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Finance Ministry proposes new housing tax

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The Ministry of Finance has proposed a tax on houses depending on their construction value as part of a draft law on property tax.

Under the proposed law, there are two options: imposing tax on houses with construction value of either more than VND700 million (US$30,400) or VND1 billion ($43,500).

The proposed tax rate is 0.3 or 0.4 per cent annually, with only the surplus construction value above the proposed threshold to be taxed.

For example, if the threshold is set at VND700 million, the owner of a VND1.7 billion ($74,000) house would have to pay tax on VND1 billion, equivalent to VND3-4 million ($132-176) per year.

The construction value of a house is determined by factors including its type, scale and how many years it has been in use since construction.

If the tax on houses worth more than VND700 million is applied, the finance ministry will be able to collect property tax of about VND23.3 trillion ($1.01 billion) to VND31 trillion ($1.4 billion) per year.

If the second option is approved, the tax collection is estimated to vary from VND22.7 trillion ($987 million) to VND 30.3 trillion ($1.3 billion).

The ministry currently favours taxing houses worth more than VND700 million at a rate of 0.4 per cent.

According to Pham Dinh Thi, director of Ministry of Finance’s Tax Policy Department, data from other countries show that the lowest property tax rate stands at 0.2 per cent. However, countries mostly apply high rates like Indonesia’s 0.5 per cent and the 1-2 per cent in the Philippines.

He said taxing houses and trade-service construction work will impact enterprises’ production and business. The draft is scheduled to be submitted to National Assembly for feedback in 2020.

The ministry is also seeking to increase land tax.

Under the same draft law, land taxes in some categories might rise by multiple times compared with those currently stated in the Law on Non-Agricultural Land Use Taxes.

For example, housing land might get a 0.3 to 0.4 per cent tax rate, ten times higher than current minimum rate of 0.03 per cent.

The draft law on property tax also proposes tax on personal vehicles such as planes, yachts and cars worth more than VND1.5 billion ($65,000).

Controversies heated

Truong Thanh Duc, chairman of the BASICO Law Firm, said a property tax law was necessary, however, “people’s incomes must be taken into consideration when studying the law enforcement,” he said.

Dang Hung Vo, former deputy minister of environment and natural resources, agrees with the land tax hike by ten times, saying that housing land tax of 0.4 per cent, 0.5 per cent-tax on business, trade and service land are reasonable. In the future, it could be increased to 0.7 to 1 per cent.

If land tax is high, land prices will fall, while if the tax is low, speculative hoarding might happen. If the tax is high, anyone who wants to buy land must consider whether they can afford the tax or not, he said.

However, he opposed the housing property tax proposal, adding that developed countries impose housing tax depending on house area (not on value).

Nguyen Anh Tu, a State officer living in Ha Noi, told Vietnam News Agency that a house in Ha Noi and HCM City can not be bought for less than VND700 million.

“I had to borrow 70 per cent of the house value from the bank to afford the payment, not to mention additional fees. Now if I have to pay an annual property tax, I don’t know when I could pay off the debt,” he said.

Finance and banking specialist Nguyen Tri Hieu told the agency that imposing tax on land and houses is crucial to create equality in owning properties. However, the property tax law should require land tax only.

“People already pay personal income tax. There will be overlapping taxes if we require people to pay tax on the money they use to buy a house,” he said.

Le Hoang Chau, president of HCM City Real Estate Association, said if the law takes effect, the real estate market will be impacted, slowing business and investment activities.

Disagreeing with the proposal, HCM City Real Estate Association proposed no tax on houses worth less than VND1 billion to support low-income and low middle-income people.

Chau also proposed a 0.4 per cent-tax on housing land, apartment building land and houses worth more than VND1 billion.

Source: VNA

Manulife Vietnam wins Best Life Insurance Service award for ninth year

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Manulife Vietnam, Vietnam’s largest insurer in terms of charter capital, was just honoured at the Golden Dragon Awards as the “The Best Life Insurance Service” by Vietnam Economics Times Group.

This is the ninth time the company receives the prestigious award for its continuous contributions to the Vietnamese economy through providing excellent insurance services, placing the customers in the centre of all operations, and enhanced community-oriented activities.

“In pursuit of our customer-centric strategy, Manulife Vietnam has intensively invested into improving service quality to improve customer experience, constantly expanding our operational network across the country, as well as teaming up with prestigious partners to boost the number of transaction offices to better serve customers and roll out new products,” said Paul George Nguyen, CEO of Manulife Vietnam.

“Early this year, Manulife has scaled up its charter capital to surpass VND5.7 trillion ($250.23 million) to focus on developing digital projects tailord to the customer services segment and our financial advisory team, to materialise our long-term and sustainable development commitment in the Vietnamese market,” he added.

Last year, Manulife has launched a raft of customer service improvement programmes, such as applying NPSystem to measure customer satisfaction on its hotline and indemnity payment services.

The system will gather and analyse all feedback from customers, helping the company to optimise customer experience.

With VND5.72 trillion ($254 million) of charter capital, the company is currently the largest life insurer in Vietnam. It also holds the No.1 position in the bancassurance segment.

The Golden Dragon Awards and Vietnam Excellent Brand Awards are the largest annual events organised by Vietnam Economics Times Group since 2001 in recognition of the outstanding achievements in production and business and the significant contributions made to the Vietnamese economy.

Sixty-two foreign enterprises were presented with a Golden Dragon Award, while 100 domestic enterprises were recognised as a Vietnam Excellent Brand at this year’s ceremony.

Source: VIR

Potato brand to fight Chinese fakes

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Lam Dong Province has approved a programme to build a Da Lat potato brand to prevent farmers from selling cheap Chinese potatoes disguised as potatoes from Da Lat, which are more expensive.

In the near future, the province plans to spend around VND1 billion (US$44,000) to print around 200,000 packages that will be provided during a pilot run to several Da Lat potato farmers and businesses.

Around 700 tonnes of potatoes will be packaged in 2 and 5 kilo packages.

The packages will feature the logos of the Da Lat brand (the provincial brand for produce and products made in Da Lat), and will be designed in ways that make it difficult to imitate. This will help customers tell the difference between the two types of potato.

Traders often import cheap potatoes from China, cover them with red dust, and sell them as Da Lat potatoes, which are four to five times more expensive, and are regarded as having higher quality than Chinese potatoes.

Nguyen Hong Phong, director of Phong Thuy Agriculture Manufacturer and Trade Ltd, said that while Da Lat’s potato output is relatively high, its supply can fall during the rainy season, so some traders import Chinese potatoes and sell them as Da Lat potatoes.

During transportation, inspections and other procedures, the fake Da Lat potatoes are registered and referred to as Chinese potatoes.

Many customers in other provinces and some in Da Lat fell for this trick, since it is hard to point out fake Da Lat potatoes without careful examination.

Tran Huu Tho, a potato farmer, said that he looks forward to be part of the branding programme because he believes customers might one day reject the Da Lat potato due to fraud.

After the programme takes effect, individuals and organisations who package Chinese potatoes as Da Lat potatoes will be disciplined and charged with fraud.

Source: VNA

War-ravaged Vietnamese province receives $10 mil from Norway for mine clearance

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The Norwegian People’s Aid has already helped remove 70,000 tons of unexploded ordnance from Quang Tri Province.

Vietnam’s central province of Quang Tri has received $10 million from a Norwegian organization to help clear unexploded ordnance.

The deal with Norwegian People’s Aid (NPA) was signed on Wednesday and will sponsor a project expected to run until 2022, Vietnam News Agency reported.

Vietnam is one of the most heavily contaminated countries in the world when it comes to explosives. Between 1945 and 1975, during two wars with French and American invaders, more than 15 million tons of explosives were dropped on Vietnam; four times higher than the amount unleashed during World War II.

With support from the international community, Vietnam is clearing an average of 40,000-50,000 hectares per year, but it still might take as long as 100 years to rid the country of the deadly legacy.

Around 800,000 tons of unexploded ordnance remains scattered across the country, contaminating 6.1 million hectares or 18.71 percent of its land area, and causing explosions that killed more than 1,500 people every year, according to official figures.

In central region, explosives still cover up to 80 percent of some provinces.

Quang Tri was the province hardest hit by bombings during the Vietnam War. It was a center for American military bases and a principle battleground during the 1968 Tet Offensive.

An estimated 400,000 pieces of unexploded ordinance, or UXOs, remain buried across 480,000 hectares (1.2 million acres) of land in Quang Tri. They have been found in rice fields, gardens and even under beds.

NPA started providing mine clearance support in Quang Tri in 2008 and has helped remove 70,000 tons of unexploded ordnance.

By Vu Minh (Vnexpress)

Hanoi breaks into top global destinations on TripAdvisor list

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Vietnam’s capital boasts long-held historical values and timeless architectural charm.

Hanoi has secured the 12th position on a new list of the world’s top 25 destinations, alongside Paris and Rome.

The biggest highlight of the Vietnamese capital lies in the Old Quarter where nostalgic visitors will be surprised when they see how the city has expanded from its original 36 streets, said TripAdvisor travelers.

“The charming Vietnamese capital has aged well, preserving the Old Quarter, monuments and colonial architecture, while making room for modern developments alongside,” said a traveler.

But Hanoi also has plenty more to offer globetrotters, according to the top travel site, suggesting the Vietnamese Women’s Museum which focused on the contribution of women to the country’s history and culture, and the Vietnam Museum of Ethnology, which is home to 15,000 exhibits, 42,000 movies and photos featuring the diversity of 54 ethnic groups.

Paris topped the TripAdvisor list, followed by London, Rome, Bali, Crete and Barcelona. Other popular destinations in Southeast Asia included Bali, Phuket and Siem Reap.

In the regional ranking, Hanoi came third while the ancient town Hoi An and the bustling southern metropolis Saigon also cracked Asia’s top 25 list.

Hanoi was ranked 8th on TripAdvisor’s global travel list in 2014, and also made into the top 10 in 2015 and 2016.

Last year it missed out, and was replaced by the ancient town of Hoi An in central Vietnam.

The list, compiled by TripAdvisor, the world’s most popular travel guide and review website, takes into account the quality and quantity of traveler reviews and ratings published on its website for hotels, restaurants and attractions in destinations worldwide, gathered over a 12-month period.

International arrivals to Hanoi in 2017 rose 23 percent to more than 4.95 million from the previous year.

Top 15 Travelers’ Choice Destinations – World

1. Paris, France

2. London, U.K.

3. Rome, Italy

4. Bali, Indonesia

5. Crete, Greece

6. Barcelona, Spain

7. Prague, Czech Republic

8. Marrakech, Morocco

9. Istanbul, Turkey

10. New York, U.S.

11. Phuket, Thailand

12. Hanoi, Vietnam

13. Siem Reap, Cambodia

14. Jamaica

15. Playa del Carmen, Mexico

Source: Vnexpress

BAA Training to open pilot training facilities in Vietnam

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Training center with four full flight simulators and an Ab Initio flight school to be launched by 2023.

BAA Training, one of the largest aviation training centers in Northern Europe, has recently announced the establishment of a new company in Vietnam – BAA Training Vietnam – which will operate a training center with four full flight simulators and an Ab Initio flight school by 2023.

According to Boeing’s projections, the Asia-Pacific region will require up to 253,000 new pilots to 2036. Looking at Southeast Asia alone, aircraft numbers will grow from 1,410 in 2016 to 4,200 by 2036, 77 per cent of which will be single-aisle aircraft, primarily from the A320 and 737 families. BAA Training Vietnam’s new training facility is in response to this growing training need in the region.

As construction of the training center is underway the first Airbus A320 full flight simulator is set to be deployed by the end of this year. To continue development and increase the training center’s capabilities, Airbus A320neo and Boeing 737 MAX full flight simulators are planned to be assembled to 2020. BAA Training Vietnam also aims to open an Ab Initio flight school in the next five years, in order to provide the region with complex pilot training solutions.

“By establishing BAA Training Vietnam, we aim to share exceptional know-how gathered through years of experience of BAA Training operations as well as offer the region transparent and high-standard aviation training for both corporate and private clients,” said Mr. Egle Vaitkeviciute, CEO of BAA Training.

BAA Training is an aviation training center oriented towards delivering individual and flexible solutions to companies worldwide. Over 750 pilots flew close to 25,000 hours in more than 85 full flight simulators in over 30 locations in Europe, North and South Americas, Africa, and Asia in 2017.

Vietnam Economic Times

VIB reports PBT of over VND518 billion, retail banking income up 101%

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Vietnam International Bank (VIB) just announced its preliminary Q1 2018 business results.

In the first quarter of the year, the bank’s profit before tax (PBT) surged strongly by nearly 230% year-on-year to more than VND518 billion, exceeding its established target for the quarter by 34%. The bank achieved a 49% hike of income due to strong increase in net interest income and other non-interest income, up 52% and 125%, respectively. The bank also improved the efficiency ratio (cost to income ratio – CIR) to 51% as the ratio has been decreasing for recent years.

Until the end of March 2018, the bank’s total credit, including corporate bonds, surged by 6.2% compared to the end of last year to nearly VND90 trillion, in which lendings was over VND84 trillion. VB is making strong movement to retail credit in line with the bank’s strategy. The accumulated deposits, including certificates, gained 6.2%.

The bank controlled non-performing loans ratio at 2.5%, unchanged compared with the end of last year. The ratio of non-performing loans in new lendings for the period of recent 4 years is quite low at 0.7%. The bank’s loan to deposit ratio (LDR) and ratio of short-term funds used for medium and long-term loans are 71.9% and 41.2%, respectively, meeting the requirements of the State Bank. The capital adequacy ratio (CAR) is 12.5%.

VIB’s retail banking income increased by 101% year-on-year in the first quarter of 2018. Accumulated individual lendings gained 12% to VND56,500 billion. VIB had its last year’s individual lendings up 83% year-on-year. The bank’s retail banking products, including mortgages, auto loans, bancassurance and cards, continued to have high growth rate in the quarter. The new mortgage loans and auto loans grew by 77% and 114% year-on-year, respectively. VIB continues to be among market leaders with new auto lending sales accounting for 18% in total auto sales reported by VAMA.

VIB has also made important changes to business model relating to bancassurance since early 2018, enabling the bank insurance income to increase by 62% year-on-year. The bank had its March’s bancassurance sales amount to the same volume of the whole first quarter of last year.

Otherwise, VIB continued to launch many card products, offering customers more choices. The bank achieved growth rate of 105% for new cards. VIB also boosts its investment in digital banking. The bank’s MyVIB continued to be named the most favorite mobile banking app in the country.

With such positive growth rate, the bank’s BOD is confident that VIB will achieve a PBT which exceeds the VND 2,005 billion profit target by 20-30%.

Previously, VIB’s shareholders approved the proposal of 36% dividend payment, including 5% and 31% payment by cash and stocks, respectively, in the AGSM 2018 held on March 29 and the proposal of offering and issuing new shares to investors in form of private placement up to 10% of charter capital.

The shareholders also approved the bank’s plan to debut on HCMC bourse within this year.

- Source: VIB

Are The Bears Winning the Power Struggle For Vinacapital Vietnam Opportunity Fund Ld (VOF.L)?

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Vinacapital Vietnam Opportunity Fund Ld (VOF.L) shares have seen the Balance of Power trend lower over the past few sessions, indicating potential price moves are ahead.

The Balance of Power (BOP), indicator was developed by Igor Livshin and it was introduced in the August 2001 issue of Stocks and Commodities Magazine. Balance of Power (BOP) measures the strength of the bulls versus the bears by assessing the ability of each to push price to extreme levels. The BOP indicator represents the strength of the buyers (bulls) vs. the sellers (bears), and oscillates between -100 and 100. The calculation of the BOP = (close – open) / (high – low). A directional change of the BOP can be interpreted as a warning signal and will generally be followed by a price change.

A commonly used tool among technical stock analysts is the moving average. Moving averages are considered to be lagging indicators that simply take the average price of a stock over a certain period of time. Moving averages can be very helpful for identifying peaks and troughs. They may also be used to assist the trader figure out proper support and resistance levels for the stock. Currently, the 200-day MA for Vinacapital Vietnam Opportunity Fund Ld (VOF.L) is sitting at 314.32. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of stock price movements. The RSI was developed by J. Welles Wilder, and it oscillates between 0 and 100. Generally, the RSI is considered to be oversold when it falls below 30 and overbought when it heads above 70. RSI can be used to detect general trends as well as finding divergences and failure swings. The 14-day RSI is presently standing at 54.16, the 7-day is 54.93, and the 3-day is resting at 55.46.

Vinacapital Vietnam Opportunity Fund Ld (VOF.L)’s Williams Percent Range or 14 day Williams %R is currently at -38.46. In general, if the reading goes above -20, the stock may be considered to be overbought. Alternately, if the indicator goes under -80, this may show the stock as being oversold. The Williams Percent Range or Williams %R is a technical indicator that was developed to measure overbought and oversold market conditions. The Williams %R indicator helps show the relative situation of the current price close to the period being observed.

We can also take a look at the Average Directional Index or ADX of Vinacapital Vietnam Opportunity Fund Ld (VOF.L). The ADX is used to measure trend strength. ADX calculations are made based on the moving average price range expansion over a specified amount of time. ADX is charted as a line with values ranging from 0 to 100. The indicator is non-directional meaning that it gauges trend strength whether the stock price is trending higher or lower. The 14-day ADX presently sits at 13.41. In general, and ADX value from 0-25 would represent an absent or weak trend. A value of 25-50 would indicate a strong trend. A value of 50-75 would indicate a very strong trend, and a value of 75-100 would signify an extremely strong trend. At the time of writing, the 14-day Commodity Channel Index (CCI) is 81.49. Developed by Donald Lambert, the CCI is a versatile tool that may be used to help spot an emerging trend or provide warning of extreme conditions. CCI generally measures the current price relative to the average price level over a specific time period. CCI is relatively high when prices are much higher than average, and relatively low when prices are much lower than the average.

By Caller Staff Writer

Vietcombank earns $7.5m by divesting Orient Commercial Bank stake

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Vietnam’s largest lender by market value, Vietcombank (VCB), has earned approximately VND172 billion ($7.56 million) by offloading its entire stake in Ho Chi Minh City-based Orient Commercial Bank (OCB).

A Hanoi Stock Exchange announcement said 667 investors, including eight organizations, participated in the auction of 6.67 million OCB shares that saw the highest bid at VND28,500 ($1.26) per share.

VCB in March announced that it will offload the OCB shares at a starting price of VND13,000 ($0.57) apiece.

The bank had last year offered to sell 18.9 million OCB shares at a starting price of $0.57 per share. However, only 13.16 million shares were purchased then with the highest price touching VND14,500 ($0.64). That sale saw Vietcombank’s holding in OCB fall from 4.72 per cent to 3.97 per cent.

The stake sale is a part of its effort to pare its ownership in other credit institutions under a directive issued by the State Bank of Vietnam. Under the central bank’s Circular 36, commercial banks are allowed to hold stakes in a maximum of two other credit institutions, with the stake in each not exceeding 5 per cent of total equity.

Following the divestment of its stake in OCB, Vietcombank also plans to sell its stake in Military Bank (MB) and Vietnam Export and Import Bank (Eximbank) this year. However, no further details have been announced.

Vietcombank now owns more than 126 million shares in MB (equivalent to 6.97 per cent of chartered capital) and over 101 million shares of Eximbank (equivalent to 8.2 per cent of chartered capital). Vietcombank plans to sell a 10 per cent stake to foreign investors by June this year after receiving government approval. Singaporean sovereign wealth fund GIC was said to be one of the potential buyers.

Vietcombank chairman Nghiem Xuan Thanh had earlier said that Japan’s Mizuho Bank, the bank’s largest foreign shareholder with a 15 per cent stake, is entitled to buy more shares to maintain its stake in the bank.

By Quynh Nguyen, Deal Street Asia

Univergy JV to build 44.4-MW solar plant in Vietnam

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Spanish-Japanese company Univergy International has launched a joint venture with a couple of partners to develop the 44.4-MW Truc Son solar photovoltaic (PV) project in Dak Nong, Cu Jut district, Vietnam.

Univergy has teamed up with Europe Clean Energies Japan and local company Thanh Nien Media Corporation after the Popular Committee of the highland province of Dak Nong cleared the USD-48.4-million (EUR 39m) project.

The plan is to build the solar park on a surface of 51 hectares and have it up and running from June 2019. It will be generating 76 MWh of electricity per year. The project is expected to benefit from tax preference offered by the local Popular Committee.

Vietnam has set a 2030 goal of sourcing 32% of the energy consumed from renewables after cancelling its nuclear plan.

(USD 1.0 = EUR 0.808)

- Renewables Now

SK Energy to sell truck stop services in Vietnam

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South Korea’s top refiner SK Energy Co. is exporting its extracurricular skill of designing and operating truck stops to Vietnam.

The Korean company, which runs the biggest network of gas stations across the country, said Wednesday it signed an agreement to set up a joint venture with Saigon Newport Corp. (SNP), Vietnam’s leading terminal developer and operator, to build and operate rest stations exclusively for truck drivers.

SNP, a business unit under the Vietnam People’s Navy, holds the largest market share among Vietnam’s terminal operators, handling 50 percent of all local shipments and 90 percent of shipments in the southern region.

SK Energy and SNP will each own a 50 percent stake in the newly-formed joint entity. They aim to complete two truck stops near Ho Chi Minh by the end of next year, with plans to connect them with SNP’s port facilities in the future to spread the services across the country.

SK Energy opened Korea’s first truck stop in Gwangyang, South Jeolla Province in 2006. It has expanded its service network under the brand Netruck House and operates 19 rest stations for truck drivers, providing refueling, parking, food and other services.

“Vietnam is central to SK Group’s broader growth strategy in Southeast Asia,” said a SK Energy official. Last month, SK Group Chairman Chey Tae-won met with Vietnam’s Prime Minister Nguyen Xuan Phuc in a show of commitment to the partnership.

By Kang Doo-soon and Kim Hyo-jin

Vietnam Stocks Might Be Getting Too Hot to Handle

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For investors in Vietnam, discretion is increasingly the better part of valor.

You won’t see any sign of caution in the current IPO frenzy, though. Far from slowing down, Southeast Asia’s busiest market for stock offerings over the past year seems to be revving up.

GIC Pte, Singapore’s sovereign wealth fund, is spending about $850 million for a 7.1 percent stake in the listing by Vingroup JSC, Vietnam’s biggest developer, of its luxury residential arm, Bloomberg News reported Tuesday. Vinhomes JSC’s planned $2 billion initial sale would be the country’s biggest ever.

Vincom Retail JSC, the Vingroup shopping-mall operator that raised $708 million last October, currently holds the record for the nation’s biggest IPO. But it will soon be dethroned by a 21 trillion dong ($922 million) share sale by Techcombank, a Warburg Pincus-backed lender focused on serving affluent customers. Once again, GIC is a cornerstone investor.

Investors are proving more circumspect toward privatization deals. The communist government’s desire to use buoyant sentiment to hawk state-owned firms at aggressive valuations is finding few takers.

Vietnam Cable Television Corp., the country’s second-largest pay-TV provider, had to cancel its stock-market debut last week after just one investor turned up at the auction. State-owned hydroelectric contractor Song Da Corp. is trading 28 percent below its December IPO price. The sale of Power Generation Corp. 3 was an even bigger flop: The country’s second-biggest electricity generator has inflicted a 35 percent loss on investors since its February IPO.

Make no mistake, much is going right in Vietnam. The economy, which went into a tailspin after a 2012 banking crisis and a collapse in property prices, is in robust health. GDP expanded 7.4 percent in the first quarter, the most in a decade. A sizable middle-class with discretionary purchasing power is taking shape as the crude oil, coffee and footwear exporter transforms itself into a manufacturing hub for the likes of Samsung Electronics Co.

Signs of hubris are also emerging, however. Take Vingroup again: The conglomerate is now getting into autos. Just as Malaysia’s Proton wasn’t ready in 1983 to make indigenous cars, it’s possible Vinfast, too, is being a tad showy in wanting to manufacture its own sedans, sport-utility vehicles and eventually electric cars.

Perhaps the biggest risk is that Vietnam is getting expensive. The 15-stock MSCI Vietnam Index should benefit the most if the country casts off its frontier status to storm into the emerging-markets club. Trouble is, after surging almost 70 percent over the past year, the benchmark now trades at around 30 times 12-month trailing earnings.

With U.S. President Donald Trump tentatively signaling that a 12-nation Trans Pacific Partnership may be back on the table, Vietnam might indeed be the next Asian manufacturing powerhouse. But the market is running ahead of the story. An index that’s more expensive than tech stocks in Shenzhen is priced to perfection. If investors get their timing wrong, they could get burned.

By Andy Mukherjee and Nisha Gopalan, First published on Bloomberg

Spell cast over Vietnam’s city of love at this Harry Potter coffee house

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This Hogwarts-themed coffee shop in Da Lat will satisfy any Potterheads.

Trying to recreate the mythical castle in the seven movies adapted from the books would be impossible, but these guys are wearing the uniforms of the school’s four houses: Gryffindor, Slytherin, Hufflepuff and Ravenclaw.

Anyone for a game of Quidditch? Quidditch is the most famous sports in the wizard world that Rowling created that is just as popular as football for “muggles”, which mean people who were not born into a wizard family.

This room is a miniature version of the dining room where all Hogwarts students and teachers eat every day. A life size statue of Professor Dumbledore stands under the flags of the school’s four houses.

Butterbeer, the signature drink at the Three Broomsticks, the most famous coffee shop in Harry Potter’s world, is recreated here. This drink is a mixture of butter and a little alcohol, and tastes best in the cool weather of Da Lat.

For VND20,000, or less than one dollar, visitors can hire uniforms and take photos at this Harry Potter coffee shop at 23 Ngo Van So Street in Da Lat.

Source: VnExpress

Vietnam arrests ex-senior officials, police amid crackdown

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Vietnamese police have arrested or placed under house arrest several former officials and police officers with alleged ties to a real estate developer who was arrested after being deported from Singapore as the communist authorities step up a crackdown on graft.

Police officially launched an investigation and issued arrest warrants for the former mayor of the central coastal city of Danang and two former senior police officers, the Ministry of Public Security said on its website late Tuesday.

Four other former or current Danang officials were placed under house arrest, it said.

The suspects have alleged connections to real estate developer Phan Van Anh Vu, who had been a senior officer in the Vietnamese intelligence service and was arrested in January after being deported from Singapore.

- The Associated Press

Vietnam morning news – April 18, 2018

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Estimated Reading Time: 5 minutes

Made-in-Vietnam products dominate supermarket shelves
A campaign aimed at getting locals to buy Made-in-Vietnam products has gained positive results, with the ratio of the products sold at most of supermarkets reaching 65-95 percent.
— The Hanoi Times

Banks banned from making transactions involving cryptocurrencies
Commercial banks and intermediary payment service providers must intensify their inspections and promptly report any suspicious transactions related to cryptocurrencies.
— Nhan Dan Online

Textile, garment exports to United States climb to US$3.15 billion
Vietnamese textile and garment exports to the United States in the first quarter of this year hit three-year high of approximate US$3.15 billion, a year-on-year increase of 13.2 percent, reports from the General Department of Customs showed.
— The Hanoi Times

Vinasun cuts revenue forecast
Taxi firm Vietnam Sun Corporation (Vinasun) plans to cut its full-year revenue for the fourth time for 2018 due to rising competition from foreign ride-hailing firms.
— Bizhub

New bill expected to promote PPP investment activities
The Ministry of Planning and Investment (MPI) has proposed building a draft law on investment in public-private partnership (PPP) models, including BOT (build-operate-transfer) form, which is expected to become a legal foundation for all PPP investment activities.
— VietnamPlus

Lawmakers lament lousy logistics limitations
High logistics costs and inefficient logistics networks continue to provide a challenge for policy makers, hamper businesses, and threaten competitiveness.
— Bizhub

Vietnamese steel sector looks to overcome trade defence measures
With growth of up to 22 percent forecast this year and firms with bright prospects, Vietnam’s steel industry has high potential to reach many markets if it overcomes difficulties in trade defence lawsuits and high import volume.
— VietnamPlus

Japanese retailers rush to expand distribution network in Vietnam
Japanese retailers are pursuing their business strategy to rapidly enlarge their network in the convenience store, mini mart and mall segments in Vietnam within the next few years to better tap the potential market.
— The Hanoi Times

Vietnam’s ‘mini-China’ story fuels one of world’s top share markets
Bolstered by an improving economy and a wave of listings that has drawn money from big foreign investors, Vietnam equities have racked up the best gains in Asia in the year to date, making the Ho Chi Minh Stock Exchange one of the world’s best performing bourses.
— Financial Times

Finance Ministry proposes new housing tax
The Ministry of Finance has proposed a tax on houses depending on their construction value as part of a draft law on property tax.
— Bizhub

Samsung helps Vietnam train experts in support industry
The Ministry of Industry and Trade and the Republic of Korea (RoK)’s Samsung Vietnam on April 17 jointly launched a programme to train 200 Vietnamese experts serving training and re-coaching demand of supply firms in support industry of Vietnam.
— VietnamPlus

Vietnam achieves high point in gender equality
The United Nations has acknowledged that Vietnam is among countries with impressive gender equality achievements.
— NNT

Vingroup raises $1.3 billion from Singapore’s GIC via stake sale in units, loan
Vingroup has raised $1.3 billion by selling a stake in two of its units to Singapore’s Government Investment Corp and through a loan, also from the sovereign wealth fund, the Vietnamese property developer said on Tuesday.
— Tuoi Tre

Exports make positive contributions to national economy
Economic growth in the first quarter of 2018 hit a record high of 7.38%, the highest level since 2008, which was partly attributed to the positive growth of exports.
— Nhan Dan Online

Amazon wades in to Vietnam’s e-commerce jungle
Vietnamese media was abuzz with news that US giant Amazon is set to join the country’s fast-growing retail market this month, with representatives stating that the company will open its platforms to domestic small- and medium-sized enterprises.
— Lexology

Hai Duong’s first lychees of season to enter market
Approximately 15,000-18,000 tonnes of this season’s first crop of lychees will be picked in the northern province of Hai Duong in early May this year to supply the market, according to the provincial Department of Agriculture and Rural Development (DARD).
— Nhan Dan Online

Greater transparency needed in Vietnam’s property market
A land fever has recently gripped a number of Vietnamese provinces where the special economic zones of Van Dong, Bac Van Phong, and Phu Quoc are being planned, driving prices sky high by three to four times overnight.
— Nhan Dan Online

Bahrain to import more VN goods
Members of the ASEAN Bahrain Council (ABC) have expressed interest in importing more textile and wood products from Việt Nam to Bahrain, Võ Tân Thành, director of HCM City-based Việt Nam Chamber of Commerce and Industry, said.
— Viet Nam News

MMC hands over electric vehicles to Da Nang
Mitsubishi Motors Corporation (MMC) held a ceremony at the Da Nang Exhibition and Fair Centre on April 16 for the handover of its new electric vehicles to Da Nang city.
— Nhan Dan Online

Businesses run by disabled people seek ways to grow
A conference on the development of production facilities run by people with disabilities took place in Hanoi on April 17, gathering suggestions from participating public agencies and disabled businessmen.
— VietnamPlus

Australia Awards marine fellowship brings Vietnamese ministry reps Down Under
In March, 15 representatives from the Ministry of Natural Resources and Environment in Vietnam travelled to Australia to take part in a two-week Australia Awards Fellowship focusing on human resource development in coastal and marine management in Vietnam.
— Griffith University

Tree planting model benefits local people in Tuyen Quang
Planting trees can both combat global warming and increase incomes of citizens.
— VietnamPlus (video)