HCMC to see soaring office demand in next four years As Southeast Asian economies expand, office demand, particularly from technology, e-commerce, and co-working space companies, is expected to rise by an estimated 6 per cent annually between 2018 and 2021, with Ho Chi Minh City seeing a rate of 10 per cent in the period, according to JLL Vietnam. As at the end of the second quarter of 2018, total stock in Ho Chi Minh City’s office market increased to 1,945,000 sq m, with overall Grade A and B occupancy rates standing at a high of above 95 per cent. The overall rental rate is expected to continue its upwards trend with support from healthy demand and increased quality in future supply. A large volume of high-quality Grade B supply is also projected to be completed by 2020 and will likely put pressure on Grade A in the future, especially long-standing Grade A projects with deteriorating construction quality. In Hanoi, demand for Grade A and B office space in 2018-2019 … [Read more...] about BUSINESS NEWS IN BRIEF 28/9
Saudi vision 2030
Saudi Arabia hails bilateral relations
The skyline of Riyadh, the capital and most populous city of Saudi Arabia. — Photo courtesy of the embassyViet Nam News To mark the National Day of the Kingdom of Saudi Arabia, Charge d’Affaires Mohammed F N Alshaalan sends a message to Việt Nam News readers. The Kingdom of Saudi Arabia celebrates the 88th anniversary of its unification at the hands of His Majesty late King Abdul Aziz bin Abdulrahman Al Saud, whose approach was followed by his sons, before passing the leadership to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. The Kingdom has become a country with global presence and influence which serves as a model for pursuing a policy of prudence and moderation and standing by its brothers and friends. The Kingdom is witnessing a strategic transformation led by the Custodian of the Two Holy Mosques and the Crown Prince, in which the Saudi people have become the centre of change and development and enjoyed incentives for human and … [Read more...] about Saudi Arabia hails bilateral relations
BUSSINESS NEWS IN BRIEF 25/8
RoK technology ventures seek opportunities in Vietnam An event connecting technology ventures of Vietnam and the Republic of Korea (RoK) was held in Ho Chi Minh City on August 22 to strengthen cooperation and trade activities between businesses of the two countries. It was organised by Vuccess Co., Ltd of the RoK, with support from the State Agency for Technology Innovation of the Ministry of Science and Technology, the Vietnam Trade Promotion Agency (Vietrade) of the Ministry of Industry and Trade, along with the Korea Institute of Science and Technology and Korea Techno-Ventures Foundation. At the event, Vietnamese firms were updated on latest technology and cooperation opportunities through 11 leading businesses of the RoK in various fields, including information technology, communications, power-electronics, garment-textile, chemistry, construction, energy and environment. Bui Hoang Yen from the Vietrade said that since Vietnam and the RoK established diplomatic relations in … [Read more...] about BUSSINESS NEWS IN BRIEF 25/8
BUSINESS NEWS IN BRIEF 8/8
VIB buys back all bad debt from VAMC Vietnam International Bank (VIB) announced last week that it has repurchased more than VND1.46 trillion (US$64.2 million) worth of debt from the Viet Nam Asset Management Company (VAMC). With this move, VIB was recognised by the State Bank of Viet Nam and VAMC as one of four banks which required all bad debts that they sold to VAMC. Three others are Vietcombank, Techcombank and MBBank. Earlier in July, VIB released its financial report in the first half of 2018 with a profit of over VND1.15 trillion ($51 million), triple that of the same period last year, or equivalent to 57 per cent of the yearly target. During the period, the banks’ net revenue reached VND2.7 trillion, up 56 per cent year-on-year, while its lending saw a yearly rise of 9 per cent to VND91.7 trillion. From January to July, VIB’s Capital Adequacy Ratio (CAR) was maintained at 12.5 per cent while the cost-income ratio (CIR) stood at 49 per cent, … [Read more...] about BUSINESS NEWS IN BRIEF 8/8
BUSINESS NEWS IN BRIEF 2/8
Can Tho invites investors to investment promotion conferenceThe Mekong Delta city of Can Tho will hold an investment promotion conference on August 10, inviting investors for 54 projects worth nearly 124 trillion VND (5.44 billion USD). At a press conference on the conference on August 1, Chairman of the municipal People’s Committee Vo Thanh Thong said investors have already expressed interest in 44 out of the 54 projects on offer, and some are ready to start work immediately on 22 projects. He added that some projects attracted two or more investors, so the city will set criteria to select the best among them. Among the 54 projects, 21 are in real estate, 9 in culture-sports and tourism, 9 in agricultural and industrial infrastructure, 8 in transport, 4 in logistics and power, 2 in cultural-sport and health care infrastructure and 1 in information technology. Prime Minister Nguyen Xuan Phuc is expected to deliver a keynote speech and chair the conference, … [Read more...] about BUSINESS NEWS IN BRIEF 2/8
SoftBank plans US$60 100 billion investment in solar in India: Report
Japan's SoftBank is planning to invest between $60-100 billion in a solar power project in India, a Japanese report said on Friday, as the firm looks to expand its interests into various sectors. Under CEO Masayoshi Son, SoftBank, has increasingly been seen as an investment firm, ploughing funds into a range of companies and projects outside its core telecoms business AFP/Kazuhiro NOGI Japan's SoftBank is planning to invest between $60-100 billion in a solar power project in India, a Japanese report said on Friday (Jun 15), as the firm looks to expand its interests into various sectors. The report by public broadcaster NHK comes after SoftBank announced in March it would partner Saudi Arabia on a multi-billion dollar solar project that the company's founder called the largest in the world. NHK said the massive investment in India would be funded jointly by SoftBank and Saudi Arabia, which have already partnered to create the Vision Fund investment vehicle. A spokesman for … [Read more...] about SoftBank plans US$60 100 billion investment in solar in India: Report
Saudi king to launch ’entertainment city’
Viet Nam News RIYADH — Saudi King Salman will launch the construction of an "entertainment city" near Riyadh on Wednesday, authorities said, part of a series of multi-billion dollar projects as the kingdom seeks to diversity its oil-reliant economy. The 334-square kilometre project in Qiddiya, southwest of Riyadh, would rival Walt Disney and include high-end theme parks, motor sport facilities and a safari park, officials say. The facility highlights a "relentless effort to develop giga-projects that will help achieve many direct and indirect economic returns", project official Fahd bin Abdullah Tounsi was quoted as saying in a government statement on April 22. Qiddiya chief executive Michael Reininger said he expects the project will draw foreign investors in entertainment and other sectors, but did not specify the total cost of construction. Such projects are the brainchild of Crown Prince Mohammed bin Salman, a self-styled liberal change agent who is the chief … [Read more...] about Saudi king to launch ’entertainment city’
Saudi women will drive but face bumpy road to empowerment
Mervat Bukhari, a force of nature draped head-to-toe in Islamic niqab, braved insults and taunts to become the first Saudi woman to work at a gas station, something unimaginable not long ago. Despite being in a managerial role at the service station where she works, Mervat Bukhari faces insults and abuse on social media for doing a job traditionally associated with men in Saudi Arabia The kingdom, where conservatives once bridled at even limited freedoms for women, is in the midst of reforms that mark the biggest cultural shake-up in its modern history. Kickstarted by Crown Prince Mohammed bin Salman, the reforms include the historic decision allowing women to drive from June, attend soccer games and take on jobs that once fell outside the narrow confines of traditional gender roles. But the backlash faced by women like Bukhari illustrates how newfound empowerment is a potential social lightning rod in a country unaccustomed to such visibility for women. When Bukhari, 43 and … [Read more...] about Saudi women will drive but face bumpy road to empowerment
Saudi women attend football game for the first time
Saudi Arabia allowed women to enter a football stadium for the first time to watch a match Friday, as the ultra-conservative kingdom eases strict decades-old rules separating the sexes. The new measure comes after Riyadh, long known for imposing harsh restrictions on women, announced it was lifting a ban prohibiting them from driving, as well as reopening cinemas. Women supporters, all wearing the traditional black abaya robe, arrived well ahead of Friday's kick-off in the Jeddah stadium, some in sunglasses and others with loose-fitting veils. The Islamic kingdom has announced a series of reforms initiated by powerful Crown Prince Mohammed bin Salman since last year. The first football match women are being allowed to attend is a clash between Saudi Premier League clubs Al-Ahli and Al-Batin in the Red Sea city of Jeddah. Alone or accompanied by their families, many women sat in reserved seats in Jeddah's Pearl stadium. Glass panels were set up to separate men supporters from the women … [Read more...] about Saudi women attend football game for the first time