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The central bank is seeking feedback on its draft circular that sets stricter conditions for real estate loans as a measure to mitigate speculation and risk of a bubble burst. If projects have not yet become legally eligible, there is a high possibility of customers and owners canceling the contract over the failure in acquiring needed permits. This will complicate commercial banks’ management of capital and potentially pose risks to the economy, the central bank argues. Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association (HoREA), deemed the move "necessary", noting that loans are still allowed for projects that meet legal requirements. "The draft not only helps protect customers’ rights and benefits, but also build a healthier real estate market," Chau said. Tran Khanh Quang, director of property developer Viet An Hoa, estimated that around 20 percent of homebuyers pay their deposits with loans. The approval process for these loans have been tightened in … [Read more...] about No home loans against legally incomplete projects: central bank

Hue said that the Vietnamese N.A. high-ranking delegation's ongoing official visit to Hungary aims to further promote and deepen the comprehensive partnership between the two countries and cooperation between the two parliaments in particular, opening up new prospects in bilateral relations as well as stronger coordination between the two countries at regional and international forums amid complicated global developments. Highlighting the traditional friendship and all-round partnership between the two countries over the past 70 years, the top legislator clarified that Vietnam always treasures and hopes to further bolster multifaceted ties with Hungary – the first comprehensive partner of Vietnam in Central and Eastern Europe. For his part, László reviewed major milestones of the Hungary-Vietnam Friendship Association’s development since it was established in 1989, and highlighted a number of activities that the association has carried out recently and its plans to promote the … [Read more...] about N.A. Chairman receives Hungary-Vietnam Friendship Association’s leaders

Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

Students do research in a lab at the Việt Nam National University in HCM City. — Photo courtesy of the university HCM CITY — HCM City will need to promote the application of Artificial Intelligence (AI) in the education sector as part of its effort to become a smart city by 2030, experts said. Education is among 10 key sectors on which the city has focused to develop its digital economy, in addition to healthcare, transportation, finance-banking, tourism, agriculture, logistics, environment, energy, and human resources. The city has assigned its Department of Education and Training to implement a project to develop human resources for AI through education and training, focusing on research and development of technologies using AI. The project will also enhance academic links with foreign AI professionals. The city hosts a number of universities and science research institutes, especially the Việt Nam National University, which focus on training and research in AI to build an … [Read more...] about HCM City to promote AI in education sector

SeaBank, BRG Group and Vietnam Airlines launch a co-branded credit card called SeATravel in Ha Noi. — Photo courtesy of SeaBank Joint Stock Commercial Bank Southeast Asia, BRG Group and Vietnam Airlines Corporation (Vietnam Airlines) have launched a co-branded credit card called SeATravel, with many premium privileges and incentives, including deals on aviation, resorts, golf and shopping. Customers who successfully issued a SeATravel card will receive 3,000 Lotusmiles bonus miles that can be used to redeem airline tickets and upgrade services, along with the privilege of discount airfares when purchasing on the Vietnam Airlines website, which offers a 40 per cent discount for economy class and 20 per cent for business class from June 15 to December 31, 2022. SeABank also offers many incentives for customers to shop and spend via SeATravel card, such as experiencing an 18-hole golf round at four golf courses - BRG Kings Island Golf Resort, BRG Legend Hill Golf Resort, BRG Rube … [Read more...] about SeABank, BRG, Vietnam Airlines launch SeATravel co-branded credit card

Foreign nationals living in Vietnam will be granted an electronic identification account to perform public administrative procedures. The Vietnamese Ministry of Public Security (MPS) is considering issuing identification (ID) cards for long-term foreign residents. Accordingly, people of Vietnamese origin who were born in Vietnam or abroad but have returned to Vietnam and lived permanently for more than five years will be eligible to receive ID cards. Currently, citizens in Vietnam have to carry too many paper documents such as citizen identification card, health insurance card, social insurance book, birth certificate, driver's license, student identification card, social insurance card, among others. Identity card with barcode is currently the most modern form in Vietnam. Photo: The Hanoi Times The fact that there are too many different types of papers issued by competent authorities causes numerous inconveniences for citizens in storing … [Read more...] about Vietnam to issue ID cards for non-Vietnamese nationals

The Engineering Company Rotation 1 has set two road rescue and maintenance teams to ensure traffic flows and conduct road rescue and maintenance missions. In addition, the unit has also deployed forces to continue building a repair and maintenance station for vehicles and equipment that the first group of the company received in May this year. The construction is expected to be completed and put into operation in June. Apart from their main task, the Engineering Company Rotation 1 has quickly arranged and stabilized its barracks in Highway, three kilometers from the headquarters of UNISFA. The Highway barracks is the former garrison area of a infantry battalion of Ethiopia. It was built nearly 10 years ago and is degrading gradually. In order to soon ensure accommodations for all members, the unit has quickly repaired and reinforced the main garrison area. After surveying the scenario, the chain-of-command of the company built a concrete plan to repair barracks, fix roofs, pave … [Read more...] about Vietnam’s Engineering Company Rotation 1 begins missions in Abyei

The Instagram of the Miss Grand International wrote: "Xin chao moi nguoi! Vietnam has been officially confirmed as the host country for Miss Grand International 2023. We will make a great #history together again in 2023". Pham Kim Dung, President of Sen Vang Entertainment Company, as the national director of the Miss Grand International contest, also confirmed that the contest will be organised in Vietnam in 2023.  Dung said she hopes that it will pave the way for other international beauty contests to be held in the country. The beauty pageant has received attention from Vietnamese people after an impressive and convincing victory of Miss Grand International Nguyen Thuc Thuy Tien in 2021. Vietnam first hosted the contest in 2017. At that time, Maria Jose Lora from Peru was crowned Miss Grand International 2017. Huyen My, a representative of Vietnam, was in the top 10 finalists. The contest has been held since 2013. It is one of the six major global beauty contests held … [Read more...] about Miss Grand International 2023 to be held in Vietnam

The ministry said it is collecting opinions from other ministries and departments on a draft report on measures to combat Covid-19 in the "new normal" situation for submission to the government. The latest assessment comes more than two months after the PM had asked the health ministry to work on declaring Covid-19 an endemic. The ministry said that from March until now, the number of new Covid-19 cases and deaths has "stably decreased," and the number officially registered with the national database has stayed at fewer than 1,000 cases each day in recent times while the death rate has fallen to 0.06 percent of the total number of infections. Vietnam has covered almost 80 percent of its 96-million population with two vaccine doses; and the group of those from five years old are to receive the second doses within June. Despite this, the ministry said it was not the right time for Vietnam to consider Covid-19 endemic because the novel coronavirus is constantly changing and it is … [Read more...] about Not time yet to declare end of Covid-19: health ministry

Further information regarding the BA.5 cases and their conditions have not been disclosed. According to Lan, the detection of new strains is inevitable as Vietnam has reopened under the new normal. BA.5 was first discovered in South Africa in January. So far, it has become a dominant strain in some countries such as Israel and Germany. Some studies show that BA.4 and BA.5 spread faster than the previous subvariant BA.2, but there has been not enough data on severity rate. Lan said the Ministry of Health will continue to monitor new strains and World Health Organization (WHO) information to adjust Covid-19 prevention measures when necessary. Vietnam has recorded 142,000 Covid cases over the past two months, and the death rate has fallen to 0.06 percent of the total number of infections. Vietnam has covered almost 80 percent of its 96-million population with two vaccine doses, and the group of those from five years old are to receive the second doses within June. The health … [Read more...] about Vietnam detects Omicron’s subvariant BA.5