The average price now is VND35 million ($1,519) per square meter, down from over VND38 million ($1,647) last year, the study by real estate trading site Batdongsan.com.vn found. Buyers are starting to lose trust in the segment after the developer of Cocobay Da Nang defaulted on its commitment to pay a fixed return, it said. So condotels are unlikely to perform well next year, it added. Huynh Phuoc Nghia, deputy head of international business at the University of Economics HCMC, said condotels are the riskiest to buy since the legal framework for them is incomplete and developers are showing they lack the capability required to utilize their properties optimally to pay the returns many of them promise buyers. Vietnam is yet to have regulations governing the segment though condotels have been around for more than three years. Buyers do not get a ‘pink’ book, as the title deeds of apartments and houses are referred to, and therefore get no protection from the law in case … [Read more...] about Condotel segment faces struggle, study warns
Segments of tourism industry
A corner of Hội An, a popular tourism city in the central coastal region. — VNS Photo Xuân Đăng HCM CITY — The central coastal region continues to face challenges in tourism development even though the area is rich and diverse in natural and cultural resources. In recent years, the number of tourists to the region has exploded but has accounted for only 12.4 per cent of the country's total tourism income. The central coastal region has a coastline of nearly 1,400 km with many islands, including the Hoàng Sa (Paracel) and Trường Sa (Spratly) archipelagos. In addition, there are ecotourism sites, including three national parks and 14 nature reserves. It also has four out of eight of the country's World Heritage sites, almost 300 cultural and historical relics and revolutionary relics, including 12 special national monuments. This area is also home … [Read more...] about Central coastal region to collaborate on tourism development
Retail is attractive for investors as the industry has advantages after foreign wholly-owned retail firms have been allowed to set up in Vietnam and taxes imposed on most of goods imported from other ASEAN countries to Vietnam are exempted. Vietnam’s retail industry is continuing to see more merger and acquisition (M&A) deals made by both domestic and foreign investors thanks to a rising income of local consumers and free trade agreements, but the competition in the market is also becoming fierce, experts said. South Korea’s GS 25 is completing final procedures to acquire Zakka Mart VinCommerce, the retail arm of Vietnam’s largest listed firm Vingroup, last week took over convenience store chain Shop&Go, which was one of the earliest ones in the country by opening its first store in 2006, for a symbolic US$1. Shop&Go now has 70 stores in Ho Chi Minh City and 17 in Hanoi, open 24/7 and selling consumer goods, fast foods and beverages among others. … [Read more...] about M&A in Vietnam’s retail industry on the rise in 2019
The revenue generated from inbound tourism has not been commensurate to the tourism potential. At a symposium of the second Vietnam Travel and Tourism Summit 2019 held in Hanoi on Monday, many experts and business executives in the field listed some reasons why foreign tourists are not opening their wallets in Vietnam. According to Deputy Director of the Vietnam National Administration of Tourism Ngo Hoai Chung, the sector has witnessed a rapid growth in the number of international holidaymakers, however, they spend less in Vietnam compared to other Southeast Asian countries due to the shortage of tourism products and services. Tourism services are not diversified and attractive enough to meet the demand for entertainment, shopping and experience of international visitors. Other issues relating to the environment, human resources, application of information technology and infrastructure at tourist sites were also mentioned as the reasons preventing the tourism industry from generating … [Read more...] about Why foreign tourists hesitate to spend big in Vietnam?
Delegates discuss the paint-printing ink industry’s efforts to make safe and eco-friendly products at a seminar in HCM City on December 12. — VNS Photo With consumers paying increasing attention to the effects of paint and printing ink products on human health and the environment, producers need to develop more eco-friendly products, a seminar heard in HCM City yesterday. Speaking at the seminar on Viet Nam paint and printing industry towards making safe and environmentally friendly products, Nguyen Thi Lac Huyen, chairwoman of the Viet Nam Paint and Printing Ink Association, said the industry has been growing at 10 per cent a year on average and now sales top over US$1 billion annually. The products not only meet domestic demand but are also increasingly exported, she said. Vu Thi Huong of the Chemical Agency’s Vietnamese Centre for Emergency Response, said, “The average paint output per capita in Viet Nam is still low; so the industry’s growth … [Read more...] about Coating, printing ink firms need to develop more green products: seminar