BizLIVE - Vietnam’s strong economic growth since 2015 has pushed the domestic property market into a thriving and stable development period. Major member economies of the Asia-Pacific Economic Cooperation (APEC) forum could make up 74-75% of Vietnam’s total garment-textile export turnover in the coming time.
[Round-up] Vietnam’s Real Estate Market Sees Fresh Air, Garment-Textile Finds Big Chances in APEC Economies
Vietnam's real estate market has thrived since 2015.
APEC - Potential Market for Vietnam’s Garment-Textile
Major member economies of the Asia-Pacific Economic Cooperation (APEC) forum, including the U.S., Japan, the Republic of Korea and China, could make up 74-75% of Vietnam’s total garment-textile export turnover in the coming time, the Vietnam News Agency (VNA) reported.
Director General of the Vietnam National Textile and Garment Group (Vinatex) Le Tien Truong said this year, the apparel sector continues to maintain good growth in the four APEC markets and the European Union (EU).
Breath of Fresh Air Blown into Real Estate Market
Vietnam’s strong economic growth since 2015 has pushed the domestic property market into a thriving and stable development period, said President of the Vietnam National Real Estate Association (VNREA) Nguyen Tran Nam at the first annual Vietnam Real Estate Forum in Hanoi on November 15.
Upbeat signs have been seen in the market index, he said, stressing that property inventories have fallen sharply due to growing housing demand while the flow of foreign direct and indirect investment into the sector has soared.
Government Urged to Boost Foreign Home-buying
The Ho Chi Minh City People’s Committee has asked relevant departments to tackle problems in granting house ownership certificates to overseas Vietnamese to encourage their investment into the real estate market.
Statistics of the municipal Department of Construction revealed that only 15 overseas Vietnamese and foreigners were granted house ownership certificates in the city during the past two years. This was caused by complicated procedures, as well as slow progress in identifying areas and projects, which cannot be sold to foreigners.
$258-Million Deals Inked at Vietnam-China Trade Fair
The 17th Vietnam-China International Trade Fair has seen over $258 million worth of trade deals signed between enterprises from both sides in six days, VNA reported.
The fair, running from November 10-15 in the northern province of Lao Cai, attracted more than 100,000 visitors, bringing in revenue of about 40 billion dong ($1.76 million).
TechFest Urges Startups to Reach Full Potential
Vietnam needs to creatively promote innovative start-ups in order to ensure the global start-up wave is more than a short-term movement in the country, Deputy Prime Minister Vu Duc Dam was quoted as saying at the opening ceremony of Techfest 2017 on November 14.
Themed “Eco-system connect”, the event has attracted Vietnamese start-ups and local and foreign investors looking to cooperate and connect to the start-up ecosystem to develop innovation in Vietnam.
Chinese, Vietnamese Tool Chests Dumped on U.S. Market
The Commerce Department has determined that imports of tool chests and cabinets from China and Vietnam are being dumped on the U.S. market at less than fair value.
In its Vietnam investigation, Commerce calculated a preliminary dumping rate of 230.31 percent for Clearwater Metal Single Entity. All other producers and exporters in Vietnam received a similar dumping rate.
Textile, Garment Expo Attracts 400 Exhibitors
A total of 400 exhibitors from 14 countries and territories will show their latest technologies and machines at the 17th edition of Vietnam’s leading textile and garment trade fair in HCM City on November 22-25.
The Vietnam International Textile & Garment Industry Exhibition and the Vietnam International Textile & Apparel Accessories Exhibition (VTG 2017) will be held at the Saigon Exhibition & Convention Center.
Vietnam to Sell PV Power Shares at 14,400 Dong Each
PetroVietnam Power Corporation (PV Power) shares may be sold at an initial price of 14,400 dong ($0.63) per share at its initial public offering (IPO).
The Ministry of Industry and Trade has submitted to the Prime Minister Nguyen Xuan Phuc the plan for privatization of PV Power under the Viet Nam National Oil and Gas Group (PetroVietnam). PetroVietnam will hold at least 51% of charter capital at PV Power until 2019.
Two Companies Selected as Strategic Investors for IDICO
The Ministry of Construction has announced U.S.-based SSG Corporation and Bitexco are qualified to become strategic investors of the Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO).
Kinh Bac City Development Share Holding Corporation (KBC) was not selected due to the lack of essential documents, including the guarantee certificate and evidence to prove it has enough capital for the stake purchase.
Net purchases by foreign traders in the Vietnamese stock market is waning in the short term as the U.S.’s Federal Reserve Fund (Fed) is widely expected to raise interest rates again in December and several offshore funds reshuffle their portfolios, the National Financial Supervisory Commission has said in a monthly report.
The commission forecast foreign buying to gain momentum in the first quarter next year after the effect of the Fed’s rate increase fades away and a new investment cycle starts.
Vietnam’s Ministry of Industry and Trade has said it is working on a plan to complete a share sale in Sabeco, the country’s largest brewery company, next month after repeated delays.
The government, which owns an 89.59% stake, in stock exchange-listed Sabeco approved a plan to withdraw its holding in the company on November 9, the ministry said in a statement on Wednesday.
Foreign-invested enterprises posted a trade surplus of $3.95 billion in October, raising their surplus to $20.94 billion in the ten months through October, compared to a trade deficit of $18.38 billion recorded by Vietnamese companies, according to customs data.
The Vietnam Asset Management Company (VAMC), run by the country’s central bank, has handled some 66 trillion dong ($2.9 billion) since its establishment in July 2013, said the company’s General Director Doan Van Thang.
The executive noted that parliament-approved Resolution 42, effective on August 15, has much facilitated the handling of NPLs as it allows the repossession of collateral.
Vietnamese students in U.S. colleges and universities last year contributed $818 million to the U.S. economy through their spending on tuition, room and board and living expenses, according to data of the U.S. Department of Commerce.
International students contributed more than $39 billion to the U.S. economy in 2016, according to the Department of Commerce—a large increase over the previous year’s total of $35 billion.