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Riccardo Verzella Senior associate (left) and Ho Ngoc Diep Legal advisor, D’Andrea & Partners Legal Counsel Some new innovations of the aforesaid regulations are more relevant compared to the previous FDI regime, and certain aspects may be further optimised with the aim of improving the ease of doing business in Vietnam for overseas investors. Market access rules were significantly improved under the amended LoI. Before its implementation, based on the previous law, the allowed business fields for foreign investors were only those expressly referred to in a permitted list as mentioned therein. Nevertheless, Vietnam has switched to the so-called “negative list” approach with the LoI: hence, currently, foreign investors may perform all the business activities not included in the Negative List for Market Access for Foreign Investors without differentiation from domestic investors. This innovation indeed removes uncertainty for foreign investors, widens their business … [Read more...] about Crafting complete enterprise and investment laws

HÀ NỘI — The tourism sector must apply digital transformation to secure sustainable development, according to dozens of participants at a forum on the topic held in Hà Nội on May 18. Titled "Green Light for Tourism to Take Off Part 2: Digital Transformation: Diving Force for Sustainable Development", the forum gathered dozens of experts from State management agencies, tourism authorities, localities, and IT. The first part of the forum held in March focused on opening doors to international tourists. Hoàng Quang Phòng, deputy chairman of the Vietnam Chamber of Commerce Industry, said at the end of 2018, the Prime Minister issued Decision No 1671/QĐ-TTg approving the “Master plan on applying informatics technology in the tourism field for 2018-2020, with orientation to 2025.” “Informatics technology has been applied in various tourism companies, especially hotels, resorts and big travel agencies,” Phòng said. A visitor uses a remote guide app on her mobile at the National … [Read more...] about Forum held on digital transformation for sustainable tourism

At the conference (Photo: SGGP) The Center for linking production, processing, and consumption of agricultural products in Can Tho City was established with the expectation that by 2050, it will become the central transport node in large metropolitan areas with smart technology. The center will be the focal point of the chain of smart production, processing, and consumption centers in the region. In this link chain, about 50 percent - 70 percent of the production processes are done automatically and intelligently. Speaking at the conference, Chairman of the Can City People's Committee Tran Viet Truong said this is an important conference to get opinions from ministries, sectors, and localities in the region, step by step perfecting the project in the most feasible direction before submitting it to the Government. The Center aims to contribute to the construction of Can Tho City into the central city of the Mekong Delta region, contributing to the development of the region’s … [Read more...] about Center hoped to help link, consume agricultural products in Mekong Delta

Three fans from Thanh Hoa are finding a room near the stadium (Photo: SGGP) On the way, two groups of fans with nearly 10 people were caught asking locals about renting hotels and accommodation. However, they hardly found a hotel room near the stadium where the match will take place, so they then drove the car to continue searching. Mr. Quan – a fan from Thanh Hoa Province who has just arrived in Viet Tri City after 5 hours of driving - said that he took his family members to Phu Tho to watch U23 Vietnam play the semi-finals. Because it is still early, he wanted to rent a hotel or motel room to rest. He moaned no more rooms near the stadium as he wanted a room near the yard to walk to the stadium.  He planned when the match finished, he and his family members went back to the hotel for sleeping and in the next day, they will visit some places before returning to Thanh Hoa. Mr. Quan bought a few glasses of sugarcane juice to fuel up before continuing to search for a hotel to … [Read more...] about SEA Games 31: ticket sold out, no room near stadium before men’s football final

Processing tra fish for export. (Photo: SGGP) It is expected to boost the export of Vietnamese pangasius to the US market in the near future. The six facilities are the Hop Nhat Seafood Corporation, Atlantic Seafood Freezing factory, Basa Mekong factory, High grade pangasius product exporting & Processing Factory, Co May 2 seafood processing export factory and CK Frozen Food Vietnam Co. Ltd. NAFIQAD also noted that factories should comply with the provisions of the program on controlling food safety for siluriformes fish and fish products exported to the US issued in Decision No. May 22, 2020 and instructions in Official Letter No. 803/QLCL-CL1 dated June 18, 2020, ensuring that the entire chain of production, processing and export of pangasius fully meets the regulations of both Vietnam and the US. The Centre for Agro-Forestry-Fisheries Quality Zone 4 and 6 will appraise and issue certificates for pangasius shipments of these factories to the US market in accordance with … [Read more...] about Six more pangasius processing factories eligible to export to US

Gold is yet again becoming a safe haven asset, and some customers want more ways to get involved, Le Toan The World Gold Council (WGC) believes that the appetite for gold is often hampered by the interest rate, as when interest rates rise, gold loses its appeal. However, inflation is also a tailwind to gold demand as a common safe-haven asset. The USD tends to weaken when the Fed raises interest rates, which enhances gold’s demand. “Furthermore, what happens in China’s consumer market has had a big impact as it’s the world’s largest consumer market for gold. We expect China to start to emerge from the worst of the pandemic and that will support consumer demand,” the WGC noted last week. “It is difficult to predict how the geopolitical situation will play out. It depends on where inflation goes, but inflation is certainly the biggest driver at the moment, which will probably support institutional investment demand in the next quarter.” Meanwhile, the demand for gold in Vietnam … [Read more...] about Gold appeal sparkles amid rise of inflation

Hoang Viet Tien-Head of Strategic Advisory, Insider Mobile games and e-sports account for a major share of the blockchain sphere, and in addition to the play-to-earn wave from blockchain games, new waves are coming such as SocialFi (earning income through social activities), CALO (exercise to collect utility tokens), and Genopets (nurture and evolve Genopes to train and battle for rewards). A new report by DappRadar and the Blockchain Game Alliance suggests that 2022 will be a benchmark year for crypto games developers. The report reveals that $2.5 billion in investments were raised in Q1 alone this year, adding that developers could see this figure balloon to $10 billion by the end of the year. Compared to previous years, these figures also suggest the niche has become a key sector for investors. In 2021, for example, just $4 billion was raised throughout the whole year. In Vietnam, there are about 3.99 million gamers and more than 60 per cent are between the ages of 18 and … [Read more...] about Staying safe in the booming blockchain and GameFi world

Developers clamour for legal clarity, Illustrative image (Photo: VNA) Nguyen Manh Ha, vice chairman of the Vietnam Real Estate Association, said that tourism real estate needs to break down barriers to development as soon as possible, in order to move alongside the general economic recovery. “Currently, mechanisms and policies for resort real estate are unclear, especially in terms of new types of real estate such as condotels, officetels, and second-home villas in resorts,” Ha said. The legal framework has not kept pace with the reality of hospitality and resort real estate development, thus partly hindering the growth momentum of these types of property, Ha added. They are not given a right use certificate, known as a red book in Vietnam, because they are built on land plots permitted for developing tourism property only, and not for residential projects. Doan Van Binh, chairman of CEO Group, said that supply is scarce not only in Vietnam but worldwide due to the impact of … [Read more...] about Developers clamour for legal clarity

Kenneth Atkinson-Vice chairman, Vietnam Tourism Advisory Board However, there is no separate body of law governing condotels and in most locations where they have been constructed it is clear that such developments cannot be issued with pink books for individual units, so ownership ultimately rests with the developers, with a lease term not extending beyond 50 years (70 years can be permitted). In addition, many buyers have been lured by guaranteed returns of 8-12 per cent for the 10 years. Warnings of potential future problems sounded from 2017, but due to the cyclical nature of tourism and potential disruptions to inbound tourists, these were largely ignored and we have already seen failures of such projects like Cocobay and other developers now unable to meet their guaranteed return commitments and for certain several more to come. Now, we have around 240 tourism real estate projects and over 114,000 condotel units, and Vietnam has the largest pipeline of tourism-related … [Read more...] about Taking the right approach to the condotel legislation conundrum

Deputy Minister of Labor, War Invalids, and Social Affairs Nguyen Thi Ha shared Vietnam’s plans to eradicate child labor at a conference in South Africa on Tuesday. At the fifth Global Conference on the Elimination of Child Labor in Durban, South Africa, Ha spoke about the pivotal role that childhood education plays in reducing the risk of children leaving school to find work. Currently, about 94.4 percent of Vietnamese children have access to education thanks to government policies to make primary and secondary education compulsory, eradicate illiteracy, and reduce or exempt tuition fees for poor, disabled, ethnic minority, and underprivileged children. The Vietnamese government also has policies which help these marginalized groups gain access to health insurance and other social welfare programs. Currently, Vietnam is cooperating with other entities, such as the United Nations International Children’s Emergency Fund (UNICEF) and the International Labor Organization (ILO) to … [Read more...] about Vietnam’s next steps in the fight to eradicate child labor