The legislation aims to address long-running grievances from foreign businesses, but the US and European chambers of commerce have voiced concerns that they were not given enough time to give their input. The National People's Congress voted 2,929 in favour of the law -- with eight against and eight abstentions -- barely three months after a first draft was debated, an unusually quick turnaround for the legislature, which meets once a year. The move comes as U.S. and Chinese negotiators have held complex talks aimed at resolving a months-long trade war that has pounded businesses with tariffs on $360 billion in two-way commerce. U.S. President Donald Trump said Thursday the negotiations should wrap up within four weeks, adding: "We are getting what we have to get." China's top trade negotiator, Liu He, held phone talks with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer, with the official Xinhua news agency saying they made "substantial … [Read more...] about China approves foreign investment law, possible US olive branch
Fail safe investing
In Saigon, supply fails to meet demand for mid-range apartments
Data compiled by Savills Vietnam, a global property services provider, shows transactions for apartments priced under VND20 million ($860) per square meter surged 38 percent year-on-year in the second quarter to 2000. However supply in this segment dropped 8 percent during the same period. CBRE Vietnam, a commercial real estate services and investment firm, said more than 6,100 new apartments were put on sale in the city in the second quarter, down 36 percent year-on-year. The strongest decrease of 62 percent was recorded in the mid-range segment -- apartments ranging between VND18.6-34.9 million per square meter (as defined by CBRE Vietnam). Explaining the supply shortage, CBRE Vietnam cited the deadly fire at the Carina apartment complex last March that killed 13 people, which prompted authorities to tighten their management of all such development projects, leading to more complicated and longer procedures. The fire also caused property investors to be more cautious in launching … [Read more...] about In Saigon, supply fails to meet demand for mid-range apartments
Safe fruit & vegetables struggling to find favor
Producers of safe fruit and vegetables are still up against it in trying to eke out a respectable market share. Nearly 100 km from Hanoi, the safe tomato farm of the Green Technology JSC in Yen Khanh district, northern Ninh Binh province, regularly disposes of rotten tomatoes it has failed to sell. According to Chairwoman Ms. Le Thi Dung, the quantity of tomatoes produced often exceeds demand from distributors, with those being left over rotting after a few days. The issue not only faces Green Technology, as farmers in nearby Hai Duong province and Me Linh district in Hanoi also see large quantities of cauliflower and carrots go to waste, with oversupply also pushing prices down sharply. Increasing numbers of Vietnamese people are now willing to buy safe organic food but supply and demand is significantly out of balance at times, creating serious challenges for enterprises involved in safe agriculture. Ongoing difficulties The greatest difficulty for Ms. Dung … [Read more...] about Safe fruit & vegetables struggling to find favor
Alternative investment opportunities in Việt Nam
Viet Nam News by Brian Spence This week, we take a look beyond shares and bonds at some of the more unusual and potentially lucrative alternative investment opportunities. “Alternative” investments is a catch-all term for anything that is not shares, bonds, mainstream property or cash. Beyond these traditional asset classes, Vietnamese investors can invest in everything from stamps and fine wine. Of course, the fact that alternative investment opportunities exist does not mean these investments are safe or advisable. Before you even consider an alternative investment opportunity, you need to understand the risks. When you’ve understood some of the dangers, take a look at some of the alternative investment ideas below. All of them are available to Vietnamese investors, although not all are Việt Nam-based. We’ve put them roughly in order of risk, starting with the “safest” and ending with those you should definitely steer clear of. This is … [Read more...] about Alternative investment opportunities in Việt Nam
Social News 30/3
Fire threat stalks Bình Dương wood workshops Many woodwork plants in Bình Dương Province face a high risk of fire since they lack proper prevention equipment. —Photo: thanhnien.vn With the year just three months old there have already been fires at many wood processing workshops in Bình Dương Province, which have caused injuries to people and damaged properties. Recently there have been several fires in Tân Uyên town that caused serious damage with thousand of square metres of workshops burnt down and several businesses going bankrupt as a result. In February a fire destroyed a 1000sq.m facility belonging to Mỹ Nghệ wood processing workshop in Thuận An town. The province has more than 600 woodwork facilities, but only 10 per cent of them have effective fire prevention equipment. Though losses caused by fire are huge, most businesses, with an eye on cost, fail to invest in fire prevention equipment. … [Read more...] about Social News 30/3
Hydropower dam breach risk remains high
Hydropower dam breach risk remains highNgoc Lan By Ngoc Lan - The Saigon Times Daily HANOI - Local citizens are facing the risk of hydropower dam breach despite the availability of many legal documents and directives on safe hydropower plant operations and reservoir operation processes, said delegates at a meeting in Hanoi City on August 6. Hydropower dam safety has become a topic of public debate after a hydropower dam in the Central Highlands province of Gia Lai broke open again last week, causing flash floods that destroyed hundreds of hectares of crops and caused huge asset damage for locals. Speaking at a meeting organized by the Ministry of Industry and Trade, Nguyen Ngoc Hoi, vice chairman of Thanh Hoa Province, urged the Ministry of Natural Resources and Environment to issue regulations in the operation processes of dams for Hua Na and Cua Dat hydropower plants. Local residents in six to seven districts would be at risk when the stormy season comes. Dang Huy Cuong, director of … [Read more...] about Hydropower dam breach risk remains high
SBV gold policy fails to restore market: expert
SBV gold policy fails to restore market: expertBy Thanh Thuong - The Saigon Times DailyHCMC – A policy tentatively set up by the State Bank of Vietnam to regulate the local gold market has not paid off, as locals still have to buy the precious metal at some VND3 million per tael higher than the global price, an expert said.Nguyen The Hung, general director of Vietnam Gold Investment and Trading Corporation (VGC), said the central bank’s moves had failed to make local and international gold prices match but the gap has increasingly swollen. Previously, the central bank in a draft decree that has been published widely aimed to narrow the gap to VND400,000 a tael. Saigon Jewelry Holding Co., (SJC) and other lenders have sold out a large volume of the safe-haven asset to cool down the rising demand among the public over the past few days. Regardless of this effort, the purchasing power by local buyers is so strong that the local price has found no way to fall in sync with the … [Read more...] about SBV gold policy fails to restore market: expert
Social News 16/1
Fire destroys thousand sq. meter wood factory in Dong NaiA huge fire suddenly occurred at a wood factory of Shing Mark Company in Bai Xep Industrial Park, Trang Bom district, Dong Nai at midnight on January 15. Because materials inside the wood factory are easily ignited, the flame quickly spread out causing the firefighters to meet difficulties in order to access the site and localize the fire. By 5am today, the blaze was extinguished.The initial information showed that there was no death in the fire; however, the flame destroyed thousand sq. meter factory and burnt wood materials inside the factory. At present, the functional agencies have investigated the cause of the fire. HCM City ensures traffic safety for TetThe Ho Chi Minh City Traffic Safety Committee has deployed various measures to ensure traffic safety and order in the city before and during the Tet (Lunar New Year) holiday.Nguyen Ngoc Tuong, deputy chief of the committee, said, “The campaign aims to … [Read more...] about Social News 16/1
BUSINESS IN BRIEF 15/1
Leather, footwear sector targets 20 bln USD in export earningsVietnam sets a target of earning between 19.5 - 20 billion USD from leather and footwear exports in 2018, up 10 percent from 2017, heard a conference in January 12.According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is expected to grow 5 percent from last year, with the localisation rate reaching 55 percent. Footwear and handbags will remain Vietnam’s top four and 10 exports, respectively.Addressing the event, LEFASO Vice President Phan Thi Thanh Xuan highlighted positive signs in the world’s economy and increasing consumption demand, saying that these create both favourable conditions and challenges to Vietnam in exports and investment.In order to help Vietnamese exporters realise the target, the association will actively participate in relevant policy making while luring foreign and domestic investment in support industry, thus increasing the … [Read more...] about BUSINESS IN BRIEF 15/1
BUSINESS IN BRIEF 9/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1