Vietnam will see more and more ultra-high-net-worrth individuals by 2025 By 2025, Vietnam will have 50 ultra-high-net-worth individuals (UHNWI) with a net worth of at least $30 million each and 25,812 high-net-worth individuals (HNWI) with assets of at least $1 million, says The Wealth Report 2021 put out by Knight Frank. The report pointed out that Vietnam’s number of ultra-wealthy people declined slightly due to the impact of the pandemic, dropping from 405 people in 2019 to 390 people in 2020. Globally, China saw the fastest growth in UHNWI population with a 15.8 per cent growth rate, followed by Sweden and Singapore. Knight Frank's current report said that the number of HNWI decreased by 6 per cent globally last year, from 20,645 to 19,149. To join the wealthiest 1 per cent in Vietnam, an UHNWI needs to have a net wealth of $160,000. Singapore is Asia’s highest entry, marginally ahead of Hong Kong, with the level of wealth required being $2.9 million and $2.8 million, respectively. South Korea and the Chinese mainland set the barrier at $1.2 million and $850,000, respectively. With lower interest rates and more fiscal stimulus, asset prices have surged, driving the world’s UHNWI population 2.4 per cent higher over the past 12 months to more than 520,000. The process was seen across North America and Europe, but it was Asia with its 12 per cent growth that saw the real upswing. The expansion in wealth was not universal, with a fall in the number of UHNWIs in Latin America, Russia, and the Middle East as currency shifts and the pandemic undermined local economies. The US is, and will remain, the world’s dominant wealth hub over the forecast period, but Asia will see the fastest growth in UHNWIs over the next five years, at 39 per cent compared with the 27 per cent global average. By 2025, Asia will host 24 per cent of all UHNWIs, up from 17 per cent a decade earlier. The region is already home to more billionaires than any other (36 per cent of …
Indoors fruit growing
Efficient resource utilization may help Vietnam GDP grow 9 – 10%
The Hanoitimes - The public capital must be allocated based on market principles, said an expert. More efficient utilization of resources would help Vietnam achieve annual GDP growth of 9 – 10%, equivalent to that of Japan and South Korea during their economic booming periods, according to Nguyen Dinh Cung, former director of the Central Institute for Economic Management (CIEM). Illustrative photo. Efficient allocation and utilization of resources should be the core issue during Vietnam’s economic restructuring, said Cung in an interview with the governmental portal. Cung added the incremental capital-output ratio (ICOR) showed signs of improvements, but remained at modest level of 6, while that of South Korea and Japan at their similar phases of development was only at 4 and 3, respectively. ICOR explains the relationship between the level of investment made in the economy and the consequent increase in GDP. The higher the ICOR, the lower the productivity of capital or the marginal efficiency of capital. Cung referred to a recent article written by Prime Minister Nguyen Xuan Phuc that stressed the government must give priority to the development of market for the sale and rental of land-use rights for farmland. Cung said it is essential for Vietnam to have a legal framework for the operation of land-use rights market, instead of focusing on the real estate market. “Vietnam has to make laws to capitalize land-use rights of farmers, taking them into the market, not just issuing land acquisition orders or administrative measures.” Cung stated a well-developed land-use rights market is the best instrument to protect farmers’ benefits, particularly at a time of rampant bureaucracy in the country. Failure to comply with market principles would be a major barrier to the land grouping policy, Cung continued. Cung also said state-owned enterprises (SOEs) are holding huge state capital under disposal, adding market-based motivation …
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Mekong Delta faces peak saltwater intrusion in March, April
The Cái Lớn sluice is being built in Kiên Giang Province. VNA/VNS Photo Lê Sen HCM CITY — Saltwater intrusion in the Cửu Long (Mekong) Delta will continue to increase in March and April, according to the National Centre for Hydro-Meteorology Forecasting. The peak of saltwater intrusion will occur during high tide on March 12 -16, March 27 – April 1, April 9 – 14 and April 24 – 30. The delta, the country’s largest rice, fruit and seafood producer, is facing a higher than normal level of saltwater intrusion from the sea through river mouths in the ongoing dry season. However, it is not as severe as the level of the previous dry season. The delta’s provinces have dredged irrigation canals to store more water and upgraded and built dams and sluices to prevent saltwater intrusion and store fresh water. Nguyễn Thiện Pháp, head of the Tiền Giang Province’s Irrigation Sub-department, said the province has built eight dams to store fresh water for agricultural production and supply daily use water for 800,000 households. Farmers in Tiền Giang, the country’s largest fruit producer, have stored irrigation water in their orchard ditches for fruit and other crops. In Cà Mau Province, farmers have stored fresh water in containers and have switched to growing drought – resistant crops. The delta sowed the ongoing winter-spring rice one month earlier than normal to avoid a shortage of irrigation water at the end of the crop. Farmers are now harvesting the winter-spring rice and have had a bumper harvest. The harvest of the winter-spring rice is expected to be completed in May. Largest irrigation system Kiên Giang Province is speeding up the phase one construction of the Cái Lớn – Cái Bé irrigation system to serve agricultural production and local households. The irrigation system, which is the largest of its kind in the delta, connects the Cái Lớn River and the Cái Bé River and is expected to improve agriculture and aquaculture and …
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