Dunmarra fuel price

To obtain more space and money for today’s most common and popular gasoline RON95, Vietnam needs to sell its reserves of the cheaper RON92 fuel, which were supposed to have been auctioned off last year. But Vietnamese ministries were unable to agree on a set starting price for the fuel so the auction never happened. RON 92 is a low-power fuel that is now mainly used to make biofuel. But the Ministry of Industry and Trade has reported that selling such a large volume of the gasoline is difficult because few local wholesalers need biofuel at the moment. Vietnam has not had to release fuels from the national reserve for emergencies in five years, but the Ministry of Industry has announced that bulking up the nation’s scant reserves is a must. According to the National Reserve Law, petroleum is a strategic reserve commodity. But the reality on the ground is that Vietnam’s average total reserves over the last five years has been just over 370,000 cubic meters a year, equivalent … [Read more...] about Vietnam struggles to auction outdated gasoline

A cross-functional team will be set up to work on improving the prospects of the local real estate market. Prime Minister Pham Minh Chinh has issued a document on solving real estate market problems and improving its prospects. An affordable housing project in Dong Anh District's Thang Long Industrial Park. Photo: Pham Hung/The Hanoi Times The document, numbered 178/TTg-CN, aligns with Resolution 33/NQ-CP dated March 11, 2023, which provides solutions to develop a healthy, transparent, and sustainable real estate sector. Under the latest document, the Ministry of Construction, the Ministry of Treasury, the State Bank of Vietnam, and related agencies will set up a working group and work with developers to resolve existing problems and increase confidence in the property market. The Prime Minister has asked the Ministry of Construction to finalize the plan to build one million affordable houses for low-income buyers and workers in industrial parks in … [Read more...] about New regulation in place to boost Vietnam’s real estate market

The fact that Asanzo only assembled products with components made by other companies but then labeled them as “Made-in Vietnam” is not an offense. The lack of specific criteria for “Made-in-Vietnam” products as well as for products assembled and then sold domestically means electronic firm Asanzo has not committed trade fraud, according to the conclusion the Anti-corruption, Economic crimes and Smuggling Department, aka C03, under the Ministry of Public Security. Electronic firm Asanzo is concluded not to commit trade fraud. As a result, the fact that Asanzo only assembled products with components made by other companies but then labeled them as “Made-in Vietnam”, “Manufactured in Vietnam”, or “Origin from Vietnam”, is not an offense, said C03. C03 requested the General Department of Vietnam Customs to check components and parts imported by Asanzo after they had been cleared by the customs authorities to ensure the firm’s compliance with laws on … [Read more...] about Vietnam electronic firm Asanzo not committed trade fraud

Property developers should focus on social housing and workers’ housing instead of high-end properties, according to the Prime Minister, who added that "real estate companies should restructure their products and market segments to lower housing and land prices." PM Chinh asked ministries to clear away legal obstacles facing property projects, especially those that issue corporate bonds, use bank loans, or mobilize capital from home buyers. He urged the State Bank of Vietnam to quickly implement an approved credit package of VND120 trillion (US$5.1 billion) for the development of social housing and housing projects for workers, and the renovation of old apartment blocks. Under the package, loan interest rates for buyers or developers of social housing projects and worker housing projects will be 1.5-2% lower than average bank lending rates. The central bank has also been tasked with lowering interest rates at commercial banks. The increasing costs of land, materials, labor, … [Read more...] about Prime Minister calls for more affordable housing

Hoai An from Hanoi planned to visit Phu Quoc, Vietnam’s biggest island in the south, with his family during the five-day holiday. However, she had to find another place closer to home like Sa Pa or Hoa Binh after realizing air tickets were too high. The cheapest price for round-trip flights between Hanoi and Phu Quoc was VND6.6 million ($280) per person. "The cost of transportation was over VND20 million for a family of three people," she said. "It was too expensive." This year, Vietnamese will enjoy a five-day break as the Hung Kings anniversary celebration falls on April 29, which is a Saturday, and people are entitled to take two extra days off the following week to compensate for that and Reunification Day on Sunday. Linh Nhi from Ho Chi Minh City (HCMC) and her friends are also wondering whether to visit Da Nang or Thailand during the upcoming holiday. Currently, Vietjet Air's round-trip flight tickets between HCMC and Da Nang during the holiday cost about VND 4.5 … [Read more...] about Expensive air tickets discourage travel plans during Reunification Day holiday

Although Vietnam reopened its door to international tourists over a year ago, small and medium lodging facilities in Ho Chi Minh City are still struggling to recover due to the small number of international visitors. Their largest source market is China while the number of guests from the northern neighbor remains modest, forcing many hotels to use their facilities for other purposes or stop leasing spaces. Shutdown, falling room occupancy In District 1, many hotels which used to be crowded with foreign travelers are now empty or have been replaced by other businesses. On Ly Tu Trong Street, a spacious hotel is being repurposed. The hotel is in a prime site, near Ben Thanh Market, Nguyen Hue Pedestrian Street, and Le Loi Boulevard, once favored by international tourists. Many 'House for Lease' signboards can also be seen along Bui Vien Walking Street and De Tham Street with many of them being hung in front of small, one- and two-star hotels. The director of a chain of … [Read more...] about Ho Chi Minh City hotels waiting for int’l guests

Do Tien Dung, chairman of the Board of Directors at Hang Xanh Motors Service JSC (Haxaco), said that the company counted $3.04 million in profit in Q1 last year. However, they are just trying to break even in Q1 due to a sharp fall in the demand, and the situation may spread until the end of Q2. Most car dealers saw a flat business in the year to date Consumers have been cautious due to very high borrowing costs. In addition, the quiet stock market and real estate market have badly affected people’s purchasing power. A source from Huyndai Thanh Cong reported that for the year to date, auto dealers have launched diverse incentives to attract buyers, yet demand for autos has dwindled amid surging borrowing cost and lowered incomes. Saigon General Service Corporation (Savico) commented that the threat of global economic recession, high inflation and shortage of chipsets and semiconductors would result in auto supply volatilities. Stagnant auto registration … [Read more...] about Car industry remains flat

A kilogram of husked local Vietnamese Musang King ranges from VND500,000-850,000 per kilogram, equivalent to VND1.5-1.8 million per kilogram (husk removed). The price has increased 10% over the a year ago. Malaysia’s Musang King is considered the "best durian in the world" and is currently grown by Vietnamese farmers in the Central Highlands and the Mekong Delta. The fruit regularly sells out at local markets, and buyers have to wait between two weeks and a month to receive their stocks. Oanh, a durian connoisseur in Ho Chi Minh City, said Musang King durian flesh is fragrant, supple and fat. "I have to pay deposits a month in advance to receive the goods." A fruit shop in Hanoi also reported that it had just sold 10 unhusked Musang Kings for VND700,000 per kg (2-4 kg per fruit). "Since it is a fallen fruit, and is shipped by air, the quality is high. No matter how many we have, customers buy them all," the store manager said. Explaining the high price of Vietnam-grown … [Read more...] about Vietnam-grown Musang King durian more expensive than imports

Analysts forecast that there is still motivation for net buying from foreign investors in the future. — Photo hsx.com.vn Many factors are expected to draw cash flow back to the stock market, especially that from foreign investors. Although foreign investors only net bought VND400 billion in 5 trading sessions in the past week, a sharp decrease compared to over VND2.3 trillion in the previous week, analysts forecast that there is still much motivation for net buying from foreign investors in the future. Foreign investors’ net buying value on the Ha Noi Stock Exchange (HNX) also decreased by 75.6 per cent to VND41 billion, while their net selling value on UPCOM totalled VND27 billion, an increase of 66.8 per cent compared to the previous week. In general, foreign investors net bought VND340 billion on the matching channel and bought another VND60 billion via the put-through channel. Regarding the buying side, foreign investors focused on collecting Vinhomes (VHM) shares, Hoa … [Read more...] about Many factors support foreign capital flow