As US and China are locked in a trade war, an increasing amount of international corporate and manufacturers have migrated to HCMC, contributing to the city’s rapid economic growth. The property and rental markets, under a high demand, are attracting investors worlwide. Projects in prime location are seen to have high investment perspectives. Golden Emperor hosted a HCMC Property Seminar over the weekend to launch renowned CapitaLand’s latest project, D1MENSION Style located in District 1 of HCMC. The seminar welcomed a large number of local investors.
Photo Above: Mr. Terence Chan, Managing Director of Golden Emperor, discusses the current property market and its trend with attending investors.
Photo Above: The weekend launch successfully attracted a number of local investors.
Prime Minister Nguyen Xuan Phuc is leading a high-level delegation of Vietnam to attend the 10th Mekong-Japan Summit in Tokyo and visit Japan from October 8-10. The trip is hoped to help lift bilateral trade to 60 billion USD in 2020.
Over the past years, Viet Nam-Japan trade relations have grown rapidly, and Japan has always been among the top four trade partners among more than 200 countries and territories exporting to and importing goods from Vietnam.
The number of Japanese companies investing in Vietnam has been on the rise along with their investment scale. Economic ties between the two countries are opening more cooperation opportunities in many areas.
After 45 years of establishing diplomatic relations, Vietnam and Japan have become increasingly important partners of each other in many fields. Since the two countries upgraded the bilateral relationship to the level of Extensive Strategic Partnership for peace and prosperity in Asia in 2014, Vietnam-Japan ties has developed strongly, comprehensively and practically.
Statistics from the Vietnamese Ministry of Industry and Trade, as of early October 2018, Vietnam’s total export value to Japan reached 13.82 billion USD, up 12.2 percent over the same period of 2017.
Japan is also one of the four markets to which Vietnam’s export turnover exceeded the 10 billion USD benchmark. Especially, Vietnam enjoyed a trade surplus of 141 million USD in two-way trade with Japan so far this year.
Vietnam’s export staples to Japan in the reviewed period were garments and textiles (537 million USD); transport vehicles (365.2 million USD); machines and equipment (259 million USD). Remarkably, Vietnam’s main exports to Japan recorded a stable growth compared to the same period last year.
According to a survey by the Japan External Trade Organization (JETRO), up to 70 percent of asked Japanese enterprises want to invest in Vietnam and 66.6 percent of Japanese enterprises operating in Vietnam plan to expand their production and business activities.
As of April 2018, Japan had 3,693 valid FDI projects in Vietnam with total registered capital of over 49.8 billion USD, ranking second among 116 countries and territories investing in Vietnam. This is a positive sign and a foundation to believe that the flow of of Japanese direct investment into Vietnam will continue to increase in the coming years.
Hoang Quang Phong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said that, to attract more Japanese investments, Vietnam needs to continue reforming its administrative procedures and improving competitiveness of enterprises, increasing labour productivity, and maintaining commitments among investors, and take full advantages of cooperation potential in new fields such as agriculture and tourism, human resources training and development, transportation and distribution.
Together with the Japan-Vietnam Economic Partnership Agreement (VJEPA) and the ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP), along with the positive economic outlook of Japan, Vietnam’s export of agricultural products, and seafood are forecasted to see bright prospects in 2018.
According to the VJEPA, the average tariff imposed on Vietnamese exports to Japan will gradually decrease to 2.8 percent in 2018.
When the agreement takes effect, at least 86 percent of agricultural, forestry and aquatic products and 97 percent of industrial products of Vietnam exported to Japan will be entitled to tax incentives.
In return, the average tariff levied on Japanese imports to Vietnam will be reduced to 7 percent by 2018.
Over the last decade, under the agreement, Vietnam and Japan have basically completed the tax reduction roadmap to build a complete bilateral free trade area. Accordingly, 94.53 percent of Vietnamese exports turnover and 87.6 percent of Japanese exports will be exempted from import taxes.
Vietnam and Japan need to promote economic cooperation by fostering cooperation in trade and investment, implementing effectively the VJEPA to realise the goal of 60 billion USD in two-way trade in 2020, Vietnamese Minister of Industry and Trade Tran Tuan Anh said.
During a meeting with Nishikawa Koya, Special Advisor to the Cabinet of Japan, Anh praised Japan as one of the first countries to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as well as the country’s role in leading and creating a driving force and strong influence on the ratification of the trade deal in other countries.
He affirmed that bilateral relations between Vietnam and Japan have rapidly improved and developed strongly not only in economy and trade but also in other fields. Both sides should create favorable conditions for agricultural and aquatic products to enter each other’s market, he noted, adding that action plans of six selected industries in the Vietnam Industrialization Strategy within the framework of the Vietnam-Japan Cooperation towards 2020, vision 2030 should be implemented.
The resort island of Phu Quoc in the Mekong Delta province of Kien Giang expects to welcome about 2.5 million tourist arrivals in 2018, up 25 percent from last year.
Since 2015, the island has received more than 4.7 million tourist arrivals, 20.5 percent of which were foreigners. Earnings from tourism grew 42.5 percent annually in average.
According to Vice Chairman of the People’s Committee of Phu Quoc island district Pham Van Nghiep, Phu Quoc International Airport now has eight airlines operating 12 direct international flights to China, the Republic of Korea, Russia and Thailand and four domestic routes to Can Tho, Ho Chi Minh City, Hanoi and Hai Phong.
The lodging services in the island have rapidly expanded to serve the increasing demand of visitors. The island now has more than 600 hotels and other accommodations, offering about 12,000 rooms, of which 10 are rated 3 – 4 star hotels and five rated 5-star
Phu Quoc is very famous for pearl farming, fish sauce, pepper and “ruou sim”, a wine made from sim fruit or Rose Myrtle. A variety of tours are provided for travellers, such as scuba diving, coral reef snorkeling, fishing and tours to visit traditional fish sauce making establishments, pearl farms, Ham Ninh fishing village, Phu Quoc National Park, pristine beaches and many more.
In addition, Nghiep attributed the success of the local tourism industry to new luxurious tourism services, including 500-hectare Vinpearl Safari Phu Quoc – the first-ever and largest safari park in Vietnam, Vinpearl Resort & Villas, Vinpearl Land and Vincharm Spa. Earlier this year, the world’s longest sea cable car route was launched in the island, connecting An Thoi town and Hon Thom island, he said.
Phu Quoc was once a sleepy area of around 100,000 people. In recent years, however, the 567sq.m island has become a tourist mecca for thousands of visitors from around the world.
Located 46km from the mainland, the island can be reached by air from HCM City within one hour and from Hanoi within two hours.
In September, it was named by CNN among the top five up-and-coming Asia Pacific destinations to visit this fall.
According to CNN, for those planning their first trip to the Asia-Pacific region, major destinations usually top the list, such as Shanghai and Hong Kong (China), Tokyo (Japan) and Singapore.
“If you’re dreaming of a beach getaway in Asia this fall, Phu Quoc in Vietnam should be a top contender. For starters, the dry season begins in November and runs till April,” CNN wrote on its website.
Formerly a prison island during French colonial times, Phu Quoc’s photogenic setting and clear waters caught the attention of international brands like JW Marriott Phu Quoc Emerald Bay, which debuted its Bill Bensley-designed resort late last year.
There’s plenty to do aside from lounging and snorkeling around Ong Lang Beach.
The Phu Quoc Prison Museum offers a peek into the island’s dark history while the Phu Quoc National Park and Suoi Tranh Waterfall will spoil nature lovers, it added.
The former Manchester United and Real Madrid star, David Beckham, was guest of honour, launching the new VinFast cars at the Paris Motor Show on Tuesday. “These cars are incredible, sleek and high-tech,” said Beckham. “It is amazing. It is so, so beautiful. To create something in such a short space of time is really incredible. VinFast is a miracle for Vietnam.”
The former England football captain was joined on stage in Paris by Miss Vietnam 2018 Tran Tieu Vy.
Speaking at the event, VinFast Chairwoman Le Thị Thu Thuy said VinFast was the newest member of the Vingroup, the largest private firm in Vietnam.”Vingroup’s goal is to build Vietnam’s international brand. The two cars are the first achievement on the path of realising that mission, naming on the map of the world car manufacturing industry,” she said. More than a dream, VinFast had a seemingly impossible journey: Within just a year, it turned a swamp into the leading modern automobile manufacturing factory.
Located in coastal land Cat Hai in the northern city of Hai Phong, the 335ha area of marsh land deserted nearly a year ago has now become a modern VinFast automobile plant with a capacity of 500,000 vehicles per year by 2025. Journalist Paul Eisenstain from CNBC said he was extremely impressed as he visited VinFast Hai Phong complex. “It’s huge and modern with scale no less than the modern automobile plant in the world,” he said.
VinFast’s sedan and SUV models used BMW’s 2.0-liter four-cylinder engines and Italian design from Pininfarina. The appearance of VinFast at the Paris Motor Show 2018 has astounded professionals in the industry and international media. Thousands of articles have been written about the vehicles, which have been developed in just over 365 days.
VinFast said it was currently co-operating with leading names in Europe and America in the automotive field such as BMW, Bosch, Magna Steyr and Pininfarina, who have the best technology and experience in the world, creating LUX A2.0 and LUX SA2.0 with superior “Vietnamese identity – Italian design – German technology – international standard”.
With the goal of producing a “national car” for the Vietnamese, VinFast organised the program “Choosing lovely car with VinFast” from the designs created by four famous Italian studios: Pininfarina, Zagato, Torino and Ital Design. The programme attracted 62,000 entries, resulting in two designs of Ital Design was voted the most.
Source: The Nation
Hanoi lured 6.27 billion USD in foreign direct investment (FDI) in the first nine months of 2018, up 5.4 times over the same period last year and exceeding the yearly target by 64 percent.
The result made Hanoi the top locality nationwide in terms of FDI attraction.
Of the total, 5.17 billion USD was poured into 417 new projects, while 661 million USD was added into 116 underway ones and about 431 million USD contributed by 543 foreign investors to domestic firms.
At the same time, 70 non-budget invested projects were implemented with combined capital of 163 trillion VND (7 billion USD), while 41 others received additional 86 trillion VND (3.69 billion USD).
The feasibility reports of four public-private partnership projects were approved with total investment of 14.42 trillion VND (620.06 million USD).
Meanwhile, the city also issued investment licences to four new projects worth 13.94 trillion VND (599.42 million USD).
Hanoi stands ready to aid European investors and will offer them more preferential policies, said Chairman of the municipal People’s Committee Nguyen Duc Chung.
The official made the commitments at a dialogue between the European Chamber of Commerce (EuroCham) in Vietnam and the municipal People’s Committee on September 25 in the capital.
Chung reviewed Hanoi’s development since its administrative boundary expansion 10 years ago.
He told the delegates that the city is stepping up infrastructure building towards the smart city model, administrative reform, personnel training and environmental protection.
Chung expressed his hope that these efforts will help Hanoi improve its business environment and consolidate confidence of foreign investors, including those from Europe.
European partners are leading foreign investors in Vietnam, with total investment of nearly 25 billion USD, and the continent is the country’s biggest provider of non-refundable aid, while two-way trade rose five times in 2006-2017, exceeding 50 billion USD last year.