This is a brief rundown of what is being reported today in Vietnam’s state-approved media and about Vietnam in the international press.
It endeavours to highlight the narratives currently shaping the country’s economic, financial, and business news landscape.
Ed’s note: I’m always looking for new sources with unique insights. If you’re operating a business or working in Vietnam and want to talk about it, reach out: mark.barnes@the-shiv.com
State to buy some commercial housing projects
Dan Tri is reporting that Vietnam’s Central Committee has approved a pilot program that will allow the government to acquire commercial housing projects from developers that are unable to complete them to create a state-owned housing fund.
The Central Committee has also proposed higher taxes on abandoned land, mandatory registration of land transactions and reforms to land pricing, acquisition and compensation rules. View source→
Apartment ownership term limits
Tuoi Tre is reporting that Resolution 21 proposes applying apartment ownership terms based on a building’s design lifespan for newly built apartment blocks.
It has, however, been suggested that buildings that remain structurally safe after their design lifespan could continue to be occupied, with owners to contribute financially to rebuilding when redevelopment is required. View source→
Bamboo Airways struggles
Live And Let’s Fly is carrying analysis of Bamboo Airways’ collapse noting governance and financial weakness, rather than a lack of demand, caused the airline’s downward spiral. View source→
New vice chairman FLC aviation
VnExpress is reporting that FLC Group, which owns Bamboo Airways, has appointed former Boeing Vietnam country director Michael Vu as vice chairman to oversee its aviation business and airport infrastructure investments.
FLC said Michael Vu will help develop strategy, expand international partnerships and connect the group with investment resources. View source→
Free wi-fi plans HCMC
VnExpress is reporting that Ho Chi Minh City has approved a plan to develop free high-speed Wi-Fi in all public areas.
The plan also targets a cloud-based digital government, with all eligible public services available online and 85 percent of administrative applications processed digitally. View source→
Single national food safety authority proposal
VnExpress is reporting that the Ministry of Health has proposed replacing Vietnam’s three-ministry food safety management system with a single national authority.
The proposed change is part of draft amendments to the Food Safety Law currently being considered. View source→
Fines for delayed wages
Tuoi Tre is reporting that the government has issued a decree imposing fines of up to VND 50 million (US$1,898) on employers that delay, underpay or fail to pay wages, effective September 10.
The decree also fines employers that evade unemployment insurance contributions between 18 and 20 percent of unpaid amounts, capped at VND 75 million (US$2,846). View source→
Chicken imports
Dan Tri is reporting that Vietnam imported an estimated 185,000-195,000 tonnes of chicken worth US$190-205 million in the first half, with the United States supplying nearly 62 percent of total shipments.
Frozen chicken leg quarters accounted for about 71.5 percent of imports, followed by chicken wings, while the European Union and Brazil were the second and third largest suppliers. View source→
Stock market Friday
The VN-Index closed at 1,735.78, down 8.88 points or 0.51 percent, with a total trading value of VND 19,021.63 billion or US$721.88 million, and foreign traders net-selling US$11.84 million worth of equities, Friday, according to the latest data from the Ho Chi Minh City Stock Exchange.
Exchange rates Friday
On July 31, in Vietnam, the black market US dollar buy rate was VND 26,250, and the sell rate was VND 26,280, a change of 50 and 40, respectively, for a mid-market rate of VND 26,265 (down 0.17 percent), according to prices quoted by Ty Gia USD.
Friday’s news roundup
In Friday’s Vietnam news: Vietnam Airlines Q2 results, Stadium renamed, More details airport investigation, Overnight interest rates, Petrol price revisions, Domestic steel price increase, My Lan real estate breakdown, M&A activity, US-VN customs support, Creative labour development, Hai Phong free trade zone launch, Exchange rates Thursday, Stock market Thursday, and more. Read the full article →