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"Mini apartment blocks cannot be legalized," National Assembly chairman Vuong Dinh Hue said this week as he demanded a review of fire safety regulations in the capital after the fire in a 10-floor mini apartment building killed 56 people , including children, and injuring 37 on Sept. 12. Mini apartment blocks, which typically have between five and 10 floors divided into small apartments, have been mushrooming in Hanoi and Ho Chi Minh City in recent years despite having no legal sanction. There is no official data, but according to national utility Vietnam Electricity, around 2,000 buildings in Hanoi that are connected to the grid can be classified as mini apartment towers. Vu Ngoc Anh, head of the Ministry of Construction’s science, technology and environment department, pointed out to reporters Thursday that the 2014 Housing Law does not recognize mini apartment buildings as a separate category, and so in essence they are residential buildings like others. Many owners have … [Read more...] about Mini apartment blocks in eye of controversy after Hanoi fire kills 56

In Nghe An province, several cement plants have had to temporarily cease the operation of their kilns or significantly reduce capacity. Having come on stream in early 2020 with an annual capacity of two million tonnes, the Tan Thang Cement plant, based in Quynh Luu district, has been running well below capacity for most of this year. Meanwhile, Vicem Hoang Mai, a member of the state-owned conglomerate Vietnam Cement Industry Corporation (Vicem), has only been able to sell around one million tonnes of cement over the year to date, down 15 per cent on-year. This came as the Philippines – the company’s major export market – offered a lower price. Several cement plants in other localities have offered products with more competitive pricing, making a dent in the company’s sales. Nghe An is home to four cement plants with a combined designed capacity of 7.8 million tonnes per year. In the neighbouring Thanh Hoa province, cement production and consumption also face … [Read more...] about Cement firms maintain pessimistic outlook

The HCMC People's Court's conviction statement said that Hang, the general director of the Dai Nam Joint Stock Company, had been the main planner of dozens of livestream sessions in which her speeches slandered others, thereby "abusing democratic freedoms to infringe upon the interests of the State, and the lawful rights and interests of organizations and/or citizens." Business mogul Nguyen Phuong Hang at her trial on September 21, 2023. Photo by VnExpress/Thanh Tung Her accomplice Dang Anh Quan was given a sentence of 2 years and 6 months in prison, while accomplices Nguyen Thi Mai Nhi, Huynh Cong Tan, and Le Thi Thu Ha were all sentenced to 1 year and 6 months in prison. Along with jail terms, the defendants were ordered to pay VND18 million ($742) to each relevant party, Dang Thi Han Ni and Dinh Thi Lan, as compensation. Prior to Hang's conviction, singer Dam Vinh Hung, singer Vy Oanh, singer Thuy Tien and her former footballer husband Le Cong Vinh had dismissed … [Read more...] about Tycoon gets three years for ‘abusing democratic freedoms’

Kim Dooyoon, CEO of JB Securities Vietnam What is your assessment of the financial landscape of the country, and how have you seized opportunities? In the last three years living and working in Vietnam, I have found that for Vietnamese business, the main source of financing is mostly from banks, and the capital markets are in the early stage compared to peer countries in Asia. As Vietnam's economy grows fast compared to other countries, I expect that its capital markets will also grow to meet the funding needs from the industries, based on my experience and study in Korea and the US. With this expectation, I have decided to focus on the debt capital market first since I joined JB Securities Vietnam (JBSV) three years ago. In particular, in the last two years, JBSV has advised corporate bond issuances and made commitments to invest more than 1 trillion VND. Thanks to our strong financial analytical skills and advanced risk management scheme on the bonds, JBSV has been … [Read more...] about JB Securities strives to contribute to development of Vietnam’s capital markets