The new decree will supersede Decree No.24/2012/ND-CP and get rid of certain conditions for companies that make gold jewellery. Decree No.24 confers on the Government a monopoly on gold bullion production and import and export of the metal. It classifies bullion trading as a conditional business requiring institutions and individuals to obtain a license from the central bank. To get a licence they should have a capital of at least VND100 billion (US$4.7 million), a distribution network covering at least three provinces or centrally-administered cities, at least two years experience in the gold trade and paid taxes on gold trading of over VND500 million (US$23,800) for at least two years when the business was not restricted. Before Decree No.24 was issued, gold deposits and loans by banks had been stopped in November 2012 under the central bank’s Circular No.11/ 2011/TT-NHNN. Before 2012, the gold market had been very volatile. Banks’ acceptance of gold deposits and … [Read more...] about New SBV decree to ease gold trading regulations
New
NA puts new textbooks on hold
NA puts new textbooks on holdVan Ly HANOI – The National Assembly (NA) has passed a resolution delaying the implementation of a project to introduce new textbooks and curriculums at elementary and secondary schools. Around 91% of NA deputies present at the meeting in Hanoi City on November 21 voted in favor of the resolution. Before the resolution was passed, Phan Thanh Binh, chairman of the NA Committee for Culture, Education, Youth, Adolescents and Children, read a report on comments on the draft resolution at a NA meeting on November 2. He said a majority of deputies agreed to put off curriculum and textbook changes until 2020. Accordingly, elementary schools will apply new curriculums and textbooks in the 2020-2021 school year. Students at junior high schools will adopt them in the 2021-2022 academic year and those at senior high schools will follow suit in the following school year. … [Read more...] about NA puts new textbooks on hold
Metropole Hanoi has new general manager
Metropole Hanoi has new general managerHoang Phong The Sofitel Legend Metropole Hanoi has announced William J. Haandrikman as its new general manager. Haandrikman, who has 25 years of experience in the hospitality industry including senior management positions in luxury hotels in Amsterdam, Brussels, New York and Moscow, will also serve as area general manager of AccorHotels in North Vietnam. Previously, Haandrikman served as general manager of Thailand’s Sofitel Bangkok Sukhumvit and assumed various senior management roles within the Sofitel brand in Paris, Vienna, Shanghai and Bangkok. He is a graduate of hotel management from Glion University in the Netherlands and the Executive Management Program at Cornell University in the USA. … [Read more...] about Metropole Hanoi has new general manager
New optic cable line to improve Internet traffic
New optic cable line to improve Internet trafficVan Ly HANOI – Vietnam’s international Internet traffic will improve a lot thanks to Asia-Africa-Euro 1 (AAE-1), a new international submarine fiber optic cable line which will be operational this month. AAE-1 costs a total of US$820 million, contributed by 20 telecom companies in 18 countries through which the fresh cable system passes. The 23,000-kilometer line connects Vietnam to many parts of Asia, Africa, and Europe. Viettel deputy general director Le Dang Dung said that the group has invested US$50 million in the new cable line which can serve as a backup for the operational subsea cable lines which Viettel and other service providers have been relying on, including Asia-Pacific Gateway (APG), Asia-America Gateway (AAG) and IA. AAE-1 links Vietnam with Malaysia, Singapore, India, Pakistan, Egypt, Europe and Africa while APG, AAG and AI connect Vietnam to Hong Kong, Taiwan, the Philippines and the U.S. Therefore, AAE-1 … [Read more...] about New optic cable line to improve Internet traffic
HCMC to have 3,500 new hotel rooms by 2020
HCMC to have 3,500 new hotel rooms by 2020Dao Loan HCMC – HCMC will have 13 fresh mid- and high-end hotels with 3,500 guest rooms in the next three years, according to a survey of Jones Lang LaSalle (JLL), a professional services and investment management firm. Ascott Waterfront Saigon Hotel will be inaugurated this year with 217 rooms, Citadines Regency Saigon Hotel with 200 rooms, Vinpearl Hotel with 450 rooms and Holiday Inn & Suite Saigon Airport with 350 rooms. Majestic Hotel will be expanded with an additional 325 rooms. In 2019, Dragon Tower and Hilton Saigon will put 120 and 350 luxurious rooms into service respectively. Okura Prestige Saigon and Ritz-Carlton Saigon will put into use 500 high-end rooms by 2020. JLL said the presence of many international and domestic luxury hotel brands in the city has fueled strong competition. Meanwhile, the number of mid-end hotels is still small, with some brands available on the market such as A & Em, Alagon, … [Read more...] about HCMC to have 3,500 new hotel rooms by 2020
Fashion at a new underground shopping center
Fashion at a new underground shopping centerCam Anh The New Playground is a unique shopping center which has been recently launched in the basement of a building in city downtown. The site which covers an area of 1,000 square meters is a hub of 40 fashion and accessory stores and coffee shops located at 26 Ly Tu Trong Street in District 1 in HCMC. Stores and brands are chosen carefully to feature at The New Playground. Owners of those brands like Six66, Usthebasic, Lookbook, Outfix, All ‘Bout Him, and Ssstutter are young Vietnamese people who offer their self-design products to customers. Shirts, jeans, and jackets are priced from VND200,000 to VND500,000 an item while dresses and skirts are priced from VND300,000 to VND600,000 apiece. Furthermore, the shopping center also offers fashion accessories like watches, sunglasses, and earrings and cellphone covers at the prices from VND50,000 to VND200,000 per item. There is a coffee shop offering drinks from VND25,000 to … [Read more...] about Fashion at a new underground shopping center
Saigontourist launches new river tours
Saigontourist has just put into service five new tourist boats and launched seven new river tours, taking in popular destinations in the city and neighboring areas. Tourists take a river tour on board a high-speed boat in HCMCThe tours are designed by Binh Quoi Tourist Village in conjunction with Saigontourist Travel Service Co. under the umbrella of Saigontourist, with a range of options for passengers.More noteworthy of the seven newly-operated tours are three taking tourists to sightseeing spots in HCMC and Binh Duong Province, the two most vibrant and dynamic cities in the south. Tan Cang-Binh Duong-Ben Dinh tourThe tour departs at Tan Cang tourist site at 7 a.m. and ends at 3:20 p.m., available from Thursday to Saturday, taking in some popular destinations such as Ba Son, Thanh Da Canal Bridge, Binh Loi Bridge, Lai Thieu Bridge, Tran Van Ho’s ancient house in Binh Duong, Thien Hau Lady Pagoda, Thu Dau Mot Market, Phu Cuong Church, Ben Cat Intersection, Ben Dinh Tunnel in … [Read more...] about Saigontourist launches new river tours
Businesses fear added costs as Vietnam eyes new franchise price for airline meals
Airline catering services in Vietnam may soon have to pay VND75,000 – 100,000 (US$3.3 – 4.41) per ration served under a proposed circular on franchising prices of aviation services.The draft regulation, submitted by the Ministry of Transport to the government for review, looks to set a new price bracket for the franchising of a number of aviation services, including the preparation of airline meals.Typically, airlines do not prepare the in-flight meals themselves, but entrust the task to a specialist air catering service, which pays a fixed amount of money per ration of airline meal served – known as franchising price – to airport authorities in order to operate.The same rule applies to other franchised services such as supply of airplane fuel and operation of terminals, cargo warehouses and hangars.Under the new regulation, the franchising price for airline meals range from VND75,000 ($3.3) to VND100,000 ($4.41) per ration.To operate an international terminal, … [Read more...] about Businesses fear added costs as Vietnam eyes new franchise price for airline meals
JW Marriott Phu Quoc Emerald Bay named World’s Best New Resort
The resort’s Alice in Wonderland-inspired Chanterelle -Spa was also named the World’s Best New Resort Spa at World Spa Awards, at a glamorous and unprecedented dual Gala Ceremony held at the fantastical new resort on December 10.The event is not only an opportunity for the resort to celebrate, but also to showcase both the best of Vietnamese hospitality and the global spa and wellness industry to hundreds of hospitality representatives from around the world.Having already picked up the prized titles of Asia’s Leading New Resort at World Travel Awards Asia & Australasia in June and Southeast Asia’s Top Luxury Emerging Spa at World Luxury Spa Awards in July, as well as being named Asia’s Top Luxury New Hotel and Vietnam’s Top Luxury Design Hotel at World Luxury Travel Awards on December 2, the five-star resort was the natural choice to host the combined World Travel Awards and World Spa Awards Grand Final Gala … [Read more...] about JW Marriott Phu Quoc Emerald Bay named World’s Best New Resort
PM calls on CJ Corporation to contribute to new Korean investment wave
The Government chief made the point while receiving Chairman of the RoK-based CJ Corporation Sohn Kyung-shik on December 6 in Ha Noi.The host leader hailed CJ Corporation for investing in many fields in Viet Nam, including food production research, logistics and film production for export, while asking the company to assist Vietnam in developing organic agriculture. He expressed his hope that more than 150,000 Koreans living and working in Viet Nam along with leading Korean firms investing in the country such as Samsung, LG, Lotte and CJ will help promote Viet Nam to the RoK and creating a new Korean investment wave into Viet Nam in the near future. He stressed that Viet Nam always welcomes and creates favourable ways for foreign investors including Korean ones. “We consider your success as our success,” he added. In return, the CJ Chairman expressed his impression and congratulated Viet Nam on socio-economic development attained over the past time. CJ Corporation hopes … [Read more...] about PM calls on CJ Corporation to contribute to new Korean investment wave