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Phu Quoc Island Determined to Become Special Economic-Administrative Zone

Kien Giang has proposed recommendations to the Government on the application of mechanisms and policies with a view to turning Phu Quoc Island into a centrally-run, special economic-administrative zone by 2020. The province has submitted its proposal to the Prime Minister to request the Politburo to issue a resolution on the development of Phu Quoc Island as to 2020. For sectoral development planning, focus will be laid on review and amendment of the planning to make it responsive to the master planning approved by the Prime Minister. Also, the province will be entitled to flexible mechanism, which allows adjustment of...

Vietnam Luxury Product Companies Optimistic Amid Low Sales

A street vendor walks past a Chanel store at the Rex Hotel in downtown Ho Chi Minh City Luxury product companies are expanding even as sales contract amid the economic slump, with economists citing the potential of Vietnam’s large young population and the newly rich to fuel more consumption. Notices offering discounts of up to 50 percent on all items can be seen at most shops at Vincom Tower, Parkson or Grand Plaza in Hanoi, where Italian shoes and French perfumes are sold to the urban middle and upper classes. But the stores are vacant save for a few sales people...

Who receives highest pay in Vietnam?

VietNamNet Bridge – Hundreds of millions of dong are paid to the CEOs who work in the “hot business fields” such as finance and banking, power and oil and gas. CEOs in state owned conglomerates receive tens of millions of dong How much the CEOs of Petrolimex (petroleum importer and distributor) and EVN (the Electricity of Vietnam) receive for their jobs every month is the thing that most people are interested in. EVN’s General Director Pham Le Thanh once revealed that the average pay to EVN’s workers in 2009 was 7.3 million dong, saying that this was a modest pay level. In...

More Opportunities For Vietnamese Exporters To The US

Huge customer demand makes the US a promising market for Vietnam. Domestic businesses must therefore enhance their capacity to exploit the market to best advantage. According to HIS Global Insight, a world-leading economic forecasting company, the US’s import demand will increase slightly from US$2,312 billion in 2012 to US$2,334 billion in 2013. Alibaba.com—a business-to-business (B2B) trading floor—says that despite a recent slump, the US still tops the list of orders for products from Vietnam, accounting for 10 percent of the country’s total export earnings compared to 12 percent in 2011. The General Department of Vietnam Customs claims that during the...

Vietnam: Where Are People’s Interests In Land Acquisition?

The land acquisition process at present does not create opportunity for farmers to benefit from the value of assets created from the conversion of land use purposes. Sustainable economic development in Vietnam depends on the change of land use purpose and other resources to more useful purposes. Typically, economic growth is defined as economic growth (for example, the sustainable growth of real income per capita), and the structural transformation. The key factor for economic development is the growth of production inputs (land, labor, and capital), growth of the use of these inputs, and improvement of the quality of the organizational...

Air route to link Russia, Cam Ranh via UAE

HA NOI (VNS)— There will be direct flights from Chelyabinsk Airport in Russia to Cam Ranh, the central coastal city of Viet Nam, and Sharjah in the United Arab Emirates (UAE), according to Interfax-Ural News Agency. The monthly frequency of flights to popular winter tourism destinations in Egypt will also increase significantly. Flights to Hurghada (currently 20 flights) will triple and flights to Sharm El Sheikh in Egypt (currently 10 flights) will double as compared to last year, according to a press release from the airport. Flights to Bangkok and Phuket in...

Tragic high-rise tumble sets alarm bells ringing in Vietnam

A four-year-old girl was playing cheerfully with an iPad next to an open window in her family's 15th floor apartment. In a flash, the tablet slipped out of her hand and spun its way through the air. Instinctively, the girl reached out to capture the device. Tragically, it was to be the last action she ever took. Onlookers later watched in horror as the grief-stricken mother wailed over her daughter's lifeless body on the pavement. That was the tragedy that befell a family in Phu My Thuan...

Vietnam Banks Poised To Lend More As Year-End Approaches

HCM CITY (VNS) — Commercial banks in HCM City are preparing large volumes of capital to meet the demand for loans in the last few months of the year. To attract customers, the banks are offering flexible lending policies and low interest rates. Nguyen Hoang Minh, deputy director of the State Bank of Viet Nam's branch in HCM City, said that in the first 10 months of the year, banks had a credit growth rate of only 2.2 per cent from the end of 2011. Credit growth rate is expected to reach 5 – 6 per...

Vietnam Central Bank Seals Gold-Casting Moulds of All 8 Non-SJC Gold Brands

All eight non-SJC gold brands previously licensed to produce bullion have already handed over their gold-casting moulds for the central bank to seal and manage, the local newswire VnExpress reported, citing its private sources. These firms include ACB, Southern Bank’s Gold Company, Sacombank SBJ, Agribank AJC and PNJ in Ho Chi Minh City; Ngoc Tham Gold Company in Tien Giang; as well as DOJI and Bao Tin Minh Chau in Hanoi. The gold-casting mould handover was initiated by gold companies, who thought the move would enhance the transparency in bullion production, as they were no longer allowed...

Exports show their best face to Vietnam

A sharp hike in Korean cosmetics and food exports to Vietnam in recent years has prompted the need for firms from the two countries to step up bilateral investment and trade. Within many activities to celebrate 20 years of diplomatic ties between Vietnam and Korea (December 1992-December 2012), Korea Trade-Investment Promotion Agency (Kotra) hosted Hallyu Korean Wave Products Show from November 6-7, 2012 at Keangnam Garden west of Hanoi. It showcased several dozen booths with more than 40 Korean businesses whose products are favoured by Vietnamese consumers in electronics, household appliances, cosmetics and food. The opportunities for new emerging Asian markets to fuel...