Vietnam visa - vietnam visa online - vietnam visa fee
Vietnam visa - vietnam visa online - vietnam visa fee
Mar 27 2013

Sunrise Hoi An resort to honor Vietnamese Independence, Labor Day

sunrise hoi an resort to honor vietnamese independence labor day

The Sunrise Hoi An Beach Resort

The Sunrise Hoi An Beach Resort will be offering a seafood barbeque buffet at its Sao Bien Restaurant in celebration of Vietnamese Independence Day on April 30 and International Workers’ Day on May 1.

The feast will be accompanied by traditional Vietnamese music performed live.

Menu of the party will include fresh seafood barbequed on a charcoal grill, a wide selection of Vietnamese dishes and desserts, along with a free flow of soft drinks and Tiger Draught Beer.

Cost to attend the party starts at VND598,000 per person; VND299,000 for children between eight and 15-years-old.

The Sunrise Hoi An Beach Resort is located on Cua Dai Beach, Hoi An Town, Quang Nam Province.

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http://www.thanhniennews.com/2010/Pages/20130320-Hoi-An-resort-to-applaud-Vietnam-Independent-Day-and-Labor-Day.aspx

Mar 26 2013

Vietnam economic growth slows in January-March

vietnam economic growth slows in january march

Vietnam’s economic growth slowed in the first quarter of the year, the authorities said Wednesday, warning of an “extremely challenging” outlook for the country.

Gross domestic product (GDP) grew by 4.89 percent in the three months to March from a year earlier, according to the General Statistics Office, compared with an expansion of 5.44 percent in the fourth quarter of 2012.

Corporate difficulties and high interest rates were among the factors contributing to the weak economic climate, the office said.

“The situation shows that the economy in the second quarter and the whole of 2013 will be extremely challenging,” it added.

The figures came two days after the country’s central bank announced it was cutting its benchmark interest rates for the seventh time in little more than a year in an effort to boost struggling businesses.

The country repeatedly raised interest rates in 2011 to prevent the economy from overheating and to rein in double-digit inflation.

As the economy cooled last year, authorities resumed monetary stimulus efforts.

In March, Vietnamese inflation came in at its slowest rate in six months, with a rise of 6.64 percent year-on-year.

Vietnam’s GDP grew 5.03 percent in 2012, the weakest pace in 13 years, according to government figures.

Authorities are dealing with growing worries about bank debts, falling foreign direct investment and a string of financial scandals among state-owned firms such as shipbuilder Vinashin.

In October the Communist Party as well as Prime Minister Nguyen Tan Dung admitted to mistakes in their economic stewardship.

http://www.thanhniennews.com/2010/Pages/20130327-Vietnam-economic-growth-slows-in-January-March.aspx

Mar 26 2013

Vietnam economic growth slows in January-March

vietnam economic growth slows in january march

Vietnam’s economic growth slowed in the first quarter of the year, the authorities said Wednesday, warning of an “extremely challenging” outlook for the country.

Gross domestic product (GDP) grew by 4.89 percent in the three months to March from a year earlier, according to the General Statistics Office, compared with an expansion of 5.44 percent in the fourth quarter of 2012.

Corporate difficulties and high interest rates were among the factors contributing to the weak economic climate, the office said.

“The situation shows that the economy in the second quarter and the whole of 2013 will be extremely challenging,” it added.

The figures came two days after the country’s central bank announced it was cutting its benchmark interest rates for the seventh time in little more than a year in an effort to boost struggling businesses.

The country repeatedly raised interest rates in 2011 to prevent the economy from overheating and to rein in double-digit inflation.

As the economy cooled last year, authorities resumed monetary stimulus efforts.

In March, Vietnamese inflation came in at its slowest rate in six months, with a rise of 6.64 percent year-on-year.

Vietnam’s GDP grew 5.03 percent in 2012, the weakest pace in 13 years, according to government figures.

Authorities are dealing with growing worries about bank debts, falling foreign direct investment and a string of financial scandals among state-owned firms such as shipbuilder Vinashin.

In October the Communist Party as well as Prime Minister Nguyen Tan Dung admitted to mistakes in their economic stewardship.

http://www.thanhniennews.com/2010/Pages/20130327-Vietnam-economic-growth-slows-in-January-March.aspx

Mar 26 2013

Analysts dismiss half-hearted measures to revive property market

analysts dismiss half hearted measures to revive property market


An apartment building for low-income people in Hanoi

The central bank plans to pump VND30 trillion (US$1.4 billion) into the banking system to lend on easy terms to home buyers and social-housing developers, but analysts say it is not enough to revive the market.

According to a circular issued by the State Bank of Vietnam on March 14, buyers of low-income housing, government workers, and military personnel can borrow at just 6 percent interest for the first three years to buy commercial housing measuring less than 70 sq.m and costing no more than VND15 million per square meter and lease-purchase social housing.

The interest rate will remain low for next seven years too. But details are still sketchy.

Developers of social housing projects and those who turn commercial housing projects into social housing will also be provided with the loans.    

For the purpose, the State Bank of Vietnam will refinance five public banks – Agribank, BIDV, Vietcombank, VietinBank, and Mekong Housing Bank.

Pham Sy Liem, vice chairman of the Vietnam Construction Federation, said the market would benefit from the new policy since many low-income earners would get the opportunity to buy housing.

But it would only partially help deal with the problems in the market, he said.

“[It] would not relieve all difficulties or be enough to help the market rebound.”

The property market has remained frozen for the last two years after a long period of strong growth fueled by a lending spree.

Robust demand encouraged many developers to invest in higher-end housing. But an economic slowdown and soaring inflation then saddled banks with non-performing loans.

They have since dramatically cut lending, impacting property sales across the country and stalling many property developments.

Liem said the low interest is for too short a period, pointing out that in other countries home buyers can get low-interest loans for 10-20 years.

After the initial three-year period from April 15 when the circular comes into effect, when the interest rate will be 6 percent, the central bank will decide the new interest rates, which could be higher than 6 percent but still lower than the market rate.

Credit interest rates now range from 9 percent to 16 percent, while some small businesses claim they are charged at 18 percent.

Real estate-related loans amounted to VND1,000 trillion ($47.8 billion) as of the end of August, or 57 percent of total loans, according to the Ministry of Construction.

Liem said the incentives were not very attractive.

Developers of commercial housing projects who turn them into social housing can only borrow if they can themselves bring in at least 30 percent of the capital. But how can they raise that amount when they cannot even manage to pay interest on earlier loans, he asked.

The move would not help spur demand much since it does not provide the cheap loans for buying social housing, he said.

He was referring to the fact that in Vietnam people prefer to own homes outright and paying rents goes against the preferred notion of settling down permanently in a place.

Besides, people like students and workers should get a one-time subsidy for renting or lease-purchasing social housing rather than loans, he said.

Economist Bui Kien Thanh said: “The policy will not help revive the real estate market. We should consider if the price of VND15 million per square meter, interest rate of 6 percent, and loan tenor are reasonable.”

In Europe and the US, the monthly payment for buying housing on lease-purchase should not exceed 30 percent of the buyer’s income.

It means that in Vietnam a person with a monthly income of, say, VND9 million can hardly buy a house in this manner.

“Thus, the VND30 trillion could help temporarily deal with the problems faced by the property market. We need more comprehensive measures so that millions of Vietnamese, who need accommodation, can buy houses.”

No recovery yet

Le Xuan Nghia, former chairman of the National Financial Supervisory Commission, said the policy would not immediately impact the market since the incentives loans are targeted at a particular segment.

The debt problem, for instance, would not be quickly resolved since the debt market remains undeveloped, he said. Thus, the property market is unlikely to rebound until 2014, and the high-end segment would recover even more slowly, he added.

Stephen Wyatt, country managing director of UK-based real estate consultant Knight Frank Vietnam, said he does not expect to see a recovery in the property market in 2013 and residential values and rental values in both Ho Chi Minh City and Hanoi could continue to decrease.

“While we encourage the government to take measures to stimulate the property market, we believe this will only provide short-term relief. The reason why the property market is stagnant in Vietnam is because there has been too much stimulus and speculation in the past.

“In order to build a sustainable future, we need to get to real values, based on willing buyers and willing sellers that have actual demand.

“In general, investors want to see a stable economy and over the past 12 months the government has done an effective job in taming inflation and reducing interest rates.

“To improve confidence in the market we need to see more of the same to create a stable and sound economy.”

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http://www.thanhniennews.com/2010/Pages/20130321-analysts-dismiss-half-hearted-measures-to-revive-property-market.aspx

Mar 26 2013

Vietnam trims key rates to bolster economy: central bank

vietnam trims key rates to bolster economy central bank

Vietnam’s central bank announced cuts to key policy interest rates on Monday, in the latest move to stimulate a troubled economy whose banking sector remains saddled with high levels of bad debt.

The State Bank of Vietnam will trim the refinance rate by 1 percentage point to 8 percent and bring down the discount rate by one point to 6 percent, effective Tuesday, it said in a statement.

The reductions were the first of 2013, but the central bank cut rates six times last year. In late December, it reduced key rates by one percentage point.

After economic growth struck a 13-year low at 5.03 percent in 2012, there are signs Vietnam’s economy is stabilizing, and bankers see chances for further reductions in rates.

“We expect another 100 basis point in rate cuts this year,” JP Morgan Chase Bank said in a report on Monday after the central bank’s announcement.

“We do not think that such a pace of rate cuts would be destabilizing or concerning given the contained inflation outlook, stronger current account and balance of payment positions, and the still soft economic and credit growth environment.”

The central bank also requested lenders to reduce the maximum rate on short-term deposits in the local dong currency by 0.5 percentage point to 7.5 percent, and to reduce the maximum loan rate for the export and farm sector to 11 percent from 12 percent.

The government has projected economic growth of 5.5 percent this year, still way off the the near 7 percent annual average growth seen in the decade up to 2008.

The Ho Chi Minh Stock Exchange is one of Asia’s best performing bourses having gained more than 18 percent this year, after spending a lengthy period in the doldrums.

Annual inflation is expected to ease to 6.64 percent in March, while improving exports helped the country post a trade surplus in 2012 for the first time since 1993.

But, Vietnam is paying the price for the excessive credit expansion that helped fuel its past high growth, with banks carrying large amounts of bad debt.

The government has made repeated promises to reduce rates and give businesses more access to much-needed loans.

The central bank said last month that non-performing loans had fallen to 6 percent of banks’ total loans, from nearly 9 percent earlier, though many economists believe the levels of bad debt could be considerably higher.

Inefficient state groups, which contribute just more than a third of the gross domestic product, account for half of the banking system’s loans.

Nearly 100,000 businesses have folded in the past two years as running costs climbed, unsold inventory piled up and struggling banks tightened their lending.

With customers unable to secure loans easily, the property market has also been badly hit and the government has vowed to take action to help revive the sector.

The central bank is also establishing an asset management firm to buy bad debt from banks, in order to try to restart lending and break the cycle.

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http://www.thanhniennews.com/2010/Pages/20130325-Vietnam-trims-key-rates-to-bolster-economy.aspx

Mar 25 2013

Foreign investment into Vietnam up 7 pct in first quarter

foreign investment into vietnam up 7 pct in first quarter

Foreign direct investment inflows into Vietnam reached $2.7 billion in the first quarter of this year, up 7.1 percent from the same period in 2012, a government agency said.

New investment pledges in the January-March period also rose 2.2 percent from a year ago to $2.93 billion, the Planning and Investment Ministry said in a report.

Manufacturing industries have attracted most of the new pledges, followed by the real estate sector and the retail and wholesale sector, the report said.

Foreign direct investment, a key source of foreign exchange for Vietnam along with overseas remittances, has fallen since peaking at more than $60 billion in 2008, after which the economy started to slow as the government battled high inflation.

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http://www.thanhniennews.com/2010/Pages/20130325-Foreign-investment-into-Vietnam-up-7-pct-in-first-quarter.aspx

Mar 25 2013

Vietnam’s five-year bond yield declines to 2009 low on rate cut

vietnam%e2%80%99s five year bond yield declines to 2009 low on rate cut

Vietnam’s bonds rose, driving the five-year yield to the lowest since February 2009, as slowing inflation allowed the central bank to cut interest rates to spur the economy. The dong was steady.

The State Bank of Vietnam lowered the refinance rate to 8 percent from 9 percent and the discount rate to 6 percent from 7 percent, effective March 26, according to a statement on its website today. It also reduced a rate cap on dong deposits due in a month to less than a year to 7.5 percent from 8 percent. Inflation decelerated to 6.64 percent in March, the slowest pace since September 2012, according to figures released March 23 by Hanoi-based General Statistics Office.

“Demand for government bonds is still energetic,” Pham Luu Hung, associate director of institutional research and investment advisory at Saigon Securities Inc., wrote in a note today. “Lower bond yields reflected short-term inflation stabilization and lower deposit rates.”

The five-year yield fell eight basis points, or 0.08 percentage point, to 8.92 percent, the lowest level since Feb. 25, 2009, according to a daily fixing from lenders compiled by Bloomberg.

The dong traded at 20,945 per dollar as of 3:50 p.m. in Hanoi, data compiled by Bloomberg show.

The State Bank of Vietnam set its reference rate at 20,828, unchanged since December 2011, according to its website. The currency is allowed to trade as much as 1 percent on either side of the daily fixing.

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http://www.thanhniennews.com/2010/Pages/20130325-Vietnam-Five-Year-Bond-Yield-Declines-to-2009-Low.aspx

Mar 25 2013

ANZ vies with HSBC in expanding structured products in Vietnam

anz vies with hsbc in expanding structured products in vietnam

Australia New Zealand Banking Group Ltd. is boosting offerings of structured products in Vietnam, as it competes with HSBC Holdings Plc to lure the nation’s growing population of affluent individuals.

ANZ is preparing to introduce deposits linked to overseas equities, with longer-term plans to issue structured notes for sale in the country, Duong Duc Hung, who overseas the company’s wealth-management business in Vietnam, said in a phone interview. The lender in July began offering three new types of savings yielding returns tied to foreign-exchange rates and gold, after introducing Vietnam’s first structured deposits in 2009.

The offerings are part of the bank’s push to tap demand for high-return investments among an increasing number of rich individuals as the Southeast Asian economy grows. HSBC is the only other foreign bank offering similar structured deposits, Duong said. The number of Vietnamese with net assets of more than $30 million will probably surge 85 percent to 344 by 2022, the ninth-fastest pace among 19 Asian nations, according to London-based property consultancy Knight Frank LLP.

“Growth has been exponential,” Duong said. “Since we launched these products in July 2012, we have seen significant responsiveness from customers in Vietnam.”

The bank has raised about A$40 million ($41.8 million) from the latest offerings, as the number of clients investing in structured deposits has quadrupled since the products were introduced in 2009, he said.

The newest principal-protected products have maturities of one year or longer and three basic payout structures, requiring a minimum investment of the equivalent of $10,000. Mostly tied to gold prices, popular investments can yield as much as 18 percent a year, Duong said.

HSBC products

HSBC announced in February that it will begin selling a new product. The lender planned to sell three-month deposits tied to the Australian and U.S. dollars from March 5 to March 11, according to its website.

Cao Thi Huong Giang, a Ho Chi Minh City-based spokeswoman for HSBC, said in an e-mail that the bank’s head of wealth management in the country wasn’t immediately available to comment on its structured products.

The increase in Vietnam’s gross domestic product averaged 7.3 percent annually in the first decade of the century before growth slowed. The World Bank in December forecast that Vietnam’s economy will expand 5.5 percent this year.

“In 1995, it was mostly motorbikes” on the street, Duong said. “Now if you come to Hanoi, or Ho Chi Minh, you see different types of cars. It has been an exponential change in the past 10 to 15 years.”

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http://www.thanhniennews.com/2010/Pages/20130326-ANZ-Vies-With-HSBC-in-Expanding-Structured-Products-in-Vietnam.aspx

Mar 25 2013

Air France to offer cheap fares from Vietnam to Europe

air france to offer cheap fares from vietnam to europe

Air France is offering reduced fares from Vietnam to Europe on tickets booked between March 12 and April 7 for flights departing between July 1 and September 30 of this year.

Passengers who travel in economy class can enjoy the discount fares which start at VND19,940 (US$950) on round-trip tickets to Paris, from VND21,940 ($1,045) to Marseille and from VND22,780 ($1,085) to Rome.

As of April 1, the airline will schedule four flights to Europe each week departing from Ho Chi Minh City on Tuesday, Wednesday, Friday, and Sunday; and five flights a week from Hanoi on Tuesday, Wednesday, Friday, Saturday and Sunday.

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http://www.thanhniennews.com/2010/Pages/20130320-Air-France-to-deal-flights-to-Europe.aspx

Mar 25 2013

Hoi An resort to honor Vietnamese Independence, Labor Day

hoi an resort to honor vietnamese independence labor day

The Sunrise Hoi An Beach Resort

The Sunrise Hoi An Beach Resort will be offering a seafood barbeque buffet at its Sao Bien Restaurant in celebration of Vietnamese Independence Day on April 30 and International Workers’ Day on May 1.

The feast will be accompanied by traditional Vietnamese music performed live.

Menu of the party will include fresh seafood barbequed on a charcoal grill, a wide selection of Vietnamese dishes and desserts, along with a free flow of soft drinks and Tiger Draught Beer.

Cost to attend the party starts at VND598,000 per person; VND299,000 for children between eight and 15-years-old.

The Sunrise Hoi An Beach Resort is located on Cua Dai Beach, Hoi An Town, Quang Nam Province.

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http://www.thanhniennews.com/2010/Pages/20130320-Hoi-An-resort-to-applaud-Vietnam-Independent-Day-and-Labor-Day.aspx

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