Future fuel prices

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 about Vietnam struggles to auction outdated gasoline

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

The "We are ABLE" project aims to strengthen the ability of children from ethnic minorities, especially girls, to overcome the challenges they face. The Ho Chi Minh Communist Youth Union on March 28 announced Phase II of the project "We are ABLE - Promoting Gender Equality and Girls' Education for Children in Ethnic Minority Areas of Viet Nam". The launching ceremony of UNESCO’s “We are ABLE” project occurred on March 28 in Hanoi. Photos: UNESCO Vietnam According to Christian Manhart, UNESCO Representative in Vietnam, the project is expected to contribute to the Vietnamese Government's new 10-year Strategic Plan for Education Development, the Strategy for Ethnic Minority Development, and the national commitment to achieving Sustainable Development Goals, especially Goal 4 on education and Goal 5 on gender equality. In Vietnam, ethnic minorities are often disadvantaged compared to the majority population due to stereotypes and other cultural barriers. … [Read more...] about UNESCO continues fund for gender equality project in Vietnam

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

In order to better combat trade fraud activities in the future, the Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Under Prime Minister Nguyen Xuan Phuc’s instruction in Directive No.824 on tightening state administration against trade frauds, the General Department of Vietnam Customs (GDVC) has been working on perfecting the legal framework and identifying offenses in trading activities. The Ministry of Finance is requesting related agencies to soon issue specific criteria for domestically-produced goods. Photo: Hoai Nam. In terms of legislation, the GDVC has issued specific instructions for provincial customs in dealing with act of trade and origin frauds, illegal transshipment as well as violations of intellectual property rights. Additionally, the GDVC has given priority to training customs staff to ensure greater efficiency in determining cases of frauds in trade. Meanwhile, the … [Read more...] about Vietnam customs steps up fight against origin frauds in trade

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

U23 players of Vietnam in a training session (Source: Vietnam Football Federation) Hanoi (VNA) – Coach Philippe Troussier has encouraged the U23 team of Vietnam to show their best possible performance in the last match at Doha Cup 2023, against Kyrgyzstan, on early March 29 (Vietnam time). In the last training session ahead of the match, Troussier instructed his players to address the weaknesses revealed in the two previous games and gave them spiritual support. He admitted that the losses of 3-0 to Iraq and 4-0 to the UAE at the friendly tournament gave the team precious lessons during the preparation for the 32nd Southeast Asian Games (SEA Games), slated for this May in Cambodia. The French coach said the players have been training hard to gear up for the 32nd SEA Games , adding that they performed well in the first half of the game against UAE, one of the six strongest teams in Asia, on early March 26 (Vietnam time). Such matches showed that Vietnam’s U23 … [Read more...] about Vietnam’s U23 footballers ready for last match at Doha Cup

During an event held by the provincial People’s Committee on March 25, Deputy PM Khai hailed the success of the province's industrial - urban - service model and urged Binh Duong to continue pursuing rapid, harmonious, inclusive and sustainable development, leaving no one behind. Chairman of the provincial People’s Committee Vo Van Minh said industry - trade - services now account for nearly 97% of the local economy. At present, Binh Duong is home to 29 concentrated industrial parks with a total land area of nearly 13,000 ha and an average occupancy rate of over 90%. During the 1997-2022 period, its gross domestic product expanded by 10.86% annually. On the occasion, the provincial People’s Committee handed over investment certificates to nearly 10 domestic and foreign companies. Representatives from Vietnam’s Becamex IDC Corporation and the investor of the Vietnam - Singapore Industrial Park (VSIP) joint venture signed deals with nine provinces - Tay Ninh, Binh Thuan, Thai … [Read more...] about Binh Duong advised to switch to smart industrial – urban – service model

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