Mr. Chen Lian Pang, CEO of CapitaLand Vietnam: Vietnam is the third largest market for CapitaLand in Southeast Asia As Singapore and Vietnam are marking the 45th anniversary of diplomatic ties (on August 1) days ahead of the Singapore National Day (on August 9), could you please share with us your feeling during this special occasion? Mr. Chen Lian Pang: Relations between Singapore and Vietnam have grown from strength to strength since the two countries established bilateral diplomatic relations on August 1, 1973. The two countries have seen frequent exchange of high-ranking visits. Recently in May 2018, President Halimah Yacob and PM Lee Hsien Loong of Singapore welcomed PM Nguyen Xuan Phuc in his first official visit to Singapore, which is a milestone on the occasion of the 45th anniversary of the two countries’ diplomatic ties and five years of the strategic partnership. Singapore is always one of the top 10 trade partners and the third biggest investor of Vietnam with … [Read more...] about Mr. Chen Lian Pang, CEO of CapitaLand Vietnam: Vietnam is the third largest market for CapitaLand in Southeast Asia
Apartment 500 square feet
Experts say housing crisis impossible
2019 falls in the 10-year crisis cycle including economic crisis generally and real estate particularly; nevertheless, experts said housing crisis is impossible because the supply-demand imbalances in the residential and commercial property segments have increased especially in Ho Chi Minh City where a large middle class emerged. At present, the city population grows by 500,000 people annually while just 10,000 condo apartments are sold yearly meeting 5-10 percent of demand. In addition, the sector still attracts local and international investors. Specifically, just in the first six months of the year, $3.28 billion of foreign direct investment capital (FDI) investment poured into real estate field, a year-on-year increase of 53 percent. Ho Chi Minh City saw a decline of 60 percent in supply of middle apartment because of shortage of land fund and strict formalities while demand increased drastically in the first six months; therefore experts concluded housing crisis would be … [Read more...] about Experts say housing crisis impossible
Not such a waste of space: businesses spring up in Saigon’s old apartment blocks
Located in the southern commercial hub of Saigon, old tenements in districts 1 and 3 have become the ideal spots to do business thanks to low rents and a steady flow of customers. According to HCM City's Department of Construction, the city has 474 pre-1975 apartment buildings. While many of them are in a poor, run-down condition, others in central districts have been providing space for photo studios, cafés, restaurants, fashion boutiques and accessories stores. Rental costs in these old apartments are considered reasonable, especially in downtown areas such as Ly Tu Trong and Ton That Dam in District 1. They vary from VND10million (US$449) to VND40million ($1,794) per month, depending on the area, which can cover up to 100 square meters (1,076 square feet). Apartments along Nguyen Hue pedestrian street are considered "golden positions" and have the highest rents. According to the manager of 42 Nguyen Hue, rooms with views of the street have all been turned … [Read more...] about Not such a waste of space: businesses spring up in Saigon’s old apartment blocks
BUSINESS IN BRIEF 6/9
8M State budget deficit at $5bn State budget revenue and spending during the period were VND603.7 trillion ($27 billion) and VND715.2 trillion ($32.05 billion), respectively. Tax revenue from domestic business activities reached VND486.2 trillion ($21.8 billion), equal to 61.9 per cent of the annual plan, from crude oil VND24.6 trillion ($1.1 billion), or 45.2 per cent, and from import and export activities VND90.2 trillion ($4 billion), or 52.4 per cent. Revenue remained low in the period due to the "effect of low crude oil prices and the impact of the change in direction of Vietnam's trade activities when joining foreign trade agreements (FTAs)," according to GSO General Director Mr. Nguyen Bich Lam. Some tax revenue from domestic business activities were higher than expected, with land use fees reaching VND48.3 trillion (2.16 billion), equal to 96.7 per cent of the annual plan, while industry and trade activities (excluding State-owned enterprises, or SOEs) contributed VND97.4 … [Read more...] about BUSINESS IN BRIEF 6/9
Putin has modest income, documents show
Russian Prime Minister Vladimir Putin earns only $140,000 a year and owns just one home, a small apartment in his home town, an official income statement showed on Thursday. Putin's wealth has long been the focus of speculation by opponents who portray Russia's paramount leader as one of the richest men in the world, allegations he has dismissed. His official income statement published in the government newspaper, Rossiyskaya Gazeta, put his income over the past four years at 17.73 million rubles ($559,100) from salary, a KGB pension and interest from bank deposits. Kremlin critics ridicule the income declarations of Russia's top officials, saying real earnings are much higher in Russia, which is ranked by Transparency International as the most corrupt country in the Group of Eight or Group of 20. Putin is almost certain to win a March 4 presidential election, although the former KGB spy is facing more public opposition than ever before in his 12-year rule after a parliamentary … [Read more...] about Putin has modest income, documents show