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Social Headlines January 1
RoK
recruits Vietnamese guest workers again
The
Visiting
Vietnamese Minister of Labour, Invalids and Social Affairs Pham Thi Hai
Chuyen and her host Minister of Employment and Labour Phang Ha
The
one-year MoU, effective as of December 31, 2013, will benefit more than
14,000 Vietnamese nationals who either registered for or passed Korean
language tests in 2011 and 2012.
After
a year both sides will review the implementation of the special MoU and
consider extending the programme.
The
signing of this special MoU demonstrates both countries’ efforts in taking
bold measures to reduce the number of Vietnamese nationals residing illegally
in the RoK.
The
RoK suspended its EPS for
The
RoK Ministry of Employment and Labour reports the number of Vietnamese guest
workers illegally residing in the country fell considerably from 49.9% in
July 2013 to 38.2% in October 2013.
Ship
siezed for holding undocumented iron
The
provincial marine police said yesterday that they had seized a ship illegally
transporting more than 3,000 tonnes of iron ore without the authorised
paperwork .
The
ship was on the way to northern
The
ship, Thanh Cong 18, belongs to a company based in Hai Hau district, northern
Nam Dinh province.
Eight
sailors were on board the ship at the time. The iron ore were seized for
further investigation.
Search
for capsize victims continues
Three
people went missing after their fishing boat sank off northern coastal
The
boat was carrying five people when it sank due to strong winds and high
waves. Two people, including boat owner Le Van Sen from central
Yesterday
morning, Viet Nam News Agency's correspondent in Thanh Hoa reported that the
three fishermen were still missing.
Thanh
Hoa's authorities are continuing the search for them.
Kien
Giang frees over 5,000 birds
As
many as 5,000 swifts and swallows were released to the wild in Hon Dat
district of the southern
The
wild birds were caught earlier by Duong Van Minh, Nguyen Thanh Tam, Nguyen
Van Thua, Le Ngoc Quy and Nguyen Trong Tri, all live in Chau Thanh district.
According
to local forest rangers, the birds will be sold to pilgrims at Ba Chua Xu
temple. They will later release them in pray for good luck.
There
are now many kinds of birds living along the 50 kilometre-long coastal
protective forest in Hon Dat district. However, out of unawareness, the
locals hunt down and illegally sell them.-
Con
Dao to have wind power in 2015
Petro
Vietnam Engineering Corporation and Greenmade JSC have signed an agreement on
the construction of a wind power plant in Con Dao district of southern Ba
Ria-Vung Tau province, according to the Thoi Bao Kinh Te
The
newspaper said this is the first independent wind power plant ever built
offshore in
The
4MW plant comprises of two offshore wind turbines and a control centre on
land.
Once
operating in the third quarter of 2015, the plant will help provide
electricity for the socio-economic development in Con Dao island and ease the
dependence on diesel power.
One of
Vietnam’s tourist hot spots and described as a paradise in many international
travel magazines, the pristine nature of Con Dao appeals to visitors, with
beautiful beaches and pure, blue water.
Apart
from its seaside attractions, Con Dao has a national park with rich flora and
fauna. It is home to dugongs, dolphins and sea turtles, which are under
threat of extinction.
The
island also houses a special national relic, the Con Dao Prison, where some
20,000 Vietnamese revolutionaries died during the war against the French
colonialists and American invaders.
Built
in 1862 by the French colonists, Con Dao Prison was once dubbed the largest
“Hell on Earth” in
The
Vietnam Labour Management Office under the Employment Permit System (EPS)
programme officially opened in
Speaking
at the inaugural ceremony, Vietnamese Minister of Labour, Invalids and Social
Affairs Pham Thi Hai Chuyen said that over the past time, her ministry has
cooperated effectively with the RoK Ministry of Employment and Labour in many
fields, contributing to enhancing the relations between the two countries.
At
present, there are 60,000 Vietnamese guest workers in the RoK, including
about 53,000 working under the EPS programme.
The
office, together with the Labour Management Board under the Vietnamese
Embassy in the RoK, will act as a bridge for Vietnamese agencies sending
workers abroad and their RoK partners to manage and support guest workers as
well as encourage them return when their contracts terminate.
Speaking
highly of
He
expressed hope that in the coming time, the two sides will continue working
together to help
Three
Vietnamese rescued from
Malaysian
police raided three massage parlours in Setapak on the outskirts of Kuala
Lumpur late last week, rescuing 35 foreign women, comprising 10 Chinese, 10
Philippine, 12 Thai and three Vietnamese.
The
women were forced into sexual slavery and made to live in poor, unsanitary
conditions for six months, according to The Star/Asia News Network.
They
had been offered jobs as professional masseurs but were forced by their
employers to "service" customers. Their passports and other
important personal documents were being held by the employers.
"Some
women were even imposed with a bondage debt of between RM5,000 -13,000
(US$1,600-4,000) and would only be allowed to leave once they had paid it all
off," said Bukit Aman D7 chief Senior Asst Comm Roslee Chik.
Raiding
the parlours, the 20-member Bukit Aman D7 team also arrested five men - four
locals and one
Boat
sunk in Binh Thuan, leaving four missing
A
cuttlefish boat coded BTh 88190 has got into difficulty and sunk off the
central coastal
This
information was released by the Binh Thuan Border Giard on December 30.
One
person has been rescued, Nguyen Van Linh, born in 1986 from Mui Ne was saved
and immediately sent to Binh Thuan provincial hospital.
The
incident occurred near Mui Ne beach in Phan Thiet city, approximately 24
nautical miles away due to strong waves.
The
boat was said to go fishing on December 27, but was reported not to have
returned on December 28 as scheduled.
The
Binh Thuan Border Guard Station is currently joining efforts with other
relevant agencies and rescue teams to search for the missing victims.
Cities
honour most outstanding young citizens
The
top 10 "most outstanding young citizens" were recently announced
and awarded for their efforts and achievements. Dan Tri newspaper reports.
In
He
also won a gold medal in Maths Asia-Pacific Olympiad, and a silver medal in
the International Olympiad. He then went on to
In
2012, he received awards for his talent from the
More
honours were brought to the country by Nguyen Huu Tien, Nguyen Ha Thanh, Phan
Quang Dung, Truong Thi Ngan Ha, Nguyen Sy Luan, Nguyen Dang Quang, Nguyen Van
Quyen, Can Ngoc Son and Lai Manh Duan.
Gymnast
Nguyen Ha Thanh, who won a silver medal at the Internationaux de France 2013
World Cup C III and two gold medals at World Challenge Cup C III in
Pianist
Nguyen Dang Quang won the first prize in the
Lieutenant
Nguyen Van Quyen, from
The
head of the Hanoi Volunteer Club, Lai Manh Duan, was also honoured for having
contributed to a wide range of charity efforts to help disadvantaged
children, protect the environment and provide aid to students from outlying
provinces who wished to go to
In
Huy
was also recognised for his abilities as a maths student at the
Despite
his family’s economic difficulties, Huy made great efforts in his studies and
earned good results.
Huy
also won the gold medal at the International Mathematics Olympic of 2013 held
in
Other
awardees include Chau Tuyet Van, Dang Hieu Hong, Truong Anh Van, Nguyen Duong
Kim Hao, Nguyen Chi Thanh and Nguyen Hoang Trung.
Dang
Hieu Hong is Vice Chairman of the Young People Union, member of the municipal
Department of Labour, Invalid and Social Affairs’ Trade Union Executive Board
and head of a management board for Duc Hanh medical service centre.
Having
been a security guard, Hong was given credit for his contributions at work,
especially in improving management of trainees at the centre.
Born
to a family with burdening economic difficulties, Chau Tuyet Van, a student
at
Nguyen
Duong Kim Hao, a 12-year-old student at
Truong
Anh Van, of Thong Nhat Rubber Limited Company, was among the most outstanding
young people in the city, known for inventing a packaging machine named
"Deck in 2012", which has made profit of over VND100 million
(USD4,735) per year for the company.
He
also took part in several other initiatives that have brought about profits
worth billions of VND for the company.
Nguyen
Chi Thanh is a staff member of the municipal Department of Firefighting. He
has become well-known as a proactive person at work. In early 2013 he and his
colleagues saved a person who was stuck in debris during a fire in District
3.
Nguyen
Hoang Trung, a member of a young people's association in Phuoc Vinh An
Commune in Cu Chi district, was honoured for his success in improving
agricultural efficiency and incomes.-
Transportation
services put under closer watch
Deputy
Chairman of the National Committee for Traffic Safety Nguyen Hoang Hiep has
highlighted the tightened management of transportation services and vehicles’
capacity as urgent measures to help ease traffic accidents.
He
said over 90 percent of serious traffic accidents are related to drivers’
reckless regard for observing law and regulations on traffic safety,
considering the loose management over transportation businesses the cause
root of the problem.
Therefore,
“tightening the management of transportation services and vehicles’ capacity”
will become the theme of the 2014 national traffic safety year, Hiep added.
Accordingly,
the committee will focus on amending and supplementing legal documents to
strictly put the operations of transportation businesses in compliance with
regulations.
It
will also devise new solutions and increase inspection, he said, adding that
an itinerary supervision centre will be put into service in early 2014,
aiming to make transportation firms take on responsibilities for traffic
accidents, not drivers themselves.
Hiep
also laid stress on the need to enhance the role and responsibility of State
agencies in communications campaigns to promote the safe participation of
road users.
In
2013, the number of traffic accidents in
This
is the second consecutive year the number of traffic fatalities stands below
10,000 since 2001. However, the rate has still fallen short of the National
Assembly’s target of 5 percent-10 percent.
Awards
granted to French language teachers, students
Ten
teachers who have contributed to developing French language at high schools
received Valofrase awards at a ceremony held by the Ministry of Education and
Training and the International Organisation of La Francophonie in
The
awards also went to 50 outstanding students who earned high scores on Group
D3 of literature, mathematics and French language during the 2013 university
entrance exam and won prizes in the national academic competitions as well.
This
was the recognition of the efforts made by the teachers and students as well
as the attention paid by local authorities to the teaching and learning of
French.
The
awarding ceremony was part of the Valofrase project, which helps promote
French language in
Thua
Thien-Hue receives General Nguyen Chi Thanh’s statues
The
family of General Nguyen Chi Thanh on December 30 presented four statues of
the late General to central Thua Thien-Hue province’s Department of Culture,
Sports and Tourism on the occasion of his 100th birthday anniversary.
Thanh,
whose real name was Nguyen Vinh, was born in 1914 in Quang Tho commune, Quang
Dien district, Thua Thien Hue province. He took the post of Director of the
General Department of Politics of the Vietnam People’s Army in 1950 and was
brevetted General in 1959.
During
his 30 years in the revolutionary activities, he established himself as a
talented leader with undaunted fighting spirit, making significant
contributions to the glorious victory of the Party’s revolution cause.
Speaking
at the ceremony, Secretary of Quang Dien district’s Party Committee Nguyen
Quang Vinh said that the presentation of the four statues is a meaningful act
which will help people, particularly the young, further promote the
locality’s heroic tradition and follow General Thanh’s example.
On
this occasion, the provincial Party Committee, People’s Council, People’s
Committee and Fatherland Front offered incense and flowers to General Thanh
at his statue in Sia town, Quang Dien district.-
Ministry
sets farming mechanisation targets
The
Ministry of Agriculture and Rural Development (MARD) has set a goal of
mechanising every hectare of farm land nationwide to an average of 2.0-2.5
horsepower by 2015, and 3-4 horsepower by 2020.
By
2015, farming machines will be used in 95 percent of land tilling work, 35
percent of cultivation and 70 percent of harvesting work, Doan Xuan Hoa,
deputy head of the Department of Agro-Forestry, Seafood Processing and Salt
Industry, said at a December 30 conference in
Those
figures would be 100 percent, 50 percent and 80 percent, respectively, in
2020.
However,
Hoa also said he worried about high prices of the machines, as most of them
are imported.
To
reach the goals, the department has worked a number of measures, including
better planning of farming areas, improving agricultural infrastructure,
speeding up the application of high technology and attracting investment to
agricultural mechanisation.
Currently,
PM
pledges to back historical science association’s activities
Prime
Minister Nguyen Tan Dung has affirmed that the Government will support all
activities of the Vietnam Association of Historical Sciences (VAHS).
Visiting
the VAHS on December 30, PM Dung praised the efforts and achievements that
the association has made over the past years, especially in history research,
appraisal, consultations, publication and dissemination of historical
knowledge.
He
said he hopes the association will continue promoting what it has achieved
and better performing its functions and tasks, especially connecting the
historian circles and coordinating with relevant agencies to contribute to
developing the history sciences of
The
Government leader also urged the VAHS to stay more active in its operations
as well as in boosting cooperation with international historian circles.
He
listened to proposals and opinions of the association, including those
related to the operation expenditure of the Vietnam History Development Fund.
Established
in 1966, the VAHS is one of the first science associations in
The
5,000-strong association has really become a representative of the historian
circles nationwide.-
Teenage
heroine memorial complex starts to take shape
A
groundbreaking ceremony was held recently for a new memorial area honouring
martyr Vo Thi Sau, a national heroine who fought against the French
colonialists and was executed by them on an island in the Con Dao archipelago
in the southeastern
The
project, which will replace an older one, covers 2ha of land and includes a
memorial house and a park. It will be completed in July on the occasion of
the Day for War Martyrs and Invalids, which falls on July 27.
"This
development is for the well-known heroine Vo Thi Sau, a proud and brave
revolutionary symbol of patriotism, even in front of enemy guns," said
Le Xa, chairman of the district where the memorial will be built. He said Vo
Thi Sau would always remain a bright example for generations of Vietnamese.
Sau
was born in 1933 in Ba Ria and began her revolutionary career at the age of
14. Among her activities was a grenade attack on July 14, 1948, which killed
a French officer and injured 14 soldiers.
She
was arrested in early 1950 when she launched another attack. Sau was then put
in jail and given a death sentence in Chi Hoa Prison in the former Sai Gon.
Feared
for her strong and courageous revolutionary will, the French colonialists
shipped her to Con Dao and shot her on January 23, 1952 when she was 19.
Sau
refused to be blindfolded and sang until her final breath.
The
memorial project is part of a larger one, the Con Dao – Legend and Future,
which promotes cultural, social and economic development.
The
district chairman said the project would also have a talent development fund,
run a social welfare programme for the elderly and children, and upgrade an
existing library.
It
will also train Government employees, army members and then students and
others to become "tourism ambassadors".
Tourism
is a key part of the Con Dao islands' economy, thanks to its revolutionary
sites, the beauty of its beaches, scenic bays, coral reefs and the
Preservation-development
balance a headache to planners
When
architect Le Thanh Vinh returned to Cu Da, an old village located 30km away
from
Rapid
changes from urbanisation had almost completely erased the ancient features
of the village compared with photos he had taken nine years ago. Once a
fusion of French architectural style and rustic Vietnamese living and the
home of traditional soybean sauce, the town is but a shadow of its former
self.
"Anyone
who knows about the village would feel the same way. It's so sad to see
modern structures spoiling the authenticity of the village," Vinh told a
workshop dedicated to the preservation of ancient villages in
"With
the rapid pace of urbanisation, the preservation of ancient villages is
difficult to achieve, especially when we need to balance preservation and
development," said the head of the Institute for Relics Conservation
which hosted the conference on Friday.
Statistics
collected this year indicate that Cu Da is among 60 villages in
However,
conservation experts are concerned that such a "long list" poses a
challenge for policy makers. Many have cited the case of Duong Lam village,
the only village recognised as a national historical site, currently facing
obstacles with conservation efforts.
After
gaining official recognition as a heritage site, households in Duong Lam
signed a joint letter offering to revoke the village's heritage status,
citing the decision prohibiting residents from building houses or requiring
approval to conduct home repairs.
Professor
Hoang Dao Kinh from the National Cultural Heritage Council recognised there
were challenges in preserving
"It's
always a challenge for
However,
Kinh argued that conservation efforts should focus on what he describes as
"real heritage", saying: "We must be careful in recognising
them as a piece of heritage. We have so many relics but fail to preserve our
essential sites."
Dr
Dang Van Bai from the council agreed that
"Preservation
must ensure better living conditions for local residents. Human beings and
their need must be the focal point of this process," Bai said.
Professor
Pham Dinh Viet agreed preserving the villages meant balancing conservations
efforts with the needs of residential areas.
"The
community needs to play a vital role because they are owners of the
heritage," said Viet.
For
now, it appears progress is on the horison. In a bid to strengthen future
conservation efforts, participants at the conference discussed a potential
criteria for ancient villages eligible for heritage status.
In
further progress, participants also agreed that the daily life and
functioning of local communities was an essential criteria in preventing
future conflicts seen with Duong Lam village.
"They
need to benefit from the heritage but at the same time be accountable for its
existence," said Viet.
Importantly,
it appeared that everyone had their eye on the prize to preserve valuable
pieces of Vietnamese culture, said Professor Kinh.
"
Typhoon
victim recalls fight for survival
As
Nguyen Hung stepped foot at the
Along
the 600-km journey from the city to his hometown, the central
He
could have died in the
But
now, he was back in his homeland and on the way to meet his family.
The
former soldier, who used to serve in an artillery unit in 1986, said his unit
defended the Gac Ma (Johnson South) Reef in
But
returning home now had greater meaning, he said. Back then, he was single;
now, his wife and twin daughters were waiting for him.
He
arrived home at three in the morning. His parents, his wife and daughters
were all awake, waiting for their loved one.
He was
unable to stop his tears of happiness at seeing them.
"I
won't be able to forget my near-death experience in Tacloban," Hung
said, recalling the time when the typhoon made landfall.
"I
was sleeping when the house's roof was blown away by the fierce winds. When I
tried to hold on to the stairs, I was lifted up. I fell on the floor and was
injured," he said as he revealed deep cuts on his wrists.
But he
survived thanks to the helmet he wore at the time.
Four
hours later, the storm had passed, but the house had been destroyed, leaving
him and his nephew, Tran Van Quyen, with no food or water.
They
could not go outside because looting was rampant after the storm.
Filipino
neighbours who knew Hung for years eventually came and gave him some water
and biscuits they had received as part of food aid.
"At
those moments, all I thought about was death. And my family," he added.
"I
will never forget that when I had nothing left, it was human kindness that
saved me," he remarked.
After
five days, another Vietnamese found Hung and his nephew and helped them to
reach the Vietnamese Embassy in
As he
recounted his experience, Nguyen Duy Duc said he couldn't believe that he is
still alive. When the Haiyan typhoon struck, he, his son, Nguyen Nhat Duy,
and son-in-law, Huynh Tien Phat, were inside their home in Tacloban. The
powerful typhoon ripped apart the house's roof. They had to hang on to heavy
furniture, and wear motorbike helmets on their heads to protect themselves.
Along
with the winds, torrential waters soon rapidly flooded his house. The three
men were forced to flee outside and climb a coconut tree. But strong waves
started slamming against the tree, which was uprooted. Mountains of debris
slammed into the tree as it fell, and the men were pushed towards a
neighbour's two-storey house, which had also lost its roof. The three men
managed to jump onto the second-floor balcony and clung on for their lives.
For
four hours, they endured winds as fast and strong as a speeding train. They
cried and howled. When the storm passed, they saw that everything around them
had collapsed, except for the two-storey house, which had saved them. Most of
their neighbours had died and there was no clean water or food left.
They
swam through the high waters, crossed piles of debris with their shoeless
feet and navigated their way around hundreds of bodies as they walked towards
the centre of
Like
Hung and Duc, 24 other Vietnamese have also lost everything to the super
typhoon. The situation for them is even worse because many of them had
arrived in the
Nevertheless,
you could say that luck has still been on the typhoon victims' side. The
Vietnamese Embassy in
Officials
from the Vietnamese Embassy travelled to Ormoc and Tacloban to search for
Vietnamese victims and provided them with initial support. The Embassy
quickly issued new passports for those who lost theirs to the typhoon and
lodged applications to request the Philippines Bureau of Immigration to waive
tax and fines for the typhoon victims.
The
Philippines Bureau of Immigration, however, took some time before making its
decision, which added to the agony of the victims, who had nothing left.
But
human kindness shone through even in these dark times. Vietnamese families in
Ormoc, Cebu, Surigao, Tagbilaran and
As an
"eventful" year comes to an end, Nguyen Hung said he plans to enjoy
the New Year with his family.
He
said he would really miss the
He
even recalled one incident when a man ran after him to return the money he
had dropped.
But he
pointed out that he is happy now, since he can be closer to his loved ones.
"I
lost all the money I had earned and saved in the typhoon. Life is certainly
difficult now, but money means nothing if my wife lost her husband and my
daughters lost their father," he said.
"I'm
back. That's all they will ever need. And as a soldier, I will be fine,"
he added, smiling.
VNS/VNA/VOV
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Thứ Ba, 31 tháng 12, 2013
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BUSINESS IN BRIEF 1/1
Anti-dumping
measures on cold-rolled stainless steel
The
Ministry of Industry and Trade issued a decision imposing temporary
anti-dumping measureson cold-rolled stainless steel imported from
These
products are classified under code sections 7219.32.00; 7219.33.00;
7219.34.00; 7219.35.00; 7219.90.00; 7220.20.10; 7220.20.90; 7220.90.10; and
7220.90.90.
The
imposition of these penalties is in accordance with
The
decision will become effective as from January 25, 2014.
Vietnam-Cambodia
trade targets US$5 bil by 2015
Two-way
trade between
After
the eleven months of the year, two-way trade reached US$3.1 billion including
US$2.7 billion from exports and US$465 million from imports, up 5% and 8%
respectively against the same period last year, according to the Asia-Pacific
Market Department.
Under
an agreement to promote bilateral trade between the two nations in the
2014-2015 period,
Additionally,
an agreement on transit goods should help
Vietnam-Brazil
trade surpasses US$2 billion
Two-way
trade between
Other
statistics indicate that bilateral trade enjoyed a hefty year-on-year
increase of 28%.
US$996.87
million, while its export revenue grew by 11.8% year on year to US$1.08
billion.
The
two countries are expected to accelerate their bilateral trade to roughlyUS$5
billion over the next five years, and US$8-10 billion by 2020.
Saigon
Newport Corporation wins port contract
Saigon
Newport Corporation (SNP), one of the leading terminal operators in
The
leasing contact was signed between SNP and the Vietnam Maritime Administration
in
Located
in the southern coastal province of Ba Ria- Vung Tau, Cai Mep-Thi Vai port
complex is able to accommodate the vessels of up to 110,000 DWT (9,000 Teus).
With
the advantageous location, the terminal will make important contribution to
the marine development and foster economic development in the region.
The
US$611 million project, was financed by
The
Cai Mep terminal consists of two piers of 600 metres in length and can handle
vessels of up to 110,000 DWT and has an annual capacity of around 700,000
TEUs.
The
Thi Vai terminal also has two piers, and can handle ships of 50,000 tonnes.
Industrial
production grows by 7.4% in 2013
The
information was heard at a meeting held by the Ministry of Industry and Trade
(MoIT) in
According
to the ministry, the processing and manufacturing enjoyed a much higher
growth than the 5.5% increase in 2012 and accounted for 71% of the entire
sector’s added value. Inventories in the field gradually fell over months.
By
December 1, the inventory index only saw a year-on-year rise of 10% compared
to a 21.5% increase at the beginning of the year.
Meanwhile,
the scale and growth of
The
export structure was shifted in line with industrialisation orientations and
the ten-year import-export development strategy until 2020 with a vision
towards 2030. Accordingly, processed goods accounted for 71% of total
exports, followed by agro-aquatic products with 15%, and minerals and fuels,
7%.
Particularly,
telephone and spare parts surpassed garments to become the largest hard
currency earner with US$21.5 billion, making up 16% of the country’s total
export turnover and enjoying an impressive growth of 69.2%.
The
import-export activities of domestic enterprises recovered and tended to
increase. Their 2013 export turnover was estimated to grow 3.5%, up 2.3%
against the previous year.
Credit
growth reaches 11 percent
The
banking sector’s credit growth reached 11 percent in 2013, which is said to
suit the banks’ “health,” the Lao Dong (Labour) newspaper reported, citing
reports of the State Bank of Vietnam (SBV).
The
loan to deposit ratio was between 91-92 percent, lower than the 2011 level
(more than 100 percent).
Nguyen
Thi Hong, head of the SBV’s Monetary Policy Department, said at the bank’s
December 16 conference that the credit structure saw remarkable improvements,
focusing on production and business, especially the prioritised fields.
In the
first 11 months of this year, credit to rural farm production increased by 17
percent; high technology - driven enterprises, 24.51 percent; and exports,
3.32 percent.
Bad
debts were also gradually brought under control.
According
to the SBV’s estimation, about 105.9 trillion VND (4.977 billion USD) of bad
debt was settled during 2012 and the first 10 months of this year.
The
bank said the interest rate in 2013 was kept stable, increasing only 1
percent against the forecast rate of 1-3 percent at the beginning of the
year.
The
year 2014 is forecast to still be difficult for the banking sector. Thus, the
sector needs to prepare provision for bad debts. Nevertheless, the SBV
projects that
Expressway
toll collection auctioned in HCM City
Cuu
Long CIPM on December 30 signed a contract for toll collection rights to the
Ho Chi Minh City-Trung Luong Expressway with Yen Khanh Service Trading and
Production Co Ltd.
The
HCM City-based company won the auction with a bid of 2 trillion VND (95.2
million USD) for permission to collect tolls at four existing stations, Cho
Dem, Tan An, Ben Luc and Than Cuu Nghia, for five years starting from January
1. The payment will be made in three phases over six months.
The
Ministry of Transport had assigned the Cuu Long Corporation for Investment,
Development and Project Management of Infrastructure (Cuu Long CIPM) to
oversee the contract with Yen Khanh Company, said Duong Tuan Minh, director
general of Cuu Long CIPM.
"It
is the first infrastructure project in the country in which toll collection
rights have been transferred via public auction," he said.
The
successful auction would lay the foundation for cooperation between the State
agencies and private economic sector to develop transport infrastructure,
Minh said at the signing ceremony.
Deputy
Minister of Transport Nguyen Van The has asked Cuu Long CIPM and Yen Khanh
Company to work closely to implement the contract to address any problems
arising during the contractual period.
The
40-km expressway connecting
Retail
sector growth slows as consumer spending crimp
The
increase, however, was the lowest seen in the past four years, compared with
the 24.5 percent, 14.2 percent and 16 percent increases seen in 2010, 2011
and 2012, respectively.
Vu
Manh Ha, a senior expert at the GSO Trade Department, blamed this year's
slower retail sales pace on low local demand as customers have curbed
spending to focus only on buying or using essential goods and services.
Many
enterprises in the sector, meanwhile, had to restrict their business expansion
plans as they continued to encounter obstacles including capital shortages, a
high volume of stockpiled goods, and increasing prices of raw materials, Ha
said.
The
trade sector, which accounted for nearly 80 percent of total revenues, rose
12.2 percent over the same period last year, while hotel and restaurant
services' revenues were up 15.2 percent, and the tourism sector saw a modest
rise of 3.5 percent.
During
this year, foreign-invested enterprises posted the highest revenue rise of 33
percent, followed by the local private sector, with 15.3 percent. Notably,
State-owned companies saw an 8.6 percent slump in total retail sales.
The
country's retail sector, with a boost from foreign retail distributors, has
initially proven it has changed for the better.
At
present, there are 650 supermarkets in 59 of the 63 provinces and cities
across the country and 117 shopping centres in 32 provinces and cities.-
Risks
of high inflation rate in 2014 to linger: authority
The
Price Management Department under the Ministry of Finance has forecast that
there still are risks for
During
a December 30 conference on the development of
According
to Dr. Vu Dinh Anh, in 2014, the price development will be affected by the
traditional management policies as well as slow growth of demand.
On the
other hand, prices and market will also be impacted by loosening policies
such as the widening of budget deficit to 5.3 percent of GDP and the issuance
of bonds worth 170 trillion VND (8 billion USD) for the 2011-2015 period, he
said.
In
addition, efforts to ease difficulties for enterprises, support the market
and speed up growth may force the currency flow to move faster and intensify
the inflation pressure.
Sharing
Anh’s opinion, economist Ngo Tri Long held that major challenges still face
the national economy in 2014 as the global economy is forecast to remain
gloomy.
Although
the consumer price index has been brought under control, the risk of price
hikes still looms, he said.
According
to the General Statistics Office, the December CPI increases by 0.51 percent
month-on-month and 6.04 percent year-on-year. The 2013 average CPI increase
is at 6.6 percent over that of 2012, marking the lowest rise in the recent 10
years, it said.
Meanwhile,
Pham Minh Thuy from the Economic-Financial Institute under the Ministry of
Finance, said the price developments in 2013 prove the efficiency and
proactiveness of the Government’s interference in the market.
He
also emphasised that the stable prices in 2013 can be a good chance for the
Government to adjust those of a number of products in the market mechanism
and reach the set target of controlling the inflation at the same time.
However,
he added, the adjustment should be carefully considered to avoid market shock
and adverse impact on the daily life.
Chili
planters enjoy record price
Despite
the selling prices of many crops in the southern
Local
planters have sold their hottest chili or ot chi thien,(meaning chili that
points to the sky) or ot hiem (chili like Pequin) between 38,000 and 42,000
VND per kilo as their wholesale prices, the highest selling rate recorded in
Soc Trang over the last couple of years.
According
to farmer Ly En from Dai Tam village, My Xuyen district, his family has
earned over 10 million VND as profits from his 2,000 square metres of chili
plantation. En said if the chili selling price keeps stable from now to the
lunar New Year, he will earn a highest income level over the last ten years.
Farmer
Lam Thanh Ha explained that chili planters in Soc Trang province have enjoyed
a bumper crop due to favourable weather conditions. Ha said under the shadow
of chili trees, farmers also can grow lettuces, green onions, and coleslaws
to add up their incomes.-
Obstacles
block formation of supermarket joint venture
Domestic
retailers have failed to forge an alliance to compete with foreign rivals,
experts have said.
Four
large domestic retailers – Satra, Hapro, Phu Thai and Sai Gon Co-op – planned
to build a large retail group, VDA, with a strong trademark that could
compete with foreign trademarks and would be the driving force in the local
retail industry. However, the plan fell through for many reasons.
Pham
Dinh Doan, Phu Thai Group chairman, told Thoi bao Kinh Doanh newspaper that
the greatest challenge had been acquiring land and infrastructure.
Establishing the alliance required support from the government.
In
addition, the state should provide support for logistics services to the
group because these services are poor in the domestic market, stated Dinh Thi
My Loan, chairwoman of the Association of Viet Nam Retailers.
Therefore,
the group has planned to build a logistics system to complete the supply
chain in the domestic retail market, but the group has faced difficulty in
acquiring land to build warehouses in various provinces and cities.
Nguyen
Thi Thu Hien, Hapro's managing director, noted that the four large retailers
had the same target for launching the joint venture, but they did not have a
unified management system for it.
Hoang
Tung, the founder of the Pizza Home trademark, claimed the VDA was a joint
venture amongst the four groups, but they each had a different business
culture and varying business targets, so it was hard to achieve success.
However,
just because the alliance was not successful does not mean the local retail
industry cannot compete with foreign retailers, Tung explained.
A
marketing expert said the revenue of local retailers has increased due to
expansions of their retail system and attempts to approach more customers.
In
addition, local retailers hold the advantage of knowing the shopping habits
of domestic customers, whereas foreign firms have to conduct market studies
for this information.
Firms
face mixed fates on customs exemptions
Posco
The
Ministry of Finance (MoF) has agreed not to apply administrative sanctions on
Posco
According
to the MoF Circular 40 dated May 21, 2008, companies must pay additional tax
for not declaring handling charges at port.
However,
in the case of Posco
The
MoF chose to give the company the benefit of the doubt in a situation where
clear regulations do not exist.
However,
regarding its incorrect declaration of deductible items from taxable value in
declaration 63, the ministry ruled that the company had violated regulations
on state management in customs and would receive no such reprieve.
Keangnam
Vina, the Korean-backed developer of
In a
document sent by Deputy Minister of Finance Do Hoang Anh Tuan, the MoF ruled
that Keangnam Vina’s imported goods could not be produced domestically and
that this has been confirmed by the Ministry of Planning and Investment under
Document 2709 dated November 6, 2011. Under these circumstances, the products
will be exempt from import tax as per Keangnam Vina’s request.
Korean-owned
Doosan Heavy Industries Vietnam (Doosan Vina) on the other hand, was not
treated so favourably when applying for tax breaks on their imported
mechanical goods.
According
to Circular 193 dated November 15, 2012 promulgating the preferential import
and export tariff according to the list of taxable products for import tax
incentives, the importer must register a list of imported goods to the
customs department before the first customs declaration.
As
Doosan Vina had not yet registered its products, it was therefore not
eligible to enjoy import tax incentives, said the MoF.
EVN
says handled huge losses, raises doubt for $1 bln profit
The
Electricity Group of Vietnam (EVN), the country’s sole power distributor,
hinted during a Friday meeting that they posted a VND4.4 trillion profit in
2012 and in the same year managed to handle VND18.2 trillion out of the VND38
trillion losses accumulated since 2011.
This
has sent analyst and economic experts to doubt that the state-run utility
raked in huge net incomes of around VND22 trillion, or roughly $1 billion, in
2012.
At a
media meeting on Friday, the Ministry of Industry and Trade publicized the
electricity cost price of EVN, but rejected question for EVN net incomes in
2012 and 2013.
Under
an order from the Prime Minister, EVN should have its electricity cost price
confirmed by the industry and trade and finance ministries to be allowed to
hike power prices. The production cost must also be made public before the
price increase is made.
According
to the industry ministry, the power cost price in 2012 was VND1,322.55 per
kWh, and the earnings of EVN that year were VND4.4 trillion. Also in 2012,
the accumulated losses of EVN dropped to VND19.8 trillion, while just a year
earlier, the figure was VND38 trillion.
This
means VND18.2 trillion of the accumulated loss has been handled by EVN, while
it still managed to report a VND4.4 trillion profit, suggesting that the real
profit is much larger than just VND4 trillion.
But
EVN chief refused to comment on the real net income of 2012.
Dinh
Quang Tri, its deputy general manager, only confirmed that the accumulated
loss in 2011 was as much as VND38 trillion, with VND12 trillion came as the
company had to general power by fuel, and VND26 trillion from the forex rate
differences.
Refusing
to reveal how much the real net income was before handling the accumulated
loss, Tri only said “fortunately, in 2012, supply from hydropower plants has
soared, enabling EVN to make profits.”
Associate
Professor and Doctor Ngo Tri Long, a price expert, said EVN could have
enjoyed VND22 trillion worth of profits in 2012.
“That’s
why they could handle the VND18.2 trillion loss while maintaining the VND4.4
trillion profit,” he said.
“Are
EVN chiefs afraid that posting huge profits are inappropriate?” Long said,
referring to the common lament of “incurring losses” EVN cited whenever it
asked to increase power prices.
But
Long said EVN should treat profits as good news as members of the public are
unhappy seeing the state utility repeatedly posted losses.
“EVN
should publicize its real profits to delight the public,” Long said.
As for
the financial figures for 2013, Tri said EVN’s revenues this year are
estimated at VND172 trillion, or around $8 billion, while profit would be
only VND120 billion.
This
is the profit left after EVN continue to handle the accumulated loss. The
accumulated loss should be completely handled by the end of 2015 as ordered
by the Prime Minister, Tri said.
But
again, he did not say anything about the net income excluding the accumulated
loss amount.
Leading
mobile retailer prospers in 2013
Mobile
World JSC, a leading mobile handset retailer in
Recently
the company reported revenues of VND7.8 trillion ($372 million) for 2013 with
profits nearly doubling those of 2012.
Each
month the company’s leading digital and equipment superstores and website
thegioididong.com sold an average of 300,000 handsets and 10,000 laptops,
earning VND250 billion ($12 million).
Deputy
general director Tran Kinh Doanh attributed this success to the firm’s
nationwide expansion efforts along with its fresh customer-centric business
approach.
Currently
the system consists of more than 200 supermarkets throughout the country.
The
staff have been trained to provide the highest quality customer service and
are rewarded based on customer satisfaction.
“Our
company has also sacrificed profits by providing some software and
installation free of charge such as Lac Viet Dictionary and programmes for
listening to music or watching films,” said Doanh.
This
year also saw Mobile World invest considerable sums into its online services
segment, upgrading desktop and mobile versions of its website to better
service customers.
The
company’s stores are the only retailers for the thegioididong.com website for
mobile phones, resulting in nearly 10 million hits a month. It has achieved
eminent international awards such as being listed among
In
terms of its business plan for 2014, the company’s northern sales manager Ngo
Tan Tai said one of the company’s key strategic targets is to advance its
superstore system to other major cities and test their presence in townships
as well as rural and remote locations.
Notably,
next year the company is planning to open 50 to 100 smaller stores in small
townships to draw experience and find the best formula for greater
involvement in rural areas.
The
firm has the goal of opening 700 to 1,000 stores in countryside locations
over the next five years.
Company
executives also revealed their intention to list on
“We
really started focusing on a customer-centric business mentality in 2013 and
believe we are in a position to achieve even greater results in 2014 under
our dynamic service network,” said Tai.
Beginning
January 1, 2014, vehicles imported from 10 ASEAN countries to
Specifically,
the tax rate for emergency cars and prisoner transport vehicles will range
from 0 to 5%.
Following
ATIGA, 4-seater to 9-seater cars imported from ASEAN countries to
Trucks
and other vehicles, depending on the type, will incur a new tax ranging from
0 to 50%.
Bicycle,
motorcycle, and electric vehicle taxes will also decrease. Completely knocked
down (CKD) cars will incur a tax from 0 to 50%.
Aircraft
tax, which applies to airplanes and helicopters, will decrease to 0% starting
from early 2014.
Japanese
luxury car brand Lexus has officially entered the
They
include the $270,000 LS 460 L, one of the most expensive cars introduced at
Vietnam Motor Show 2013 - the biggest annual expo for automobile industry –
organized late October this year in
Lexus
Vietnam has also introduced GS 350, RX 350, LX 570 with retail prices ranging
from VND2.57 billion ($120,800)to VND5.35 billion ($251,500).
Representatives
from the Japanese automaker said the construction of another official Lexus
outlet in
Hanoi
Computer continues being found violating IPR
Officials
from the Hanoi Department of Culture, Sports & Tourism and the Police
early this month conducted a joint inspection against Hanoi Computer located
at 43 Lang Ha, Hanoi and found ASUS, LENOVO AND ACER computers and hardisks
that were installed with unauthorised Microsoft software including Windows 8
pro, Windows 7 Ultimate and Microsoft Office Enterprise 2007.
Being
one of the leading companies in the retail of IT products, but this is not
the first time the company has been raided for violations of intellectual
property rights. Previously on May 8, 2013, the local authorities discovered
the unauthorised Microsoft software installations at its store located at 131
Le Thanh Nghi in
Hanoi
Computer signed the Inspection Minutes to acknowledge its violation and
admitted to using pirated software for their own business. Also, it committed
to comply with the current regulations and to correct the violations in due
course. Moreover, Hanoi Computer will face the administrative sanctions that
are expected to be imposed shortly.
In
recent years, many campaigns executed by the Vietnam Copyright Office, the
Inspectorate of the Ministry of Culture, Sports and Tourism, and the Business
Software Alliance to help change Vietnamese people’s perception, habit on
using legal software as well as increase their awareness of respecting IPR
laws which have positive impacts on creating a healthier ICT industry to
contribute to the development of the whole national economy.
SMEs
shaken by import ban on older machinery
Despite
Chikara
Fujita, an official at the Japanese region of Kansai’s Bureau of Economics,
Trade and Industry at a recent meeting between Kansai-based enterprises and
the Ministry of Planning and Investment (MPI), said that Japanese small and
medium enterprises (SMEs) were concerned over the unclear regulations related
to the import of second-hand machinery in Vietnam.
“The
unclear regulations seem to discourage foreign SMEs from investing in
Last
November, the Vietnamese government issued a decree guiding the
implementation of the Commercial Law which involved clauses related to the
trade of second-hand machinery. The regulation meant the Ministry of Sciences
and Technology (MST) was tasked with setting the criteria for imported
second-hand machinery.
But
the new criteria have yet to be set, and while waiting, the import of
second-hand machinery needs MST approval, delaying projects.
Do
Hoai
“It is
necessary to limit the import of older machinery, but the procedures should
be simple. The complicated and unclear regulation is delaying many Japanese
projects here,” Fujita said.
Yoshilo
Kobayashi, an official at Kansai Economic Federation’s International
Committee said the new regulation would prevent Japanese SMEs from investing
in
“Many
Japanese enterprises want to relocate production from
Mitsuhiko
Lino, president of Toyo Drilube Company – which is building a manufacturing plant
in the
“It’s
expensive to buy the newest equipment. The Vietnamese government should
resolve this issue,” said Lino.
“We’re
currently considering allowing the import of machinery which is up to five
year’s old and maintains 80 per cent of its quality,” said
Sluggish
$1.5 billion power plant finally adds EPC contractors
The
construction of the Long Phu 1 thermal power plant, which has undergone over
three years of delays, finally received positive news last week when new
partners were agreed upon to implement the engineering procurement
construction contract.
The
engineering procurement construction (EPC) contract was signed between
PetroVietnam – the project investor and a consortium consisting of Power
Machines (
During
a recent press meeting in
He
said, “Despite PTSC being a strong corporation, this is a large-scale
project, so we had to seek co-operation from other contractors.”
The
EPC contract was previously assigned to PTSC in 2010. At the time, PTSC
announced plans to put the first unit of the plant into commercial operation
after 39 months (in 2014) and to finish the entire plant after 45 months
(early 2015).
However
PTSC’s objectives became evermore distant. Many reasons were given for the
delays, of which the most important was the actual capacity of the general
contractor, including the necessary experience and the ability of
subcontractors to provide key elements.
Facing
slow project progress, during the past two years, the Ministry of Industry
and Trade was assigned by the government to ask PetroVietnam to seek
additional contractors.
When
complete, the Long Phu 1 power plant will have the generation capacity of
1,200MW, and will be one of three plants at the Long Phu Power Centre, with a
total capacity of about 4,400 MW. When fully completed the complex will
supply 7.8 billion KWh per year to the national power grid.
Banks
target familiar clients to boost credit
Instead
of offering cheap loans to all potential clients to simulate credit growth as
had been done in 2012, commercial banks towards the end of this year are
instead targeting clients with specific credit packages.
LienVietPostBank
agreed to provide a VND2 trillion ($95 million) loan for the
PetroVietnam-invested Vung Ang 1 Thermal Power Plant this month.
Vietcombank
and SeABank this month signed a credit agreement worth $150 million with
Petrovietnam Exploration and Production Corporation. Vietcombank will provide
83.5 percent of the funding with the remaining $24.75 million covered by
SeABank.
TPBank
signed an agreement providing VND2 trillion ($95 million) to Vietnam Railways
to bolster the company’s working capital.
Sacombank,
Agribank, MHB, OCB, Military Bank, ACB, NamABank, Navibank, VietinBank and
DongABank also granted VND289 billion ($13.7 million) to 34 enterprises in
While
this is by no means a new approach, targeted credit packages have become more
common this year. At the end of last year, to meet the greater year-end
demand for capital, many banks offered VND1 trillion-VND10 trillion ($47.5
million-$475 million) in loans at 7-9 per cent interest. However,
disbursement was slow as many firms could not afford to take on extra debts.
According
to experts, targeting specific customers with real need for capital will help
banks ensure their credit growth for the future. The agreements are also
often characterised by long-term mutual benefits, including the banks
providing additional financial services.
In
addition, this closer co-operation means greater trust and the likelihood
that banks will be inclined to extend credit to other projects.
When
talking about the recent PetroVietnam-LienVietPostBank credit agreement,
PetroVietnam’s chairman Phung Dinh Thuc said this was the first project
between the state-run oil and gas giant and the bank. PetroVietnam was
implementing several petrochemical, industrial gas and electricity projects
and LienVietPostBank would act as one of the group’s most important financing
partners.
However,
Dang Ngoc Ha, strategy deputy director of VietA Bank said the approach might
meant that capital would fail to be allocated effectively if banks tended to
only focus on major clients, especially enterprises with close relationships
to the banks.
However,
Governor of the State Bank of Vietnam Nguyen Van Binh praised the move,
claiming credit growth might hit 10 per cent by the end of the year.
The
Vietnam Asset Management Company (VAMC) also bought nearly VND35 trillion
($1.66 billion) of non-performing loans (NPLs), which had acted as a barrier
for credit growth. “The purchase of NPLs, together with efforts to
restructure debts and settle NPLs via greater risk provision has contributed
to GDP growth of 5.4 per cent this year,” said Binh.
Stock
market offers rich opportunities
With a
gradual improvement in the economy, many experts believe that the stock
market could be the most attractive investment channel in the new year.
Based
on the economy’s results this year in conjunction with the predicted effects
of the government’s policies next year, experts believe that the real estate
market will not necessarily experience an easy recovery and the gold and
foreign currency markets are likely to remain tightly controlled.
Financial
expert Nguyen Tri Hieu was upbeat about the stock market’s prospects. “In a
positive scenario, the VN-Index will increase by at least 30 per cent compared
with the end of 2013, equal to 600-650 points in 2014,” he said.
The
attractiveness of the stock market is said to be result of positive
macroeconomic developments.
According
to economist Vu Dinh Anh, a low consumer price index (CPI) has helped create
the conditions to stabilise the macro economy and implement solutions to
enhance gross domestic product (GDP) growth in 2014. Anh claimed the GDP
growth of 5.8 per cent and the CPI target of 7 per cent next year were quite
achievable. These indicators were sufficient grounds for optimism about the
stock market, he claimed.
The
more healthy economy would also help listed companies recover. Tran Van Dung,
chairman and general director of Hanoi Stock Exchange (HNX) said inventories
among listed firm were decreasing, their losses were smaller and profits
higher. In the coming time, as the economy recovered more, listed enterprises
would post brighter profit forecasts.
“These
will be the basic factors that will help the stock market in 2014, thereby
offering more attractive investment opportunities to investors,” said Dung.
Tran
Quang Vinh, investment director of Thien Viet Securities Company said the
stock market was recovering well with improved liquidity and was receiving
greater interest from foreign investors.
An
additional factor that could point to a resurgence of the stock market next
year included the potential lifting of the 60 per cent cap for foreign share
ownership for listed companies, which was mentioned in the draft decision
submitted to the prime minister by the State Securities Commission last
November.
“In
addition, the positive progress in negotiating the Trans Pacific Partnership
(TPP) might generate sharp changes in the stock market in 2014,” said Tran
Minh Hoang from Vietcombank Securities Company.
Grounds
for optimism as market thaws
The
residential for sale market is ending the year with signs of recovery.
The
According
to figures from CBRE, prices over the wider apartment for sale market fell
some 30 per cent compared to their peak in 2007, and prices and have now
reached levels deemed to be what the market feels is affordable.
Well
located good quality developments are registering higher sales. Those include
the Estella, Vista,
The
catalyst appears to be discounts and extended payment terms that allow buyers
to make payments over three to five years and furniture packages. Higher
sales in these projects have been consistently reported since early this
year, and this trend is expected to continue into next year.
Meanwhile,
the
Popular
developments have included
Dang
Ngoc Chau, senior manager for residential project marketing at CBRE, said
after the stagnation of recent years, the residential market in Ho Chi Minh
has turned into a property buffet party for residential purchasers.
“The
weak market has spurred a range of incentive programmes that have sparked
some interest.
In
A
range of projects have been opened for sale in the market, such as Tan Tay
Do, Van Phu, Sky Garden, Golden West, Discovery Complex and many others.
According
to experts, the key factor remained price. Developers who understood that
demand for mid and low-end residential remained very high and were focusing
on developing projects for this market segment would do well.
According
to Trinh Dinh Dung, Minister of Construction, property inventories compared
to the same period of last year had fallen.
Figures
from Ministry of Construction revealed that unsold residential developments
had remarkably reduced in the closing months of 2013.
Despite
the end of the year prediction that VND96,800 billion of property would still
remain in stock, this figure was 25 per cent lower that in the first quarter
of the year.
However
Dung added that positive signs could be seen in the low-end and social
housing projects. Transactions in this segment had doubled compared to the
first two quarters of the year.
Nam
Long Investment Joint Stock Company is due to announce new foreign investors,
in addition to its three current strategic partners- ASPL, Nam Viet Limited
and Mekong Capital.
Nam
Long Investment’s (NLG) newly appointed general director Nguyen Vinh Tran
said the name of the new foreign partner, who bought over 25 million shares,
would be released in January, despite the agreement being reached in October.
Earlier,
when NLG announced the sale of shares to raise capital two months ago, 13
organisational investors expressed an intention to register to purchase
shares. This included eight foreign investors; prestigious names like the
International Financial Corporation, VinaCapital Opportunities Fund, Dragon
Capital, Fujiwara Advisory Singapore Pte Ltd (Bridging Capital) and Orix
Capital.
In the
context of the property market doldrums and listed property firms’ poor share
liquidity, the eager participation of investors into NLG’s plan to gain
capital through share issuance has come as a surprise.
Mekong
Capital managing director Chris Freund once said bothering with financial
indexes was the story of short-term investors, whereas to organisational
investors, factors like professional management, a lucid development strategy
and transparency were decisive when making investment decisions.
Market
observers assumed that with a share value of over VND17,000 ($0.81) per unit,
the company’s shares were not the first choice to individual short-term
investors, since scores of listed firms have seen their shares sink below the
face value of VND10,000 ($0.47) per unit. In addition, within the context of
a property market that has yet to rebound, receiving a good share price is no
mean feat.
NLG
has not only been calling for the engagement of foreign shareholders, the
firm has also created co-operative investment opportunities for its projects.
In November 2013,
Indochina
Land Holdings CEO Peter Ryder said NLG’s sound steps and strong commitment
towards the brand were why they had teamed up with the company for the promotion
of the EHome development.
EHome
3 properties have sold well in recent months and this is reflected by the
fact that all the units in phase 1A of the development have been sold. The
developer has also been able to hand over apartments to customers a month
earlier than scheduled.
“We
saw NLG’s long term vision with its plan of building 14,000 mid-end quality
EHome apartments in the next five years and on top of that, these products
match the needs of most local residents,” said Ryder.
NLG’s
general director Nguyen Vinh Tran, who has a wealth of experience working in
an international environment said, unlike many other firms, NLG has made
strides to improve sales and co-operate with other domestic and foreign
partners to develop new housing projects, despite the difficult real estate
market.
Five
years after the launch of affordable housing projects, NLG has developed a
reputation as an expert in affordable housing development with 1,300 housing
units having been sold so far.
According
to a company source, the company will roll out a further 10,000 EHome
apartments in the next three years. Tran, however, said that this was only a
drop in the ocean.
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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