The property market and corporate lending are key issues that need to be addressed, and the Cabinet has scheduled a meeting of ministers this month to resolve current issues, he told a meeting Thursday. The property market accounts for around 11% of GDP and has a close relationship with many industries that create a large number of jobs. But since last year it has been facing difficulties due to tightened credit, excessive supply and lack of transparency. Many projects have been suspended due to a cash shortage. Chinh warned the economy faces risks this year with exports seeming to slow down while the industrial production index in January declined by 8% year-on-year. It is difficult to attract foreign investment, while recovery programs have been delayed, he said. He called on the Ministry of Finance to quickly complete a bill that will amend regulation of bond issuances, both domestically and internationally. Work on large public projects needs to be accelerated to … [Read more...] about PM calls for fixing property market ills
Projects that do not affect the cash flows of other projects are called mutually exclusive projects
Volatile real estate market puts pressure on business results
A construction site of Phat Dat Real Estate Development Joint Stock Company (PDR). PDR reported net revenue of VND14.6 billion (US$622,600) in the last 3 months of 2022. — VNA/VNS Photo A volatile real estate market caused revenues and profits of realty businesses to decrease sharply in the fourth quarter of 2022. Phat Dat Real Estate Development Joint Stock Company (PDR) reported net revenue of VND14.6 billion (US$622,600) in the last three months of 2022, a sharp decrease compared to the VND1.29 trillion recorded in the fourth quarter of 2021. The company suffered an after-tax loss of VND229.4 billion in Q4 of 2022, while in the same period in 2021, it reported a net profit of VND751.4 billion. This was considered Phat Dat's "failure" quarter as the company reported a loss for the first time since it announced business results. Dat Xanh Group Joint Stock Company (DXG) reported a loss of VND460 billion in the last quarter of 2022. During the period, the company's net revenue … [Read more...] about Volatile real estate market puts pressure on business results
Hundreds fall for post-Tet online scams
Dao Van Chieu, from the north-central province of Thanh Hoa, said that he received a call on Monday, his first day back in the city after a visit to his hometown for Tet . "They offered me a job listening to music and liking songs on an online music site for VND10,000 (43 cents) per song," Chieu said. Despite having previously read warnings about online tricksters, he still tried out the gig as a way to investigate and possibly warn other people of the scam. "They actually paid me VND10,000," Chieu said, "then they tempted me to send in money for high commission. The online group they established had attracted nearly 4,000 members." As soon as he joined the group, his phone began receiving a relentless flow of chat notifications. Every time someone completed a task, they would send a message to the group. "Receiving hundreds of messages means hundreds of people believed in the system and had completed the tasks," Chieu said. "Among them, many might have been deceived." … [Read more...] about Hundreds fall for post-Tet online scams