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In this year’s latest update to FTSE Russel’s Country Classification, which is released in September, the country remains in the watch list. "Progress has been slower than anticipated, in part due to Covid-19," the U.K. stock analytics provider said. The country has also yet to meet the settlement cycle criterion, which is currently rated as "restricted" due to the practice of conducting a pre-trading check to ensure funds are available. It said further that improvements to the process of registering new accounts are required, as is the introduction of an efficient mechanism to facilitate trading between non-domestic investors in securities that have reached, or are approaching, the foreign ownership limit. The State Securities Commission has however demonstrated renewed energy in seeking a workable solution that would remove the need for pre-funding, FTSE Russel said. "Finalization of the required roles and responsibilities, within the settlement model, that are aligned to … [Read more...] about Vietnam continues to wait on upgrade from frontier stock market

Speaking at the opening of the event held in Quang Ninh Province, he emphasized the importance of developing science, technology and innovation. Hundreds of delegates from ministries, businesses and production units and scientists were in attendance to learn about breakthrough technologies and solutions. Before the opening, Deputy Prime Minister Tran Luu Quang, Dat, other Party and state leaders, their counterparts from the Quang Ninh Province Party Committee, People's Council and People's Committee, and ministry and other officials visited the booths set up at an exhibition that is part of the event. Nearly 200 booths showcased technological devices and solutions. Quang called for ensuring products are also competitive in terms of prices. "The product might be good, but the price must also be lower than in foreign markets," he said while visiting the booth set up by auto company Thanh Cong Group. Minister of Science and Technology, Huynh Thanh Dat speaks at the … [Read more...] about Technology is foundation for Vietnam’s rapid, sustainable development: minister

The index closed 1.7% points higher. It has dropped nearly 39 points this week. Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 12% to VND13.96 trillion ($575.20 million). The VN30 basket, comprising the 30 largest capped stocks, saw 10 tickers gained. VIC of private conglomerate Vingroup rose 4.1%, followed by BCM of Becamex Investment and Industrial Development with a 3.4% increase. VRE of retail real estate arm Vincom Retail rose 2.6% and VPB of private lender VPBank closed 2.4% higher. Fourteen blue chips fell. CTG of state-owned lender VietinBank lost 2.6% and SSI of leading brokerage SSI Securities Corporation dropped 1.5%. Foreign investors were net sellers to the tune of VND537 billion, mainly selling CTG and VCI of Viet Capital Securities. The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.79% while the UPCoM-Index for the Unlisted Public Companies Market gained 0.38%. … [Read more...] about VN-Index steadies after stormy week

International tourists are becoming increasingly drawn to Ho Chi Minh City. (Photo: VNA) Hanoi (VNA) – International tourists are becoming increasingly drawn to Ho Chi Minh City where they can discover its vibrant blend of cultures through standout tours. Of the total 25 million tourist arrivals that the city hosted during January – August, there are nearly 3 million foreigners, up 105.2% year-on-year. Local tourist sites such as Ben Thanh Market , Sai Gon Central Post Office , and the War Remnants Museum have been favoured among the visitors. Zuzanna Henel and Klaudia Witkowska from Poland said they are impressed by the “Biet dong Sai Gon” (Sai Gon Special Task Force) tour developed by Vietluxtour, during which they got a better understanding of Vietnam’s war time as well as stories about Sai Gon heroes. Visiting HCM City for the fourth time in ten years, Allan Andersen from Demark said he wants to enjoy walks along the streets as well as local foods such as … [Read more...] about HCM City increasingly appealing to foreign visitors

Lam Ngo Hoang Anh, office chief of the Department of Culture, Sports and Tourism, told a city meeting on Thursday that as a national relic, the deteriorating opera house needs a renovation to preserve it and maintain the municipal icon that attracts foreign visitors as a venue for major cultural events. The most important requirement for the renovation project is to ensure the original architectural integrity of the historic building. The project will take three years to complete. The facade of the Saigon Opera House. Photo by VnExpress/Quynh Tran During the time the project is underway, the Opera House will continue to function normally as the restoration work will be conducted in phases. L'Opera de Saigon was designed by French architects in the Flamboyant style, a phase of late Gothic architecture from 15th-century France and Spain. The building was completed in 1900. The 500-seat building used to serve as the parliament of the Republic of South Vietnam. … [Read more...] about Saigon Opera House to get $13.8M facelift

Chairman Huynh Quang Hung announced Thursday that he has asked the People's Supreme Court in Ho Chi Minh City to reject a previous decision made by the People's Court in Kien Giang Province, home to Phu Quoc Island. The Kien Giang court ruled last month that chairman Hung violated regulations on coercive demolitions of illegally construction projects when deciding to take down two villas owned by Vu Dinh Khanh and Le Xuan Hong. Khanh and Hong sued the chairman of Phu Quoc, Vietnam's largest island, for causing them asset losses when dismantling villas against the rules. Kien Giang authorities deployed a team to inspect the encroachment of public and forest land on Phu Quoc Island back in early 2022. The inspectors later discovered 2,300 violations, including illegal building of 79 villas, including those of Hong and Khanh. As decided by the province, Phu Quoc had to take down those illegal villas. According to the verdict, Khanh and Hong had built their villas on land … [Read more...] about Villa owners sue Phu Quoc chairman for forced demolitions

At around 2:30 a.m. the Thanh Buoi company bus was traveling on Highway 20 carrying passengers from Ho Chi Minh City to Lam Dong Province when the accident occurred. Police in Dinh Quan District of Dong Nai said the sleeper bus driven by Hoang Van Tinh, 37, had strayed into the wrong lane and onto oncoming traffic after it had "unsafely" driven past a pickup truck, hitting the truck's head. A representative from the Department of Roads under the Transport Ministry said the sleeper bus was running at 69 kph right before the crash, while the permitted speed on the road section is 50 kph max. The van's driver, Nguyen Van Canh, 34, and three passengers in the van died. Its other five passengers were rushed to hospital, two with severe injuries. At the time of the accident, it was raining lightly. Vu Thanh Long, who was driving along the road when the accident took place, said when he approached the scene he saw the van had been pushed off the road and its driver had been flung … [Read more...] about Speeding passenger bus crashes into van, kills 4