Vietnam’s growing demand for US property

According to experts, the estimated $3 billion spent by Vietnamese people to purchase US residential property could have been transferred largely through illegitimate ways. The “Profile of International Activity in US Residential Real Estate” report by the US National Association of Realtors (NAR) showed that between April 2016 and March 2017, Vietnamese people spent up to $3 billion buying residential property in the US. Currently, money for buying real estate cannot be transferred through normal banking channels, which begs the question: how did these Vietnamese buyers transfer money abroad to buy real estate? According to Vietnam’s Law on Foreign Exchange Management of 2005 (amended in 2013), Vietnamese people can only transfer money overseas under prescribed circumstances, such as carrying a maximum of $5,000 or equivalent when going through border checkpoints. Additionally, Vietnamese people can transfer money overseas through banking, to pay for tuition or medical expenses, though the amount is usually quite small. It is estimated that Vietnamese people spent up to $3 billion on buying residential property in the US Nguyen Hung, CEO of TPBank, was quoted as saying on that money transferred overseas to purchase property may go through illegitimate channels, as banks only accept legal transactions and the amount is not so large usually . “Maybe they transferred money through other means and not through banks. The State Bank of Vietnam will surely make moves to control…... [read more]

BANGKOK - From pianos with ivory keys to violin bows crafted with tortoise shell, musical instruments made from protected species will soon be able to roam the globe more easily - with their own passports. The 178-member Convention on International Trade in Endangered Species (CITES) agreed on Wednesday to create a system of certificates for such instruments, which currently need a new permit each time they travel. The multi-entry passports, available for instruments made before international trade restrictions for the relevant species came into effect, will be valid for three years for non-commercial movements. Kazuko Shiomi, president of Japan's Nippon Music Foundation, said the move would end a major headache for international musicians who borrow its priceless Stradivarius for their performances. "They travel extensively for concerts throughout the world very frequently with a very tight schedule," she said. The time-consuming paperwork and risk of seizure linked to moving such instruments around the world has in the past prompted drastic measures, such as removing ivory keys from pianos, according to one British removal expert specialising in antique pianos. "No-one wants to harm elephants but it seems a little ridiculous to have to apply for a CITES (permit) for a 120-year old piano," he said, asking not to be named. The US National Association of Music Merchants has welcomed the passport scheme as "a good first step" towards making it easier for musical instruments to cross borders. AFP... [read more]

The United States and eight other Pacific countries hope to announce the crux of a major trade deal at an Asia-Pacific summit next month, officials said Monday, a step toward an elusive APEC-wide accord. The deal, which has been at least two years in the making, would bind countries that together account for a quarter of world economic output. Negotiators from the nine are to gather in Lima from Wednesday for 6-10 days of talks to finish sketching the accord, said Carol Guthrie, a spokeswoman for the US Trade Representative. More negotiations will likely be necessary after the Honolulu meeting, but the deal is expected to cover supply chain management, intellectual property protection, investment, rules on state-owned firms and a host of other trade issues. "It's comprehensive, it's going offer access to a couple of very important growing markets in Vietnam and Malaysia and a developed market in New Zealand," said Douglas Goudie, head of international trade policy at the US National Association of Manufacturers. Many hope the agreement --- between Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, United States and Vietnam -- will provide a stepping stone to a deal that would include regional powerhouses China, Japan and Russia. While the so-called Trans-Pacific Partnership (TPP) talks appear to be bearing fruit, broader talks to create a fully-blown Asia-Pacific free trade deal have long withered on the vine. Trade groups hope that the Honolulu meeting and the TPP's conclusion will inject some political momentum into that process. Covering around…... [read more]

One of Hollywood's greatest film instructors is currently in Ho Chi Minh City for a filmmaking course at the Institute for Cultural Exchange with France (IDECAF), to be held from July 27-29. Dov Simens is well known worldwide for his 2-Day Film School, giving you the maximum filmmaking information in the shortest period of time.Simens will focus on movie production planning, the Hollywood formula for writing movies, how to look for capital for film making, bringing movies to international film fests and selling pictures.Local well-known insiders such as directors Viet Linh and Pham Hoang Nam, actress Hong Anh, actor Tran Bao Son, photographer Le Thanh Hai, singer Hong Nhung will join the course.Simens can boast of many famous students such as directors Quentin Tarantino and Chris Nolan, actor-producer Will Smith and the King of Pop Michael Jackson.He has taught in more than 18 film universities and institutes around the world likely USC (University of Southern California), NYU (New York University), UCLA (University of California in Los Angeles) and was voted as "the No1 Film Instructor" by the US National Association of Film Schools.... [read more]

Mr. Dov Simens alias "Mr. Hollywood", the teacher of famous film directors in the USA, will be in HCM City on July 26th to deliver a lecture during a three-day course on film-making. Participants will learn how to write a script, plan camera arrangements, direct the acting, release films and sign contracts on releasing a film in the international market and will be provided with more information on the film industry and network in Vietnam and over the world. Dov Simens previously lectured at prestigious universities, namely University of Southern California, New York University and University of California at Los Angeles. The US National Association of Film Schools chose him as the USA’s No. 1 Film Instructor. He is also the author of a famous book, "From Reel To Deal", one of the 30 most important books that film-makers should read by independent film-makers. Simens increases his US film-training legend status with his "2-Day Film School". Source: Vnexpress Translated by Mai Huong... [read more]

VietNamNet Bridge ' Dov S-S Simens, voted as "the US' No1 Film Instructor" by the US National Association of Film Schools, began a three-day workshop for Vietnamese filmmakers in Ho Chi Minh City yesterday, June 26. Simens rose to fame because of his 2-Day Film School course which claims to train a movie lover to become a filmmaker in a mere two days, teaching novices the entire process of making and releasing a movie. He has taught in more than 18 film universities and institutes around the world. Famous directors Quentin Tarantino (Kill Bill) and Chris Nolan (Inception), actor-producer Will Smith, and the King of Pop Michael Jackson were among his students. The course costing US$295 -- and $195 for students ' is being held at IDECAF, District 1, and organized by MFC Ltd Co which represents the US-based Hollywood Film Institute. VietNamNet/Tuoi Tre... [read more]

1689 Declaration of Rights in England, in which William and Mary are proclaimed King and Queen for life. 1809 Birth of Charles Darwin, English scientist (died 1882); and US President Abraham Lincoln (died 1865). 1856 France and Spain agree on their frontiers. 1883 Nguyen Gian Tong crowns Ung Dang, the seventh king of the Nguyen dynasty (1802-1945). He advocated the signing of the June 1884 agreement with the French colonial administration. 1896 Birth of USSR Marshal Georgi Zhukov (died 1974). After joining the Red Army in 1918, he rose to army chief of staff in 1941. He directed the counter-offensive at Stalingrad (1943), relieved Leningrad (1943) and aided in the capture Berlin (1945) during World War II. 1899 Germany buys Pacific islands of Marianas, Carolines and Palau from Spain. 1909 The US National Association for the Advancement of Coloured People is founded. 1912 Pu Yi, the last emperor of China, abdicates, ending more than 2,000 years of imperial rule. 1953 Britain and Egypt agree to end Anglo-Egyptian rule of Sudan and take steps toward granting self-rule. 1960 Viet Nam and Cuba establish ambassadorial-level diplomatic relations. 1971 The United Arab Emirates is formed, consisting of the former Trucial states Abu Dhabi, Dubai, Sharjah, Ajman, Umm al Qaiwain and Fujairah. The state of Ras al Khaimah became a member in 1972. 1992 UN Secretary-General Boutros Boutros-Ghali opens peace talks aimed at reaching a cease-fire in Somalia. 1994 Norwegian Edvard Munch's painting "The Scream" is stolen from a museum in Oslo. It is…... [read more]

The price of gold in Vietnam surpassed VND36 million a tael (1.2 ounces) on November 24. Global prices rocketed up as escalating tensions on the Korean peninsula prompted investors to seek the precious metal as a safer asset. Saigon Jewelry Co., the biggest gold shop in Vietnam, bought the metal at VND35.85 million and sold at VND35.92 million. At Sacombank Jewelry Co., the metal was bought at VND35.91 million and sold at VND36.04 million. Meanwhile, the Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND35.88 million and sold at VND36 million. Internationally, gold climbed to the highest level in the past seven trading sessions amid rising concerns over the European debt crisis and tensions between North and South Korea. Yesterday North Korea fired artillery shells at the South Korean island of Yeonpyeong near the disputed border between the two countries in the worst attack in at least eight months. Meanwhile, in Europe, Standard & Poor's downgraded debt ratings of Ireland to A. Earlier, Moody's announced that Ireland might face a higher downgrade. Observers concerned that the plan to rescue Ireland of the European Union and the International Monetary Fund would fail to damp the crisis. In addition, the US National Association of Realtors said sales of existing homes fell more than forecast in October. Gold for immediate delivery rose as much as $10.1 an ounce, or 0.7 per cent, to close at $1,377.5 an ounce on the Comex in New York. Earlier, gold hit $1,383.5 an ounce, a seven-trading-session high.…... [read more]

Generally, gold was bought at VND31.55 million and sold at VND31.6 million. Yesterday, the precious metal peaked an all-time high of VND31.62 million a tael. In Hanoi, SJC-brand gold of the Saigon Jewelry Co, the country's biggest gold shop, was purchased at VND31.53 and sold at VND31.6 million as of 9 am local time. Meanwhile, Sacombank Jewelry Co. bought gold at VND31.55 million and sold at VND31.6 million. The gap between domestic and global prices gradually expanded. Local gold prices were VND300,000 a tael higher than global prices. The US dollar exchange rate against the Vietnamese dong continued climbing on black market. Dollars were bought at VND19,630, and sold at VND19,660, an increase of VND10 per dollar over the previous day. Internationally, bullion dropped as dollar strengthened, curbing the demand for the metal as an alternative asset. Gold for immediate delivery lost US$3.6 an ounce, or 0.3 percent, to $1,316 an ounce in New York. In Asia, the metal traded below $1,215 an ounce as of 9:25 am Vietnamese time. SPDR Gold Trust, the largest exchange-traded fund backed by bullion, dumped 0.4 metric tons, reducing its holdings to 1,301.9 metric tons. Meanwhile, holdings at 10 exchange-traded funds monitored by Bloomberg also sank by 0.7 metric tons yesterday to 2,094.3 metric tons. The US Dollar Index, which tracks the greenback's strength against a basket of six major currencies, gained after a panel appointed by Swiss government announced that UBS AG and Credit Suisse Group AG should almost double the capital required…... [read more]

Domestically, the metal started at VND28 million for buying and VND28.1 million for selling. However, the local price was quickly joined the global recovery momentum, rebounding to trade at around VND28.3 million a tael. At Sacombank Jewelry Co., gold was bought at VND28.28 million and sold at VND28.32 million. Saigon Jewelry Co., the biggest gold shop in Vietnam, purchased the metal at VND28.27 million and sold at VND28.35 million. The dollar exchange rate against Vietnamese dong on free market continued to climb, to VND19,130 per dollar, after touching VND19,110 last morning. Meanwhile, the rate at commercial banks remained nearly unchanged as of yesterday. Dollars were bought VND19,040 and sold at VND19,095. Internationally, bullion posted the biggest fall in five months amid signs that the European financial industry may be in better shape than estimated, curbing demand for the metal as a safe haven. After swinging within the wide range of $1,195 to $1,243 an ounce, spot gold closed at $1,200.4, losing $43 an ounce. Gold futures for August delivery fell as much as $39.2, or 3.1 percent, to $1,206.7 an ounce, the lowest level since May 25. In Asia, this morning, the metal revised as investors promoted buying after prices fell. Spot gold traded at near $1,208 an ounce as of 10:30 am Vietnamese time. Holdings at SPDR Gold Trust dropped by 1.2 metric tons to 1,319.2, its website showed. According to analysts, this correction is not likely to trigger investor selling as the overall economic outlook remains gloomy, keeping…... [read more]

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