“Almost all ancient houses that contain sediments of many generations have gradually disappeared from Hanoians’ minds,” lamented painter Nguyen The Son at the recent exhibition “Hanoi Architects and the city”.
The painter is afraid that the gradual disappreance of old architectural blocks or collective houses can affect Hanoi’s vista.
Hanoi has the highest number of old apartment buildings in Vietnam, with more than 1,100. After dozens of years of survival, these collective houses have become dilapidated, over-crowded, and dangerous, undermining the safety of thousands of local residents.
However, the disappearance of these historic constructs that stood witness to the ups-and-downs of the city’s history will bring bitter regret to Hanoians and cultural researchers.
Disappearing old collective houses
For those born in the 1950s and 1960s, the series of the four or five-story collective houses on Kim Lien, Pham Ngoc Thach, Nghia Tan, and Nguyen Quy Duc street are a special sight from their childhood. The old zones have stood there since the mid-twentieth century. Nowadays, skyscrapers are coming to dominate the landscape.
In the old days, the first floor of the collective was the place to open shops, grocery stores or restaurants. But recently, these old zones are gradually replaced by high-rise apartment buildings. The remaining few are degraded and the remaining residences shrink in number.
Surveying more than 70 communal houses in the city, painter Nguyen The Son found that many of them have disappeared, while in some, only the upper parts remain.
“Once back from a trip, I was thrilled to see all the advertisements and billboards on the way home from the airport. The scene signals a change in Hanoi’s traditional culture,” Son said.
Hanoi’s Old Quarter also changed a little, with numerous old constructions of unique architecture from the French colonial period being demolished and replaced by high-rise buildings for business and tourism purposes.
Giving special attention to these old collective houses, Jean Noel Poirier—former French ambassador to Vietnam—said: “I think if those Russian architects ever come back to these complexes, they will feel like this was Mars because the city has changed a lot from their initial designs.” Though understanding that these condominiums will gradually disappear from future urban planning, the diplomat still regards the old collective houses as valuable pieces in Hanoi’s treasure box of history.
Treasure ancient architecture
The disappearance of Hanoi’s ancient cultural architecture is due to the selfish minds who are only interested in building and making a profit for themselves. Economic value is now a priority in many people’s minds.
“These old collective houses should be kept and gradually turned into sight-seeing destinations or museums,” said painter Nguyen The Son. He believes that it is important to respect and preserve the old architecture by developing and renovating them into attractive hubs for the younger generation.
On the other hand, architect Tran Huy Anh said that the city has never witnessed such a huge volume of construction works. The growth of the trading centers and high-rise business buildings is a major issue that requires intervention of not just individuals but society as a whole.
Danang may not be the first place you think of when you think of Vietnam. However, the InterContinental Danang Sun Peninsula Resort is reason enough to go. A destination property, here they have everything – from the most exquisite natural wonders to crashing cerulean waves and biscuit-coloured cliffs to the hotel’s private gondola, a world-class spa, an on-site nightclub, a Michelin-starred restaurant, library, cooking school and so much more.
A view of the ocean from a Son Tra Terrace SuiteCOURTESY OF INTERCONTINENTAL DANANG SUN PENINSULA RESORT
The consideration to design is unparalleled. Architect Bill Bensley lived on site for two years while finalising this resort. And his commitment shows. Each room and space is a riotous display of colours, textures and artefacts. Bill travelled the world finding books, cushions, local treasures and so much more, and has placed these authentic items from his world adventures throughout.
The Barefoot Restaurant at InterContinental Danang Sun Peninsula ResortCOURTESY OF INTERCONTINENTAL DANANG SUN PENINSULA RESORT
The property is large, with a total of 200 rooms, including 16 penthouses and villas. And the room sizes are more than generous. The Club Peninsula suites all have ample terraces, making it alluring to practically never leave your enclave, while the fridge and minibar are actually housed outside, alongside your private day-bed, sofa and chairs. It’s fun and pampering.
The hotel’s latest addition, the three bedroom Bai Bac Bay Villa, has to be one of the most opulent rooms in all of Vietnam. Secluded from the majority of other rooms, it features sweeping and unobstructed views of the private bay. Inside, the design feels a little like a Pollock painting, with its vast array of bright, unapologetic colours, and at 500sqm, one could practically. It also features three separate private pools, the central one being large enough to genuinely swim. There’s a well-equipped and very modern kitchen – no expense has been spared – as well as a dining room, making it so the expression ‘there’s really no reason to leave’ rings true.
A bay view from the Bai Bac Bay VillaCOURTESY OF INTERCONTINENTAL DANANG SUN PENINSULA RESORT
Of course many of the suites come equipped with their own pools – it’s just perfection to wile away an afternoon this way. There’s also a pool near the beach, a favourite for young kids and families. The adults-only infinity pool, the Long Pool, which offers peace and respite as well as sweeping views of the resort and surrounding peninsula. This part of Vietnam is lush and verdant, it’s alluring at every corner you look. Of course, there’s also 700-metres of private beach, dotted with sunloungers and attentive staff members. There’s also an on duty lifeguard on the beach, which may comfort some less advanced swimmers, as the water can be a little chalky at time.
Having been to many, the spa is, I think, my favourite anywhere in the world. Each of the Harnn Heritage Spa villas are individual treatment spaces that have a square footage rivalling my entire flat in London. Overlooking a private lagoon the views are outrageously beautiful and instil peace and serenity from the moment you enter. Having won practically every spa award in Asia, it is an unparalleled concept. Combining traditional Asian techniques and naturopathy, many of the treatments are infused with local herbs and botanicals. And everything here is designed around a philosophy of rebalancing. They’re also highly personalised and before you begin, you participate in a mixology consultation where you complete a details questionnaire around scents and your preferences so the therapist can create an bespoke oil for you.
There is also an on-site mani/pedi studio by Bastien Gonzalez. The French podiatrist with an A-list clientele has developed a signature method where none of his nail treatments use water – as he believes that ultimately dries out the skin and the nail-bed, and instead he introduces minuscule drills tipped with diamond dust, followed by a polishing technique he learned from his grandmother that uses a chamois-leather cloth and a pearl buffing cream. To finish, the therapists recommend instead of polish, simply enjoying the nail’s natural shine.
La Maison 1888, the hotel’s Michelin-starred restaurantCOURTESY OF INTERCONTINENTAL DANANG SUN PENINSULA RESORT
There are lots of idiocracies and quirks to this property, much of which takes its lead from Bill Bensley’s eclectic design. There’s a cable car called the Nam Tram that cuts through the resort and is staffed with an attendant 24-hours a day. The resort is divided into levels, a bit like a wedding cake and each section has a name, the highest being Heaven Level. This is also how to navigate the stops on the train. There’s also an eccentric nightclub at the property, a maze of rooms and bars. There’s also a vast conference centre, the APEC Economic Leaders’ Meeting was held here in 2017, as well as a number of private meeting spaces, each named after a different Hollywood icon. And note, as is to be expected of a hotel of this calibre, this is a spot for the well-heeled. Around the pool and restaurants you’ll find an incredibly chic mix of predominately South Korean, Japanese and Singaporean travellers – expect Goyard bags and Chanel shades.
Picture-perfect pool viewsCOURTESY OF INTERCONTINENTAL DANANG SUN PENINSULA RESORT
As a generalisation, food in Asia is hard to beat – the freshness of the ingredients, the fragrance of the dishes, the blend of unexpected flavours. There’s a magic to it. And that can certainly be said of the four restaurants here at the hotel. Citron is the hotel’s main restaurant, serving breakfast, lunch and dinner from its sunnily designed space. Food is casual, authentic and the portions are generous. They also often host decadent buffet meals where the menu ranges from Western to Italian to Asian. The outside booths at Citron sit at about 100 metres above the beach – try to sit at one of these if you can.
The Long Bar is playful and inviting – with huge day-beds to lounge and eat on and rustic swinging chairs throughout. Like the rest of the hotel, the colourscape is loud and riotous – sunny yellows and jailbird black and white strips lead the aesthetic. The cocktails are fruity and fun, just what you want when in repose. The signature drink is fresh orange juice combined with Southern Comfort and a splash of Champagne.
The Long BarCOURTESY OF INTERCONTINENTAL DANANG SUN PENINSULA RESORT
The Barefoot Cafe does all-day food and snacks – casual seafood, sandwiches and scrummy desserts. On certain evenings they light welcoming candles and host a barbecue buffet – this is not to be missed. It’s fuss-free and delightful.
The hotel is incredibly proud of La Maison 1888, its fine-dining Michelin-starred restaurant my Pierre Gagnaire. The French chef built his reputation in Paris at his eponymous restaurant, which currently boasts three Michelin stars. The Danang restaurant is beautifully designed, so that each perfectly set white-clothed table feels intimate and has a sense of drama. Gagnaire describes himself as a chef who cooks from his heart and that rings apparent in his menu and the presentation of this world-class cuisine. The menu changes often and you certainly won’t leave hungry.
For those staying within an elevated room category, there is also a club lounge, which flanks Citron restaurant. Here those with access can enjoy complimentary tea and coffee throughout the day, continental breakfast, afternoon tea and a selection of evening cocktails and canapés.
The Harnn Heritage SpaCOURTESY OF INTERCONTINENTAL DANANG SUN PENINSULA RESORT
A hotel in a class of its own, at the InterContinental Danang Sun Peninsula Resort you have sun, sand and endless things to try and occupy yourself with. And everything will be designed and delivered with the care of this truly hospitable hotel staff. As here, the answer to the question jump is, how high?
Titled “The Push of the Decade,” the first session of Vietnam M&A Forum 2018 explores the new driving force to boost the Vietnamese M&A market.
In the session, KPMG Vietnam provided an overview of the past 10 years in the Vietnamese M&A market. Deputy Prime Minister Vuong Dinh Hue shared his thoughts on the outlook of doing M&A, as well as the Vietnamese government’s efforts to push the economy forward in a sustainable manner.
The speech by Warrick Cleine, chairman and CEO of KPMG, pointed out challenges in the M&A market. He raised the question of what the government and the business community need to do to improve the M&A market in the new era.
Indeed, the Vietnamese M&A market is full of potential targets. According to Tran Vinh Tuyen, Deputy Chairman of the Ho Chi Minh City People’s Committee, M&A activities remain robust in Ho Chi Minh City with around 30 deals in the recent time. Also, another 39 companies will be equitised by 2020, especially in the fields of commerce and logistics. The city is looking to select reliable partners with high-technology, which will maximise the benefits for both businesses and the government.
Le Song Lai, deputy CEO of State Capital Investment Corporation, said that around 140 companies will be equitised by 2020, including big corporations like Vinamilk and FPT. If the equitisation process is successful, SCIC is expected to collect VND100 trillion ($4.3 billion) for the government, which will ultimately contribute to the improvement of the legal framework and the growth of the M&A market.
Vuong Dinh Hue – Deputy Prime Minister
Vietnam focuses on restructuring five areas of finance-banking, public sector, public investment, budgetary revenue, and public administrative units. For banking and finance, the government continues its efforts to resolve bad debts, which reduced from 10.8 per cent at the beginning of 2016 to 6.9 per cent in the first six months of 2018. The government is also boosting M&A activities among commercial banks and credit institutions.
In 2017, the number of equitised companies has increased 6.5-times against 2016. The government has collected VND2.5 trillion ($107.5 million) in 2016-2017, which is double the figure of the previous period. The government will continue to speed up the equitisation and divestment process. On top of that, the government is committed to complete the legal framework, strengthening institutional reform as well as improving macroeconomic fundamentals with a view to facilitate M&A activities.
Nguyen Chi Dung – Minister of Planning and Investment
Vietnam is preparing to review 30 years of FDI attraction. The conference is scheduled to take place on October 4 in Hanoi with a view to summarise and evaluate the achievements after 30 years of FDI attraction as well as create a new FDI attraction strategy. Following the conference, the government will put forward solutions for sustainable and selective FDI attraction. The question is whether M&A will continue to grow in Vietnam and what should be done to drive the M&A market forward.
Indeed, M&A is shifting capital from low-efficiency sectors to more profitable fields. Investors assess and evaluate the growth of the economy, market potential, as well as relevant policies to strike deals. It is apparent that M&A deals are on the rise in Vietnam thanks to the high economic growth. M&A also offers a flexible approach for investors to expand in the market.
Warrick Cleine – Chairman and CEO, KPMG in Vietnam and Cambodia
The Vietnamese M&A market has enjoyed a compound annual growth rate of 17 per cent between 2007 and 2017. The number and value of M&A deals are on the uptrend. The largest M&A deal was the $4.9 billion deal between ThaiBev and Sabeco in 2017.
The main source of investment in the next three years is expected to come from Japan, South Korea, China, Thailand, Singapore, and Hong Kong. In particular, Chinese investors are expected to be more active due to the proposed Regional Comprehensive Economic Partnership (RCEP).
Vietnam has the highest economic growth rate in Southeast Asia, which is opening up opportunities for investors. The most promising sectors for M&A include food and beverage, pharmaceuticals, life sciences, and real estate.
However, there are some challenges during the due diligence process in Vietnam, including the quality of historical information, responsiveness, preparedness, willingness to share information, legal issues, tax issues or exposures as well as limited information flows.
Seck Yee Chung – Partner, Baker & McKenzie
Foreign investors are looking at the government’s efforts and commitments to opening the economy, improving the business environment, and attracting foreign direct investment. They hope to see harmony in the legal framework, learn about regulatory changes as well as the possibility of raising the foreign ownership limit further in the future.
The changes are indeed taking place and many M&A deals are in the making. New economic models are emerging in the Industry 4.0, including e-commerce and digital transactions. Hence, the government should have measures in place to support these new business models.
Dominic Scriven – Executive chairman, Dragon Capital Group
In the past 10 years, Vietnam has witnessed significant changes in the M&A market. Moving forward, M&A will develop in line with demand. Particularly, investors will become more selective with a focus on internal forces. Investors look at the target companies, their competitiveness, scale, strategy, and successive leadership. However, there is a lack of potential targets for M&A.
At present, the scale of the Vietnamese M&A market is comparable to that of Malaysia and Indonesia, despite having a higher population than Malaysia and lower than Indonesia. The growth of M&A should be stronger.
Asia’s original fast-growing ‘tiger’ economies in the 1970s and 1980s were Hong Kong, Singapore, Taiwan and South Korea. The baton then passed to a new generation of fast growers: Thailand, Indonesia, Malaysia and, more recently, India. Asia’s latest ‘tiger’ however, is Vietnam with the latest data showing its economy roaring in 2018 as it emerges as one of the world’s fastest growing economies, QNB noted in its weekly ‘economic commentary’.
According to a report on The Peninsula Qatar, a range of indicators show Vietnam’s booming economy. GDP growth raced ahead by 7.1 percent y/y in the first six months of 2018; the economy’s fastest growth since 2011. The manufacturing sector is leading the charge with output up 13.1 percent y/y in the first half of the year. Construction is also playing a strong supporting role with output in that sector up 7.9 percent y/y over the same period.
According to QNB analysts, the counterpart to Vietnam’s manufacturing boom are surging exports. Monthly trade statistics can be highly volatile but the latest data show goods exports up over 20 percent y/y in the first half of the year, following growth of over 17 percent in 2017 as a whole.
Manufacturing and export success has been driven by Vietnam’s ability to attract large foreign direct investment (FDI) inflows into sectors such as clothing, footwear and, above all, electronics. It is now estimated for example that one in 10 smartphones worldwide are now made in Vietnam. Latest data show FDI inflows also booming. These were worth an estimated $13bn in H1 2018 with a 11 percent y/y growth. To put these FDI inflows in context, Vietnam’s GDP in 2017 was worth around $220bn according to the latest data from the International Monetary Fund (IMF).
Vietnam’s economic success is noteworthy as it comes at a time when many developing economies are struggling to match the success of Asia’s earlier ‘tigers’ and sustain rapid economic growth through manufacturing and export booms. India’s export sector for example has laboured in recent years despite a vibrant economy in other respects. By contrast, Vietnam has seen trade soar to nearly 100 percent of GDP; up from around 60 percent in 2005 and 75 percent as recently as 2014.
The foundation of Vietnam’s success is obvious: favourable demographics and low wage rates. Political stability also helps as does the country’s geographical location. Vietnam is also close to major global supply chains, particularly in electronics, which have emerged over the last decade or so.
But these factors are far from specific to Vietnam and so only explain a portion of its success. Recent research from the Brookings Institute think tank in the US highlights that it has been the ability to build on these solid foundations through good policies is what really sets Vietnam apart.
Three factors in particular have been critical. First, while many in the West are questioning the benefits of free trade, Vietnam has zealously pursued trade liberalisation on both a multilateral and bilateral basis. Vietnam, for example, has recently concluded a free trade agreement with the European Union which eliminates nearly all tariffs between the two. Trade agreements have dramatically lowered the external tariffs its exports face, helping integrate Vietnam into the global economy and further accelerating FDI investments.
Second, Vietnam’s investments in human capital i.e. education have been impressive, helping the country maximise its demographic potential. A stand out is that the OECD’s latest Programme for International Student Assessment (PISA), which tests high school students in maths, science and other subjects, ranked Vietnam an impressive 8th out of 72 participating countries; ahead of many leading OECD economies.
Third, investments in human capital have been supported by progress in improving the country’s business climate. Vietnam has steadily moved up in both the World Economic Forum’s competitiveness index and also the World Bank’s ease of doing business survey. Investments in physical infrastructure such as power generation, roads and bridges and container port capacity have been vital in supporting Vietnam’s rich human capital.
Impressive as Vietnam’s recent economic achievements have been, the country cannot afford to rest on its laurels. The very nature of its success brings with it vulnerabilities and future challenges. As already highlighted, FDI has been largely concentrated in the textiles and electronics sectors. The jobs created by these investments tend to be relatively low-skill and low-wage with little value added. This leaves Vietnam exposed to the cross-fire of a US-China trade war (along with Asian other economies enmeshed in the electronics global supply chain such as Taiwan and South Korea) in the short term. Longer-term, Vietnam’s competitive advantage will necessarily fade as the country climbs the development ladder and wage rates and living standards improve.
New drivers of economic development will need to found to ensure that Asia’s newest ‘tiger’ economy does not risk extinction in a few years. There are clear reasons for optimism however. Vietnam’s high PISA scores suggest that the country should be able to move up the global value chain more easily than most emerging markets. Prospects for rapid growth in the service sector are also fair with tourism a prime candidate to help drive economic growth over the longer-term. In fact, with the latest data showing tourist arrivals up nearly 25 percent y/y in June, this growth engine is already helping the country power ahead.
Idemitsu Kosan and Teikoku Oil signed the agreement with the Vietnamese state-owned oil and gas giant, PetroVietnam, on July 31. They will help develop and sell the gas located in the Sao Vang-Dai Nguyet project.
Zachary Keck, the former managing editor of The National Interest reports, two Japanese firms have signed an agreement to help Vietnam develop and sell gas located in the East Sea of Vietnam.
Idemitsu Kosan and Teikoku Oil signed the agreement with the Vietnamese state-owned oil and gas giant, PetroVietnam, on July 31. They will help develop and sell the gas located in the Sao Vang-Dai Nguyet project.
“The development of the project is significant since exploration and production activities have slowed down in recent years because of tensions in the South China Sea, the ongoing corruption crackdown and persistently low crude oil prices,” a PetroVietnam official told Reuters of the agreement.
The Sao Vang-Dai Nguyet project will develop gas located in Blocks 05-1b & 05-1c in the East Sea. A map by Greg Poling, the director of the Asia Maritime Transparency Initiative at the Center for Strategic and International Studies, showed that “most (and probably all) of the block[s]” are within China’s so-called nine-dashed line.
The blocks are also near projects being carried out by Spanish energy firm Repsol and Russia’s Rosneft.
Vietnam is believed to have between 3.3 billion and 4.4 billion ton of crude oil and gas reserves in the waters surrounding it. PetroVietnam produces between 22 million and 33 million tons of oil equivalents annually from the blocks, according to The Japan Times.
The same source notes that from the years 1986 to 2009, PetroVietnam accounted for 20 percent of Vietnam’s GDP and 30 percent of the government’s revenues.
If the Sao Vang-Dai Nguyet project goes through, it will be a much-needed bit of good news for PetroVietnam, which has fallen on tough times as of late. In the first seven months of this year, for instance, Vietnam’s crude oil production was down 11.3 percent from a year earlier.
The plan now is for the Sao Vang-Dai Nguyet project to start producing commercial gas by the third quarter of 2020. Idemitsu Kosan will own 43 percent of the project followed by Reikoku Oil, which will hold around 37 percent. The remaining 20 percent will go to PetroVietnam.
Having Japanese firms with economic interests in the South China Sea could be another reason for the Japanese government to increase its involvement in the disputed waters.
Last month, news reports said that Tokyo was planning to send one of its massive helicopter destroyers on tour through the East Sea and the Indian Ocean later this year.
The Kaga, which is the second of Japan’s Izumo-class helicopter destroyers, will leave Japan in September for a two-month tour that will include stops in Indonesia, India, and Sri Lanka, according to a Reuters report.
The lead ship in the Izumo-class made a similar trip last year.
Creation of a company in Vietnam is slightly different to what an entrepreneur from another country might be used to. While the opportunities for companies based in Vietnam are compelling, the company registration process is more complex and bureaucratic than the USA, Australia and Singapore, for example.
Fortunately, the days of needing 4-5 months to register a company have passed, as has the insistence on local partners. Steady improvements are being made to processing times too. Nonetheless, there is some work to prepare for the formation of a foreign-owned startup in Vietnam. This article provides an overview.
The Company Registration Process in Vietnam
A registered company is key for your startup to enter into contracts, employ staff and collect revenues in Vietnam. A foreign-owned Limited Liability Company (LLC) is the most common company structure for foreign-owned startups in Vietnam.
For this type of company, you’ll go through a two stage process. You’ll need approval from the Department of Planning and Investment (typically in the form of an Investment Registration Certificate, IRC) for your project in Vietnam, and then an Enterprise Registration Certificate (ERC) for the creation of your company. The official timelines are about 45 days for the completion of these stages but preparation is key.
Preparation for Company Registration
Delays are often encountered where the required preparation has not been completed. There are four key considerations:
1) Clarify your Business Lines and Scope
Vietnam’s accession to the WTO required that the nation opened its economy to foreign investment in a wide range of business lines. The majority of tech startups will target ‘software development’ or ‘consulting’ business lines. Applications for these business lines are relatively straight-forward.
However, some business lines remain restricted to foreigners in Vietnam (for example, real estate and finance). Some of these other fields remain subject to case-by-case review or conditional approvals (eg. trading), caps on foreign ownership (eg. tourism) or require licenses and sub-licenses (eg. F&B).
2) Check your Capital and Proposed Scale
Vietnam requires you to prove you’re serious about your business. While there isn’t a strict law on what represents the minimum capital, approval from the Department of Planning and Investment will only be issued with proof of sufficient capital for your nominated business line. This capital must be deposited soon after creating the company.
3) Get a Company Address
Physical proof of your company’s planned location in Vietnam is key to your application. This can present a chicken-and-egg argument, as you will need to be incorporated before you can sign a lease, and you can’t incorporate until you have a signed lease. An MOU with your intended address may suffice, but there are other practical solutions to this issue.
4) Confirm your Ownership & Management Structure
You will need to nominate the owners of the business and verify their credentials. Note that the supporting documents required for a foreign owner that is a company are different to those documents required if the foreign owner is an individual. You might be tempted to form a Vietnamese-owned company to avoid some of these hassles, but remember that this incurs some risks and will complicate the payment of any dividends to foreigners.
The management structure underneath this may vary depending on how many owners your company will have. You may also need to think about a Controller and Chairman at this stage.
Get Expert Guidance
Of course, there are many other options when it comes to company formation, including other company structures (such as a Joint Stock Company) and activity codes (including ECommerce). Contact GBS for further information on the establishment of a company in Vietnam.
GBS – one of the best business law firms in Vietnam with a network South East Asia, Middle East, Japan, HongKong, Malta and Poland – offers simple direct advice to start your operations in Vietnam. They provide the help you need to understand your options, obtain your business license and complete the registration of your own company.
A fire in Vincom Landmark 81, a super-tall skyscraper in Ho Chi Minh City, Vietnam — was reported today afternoon at about 3:3- p.m. No one was injured, fire officials said.
According to Fire Department Chief of Binh Thanh District, a caller reported that smoke was coming from level 64 of the building. Zing News a local Vietnamese media reports.
Fire Department Of Binh Thanh district responded to the alarm, they sent 8 fire engines with 42 fire police officers, firefighters and discovered that smoke was coming from the high level of the building.
A fire in Vincom Landmark 81, a super-tall skyscraper in Ho Chi Minh City, Vietnam @ Dao Nhat Huy
Fortunately sprinklers had held the flames in check preventing them from spreading. That allowed the local team to quickly extinguish the fire.
The management of the building also confirmed that, flames caused by welding while some workers doing their job, but they get it under control right after that.
Landmark 81 is a super-tall skyscraper in Ho Chi Minh City, Vietnam, that was designed by the British design, engineering and consulting firm Atkins. The investor and primary developer for the project is Vingroup, a Vietnamese corporation that is also the country’s largest real-estate company. Landmark 81 is the tallest building in Vietnam, the tallest completed building in Southeast Asia as of July, 2018 and the 14th tallest building in the world.
The 461.5 metres (1,514 ft) tall, 81-storey building is built on the western banks of the Saigon River in the city’s Binh Thanh District, located just north of Ho Chi Minh City’s historic center and to the immediate south of Saigon Bridge. The tower is at the heart of the $1.5 billion high-end mixed-use urban area called Vinhomes Central Park, and was scheduled to be inaugurated in July 2018. The development comprises hotel and conference facilities, luxury apartments, high-end retail spaces, restaurants, bars, and a multi-story observation deck at the tower’s crown.
A seminar on developing real estate in Vietnam, named ‘Vision and Prospect’, was held in Ho Chi Minh City today by the Vietnam Economic Times, featuring the participation of 300 leaders and enterprises.
At the event, Assoc. Prof. Dr. Vu Dinh Hoe, Deputy Editor-in-Chief of Vietnam Economic Times, said that real estate is a big asset of each country. The real estate market accounts for 40% of material wealth, 30% of the total activities of the economy in meeting the demand of living, and is a great asset of each organisation, household and individual, he added.
Real estate is also an effective investment channel for mobilising abundant financial resources in the nation and abroad, stimulating the related industries, increasing revenues for the budget and solving employment, while increasing the contribution of the finance, construction and building materials markets.
According to a report by the Foreign Investment Agency (FIA), the proportion of capital poured into the real estate sector ranked second, accounting for more than 27% of the total foreign direct investment (FDI) in Vietnam.
It is estimated that, in the next 10 years, the new home demand will reach 5.1 million low and middle-priced departments. The pace of urbanisation not only increases the demand for housing but also stimulates demand for real estate for tourism and convalescence. It is necessary to provide urgent solutions to the pressure of population density in urban areas.
The seminar focused on two topics: New Context and Vision of Vietnam Real Estate Development; and Smart Real Estate Development: International Experiences and Practical in Vietnam. The impacts of 4.0 generation to Vietnam real estate also mentioned at the event.
Around 200 drug users escaped from a rehab centre in Vietnam on Saturday (Aug 11), police said, the latest breakout attempt from the country’s controversial treatment facilities.
Some addicts are forced by law to spend up to two years in Vietnam’s rehab centres, while others are admitted by family or check themselves in. AFP reports.
Most detainees undergo cold-turkey treatment in the notoriously overcrowded centres or are subjected to solitary confinement for breaking rules.
Several breakouts have occurred in recent years and the most recent started on Saturday morning in the southern province of Tien Giang, a police officer said on condition of anonymity, adding that about half the escapees had already been captured.
“There are around 100 addicts still on the run and the police are still looking for them,” the officer said.
A disagreement with staff escalated into an assault, with patients wielding knives and bricks and encouraging others to break down the door, state-controlled website VnExpress reported.
Images circulating on social media showed dozens of men, many shirtless, wandering on a highway near the rehab centre.
“They passed my area holding canes and shouted like protesters. When we saw them, me and people around were scared and worried,” local resident Le Hai Trieu said.
Residents pitched in to help local authorities capture the men.
Another state media outlet said that more than 650 people are registered at the Tien Giang facility, but it did not provide figures on the number of voluntary admissions.
There are more than 220,000 registered drug addicts in Vietnam, according to official statistics AFP/HOANG DINH NAM
There are more than 220,000 registered drug addicts in Vietnam, according to official statistics released last year, with heroin and methamphetamine the most popular narcotics.
While Vietnam is experimenting with more community-based treatment options in response to criticism over the centres, they remain the most-used form of recovery.
The centres are widely supported as a viable treatment option although addiction specialists say they don’t work and relapse rates are high.
Early last year 100 people escaped from a centre in southern Long An province because they were upset about spending the annual Tet new year holiday away from their homes.
The second week of the month has been a rather subdued week with not much volatility compared to prior weeks past. The market has traded in a tighter range from -0.36% (Tuesday) to the high of 0.99% (Wednesday).
This week closed out at 968.47, +0.52% for the day and +0.93% WoW. The VN Index has been creeping higher almost daily and is 7.89 points above the 50dma (960.58). We can see the shorter trend line turning back to a rising trend, which is an encouraging sign, which looks like the shorter term bottom has passed. Now the question is whether this short term rebound will translate into a mid-term recovery. As the midterm 100dma trend line 1024.96 this week continues to decrease versus 1034.36 last week so we are not out of the woods just yet. However, additional glimmering hope is the longer term 200dma is at 1008.83 and has also slightly increased from last week’s 1005.38. The bulls look like are giving the upper hand to the bears.
Liquidity this week slightly fell by around -9% WoW at a daily average of VND3.42trn (USD147mn). We had VND17.1tn (USD735mn) liquidity for the week. The week’s liquidity was far below the YTD average of VND4.9trn (USD210mn). The stock to focus on this week was HAG as its stock price has been on a recent tear on market speculation that it will be merged into unlisted Thaco (automotive industry giant). The share price has risen about 50% since its bottom of mid July. The market believes that that part of the acquisition is based on large land lots in Cambodia and Laos owned by HAG, which are in trouble.
Foreigners continue to be net sellers this week. Buying VND4.1tn (USD177mn) about 19.09% of the entire market value VND21.6 (USD927mn) including put throughs, while selling is VND4.8tn (USD927mn) about 22.58% of the total market value leading to a net selling of VND-754.8bn (USD32.4mn). The top foreign bought stocks were HPG at VND21.24bn (USD911k), while top sold stock was HAG at VND-20.89bn (USD896.5k).
Earnings Results
As a continuation to last week’s earnings update, as earnings seasons reaches a close now 51 out of our 53 companies under our coverage have released their 2Q (accumulatively 1H) business results. So far our results indicate that 23 stocks were in line, 13’s were better than, and 13’s were worse than our forecast. 2 stocks were muted due to analyst coverage change. These results are closely in line with our overall expectation of our coverage result. You can find more details in our Coverage List attached.
Other news worth nothing this week is:
Vietcombank will sell all of its remaining 1.48 million Orient Commercial Bank (OCB) shares at an auction on September 6. According to Vietcombank, at a starting price of VNĐ18,876 (80 US cents) per share, the bank is estimated to earn nearly VNĐ27.9 billion (US$1.19 million) if the auction succeeds. The shares are bonus shares that Vietcombank received from OCB before its first auction to sell 13.2 million OCB shares held in December last year.
Business conditions related to the establishment and operation of joint stock commercial banks and non-bank credit institutions in Việt Nam will be eased under a draft circular from the State Bank of Việt Nam (SBV). The draft revisions are part of SBV’s plans to remove or simplify 257 business conditions under its management, which will require SBV to revise eight decrees and 10 circulars. According to SBV, the revisions are aimed to simplify business conditions and administrative procedures in the banking industry according to the Prime Minister’s instructions.
By Marc Djandji, CFA
Head of Institutional Sales
Rong Viet Securities Corporation (VDSC)
Ho Chi Minh City’s Thu Thiem peninsula wows developers but expelled residents feel wronged
Ho Chi Minh City’s Thu Thiem peninsula is the kind of place that makes real estate people spout clichés about the “wow factor” or “location, location, location”.
A lobe of largely undeveloped land, it hugs the Saigon river opposite District One, the downtown of this tropical metropolis of nearly 10m people. It commands in-your-face views of high-rises, including Landmark 81, south-east Asia’s tallest completed building. Luxury homes are going on sale, at prices that rival Bangkok, for what planners say will be a new financial and residential hub — Ho Chi Minh City’s answer to Shanghai’s Pudong. John Reed reported on Financial Times.
Vietnam’s economy grew 6.8 per cent in the second quarter, slightly faster than China’s. A world-class riverside district for Saigon, as most residents still call the city, would be a fitting showcase for an ambitious nation on the move. A new tunnel runs under the river and a six-lane highway bisects the peninsula.
But climb up Saigon’s high-rises — or view Thu Thiem on Google Earth — and you will see that much of it remains open land. Nearly 15,000 households were paid by the government to move out, in a noisy, still-unfinished process that provoked protests, and cost more than $1bn.
A few dozen households are holding out for better compensation deals. A handful of freestanding houses still stand amid rubbish tips and building rubble, on loamy land frequented by drug addicts. The atmosphere is not so much megacity as Mad Max.
“The government is a thief,” claims Nguyen Thi Giap, 83, who lives with her 91-year-old husband Huynh Van Luc in a two-storey house. Their wedding picture is on the wall. “I will move if the government pays the appropriate compensation cost.” Like other households, they say their house was omitted from a master plan to redevelop Thu Thiem in the 1990s.
The city recently said it had lost that plan, provoking snorts of derisive anger from residents who say they were wronged. “Of all the protesters, the government is most afraid of me,” declares Pham Thi Linh, who lives on rain-soaked land nearby with several cats. At the height of anti-relocation protests earlier this decade, she mounted her motorcycle with a hand-printed multi-lingual banner to protest the eviction at consulates.
Vietnam is often compared to China, whose Communist party also melded Marxist-Leninist hierarchy with the Confucian work ethic to build a formidable development model. But in fact, Vietnam is a messier, and arguably freer, place and Thu Thiem is testimony to this. “In China, the government can do everything; in India they can’t do anything,” says Huynh The Du, a lecturer at Saigon’s Fulbright University. “In Vietnam it’s somewhere in between: sometimes the government can’t do things because of the resistance of the people.”
Thu Thiem has always been a puzzle for planners. Vietnam’s French colonisers left it undeveloped as it was softer ground than the sturdy plateau where they built District One. It occupied the public imagination as a lawless place, frequented by bandits, prostitutes and lepers. Mapmakers often left the peninsula as empty space, as if no one lived there. In fact, thousands of people did, amid waterways more like the Mekong delta than the rest of Saigon.
“You can see why people would have drooled over it since the beginning of time,” says Erik Harms, a Yale professor who authored a book on urban development in Saigon.
Ngo Viet Nam Son, an architect who worked on Pudong’s development, thinks city planners erred by drawing up blueprints for Thu Thiem in isolation. He thinks there should be a bridge, not a tunnel, leading directly to the city centre.
“If we made good connections to Thu Thiem, the city would be able to make more money to compensate people at the market price,” he says. “The problem is, they didn’t make these connections.”
Developers are more forgiving, and point to a flurry of Hong Kong, South Korean, and Vietnamese-funded projects coming on the market that they say will transform the area. “Saigon has very little master planning and they are very laissez faire in an urban context,” says Troy Griffiths, deputy director of Savills Vietnam. “And you know what? It works OK.”
Vietnam-focused private equity firm Mekong Capital has announced that its Mekong Enterprise Fund II (MEF II) made a full exit from its investment in Asia Chemicals Corporation (ACC) for a total consideration of $8.9 million, generating a gross return multiple of 2.6x and a gross IRR of 15.1 per cent.
ACC is the last divestment of MEF II, according to a release. With this divestment, MEF II has successfully divested 100 per cent of its final remaining investment, which resulted in the Fund achieving a net return multiple of 4.5x and net IRR of 22.5 per cent for its investors. This has also marked one of the most successful funds in Asian Private Equity.
Mekong Capital’s MEF II invested $3.8 million in ACC in 2011, which was its 10th and final investment.
Established in 2001 as a privately-held company in the food industry, ACC has pivoted into a leading distributor of high-quality specialty ingredients, chemicals, non-oil related commodities and other materials, sourcing from worldwide suppliers and selling to a wide range of leading enterprises in Vietnam.
Launched in 2006, MEF II is the second private equity fund managed by Mekong Capital. MEF II’s notable investments included Mobile World (Vietnam’s largest nationwide retailer of mobile devices and consumer electronics), Golden Gate (the leading restaurant chain operator in Vietnam), Vietnam Australia International School (a leading private bilingual K-12 school in Vietnam), Mai Son (a leading fashion retailer) and ICP (personal care products).
In this January, MEF II made a full exit from its investment in Mobile World Investment Joint Stock Company (MWG) at a returns multiple of 57x and IRR of 61.1 per cent.
The final block of 5 million shares was sold at a price of VND165,000 ($7.3) per share and completed on 29 January 2018. The cumulative net proceeds from the sale of MEF II’s MWG shares and dividends received was $199.4 million.
In June, the PE firm completed an investment in mattress and bedding solution provider Vua Nem Joint Stock Company through its $112.5-million Mekong Enterprise Fund III (MEF III).
Mr. Jeremy Paulson, Chairman of MEF II, told Vietnam Insider in an interaction that, The completion of the sale of the final holding in MEF II brings to a close the life of what has proved to be a most rewarding fund investing in new and fast-growing companies in Vietnam. MEF II, through its Investment Manager, Mekong Capital, found an interesting range of investments which fully reflected the rapidly changing consumer sector in what was a fast-growing economy. This has resulted in a highly successful investment for MEF II’s shareholders.
Mr. Chris Freund, Partner at Mekong Capital, shared: “We are delighted that MEF II and its investee companies have been a great success over the last 12 years. MEF II represented a critical turning point in Mekong Capital’s history as it was the fund in which we started to focus on consumer-driven investments, and also comprised the initial companies that applied the Vision Driven Investing framework. We are committed to continue to apply this framework to consistently deliver excellent performance, and to reinvent Private Equity in emerging markets.”
About Mekong Capital
Mekong Capital is a Vietnam-focused private equity firm, specializing in consumer driven businesses and looking to invest in fast-growing companies, with ambitious expansion plans, and a commitment to building management teams that will successfully execute on those expansion plans. Mekong Capital’s funds have completed 33 private equity investments in Vietnam, of which 25 have been fully exited. Its latest investment vehicle, the Mekong Enterprise Fund III (MEF III), has to date announced investments in 7 companies, including lending firm F88, logistics companies Nhat Tin and ABA, restaurant operator Red Wok, Ben Thanh Jewelry, Yola Education, and mattress retailer Vua Nem. All investee firms in MEF III are implementing the Vision Driven Investing framework.
Vietnamese cuisine doesn’t win any points for complexity. Many of the most popular dishes can be made just as well on the side of the road as in a top-end restaurant.
But it’s precisely this simplicity, the subtle variations by region and the fresh ingredients, that keep us pulling up a plastic stool for more. Helen Clark and Karryn Miller reported on CNN.
Here are 40 foods from Vietnam you can’t miss:
1. Pho
Cheap can be tasty too. Courtesy kaz k/creative commons/flickr
What list of Vietnamese cuisine would be complete without pho?
It’s almost impossible to walk a block in Vietnam’s major destinations without bumping into a crowd of hungry patrons slurping noodles at a makeshift pho stand. This simple staple consisting of a salty broth, fresh rice noodles, a sprinkling of herbs and chicken or beef, features predominately in the local diet — and understandably so. It’s cheap, tasty, and widely available at all hours.
Just look out for a mass of people on plastic stools — or try a tried and tested favorite: Pho Thin, 13 Lo Duc, Hai Ba Trung District, Hanoi
2. Cha ca
A food so good they named a street after it. Courtesy Alpha/Creative Commons/Flickr
Hanoians consider cha ca to be so exceptional that there is a street in the capital dedicated to these fried morsels of fish. This namesake alley is home to Cha Ca La Vong, which serves sizzling chunks of fish seasoned with garlic, ginger, turmeric and dill on a hot pan tableside.
Cha Ca La Vong may be the busiest but the service is a bit gruff and the food overpriced. Instead make your way to Duong Than in Hanoi’s Hoan Kiem district, where you’ll find plenty of more affordable but just as tasty options.
3. Banh xeo
A crepe you won’t forget. Courtesy Alpha/Creative Commons/Flickr
A good banh xeo is a crispy crepe bulging with pork, shrimp, and bean sprouts, plus the garnish of fresh herbs that are characteristic of most authentic Vietnamese dishes. To enjoy one like a local, cut it into manageable slices, roll it up in rice paper or lettuce leaves and dunk it in whatever special sauce the chef has mixed up for you.
Banh Xeo 46A has mixed reviews but judging by the crowds that swarm there each night they must be doing something right. Banh Xeo, 46A Dinh Cong Trang, District 1, Ho Chi Minh City (HCMC)
4. Cao lau
Soft, crunchy, sweet, spicy — a bowl of contrasts. Karryn Miller/CNNGo
This pork noodle dish from Hoi An is a bit like the various cultures that visited the trading port at its prime. The thicker noodles are similar to Japanese udon, the crispy won-ton crackers and pork are a Chinese touch, while the broth and herbs are clearly Vietnamese. Authentic cau lao is made only with water drawn from the local Ba Le well.
Try Morning Glory, 106 Nguyen Thai Hoc, Hoi An
5. Rau muong
Some might call it river weed — with good reason — but that doesn’t stop the masses from scarfing down platefuls of morning glory, usually stir-fried and seasoned with slithers of potent garlic. Rau muong is common at Vietnamese restaurants and beer gardens.
Chung Den Bia Hoi, 18B Hang Cot, Hoan Kiem district, Hanoi
6. Nem ran/cha gio
Vietnam’s bite-sized crunchy spring rolls might not enjoy the same popularity as their healthier fresh equivalent, but they deserve a special mention. The crispy shell with a soft veggie and meat filling dunked in a tangy sauce gets the gastronomic juices flowing before a main course. In the north these parcels go by the name nem ran while southerners call them cha gio.
Bun Cha, 1 Hang Manh, Hoan Kiem district, Hanoi
7. Goi cuon
A healthier choice for spring roll fans. Courtesy Ducson Nguyen
These light and healthy fresh spring rolls are a wholesome choice when you’ve been indulging in too much of the fried food in Vietnam. The translucent parcels are first packed with salad greens, a slither of meat or seafood and a layer of coriander, before being neatly rolled and dunked in Vietnam’s favorite condiment — fish sauce.
Quan An Ngon, 18 Phan Boi Chau, Hoan Kiem district, Hanoi
8. Bun bo Hue
Central Vietnam’s take on noodles caters to carnivores with its meaty broth and piles of beef and pork. The thick slippery rice noodles also make for a heartier meal than noodles found in the north and south.
You don’t have to go to Hue to enjoy this dish; if in Ho Chi Minh City try Tib Express, 162 NguyenDinh Chieu, District 3, HCMC
This dainty variation of a Vietnamese pancake has all the same tasty ingredients but is a fraction of the size. Each banh knot can be scoffed in one ambitious but satisfying mouthful. The crunchy outside is made using coconut milk and the filling usually consists of shrimp, mung beans, and spring onions with a dusting of dried shrimp flakes on top.
Co Ba Vung Tau, 59B Cao Thang, District 3, HCMC
10. Ga tan
Got the sniffles? Opt for ga tan, a broth that’s Vietnam’s answer to the proverbial cup of chicken noodle soup. Sure it’s not quite how your mother used to make it, with its greenish tinge from the herbs and hunks of chicken parts, but it’s worth a try if you’re needing a Vietnamese tonic.
Try this at one of the street stalls on Hanoi’s Tong Duy Tan aka Pho Am Thuc, or “Food Street,” Hoan Kiem district, Hanoi
11. Nom hoa chuoi
Vietnam’s banana flower salad packs a much bigger punch than a typical plate of mixed greens. Banana flowers (thick purple lumps that will later turn into bunches of bananas) are peeled and thinly sliced then mixed with green papaya, carrots, and cilantro along with chicken and a heavy-handed pour of a salty fish sauce dressing and crunchy peanuts.
Highway 4 restaurant, 3 Hang Tre, Hoan Kiem district, Hanoi
12. Bun bo nam bo
One of Vietnam’s most-loved noodle dishes. Courtesy Guilhem Vellut/Creative commons/Flickr
This bowl of noodles comes sans broth, keeping the ingredients from becoming sodden and the various textures intact. The tender slices of beef mingle with crunchy peanuts and bean sprouts, and are flavored with fresh herbs, crisp dried shallots, and a splash of fish sauce and fiery chili pepper.
67 Hang Dieu, Hoan Kiem district, Hanoi
13. Hoa qua dam
This chunky blend of fresh tropical fruit in a cup is the perfect local treat when the heat of Vietnamese summer starts to wear you down. It could be considered a healthy alternative to ice cream — if you stick to the shaved ice variation — but for the full experience it’s best had with diabetes-inducing condensed milk mixed in.
14. Pho cuon
Pho cuon packages the flavors of pho and goi cuon in one neat little parcel. This Hanoi take on fresh spring rolls uses sheets of uncut pho noodles to encase fried beef, herbs and lettuce or cucumber.
The best place to find them is on Ngu Xa island on the capital’s Truc Bach Lake — specifically at 26 Nguyen Khac Hieu, Ba Dinh district, Hanoi
15. Ga nuong
This beats KFC any day. Courtesy Ducson Nguyen/Creative Commons/Flickr
KFC may be everywhere in Vietnam these days, but skip the fast food for the local version. Honey marinated then grilled over large flaming barbecues, the chicken legs, wings and feet served are unusually tender, while the skin stays crispy but not dry.
Viet Ha on Ly Van Phuc, Dong Da district, Hanoi
16. Pho xao
Pho xao may just be a slightly healthier take on my xao — but the beauty is in the details. The flat, smoother pho noodle doesn’t crisp up like its pre-boiled instant cousin. When done well the outer edges acquire a browned crunchiness, whilst the center stays soft and glutinous. This dish tastes best with a fried egg and seasoned with chili or soy sauce.
26 Nguyen Khac Sieu, Hoan Kiem district, Hanoi
17. Ca phe trung
Vietnamese “egg coffee” is technically a drink but we prefer to put it in the dessert category. The creamy soft, meringue-like egg white foam perched on the dense Vietnamese coffee will have even those who don’t normally crave a cup of joe licking their spoons with delight.
In Hanoi, follow the tiny alley between the kitschy souvenir shops at 11 Hang Gai into the clearing, and up several flights of increasingly dicey stairs to pair your ca phe trung with an unbeatable view of Hoan Kiem Lake.
18. Bo la lot
Vietnamese are masters of wrapping their food. Bo la lot is neither raw nor deep-fried, but flamed on an open grill to soften the exterior and infuse the betel leaf’s peppery aroma into the ground beef inside.
3T Quan Nuong, 29-31 Ton That Thiep, District 1, HCMC
19. Xoi
This savory sticky rice is a meal all on its own.@ Shen Lu/CNN
Savory sticky rice is less of an accompaniment to meals in Vietnam, more a meal itself. The glutinous staple comes with any number of mix-ins (from slithers of chicken, or pork to fried or preserved eggs), but almost always with a scattering of dried shallots on top.
Xoi Yen, Nguyen Huu Huan, Hoan Kiem district, Hanoi
These rolled up rice flour pancakes are best when served piping hot, still soft and delicate. Although seemingly slender and empty they have a savory filling of minced pork and mushrooms. Zest is also added by dunking the slippery parcels in a fishy dipping sauce.
21. Ca tim kho to
Eggplant alone tends not to get us excited. Although when it’s diced and sauteed in a clay pot along with tomatoes, soy sauce, sugar, and (depending on the recipe) minced meat, the once bland vegetable redeems itself.
Pineapple Restaurant, 35 Hang Buom, Hoan Kiem district, Hanoi
22. Bot chien
Bot Chien is Vietnamese street food at its best. @ PJjaruwan/iStockphoto/Getty Images
Saigon’s favorite streetside snack, bot chien, is popular with both the afterschool and the after-midnight crowd. Chunks of rice flour dough are fried in a large wok until crispy and then an egg is broken into the mix. Once cooked it’s served with slices of papaya, shallots and green onions, before more flavor is added with pickled chili sauce and rice vinegar.
Night-time food vendors sell this at the corners of Pham Ngu Lao and Cong Quynh, District 1, HCMC
23. Bun dau mam tom
This plain-looking tofu and noodle dish is served with mam tom sauce — the Vegemite of Vietnam. The pungent purple dipping sauce is used to flavor the slabs of deep-fried tofu that are at the core of the meal.
24. Banh goi
These pockets of deep-fried goodness are often described as the equivalent of a Cornish pasty or as a Vietnamese samosa, depending on the nationality of the person explaining. Inside the crispy exterior you’ll find that it’s similar to neither description, with its filling of finely minced pork, mushrooms and vermicelli noodles.
25. Com suon nuong
This simple meal is the Saigonese equivalent of bun cha — with rice in place of noodles. A tender pork cutlet is barbecued over hot coals to give it a rich, smoky flavor, and laid over the fluffy white “com” or broken rice.
Com Tam Cali has a number of branches across HCMC. Try Tam Cali 1 at 32 Nguyen Trai, District 1, HCMC
26. Chao
With its thick and creamy texture Vietnam’s rice porridge is the best pick when your queasy stomach can’t handle much else. If you want to jazz it up you can always add slices of chicken, fish, beef, duck or pork ribs, along with a sprinkling of herbs and shallots.
Chao Ca specializes in fish chao, 213 Hang Bong, Hoan Kiem district, Hanoi
27. Bo luc lac
Cubes of beef are tossed around a steaming wok with garlic, pepper, and some vegetables to make shaking beef. There’s nothing special about the beef that makes it shaking. The name is just a literal translation that refers to the process of mixing the beef around while cooking.
Nha Hang Ngon, 160 Pasteur, District 1, HCMC
28. Hat de nong
The smell of chestnuts roasting on an open fire can bring back fond memories of Christmas carols — until a moped transporting a giant blow-up Santa whizzes by. Pick the street vendor with the most enticing smell.
29. Banh uot thit nuong
It’s all about the marinade when it comes to the grilled pork in fresh rice paper rolls that are popular in Central Vietnam. The typical mixture coats the meat in a blend of sugar, salt, chili, lemongrass and fish sauce. Cilantro, basil and mint are added when it’s served up to add some green to the appetizer.
Morning Glory, 106 Nguyen Thai Hoc, Hoi An
30. Bun cha
The perfect lunchtime treat. @ Courtesy Greg Willis/Creative Commons/flickr
Pho might be Vietnam’s most famous dish but bun cha is the top choice when it comes to lunchtime in the capital. Just look for the clouds of meaty smoke after 11 a.m. when street-side restaurants start grilling up small patties of seasoned pork and slices of marinated pork belly over a charcoal fire. Once they’re charred and crispy the morsels are served with a large bowl of a fish sauce-heavy broth, a basket of herbs and a helping of rice noodles.
Hanoi’s most famous bun cha outlet is 1 Hang Manh, Hoan Kiem district, Hanoi
31. Banh mi
The world-famous banh mi sandwich.@ SAUL LOEB/AFP/AFP/Getty Images
The French may have brought with them the baguette, but Vietnam takes it to a different level. How exactly depends on what end of the country you’re in.
In the north, chefs stick to the basic elements of carbohydrate, fat and protein — bread, margarine and pata — but head south and your banh mi may contain a more colorful combination of cheese, cold cuts, pickled vegetables, sausage, fried egg, fresh cilantro and chili sauce.
One of the better baguette vendors in Saigon sets up shop beside the Cherry mini-mart on DoQuang Dao, District 1, HCMC
32. Lau
Eating this hodgepodge hotpot dish is a communal affair with everyone digging in to the oversized boiling pot. We’ve found that just about anything can (and will) go into this soup from tofu to frogs. It’s best to stick to one main protein rather than opting for the mix of meat, poultry and seafood together.
On the northern edge of Hanoi’s Truc Bach lake you’ll find a number of restaurant staff crossing the street to deliver lau to lake-side diners
33. Banh bao
The Vietnamese take on steamed pork burns.@ Courtesy Edsel Little/Creative commons/Flickr
Steamed pork buns aren’t traditionally Vietnamese, but that doesn’t stop the spongy rolls from being sold by street vendors and in traditional Vietnamese restaurants. The best buns have a hard-boiled quail egg buried within the minced meat, while the cheaper ones come without any filling at all. Remember the lower the price the less stuffing, so you might not be getting the good deal you thought you were.
Often sold by wandering vendors patrolling Hanoi’s Old Quarter at all hours. In the south try Banh Bao Tho Phat, 78 Nguyen Tri Phuong, District 5, HCMC
34. Com rang
Fried rice may not be the most adventurous option, but sometimes you just want some familiar grub done right. Baby-sized chunks of meat and colorful vegetables are mixed with soy and fish sauce in a wok streetside to create a rice dish that is still moist but slightly smoky. Make it Vietnamese by supplementing with Bia Hanoi.
Try one of the vendors on Tong Duy Tan aka “Food Street,” Hoan Kiem district, Hanoi
35. Bo bit tet
Vietnam’s equivalent to steak and eggs fills the void when you’re hankering for some greasy pub tucker. The thin flank steak is usually served with eggs, thick potato wedges, and Vietnamese meatballs on a sizzling cast iron plate.
36. Com chay
Com chay refers to two things in Vietnam: vegetarian food, or Vietnam’s homemade rice crispies that are popular with children. Unlike the sweet treats in the United States, Vietnam’s version of a crispy comes with meat instead of marshmallows. Vietnam’s vegetarian restaurants use mock meats to create all the traditional dishes and usually do a pretty good job. Although some places include artificial creations we would rather not try. Fake rubbery snails anyone?
Try Hoa Dang vegetarian restaurant, 38 Huynh Khuong Ninh, District 1, HCMC
37. Che
This dessert can be served in either a bowl or a glass. The latter is the more enticing option with the visible layers of bean jelly, coconut milk, fruit, and ice. Best had when you’re craving something sweet on a scorching day in Saigon.
Nha Hang Ngon, 160 Pasteur, District 1, HCMC
38. My xao bo
Mix noodles with a dollop of oil, then add beef, onions, garlic, morning glory and some tomato for color and you have a platter of my xao bo. The whole dish takes about as long to make as instant noodles — but oh so much more flavor.
Any bia hoi establishment serves this dish, but the eateries on Tang Bat Ho, Hoan Kiem District, Hanoi, have perfected it
39. Dau phu sot ca chua
The English translation of “tofu in tomato sauce” doesn’t really do this dish justice. The slabs of deep-fried soy are doused in a rich fresh tomato and spring onion coating, and seasoned with a speckle of fresh herbs.
Chim Sao at 65 Ngo Hue, Hai Ba Trung district, Hanoi
40. Canh bun
Another hearty soup that’s high on the lunchtime agenda, this is a crab and morning glory noodle soup. Canh bun is similar to the more well-known bun rieu crab soup, but has a small handful of variations — including the type of noodle used.
Look for street food vendors with Canh Bun on handwritten signs surrounded by lunchtime crowds, or visit Bun Saigon at 73 Ly Tu Trong, District 1, HCMC
In this city of almost 10 million, you have plenty of ways to spend your time and money. There are so many amazing excursions, tours and places vying for your dollars, so it can be difficult to stray off the tourist-beaten path, but it is worthwhile. Here are 11 things to do recommended by Matthew Pike on Culture Trip in case you want to break away from the herds of other foreigners.
Dine at a restaurant on the Saigon Canal
Not too long ago, the canal — Kênh Nhiêu Lộc – Thị Nghè — was not a place you wanted to be. It was essentially a waterway full of sewage. Nowadays, however, the area is a picturesque reprieve from the cement landscape all around. Many restaurants line both Truong Sa and Hoang Sa, and at night the whole length of the canal comes to life. You’ll be glad you made the trip, but keep an eye out for speeding motorbikes.
There are plenty of animals around the city, but you’re going to want to avoid getting too close to most of them. Rabies is a real problem in Vietnam. To get your dog/cat/bird fix without heading to the zoo, try one of the city’s several pet cafes.
The sweltering heat of Ho Chi Minh City can easily be overwhelming, especially in April and May. There are options for pools, but for a truly unique experience, you should head to the water park. Bobbing along the Lazy River on an inner-tube is the perfect way to escape the madness of this bustling city. The park can be busy at times, but you definitely won’t see many foreigners.
Have you ever had a meal in complete darkness? With your sight removed, your other senses compensate, and the staff at Noir are all visually impaired, so they’re the perfect guides for this wonderful experience.
In recent years, the craft beer scene in Ho Chi Minh City has gone from non-existent to award-winning, and there are new brewers and bars coming onto the scene almost every month. Mass-produced beer does the job most nights, but wouldn’t an IPA or a chocolate stout be a nice break?
For the best views of Saigon’s skyline, take a taxi across the river into District 2. You should also bring a bag of your favorite refreshments to enjoy. To avoid being stranded, you can negotiate a price with your driver for them to stick around and wait. They’re usually more than happy to make some money while napping.
If heights don’t scare you, and you’re looking for some exercise, then give rock climbing a try. There are lines for both beginners and experienced climbers.
Cheer on performers at Saigon Dubstep Dance Battle
The Saigon Dubstep Dance Battle is a weekly competition between some of the wildest and most talented dancers in the city. The competitors put on energetic performances, and applause decides who wins, so there’s a lot of energy in the crowd. After the champion is crowned, a DJ takes over to keep the fun going.
Soak up the sun at Van Thanh Pool
This swimming pool is a hidden oasis down a nondescript lane off of one of the busiest streets in the city. Once you find the park, you’ll feel like you’ve gone through a portal — except for the high-rises poking over the trees. The pool is big, and there are plenty of lounge chairs around, . On your way, you’ll get to see a part of the city not commonly visited by tourists.
On the top floor of the Vincom Mega Mall in District 2 — a short drive out of the downtown — you can strap on a pair of rented skates and glide around on one of the only ice rinks in Vietnam. There’s even a McDonald’s ice cream counter if the rink isn’t cold enough for you. You’ll probably have to avoid some new skaters, but it’ll just add to the surreal feeling of ice skating in South-East Asia.
They’re loud, gaudy and filled with drunks who can’t handle their liquor, but they’re also hilarious, with throngs of young Vietnamese drinking until dawn. You’ll make quick friends with the boisterous groups here and have a night you’ll never forget — or one you’ll never remember.
HCM City People’s Committee held a conference to call for investment into anti-flooding and wastewater treatment projects on August 9 – Dtinews
Reports from the city’s Urban Flood Control Programme showed that the city is being badly affected by the tides via the Saigon-Dong Nai-Vam Co Dong river system.
The tidal peak from 1962 to 2001 was under 1.5 metres but due to climate change, the peak surpassed 1.5 metres after 2010 and reached 1.62-1.68 metres in the past five years. More and more heavy rains have occurred while the sewer system is insufficient.
According to the general planning of HCM City’s drainage system to 2020, the city needs 6,000km of sewers to cover a 581.51-square-kilometre area but only 4,176km have been built. It also needs 12 wastewater treatment plants with total capacity to deal with over 3 million cubic metres per day. Currently, there are only Binh Hung Wastewater Treatment Plant with a capacity of 141,000 cubic metres and Tham Luong Plant with a capacity of 131,000 cubic metres.
Only 64 out of 149 kilometres of embankment along the Saigon River and one out of 10 flood sewers have been completed in accordance with irrigation planning. HCM City is in need of huge human resources for anti-flooding projects and up to VND73.41trn (USD3.11bn) of investment for 2016-2020 period.
Laurent Umans, First Secretary of the Embassy of the Netherlands in Vietnam, also raised warnings about ground depression as HCM is sinking 7cm every year and the situation is worsening. In the next 50 to 100 years, a part of the city will submerge and turn into a swamp. Careless groundwater exploitation is cited as one of the causes for the subsidence. Umans urged HCM City authorities to act immediately instead of waiting for research.
HCM City Vice Chairman Tran Vinh Tuyen admitted and deteriorating infrastructure and ill-fitted urban planning worsened the flooding. They will gather opinions on the problems. In the meantime, they will adjust the drainage planning and find more anti-flooding solutions.
Many experts at the conference have proposed solutions to the problems including building more lakes or implementing new technology to better manage wastewater.
