BUSINESS IN BRIEF 9/9 Vung Ro oil refinery project to kick off in Phu Yen A US$3.2 billion oil refinery project of the UK Technostar Management Ltd in Vung Ro is set to get off the ground in central Phu Yen province on September 9. The 538-ha project, in the Hoa Tam industrial park in Dong Hoa district, is expected to stimulate local socio-economic development. With a design capacity of processing 8 million tonnes/year, it aims to process and distribute petrochemical products, apart from importing and exporting oil and gas products. Vice Chairman of the Phu Yen provincial People’s Committee Le Van Truc said despite numerous difficulties caused by the global economic downturn, Phu Yen has worked closely with relevant ministries and agencies to keep the project up and running. The Vung Ro project, using the latest in state-of-the-art technologies in the world, has received incentives from the Government, such as preferential tax rates and financial assistance in infrastructure construction, Truc said. Nguyen Chi Hien, Director of the Phu Yen provincial Department for Planning and Investment, said the project will attract investors in the fields of petrochemical and support industries, and create jobs for local workers. Most recently, he said, a business delegation from Foreign investors cited the dynamism of the Vietnamese young highly qualified labour force as the key advantage for conducting business along with its stable socio-political environment. The survey shows Of the 588 enterprises surveyed, 74% of them said trade and investment activities within ASEAN have increased over the past two years while nearly 90% of them expect the trend to continue and burgeon over the next five years. The establishment of the ASEAN Economic Community (AEC) and the Trans-Pacific Partnership (TPP) agreement in the coming time, will help further increase trade ties with big partners and enhance the region’s appeal as an attractive destination, said Amcham Tami OverbyVice President. Exports to Among export items, footwear fetched US$385.28 million, up 32.37% from the same period last year, and coffee brought home US$155.91 million, up 141.8%. Iron and steel products earned a modest US$30.55 million but enjoyed the strongest export growth of 338.55%. By the end of 2013, Can Tho guest of honour at trade fair in Belgium Can Tho City is an honoured guest, at the 69th Accenta International Trade Fair taking place from Sept. 6-14 at More than 50 companies from Can Tho and the surrounding The event, expected to draw over 10,000 visitors, provides an excellent opportunity for them to popularise the Vietnamese land and its people as well as to tout the region’s investment potential to Belgian and other foreign visitors. Vietnamese goods and services on display include aquatic products, textiles, handicrafts, processing industry, logistics, electronics, and tourism services. At the event, Belgian Deputy Prime Minister Alexander De Croo noted the country has considerable expertise in the fields of agriculture and fisheries while For his part, Truong Quang Hoai Within the framework of Accenta fair, a series of seminars introducing the city’s policy and business environment and exchanges on education and training are being staged. The Vietnamese delegation will also conduct market surveys in a number of European countries to obtain better insight into potential opportunities for expanded cooperation and investment. Dak Lak coffee available in 80 markets overseas Coffee bean and instant coffee processors in the Central Highland Coffee beans are Dak Lak’s major export item, contributing largely to its coffee export earnings of over US$440 million since January 2014, meeting nearly 60% of the yearly plan. The September 2 Import-Export Company Limited (Simexco Dak Lak), the leading coffee bean exporter in the province, has expanded outlets to Japan, the Republic of Korea, the Philippines and other Asian markets, alongside traditional consumers of Britain, France, the US, Spain, Poland and Germany. The company has so far this year shipped 73,657 tonnes of coffee beans to 50 countries and territories, earning more than US$147 million, an increase of 114% compared to the same period last year. To improve coffee quality to meet importers’ requirements, Dak Lak has taken synchronous measures, from variety selection to planting, tending and harvesting, using the wet processing technology. The province has expanded sustainable production of coffee applying international farming models such as UTZ Certified, Rainforest Alliance, Fairtrade and the Common Code for the Coffee Community (4 C coffee), to meet traders and roasters’ requirements. Garment exports hit US$13.65 billion in 8 months Garment and textile exports in the first eight months of the year accelerated 19.7% on-year to US$13.65 billion, according to the the Ministry of Industry and Trade (MoIT). In August alone, garment exports were US$2.2 billion, up slightly 0.2% over July but a significant jump of 20.9% over exports for August 2013. Dang Phuong Dung, Secretary General of the Vietnam Textile and Apparel Association (Vitas), said despite the increase in exports, added value of the local garment industry is still not up to snuff due to overdependence on imported input materials. Dung attributed the rise in exports to the active participation of the industry in the global supply chain. The sector is currently installing modernized equipment using the latest production technology, which helps improve product quality. The new equipment is also resulting in increased added value and helping diversify product lines, Dung said. Le Tien Truong, Director General of the Vietnam National Textile and Garment Group (VINATEX), in turn said the domestic garment sector has the requisite production experience and management skills to be competitive in the global marketplace. It also has an a sufficient workforce comprised of skilled workers to meet the requirements of demanding markets, creating a firm foundation for developing original design manufacturer (ODM) and free-on-board (FOB) products, Truong said. However, to increase added value, he said, local garment producers need to nurture human resource development, enlarge the support industries, and study the markets carefully. HCMC hosts 2014 Audio Visual Equipment Show Techno giants from around the globe are participating in the 2014 Audio Visual Equipment Show (AV Show) taking place from Sep 6-8 at the Sheraton Hotel in The event will be witnessing a galaxy of techie experts from companies the likes of Zu Audio, Nguyen Audio, HMT Audio, Legacy Audio, PGI, Son Ha Audio, and AnhDuy Audio coming to the city to promulgate the next generation of audio visual technologies. On display, at the largest exhibition of its kind, are all the latest technologies in ultra-high-end and full-range loudspeakers, amplifiers, latest ear headphones, 4D television, and other home appliances. The exhibition creates a good chance for suppliers and distributors to promote their brands to Vietnamese consumers. Businesses to tap Vietnamese businesses should capitalise on The Brazilian government recently decided to temporarily slash import duties from 16% to 2% on 240 machinery and equipment and 10 computing and telecommunication products. The decision is in effect from June 2014 to December 31, 2015. In 2013 alone, bilateral trade value surpassed the US$2 billion mark, making Brazil Vietnam’s largest trade partner in The first seven months of 2013 saw impressive trade growth between the two sides, with value hitting more than US$1.7 billion, of which Vietnamese exports fetched US$723 million. Manufacturing integrated circuits for domestic use and export at 4P Company in Hung Yen (Photo:TTO) Currently, Experts say in its foreign affairs policy, The Vietnam Trade Office in If market expansion measures are put in place, two-way trade between Hi-tech park allocates area for Japanese firms Twenty hectares of land have been earmarked in Under an agreement between the park and the Department of Trade-Industry-Tourism of Japan's Shiga Prefecture on Friday, they will help companies from Shiga and HCM City link up with each other and provide support for research and development activities. Vietnamese businesses will be helped with attending trade fairs and exhibitions in Speaking at the signing ceremony, the head of the SHTP management, Le Hoai Quoc, said Shiga is one of the most industrialised provinces in Shiga leads Japanese provinces in industrial growth rate. Industry accounts for 41 per cent of its economic output, much higher than the average of 23.7 per cent in According to the director of the Shiga Department of Trade – Industry – Tourism, Hazumi Hiroshi, businesses in his province, especially medium-sized and small ones in hi-tech supporting industries, have been looking for business opportunities abroad. VN imposes new steel tariffs The Ministry of Industry and Trade (MoIT) on Friday issued the order to impose tariffs on stainless steel products imported from four countries to protect the domestic market. This is the first time Under the decision, which takes effect 30 days from the day it was signed, duties will be imposed specifically on cold-rolled stainless steel products classified under Harmonization System Codes or HS Code of 7219.32.00, along with 7219.33.00, 7219.34.00, 7219.35.00 and 7219.90.00, as well as 7220.20.10, 7220.20.90, 7220.90.10 and 7220.90.90. The highest duty, at 37.29 per cent, is to be imposed on Yuan Long Stainless Steel Corporation of Among the Chinese steel manufacturers, Fujian Southeast Stainless Steel Company Ltd, will be assessed a 6.87 per cent tariff while Lianzhong Stainless Steel Corporation will be paying a 4.64 per cent tarrif and Fujian Southeast Stainless Steel Company Ltd, 6.58 per cent. PT Jindal Stainless In July 2013, the MoIT's Viet Nam Competition Authority (VCA) initiated an anti-dumping investigation on stainless steel imports at the request of Posco VST and Hoa Binh Inox, which have urged the imposition of anti-dumping duties on stainless steel products from the four countries. The two manufacturers account for 80 per cent of At present, imported cold-rolled steel products are charged a zero to 10 per cent import tax based on their origin. The zero per cent tax rate applies to products from In December 2013, the VCA concluded its investigation and said the steel manufacturers of the four countries had showed signs of dumping products in the Vietnamese market and forcing the domestic steel industry to suffer heavy losses. The VCA then proposed that anti-dumping tariffs, ranging from 6.45 per cent to 30.73 per cent, on stainless steel imports from these countries be imposed within 120 days. On August 13, the assembly reviewing the anti-dumping tariffs met and agreed to impose duties that were higher than those proposed by the VCA last year. Trade surplus with According to data released by the Ministry of Industry and Bizlive.vn quoted the ministry as saying that Vietnamese exports of textiles and garments to Japan experienced encouraging growth of 6.5 per cent, valued at over $1.6 billion. Trade experts forecast that the country's apparel exports to Besides leather and footwear, seafood, bags and suitcases, exports of agricultural products to Japan also witnessed a healthy growth, as Vietnamese enterprises gradually adapted and then met In the January to August period, Four years after inking the Viet Nam-Japan Economic Partnership Agreements (VJEPA), many Vietnamese export businesses have effectively exploited the advantages of preferential tariffs to boost exports to the Japanese market. However, in order to enhance the share of Firms move to boost The Association of Vietnamese Investors in Myanmar (AVIM) hopes to raise their investment in the country to around US$1.5 billion by 2015, placing AVIM Chairman Tran Bac Ha unveiled the goal at a meeting in Ha Noi yesterday with Speaker of the Assembly of the Union of Myanmar Thura U Shwe Mann, who is here for an official visit from September 5 at the invitation of National Assembly Chairman Nguyen Sinh Hung. Ha also said the businesses would work to help raise two-way trade between the two countries to $650-700 million and the number of Vietnamese tourists to To realise these targets, AVIM representatives proposed that The association voiced hope that He noted that U Shwe Mann took note of AVIM's requests and asked the association to continue acting as a bridge to bring more investment from Established under an initiative by the Bank for Investment and Development of Vietnam (BIDV), AVIM comprises 76 members, including prestigious businesses such as PetroVietnam, Vietnam Airlines, Hoang Anh Gia Lai Group and Song Da Corporation. Vietnamese investors currently have seven projects worth $600 million in The biggest investment among them is Hoang Anh Gia Lai Group's $440 million hotel, apartment and office complex. Dong Nai timber shipments climb The southern According to the provincial Statistics Department, in August alone, the export value of wood products was estimated at $88.3 million, up by $11.2 million from the previous month. The increase was attributed to a growing demand from the province's main export markets, such as the US, Canada, the UK, the Republic of Korea and Japan, as well as several new markets in Latin America and Africa, Le Van Danh, director of the local Department of Industry and Trade, said. Many companies have received orders for the first quarter of next year. According to the Handicrafts and Wood Industry Association of Vietnam, the stable macro-economy, controlled inflation, reasonable credit growth and abundance of human resources had made Bui Quang Hoi, a director at the Bui Chan Hung Limited Company, said buyers had shifted their orders from Dong Nai now has over 600 wood-related enterprises that earned $2 billion in revenue last year, with nearly $1.5 billion generated from exports. Dong Nai's exports account for 27 per cent of the national timber sector's total export value. Seafood imports rise to meet export demand Figures from the Viet Nam Association of Seafood Exporters and Producers (VASEP) showed that in the first eight months of 2014, Vietnamese seafood export enterprises registered a 73-per cent year-on-year increase in seafood imports to US$72 million. Truong Dinh Hoe, VASEP general secretary said that the increased import volume consisted largely of material for export processing because of the high demand for seafood exports in the world market. During the first eight months of the year, According to the General Department of Customs, in the first seven months of this year, Hoe revealed that seafood exporting enterprises had to import more material to expand their export customer base by year end and meet domestic demand, especially for tuna and salmon. According to the Ministry of Agriculture and Rural Development, Kich added that the country's seafood export processors had to import shrimp from Kich also noted that domestic factories' export processing capability remained high, so they decided to continue processing in spite of a lack of domestic material. In the future, domestic enterprises are expected to import more seafood as the Trans Pacific Partnership (TPP) agreement is signed by TPP member countries, said Kich. The agreement is expected to create opportunities for domestic enterprises to export their products at zero tax rates. The anticipated high demand serves as a great challenge for the domestic seafood industry, added Kich. Pham Anh Tuan, deputy director of the General Department of Fisheries, said that in the future, the country's fisheries industry would prioritise the review and adjustment of plans for growing and consuming key seafood products, including tra fish, shrimp, prawn and tilapia, as well as molluscs. VND2.75 trillion for Thai Prime Minister Nguyen Tan Dung on September 7 attended a ground-breaking ceremony for a Thai The BOT (Build-Operate-Transfer) project, estimated to cost nearly VND2,750 billion, is scheduled for completion by the end of 2016. The project aims to meet the transport demand, reduce congestion and traffic accidents on Highway No 3. It will also serve as an important link in the overall transport network connecting the northern mountainous provinces with At the ground-breaking ceremony, PM Dung said the project will play a key role in improving local people’s daily life, and contribute to promoting socio-economic development in the region and the country as a whole. He asked localities and contractors to pay particular attention to site clearance and carry out the project on in a timely manner, meeting schedule and technical specifications. EVN optimise hydroelectric capacity during flood season The Electricity of Vietnam (EVN) group aims to optimise their hydropower plants’ capacity by taking full advantage of September’s abundance of water resources during the main month of flooding. According to the group, the country’s total electricity output reached 95.6 billion kWh during the first eight months of 2014, up by nearly 10 percent compared to last year. EVN has instructed its subsidiaries to develop measures to combat floods and safely operate reservoirs with high water levels in order to cope with possible unusual weather events. The group also intensified communication efforts to promote safety and conserve electricity during the rainy season. Authorities are ready to solve any remaining problems that could be a hindrance to development of the information technology sector, a key industry for the country, the deputy chairman of the Ho Chi Minh City People's Committee said at a meeting on September 4 in the city. "The city wants to support enterprises but policies have not been updated and have been unreasonable, and State offices have been slow in implementation and have harassed enterprises," said Le Manh Ha at the meeting with IT enterprises. "The city has tried to support and talk with enterprises to allow us to adjust policies so they can be suited to reality," he added. Representatives from IT enterprises in the Tan Thuan Processing and Industrial Zone said while technical and service infrastructure in the zone had met the requirement of IT and high-tech electronics businesses, companies had not received full tax incentives for investment in high-tech parks. Also, the Thanh Nhan Computer Limited company asked local authorities to allow companies to sell IT products at big discounts six months after being imported, because IT products have a short-life circulation and become outdated quickly. They also asked the city for permission to reduce by 20 percent prices on such products after six months, 35 percent after nine months, 50 percent after 12 months, and 90 percent after 24 months. Representatives from the municipal Industry and Trade Department replied that the suggestion needs to be approved by the Ministry of Industry and Trade. The department will submit statements about the problems to the ministry. At the meeting, the Sao Thang Joint Stock Company pointed out that even though State offices were asked to give priority to purchase IT products from local companies, companies were not required to have a fixed number of human resources or quality certificates such as ISO and CMMI. Representatives from software enterprises said they wanted to invest in many new fields like cloud services, e-commerce and database centres, but there were no regulations that allowed implementation. "The Ministry of Information and Telecommunications should regularly update new trends and provide conditions to operate," said a representative for software enterprises. Speaking at the meeting, Deputy Minister Nguyen Minh Hong said: "The Ministry of Information and Telecommunications will try our best to solve all problems in order to support enterprises. The Ministry has released many decrees and we would like to get feedback from the business community to make such decrees useful." Ministry mulls VND30-trillion fund for supporting industries Individual and corporate producers and suppliers of products and services for supporting industries will be able to take out low-interest loans from a supporting industries fund worth a total of VND30 trillion, as stated in a draft decree. Different from the previous five drafts, the addition of VND30 trillion to the fund is a new point cited in the latest draft of a decree on developing supporting industries. Truong Thanh Hoai, deputy director of the Heavy Industry Department under the Ministry of Industry and Trade, said the ministry would send the draft decree to the Prime Minister for consideration, who is expected to sign off on this decree later this year. The supporting industries fund would be financed by official development assistance (ODA) loans, the State budget and other investment funds, including initial financial aid of VND2 trillion as a catalyst in the first three years, Hoai told the Daily. There are 1,400 domestic enterprises nationwide making components and accessories for supporting industries such as electric, electronic, metal and rubber parts. Many investors are afraid of putting their money in supporting industries due to long capital recovery and high risks while supporting industries companies also are running into difficulty over financial constraints, the ministry said. The inadequate supply of components in supporting industries has forced manufacturers to look for foreign suppliers, thus leading to the prolonged trade deficit in industrial production over the past many years. However, many enterprises also expressed their concerns over the mechanism of the supporting industries fund, doubting whether the fund can actually help them overcome hardships. They said it is more urgent to bring out appropriate policies for supporting industries rather than to establish a new fund. HSBC: Central bank likely cuts OMO rate further HSBC Bank has predicted that the central bank would mull another cut of the open market operations (OMO) rate to beef up domestic demand and growth thanks to low inflation this year. In a macro economic report released on September 4, HSBC said After expanding solidly since September 2013, the HSBC manufacturing PMI index eased markedly in August to 50.3 and the bank forecast next month’s performance to be lackluster as inventories are high and orders are weak. Headline inflation decelerated further to 4.3% year-on-year on low domestic demand. With the exception of food, price pressures subdued and core inflation slowed to 4.2% year-on-year in August from 5.1% in July. Credit growth slowed to 10.3% year-on-year in August from 10.6% in July. The central bank already reduced the OMO rate by 50 basis points to 5% to support domestic demand. “Should inflation stay below 4.5% in September, the central bank may deliver another rate cut to the OMO rate to shore up domestic demand,” the bank said. Meanwhile, the Ministry of Finance is also doing what it can to help the business community. The corporate tax rate was cut to support businesses and attract manufacturing foreign direct investment (FDI) capital, especially high-tech firms. In January this year, the rate was reduced to 22% from 25% and by 2016, it will be lowered to 20%. Foreign-invested enterprises in prioritized sectors and regions get even more advantageous rates. Tax incentives coupled with slowing gross domestic product (GDP) growth heightened concerns over In 2013, the budget deficit widened to 5.5% of GDP from 5.4% in 2012. The concern is not over the Government’s reported deficit but the lack of clarity about what is the “real” nature of the Government’s liability, leading to a wide range of debt estimates. The report also mentioned For example, the inclusion of principal payment in expenditure has led to higher deficit estimates by the Government. As a result, estimates of the debt stock also vary, skewing on the upside. In general, HSBC said By category, corporate, customs and oil revenues are the key contributors. This year, Real estate FDI ranks second in first seven months Foreign Direct Investment (FDI) in the real estate sector was ranked second in The real estate FDI accounts for 11.9 percent of the total FDI capital in the country, according to the Foreign Investment Department under the Ministry of Planning and Investment. Several projects of foreign and domestic investors have restarted after a long delay. Meantime, other real estate markets in the Thai garment firms seek opportunities in HCM City Thai trade and investment promotion agencies are actively implementing an array of programmes to connect businesses and support them in seeking business investment opportunities in These activities are seen as preparations for future opportunities after the establishment of an ASEAN Economic Community (AEC) in 2015, Thai Consul General Malinee Harnboonsong told an exchange between Vietnamese and Thai garment businesses in Bilateral trade relations have seen strong development in recent years with two-way trade turnover reaching nearly US$9.5 billion last year and nearly US$5 billion in the first half of this year. Many Thai businesses highly appreciated the Vietnamese market’s potential and long-term cooperative opportunities with Vietnamese partners, she said. Thai businesses, through the exchange, want to introduce prime quality products and services to distributors and agents to enable Vietnamese customers be in favour of Thai products, Malinee said. A Thaiwahknit Wear Co representative said the company is keen to expand business in According to the Ministry of Industry and Trade, bilateral garment trade turnover reached US$160 million in the first half of this year, including US$20 million from Nguyen Van Tuan from the Vietnam Chamber of Commerce and Industry (VCCI)’s branch in US opens door to tropical fruits from Vietnam Vietnamese litchi and longan will be allowed to be sold in the The APHIS, an agency of the United States Department of Agriculture (USDA) responsible for protecting animal and plant health, has amended the “fruits and vegetables regulations to allow the importation of litchi and longan fruit from Vietnam into the continental United States,” according to a document published in the Federal Register on Thursday. The APHIS said Vietnamese litchi and longan will be required to undergo a systematic approach that includes requirements for treatment and inspection and restrictions on the distribution of the fruit. “This will allow for the importation of litchi and longan fruit from The APHIS first proposed to allow importation of Vietnamese litchi and longan fruits in 2011, and eventually “adopted the proposed rule as a final rule, without change.” The final rule takes effect on October 4. However, the importation of Vietnamese litchi and longan fruit will not be allowed in Florida and Hawaii, where the tropical fruits are commercially grown, The Packer, a weekly on fresh fruit and vegetable industry news, said in its Wednesday report, citing the USDA. The two states collectively produced 535 metric tons of litchi and 776 metric tons of longan in 2008, according to USDA data. The USDA believed Imported fruit from Between 2007 and 2010, the Southeast Asian country shipped around 600 metric tons of litchi and 1,200 tons of longan to the It is also likely that Vietnamese litchi will be able to enter the Australian market, with local businesses promising to consider importing the fruit, according to the Vietnam Trade Office in The office has recently proposed an increase in the importation of Vietnamese products, including fruits and vegetables, to “The proposal was highly appreciated by businesses in the state of Victoria, as well as Coles, a subsidiary of the country’s second largest retailer, Wesfarmers Limited,” the trade office said earlier this week. World Bank, IMF identify A comprehensive framework through which The Southeast Asian country’s key financial sector vulnerabilities and developmental challenges have been included in the Financial Sector Assessment Program (FSAP) report, finalized in June but only published in late August, according to the WB. Besides pinpointing financial vulnerabilities, the FSAP Vietnam report also provides policy recommendations for the further and sound development of the Vietnamese financial system. The report summarizes the findings of a joint mission from the WB and the IMF that visited the country in October 2012 and January 2013 to conduct the assessment of the local financial system under the FSAP. In their report, the WB and the IMF said that “These reforms contributed to an impressive performance in the last two decades – since 1990 the annual GDP growth has exceeded 7 percent and per capita income has increased three-fold,” the document reads. However, in recent years the Vietnamese economy has shown signs of corporate and financial distress, and weaker growth, the report noted. Several segments of the corporate sector exhibit poor performance and financial distress, and have affected the health of the banking system. Large state-owned enterprises have defaulted on their obligations and several others appear to be overleveraged. Meanwhile, the banking system has accumulated a significant amount of non-performing loans, estimated conservatively at 12 percent of total loans at the end of 2012, and many small banks have experienced more serious liquidity and insolvency problems in the same period, leading to interventions by the State Bank of “The reduced lending capacity of the banking system is one of the factors that have contributed to a sharp slowdown of credit growth,” according to the FSAP. The FSAP attributed the weak performance of the financial sector to a complex array of institutional and regulatory factors, including inadequate governance structures and risk management capacity, weaknesses in financial infrastructure, and deficiencies in financial regulation and supervision. “Increased macroeconomic volatility in the last five years has compounded these problems and led to further deterioration in the quality of loan portfolios.” The report also provides a broad set of policy recommendations that can be used to operationalize a comprehensive reform program, including banking restructuring, SOE restructuring, and public investment reform approved by the Vietnamese National Assembly in November 2011. The recommendations include a plan to work out the large stock of existing non-performing loans, measures to ensure sound new flows of finance and prevent the accumulation of additional non-performing loans, and a set of policy steps designed to protect the financial sector during the reform period. Launched in 1999 in the wake of the Asian financial crisis, the FSAP brings together WB and IMF expertise to help countries reduce the likelihood and severity of financial sector crises. Real estate experts forecast further decline in housing market Professor Dang Hung Vo, a senior Vietnamese real estate expert, has predicted that housing prices in Professor Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, cited a report by released by Savills, which said that the supply of apartments and offices in July of this year increased by 3% to 5% against the same period of last year. Higher supply has contributed to a fall of real estate prices. According to Savills, in the second quarter of 2014, around 2,500 apartments were sold in According to experts in the industry, government policies in regards to the real estate market are showing their effectiveness. In particular the disbursement of VND30-trillion (USD1.41 billion) in the form of a financial support package. Professor Vo said that from now to the end of the year is an opportunity for companies to boost their revenues, which should decrease prices in real estate. Many commercial and residential projects have been cutting their prices per square metre and banks have also launched programmes to boost demand with preferential loans. The Vietnamese tourism property sector has benefited from a wave of investment, including projects in He added that, in the past Vietnamese tourism sites lacked large hotels, and investors, a fact not ignored by investors, who have poured money into these neglected areas. The combination of building hotels and resorts at tourist destinations is good for Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR |
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