Bitexco steadfast in pursuing $1.35 billion urban project

Vietnamese people’s demand for foreign property, especially in the US, has been increasing in recent years. Experts say this increase can be attributed to Vietnam’s fast growing economy and Vietnamese people’s belief that the US is a good place to live and work. A report by the US National Association of Realtors (NAR) showed that between April 2016 and March 2017, Vietnamese buyers purchased approximately 5,689 residential properties in the US, roughly double of the previous 12-months period. According to the NAR report, it is estimated that Vietnamese buyers spent up to $3 billion on residential properties in the US in 2017. The amount of property purchases made by Vietnamese nationals has been on the rise since 2012-2013. The report also indicates that Vietnamese buyers tend to favour properties in California, Florida, and Texas. Explaining why Vietnamese people are buying more property in the US, some real estate experts say that in addition to increasing demand, housing prices in markets like the US and Australia are considered fairly affordable to the fast-growing upper-middle class of Vietnam. PricewaterhouseCoopers placed Vietnam among the fastest growing economies in the world, and according to The Wealth Report 2017 by Knight Frank, Vietnam’s ultra-wealthy population has the highest growth rate in the world. The fast-growing economy also attracts international real estate companies which give Vietnamese better access to foreign real estate markets. The increasing income also allows middle and upper-class Vietnamese to buy into what they believe a…... [read more]

The regulations related to aviation transport business licensing shall not be loosened for investors wishing to join the field. The government takes a cautious approach to aviation business licensing The government’s cautious approach to aviation business licensing was clearly evidenced by the recently-enacted Document No.309/TB-VPCP of the Government Office. Deputy Prime Minister Trinh Dinh Dung noted in the document that as aviation is a conditional business which requires enormous capital investments and is also a field with direct impact on national security, external activities, and transport safety, bolstering investment efficiency and ensuring healthy and sustainable business performance, the licensing process must be prudent. “This is to ensure utmost safety and aviation security in all contingencies,” Dung stressed. At a recent meeting on the issue, two investors—Skyviet Aviation JSC and Tan Cang JSC—submitted applications to the Ministry of Transport (MoT) seeking licences for aviation transport services provision. In the case of Tan Cang JSC, which applied for a licence on general aviation services, Dung assigned MoT to take into account feedback from relevant agencies and guide the investor in completing the necessary procedures for submission to the prime minister’s consideration. In January 2017, MoT submitted the company’s proposal to the prime minister for consideration. With the chartered capital of VND100 billion ($4.5 million), Tan Cang JSC plans to use two aircrafts for general aviation services, such as air taxi and geological survey…... [read more]

On July 25, Korean Lotte Group and the Ho Chi Minh City People’s Committee signed a contract to build up the VND20.1 trillion ($884 million) Eco-Smart City in Thu Thiem New Urban Area. Accordingly, four affiliates belonging to Lotte Group (Lotte Asset Development, Lotte Shopping, Lotte Hotel, and Lotte Engineering and Construction) will implement this project. With the investment capital of $884 million, Lotte Eco-Smart City was designed as a modern complex covering six plots in Functional Area 2A in Thu Thiem. The 74,000-square metre site will incorporate a shopping mall, offices, hotels, serviced residences, and apartments. The 11 residential towers, 15-40 storeys each, covering 50,000sq.m, will be built first. Lotte Group also needs to complete 25,000sq.m of contracted infrastructure that will serve the site, including four roadways, before transferring it to local authorities. In 2013, Lotte Group officially proposed this project to the Ho Chi Minh City People’s Committee. In April 2016, the city authorities had issued a decision to choose the four companies under the umbrella of Lotte Group to be the investors for this project. According to Shin Dong Bin, Lotte Group’s chairman, this project is of a large scale and is very important. “We will develop Eco-Smart City to be a landmark of Ho Chi Minh City,” he committed. Nguyen The Minh, head of the Thu Thiem New Urban Area Management Board, commented that this is one of the most significant projects of the whole…... [read more]

The benchmark VN Index on the HCM Stock Exchange declined 0.03 per cent to close Tuesday morning at 759.48 points. — Photo tinnhanhchungkhoan.vn Vietnamese shares weakened towards the end of Tuesday morning's session on both local markets after opening on a positive note as trading liquidity slowed down on poor investor sentiment. The benchmark VN Index on the HCM Stock Exchange declined 0.03 per cent to close at 759.48 points. It dropped total 1.5 per cent in the previous three days. The HNX Index on the Ha Noi Stock Exchange narrowed its gain to 0.30 per cent, ending at 97.22 points. The northern market index fell total 1.9 per cent in the previous three sessions. More than 136.4 million shares were traded on both local exchanges, worth VND2.94 trillion (US$130.6 million). Market trading condition was balanced with 197 stocks advancing and 210 stocks declining. Among the stock market's 20 sectors, property developers, energy firms and food and beverage producers were among the decliners. Companies that saw their share prices move down included brewer Sabeco (SAB), dairy producer Vinamilk (VNM), property firm Vingroup (VIC) and gas station operator Petrolimex (PLX). On the opposite side, PetroVietnam Gas (GAS), Bank for Investment and Development of Viet Nam (BID) and Vietinbank (CTG) were among the gainers, boosting the local stock market. The afternoon session starts at 1pm. — VNS ... [read more]

Real estate has become the most popular asset class among retail investors since gold and foreign currencies are not very profitable any more. Minh Hanh of HCM City’s Tan Phu District, for instance, said: “I never put my money into saving accounts because I used to invest in gold and dollars. But now I invest my money in real estate and stocks because gold prices have decreased sharply and the gap between domestic and international prices is too big.” Since 2010, gold has plateaued. The Government has tightened gold management and banks are not allowed to mobilise or borrow gold any more. This year, the real estate market has gathered pace and been a magnet for investors. Duc Vinh of HCM City’s Go Vap District said last October he had bought a piece of land for VND2.6 billion ($115,000) and planned to build a house. But half a year later, a buyer offered VND3.5 billion ($155,000) for it and he sold it immediately. But Vinh’s profit is not considered huge in the current market situation. Hoang An, a broker in District 12, said now everybody wants to buy land because of high profits and liquidity. Things have turned on their head from a few years ago when prices were low yet it was difficult to sell land. “Bank savings interest rates are very low, gold and dollars do not yield high returns and investors are looking for better investment opportunities,” An said. “Inflation has been controlled well in recent years…... [read more]

NDO – Storm Sonca, the fourth large-scale storm to hit the East Sea this year, made landfall in the northern part of the central province of Quang Tri on July 25 afternoon and downgraded to a tropical depression, according to the latest information from the National Centre for Hydro-Meteorological Forecasting (NCHMF). >>> Localities brace for fourth storm in East Sea As of 4pm on Tuesday, the storm’s centre was located at approximately 17 degrees north latitude and 106.8 degrees east longitude, right on the areas of Quang Binh-Quang Tri provinces, with strongest winds in the eye of the storm recorded at 50-60kph. The State meteorological agency forecast that in the next 12 hours, the typhoon will move mainly to the west-north west at about 15kph and weaken into a tropical depression. By 1am on July 26, the tropical depression will be centred at about 17.5 degrees north latitude and 105.3 degrees east longitude, in Central Laos. The strongest wind of the tropical low pressure will be at about 40-50kph. To deal with the storm, the Central Steering Committee on Disaster Prevention and Control this morning held an online meeting with six central provinces, including Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue, to discuss specific measures. At the meeting, Minister of Agriculture and Rural Development Nguyen Xuan Cuong, who is also head of the Central Steering Committee for Disaster Prevention and Control, proposed mobilising all forces to respond to Sonca and…... [read more]

Real estate has become the most popular asset class among retail investors since gold and foreign currencies are not very profitable any more. — Photo baodautu.vn Real estate has become the most popular asset class among retail investors since gold and foreign currencies are not very profitable any more. Minh Hanh of HCM City’s Tan Phu District, for instance, said: “I never put my money into saving accounts because I used to invest in gold and dollars. But now I invest my money in real estate and stocks because gold prices have decreased sharply and the gap between domestic and international prices is too big.” Since 2010, gold has plateaued. The Government has tightened gold management and banks are not allowed to mobilise or borrow gold any more. This year, the real estate market has gathered pace and been a magnet for investors. Duc Vinh of HCM City’s Go Vap District said last October he had bought a piece of land for VND2.6 billion ($115,000) and planned to build a house. But half a year later, a buyer offered VND3.5 billion ($155,000) for it and he sold it immediately. But Vinh’s profit is not considered huge in the current market situation. Hoang An, a broker in District 12, said now everybody wants to buy land because of high profits and liquidity. Things have turned on their head from a few years ago when prices were low yet it was…... [read more]

Vietnamese shares weakened towards the end of Tuesday morning's session on both local markets after opening on a positive note as trading liquidity slowed down on poor investor sentiment. The benchmark VN Index on the HCM Stock Exchange declined 0.03 per cent to close Tuesday morning at 759.48 points. The benchmark VN Index on the HCM Stock Exchange declined 0.03 per cent to close at 759.48 points. It dropped total 1.5 per cent in the previous three days. The HNX Index on the Ha Noi Stock Exchange narrowed its gain to 0.30 per cent, ending at 97.22 points. The northern market index fell total 1.9 per cent in the previous three sessions. More than 136.4 million shares were traded on both local exchanges, worth VND2.94 trillion (US$130.6 million). Market trading condition was balanced with 197 stocks advancing and 210 stocks declining. Among the stock market's 20 sectors, property developers, energy firms and food and beverage producers were among the decliners. Companies that saw their share prices move down included brewer Sabeco (SAB), dairy producer Vinamilk (VNM), property firm Vingroup (VIC) and gas station operator Petrolimex (PLX). On the opposite side, PetroVietnam Gas (GAS), Bank for Investment and Development of Viet Nam (BID) and Vietinbank (CTG) were among the gainers, boosting the local stock market. The afternoon session starts at 1pm. Source VNA ... [read more]

Shares sank for a third day on the nation’s two exchanges ​on July 24 as investors remained wary of the market outlook (Photo: VNA) Hanoi (VNA) - Vietnamese shares fell for a third session in both local markets on July 24, driven down by securities firms, energy companies and property developers. The benchmark VN-Index on the HCM Stock Exchange dropped 0.28 percent to close at 759.74 points. It had fallen total 1.2 percent in the previous two sessions. The HNX-Index on the Hanoi Stock Exchange declined by 1.05 percent to end at 96.93 points, posting a total three-day loss of 1.9 percent. The two local indices lost over 2 percent and 2.5 percent for the whole previous trading week. More than 219.8 million shares were traded on both local bourses, worth 3.53 trillion VND (157 million USD). The July 24 trading figures were also the lowest in the last three months. Foreign investors remained net buyers, posting a net buy value of 178.3 billion VND, an increase of 277 percent from July 21. Investor selling to gain profits in most of the penny and small-cap stocks was the major factor that pulled the market down, BIDV Securities wrote in its daily report. A part of the profits went back into bank stocks and blue chips, helping them advance, while most of the profits were kept as cash, proving that investors were taking a wait-and-see attitude, BSC added. [Vietnam's stock market…... [read more]

Investors at ACB Securities Company. — VNS Photo Truong Vi Vietnamese shares fell for a third session in both local markets yesterday, driven down by securities firms, energy companies and property developers. The benchmark VN-Index on the HCM Stock Exchange dropped 0.28 per cent to close at 759.74 points. It had fallen total 1.2 per cent in the previous two sessions. The HNX-Index on the Ha Noi Stock Exchange declined by 1.05 per cent to end at 96.93 points, posting a total three-day loss of 1.9 per cent. The two local indices lost over 2 per cent and 2.5 per cent for the whole previous trading week. More than 219.8 million shares were traded on both local bourses, worth VND3.53 trillion (US$157 million). Monday’s trading figures were also the lowest in the last three months. Foreign investors remained net buyers, posting a net buy value of VND178.3 billion, an increase of 277 per cent from Friday. Investor selling to gain profits in most of the penny and small-cap stocks was the major factor that pulled the market down, BIDV Securities wrote in its daily report. A part of the profits went back into bank stocks and blue chips, helping them advance, while most of the profits were kept as cash, proving that investors were taking a wait-and-see attitude, BSC added. The stock market was driven down by stocks in the property, energy and securities sectors. Those sector indices…... [read more]




Links Topics : http://news.c10mt.com/2017/07/bitexco-steadfast-in-pursuing-135.html