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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

GIA LAI -- Bitter and earthy. Fit for instant brews only. Robusta coffee has a dire reputation, but a small group of farmers in Vietnam is trying to turn the bean's fortunes around as a warming world threatens the industry. As an interior designer in trendy Ho Chi Minh City, Tran Thi Bich Ngoc, 42, largely stayed clear of Vietnamese coffee, puzzling over why it didn't taste as good as cups from abroad. Now, nearly a decade later, she runs her own coffee farm -- "Mori" -- in the remote Central Highlands, cultivating robusta she believes can match the world's favourite bean, arabica, in quality and flavour. "My beans have a fruity, flowery smell, and they taste strong -- but in a gentle way," Ngoc told AFP at her farm close to the city of Pleiku, in the heart of the Vietnamese robusta region. "Vietnamese farmers need to know it is possible to make these beans taste good." 'Vicious circle of bad quality' Long scorned by giants such as Starbucks, robusta -- which has … [Read more...] about Vietnam’s robusta: the go-to coffee bean in a warmer world?

Although Vietnam reopened its door to international tourists over a year ago, small and medium lodging facilities in Ho Chi Minh City are still struggling to recover due to the small number of international visitors. Their largest source market is China while the number of guests from the northern neighbor remains modest, forcing many hotels to use their facilities for other purposes or stop leasing spaces. Shutdown, falling room occupancy In District 1, many hotels which used to be crowded with foreign travelers are now empty or have been replaced by other businesses. On Ly Tu Trong Street, a spacious hotel is being repurposed. The hotel is in a prime site, near Ben Thanh Market, Nguyen Hue Pedestrian Street, and Le Loi Boulevard, once favored by international tourists. Many 'House for Lease' signboards can also be seen along Bui Vien Walking Street and De Tham Street with many of them being hung in front of small, one- and two-star hotels. The director of a chain of … [Read more...] about Ho Chi Minh City hotels waiting for int’l guests

He asked ministries, agencies and people’s committees of provinces and centrally-run cities to strictly follow the Government’s resolution dated March 11, 2023 on several measures to solve difficulties for and promote the safe, healthy and sustainable development of the market. The Ministry of Construction (MoC), the Ministry of Finance (MoF), and the State Bank of Vietnam (SBV) must coordinate closely with each other and with relevant agencies to help businesses overcome difficulties and make the market revive. Real estate enterprises must adjust the product structure and market segments as well as offer more reasonable prices; pay special attention to the development of social housing and houses for workers that are suitable to people's income. Competent authorities need to review housing and real estate projects to work with enterprises on measures to handle legal problems, especially in projects with corporate bonds and bank loans, and capital mobilized from buyers, the … [Read more...] about Prime Minister orders close coordination to remove obstacles to property market