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Manulife Vietnam repays over $34 million in light of accusations Lieutenant General To An Xo, the official spokesperson for Vietnam’s Ministry of Public Security, addressed inquiries from local media during a routine government press conference on June 3. It concerned the ongoing developments in the case involving Manulife Vietnam and Saigon Commercial Bank (SCB) and accusations of illicitly transforming customers' savings deposits into life insurance agreements. Lieutenant General Xo disclosed that the police have received a total of 579 complaints and have taken decisive action in response to each one. According to local media Dantri, Lieutenant General Xo shared that as of May 31, Manulife Vietnam had received a staggering 6,060 complaints pertaining to insurance contracts. Out of this substantial number, Manulife has successfully addressed and resolved 3,553 of the complaints. "Manulife has demonstrated its commitment to resolving this issue by refunding a large sum of … [Read more...] about Manulife Vietnam repays over $34 million in light of accusations

Operating for 14 years in the country, British University Vietnam (BUV) has asserted its position, quality, and outstanding reputation in the education sector by continuously improving the quality of its training, demonstrating the international standard and value of British higher education. BUV pledges investment in quality education in Vietnam BUV, located in Ecopark 14km from the centre of Hanoi, is the first and only university in Vietnam and ASEAN to have been awarded accreditation from the Higher Education Quality Assurance Agency. To earn the recognition of quality, BUV has completed the International Quality Review, a rigorous procedure which benchmarks global higher education institutions against the United Kingdom’s international quality assurance standards, with the university achieving the highest level of performance in all 10 categories and outstanding accomplishments in all academic aspects. BUV is also the first and only university in Vietnam to be … [Read more...] about BUV pledges investment in quality education in Vietnam

In early April, the Board of Directors at Nam Viet JSC, a seafood producer in the southern region, gave the nod to the decision on dissolving Nam Viet Real Estate Co., Ltd. This company, based in Long Xuyen city in the Mekong delta province of An Giang, was founded in March 2022 to operate in real estate. Real estate might not always prove a fertile venture At the inception, the company had $3.5 million in chartered capital, which was scaled down to around $391,300 in mid-June 2022 before terminating operation in the recent past. At the company’s 2022 general annual shareholders meeting in June, CEO Doan Toi told shareholders that the company owned land, and that they would unveil two real estate projects later in the year, and another two in 2023. Last year, Nam Viet set an ambitious pre-tax profit target of VND1 trillion ($43.4 million) compared to a mere $6.5 million pre-tax profit posted in 2021, and committed to maintaining its profit in the range of a … [Read more...] about Core business key as companies pull out of real estate

Asia’s increased borrowing in recent decades has augmented the region’s exposure to rising interest rates and heightened market volatility, said the International Monetary Fund (IMF). According to the IMF’s latest report on May 25, over 18 per cent of Vietnamese enterprises were found to have an interest coverage ratio (ICR) below one, indicating a high risk of default as of June 2022. Additionally, 18.32 per cent of companies had an ICR between 1-4, making them vulnerable to increased borrowing costs, while 63.36 per cent had an ICR of four, signalling a good debt repayment capacity. The report attributes the heightened risks to the rising cost of borrowing, as central banks tighten monetary policies and increase interest rates to combat inflation. Despite maintaining growth rates, companies face significant pressure due to higher borrowing costs, reducing their ability to repay debts. As of mid-2022, 17 per cent of Asia’s corporate debt was held by firms with interest … [Read more...] about IMF highlights rising debt risks for Asian companies

Currently, land rents in IPs in Vietnam are roughly 20 per cent less than in Thailand and Indonesia, according to Vu Minh Chi, senior manager of Industrial Services at Colliers Vietnam. "The reason is the quality and diversity of this market is inadequate," remarked Chi. Land tax has been reduced by 30 per cent this year, and it is proposed that the VAT rate be reduced to 8 per cent to support production enterprises. All showcase the appealing qualities of industrial real estate in Vietnam. Vietnam is still considered an attractive investment destination. According to the Foreign Investment Agency, the total registered foreign investment capital in Vietnam reached nearly $8.88 billion in April, representing an increase of 82.1 per cent on-year. The figure includes750 new projects receiving investment registration certificates, with a total registered capital of more than $4.1 billion. In addition, 386 projects were registered to modify investment capital, an increase of 19.5 per … [Read more...] about Vietnam’s industrial rents are rising swiftly

At a conference on solutions to develop and promote investment in real estate for agricultural tourism in Vietnam on May 25 in Hanoi, an action programme was discussed to create motivation for agro-tourism and rural development. Legal synchronisation can unlock agro-tourism potential Organised by the Vietnam National Administration of Tourism and the Vietnam National Real Estate Association (VNREA), it was the first time that a large-scale event discussed such issues. Nguyen Van Khoi, chairman of VNREA, said that the development of agricultural tourism is gradually becoming a trend in rural areas, especially in agricultural economy countries like Vietnam. It not only benefits the industry but also contributes to increasing the value of the land, raising opportunities for economic development, and improving the lives of local people. “In order to increase the value of the land through the development of agricultural and rural tourism, a sustainable development … [Read more...] about Legal synchronisation can unlock agro-tourism potential

The fifth plenary session of the 15th National Assembly has discussed and approved a number of important draft bills, including three new amendments to regulations that have significant impacts on the tourism industry in Vietnam. These policies are expected to boost the recovery and development of the tourism sector. Martin Koerner - Chairman EuroCham Vietnam’s Tourism and Hospitality Sector Committee The first law is to extend the visa exemption duration from the current 15 days to 45 days for citizens of countries that currently can travel to Vietnam visa exempt, including France, Germany, Italy, Spain, the UK, Japan, South Korea, Norway, Finland, Denmark, and Sweden. This law aims to attract more tourists from these key markets and encourage them to stay longer and spend more here. The second law is to expand the list of countries eligible for e-visa from 46 to 80, including markets such as India, Brazil, Mexico, and Argentina. The e-visa allows visitors to apply … [Read more...] about The future of tourism in Vietnam new visa policies and beyond

Difficulties on way out for Vietnam’s Visa policy The short duration of stay, along with complicated factors related to the visa application procedure, have been causing headaches for foreign tourists. However, the Minister of Public Security has submitted to the National Assembly a draft amendment and supplement to a number of articles of the Law on Entry, Exit, Transit, and Residence of Foreigners in Vietnam at the end of May. The new draft has proposed to increase the duration of e-visas from no more than 30 days to a maximum of three months, valid for one time or multiple times. At the same time, the scope of e-visa issuance would be expanded to more than 80 countries and temporary residence would rise from 15 to 45 days. The Ministry of Culture, Sports and Tourism also proposed to consider supplementing the pilot regulation of issuing visas at border gates for international tourists. This proposal also requires a clearer regulation of the extension of visa-free entry for … [Read more...] about Difficulties on way out for Vietnam’s Visa policy

Staff members of in Hanoi’s Hoang Mai District Electricity Department are patrolling local streets every evening to call on residents to save power. Staff members in Hoang Mai District Electricity Department patrol on a local street to call on residents to save power. Two members, Duong Anh Tuan and Thai Van Bien were checking their loudspeaker at 7.30 pm on June 4 before going out. Besides the loudspeaker announcements, they also visit each home and business facilities to ask people to turn off advertising hoardings or display lighting. Bien said that they've received a positive response from most of the local people. Le Quang Duc, 20, decided to turn off the signage of his shop on Tan Mai Street. "It will also affect our business but I'm willing to do it as the city is facing a power shortage," he said. Nguyen Thi Thuy, owner of an electronics shop on Truong Dinh Street also turned off the signage lighting of … [Read more...] about Hanoi electricity staff patrol to call on power save