Vietnam’s fast rising property market leaves hard times behind

1717236-w5xl8paf

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...]

What is the maximum time of house ownership for foreigners?

1717204-20150729093140-house-foreigners

VietNamNet Bridge - Foreigners can buy and own houses in Vietnam for a 50 year period. If the owners sell or give their houses to foreign institutions and individuals within that period, the recipients will have the right to possess the house for the remaining time, according to a draft legal document that guides the implementation of the 2014 Housing Law. The proposed restriction on the duration on foreign house ownership in Vietnam has raised controversy. The Chair of the HCM City Real Estate Association (HoREA), Le Hoang Chau, said the regulation, if approved, would not satisfy the demand of foreigners who want to buy houses in Vietnam. Chau proposed to allow foreigners who buy used houses and apartments to own the houses and apartments for 50 years as stipulated in the 2014 Housing Law. Thoi Bao Kinh Te Sai Gon quoted Chris Owen, from the UK, who now lives in a rented house in Phan Thiet City of Binh Thuan province. He wants to buy a house in Vietnam, and said that 50 years … [Read more...]

Nearly $1.7b of FDI pours into real estate market

HCM CITY (VNS)— The country's property market attracted US$1.69 billion in foreign direct investment (FDI) for 15 projects in the first seven months of 2015, according to the Foreign Investment Agency. This figure accounted for 19.3 per cent of the total FDI capital of $6.92 billion. Figures from the agency showed that the real estate sector took second place in attracting FDI capital during the period. In HCM City alone, four real estate FDI projects received an investment licence, with total registered capital of $1.31 million. Experts forecast that FDI pouring into the property sector would see a surge by the year-end month thanks to the amended Law on Housing 2014 and Real Estate Trading, which allows foreign buyers and Viet Kieu (overseas Vietnamese) to own houses in Viet Nam for 50 years. — VNS … [Read more...]

Summer camp inspires young Vietnamese expatriates

1716093-cd1c70d77f7411fc7a229b46cc0a3f04-l

A dance performed by young Vietnamese expatriates at the closing ceremony (Photo: traihevietnam.vn) NDO – The 2015 Vietnam Sumer Camp for young Vietnamese expatriates wrapped up on July 30 in Ho Chi Minh City, leaving participants with a good impression and deep sentiment for their motherland. >> Vietnam Summer Camp opens Speaking at the closing ceremony, Le Quoc Thinh, Deputy Head of the State Committee for Overseas Vietnamese Affairs under the Ministry of Foreign Affairs, the host of the event, said that the annual camp is held to raise the awareness of young Vietnamese expatriates’ about their roots, increase their knowledge on national history and update them on the current situation in their motherland. It is also an opportunity for participants to meet and have exchanges with their Vietnamese friends at home while improving their Vietnamese and inspiring national sentiment among them, he added. Held annually over the last 12 consecutive years, the … [Read more...]

Delegates of Vietnam Summer Camp 2015 visit Vo Thi Sau’s homeland

Photo: quehuongonline.vn

The delegates of the Vietnam Summer Camp 2015 on July 28th visited hero Vo Thi Sau’s homeland and exchanged with young people in Dat Do district, Ba Ria-Vung Tau province. Speaking at the exchange, Nguyen Van Loi, Deputy Chairman of the Dat Do district People's Committee, shortly introduced the main features of the locality and the homeland of hero Vo Thi Sau, hoping the exchange would further enhance solidarity and attachment between overseas Vietnamese youths and young people there. He also expected to continue to welcome young expatriates to Dat Do district. On behalf of the delegation, Mr. Le Quoc Thinh said that Dat Do district is the most significant destination of the during the trip through12 provinces and cities. Returning to Vo Thi Sau’s homeland helps young expatriates understand more about the country, about the sentiments of the local people, mutual understanding, thus contributing to the cause of building and developing the country. "Every year, my parents … [Read more...]

Delegates of Vietnam Summer Camp 2015 learn about history of Hue ancient capital

Overseas Vietnamese youths visiting  Thien Mu pagoda (Photo: vtc.com.vn)

A delegation of 160 overseas Vietnamese youths arrived in Hue on July 21st as part of their 2015 Summer Camp Vietnam. They explored Khai Dinh royal tomb, Thien Mu pagoda and the Imperial Citadel with over 100 unique sites within the Complex of Hue Monuments recognized as a World Cultural Heritage Site in 1993. The delegates were also introduced about 13 Nguyen kings in Vietnam’s feudal regime. The trip left unforgotten impressions in overseas Vietnamese youths and make them have refresh feelings about beautiful country of Vietnam with historical length and cultural depth./. … [Read more...]

Summer camp for overseas Vietnamese, Ho Chi Minh City’s youths opens

Overseas Vietnamese youths offered incense at Hung Kings relic site (Photo: VNA)

(VOVworld) – The 2015 summer camp for overseas Vietnamese and Ho Chi Minh City’s youth opened in the city on Monday. Sixty participants including overseas Vietnamese youth from countries including the US, France, Czech Republic, Laos, Thailand will take part in activities to understand Vietnam’s history and traditions during the struggles for national independence. The young people will also travel to the southern province of Ben Tre to experience life in the Mekong river delta and meet young locals. The participants also revived 5 wings of troops who liberated Sai Gon in the spring offensive in 1975 for national reunification. Nguyen Khanh Huyen is a Vietnamese person living in Thailand: "The camp is very meaningful. This is also an opportunity for us to meet and exchange. By visiting museums and revolutionary bases, we understand more about Vietnam’s revolution and its achievements. We will try our best in study to contribute to the homeland". … [Read more...]

Young expatriates commemorate Vietnam’s legendary founder

Typical Vietnamese expatriates offering incense to Hung Kings at Kinh Thien Palace

More than 160 young Vietnamese expatriates taking part in the 2015 Vietnam Summer Camp paid tribute to the Hung Kings, the legendary founders of the first nation in Vietnam’s history, in northern Phu Tho province on July 15. Tran Thi Hoai Anh, an expatriate in the Czech Republic, said this was the first time she had come to Phu Tho, previously known as Phong Chau where Hung Kings settled and established Van Lang – the first nation, and it was her honour to express gratitude to them there. Meanwhile, Nguyen Phan Bao Linh from Ukraine said the participants are proud of their Vietnamese origin and always turn their heart towards the homeland. The Vietnamese-Ukrainian also promised to contribute to the homeland’s development in the future. Hoang Manh Hung, an expatriate in Poland who is studying in the US, said his return to Vietnam this time around helped him understand more about traditional values and join hands with other overseas youth in maintaining the … [Read more...]

The homeland always welcomes overseas Vietnamese youth to return for national development

1706021-vov-chu-tich-nuoc-2-gsej

(VOVworld) - President Truong Tan Sang has received more than 100 overseas Vietnamese students who returned home to participate at this year’s summer camp. They are outstanding students representing young Vietnamese living abroad who wish to learn more about their motherland’s history and culture. During the reception in Hanoi on Tuesday, President Sang reiterated Party and State policies to facilitate the return of overseas Vietnamese. He expected the summer camp to promote their patriotism and national pride and for them to become cultural ambassadors showing Vietnam to the world. He said Vietnam always welcomed young overseas Vietnamese home for national construction. … [Read more...]

The 9th Congress of the Vietnam Writers Association

Illustrative image

(Cinet)- On July 09, the 9th Congress of the Vietnam Writers Association officially opened to focus on the renewal of Vietnam’s culture and people in 2015-2020 periods. A new 15-member Executive Board of the Association will be voted for the term 2015-2020. At the congress, some representatives focused on discussing and exchanging some hot issues of Vietnam’s literature. According to the Chairman of the Vietnam Writers Association, Huu Thinh, in the coming terms the Association would promote creativity and refresh artistic thought and its operational methods. The Association would create the best possible conditions for its members to create and produce valuable work, contributing to building and developing culture and Vietnam’s people in the modern world. In order to reach that goal, the Vietnam Writers Association will supplement and complete some regulations on investment, prizes and membership. Overseas Vietnamese writers will also help to encourage favorable … [Read more...]

Book about patriotism released

Illustrative image

(Cinet)- Overseas Vietnamese poet Nguyen Phan Que Mai will introduce her book about patriotism on July 8 in Ha Noi. Entitled To Quoc Goi Ten Minh (The Country Calls My Name), the poetry collection reminds people of the patriotism and the love of country, people, nature and between couples. Among the 100 poems in the book, the poem To Quoc Goi Ten Minh has been set to music by composer Dinh Trung Can. The song has won various local music awards. Her poetry has been translated and published in English, Spanish, Bahasa Indonesia and Chinese, as well as Uzbek and Bengali. Internationally, she has participated in several workshops, organised camps and delivered lectures in some countries. Born in 1973 in the northern Ninh Binh Province, Mai embraces the full range of Vietnamese traditions in her creative work. She has won several prestigious literary awards of Viet Nam. … [Read more...]

Daring foreigners taking over Vietnam agriculture

1701417-trong-rau-ok

(VOV) - Foreigners are increasingly taking over traditionally Vietnamese business industries – and agriculture is no exception – thanks to their innovative approach and willingness to take risks, according to one expert. Over the past decade, the emerging middle class in Hanoi, Ho Chi Minh City and other metropolitan areas throughout Vietnam have become increasingly concerned about the safety of the food they eat. Like consumers throughout the world, most of them are willing and can afford to pay higher prices for ‘clean foods’ organically grown without the harmful pesticide and other chemical residues so commonly associated with Vietnamese agriculture. Unfortunately far too few Vietnamese farmers have responded to this new and profitable market opportunity, which has created an opening for foreigners to move in and corner the market. Take the case of Shiokawa Minoru, 32, from Japan. After spending five years working for a Vietnamese farmer utilizing … [Read more...]

Workshops highlights Vietnam-RoK labour cooperation

Officials from Vietnamese labour management agencies and labour consultants were u pdated on the Employment Permit System (EPS) programme in the Republic of Korea and the country’s new regulations for foreign labourers at a recent workshop in Seoul. Held by Vietnam’s Management Office for Labourers under the EPS Programme and the Overseas Labour Management Department under the Vietnamese Embassy to the RoK, the event aims to enhance skills for settling issues arising in the labour relationship, ensuring legitimated rights of workers. There are over 47,000 Vietnamese labourers having stable jobs in the RoK under the EPS programme, according to Head of the Management Office for Labourers under the EPS Programme Le Manh Hung. However, many newly arriving workers do not have much understanding of the country’s legal regulations and rules of RoK firms, and meet difficulties in daily activities, he noted. Addressing the event, Deputy Head of the Overseas Labour … [Read more...]

Prime Minister Nguyen Tan Dung meets overseas Vietnamese in Japan

1700632-odunf-copy-1

(VOVworld)- Prime Minister Nguyen Tan Dung met with staff of the Vietnamese Embassy and overseas Vietnamese in Japan on Friday. The Prime Minister praised the Embassy’s staff for their contributions to boosting bilateral friendship and cooperation. Dung said the Vietnam-Japan relationship is growing rapidly in various areas so Vietnamese representative offices in Japan need to strengthen coordination to implement agreements signed by the two countries’ leaders and encourage Japan to maintain its ODA fro Vietnam. The Prime Minister expressed his hope that overseas Vietnamese in Japan would seriously abide by local law and contribute to the homeland’s development. … [Read more...]

Vinahomes attracts foreign buyers

HA NOI (VNS) — Foreigners registered to buy 112 apartments of Vinhomes Central Park within two hours on Wednesday, when the amended Law on Housing and Real Estate Business came into effect. A source from Vingroup, the project's investor, said more than 400 foreigners and Viet kieu (overseas Vietnamese) from the United States, the United Kingdom, France and Japan, as well as South Korea participated in the sale held in Ha Noi and HCM City. Inspired by New York's Central Park, Vinhomes Central Park, a 43ha project in Tan Cang area of Binh Thanh District, is connected by railway and waterways to important areas that are only a few minutes away. The construction of the project, which includes a green, modern and harmonious urban area, will be completed by 2015. — VNS … [Read more...]

Vietnam Writers Association: renovation to build, develop culture and Vietnamese people

A press conference on the 9th Congress of the Vietnam Writers Association    (Photo: thanhnien.com.vn)

(VOVworld) – The 9th Congress of the Vietnam Writers Association will open in Hanoi next Thursday, focusing on the renewal of Vietnam’s culture and people. A new 15-member Executive Board of the Association will be voted for the term 2015-2020. At a press conference on Friday, the Chairman of the Vietnam Writers Association, Huu Thinh, said that in the coming terms the Association would promote creativity and refresh artistic thought and its operational methods. The Association will create the best possible conditions for its members to create and produce valuable work, contributing to building and developing culture and Vietnam’s people in the modern world. In order to reach that goal, the Vietnam Writers Association will supplement and complete some regulations on investment, prizes and membership. Overseas Vietnamese writers will also help to encourage favorable conditions for creative contributions. … [Read more...]

First company offers apartments for sale to foreigners

Novaland Group launched a programme called "the 100 first apartments for Vietnamese overseas and foreigners" on July 1, the day the revised Law on Housing takes effect. The law for the first time allow overseas Vietnamese and foreigners to own houses in Vietnam. The programme offers attractive preferential promotion packages for the first 100 apartments of the group’s four real estate projects in Ho Chi Minh City, which are The Sun Avenue, The Botanica, Lucky Place and Sunrise CityView. General Director of the group Phan Thanh Huy said the move is made in anticipation of an expected investment wave from abroad into the real estate sector thanks to the law. CB Richard Ellis Vietnam Co. Ltd. (CBRE) stated the revised law creates more equal opportunities for foreigners when investing in the country. The company added that in order to attract foreign investors to the real estate market, local enterprises should take initiative in marketing their products overseas like … [Read more...]

Fresh Lychee sales soar sky high in Sydney

(VOV) -The Vietnam Trade Office in collaboration with the Vietnamese Business Association in Australia is having a lot of success giving lychee a fresh image in Australia. On July 1, they attracted large numbers of foreign and Overseas Vietnamese (OVs) to a promotional event dubbed – Vietnamese Lychee Day – staged simultaneously in three areas of Sydney including Bankstown, Cabramatta and Marrickville. "June was the first month Vietnamese fresh lychees have been shipped to Australia and consumers here are very receptive to them," said Thi Hoang Thuy, a representative of the trade office. She added that so far about 40 tonnes of the fruit have been sold and we hope to make further inroads this season as it gains in popularity in the shops and supermarkets in the region. Lychees are going over well said Hoang Vi Cao, a representative from TCT Export company in Sydney— we’re working out the snags and by next season we hope to be selling 5-10 tonnes of lychees … [Read more...]

Easier foreign ownership not likely to revive property market

1698719-mua-nha

(VOV) - Vietnam’s revised Housing Law officially came into effect on July 1, which allows Overseas Vietnamese (OVs) and other foreigners to acquire an ownership interest in real estate in Vietnam. The amended law, for the first time ever, gives OVs and other foreigners, similar rights to Vietnamese citizens as it relates to the ownership of property. The changes in the law were intended to prop up the ailing real estate market of recent times. However, most experts suggest that OVs and foreigners won’t be rushing out to buy real estate any time soon due to the lack of official regulations or other guidance covering the changes in the law. "A policy to allow foreign individuals and other entities to own real estate in Vietnam is an active step in the right direction to revive the stagnant real estate market," said Mai Yayongyia, a graduate student at the National Economics University (NEU). Mai said as of July 1 – OVs, foreign individuals, and other foreign … [Read more...]

Weekly roundup: Baggage theft, foreign home ownership, Hanoi street food

Vietnam's dirty growth   What will Vietnam do with the estimated millions of tons of waste, both dust and toxic slurry, generated by its coal plants?    The food of Hanoi's Old Square

China brings oil rig back to waters near Vietnam’s Paracels China said it has brought the notorious oil rig Haiyang Shiyou-981 back to the waters near Vietnam’s Hoang Sa (Paracel) Islands. New housing law will treat overseas Vietnamese like locals Overseas Vietnamese will be able to buy houses in Vietnam without any restriction from this July. Foreigners can also buy houses in "certain urban areas." Vietnam is betting that the most significant easing of business regulation in 25 years will revive a flagging investment outlook. In the centuries-old neighborhood, the eating places are simple, but never lack diversity or tasty food. … [Read more...]