Food company Meiji recently announced the establishment of Vietnam operations with a charter capital of JPY200 million (US$1.8 million) to import and sell infant formula. Vietnam has around 1.5 million births a year, 70 percent more than Japan, and the number is projected to grow, it said. Conglomerate Sojitz Corporation has tied up with Vietnam Livestock Corporation, a subsidiary of dairy giant Vinamilk, to import, process and sell beef in Vietnam. Vietnamese consume nearly 500,000 tons of beef a year, half of Japan’s, and the figure is set to rise with a growing population and increasing incomes, it said. In November retail chain Muji opened its first outlet in Ho Chi Minh City’s District 1. Pharmacy chain Matsumoto Kiyoshi opened its first outlet in HCMC in October and plans to have 10 in the next three to five years. Fashion brand Miki House opened its first store in Ho Chi Minh City last year and is preparing to open one in Hanoi. Existing retail brands are expanding. Aeon opened a mall in Hai Phong City in December, its sixth in the country, and plans to have 20 by 2025. In March fashion brand Uniqlo opened its seventh outlet in the country in HCMC. Hirai Shinji, chief representative of the Japan Trade Promotion Organization in HCMC, said in recent years there has been increasing Japanese investment in non-manufacturing sectors in Vietnam. For decades Japan has been a major investor in Vietnam, and was second only to South Korea as of last year with total investment exceeding $60 billion, and global names like Honda, Toyota, Panasonic, and Canon have factories in the country, he said. But investors’ focus seems to have changed in recent years, with the growing income of Vietnamese becoming an attraction, and many Japanese companies seeking to serve the expanding middle class in Hanoi, HCMC and other places, he said. The country’s rapid economic growth and success in containing the Covid-19 pandemic are also major factors in …
Seeing opportunity where others dont
What expats in Vietnam like about Tet
Expats living in Vietnam shared with Tuoi Tre New s some of their impressions, both positive and negative, about the Lunar New Year, or Tet holiday, in the country. ‘I like to give red envelopes’ I love the decorations and energy of my friends and colleagues during Tet. Everyone is very excited, especially the children at school who are always asking me “teacher, luck money lucky money!” I also really enjoy going into the markets in District 1 and watching people taking photographs in their traditional ao dai . I have never celebrated Tet with my Vietnamese friends as it seems to be a very family-orientated holiday, but I like to give red envelopes with lucky money to people who I see regularly and would like to show thanks to. This year I plan to spend Tet holiday outside of Vietnam, taking my mum to visit the temples of Angkor Wat in Cambodia and the city of Bangkok in Thailand. This is the longest holiday I get off work so I like to explore different countries. Going on holiday during Tet is great because it is the longest length of time most expats get off work - this makes it the perfect time to go travelling! But it’s always nice to spend time at the start or the end of Tet in Vietnam so you can soak up the atmosphere, maybe try some of the traditional Tet foods and give out lucky money. The weather is great in Vietnam during this time of year so I would highly recommend people to stay and travel in Vietnam during Tet. Last year I spent a few days in Ho Chi Minh City at the end of Tet and found that the city was really quiet! Lots of my local street vendors and restaurants were closed but it was really nice to drive around the city with hardly any traffic and lots of beautiful blue skies. Some of my friends have travelled in Vietnam during Tet and told me that things like restaurants and hostels tend to stay open in more touristy places like Hoi An, with the exceptions of tours which may not be running. A downside to travelling during …
Delayed Law on Land holding up real estate
A new Law on Land is needed, but it could take a good three years for a new itineration. Photo: Le Toan According to previous proposals, the Law on Land 2013 was to be revised at some point after the 13th National Party Congress. A new law was to be considered within the year, with the National Assembly able to discuss the revised draft by the end of 2022. If all goes to plan, the revised law would then need at least three years before being approved. Simultaneously, and with the party congress now in the rear view mirror and a new government in the process of taking the reins, a summary report of the implementation of the 2013 land law is being led by the Ministry of Natural Resources and Environment (MoNRE), involving every ministry and local authority. The summary report will be sent to the government and submitted to the National Assembly in the second quarter of 2023 the latest. According to Dang Hung Vo, former deputy minister of Natural Resources and Environment, the current Law on Land contains conflicts with many other laws such as those on housing, real estate business, forestry, zoning, and public asset management. “The overlap among those laws is the main reason for limiting the new supply for the real estate market as demand continuously increases. This leads to rocketing price increases and speculation which makes the market unstable,” Vo said. Meanwhile, the weakness of the current Law on Land has also created struggles for administrative policies and implementation of land issues, especially in compensation. Talking with VIR, Lim Hua Tiong, CEO of Frasers Property Vietnam expressed that a revised land law is necessary to enhance the flow of foreign investment to Vietnam – and that means a law with shorter processes, clearer and less complicated regulations, and elimination of conflicts with other laws that would all help investors make faster decisions and open up major chances for their success in Vietnam. “It must offer equal …
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