Day: June 17, 2023

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Trillions of VND expected to move into property market

Recent interest cuts by the State Bank of Vietnam (SBV) could send trillions of VND in savings into the property market, according to the Vietnam Association of Realtors (VARs).

This could send investors hunting for good deals in the property market despite the tightening of monetary policies by the central bank and recent downturns in the market. The flow of capital could give a lifeline to the market, as well as dozens of industries including construction materials, machinery, equipment, furniture, and labour that are traditionally dependent on property sales.

There have been signals from the government that starting from the second quarter of 2023, additional policies will take place to provide additional money to the market.

In the meantime, local authorities have been told to step up efforts in resolving legal bottlenecks to allow property projects to take off. This time around, according to the association, developers have taken steps to address the market’s demand.

Factors that favour the market’s recovery include reduced interest rates, a move by commercial banks that have allowed developers access to much-needed capital injections, and where to start new projects or to finish ongoing ones.

Nguyen Van Dinh, Chairman of the VARs, said with credit room starting to open up and additional capital flowing into the market could look at a recovery phase in the near future. Traditionally, he added, properties were the preferred investment channel among Vietnamese investors that often yielded higher returns than others.

He said now could be a good time for investors to start looking for good deals as prices have had time to cool down significantly during last year.

According to the association, the tightening of monetary policy by the central bank and the government have shown signs of slowing down and could start opening up as soon as the second quarter of 2023.

Capital inflow could also be expected by the third quarter, he said.

Last year, total deposits by businesses and individuals in the banking system reached 900 trillion VND with individuals accounting for more than 565 trillion VND. The third quarter of 2023 would be a critical period as a large portion of said deposit would mature, with investors sitting on piles of cash looking for more profitable investments.

Reports from property brokers have been so far positive, with the market starting to see upticks in transactions and a higher number of requests for information by potential buyers.

Dang Quoc Viet, a representative from Smartland Real Estate Trading Floor in the northern province of Nghe An, said more prospective investors had made calls and visited his trading floor in recent weeks.

He said many had shown great interest in projects with good reputations and infrastructure, a markedly improved situation compared to last year. He added this could be a sign that investors’ confidence in the market was returning./.

Source: Vietnam News Agency

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Hai Phong calls for investment from Japan’s Chiba prefecture

A delegation of Hai Phong city led by Secretary of the municipal Party Committee Le Tien Chau paid a working trip to the Japanese prefecture of Chiba on June 16.

Governor of Chiba prefecture Toshihito Kumagai welcomed the delegation’s visit which coincided with the 50th anniversary of Vietnam-Japan diplomatic ties. He informed them about Chiba’s socio-economic situation and the Hai Phong community in the prefecture.

Chau suggested Chiba share experience in the development, management and efficient operation of seaports, towards signing cooperation agreements for future development in the near future.

At a working session with Aeon Mall group on the same day, Soichi Okazaki, Executive Officer in charge of ASEAN Business of the Company, highlighted the city’s support for the construction of Aeon Mall Le Chan Hai Phong, making it a prominent symbol in the group’s promotional activities.

He pledged that Aeon Mall will carry out even more activities in celebration of the 50th anniversary of bilateral diplomatic ties this year.

Chau suggested the Japanese giant retailer continue expanding operations in Hai Phong, with a specific goal of building the second Aeon Mall in the city.

Hai Phong commits all possible support to Aeon Mall during the project implementation process, he said.

At a working session with Senior Vice President of the Japan International Cooperation Agency (JICA) Keiichiro Nakazawa on June 15, Chau proposed JICA offer assistance to two projects on the sustainable development of the Southeast of Hai Phong in adaptation with climate change, and the construction and upgrade of medical stations in the districts of Do Son, An Lao, An Duong, Tien Lang, Kien Thuy and Vinh Bao.

The two sides also discussed the city’s proposals and JICA’s orientations to development support in the future.

Working with the Sojitz Corporation, Chau suggested the company invest in an industrial park in Hai Phong and affirmed that the city’s authorities would accompany and support Sojitz throughout the investment process.

Hai Phong wishes to cooperate with Sojitz in various areas such as deep-water ports and healthcare, he said, suggesting CEO Fujitomo Masayoshi, who is also Co-Chairman of the Vietnam-Japan Economic Committee of the Japan Business Federation (KEIDAIREN), convey Hai Phong’s projects calling for investment to Japanese enterprises./.

Source: Vietnam News Agency

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Can Tho city works to attract Japanese investment

A seminar was held in Can Tho on June 17 to call for Japanese investment in spheres where the Mekong Delta city has demands.

Speaking at the event, Vice Chairman of the municipal People’s Committee Nguyen Van Hong said Can Tho is now home to six Japanese-invested projects worth 1.35 billion USD, helping Japan rank first in the city in terms of registered capital.

The city’s export value to Japan reached 40.6 million USD in the first four months of this year, with export staples mostly being seafood, apparel, farm produce, steel and steel products, pharmaceuticals, chemicals, feather and others, while its import turnover was estimated at 9.8 million USD, with key products being pharmaceutical raw materials, fabrics, leather, machinery and equipment.

Nobuyuki Matsumoto, Chief Representative of the Japan External Trade Organisation (JETRO) in Ho Chi Minh City, said Can Tho now boasts seven universities and serves as a major human resources training centre in the Mekong Delta, making it attractive for enterprises. The city’s workforce, particularly in the field of information technology, are highly sought after for skills in digital transformation, automation, smart factories, mechanical engineering and electrical engineering.

Deputy Consul General of Japan in Ho Chi Minh City Ogawa Megumi said several Japanese firms have invested in food processing in Can Tho as the city has abundant natural resources in agriculture and aquaculture from the Mekong River.

She hoped that when the construction of expressways is completed in the future, the transportation of goods from Can Tho to Ho Chi Minh City, the largest market, will become easier./.

Source: Vietnam News Agency

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Vietnam ranks first at Abu Reikhan Beruniy International Chemistry Olympiad

Vietnam took the lead at the first Abu Reikhan Beruniy International Chemistry Olympiad after all of its eight students won medals, including four golds and four silvers, announced the Ministry of Education and Training and the Vietnam Chemistry Association.

The four golds were earned by Do Phu Quoc from Quang Nam province’s Le Thanh Tong High School for Gifted Students, Nguyen Nguyen Hai and Le Quang Truong from Nghe An province’s Phan Boi Chau High School for Gifted Students, and Nguyen Huu Tien Hung from Bac Ninh province’s High School for Gifted Students.

The silver medals went to Truong Bao Ngoc from Bac Ninh province’s High School for Gifted Students, Hoang Tien Cuong from Nam Dinh province’s Le Hong Phong High School for Gifted Students, Tran Duc Anh from High School for Gifted Students of the University of Science under the Vietnam National University, Hanoi, and Giap Vu Son Ha from Bac Giang province’s High School for Gifted Students.

The competition, designed for students under 18 years old, was organised by the Ministry of Preschool and School Education of the Republic of Uzbekistan in Khorezm region every two years starting from 2023.

In the first round, students undertook a theoretical examination consisting of seven tests within a 5-hour timeframe. In the second round, they engaged in a practical examination lasting three hours.

This year, the competition was held from June 11-17, with the participation of 15 countries. The Vietnamese delegation ranked above strong teams such as Russia, Uzbekistan, Brazil, India and Turkey./.

Source: Vietnam News Agency

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Côte d’Ivoire’s NA delegation concludes Vietnam visit

A high-ranking delegation of the National Assembly of Côte d’Ivoire led by its President Adama Bictogo left Hanoi on June 16, successfully concluding their four-day official visit to Vietnam at the invitation of NA Chairman Vuong Dinh Hue.

This was the highest-level delegation and Bictogo was the first President of the Côte d’Ivoire NA to have visit Vietnam in 48 years.

While in Vietnam, Bictogo laid a wreath at the Monument to Heroic Martyrs; visited President Ho Chi Minh’s stilt house in the Presidential Palace; paid a courtesy call to President Vo Van Thuong; met with Prime Minister Pham Minh Chinh; attended an official welcome ceremony and held talks with NA Chairman Hue, and joined an official banquet.

At the meetings, Bictogo suggested the two legislatures play a motivating role in further leveraging advantages in various sectors such as agriculture. Vietnamese enterprises could establish cashew processing factories in Côte d’Ivoire while all possible support will be offered to Vietnamese experts to train workforce in rice cultivation and mechanisation in the African country. He also mentioned the possibility of Côte d’Ivoire’s import of mechanical products from Vietnam.

He called for Vietnam’s assistance in vocational training for young people of Côte d’Ivoire, particularly in the fields of computer science, mechanics, and electronics, adding that both sides should facilitate convenient travel between the two countries via establishing direct flight routes.

Agreeing with Bictogo’s proposal, Hue affirmed that Vietnam is ready to serve as a bridge for Côte d’Ivoire’s goods to penetrate the ASEAN and Asian markets, as well as work with Côte d’Ivoire to increase the import of cashew nuts, cotton, cocoa, and especially to maintain and develop cooperative value chains in cashew cultivation, processing and export. Efforts will be made to boost information exchange, trade promotion, investment, strengthen connections between associations, businesses, and diversify products for exchange.

Côte d’Ivoire should expand the imports of products of Vietnam’s strength such as seafood, fertilizers, apparel, footwear, household appliances, construction materials, electronics and machinery, he said.

Vietnam is ready to offer all possible support for Côte d’Ivoire enterprises to do business in the Southeast Asian country and vice versa, Hue said, adding that to achieve this, cooperation in the banking sector is needed.

He urged Côte d’Ivoire to promptly respond to the draft Memorandum of Understanding on economic and trade cooperation and designate responsible authorities for the bilateral trade agreement with Vietnam. He also asked for active negotiations toward the signing of cooperation documents, thus creating a legal framework for economic, trade and investment activities.

Both sides vowed to facilitate exchanges between leaders, agencies and deputies of the two parliaments to share professional experience; monitor the effective implementation of international conventions and agreements signed by the two governments; support and boost connectivity and coordination between enterprises, as well as provide all possible assistance for businesses and citizens to do business stably in each nation.

On regional and global issues of mutual concern, they highlighted the continued utilisation of close coordination mechanisms in multilateral forums such as the United Nations, the Inter-Parliamentary Union (IPU), and the Parliamentary Assembly of the Francophonie (APF).

During the visit, the Côte d’Ivoire delegation held working sessions with several Vietnamese ministries, agencies and localities. They also visited the NA House in Hanoi and Ha Long Bay in Quang Ninh province./.

Source: Vietnam News Agency

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President pays working trip to Phu Quy island district

President Vo Van Thuong on June 17 attended a flag-saluting ceremony at a sovereignty flag pole on Phu Quy island, an island district of the south central province of Binh Thuan.

The pole is one of the sovereignty flag poles built on outpost islands from the North to the South as part of projects launched by the Central Committee of the Ho Chi Minh Communist Youth Union, the Association of Vietnamese Students and the Bank for Investment and Development of Vietnam (BIDV).

Later, President Thuong planted a bang vuong (square-fruit Malabar Almond) tree which symbolises the strong spirit, vitality, and unwavering love for the Fatherland, its seas and islands.

Also in Phu Quy island district, the President visited and presented gifts and over 1,000 national flags to local fishermen.

He also handed over gifts to officers and soldiers of Radar Station 55 of Battalion 292, Division 337 of the Air Defence – Air Force stationed on Phu Quy island.

Talking with the Party organisation, administration, officers, soldiers and people of Phu Quy island district, the State leader praised them for building Phu Quy into the first new-style rural district of Binh Thuan and the second island district nationwide to achieve the status.

The President stressed the need to clearly define the task of ensuring defence and security of and firmly safeguarding Phu Quy island as a top priority of the Party organisation, officers, soldiers and people of the island district along with economic development.

Phu Quy must implement well the task of the rear and an important transshipment point for Truong Sa and DK1 platform and serve offshore fishing vessels, he said.

Apart from stepping up the adoption of sci-tech in fishing, seafood preservation and processing, Phu Quy island needs to pay special attention to the development of tourism as a spearhead industry, offering diverse and quality tourism products and services that reflect the local unique identity, he said./.

Source: Vietnam News Agency