Five factors responsible for high rate of population growth in ghana

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

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

The information was heard at a seminar held in the city on May 29 by the State Committee for Overseas Vietnamese Affairs of Ho Chi Minh City, in coordination with the State Bank of Vietnam (SBV) Branch in Ho Chi Minh City to seek comments and solutions of overseas Vietnamese intellectuals to effectively attract and optimize remittance resources in the city. According to Nguyen Duc Lenh, Deputy Director of the SBV Branch in Ho Chi Minh City, remittances to the city have always maintained a relative high growth rate and play a crucial role in the city’s socio-economic development. He acknowledged that one of the factors leading to the strong growth of remittances to Vietnam in general, and to the city in particular, is the consistent maintenance of favorable policy incentives. These incentives include tax and fee exemptions for recipients, as well as the availability of increasingly convenient methods for money transfer and receipt. The official noted that the city needs to create … [Read more...] about Ho Chi Minh City seeks ways to attract more remittances

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

Hotel supply in Vietnam has tripled over the past decade, photo Le Toan According to a report by DKRA Vietnam, the supply of villas and town houses across the country continued to decrease from the end of the second quarter of 2022. Specifically, in April only two projects were opened for sale, providing 12 apartments to the market, down 69 per cent from the previous month and down 98 per cent compared to the same period last year. Particularly, the Central region recorded the fourth consecutive month that no new projects were introduced to the market. “It is expected that in the next few months, supply and demand may increase slightly. However, the market will not have obvious fluctuations with key transactions, except from expected transactions on Phu Quoc island,” according to DKRA’s report. The primary selling price did not alter greatly compared to the previous month. Instead, investors have aggressively launched discounts up to 30-40 per cent to stimulate market … [Read more...] about Second home real estate on the slow path to recovery

Fertiliser products of Petro Viet Nam Ca Mau Fertilizer JSC (DCM) being processed. DPM is among the Top 50 prestigious and effective public companies of 2023 (VIX50). — Photo DPM The Top 50 prestigious and effective public companies of 2023 (VIX50), recently announced by the Vietnam Report JSC, has witnessed a significant change compared to 2022 with cautious forecasts. This list in 2023 has seen an amazing change with the spectacular performance of the banking industry. The Vinhomes Joint Stock Company, topping the list in 2022, has been plunged to the bottom of the ranking to make room for the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank). A series of popular enterprises such as Hoa Phat, Masan, The Gioi Di Dong had to leave the Top 10 list to make room for PetroVietnam Fertiliser and Chemicals Corporation (DPM); FPT Joint Stock Company and a series of banks such as Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Military … [Read more...] about Top 50 public companies of 2023 sees major changes

Speaking at a May 19 conference on plans to develop one million social houses for lower-income people and workers by 2030, Minister of Construction Le Thanh Nghi said that the ministry would coordinate with authorities to ensure it achieved its social housing targets. The ministry (MoC) has completed the draft amended Law on Housing, which has been approved by the government and submitted to the National Assembly for approval. It is hoped that the amended law will draw policies for social housing development and take effect from 2024, including planning and reserving land for social housing development, selection of project investors, and procedures for implementation. As of Q1 2023, Vietnam has completed just over 300 social housing projects in urban areas and worker housing projects in industrial zones (IZs), with nearly 156,000 units in total. About 400 projects are still planned to be built, with a total scale of 454,000 apartments. However, demand has not been fully met. … [Read more...] about Investors wanted for social housing efforts

Factors potentially triggering the turmoil include monetary tightening, weak economic conditions, mismanagement, loss of confidence, maturity and currency mismatches, as well as instances of outright fraud and criminal activities. Most banks are resilient and avoid such difficulties -- but not all. Consequently, financial authorities must maintain preparedness to intervene whenever necessary, all while avoiding unintended consequences that could potentially sow the seeds of future banking crises. Global banking stress The current banking turmoil is largely due to the cycle of monetary tightening. Since early 2022, central banks have been quick to increase interest rates to bring inflation under control. In the United States, the effective Fed Funds rate increased by 500 basis points in just 14 months, a speed never observed since 1988. The European Central Bank has raised its policy rates by 400 basis points since mid-2022 and indicated that more rate hikes are forthcoming. … [Read more...] about Preparedness crucial in safeguarding banking sector

After weeks of brinkmanship, Democrats and Republicans came together to push through an agreement to lift the debt ceiling in rare bipartisan cooperation. Passage of US debt bill boosts equity markets, Fed now in view, illustration photo/ Source: freepik.com Hardline Republicans had warned they would shoot the deal down, saying it did not have enough spending cuts, and some Democrats were also angry at the reductions made. The bill now goes to the Senate before President Joe Biden can sign it off, allowing the government to borrow more cash to service its mammoth debts. Failure to do so before the cash run out -- said to be June 5 -- would have resulted in a default that many warned would hammer the global economy and markets. After the vote, Biden said in a statement: "Tonight, the House took a critical step forward to prevent a first-ever default and protect our country's hard-earned and historic economic recovery. "The only path forward is a bipartisan … [Read more...] about Passage of US debt bill boosts equity markets, Fed now in view

Raffles Family Office, an award-winning multifamily office with a full suite of wealth management services for ultra-high-net-worth individuals headquartered in Hong Kong and Singapore, is intensifying its commitment to private equity (PE) transactions within Southeast Asia, leveraging this approach as a means of bolstering its portfolio diversification. This strategic move is partly driven by ongoing geopolitical tensions and regulatory risks emanating from China, further compounded by concerns surrounding rising interest rates, inflation, and the spectre of recession. According to Dealstreetasia , Raffles Family Office has allocated between 10-15 per cent of its considerable assets under management specifically for investments in the PE realm, as revealed by Jo Huang, the firm's head of Private Equity. Huang emphasised the value of geographical and sectoral flexibility as a risk mitigation measure for the company's investment undertakings, expressing a desire to expand its … [Read more...] about Raffles Family Office bolsters private equity focus in Southeast Asia