Urban development

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?

The Cambodian People’s Party (CPP) convenes its extraordinary congress on January 28-29. (Photo: AKP/VNA) Phnom Penh (VNA) – The Cambodian People’s Party (CPP) convened its extraordinary congress on January 28-29, during which it issued many important decisions and policies regarding the leadership work, as well as orientations for national development in the time ahead. In his opening remarks, CPP Honorary President Samdech Heng Samrin , who is also President of the National Assembly, said 2023 marks an end to the 2018-2023 mandate of the legislature and the government, and it will also be the beginning of a new five-year tenure. There will be a lot of work to do in the future, he said, stressing the need to join hands and make all-out efforts to win the 7th-term parliamentary election slated for July 23, 2023. The congress set out major strategic goals for the next five years which are based on wishes of the people and reflect the real situation, both … [Read more...] about Cambodian People’s Party sets out strategic goals for 2023-28

The article cited the speech by Vietnamese Minister of Plan and Investment Nguyen Chi Dung at a start-up investment forum in December 2022 as saying that in recent years, more and more FDI flows have come to Vietnam’s start-ups. In the first nine months of 2022, Vietnam's innovative start-ups attracted about 500 million USD. Over the past two years, startups have attracted nearly 2 billion USD in foreign investment, which proved that “Vietnamese start-ups are increasingly attractive to international and regional investors.” In 2021, Vietnamese start-ups raised 1.4 billion USD in investment capital, 56% higher than the level of 894 million USD in 2019. The Vietnam National Innovation Center estimates that the capital attraction capacity of Vietnamese start-ups will maintain an upward trend in 2023. Thirty-nine investment funds have committed an investment of 1.5 billion USD to Vietnam in the period 2023-2025, bringing the total investment for Vietnamese start-ups to 5 billion … [Read more...] about Vietnam joins “golden triangle of start-ups” in Southeast Asia: Hong Kong newspaper

The office reported that in the month, total import-export turnover reached 46.56 billion USD, down 17.3% over the previous month and 25% year-on-year, with exports dropping 21.3% to 25.08 billion USD, and imports falling 28.9% to 21.48 billion USD. While the domestic sector saw a trade deficit of 1.04 billion USD, the foreign-invested sector (including crude oil) posted a surplus of 4.64 billion USD. Experts attributed the result to the long New Year and lunar New Year (Tet) holidays, which were all in January, reducing the number of working days. Last year, the Tet holiday fell in February. The GSO reported that the manufacturing-processing sector earned the highest export revenue with 22.32 billion USD, accounting for 89% of the country’s total. Meanwhile, there were three goods groups with imports of over 1 billion USD. In January, the U.S. remained the biggest importer of Vietnamese goods with a revenue of about 7.6 billion USD, while China was the biggest exporter to … [Read more...] about Vietnam posts trade surplus of 3.6 billion USD in January

Under the first, the national GDP will grow 6.47%, inflation 4.08%, and export 7.21%, and export-import revenue is projected at USD 5.64 billion, heard a workshop in Hanoi on January 12. The figures are set at 6.83%, 3.69%, 8.43% and USD 8.15 billion under the second. CIEM Director Tran Thi Hong Minh said Vietnam stayed updated on assessments and recommendations last year in order to maintain macro-economic stability, rein in inflation, and facilitate reform and socio-economic recovery and development. Such efforts paid off as the national GDP grew 8.02% in 2022, the highest in the 2011-2022 period, outpacing the target of 6.5% set by the National Assembly, and inflation was curbed at 3.15%, below the 4% projected earlier, she noted. Nguyen Anh Duong, head of the CIEM's General Research Department, presented a report on Vietnam’s economy in 2022 and prospects in 2023, which said there would be more impacts on the economy this year, such as tight monetary policies adopted by … [Read more...] about CIEM sketches out Vietnam’s 2023 economic scenarios

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

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

Hanoi (VNA) – Vietnamese people in Belarus and Bulgaria have joined their compatriots in the homeland and around the world in celebrating the Year of the Cat with different activities held recently. The Vietnamese Embassy in Belarus has organised a programme attracting over 400 Vietnamese and their Belarusian relatives. This was the first mass Tet gathering of the Vietnamese community in the European country after over two years of the COVID-19 pandemic. In his remarks, Ambassador Nguyen Van Ngu informed participants about the two countries’ socio-economic situations while highlighting their traditional friendship and multifaceted cooperation. He pledged that the embassy will continue working to help the overseas Vietnamese further integrate into the local society, protect their rights and legitimate interests, develop the community, and contribute to the homeland. A similar celebration has also been held by the Vietnamese Embassy in Bulgaria. Ambassador Do Hoang … [Read more...] about Vietnamese communities in Belarus, Bulgaria hold Tet celebrations

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

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