Bloomberg year ahead 2017

It targets revenues of VND9.531 trillion, a 15% decline, it said in documents it circulated ahead of its annual general meeting in late May. It does not plan to pay dividends for last year and this year despite having undistributed profits of around VND13 trillion. Last year it reported after-tax profits of VND2.181 trillion on revenues of VND11.15 trillion, down 37% and 26%. At the end of last year it had assets of VND257.7 trillion and liabilities VND213 trillion. PwC Vietnam, its auditor, has expressed doubts about Novaland’s ability to remain a going concern, but the company has claimed it has adequate working capital and can meet all its obligations in the next 12 months. Novaland chairman Bui Thanh Nhon was quoted in the annual report as saying "The company is temporarily facing short-term financial and liquidity difficulties," but it would recover in the third quarter of this year thanks to its restructuring in late 2022. According to the company’s management, it … [Read more...] about Novaland profit to fall by 90% to smallest in 8 years

A Louis Vuitton store in Ha Noi, a shopping destination for high-income earners. Viet Nam's ultra-high-net-worth individuals have doubled in number over the past five years. — Photo vn.louisvuitton.com Viet Nam's ultra-rich population has nearly doubled over the past five years, according to Knight Frank's The Wealth Report. The number of ultra-rich persons in the country, whose net wealth exceeds US$30 million, rose from 583 in 2017 to 1,059 in late 2022. The figure is forecast to hit 1,295 in the next five years. And the good news doesn't stop there. The group of individuals with a net worth in excess of $1 million also expanded by 70 per cent, and is expected to reach more than 112,250 persons in 2027. The expansion of the well-off class in Viet Nam was echoed by the growing wealth in Malaysia, Indonesia, and Singapore, which were three of the top 10 fastest-growing wealth hubs in the world. The three countries saw their wealthy populations expand by around 7 to 9 per … [Read more...] about Viet Nam’s top income bracket doubles over five years

Projections from the report suggest that by 2027, the number of UHNWIs in Vietnam will approach 1,300, representing a further 22 per cent increase from the current level and a staggering 122 per cent growth over a 10-year period. Vietnam sees 82 per cent rise in ultra-high-net-worth individuals, illustration photo Moreover, Vietnam's high-net-worth individuals, or defined as individuals with assets exceeding $1 million, have also seen a substantial rise, with a 70 per cent increase over the past five years. It is expected that this segment will experience a remarkable surge of 173 per cent over the span of a decade, from 2017 to 2027. This shift in the affluent and super-rich population in Vietnam aligns with the broader trend of prosperity across Asia. Singapore, Malaysia, and Indonesia have emerged as the markets with the fastest-growing population of UHNWIs, experiencing growth rates of around 7-9 per cent. In the Asia-Pacific region, the number of these … [Read more...] about Vietnam sees 82 per cent rise in ultra-high-net-worth individuals

Miss Grand International 2021 Nguyen Thuc Thuy Tien. Photo from Tien’s Instagram In November 2022, businesswoman Dang Thuy Trang filed a lawsuit against Tien demanding the beauty queen pay the total amount (worth around $102,000) in money owed, damages caused, and compensation. However, the court ruled against all the claimant’s demands on Wednesday. Trang had claimed that in June 2017, Tien had asked to borrow VND1.5 billion from her. Trang said Tien had asked for the money to help with preparations for her appearance in the Miss Southern Vietnam 2017 contest. According to Trang, Tien promised to pay the money back in full after one year. Trang, 36, asked her friend Nguyen Quan Trong to sign a promissory note for the loan on her behalf because she feared she wouldn’t be able to collect the debt on her own. However, when the promissory note expired, Tien did not repay the money as promised, Trang claimed. On top of that, Trang accused Tien of slandering her … [Read more...] about Miss Grand International wins lawsuit

Vietnam’s long-awaited Power Development Plan VIII (PDP8), confirmed in mid-May, is a milestone in the country’s journey towards energy transition. The main objective of the legislation is to achieve energy security for Vietnam, progressing on its climate change commitments towards the middle of this century, and more specifically to export 5,000-10,000MW of power by 2030. Towards these goals, the PDP8 proposes a new energy mix with a substantial reliance on renewables and the development of smart transmission grids to support the renewables industry, including connecting the power grids with neighbouring countries. “We appreciate the government for the approval of the PDP8, as it provides a clear path to the completion of the grid interconnection, which is critical for us and Electricity of Vietnam (EVN) to complete agreement on the tariff and schedule of the power purchase agreement (PPA). We target completion of the PPA in Q4 of 2023 in order to break ground in 2024,” said Ian … [Read more...] about Power overhaul plan picks up steam

At the talks, Vice President and Secretary General of the VFF Central Committee Nguyen Thi Thu Ha affirmed the fruitful relations between the two sides, with the signing of cooperation documents. The two sides briefed each other on operations of their front organizations, and compared notes on cooperation orientations and contents in the time ahead. Nhem Valy, Permanent Vice Chairman and Secretary General of the National Council of the Solidarity for the Development of Cambodian Motherland, held that the talks will help the two front organizations better understand each other, thus helping deepen the friendship and solidarity between Vietnam and Cambodia. The official noted his hope that following the sixth international conference on building a shared border of peace, friendship and cooperation for development between Vietnam and Cambodia, which was held in Vietnam’s Mekong Delta province of An Giang last year, the 10 provinces that share the border line will continue completing … [Read more...] about Vietnamese, Cambodian front organizations forge cooperation

At a working session with the Standing Board of the provincial Party Committee as part of his visit to the northern mountainous locality, Prime Minister Pham Minh Chinh said Ha Giang boasts unique potential and competitive advantages to grow rapidly and sustainably. “Ha Giang should always desire for rapid, green, sustainable development,” he said, asking the locality to optimize its strengths and opportunities to growth further. The Prime Minister urged Ha Giang to accelerate public investment disbursement, drastically implement the national target programs and the socio-economic recovery and development program, and push ahead with the materialization of strategic breakthroughs in institution, infrastructure and personnel training. At the same time, more attention should be paid to the growth engines of investment, consumption and export, he said, asking the locality to restructure its industrial sector, and develop hydro-electricity in tandem with the rational use of water … [Read more...] about Prime Minister asks Ha Giang to pave way for development with mechanisms, policies

He said that all shipments of fresh lychee arriving at the border gate are given priority to be cleared before other types of goods, adding that the office strives to provide the best condition for exporters to speed up customs clearance. To support the export of the fruit, the Management Board of Lao Cai Border Economic Zone has directed units at the border gate to arrange for staff to begin shifts early to ensure all procedures are completed within one day. Ahead of the lychee season, the board held discussions with the Chinese side to tackle obstacles to facilitate the export of Vietnamese agricultural products. Hoang Minh Du, deputy head of the border station based at Kim Thanh II International Border Gate, said that before the lychee season, the unit had devised a plan to regulate traffic and asked soldiers on duty at the border gate to give priority to trucks carrying lychee fruit. When vehicles arrived at the border area, they were guided to avoid traffic jams even during … [Read more...] about Over 5,000 tons of fresh lychee shipped to China via Lao Cai border gate

Prime Minister Pham Minh Chinh shakes hands with local leaders. (Photo: VNA) Ha Giang (VNA) – Ha Giang province needs to better the drawing of mechanisms and policies, and reform administrative procedures in order to pave way for development and lure investments, especially in its priority areas and products, Prime Minister Pham Minh Chinh said on May 28. At a working session with the Standing Board of the provincial Party Committee as part of his visit to the northern mountainous locality, Chinh said Ha Giang boasts unique potential and competitive advantages to grow rapidly and sustainably. “Ha Giang should always desire for rapid, green, sustainable development,” he said, asking the locality to optimise its strengths and opportunities to growth further. The PM urged Ha Giang to accelerate public investment disbursement, drastically implement the national target programmes and the socio-economic recovery and development programme, and push ahead with the … [Read more...] about PM asks Ha Giang to pave way for development with mechanisms, policies

Like a rising number of her highly educated peers, Liang keeps trading down to try and find a source of income in China's worst youth job market on record. "Finding a job has been really difficult," said the 25-year-old, who lives with her parents in the northern industrial city of Taiyuan. "I told my family that I'm willing to take up manual labor and my mum straight-up cried. She felt so sorry for me." Economists expect such examples to become increasingly common in coming years, as a glut of university graduates and a shortage of factory labor due to an aging workforce deepen China's job market imbalances. Youth unemployment hit a record 20.4% in April, and a new high of 11.58 million university students are due to graduate this summer. All are competing for jobs in what remains one of the world's fastest-growing major economies, but whose manufacturing-heavy structure is increasingly out of step with the aspirations of its younger generations. The industries most … [Read more...] about Chinese graduates lower their ambitions in moribund jobs market