Financial liability investigation of property loss

The central bank is seeking feedback on its draft circular that sets stricter conditions for real estate loans as a measure to mitigate speculation and risk of a bubble burst. If projects have not yet become legally eligible, there is a high possibility of customers and owners canceling the contract over the failure in acquiring needed permits. This will complicate commercial banks’ management of capital and potentially pose risks to the economy, the central bank argues. Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association (HoREA), deemed the move "necessary", noting that loans are still allowed for projects that meet legal requirements. "The draft not only helps protect customers’ rights and benefits, but also build a healthier real estate market," Chau said. Tran Khanh Quang, director of property developer Viet An Hoa, estimated that around 20 percent of homebuyers pay their deposits with loans. The approval process for these loans have been tightened in … [Read more...] about No home loans against legally incomplete projects: central bank

Foreign nationals living in Vietnam will be granted an electronic identification account to perform public administrative procedures. The Vietnamese Ministry of Public Security (MPS) is considering issuing identification (ID) cards for long-term foreign residents. Accordingly, people of Vietnamese origin who were born in Vietnam or abroad but have returned to Vietnam and lived permanently for more than five years will be eligible to receive ID cards. Currently, citizens in Vietnam have to carry too many paper documents such as citizen identification card, health insurance card, social insurance book, birth certificate, driver's license, student identification card, social insurance card, among others. Identity card with barcode is currently the most modern form in Vietnam. Photo: The Hanoi Times The fact that there are too many different types of papers issued by competent authorities causes numerous inconveniences for citizens in storing … [Read more...] about Vietnam to issue ID cards for non-Vietnamese nationals

Mr. Phan Van Mai, Chairman of the HCMC People's Committee (R)  talks with investors. (Photo: SGGP) At the conference, Mr. Phan Van Mai, Chairman of the HCMC People's Committee, said that the city wants to listen to the opinions of investors, including their proposals, for authorities to prepare the legal frameworks, orientations, and conditions for enterprises to develop in the future. “Besides attracting new investments, we also need to restructure existing ones. The city is responsible for creating the space, legal framework, and conditions to support enterprises to increase the value of projects," Mr. Phan Van Mai emphasized. Since its establishment in 2002, SHTP Management Board has granted investment registration certificates to 163 projects, with a total investment capital of over US$12 billion. Of which, FDI capital is over $10.1 billion, and domestic capital is over $1.96 billion. The accumulated total value of high-tech production of the SHTP is estimated at $120.307 … [Read more...] about HCMC pledges to facilitate enterprises to increase value in SHTP

Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

The Lach Huyen International Port in Hai Phong city. The MoT has asked VMA to consider reducing maritime fees to help firms cover higher fuel costs. (Photo: VNA) Hanoi (VNS/VNA) - The Vietnam Maritime Administration (VMA) has sent a report to the Ministry of Transport (MoT), assessing the possible impact of reduced fees on Vietnamese maritime firms amid mounting fuel prices. The report asserted that adjustments in fees for international transport would have a negligible impact on Vietnamese firms since freight transport between Vietnamese ports and international ports is undertaken predominately by foreign shipping lines. Additionally, maritime fees account for just 7-9 percent of total costs incurred by a vessel engaging in international transport and 3-5 percent in domestic transportation . That means fees reduction is not much of a solution to the problem of mounting petrol bills. “Fuel costs, wages and insurance premiums take up the lion's share in maritime firms’ … [Read more...] about Fee reductions offer little benefit to maritime firms

A view of the first Wink Hotel in HCM City. The developer will complete its goal of building 20 Wink hotels across the country within the next 5-7 years. — Photo courtesy of the firm Despite the negative impact of the COVID-19 pandemic that paralysed the tourism industry, project developer Indochina Kajima persisted in its goal of building 20 Wink Hotels across the country. Michael Piro, CEO of Wink Hotels, said that after the first Wink hotel with 237 rooms opened in HCM City early last year, the second hotel is expected to open in November this year in the central Da Nang City with 243 rooms. There will be another Wink hotel expected to welcome visitors next summer in this coastal city. In Ha Noi, two hotels will be built on Thuy Khue and Pham Hung streets as well as others in Phu Yen, Can Tho and Hai Phong. Piro said that at the current rate of development, Indochina Kajima would complete its goal of building 20 Wink hotels across the country within the next 5-7 years, … [Read more...] about Wink Hotels holds ambition to create a revolution in the hotel industry

Stateless people living in Vietnam will likely be granted an electronic identification account to perform public administrative procedures. The Vietnamese Ministry of Public Security (MPS) is considering the issuance of identification (ID) cards for long-term stateless residents. Accordingly, people of Vietnamese origin who were born in Vietnam or abroad but have returned to Vietnam and lived permanently for more than five years will be eligible to receive ID cards, according to the ministry's suggestions for the draft revision of Law on ID Card. Currently, citizens in Vietnam have to carry too many paper documents such as citizen identification card, health insurance card, social insurance book, birth certificate, driver's license, student identification card, social insurance card, among others. Identity card with barcode is currently the most modern form in Vietnam. Photo: The Hanoi Times The fact that there are too many different types … [Read more...] about Vietnam considers issuing ID cards for stateless nationals

Part of Van Don district in Quang Ninh province (Photo: VNA) Quang Ninh (VNA) – The northern province of Quang Ninh posted an estimated growth rate of 10.66% in Gross Regional Domestic Product (GRDP) in the first six months of this year, which is 2.64 percentage points higher than the rate in the same period of 2021. In the period, the province has effectively implemented its overall strategy on containing COVID-19 and safely and flexibly adapting to the pandemic, thus facilitating development in the new normal situation. Quang Ninh collected over 27.18 trillion VND (1.17 billion USD at current exchange rate) for the State budget , an increase of 18% year-on-year. Total social investment in the period is estimated at 42.3 trillion VND, up 10.9% from the same period last year. The tourism industry of Quang Ninh has also enjoyed a stable recovery, serving 5.5 million visitors in the six-month period, a 2.2-fold rise year-on-year. The figure also showed a 19.57% increase … [Read more...] about Quang Ninh posts 10.66% economic growth for first half

Three bright points The first bright point in the five-month FDI picture is the disbursement of US$7.71 billion, a year-on-year increase of 7.8 percent. The Foreign Investment Agency of the Ministry of Planning and Investment attributed this positive result to the continuous and effective support of the government and relevant state authorities, the business community’s efforts, and the recovery of the Vietnamese economy. Binh Duong Province hands over investment certificates to businesses Although the amount of FDI capital attracted in the first five months was 16.3 percent lower than that in the same period last year, the increased disbursement reflected Vietnam’s attractiveness to foreign investors. The second bright point is the strong increase in the number of projects and the amount of registered capital. Specifically, 395 projects registered capital increases totaling more than US$5.61 billion, up 15.5 percent in the number of projects and 45.4 percent in … [Read more...] about Five-month foreign investment highlights

Stateless people living in Vietnam will likely be granted an electronic identification account to perform public administrative procedures. The Vietnamese Ministry of Public Security (MPS) is considering the issuance of identification (ID) cards for long-term stateless residents. Accordingly, people of Vietnamese origin who were born in Vietnam or abroad but have returned to Vietnam and lived permanently for more than five years will be eligible to receive ID cards, according to the ministry's suggestions for the draft revision of Law on ID Card. Currently, citizens in Vietnam have to carry too many paper documents such as citizen identification card, health insurance card, social insurance book, birth certificate, driver's license, student identification card, social insurance card, among others. Identity card with barcode is currently the most modern form in Vietnam. Photo: The Hanoi Times The fact that there are too many different types … [Read more...] about Vietnam considers issuing ID cards for stateless people