Hanoi 9th street

The just-established Thu Duc City is already witnessing skyrocketing property prices, with hikes of around 30 per cent reminding local authorities of the need for special policies to manage the market. Property prices have been spiralling out of control since the establishment of Thu Duc City. Photo: Le Toan/ VIR Nguyen Minh Tuan, a resident in Phuoc Long Commune of the former District 9, was interested in a land plot in Dong Tang Long New Residential Area. However, this plot’s price has increased by more than 40 per cent compared to mid-2019 when Thu Duc City was yet in the pipeline. “The prices in this area have increased a lot; however, local landlords still predict that the prices will even further increase towards the end of the year. That is why buyers will certainly make a profit if they buy land plots right now,” Tuan told VIR. Prices in the area could sit anywhere at VND30-40 million ($1,300-1,750) per square metre depending on the location in 2019, but are now usually around VND50-70 million ($2,200-3,000) per sq.m. In Tam Da Street in the former District 9, a 50-sq.m land plot is now quoted at $3,000 against the $1,750 at the end of 2020. This January, when Thu Duc City was officially established on an area spanning across the old districts 2, 9, and Thu Duc, apartment prices at the King Crown Infinity – a project developed by BCG Land located – soared to over VND95 million ($4,100) per sq.m – the highest valuation ever for an apartment in the area. A general trend of appreciation was also observed in land plots and houses in the area of the former District 9 with outstanding increases of 20-30 per cent compared to mid-2020. The most buoyant area was Truong Tho Commune, the centre of Thu Duc City, where property prices are quoted at more than VND160 million ($7,000) per sq.m. This 500-hectare area is close to major transport facilities such as Metro line No.1 and Hanoi Expressway, and is planned to become a new residential …

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Particularly, the police force in Go Vap District detected five Chinese nationals without medical declaration at Queen hotel at 537/8 Nguyen Oanh Street, Go Vap District at midnight on March 5. These people admitted to illegally immigrating to Vietnam from Fujian Province (China) by road and then they took an automobile from the North to Ho Chi Minh City. At 1:30 a.m. on March 6, the Criminal Police Division under the HCMC Department of Public Security in coordination with District 1’s Police performed administrative check to the vehicle carrying 13 foreigners parking in front of Symphony hotel at 120 Ly Tu Trong Street, Ben Thanh Ward, District 1. The vehicle was operated by a Go Vap District- based man. Initially, the man confessed that he took these foreigners to Symphony hotel for staying. At the hotel, the police officers discovered additional 22 Chinese without medical declaration. The HCMC Department of Public Security has asked the police forces in District 1 and Go Vap District to coordinate with healthcare centers in the two districts to take samples for SARS-CoV-2 testing and conduct quarantine for 35 illegal Chinese immigrants as per regulations. Besides, functional forces will also clarify the business operation of the above mentioned hotels as regulated. By Chi Thach – Translated by Huyen Huong …

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RCEP has enabled Vietnam to be connected better with global supply chains compared with other new-generation free trade agreements. (Photo: VNA) Hanoi - The Regional Comprehensive Economic Partnership (RCEP) agreement has enabled Vietnam to be connected better with global supply chains compared with other new-generation free trade agreements (FTAs), an official has said. Nguyen Thi Thu Trang, Director of the WTO and Integration Centre at the Vietnam Chamber of Commerce and Industry (VCCI), said the signing of the RCEP at the 37th ASEAN Summit in 2020 demonstrated Vietnam’s resolve and success as ASEAN Chair. It also showed Vietnam is a trustworthy partner and expressed its prestige in the international arena. Regarding opportunities brought about by the agreement, Trang said it encompasses an economic region that provides the largest source of materials and equipment to Vietnam and serves as the country’s largest consumption market. The agreement also covers the largest production chains in the world, thus facilitating Vietnam’s connectivity with other RCEP member economies as well as its foreign investment attraction. The country will therefore find it easier to join global supply chains, according to Trang. Nguyen Thi Thu Trang, Director of the WTO and Integration Centre at the Vietnam Chamber of Commerce and Industry (Photo: VNA) The agreement has also posed many challenges, she added, explaining that it will increase Vietnam’s trade deficit in the region and see it lose institutional momentum with standards that are not too high. In FDI attraction, most RCEP economies are major investors in Vietnam but there are still partners whose technologies and investment quality are not good. The deal has also generated competitive challenges for Vietnamese firms, with the opening up of goods and services in the domestic market, Trang said. To put the RCEP to best use, she suggested Vietnam adopt three groups of solutions: continuing to …

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