New city investment managers

Phan Cong Chanh, CEO of developer Phu Vinh Group, said the real estate market will pose more risks than opportunities for investors in 2023, adding that would-be investors should save their money instead of spending it. According to Chanh, in the long term the market will benefit from rosy economic growth prospects, better legal frameworks and improved stock markets, especially the corporate bond market, But he said this would be gradual recovery that wouldn’t flourish to its full potential until 2-4 years from now. The Central Institute for Economic Management put forth two economic growth scenarios for this year. Accordingly, GDP growth will either stand at 6.47%, inflation at 4.08%, export growth at 7.21% and trade balance at $5.64 billion, or at 6.83%, 3.69%, 8.43% and $8.15 billion, respectively. With the draft amendments to the Land Law submitted to the National Assembly for potential approval in October, and amendments to other related laws such as the Law on Real Estate … [Read more...] about Should you invest in property or save your money this year?

OVs in Thailand attend the programme. (Photo: VNA) Bangkok (VNA) – Overseas Vietnamese ( OVs ) in Thailand gathered at a programme hosted by the Vietnamese Consulate General in Khon Kaen province on January 29 to celebrate the traditional Lunar New Year (Tet) festival – the longest and biggest traditional holiday of Vietnam. In his speech at the event, Vietnamese Consul General Chu Duc Dung briefed guests on socio-economic development achievements of Vietnam, as well as the agency’s operation, especially activities to connect Vietnamese expats in the northeast region of Thailand with the homeland. He spoke highly of the role played by OVs for the homeland’s development, affirming that they have been contributing to preserving Vietnam’s cultural identities and values through cultural and religious exchange activities in Thailand. The Vietnamese community abroad is an indispensable part of and important resources for the homeland's development, he stressed, hoping … [Read more...] about OVs in Thailand celebrate traditional Lunar New Year

An SSI branch in HCM City. The company achieved profits of VND2.1 trillion ($89.3 million) in 2022. — Photo courtesy of SSI SSI Securities Corporation’s revenues and profits reached VND1.47 trillion (US$62.2 million) and VND289 billion ($12.29 million), respectively, in the fourth quarter of last year. Full-year revenues and profits were VND6.5 trillion ($276.73 million) and VND 2.1 trillion ($89.3 million), respectively. Brokerage fetched VND679 billion in Q4 and VND3.56 trillion for the year, revenues from investment were worth VND563 billion in Q4 and VND2.06 trillion by year-end. Revenues from principal investment and treasury were worth VND169 billion and VND635 billion. Fund management fetched revenues of VND165 billion for the year. As of December 31, 2022, SSI has total assets of VND52.23 trillion ($2.22 billion). The company deployed a series of advisory programmes for customers last year. — VNS … [Read more...] about SSI profit reaches $89.3 million in 2022

Illustrative photo (Source: VNA) Hanoi (VNA) – The number of newly-established enterprises and businesses resuming operations in the real estate market saw a remarkable rise last year, said the Ministry of Construction . As per statistics from the Ministry of Planning and Investment’s Business Registration Management Agency, there were 8,593 new enterprises and 2,081 businesses resuming operations in 2022, up 13.7% and 56.7% year-on-year. Meanwhile, the number of firms declaring bankruptcy or dissolution also grew by 38.7% against 2021. The Ministry of Construction said 2022 still saw many challenges facing realty firms and forcing them to change their business and management plans. The changes included debt restructuring, scaling down production and investment, streamlining apparatus, and suspending new projects, among others. In the face of complicated economic developments, from the middle of the third quarter to the end of last year, the operations of real … [Read more...] about More realty businesses established, resume operations in 2022

Many Vietnamese enterprises achieved success in 2022 after shifting to exports through e-commerce platforms, especially Amazon. The trend is expected to continue this year. Vietnam was among the top five countries with the highest e-commerce retail sale growth rates in 2022, according to a report by the U.S.’s market research company eMarketer. Impressive growth A year after beginning to sell goods on Amazon to European and American markets, ChicnChill, a Vietnamese handicraft brand, reported a growth rate of up to 700 percent. Tran Tuan Dung, CEO of ChicnChill, said he saw the start-up thrive when a majority of Vietnamese enterprises have scaled down their operations due to the impact of the COVID-19 pandemic. He and his team spent months studying the lifestyle in European and American markets and home decoration trends there, thereby determining the company’s key products and penetrating into these markets. After a year, ChicnChill’s home decoration products are … [Read more...] about Vietnamese firms earn big from Amazon

Visiting a construction site of My Thuan 2 Bridge that crosses the Tien River and connects Trung Luong - My Thuan and My Thuan - Can Tho expressways between Ho Chi Minh City and Can Tho, he asked constructors to speed up work, ensure the quality of the construction, labor safety and pay proper care to workers’ living conditions. With a total investment of over 5 trillion VND (USD 213.22 million), the construction of the 6.61-km bridge was started in March 2020 and is expected to complete this year. By now, more than 70% of the work has been completed. The leader added localities must proactively build intersections and organize traffic routes connecting to the bridge and the expressways to exploit new development space. At the construction site of a section of the eastern North-South Expressway that runs through Can Tho and Hau Giang, PM Pham Minh Chinh applauded workers for their efforts during the lunar New Year (Tet) festival. For more efficient infrastructure development, … [Read more...] about Prime Minister inspects key transport project in Mekong Delta

Prime Minister Pham Minh Chinh on January 30 meets and extends Lunar New Year (Tet) greetings to workers at the construction site of My Thuan 2 Bridge. (Photo: VNA) Can Tho (VNA) – Prime Minister Pham Minh Chinh on January 30 examined the progress of key transport project s in the Mekong Delta . Visiting a construction site of My Thuan 2 Bridge that crosses the Tien River and connects the Trung Luong-My Thuan and My Thuan-Can Tho expressways between HCM City and Can Tho, he asked constructors to speed up work, ensure the quality of the construction, labour safety and pay proper care to workers’ living conditions. With a total investment of over 5 trillion VND (USD 213.22 million), the construction of the 6.61-km bridge was started in March 2020 and is expected to complete this year. By now, more than 70% of the work has been completed. The leader added localities must proactively build intersections, organise traffic routes connecting to the bridge and the … [Read more...] about PM inspects key transport project in Mekong Delta

Diesel prices increased by VND890 to VND22,520 per liter and mazut oil prices surged by VND570 to VND13,930 per kilogram. Oil prices rose about 2% last Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data, according to CNBC . Brent futures rose $1.35, or 1.6%, to settle at $87.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 86 cents, or 1.1%, to settle at $81.01. Some gasoline stations in Hanoi and Hai Phong City ran out of stocks last week, causing inconvenience to people, who have to drive around and fill elsewhere. During the seven-day Tet holidays which began January 20, several stations in Ho Chi Minh City and An Giang Province also shut down. According to market management statistics, about a dozen gas stations in Ho Chi Minh City closed during Tet. But the HCMC Directorate of Market Surveillance claimed that only a few out of the over 550 stations in … [Read more...] about Gasoline prices surge amid higher global rates

Deputy Director of the FIA Do Van Su said disbursement of foreign investment this year is expected to hit USD 22-23 billion. Su acknowledged that the opening of China’s economy might affect Vietnam's foreign investment attraction, adding that China remained the leading investment destination in the region, so when they opened up, capital will flow into this market while that to Vietnam and other economies in the region will be limited. On the contrary, the investment capital movement of the Republic of Korea (RoK), Japan, and Taiwan (China) will be accelerated. This shift will be accelerated until 2025, and Vietnam will be a preferred investment destination for investors, he added. Currently, the RoK, Japan and Taiwan (China) are Vietnam’s major sources of foreign investment and they have constantly increased their investments in Southeast Asian countries. According to FIA, essential factors for FDI to continue to prosper in 2023 include economic growth results in 2022 and … [Read more...] about Vietnam’s FDI projected to reap up to USD 38 bln in 2023

Foreign capital is expected to continue to flow into the stock market as foreign investors' confidence remains strongly.(Photo: VNA) Hanoi - From being net sellers in the first nine months of 2022, foreign investors have become the driving force supporting the Vietnamese stock market in the last few months, and the inflows are expected to continue this year. In 2022, this group net disbursed more than 29.2 trillion VND (1.2 billion USD) to the market, while it has net sold nearly 18.8 trillion VND and set a record net selling value of over 62.2 trillion VND in 2021. In November alone, more than 16 trillion VND in net disbursed cash flow from foreign investors was significantly supported by exchange-traded fund (ETF) capital inflows into the market, primarily from the Fubon ETF and the VNDiamond Index-based ETF. A study by BIDV Securities Company (BSC) analysing over 50 billion USD owned by foreign investors on the Vietnamese stock market showed that more than half of foreign … [Read more...] about Foreign investors remain optimistic about Vietnamese stock market