large amount of the remittances, around 21.8%, went into real estate projects in the first six months. … [Read more...]

Vietnam does not grant overseas investment certificates to facilitate acquisition of green cards

The Vietnamese Ministry of Planning and Investment does not grant overseas investment certificates to local investors as a necessary step for them to get green cards (permanent residence) from the U.S. administration, a senior official has said. Vu Van Chung, deputy head of the Overseas Investment Department under the Ministry of Planning and Investment, made the statement to Tuoi Tre (Youth) newspaper in response to claims that Vietnamese people can obtain green cards only by investing US$500,000 to $1 million in the U.S. Many Vietnamese firms said they can circumvent the law to transmit money abroad for their clients who are applicants for immigrant investor programs offered by the U.S. and other countries. Such money transmissions are necessary for applicants to prove their financial capability, as required by such programs as the U.S.’s EB-5 Immigrant Investor Program and two other programs of Canada. Regarding this issue, Chung said, "[My] ministry does not grant … [Read more...]

Workshop for teachers teaching Vietnamese abroad

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Photo: Minh Quyet/VNA (VOVworld) – A training workshop for people involved in teaching Vietnamese to overseas Vietnamese and foreigners abroad opened in Hanoi on Tuesday. The event, scheduled for August 10 to 28, attracted the participation of 40 people who have been engaged in teaching Vietnamese to overseas Vietnamese in Cambodia, Laos, Thailand, Chinese Taipei, Switzerland, Canada, France, the Czech Republic, Germany, Poland, Bulgaria, Hungary, and Romania. The workshop created a great opportunity for participants to share their experiences in teaching Vietnamese to overseas Vietnamese and foreigners and support the Ministry of Foreign Affairs and related agencies to put in place effective measures to boost Vietnamese teaching and studying. … [Read more...]

Viet kieu receive car tax break

A German Audi car. The Government has granted overseas Vietnamese a tax exemption on used cars imported to Viet Nam. — VNA/VNS Photo Tran Viet

HA NOI (VNS)— Viet kieu (Overseas Vietnamese), who are intellectuals, experts and skilled workers, have been granted a tax exemption on used cars they bring to Viet Nam, according to a new Government decree. The tax exemption is granted to Viet kieu who have signed a contract of one year or more to work in a State-owned agency. The tax exemption includes import tax, special consumption tax and value-added tax (VAT). To be eligible for the tax exemption, the cars must meet certain conditions and technological standards required under Vietnamese regulations.The car, for example, must have been registered for circulation for at least six months in the country where the Viet kieu had been living or working. It also must have had at least 10,000 km on its odometer by the time of arrival at a Vietnamese port. After the overseas Vietnamese's working contract ends, the car must be re-exported to its original location. If the car is sold or leased in Viet Nam, the Viet kieu must pay … [Read more...]

Vietnam to exempt visas for overseas Vietnamese and their family

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A family of overseas Vietnamese arrive at Tan Son Nhat Airport during their home visit for the Lunar New Year festival in 2014. Photo credit: Zing News Vietnamese living overseas and their foreign spouses and children may be able to visit Vietnam without a visa soon. Deputy Prime Minister Pham Binh Minh, also the foreign minister, recently instructed the Ministry of Public Security to complete a regulation that facilitate visits of Viet kieu and their immediate family members. The ministry is given until August 15 to finish drafting the rule and submit it to the government, according to a Dan Tri report. Overseas Vietnamese will only need to confirm with visa agencies that they are of Vietnamese origins and they will receive a visa-waiver certificate. The new rule reportedly aims to cash in on the high spending of Viet kieu and is an attempt to solve the decline in tourist arrivals since last year. Vietnam’s government has been opening arms to overseas Vietnamese through … [Read more...]

VFF commits to capacity development

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VFF President Nguyen Thien Nhan (Photo: VNA) The Vietnam Fatherland Front (VFF) aims to strengthen its monitoring and feedback mechanisms, as well as boosting its capacities in a comprehensive manner, VFF President Nguyen Thien Nhan said. During a conference held in Hanoi on August 5 to review the achievements made in the first half of 2015 and to identify priority tasks for the rest of the year, the VFF leader hailed the efforts made by the organisation’s chapters at every level over the past six months. He concluded that the VFF needed to launch various publicity and awareness raising campaigns, as well as promoting people-to-people exchanges in a bid to boost effective economic development. VFF reports showed that the organisation’s network significantly contributed to the development and implementation of a legal framework on ethnic minorities, religion and Overseas Vietnamese citizens. It also actively cooperated with relevant bodies to develop modern rural … [Read more...]

Vietnam’s fast rising property market leaves hard times behind

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Brought to its knees when its property market bubble burst four years ago, Vietnam is riding into another boom, with construction starting in Ho Chi Minh City on two of the world's tallest skyscrapers and buyers snapping up new projects fast. The speed of the market's turnaround has been startling. Successful property transactions have doubled from a year ago, and developers have halved their unsold inventory from $6 billion at the peak of the crisis at the start of 2013. "I can sell about three to five units per month now, much better than before, when I could only sell the same in the whole year", said Dung, a freelance property broker in Hanoi, who asked to be referred to by her first name. The Southeast Asian country's government is hoping that lessons learnt from the last burst bubble will help prevent the latest property cycle crashing like the last one. Buyers and developers defaulted on loans, leaving banks crippled by toxic debt and unable to provide credit to tens … [Read more...]