Super small houses bedevil HN planners

A report by the Gachvang real estate trading floor shows that the price of land and houses in old quarters in Hanoi has increased by 20-40% compared with earlier this year.  Dao Duy Tu street has seen the sharpest price increase. There were transactions at the beginning of the year which reported a price of VND360 million per square meter, which later soared to VND574 million, or 52%. Meanwhile, according to VnExpress, some other properties on the street are for sale at hundreds of millions of dong per square meter, much higher than the other properties. Hanoi Old Quarter, comprising 36 streets, is located in the center of the city, near Hoan Kiem Lake, the heart of the capital city.  This is called ‘Pho Tay cua Hanoi’ (Hanoi’s quarter for westerners, which attracts many tourists) to differentiate with HCMC’s quarter for westerners called Bui Vien.  Hoang, a real estate broker, said he had been authorized to sell an 8-storey hotel on Dao Duy Tu street at VND700 million per square meter.  He said that hotels in the area were very pricey because there were favorable conditions for business. The hotel is always full of guests and has been running very well. “If you take over the hotel, you will have income of hundreds of millions of dong a month,” Hoang said. As for other properties on the same street, the prices will be lower, about VND300-360 million per square meter, because…... [read more]

The supply of houses and apartments is expected to drop sharply with tens of thousands of homes destroyed and uncertain prospects for future flood insurance costs. Following a pattern seen in New Orleans after Hurricane Katrina, that’s likely to drive up home prices and rents in high-and-dry neighborhoods. Displaced buyers and renters will compete for a limited number of properties, said Nela Richardson, chief economist for the real estate brokerage and data firm Redfin. Before the flooding from Hurricane Harvey, Houston had been a rare, fast-growing U.S. metropolitan area that had retained an affordable housing market, although prices had risen in recent years and held steady through an oil-price crash starting in 2014 in this center of the U.S. energy industry. "Houston stood out nationwide as a market where housing was remarkably affordable across the income spectrum" compared to other dynamic job markets such as New York or San Francisco, said Aaron Terrazas, a senior economist at Zillow, which recently did a comprehensive study of the Houston housing market. Houston’s median home price in July was $230,000, unchanged from a year earlier, and the median value of all off-market homes was $190,000, according to Redfin estimates. That compares with a national median sale price of $293,400. The experience of New Orleans gives some insight into what may lie ahead for Houston. In the 10 years after Hurricane Katrina, average home prices rose to $339,743 in 2015 from $228,620 in the first half of 2005 – an increase of 48…... [read more]

The figure was revealed at a conference hosted by the municipal Party Committee on September 1 to review two years of implementing the Party Central Committee’s Secretariat  and municipal Party Standing Committee’s Directives on enhancing leadership in fire prevention, control and rescue. Lieutenant General Bui Van Thanh, Deputy Minister of Public Security highlighted HCM City as a leading locality in the country in strengthening the leadership and direction on fire prevention, control and rescue. However, he pointed out difficulties in these activities as many illegally expanded houses in inner streets have narrowed the space for rescue work, while water for fire rescue has yet to access many small valleys where there is high risk of fire. In addition, high-rise and super-high buildings have not yet equipped with fire rescue helicopters, causing difficulties in rescue work in case of fire, he noted. Tat Thanh Cang, Vice Standing Secretary of the city Party Committee asked the city’s Fire Rescue Police to team up with relevant agencies to tighten management and evacuate production facilities with high risk of fire out of residential areas, while popularizing escape methods in case of accident. In the past two years, 3,048 fire incidents were reported in the city, killing 32 and injuring 87 others, with total property loss of  approximately VND375 billion. Local fire rescue force stamped out 841 cases and made 445 rescues, saving 136 people.... [read more]

Bank stocks soar on active tradePhuong Thao HCMC – The stock market rallied for a second straight session on August 31 as bank stocks advanced on active trading. The VN-Index broke through the strong resistance of 780 points, adding 0.53% at 782.76. According to vietstock.vn, the recovery of bank stocks was a surprise as the Hanoi People’s Court is still hearing a high-profile case involving Ha Van Tham, ex-chairman of Ocean Bank, and 50 other defendants who are charged with serious violations of monetary management regulations. BID opened the day with a mild rise after a weeklong drop. The bank rose further in the afternoon phase and hit the ceiling price of VND20,700 a share with matching volume of 5.4 million shares. Active transactions drove up other lenders. CTG gained 3% with volume of 2.38 million shares, VCB added 0.9% with 700,000 shares traded and MBB rose 2.4% with over 6.7 million shares changing hands. Notably, beverage giant SAB hit the intraday high of VND255,300 a share, up 2.12% against Tuesday, before losing steam and dragging the main index down from its peak of 785 points. At the close, SAB inched up 0.4% at VND251,000 a share with 12.5 million shares transacted. Among the property stocks, VIC soared to an all-time high in the morning before dropping strongly, ending a six-day winning streak. It closed down 0.4% at VND49,000 a share with nearly 1.5 million shares traded. Meanwhile, realty stock FLC continued facing high selling pressure, losing 4.16% at VND7,600…... [read more]

Cu Da village has been making soy sauce since its founding more than 400 years ago. In the past, every local household stored several jars of soy sauce to use all year round. Today, soy sauce is made not only for villagers’ own use, but to sell outside the village. The soy sauce is made from glutinous rice, salt, soybeans, and water. The sauce is more delicious if it is made with rain water. The rice should be ‘Nep cai hoa vang’ – a special variety of sticky rice of high quality and special flavor grown mainly in the northern delta and midland provinces. Dinh Van Tinh whose family has been engaged in the craft for 5 generations, said “Technically, making soy sauce involves two steps.  Cooked glutinous rice is fermented for several days in an incubation chamber. After 5 or 6 days, the rice koji, resembling soft green-lentil cake, is moved to a salt tank. That’s the first step, making koji. Second is to make bean sauce. Roasted soybeans are ground, then cooked again, and boiled for an hour before being scooped into basins to cool down, then poured into jars. Depending on the size of the jars, it takes 15 to 20 days to steep the bean sauce, which is then mixed with the koji. The paste is returned to the jars and dried under the sun as long as possible.” Making koji, called mốc in Vietnamese, is the…... [read more]

Photo shows Nha Trang Port in Nha Trang City, Khanh Hoa Province. — Photo mytour.vn Khanh Hoa Province People’s Committee has registered with the Ha Noi Stock Exchange to offload 13.5 million shares, or 55 per cent stake, in Nha Trang Port JSC. The transaction is scheduled for between September 5 and October 4 and the shares will be sold via put-through trading. The Khanh Hoa provincial government is holding more than 15 million shares of the Nha Trang port operator, equal to 61.4 per cent of the company’s charter capital. The number of shares to be sold by Khanh Hoa Province’s government is also equal to the amount of shares that will be bought by Vinpearl JSC – a member company of property developer Vingroup. If the deal is completed, Vinpearl JSC will raise its ownership in Nha Trang Port JSC to 85.5 per cent from the current 30.5 per cent. Vinpearl became a shareholder of Nha Trang Port JSC in 2015. Shareholders of Nha Trang Port JSC approved the deal at the company’s shareholder meeting in early August. The main business activities of Nha Trang Port JSC include loading, storage, logistics and marine transportation. In the first half of 2017, the company posted VND28.4 billion (US$1.26 million) in revenue and VND2.57 billion in post-tax profit. — VNS ... [read more]

VietNamNet Bridge - The land price in old quarters is quoted at nearly VND1 billion per square meter, but few plots are available for sale. A report by the Gachvang real estate trading floor shows that the price of land and houses in old quarters in Hanoi has increased by 20-40 percent compared with earlier this year.  Dao Duy Tu street has seen the sharpest price increase. There were transactions at the beginning of the year which reported a price of VND360 million per square meter, which later soared to VND574 million, or 52 percent. Dao Duy Tu street has seen the sharpest price increase. There were transactions at the beginning of the year which reported a price of VND360 million per square meter, which later soared to VND574 million, or 52 percent. Meanwhile, according to VnExpress, some other properties on the street are for sale at hundreds of millions of dong per square meter, much higher than the other properties. Hanoi Old Quarter, comprising 36 streets, is located in the center of the city, near Hoan Kiem Lake, the heart of the capital city. This is called ‘Pho Tay cua Hanoi’ (Hanoi’s quarter for westerners, which attracts many tourists) to differentiate with HCMC’s quarter for westerners called Bui Vien.  Hoang, a real estate broker, said he had been authorized to sell an 8-storey hotel on Dao Duy Tu street at VND700 million per square meter.  He said that hotels in the area were very pricey because there were favorable…... [read more]

Images of people desperately trying to cope with shoulder-high flood waters, torn up roads and smashed buildings gave a window into the lives of the ordinary citizens of Macau, a world away from chandeliered gambling halls. The storm last week left 10 dead and businesses and homes washed out in the territory's worst typhoon for over 50 years, sparking angry criticism by some residents who said authorities had failed to protect them. A corruption probe is now looking into whether the enclave's weather bureau failed to raise severe storm warning signals for fear of damaging casino trade. Macau is listed by Global Finance Magazine as the world's third-richest territory, based on data from the International Monetary Fund. But between eight and 10 percent of the local population -- around 50,000 people -- live in poverty, says global charity Caritas. Those who were already struggling in the city say they are now worse off after Hato. Wong Siu-yee is thankful her family escaped unhurt, but the loss of the family motorbike and car, which were washed away, left her with a bill of MOP$200,000 ($24,800). It is another setback for Wong who relies on her eldest son's salary and charity donations to supplement her monthly wage of between MOP$1,000 ($124) to $5,000 ($620), which she earns working part-time as a cleaner and caterer. "We hustle for our two meals each day...it's hard when you are a single mother," said Wong, in her late 40s. Since the storm, anxious Wong rations the…... [read more]

Prudential Vietnam Finance Company Ltd. has received the “Excellent Performance” 2016 Award, announced by Decision No.1504/QD-NHNN and signed by Governor of the State Bank of Vietnam on July 17, 2017. RELATED CONTENTS: Prudential launches multiple rider plans for ‘Pru-Wealth Assured’ Prudential pioneering online life insurance services SBV moves to reassure property investors New SBV circular announced Prudential’s newest long-term record investment Prudential Vietnam, VIB cooperate to distribute bancassurance products This is the third consecutive year Prudential Finance has received the award from the State Bank of Vietnam for its excellent performance in securing business objectives, risk management, personnel development, as well as advanced technology in business, and corporate management. SBV’s representative (R) presenting the “Excellent Performance” 2016 Award certificate to Atul Dixit, CEO of Prudential Finance (Photo: Minh Duc) Speaking at the awards ceremony, Atul Dixit, chief executive officer of Prudential Finance, said: “It is our great privilege to win this award in this special year when we are celebrating 10 years of business in Vietnam. We are deeply honored to serve hundreds of thousands of customers and that more and more customers are putting their trust in our company’s services.” Since commencing operations in 2007, Prudential Finance has grown up to be one of the leading providers…... [read more]

The economic fallout from Hurricane Harvey will make the Federal Reserve’s job more difficult when it meets in three weeks, but U.S. central bankers have looked past major storms before with little change in monetary policy and are likely to do the same this time. Sunlight breaks through storm clouds as a helicopter hovers above the Houston skyline. In the weeks after Hurricane Katrina battered New Orleans in August 2005, the Fed confronted what staffers deemed “a thick data fog” that included short-term hits to employment and output, and concern that growth would suffer while inflation jumped because of damage to Louisiana’s energy sector. The Fed nevertheless continued raising rates and never looked back, according to transcripts of the post-Katrina meetings. Those included a warning from then-San Francisco Fed president and now Fed chair Janet Yellen that changing policy because of the storm “could counterproductively mislead market participants” about the Fed’s direction. Superstorm Sandy seven years later passed with barely a mention in the Fed minutes of the day. Natural disasters can have serious local impacts, devastating families and communities, changing investment and migration patterns over time, and causing some businesses to fail in the moment while others thrive during the rebuild. But economists generally agree that the long-term national impact of such events is modest, with short-term costs and disruptions offset - and sometimes more than that - by the boost in spending that comes during reconstruction and the surge of investment to replace damaged building and equipment. “This…... [read more]




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