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In early April, the Board of Directors at Nam Viet JSC, a seafood producer in the southern region, gave the nod to the decision on dissolving Nam Viet Real Estate Co., Ltd. This company, based in Long Xuyen city in the Mekong delta province of An Giang, was founded in March 2022 to operate in real estate. Real estate might not always prove a fertile venture At the inception, the company had $3.5 million in chartered capital, which was scaled down to around $391,300 in mid-June 2022 before terminating operation in the recent past. At the company’s 2022 general annual shareholders meeting in June, CEO Doan Toi told shareholders that the company owned land, and that they would unveil two real estate projects later in the year, and another two in 2023. Last year, Nam Viet set an ambitious pre-tax profit target of VND1 trillion ($43.4 million) compared to a mere $6.5 million pre-tax profit posted in 2021, and committed to maintaining its profit in the range of a … [Read more...] about Core business key as companies pull out of real estate

Le Quang Vinh, deputy director of Sacombank’s capital resources and foreign exchange division, receives The Asset Triple A Treasurise award in the “Best in Treasury and Working Capital (SMEs)” category for Viet Nam. — Photo courtesy of the bank Sacombank has won the 2023 The Asset Triple A Treasurise award given by Hong Kong magazine The Asset in the “Best in Treasury and Working Capital (SMEs)” category for Viet Nam. It is for a second year in a row that Sacombank is winning this award by meeting all criteria in terms of business performance, customer support solutions and customer reviews. Sacombank’s strengths include abundant foreign currency liquidity, multi-currency payment capability along with an extensive transaction network in Viet Nam, Laos and Cambodia and a modern, safe and secure technology platform. It thus meets all customers’ trading needs in spot, forward, swap, and options transactions in a timely manner and at competitive rates and with flexibility and … [Read more...] about Sacombank wins award for treasury, working capital excellence

Asia’s increased borrowing in recent decades has augmented the region’s exposure to rising interest rates and heightened market volatility, said the International Monetary Fund (IMF). According to the IMF’s latest report on May 25, over 18 per cent of Vietnamese enterprises were found to have an interest coverage ratio (ICR) below one, indicating a high risk of default as of June 2022. Additionally, 18.32 per cent of companies had an ICR between 1-4, making them vulnerable to increased borrowing costs, while 63.36 per cent had an ICR of four, signalling a good debt repayment capacity. The report attributes the heightened risks to the rising cost of borrowing, as central banks tighten monetary policies and increase interest rates to combat inflation. Despite maintaining growth rates, companies face significant pressure due to higher borrowing costs, reducing their ability to repay debts. As of mid-2022, 17 per cent of Asia’s corporate debt was held by firms with interest … [Read more...] about IMF highlights rising debt risks for Asian companies

Transformative travel experiences at Banyan Tree Lang Co This year, celebrating its 10-year milestone, Banyan Tree Lang Co unveils new travel experiences, from finding new perspectives of travel through the innovative biodiversity programme, and discovering the finest Thai cuisine at the award-winning Saffron restaurant, to offering a brand new villa: the three-bedroom Seaview Pool Villa. Perched on the Truong Son mountain range, the newly launched villa brings unparalleled luxury to Central Vietnam, offering a spacious heated infinity pool, three bedrooms with floor-to-ceiling sliding glass, and an exquisite private living space featuring an artful interior design inspired by Vietnamese traditions. As a part of the “Stay For Good” initiative of Banyan Tree Group, the new on-site biodiversity initiative inspires and motivates guests to immerse themselves in the natural beauty at Banyan Tree Lang Co, featuring a transformative bird watching experience and the innovative Bird … [Read more...] about Transformative travel experiences at Banyan Tree Lang Co

Operating for 14 years in the country, British University Vietnam (BUV) has asserted its position, quality, and outstanding reputation in the education sector by continuously improving the quality of its training, demonstrating the international standard and value of British higher education. BUV pledges investment in quality education in Vietnam BUV, located in Ecopark 14km from the centre of Hanoi, is the first and only university in Vietnam and ASEAN to have been awarded accreditation from the Higher Education Quality Assurance Agency. To earn the recognition of quality, BUV has completed the International Quality Review, a rigorous procedure which benchmarks global higher education institutions against the United Kingdom’s international quality assurance standards, with the university achieving the highest level of performance in all 10 categories and outstanding accomplishments in all academic aspects. BUV is also the first and only university in Vietnam to be … [Read more...] about BUV pledges investment in quality education in Vietnam

Currently, land rents in IPs in Vietnam are roughly 20 per cent less than in Thailand and Indonesia, according to Vu Minh Chi, senior manager of Industrial Services at Colliers Vietnam. "The reason is the quality and diversity of this market is inadequate," remarked Chi. Land tax has been reduced by 30 per cent this year, and it is proposed that the VAT rate be reduced to 8 per cent to support production enterprises. All showcase the appealing qualities of industrial real estate in Vietnam. Vietnam is still considered an attractive investment destination. According to the Foreign Investment Agency, the total registered foreign investment capital in Vietnam reached nearly $8.88 billion in April, representing an increase of 82.1 per cent on-year. The figure includes750 new projects receiving investment registration certificates, with a total registered capital of more than $4.1 billion. In addition, 386 projects were registered to modify investment capital, an increase of 19.5 per … [Read more...] about Vietnam’s industrial rents are rising swiftly

Singapore’s Defence Minister Ng Eng Hen (R) and his US counterpart Lloyd Austin on the sidelines of the 20th Shangri-La Dialogue. (Photo source:mindef.gov.sg) Singapore - Singapore’s Defence Minister Ng Eng Hen had a meeting with his US counterpart Lloyd Austin at the Shangri-La Singapore hotel on June 2, during which the two sides affirmed their commitment to continue seeking opportunities to promote bilateral defence cooperation. The Singaporean Ministry of Defence’s press release stated that Minister Ng Eng Hen expressed appreciation for the US' long-standing support for the Singapore Armed Forces' training in the US, including the basing of the Republic of Singapore Air Force's (RSAF) training detachments there. By VNA … [Read more...] about Singapore, US agree to enhance defence cooperation

In India, the world's third-largest aviation market, Prime Minister Narendra Modi's government recently decided not to allow lessors and vulture funds to withdraw aircraft, request de-registration and force the export of aircraft. According to Cirium, a data and advanced analytics solutions provider for the aviation industry, India is one of the world's top large aircraft leasing markets. Up to 75 per cent of aircraft were delivered to India in the form of sales and lease back contracts between 2018 and 2022, much higher than the world average of 35 per cent. The move by the Indian government comes after Go First Airlines filed for bankruptcy protection, shutting down on May 3. Lessors had requested to deregister and withdraw 54 aircraft from Go First Airlines. Three businesses that lease aircraft to SpiceJet, another Indian airline, also submitted an application to the Civil Aviation Authority of India in early May, requesting the de-registration of four SpiceJet aircraft. The … [Read more...] about Indian government protects aircraft fleets from unscrupulous lessors

On June 3, the Vietnam Sport Economy Summit 2023 took place in Hanoi with the coordination of the Vietnam Sports Administration (VSA), Central Committee’s Economic Commission and Vietcontent. Speakers at the Vietnam Sport Economy Summit 2023 on June 3, 2023 The first Vietnam Sport Economy Summit 2023, with the theme Unleashing the potential of the sports economy in the renovation period, included three discussions around the issue of cash flow in sports. Topics specific to each session included the business of sport and the central role of the league; professional sports leagues and related matters; as well as sports tournaments, school sports and related issues. The speakers gave views, opinions, and shared experiences on issues related to the management and development of Vietnam's sports economy both now and in the future. Dang Ha Viet, chairman of the Vietnam Sports Administration, said that the globalisation of the sports economy was increasingly developing in … [Read more...] about Vietnam Sport Economy Summit 2023

The fifth plenary session of the 15th National Assembly has discussed and approved a number of important draft bills, including three new amendments to regulations that have significant impacts on the tourism industry in Vietnam. These policies are expected to boost the recovery and development of the tourism sector. Martin Koerner - Chairman EuroCham Vietnam’s Tourism and Hospitality Sector Committee The first law is to extend the visa exemption duration from the current 15 days to 45 days for citizens of countries that currently can travel to Vietnam visa exempt, including France, Germany, Italy, Spain, the UK, Japan, South Korea, Norway, Finland, Denmark, and Sweden. This law aims to attract more tourists from these key markets and encourage them to stay longer and spend more here. The second law is to expand the list of countries eligible for e-visa from 46 to 80, including markets such as India, Brazil, Mexico, and Argentina. The e-visa allows visitors to apply … [Read more...] about The future of tourism in Vietnam new visa policies and beyond