Consumer prices in u s climb at fastest annual rate since 1982

It is now nearly impossible to buy a new apartment at the VND 2 billion mark. According to a report in 2022 from Rever, a Southeast Asia technology firm in real estate brokerage, for VND1.5-1.8 billion, one can buy a 30-55 square meter apartment built 6-10 years ago in Thu Duc City, on the secondary market. The average income of workers in Ho Chi Minh City (HCMC) this year is about VND148 million a year, according to property listing platform Batdongsan.com.vn. By that calculation, it will take up to 24 years to save, with no spending on anything, just to buy an apartment. The type of apartment used in this survey costs VND3.5 billion per unit. The data also shows that Vietnam ranks first in Southeast Asia in terms of the gap between house prices and average worker incomes. From 2018 to 2021, the ratio of the difference between real estate prices and the average income of Vietnamese has continuously increased, surpassing even Singapore. On the other hand, Indonesia, Malaysia and … [Read more...] about A laborer needs to save for 25 years to buy an apartment

Visas, service quality, and technology were all part of discussions on a better-performing tourism sector Photo: Cuong Minh May’s National Assembly session is likely to help push ahead a revamp of the country’s rules on entry and exit for foreign visitors, after the Ministry of Public Security crafts amendments to the current law. The development will be an important basis for the issuance of new regulations related to the visa policy, removing difficulties for the tourism industry, and creating conditions to attract more international visitors this year, according to most observers. Dang Tuan Viet, deputy director of the Ministry of Public Secrutity’s (MoPS) Vietnam Immigration Department, said that the proposal emphasised two major areas related to unilateral visa exemption and electronic visa policy. The MoPS also proposes to expand the number of countries that can issue e-visas from 80 countries to the maximum. The MoPS will also ask to increase the temporary stay … [Read more...] about Visa upgrade at heart of fresh approach to tourism

Several e-commerce platforms in Vietnam reported a decrease in the value of sales despite having launched many promotions. Consumers on e-commerce platforms used to prefer high-end, luxury items. The trend has changed, however, as buyers now focus on healthcare products, sportswear, and fitness products. The reason for this change is the impact of economic difficulties and inflation, many vendors on e-commerce platforms believed. They added that buyers now tend to seek healthcare products with reasonable prices and prefer direct discounts. Hung, whose online store specializes in selling phone accessories and electronic goods, said that the revenue of this group of products decreased by nearly 40 percent compared to the same period last year. Online shoppers only focus on beauty or healthcare products and tend to cut unnecessary spending, Hung added. Lazada’s report on February 3 showed that consumers want to receive more value from the products they buy, aside from … [Read more...] about E-commerce in Vietnam faces decreasing purchasing power

People shop at a supermarket in Hanoi. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam is becoming an attractive retail market for companies all over the world with many regional and global FDI investors recently announcing plans to increase capital and expand distribution networks here. According to the Ministry of Industry and Trade, the Vietnamese retail market is worth 142 billion USD and is expected to increase nearly 2.5 times to 350 billion USD by 2025. In January, total retail sales of consumer goods and services decreased by 6% on-month to more than 481.8 trillion VND (20.4 billion USD) due to weaker demand as many commodities were purchased ahead of the Lunar New Year. People spent more on festival activities post Tet, said the General Statistics Office. However, it still rose 13% year-on-year. For the first two months of the year, the country’s total retail sales of consumer goods and services advanced 13% over the same period of 2022 to over 994.1 trillion VND. … [Read more...] about Vietnam’s retail market proves attractive for foreign investors

The International Friendship Exchange – Spring 2023 held in Lao Cai. (Photo: VNA) Lao Cai (VNA) – The Vietnam Union of Friendship Organisations (VUFO), in collaboration with Lao Cai province, held the International Friendship Exchange – Spring 2023 in the northern mountainous province on March 26-27. The event attracted the participation of 150 delegates from foreign embassies, and international organisations, and foreign non-governmental organisations (NGOs) in Vietnam. This is an annual activity held by VUFO to create a chance for international friends to visit historical and cultural relic sites and landscapes, and exchange with local authorities and people to learn more about the land, people and culture of Vietnam as well as cooperation opportunities with its localities. Within the framework of this year’s event, delegates climbed up to the top of Mount Fansipan, the highest peak in Indochina. VUFO President Ambassador Nguyen Phuong Nga, said that the union … [Read more...] about International Friendship Exchange – Spring 2023 held in Lao Cai

Illustrative image (Photo: vneconomy.vn) Hanoi (VNA) - Vietnam is studying and adjusting its investment policies to adapt to the global minimum corporate income tax which is scheduled to be applied from 2024, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. The global minimum corporate income tax is part of the Action Plan on Base Erosion and Profit Shifting (BEPS), which involves the participation of 141 member countries. Accordingly, large companies with annual global consolidated revenue of at least 750 million EUR (806 million USD) over at least 2 years of the preceding 4-year period will be subject to a minimum tax rate of 15%. If they are currently paying a tax rate lower than 15% in the country where they are investing, they will have to pay the remaining "shortfall" at a tax rate of 15% to the country where they have their headquarters. According to economists, investment exporting countries’ application of the global minimum tax in 2024 poses … [Read more...] about Vietnam adjusting policies to adapt to global minimum corporate income tax: Official

The number of cases handled by courts at all levels has increased about 6% annually while the quality of courts’ judging and settlement of cases has also recorded progress. The rate of the verdicts cancelled or amended due to subjective causes was low, under 1.5%, according to a report delivered at the meeting. The application of information technology to hold online trials has helped save a large amount of money for the state budget and also won high evaluation from the public, said Chief Justice of the Supreme People’s Court Nguyen Hoa Binh, who is also a Politburo member and Secretary of the Party Central Committee. Applauding the court sector’s achievements, President Vo Van Thuong highlighted a high rate of cases settled, a gradual decrease in the rate of cancelled or amended verdicts, improved quality of hearings, the timely and stringent settlement of economic and corruption cases, as well as the promoted IT application. However, he also pointed out some problems and noted … [Read more...] about State leader requests courts to further improve judging quality

Illustrative image (Photo: vov.vn) Hanoi (VNA) - The export value of Vietnamese tea to China in the first two months of this year quadrupled from the same period last year, according to the General Department of Vietnam Customs . China imported 426 tonnes of tea from Vietnam in the two months, representing rises of 121% in volume and 411.2% in value. The average tea export price in February alone surged by over 10% to more than 1,641 USD per tonne. China’s reopening of its border after the COVID-19 pandemic is the main factor behind the strong growth of tea exports to this huge market, reported the Ministry of Industry and Trade. Tea exports to Pakistan also enjoyed an upward trend, reaching 5,300 tonnes worth 9.4 million USD, up 5.8% in volume year on year. Although Taiwan (China) is Vietnam’s second largest tea consumer, tea exports to this market declined slightly over the two-month period. Statistics show Vietnam shipped 1,500 tonnes worth 2.4 million USD to … [Read more...] about Tea export value to China skyrockets

Denis Brunetti, president of Ericsson in Vietnam, Myanmar, Cambodia and Laos Vietnam is piloting 5G with the support of Ericsson. Is the country still slow in 5G rollout, or keeping up with regional countries? Today, various countries are in different stages of 5G rollout. Every country and market has its own path, and Vietnam is very well-placed as one of the most dynamic and attractive investment destinations in the world, with a fast-growing digital economy and strategic focus on nationwide digital transformation and Industry 4.0, enabled by 5G as a critical national infrastructure. Ericsson fully supports and endorses this vision, and we are committed to helping Vietnam achieve this important and strategic ambition. Today there are 235 5G networks in the world in commercial service, with 5G having over 30 per cent population coverage globally. Vietnam is well poised to commercially expand 5G later this year and derive the benefits of the latest, most advanced 5G products … [Read more...] about 5G commercialisation – a must to drive the digital vision of Vietnam