BUSINESS NEWS IN BRIEF 10/1

My Trung Industrial Park: backlog of Vinashin


my trung industrial park backlog of vinashin

My Trung IP should have been completed in 2017 but remains mostly empty land




Dispelling the legal deadlock around My Trung Industrial Park is the only way to recover Hashin Co. JSC’s $23.3 million debt to Shipbuilding Industry Corporation (SBIC).  

So far, creditor SBIC and debtor Hashin Co. JSC and the Nam Dinh People’s Committee have yet to agree on a plan to deal with the long-abandoned My Trung Industrial Park (IP), which would be the key to recover the $23.3 million debt which SBIC lent to Hashin.

The Nam Dinh People’s Committee granted the investment certificate for this IP on December 28, 2006, expecting it to be completed by 2007. After that, Hashin implemented some infrastructure items in the project with the area of 30 ha and attracted 14 secondary contractors.

In 2006, Vietnam Shipbuilding Finance Company (VFC) – a member of Vinashin currently belonging to SBIC – and BIDV lent Hashin $9.6 million in international bonds to construct the infrastructure of My Trung IP which has an area of 150.68ha and the total investment of VND358.6 billion ($15.59 million) in My Trung commune, My Loc district, Nam Dinh.

Previously, Hashin took up a loan from BIDV’s Nam Dinh branch and VFC which it collateralised by mortgaging 12 land plots and one property, handing over the land-use right certificates granted by the Nam Dinh People’s Committee.

According to Nguyen Thanh Dong, acting chairman of the SBIC’s Board of Members, Hashin pledged to mortgage assets, including 12 land-use right certificates. However, as of December 2018, VFC only handed over five of these certificates over the total area of 71.4ha. The rest of the seven certificates, despite being granted by the Nam Dinh Department of Natural Resources and Environment, have not been handed over to VFC to complete the mortgage.

Due to the difficulties in financial resources and the restructuring of Vinashin, the investor stopped the project in 2010. The remaining 80ha has been abandoned since then.

Due to the incomplete investment, My Trung IP cannot produce the revenue Hashin expected. SBIC’s representative also confirmed that besides being unable to repay the debt on time, Hashin’s total debt has reached $23.335 million, including $13.726 million of interest calculated by the last day of July 2018.

According to the Nam Dinh People’s Committee, since 2012, many investors have come to negotiate with Hashin about My Trung IP.

“The negotiations between the parties were unsuccessful, leaving My Trung IP unoccupied for a long time, affecting Nam Dinh’s investment environment,” said Pham Dinh Nghi, chairman of the Nam Dinh People’s Committee.

After many delays, in July 2017, the Nam Dinh People's Committee had to issue Official Letter No.506/UBND-VP5 asking the prime minister to allow Nam Dinh province to handle Vinashin’s debt by revoking My Trung IP and reimbursing Hashin on the basis of the investor voluntarily returning the land to the state.

At the same time, the Nam Dinh People's Committee also proposed the PM to approve the policy to transfer My Trung IP. The new investors will return to Hashin the prescribed costs, which are not lower than the refunding cost appraised by Vinacontral JSC.

Pham Dinh Nghi affirmed that this would be the optimal solution because as the terms of investment certificate have been broken, the Nam Dinh Industrial Park Management Board has enough basis to terminate the project and revoke Hashin’s land-use right certificate.

In addition, since the investor has not completed the infrastructure works according to the investment certificate, the project cannot be transferred to other investors.

The leaders of Nam Dinh province said that the reason for proposing this plan is because My Trung IP project is an asset securing the government loan to Vinashin. Therefore, in order to minimise damage to the state, as well as related parties, Hashin needs to terminate the project and voluntarily return the land to the state. After that, the new investors will have enough legal basis to repay the costs which Hashin invested.

In fact, in June 2017, Nam Dinh Industrial Park Management Board decided to revoke My Trung IP’s investment certificate. At the time of revocation, the Nam Dinh People’s Committee said that there was another investor negotiating with the IP Management Board and relevant credit unions.

The irony is that this solution will be difficult to implement in light of the Ministry of Finance's viewpoint expressed in Official Letter No.7837/BTC-TCND dated June 29, 2018, which stated that in case Hashin has not yet fulfilled its obligations or has not replaced the mortgaged property by other security measures, it has no right to determine the fate of the mortgaged property.

According to VIR’s research, the assets guaranteeing VFC loans have yet to be replaced, so Hashin does not have the right to voluntarily return the project and assets on land as proposed by the Nam Dinh People's Committee.

THACO may bring back BMW assembly to Vietnam

Truong Hai Auto Corporation (THACO) has just revealed to resume assembling BMW cars in Vietnam a decade after the German carmaker stopped manufacturing operations in the country.

At the conference on strengthening the development of Vietnam's supporting industry held reccently by the Government Office, THACO chairman Tran Ba Duong said that the corporation started assembling mid-range-segment vehicles like KIA and Mazda, then moved to assemble European near-premium-segment brands like Peugeot, and is now targeting BMW.

The chairman said that the corporation has yet to fix a specific time or the models to be assembled. In order to secure an agreement with BMW, the manufacturer has to equip a modern manufacturing line and prepare financial resources.

THACO has been officially permitted to distribute German luxury cars from January 2018, after BMW cancelled its contract with the previous distributor Euro Auto after it was found to have used forged documents to import and smuggle cars.

In early-2018, this manufacturer announced launching 15 showrooms of BMW and MINI across the country by 2019. However, by the end of 2018, the company has re-opened three showrooms of Euro Auto, including one in Hanoi, two in Ho Chi Minh City: one for BMW and one for MINI.

THACO did not disclose the sales of BMW. However, according to Vnexpress.net, about 400 BMW vehicles were sold in the first half of the year. The latest completely-built-up (CBU) model is X2, while the X3 model will arrive next year.

Meanwhile, the peak sales made by the previous distributor Euro Auto was 1,800, including 1,400 BMW and 400 MINI vehicles.

Previously, BMW used to be assembled in Vietnam from 1994 by Vietnam Motors Corporation (VMC) at Trieu Khuc Street, Thanh Xuan district, Hanoi with the monthly output of 100-150 vehicles, including the 525i, 328i, 325i models. Due to the poor performance, this factory halted manufacturing in 2005, and spent the next two years to sell the vehicles in store.

Currently, Mercedes is still the only luxury cars assembled in Vietnam, leading the sales charts with a good lead on other players. If BMW is assembled in Vietnam and its price reduces accordingly, the brand will become a heavy-weight contender for Mercedes and other models in the same segment, such as VinFast Sedan Lux A2.0 and VinFast SUV Lux SA2.0, which will be sold from the autumn of 2019.

Hai Duong begins year with $40 million paper factory

Granting an investment certificate for the $40 million paper manufacturing project on the first days of the New Year promises a bright foreign investment picture for Hai Duong province.

According to information published on the portal of the Hai Duong People’s Committee, on January 2, the Hai Duong People’s Committee granted a license for Hong Kong-invested Leo Paper Bags Manufacturing (1982) Limited to develop a paper manufacturing project in Cam Dien-Luong Dien Industrial Zone in Cam Giang district. Accordingly, the factory will focus on producing paper bags and cards and is expected to come into operation in July 2021.

In the framework of the ceremony, Hai Duong’s provincial leaders also granted a license for True Voice International Inc. from the Republic of Seychelles for an $8 million project, which will specialise in producing machinery and components related to audio amplification equipment. The plant is slated for completion in 2020 in Cong Hoa IZ in Chi Linh town.

This is Leo Paper Bags’ second project in Hai Duong after a $5.1million project in the Kim Thanh district-based Phu Thai IZ.

Speaking at the licencing ceremony, Nguyen Manh Hien, Secretary of the Provincial Party Committee, said that Hai Duong has emerged as an attractive investment destination and the two projects marked a good beginning for the year.

Hien expressed hope that the two investors will help promote the provincial investment climate and opportunities.

In 2018, Hai Duong province ranked 11th in foreign investment attraction, with a total of $532 million, signifying an increase of 51.3 per cent on-year. $224 million of this capital volume was poured in 38 newly-registered projects and the remaining $308 million were added to 36 existing projects.

To date, the total disbursement of foreign capital in the locality reached $4.59 billion, which is 60.4 per cent of the registered foreign-invested capital.

Vietnam Property Outlook 2018 unveils latest real estate trends

The 526-page Vietnam Property Outlook 2018 will be published in English and Vietnamese on January 9, providing a comprehensive look at the Vietnamese real estate market and honouring top developers.

As the Vietnamese economy continues on its recovery trend and the legal framework is essentially completed, the property market is poised for strong growth in quality in 2019.

A notable trend in the coming months is new standards on product quality and consumer demand, striving towards smart development, sustainability, convenience, international quality, and consumer-centric architectural design. At the same time, new, innovative products with unique designs capture the attention of potential buyers.

Continuing from previous years, land plots, villas, and townhouses are expected to retain their popularity among buyers in 2019. Hospitality real estate is also likely to be a popular choice, thanks to Vietnam’s steady stream of international and domestic tourists, which is expected to grow by 30 per cent annually.

It seems that liquidity for real estate products in Ho Chi Minh City is declining due to the limited supply that cannot meet soaring demand. Meanwhile, other provinces such as Long An, Dong Nai, Quang Ninh, Haiphong, and Lao Cai are witnessing a property boom, earmarking these provinces as the next top destinations for investors, developers, and consumers from both Vietnam and overseas.

The source of funding for developers is also becoming less reliant on bank capital because of rising interest rates. Other options are being explored by developers and buyers, including the use of their own capital. Industry experts believe that these trends will continue to shape the real estate market in 2019 and future years.

Architectural projects and real estate products that are innovative and standard-setting, providing residents with higher standards of living and stronger community values will continue to be appreciated. This is especially true as consumers nowadays value living quality and sustainability above everything else, and climate change prompts developers to focus on eco-friendly projects. At the same time, Industry 4.0 is changing all aspects of modern life, including real estate and architecture.

Themed TRENDSETTERS FORGE AHEAD, Vietnam Property Outlook 2018 is a 526-page bilingual publication and will look at all major trends in the real estate industry. To recognise the efforts of developers in building innovative and high-quality projects in Vietnam, the Outlook includes a special section on the 36 leading projects that won the “LEADING THE TREND” poll, voted by a whopping 1.3 million readers on VIR’s websites throughout the past months.

VNPAY a winner at Vietnam Digital Technology Awards

The VNPAY-QR payment service and the VNPAY-QR payment system for enterprises developed by VNPAY were recognized as the best digital technology applications in 2018 at the Vietnam Digital Technology Awards, held recently by the Vietnam Digital Communications Association (VDCA).

VNPAY was honored with the “Excellent Digital Application” award for its QR Merchant Management System (QR MMS), which has two products: the VNPAY-QR payment service and VNPAY-QR for enterprises. The VNPAY-QR payment solution has been expanded since 2016. After two years of development, there are now more than 20,000 points of sales accepting payment via VNPAY-QR code nationwide, with user numbers growing at 30 per cent. At the same time, QR Pay scans have been integrated into the mobile applications of 18 major banks in Vietnam. “Payment by scanning” on mobile phones has become a habit for many people when shopping, dining, traveling, or enjoying entertainment.

Payment solutions through VNPAY-QR also attracts the interest of many businesses because of its outstanding advantages in the deployment, operations, and management of payment transactions. When deploying payments via VNPAY-QR code, enterprises need not outlay much in initial infrastructure investment, and it’s easy to deploy broadly and quickly at a low cost. 

QR MMS integrates a variety of functions, providing a tracking system and reporting online payment transactions through the website or mobile software, therefore enabling businesses to update their guest’s payment information anywhere, anytime. 

Users can also export a payment transaction list to an Excel file for statistical purposes. At the same time, QR MMS also allows updating of order status information and marking the order status of the transaction in different colors. Managing the orders of affiliates has never been easier. 

QR MMS has a simple, user-friendly, intelligent interface that is easy to operate and has two user levels: Agent and Point of Sale. Resellers can manually export the QR code for the secondary or secondary sales points and track the transactions of the secondary units on their own QR MMS account. Businesses can be more proactive in extending their business, monitoring, managing and deploying their own business programs without the need for support from a software management unit. 

The VNPAY-QR payment system is compatible with the VNPAY-QR payment solution. Outstanding digital applications can contribute significantly to digital transformation, from traditional to digital-based business. 

The Vietnam Digital Technology Awards are organized annually by the VDCA to honor outstanding organizations, enterprises, and individuals providing or applying digital technology to improve the experience, and also promote digital conversion and the digital economy in Vietnam.

Restaurant platform Kamereo raises funds from Genesia and Velocity

Kamereo International Pte., a purchasing and sourcing platform for restaurants in Vietnam, announced on January 7 it successfully raised $500,000 from two venture capital funds from Japan and Vietnam - Genesia Ventures and Velocity Ventures Vietnam - as seed round financing in December.

Kamereo is the first B2B purchasing and sourcing platform for restaurants in Vietnam. Since it launched services last June it has secured more than 120 suppliers and around 200 restaurants have registered. Around 4,000 stock keeping units (SKUs) are available on the Kamereo platform now and more and more suppliers are joining the platform every day.

Mr. Taku Tanaka, CEO of Kamereo, started the company after finding during his time at Pizza 4P’s, which is one of the most famous restaurant chains in Vietnam, that sourcing and purchasing tasks in restaurants involve a lot of inefficiencies.

“We will develop more product features and strengthen our customer success team,” Mr. Tanaka said. “All purchasing and sourcing tasks in the restaurant business are done by people and we believe technology can help to reduce labor costs with transparency and accuracy.”

“There is currently no one-stop platform where restaurants and suppliers can connect, even though both are looking for each other. We aim to use technology to solve inefficiency in purchasing and sourcing, so that all restaurants can focus on their core business, which is to offer the best dining experience for customers. In the future, we are looking to expand our service to other regions and other industries as well.”

The platform now charges a monthly subscription fee of service (known as the SaaS model) from restaurants but will have some services charging suppliers in the future. It will launch a new design with more functions at end of this month for buyers and will release an app in April.

Mr. Tanaka began his career at Credit Suisse as an institutional equity research and sales analyst in 2012. He managed equity sales activity for Japanese and international investors for the Tokyo Stock Exchange. After leaving Credit Suisse, he traveled around ASEAN then joined Pizza 4P’s in 2015, and was appointed COO. After leaving Pizza 4P’s in December 2017, he founded Kamereo, to solve the sourcing problems and inefficiencies he found while working in the restaurant industry in Vietnam. 

Ford announces new prices for Ford Transit

Ford Vietnam has announced new prices for Ford Transit 16-seater commercial vehicles, which are all VND30 million ($1,300) less, applied from January 1.

The Premium Edition Transit now costs VND889 million ($38,600), the Transit Standard edition VND842 million ($36,600), and the SVP Standard version VND849 million ($36,900). All prices include 10 per cent VAT.

Sales of the Ford Transit in 2018 reached more than 5,815 vehicles, an increase of 2 per cent against 2017. The vehicle has led the 16-seat commercial vehicle segment since 2013, and after 21 years of presence and production in Vietnam, more than 40,520 transit vehicles have been sold, for both passenger and goods transport.

Experts agree that the Ford Transit is a versatile commercial vehicle that is ideal for a variety of transport and business companies. Ford now serves a diverse network of customers, from inter-city transport companies and travel companies to projects that provide transport facilities for hotels, enterprises, and schools. The vehicle is also used for high-end transport services.

For owners, the 16-seater is highly competitive and suitable for many business purposes. Equipped with a 2.4L TDCi Duratorq engine, with 140 horsepower, a maximum torque of 375 NM, and using turbocharged wing control technology (VGT), combined with six-speed manual transmission, the Ford Transit operates sustainably, economically and vigorously on all roads, from city streets to mountain roads.

Maintenance and repair costs for the Transit are very competitive. In addition, with a longer maintenance cycle than its competition, after every 10,000 km, owners bring their vehicles to the factory to change the oil and have the vehicle checked.

Rentals of Transits are also very reasonable. For a long journey, for six to 15 guests, renting a Transit is much cheaper than using two or three small passenger cars.

The new Ford Transit 2019 version has light-colored leather interior, creating a bright and spacious interior space. Its seats are designed with backrest and seamless headrests with a flexible reclining that is very comfortable for long-distance journeys.

Ford Vietnam is also offering a promotion for the New Year, with customers purchasing a Ford Transit in January being given a warranty extension for five years or 200,000 km.

“Ford Vietnam will always strive to bring quality, efficient, and safe products to meet the diverse travel needs of Vietnamese consumers,” said Mr. Pham Van Dung, General Director of Ford Vietnam. “We hope the Transit will continue to be warmly welcomed and prove its investment value among owners.”

Vietnam Institute of Directors launches Certification Program

The Vietnam Institute of Directors (VIOD) has recently launched the Director Certification Program (DCP), with technical support from the International Finance Corporation (IFC). The DCP, a core component of VIOD’s Governance Excellent Program (GEP), is designed to serve the growing need for training in the knowledge and skills needed for members of boards of directors.

The first course, DCP1, will be held in Ho Chi Minh City between January 10 and 12.

The three-day intensive face-to-face training sessions, led by speakers, facilitators, and guest directors and board members with in-depth knowledge and rich experience in board environments and corporate governance, will equip participants with a thorough knowledge of the responsibilities of directors and board members.

The program is highly interactive, encouraging participants to share and discuss their own experiences, analyze relevant case studies, develop their skills as a director, and strengthen their understanding of international principles and good practices in corporate governance.

Besides providing benefits for individual directors, the DCP also brings major values to companies by strengthening the effectiveness of board operations, enhancing decision-making processes, improving risk management and control, and then preparing for potential public listing, attracting more external capital and maximizing long-term sustainability.

“VIOD’s activities will support improvements to governance standards in Vietnam and help train board members with competencies and skills to operate boardrooms effectively,” said Mr. Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Lao PDR. “This will facilitate Vietnamese companies to better manage risks, improve profitability, and increase access to capital.”

With a target audience including aspiring, newly-appointed and existing board members and senior company executives, the DCP affirms VIOD’s determination in taking the lead in finding effective and prompt solutions to promote professionalism at boards of directors, to improve corporate governance, and to direct business growth in today’s harsh competitive environment.

“The ultimate goal of VIOD is to enhance the competence of boards of directors in Vietnam,” said Mr. Dominic Scriven, Chairman of Dragon Capital Group. “Throughout our 25-year investment journey in Vietnam, I have witnessed domestic firms struggle with the challenges of corporate governance. The number of independent and non-executive board members is totally insufficient, due to the serious lack of qualified candidates.”

VIOD, the first independent, private sector-led organization to promote corporate governance standards and best practices in Vietnam, was launched in April with support from the IFC. The significant market platform helps the country advance its continued market reforms and underscore its commitment to good governance and responsible business.

Luxstay raises $3mn in Bridge Round

Vietnamese home-sharing platform Luxstay has raised $3 million in the Bridge Round from several investors, including CyberAgent Ventures (CAV) and Y1 Ventures.

With support from many investors, Luxstay has proven its potential to grow, and as of today has built a network of 10,000 homes in Vietnam and its service has met demand for homestays in the country.

Luxstay will continue to expand its business by introducing new products and services in its ecosystem and plans several rounds of financing this year.

Among its investors, CAV plays a key role in guiding Luxstay as a startup company to structure itself internally and successfully raise investment in this round of financing. This is the second time CAV placed its trust in Luxstay, after a first round of financing in early 2018.

Mr. Dzung Nguyen, Director of CyberAgent Ventures Vietnam said the sharing economy is an inevitable movement and will affect the tourism and real estate markets. “We believe that a business model like Luxstay’s is working as intended and can be a game-changer in its market in the near future,” he added. “The home-sharing model that Luxstay is supporting will grow quickly, as it brings a great source of income to homeowners and also takes advantage of available properties. This model will contribute to the development of the real estate industry and boost growth in tourism.”

Established in late 2016 by CEO Nguyen Van Dung, Luxstay allows people to rent out properties for a short period of time. The platform has a network of places, ranging from apartments to villas and homestays, serving the mid to high-end market. 

The service has been welcomed by the young generation, executives, and tourists. Luxstay also pioneered developing a business platform for property owners in Vietnam when it started participating in the short-term home rental market.

Luxstay recently became the strategic partner in Vietnam of Rakuten Travel under the Rakuten e-commerce group, one of the largest e-commerce groups in Japan with a market cap of up to $16 billion.

Previously, Luxstay successfully raised $2.5 million in capital in a Pre-Series A round from CAV and Genesia Ventures from Japan.

VN firms get opportunities in Bulgaria     

The Viet Nam-Bulgaria Trade Promotion and Investment Centre opened in Ha Noi on Saturday, improving conditions for Vietnamese businesses to boost investment and exports to Bulgaria as well as accessing other EU markets.

According to the centre’s Deputy Chairman, Nguyen The Hung, the centre would help leading businesses of Viet Nam and Bulgaria implement joint economic projects in the two countries.

Bulgaria is expected to be an attractive destination for investment and doing business thanks to its favourable business environment and low tax level. The Bulgarian government’s policy is to build and maintain stable macro economy and finance, boosting economic growth, in addition to improving administrative environment and keeping the lowest tax level in the EU.

Bulgaria also encourages investment in solutions to increase access to finance for small- and medium-sized enterprises, reforming vocational training and education and enhancing interaction between university education and businesses.

Charge d’Affaires Marinela Petkova of the Bulgarian Embassy to Viet Nam said Bulgaria was striving to develop production innovations with high added value, improving the business environment and the potential for technology development.

These efforts are capable of attracting Vietnamese investment and creating opportunities for co-operation in a number of areas such as information and communication technology, electronics and electrical engineering, machine manufacturing and food, she said.

The trade turnover between the two sides in 2017 was US$109.16 million, of which Bulgaria’s exports to Viet Nam were valued at $71 million, mainly medicine, plant protection medicine and feed. Meanwhile, Viet Nam exports products such as rice, cashew, coffee, pepper, frozen seafood and products made of rubber and leather, clothes, computer and devices. 

Quang Tri gets PM approval for $614 million port project     

The central province of Quang Tri is going to build a seaport at a cost of VND14 trillion (US$614 million) at local My Thuy Beach in an attempt to boost development of the province’s key economic zone.

According to the local People’s Committee, a decision issued by the Prime Minister late last week gave the province permission to go ahead with construction of the proposed My Thuy Sea Port in Hai Lang District.

The total investment draws on different funding sources. A newly formed joint venture entity, the My Thuy International Port Joint Venture Company, will be in charge of managing construction.

The PM’s decision stated the port’s main function will be to service the South East Quang Tri Economic Zone, local industrial parks and the cargo flow on the East West Economic Corridor, which links Viet Nam, Laos, Cambodia, Thailand and Myanmar.

The port will be 685ha wide and able to accommodate 10,000-tonne vessels. It will have 10 wharves, which will be built one by one from this year until 2036. The first four wharves will be operational by 2025.

The South East Quang Tri Economic Zone is the only economic zone in the province. It was formed in 2015, taking 23,792ha land from 17 communes in the districts of Hai Lang, Trieu Phong and Gio Linh. So far, almost 90 per cent of its area has been left unused.

Quang Tri is the last of the 12 provinces of the country’s central region – spreading from Thanh Hoa to Khanh Hoa – to get a deep sea port. The region is home to Chan May Port, Dung Quat Port, Da Nang Port and Quy Nhon Port.

This central province was hit hardest by American bombs during the war. The locality is listed as one of the least-developed provinces in the country more than 40 years after the war ended. 

Novaland promises to safeguard customers’ interests     

Giant property developer Novaland Group on Tuesday pledged to fully safeguard the interests of customers owning any of its products.

It made the commitment in a recent release after media reports said HCM City authorities put on hold the process of changing the land-use purpose of seven lots in prime locations Novaland has developed in Phu Nhuan District.

In the release, the company said it has complied with all legal regulations as well as documents and decisions approved by the city.

All seven housing projects have been finished in accordance with construction licences and are being handed over to buyers.

Procedures to issue certificates of land use, house ownership and land-linked property at some of them are complete, the company said.

The press release clearly spells out the legal status of the seven land lots.

The land lot at 128 Hong Ha Street in Ward 9 has received approval from authorities and has put into operation.

The apartments have been handed over and people start living here. The city Department of Natural Resource and Environment has issued certificates of land use, house ownership and land-linked property to the housing owners.

The land lot at 17-19-21 Nguyen Van Troi Street, Ward 12, has the same status, with condos already handed over. People are living in them and the Department of Natural Resource and Environment has issued certificates of land use, house ownership and land-linked property to the condo owners.

For the land lot at 8 Nguyen Van Troi Street in Ward 9, the main legal procedures have been completed. Novaland has also completed all financial responsibilities related to this plot of land.

People are living here and waiting to get certificates of land use, house ownership and land-linked property.

The project on the land lot at 119 Pho Quang Street in Ward 9 has also seen legal procedures being completed. The developer has temporarily paid land-use fee based on approval from city authorities. The project is being built in accordance with the construction licences.

For the land lot at 130-132 Hoang Ha Street in Ward 9, the main legal procedures have been completed and Novaland has temporarily paid land-use money based on approval from city authorities. The project is under construction in accordance with construction licences.

Legal and taxation procedures have been completed for the project on land lot on 146 Nguyen Van Troi Street and 223-223B Hoang Van Thu Street, and the developer has already received the land-use certificate. The project is under development in accordance with construction licences.

Legal and taxation procedures have been completed for the project on 38 Trung Quoc Dung in Ward 8.

The project is under construction in accordance with construction licences.

In the press release, Novaland said it has petitioned city authorities to reconsider the suspension of the process to change the land-use purpose of the seven lots.

It has also asked them for help to resolve the problem and explain the information related to the seven land lots.

Timely guidance from the city would reduce the negative impacts on the development of the city’s property market, it said.

It always tries its best to help with the development of the city, the company added.

Cam Ranh, new tourist destination in Khanh Hoa Province     

For many years now the south-central province of Khanh Hoa has been a popular destination on the Vietnamese tourism map with its very famous tourism city of Nha Trang.

In recent times, however, Cam Ranh has become an alternative choice for people visiting Khanh Hoa.

With wild beaches, including Dai, and primeval forests, Cam Ranh is becoming an attractive destination with many features different from Nha Trang.

A report from the province Department of Tourism said the number of visitors coming to the province grew by 17 per cent a year in 2010-17.

As of the end of November this year the province received over 6,3 million visitors. Of the arrivals, nearly 2.6 million were foreigners, a 39 per cent rise.

This year there has been a sharp rise in the number of tourists from South Korea, Malaysia, China, and Russia.

It is notable that the average stay by travellers, especially foreigners, at hotels in Khanh Hoa is quite high compared to other coastal cities. It now stands at 3.95 days and is increasing year after year.

Chinese tourists stay for three to four days when visiting Khanh Hoa while Russian travellers often stay between 10 and 12 days.

It is this long period of stay that has spurred the development of the luxury hospitality market in Khanh Hoa.

While the tourism sector in Nha Trang is steady and haslittle land for further development, Cam Ranh is becoming an alternative tourism destination in Khanh Hoa.

The place will be developed with many facilities like leisure tourism areas, airport and trade and conference centres that meet national and international standards.

Cam Ranh has a plethora of tourism attractions with its many bays and islands.

Thanks to its nice, warm weather all year round, Cam Ranh has become an ideal destination for tourists who prefer to enjoy sunny summer and avoid cold winters.

Three-star hotels, which account for 36 per cent of the rooms available in Nha Trang, are now the main segment.

In Cam Ranh all the hotels that have opened since the second quarter of this year are five-star properties. The average occupancy rate is 75 per cent.

Transportation infrastructure has developed strongly here. Cam Ranh is also at the crossroads of roads, railway, air transport, and international and domestic maritime transport. Thanks to this, Cam Ranh will surely become the key tourism destination in the south-central region.

At the end of June terminal 2 at the Cam Ranh International Airport was put into operation with a capacity of four million passengers a year, and the capacity will be doubled by 2030.

Novaland entered the Cam Ranh hospitality market with a new project called Novabeach Cam Ranh.

The million-dollar resort hub in Cam Ranh is along the 8km Dai Beach between Cam Ranh International Airport and Nha Trang. Dai beach has attracted many giant developers and foreign hospitality players.

Giant developer Novaland Group has announced its 2019 strategy, which will see it develop NovaBeach Cam Ranh Resort in Cam Ranh.

It will have a 350m beach and be situated 10 minutes from Cam Ranh International Airport.

NovaBeach Cam Ranh Resort will be a complex containing villas, bungalows, hotels, condotels, and many international-standard amenities.

Minor operates 530 hotels with 76,000 rooms in 51 countries around the world.

Being a member of the Global Hotel Allience, the biggest luxury hotel manager in the world, it had over 10 million loyalty members in 76 countries as of the second quarter of this year.

The tie-up between Novaland and Minor Hotels surely augurs high profits for the project when it is up and running.

Viet Nam Economic Forum to discuss solutions for rapid but sustainable growth     

The Vietnamese Government Office will co-operate with the Central Economic Commission to host the Viet Nam Economic Forum 2019 (VEF 2019) on January 16-17 in Ha Noi.

With the theme “Strengthening the fundamental drivers for rapid and sustainable economic development,” VEF 2019 will discuss financing and governance of infrastructure development, climate change adaptation and energy security for sustainable development. It will also address opportunities and challenges for Viet Nam’s digital economy in the context of Industry 4.0.

The forum will review the Vietnamese economy’s development in 2018 and discuss its prospects for 2019. It will include high-level policy dialogue and an exhibition showcase on sustainable energy technology.

Prime Minister Nguyen Xuan Phuc asked ministries and organisers to prepare carefully for the success of VEF 2019.

VEF 2019 – which will be held in the context of escalating US-China economic tensions, Fed tightening policies, demographic challenges, debt dynamics and Industry 4.0 – is expected to welcome more than 2,000 participants including policymakers, economists, academics, businesses and international organisations.

VEF 2018 was held in January 2018 and attracted more than 1,500 delegates. The first VEF was held in June 2017.

VEF will provide a valuable and timely exchange platform for various stakeholders to discuss visionary initiatives and trends for sustainable economic development as Viet Nam transitions towards a more productivity-driven and green growth trajectory to sustain its economic growth.

Vietjet to carry peach flower, ochna integerrima, on Tet flights

Low budget carrier Vietjet Air has announced its plan to offer a special service for passengers who wish to carry peach flowers and ochna integerrima via checked-in luggage on board of its flights during the upcoming Lunar New Year (Tet) holidays.

Accordingly, passengers on separate domestic routes from and to Hanoi, Ho Chi Minh City, Da Lat and Da Nang, are eligible for this service, at a cost of VND450,000/bunch, excluding taxes and fees. The service will be available from January 15 until February 20.

Each passenger is allowed to carry one bunch of either flower. The maximum dimensions are 150cm x 40cm x 40cm. Every flight is scheduled to carry up to 30 bunches.

Peach flowers and ochna integerrima should be bunched with firm covers and a bunch can be comprised of up to two branches. Peach flowers and ochna integerrima in the form of plants or with pots and soil are not allowed, even via cargo services.

The special service can be booked at www.vietjetair.com, Vietjet ticketing offices and agencies nationwide or via the call centre 1900 1886.

Vietjet also informs passengers about hand luggage for their travel during the high season of the Tet holidays. One passenger can only bring one handbag with the maximum dimensions of 56cm x 36cm x 23cm and one small handbag (includes only one of below bags), and the total weight must not exceed 7 kg.

Some other flowers (excluding peach flowers and ochna integerrima) can be carried on board if their weight and dimensions do not exceed the hand luggage regulations. Flowers on board are considered as hand luggage. Passengers bringing flowers on board should check that the total weight of hand luggage does not exceed 7 kg per passenger in accordance with the airline’s regulations.


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