Vietnam Insider - Page 255 of 1531

Ho Chi Minh City: Painting murals on city walls to remove illegal advertisements

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This project aims to celebrate and honor the liberation of South Vietnam and the reunification of the country by the Ho Chi Minh City Police Youth Union. The project is set to continue until 2025 and focuses on eliminating littering points on the streets, removing junk advertisements, and contributing to repelling social evils like black credit. The project also aims to make the streets of the city look more beautiful and welcoming.

Murals on city walls on Nguyen Huu Canh Street (District 1, HCMC)

The project includes paintings of Vietnamese village landscapes that are artfully created on the walls, refreshing the space and bringing a new look to the city. The works are not only done in the center of Ho Chi Minh City but in many districts as well. The artists behind the mural painting group, “Beautiful Vietnam”, take their inspiration from the Vietnamese landscape and bring it to the city streets. They aim to contribute to developing tourism and creating a more pleasant landscape for the city. The people of Ho Chi Minh City have received the works on the wall very well, making the artists feel gratified and content.

Cu Chi district is the first in Ho Chi Minh City to clean up street-smearing advertisements. After cleaning up illegal advertising, the roads and areas are handed over to the People’s Committee and commune police for management. Many other districts have also removed illegal advertising products, especially those related to black credit, to ensure social order and safety.

Mural paintings also show images of Vietnamese life and people in fishing villages, craft villages, and the countryside.

Captain Dang Van Thang, Deputy Head of the Youth Department at Ho Chi Minh City Police, said, “At locations with black credit activities, we will make efforts to remove advertisements and put new colors on the walls with beautiful paintings. This will contribute to ensuring political security and make the streets look more inviting.”

The eight mural paintings are not just supported by the people of the same province but also attract a large number of tourists who come to enjoy and admire them. It’s reassuring to see that such initiatives exist that aim to improve the city’s landscape and make it more livable for all.

@vtv.vn

Dien Bien airport welcomes large Airbus A321 aircraft for the first time

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This morning at 11:20 AM (1.12), the Airbus A321 with registration VN-A396 touched down on the runway of Dien Bien Airport, marking a special milestone as the airport successfully welcomed a large and modern aircraft for the first time in its history.

Due to its small scale, Dien Bien Airport was previously only suitable for small aircraft such as ATR-72, Embraer 190, etc. However, the airport has now expanded its runway length to 2,400 meters, meeting the technical standards for Airbus A321, A320, and equivalent aircraft.

Flight VN1802, operated by Vietnam Airlines, took off from Hanoi at 10 a.m. and landed at Dien Bien airport after nearly 1 hour of flight.

The safe operation of jet aircraft at Dien Bien Airport is considered a significant milestone in Vietnam’s aviation industry, opening new opportunities for the economic and social development of Dien Bien province.

Starting from December 2, Vietnam Airlines, the national airline, will continue commercial flights to and from Dien Bien Airport. In the initial phase, the airline will operate daily flights between Hanoi and Dien Bien with a frequency of 7 flights per week.

In terms of schedule, flight VN1802 will depart from Hanoi at 1:05 PM, landing in Dien Bien at 2:05 PM. Conversely, flight VN1803 will take off from Dien Bien at 2:45 PM, landing in Hanoi at 3:35 PM.

Vietnam Airlines is currently offering promotional fares (including taxes and fees) from Hanoi to Dien Bien, starting at only 725,000 VND for economy class and 1.9 million VND for business class.

Tickets are available for purchase from now until December 28 and are valid for flights departing from December 2 to December 28. Customers can buy tickets at official ticket offices, authorized agents, or through the Vietnam Airlines website and mobile app.

Ceremony of spraying airplane water cannons

The expansion project of Dien Bien Airport was initiated on January 22, 2022, with a total investment of over 1.467 trillion VND from the funds of the Airports Corporation of Vietnam. This project is one of the commemorative works for the 70th anniversary of the Dien Bien Phu victory.

The project includes the construction of runway 35-17 with dimensions of 2400m x 45m, a two-end apron, reinforced concrete structure to accommodate A320/A321 or equivalent aircraft; wide shoulders on each side measuring 7.5m, a 60x100m braking strip at both ends of the runway, and the installation of a CAT I approach lighting system.

@Thanhnien.vn

Binh Dinh mobilizes 7 billion VND to organize countdown for New Year 2024

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On December 1st, the People’s Committee of Binh Dinh Province announced that they have issued a plan to organize a countdown event for welcoming the New Year (countdown) 2024.

Accordingly, the timing for organizing the New Year countdown program in Binh Dinh for 2024 will take place from 6:00 PM on December 31st to 12:00 AM on January 1st, 2024, at Nguyen Tat Thanh Square, Quy Nhon City.

Nguyen Tat Thanh Square in Quy Nhon City (Binh Dinh)

The art program welcoming the new year consists of two parts: Quy Nhon welcomes the new spring (part 1) and Quy Nhon – Paradise by the Sea – Radiant Development (part 2).

In addition to the local residents and tourists, Binh Dinh Province expects to have 200 delegates as invited guests from the Central Committee, representatives of other provinces and cities, and leaders of Binh Dinh Province.

According to the People’s Committee of Binh Dinh Province, organizing the New Year countdown program for 2024 aims to provide a healthy playground for young people, residents, and tourists visiting Quy Nhon City; create a profound impression on the people and tourists, thereby promoting the homeland, people of Binh Dinh, and tourism in Binh Dinh.

The total estimated budget for implementing the program is around 7.7 billion VND, of which the provincial budget does not exceed 2 billion VND, and the rest is socialized funding.

The Department of Tourism of Binh Dinh Province is assigned by the People’s Committee of the province to be the focal point, coordinating with relevant agencies, units, and localities to implement the New Year countdown program for 2024.

@Thanhnien.vn

Korean tourists to Vietnam double that of Thailand

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Over the past 11 months, South Korean tourists visiting Vietnam have surged, making it a favored destination, ranking just below Japan and surpassing Thailand.

According to the Vietnam National Administration of Tourism, South Korean visitors to Vietnam in the first 11 months of 2023 reached 3.2 million (compared to 764,000 in the same period last year), accounting for 28.5% of Vietnam’s total international visitors. South Korea has consistently been the largest source market for Vietnamese tourism for several months since the pandemic, surpassing China (1.5 million visitors), Taiwan (758,000 visitors), the United States (658,000 visitors), and Japan (527,000 visitors).

Korean tourists shopping at Han market, Da Nang

Notably, the number of South Korean tourists to Vietnam is more than double that of Thailand, which received approximately 1.37 million visitors. This is surprising as in the years before the pandemic, South Korean tourists to Thailand were always higher than those to Vietnam.

According to statistics from the South Korean Ministry of Justice’s immigration management agency, Vietnam ranks second among the most favored destinations for South Korean tourists in 2023. The number of South Koreans traveling abroad has significantly increased in the first nine months of 2023, with over 16.22 million air travelers, a 382.7% increase compared to the same period last year.

The leading countries in terms of passenger numbers on flights from January to September are Japan, Vietnam, Thailand, the Philippines, and the United States.

The number of South Korean tourists to Vietnam during this period has surged by 389.7% compared to the same period in 2022. The central coastal city of Da Nang is the most attractive destination for South Korean tourists.

The country experienced the greatest decline in South Korean tourist numbers compared to the pre-Covid era is China.

Before the Covid crisis, China was ranked first among the most preferred countries for South Korean tourists, but this year it has dropped out of the top 5. The number of tourists traveling to and from China reached over 3.4 million people in 2019, but the recovery so far has been insignificant.

@Thanhnien.vn

Da Nang hosts Christmas run on Son Tra Peninsula

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The running event is set to take place on the Son Tra Peninsula during the Christmas season, promising to attract thousands of domestic and international tourists to Da Nang.

On November 30, Vietnam Television’s Central Highlands-Central Region Center (VTV8) and the People’s Committee of Son Tra District (Da Nang City) announced the “VTV8 Son Tra Run Challenge 2023” running event.

This marks the first time a running event is being organized on the Son Tra Peninsula, a pristine forest area known as the “green lungs” of Da Nang city.

Son Tra Peninsula is a captivating tourist destination, not only for its picturesque beaches and diverse ecosystems but also for its distinctive landscape featuring high mountains on one side with a diverse plant and animal system and a blue sea on the other.

The run will take place over two days, on December 23 and 24, across various areas of the Son Tra Peninsula, with nearly 2,000 participants from within the country, 10 countries, and territories registered to compete on a specially designed course with refreshing natural scenery and inclines of up to nearly 1,000 meters ascending to the peak of Son Tra.

The competition includes three distances: 6km, 16km, and 26km, catering to all athletes, running groups, and running enthusiasts looking to participate and experience the exciting event on the Son Tra Peninsula.

Mr. Huynh Van Hung, Vice Chairman of the People’s Committee of Son Tra District, stated that organizing the run at the end of the year, precisely on Christmas Eve (December 24), provides a favorable opportunity to attract a large number of domestic and international tourists to Da Nang. This event serves as a chance to promote Da Nang’s image as a leading destination for festivals and events in Asia.

According to Mr. Huynh Van Hung, within the framework of the event, the local area is also organizing various activities for people to enjoy indigenous cultural aspects.

Furthermore, to provide the best experience for participants, the organizers announced that hotels and restaurants in the area will offer discounts and special promotions for tourists.

@Vietnamnet

The captivating beauty of Tà Xùa – “The Cloud Paradise”

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Ta Xua is a stunning natural wonderland that offers a unique climate, with weather that changes every minute. The sky can be filled with white clouds one minute, and then clear the next, revealing warm rays of sunlight, along with the breathtaking phenomenon of the “sea of clouds” covering the middle of the mountain. This creates a majestic and impressive natural landscape that visitors will never forget.

Ta Xua cloud paradise is located at an altitude of 1500m – 1800m above sea level.

Located at an altitude of 1500m-1800m above sea level, Ta Xua commune is surrounded all year round by rolling clouds, layer upon layer, like “waves” in the ocean. This makes it a perfect destination for visitors to enjoy its majestic beauty at any time of the year. The narrow mountain passes, linking the scattered villages along the mountain slopes, add to the charm of this unique commune.

The rolling clouds, layer upon layer, are like “waves” in the ocean, pounding each mountain range.

“TV tower” is the highest point of Ta Xua commune.

Known as “Ta Xua Cloud Paradise”, this place has become a popular destination for tourists who want to experience the “sea of clouds”. However, the weather here changes very quickly, so it is not easy to catch this special moment. The “TV tower” area is the highest point of Ta Xua commune, where visitors can enjoy the spectacular view of the “sea of clouds”. To have a complete “cloud hunting” trip, visitors should check the weather forecast in advance and prepare support items, such as wind jackets, thermal shirts, raincoats, and sturdy shoes with high friction to avoid slipping.

The easiest time to “hunt clouds” in Ta Xua is from November of the previous year to April of the following year. Visitors can travel by motorbike from Hanoi or take a bus to Son La city and then rent a motorbike to reach Ta Xua, which is more than 200km from Hanoi city center.

After a tiring and stressful workweek, standing in front of the rolling “sea of clouds” in Ta Xua will give you an incredible feeling of peace, making you fall in love with life even more. The fresh air, breathtaking natural scenery, and the typical scent of the Northwest mountains and forests will provide visitors with a new source of positive energy.

@vtv.vn

International visitors to Hanoi are 3 times more than last year

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It is heartening to learn that Hanoi has become a popular and trusted destination among international tourists. As per the Hanoi Department of Tourism, by the end of November, the city had welcomed 22.6 million visitors, of which 4.1 million were international tourists. These numbers are more than three times the same period last year, and it’s an incredible achievement for Hanoi’s tourism industry. It’s a testament to the city’s cultural vibrancy, breathtaking landscapes, and commitment to hosting engaging events and festivals.

It’s worth mentioning that Hanoi will be honored in 2023 by the World Travel Awards in three different categories, which is fantastic news. Additionally, it’s been rated by international tourists as one of the best winter vacation destinations in 2023 based on factors like cuisine, climate, and historical and cultural imprints.

The recent launch of 15 new night tourism products is an excellent initiative by Hanoi’s tourism industry. These products combine cultural and historical spaces with light art and modern technology to provide visitors with new and unique experiences. Besides, Hanoi’s night tourism products have become a crucial factor in attracting international tourists.

In light of the ongoing pandemic, ensuring the safety and well-being of tourists is of utmost importance. Capital Tourism has planned to improve the quality of products and tourist destinations associated with heritage relics and craft villages. They also aim to leverage domestic and international media channels and social networking platforms to promote Hanoi’s tourism industry and make it a safe, friendly, and attractive destination for international tourists.

@vtv.vn

MSB recognized as the Bank of the Year 2023 in Vietnam by The Banker @ Financial Times

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Vietnam Maritime Commercial Joint Stock Bank (MSB) announced today that it has been named Bank of the Year in Vietnam by The Banker @ Financial Times magazine.

MSB has undertaken the huge task of updating its internal core banking processes while still maintaining a functional and innovative bank, a development that has helped the lender win the Bank of the Year award this year.

With the goal of modernising its available products, the bank has invested $20m into updating its main IT infrastructure. This has involved replacing the SIBS core banking system, the transaction system at BDS counters, merchant financing operations, and the existing MSB Gateway payment channel. Temenos Transact R21, a core banking system, replaced the lot.

While MSB was overhauling its internal architecture, it was still implementing changes to its suite of products and services, with the real-time credit rating scoring system, CIC SBV, being used to predict customers income to make quick credit approval decisions. Tran Anh Tuan, Chairman of MSB, says: “In 2022, MSB celebrated a year of remarkable achievements driven by our strategic commitment to digital transformation. The significant investments in two key technology projects – the Digital Factory and the New Core Banking – yielded exceptional outcomes. Notably, the successful launch of fully digitised customer journeys marked a remarkable milestone.”

He continues: “Looking ahead to the period from 2023 to 2027, the digital channel remains the primary driver for MSB’s growth. With a bold vision, we aim for the digital channel to contribute a substantial 70% of the total net operating income for retail and small and medium-sized enterprise banking during this period.”

The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London, United Kingdom.

The Banker is the world’s premier banking and finance resource, read in over 120 countries and is the key source of data and analysis for the industry. It combines in-depth regional and country coverage with reports on global financial markets, regulation and policy, cash management and securities services, commodities and carbon finance, infrastructure and project finance, trading and technology, clearing and settlement, and management and governance issues.

The Banker is read most widely in banks, financial institutions, multilateral corporations, central banks, and finance ministries around the world. Approximately 60% of its readers are CEO/President and CFO/Treasurers of their organisations.

Featured photo: Tran Anh Tuan, Chairman of MSB and Chief Minister of Gibraltar, Fabian Picardo

MicroStrategy Bought $600M of BTC in November, Increased Holdings by 10%

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MicroStrategy is also looking to raise up to $750 million in a sale of class A common stock.

Microstrategy (MSTR), the largest corporate holder of bitcoin (BTC), boosted its holdings in November, buying some 16,130 BTC, worth around $608 million at current prices.

The Michael Saylor-founded software developer bought the bitcoin for around $593.3 million in cash at an average price of about $36,785 apiece, according to a regulatory filing on Thursday. It now holds 174,530 BTC bought at an average of about $30,252 per coin.

The November purchase marks an acceleration in the firm’s bitcoin buying activities. As of end-October MicroStrategy held 158,400 BTC, having acquired 6,607 BTC since the beginning of the third quarter. It’s now increased its holdings by over 10% in a month.

MicroStrategy also entered into an agreement with Cowen and Company, Canaccord Genuity and BTIG to offer up to $750 million worth of class A common stock.

MSTR shares fell 0.82% to $502.96 in early trading on Nasdaq.

Decentralized Infrastructure Provider Grove Raises $7.9M

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Decentralized infrastructure is the use of blockchain technology and token incentives to build physical networks so other projects do not need to incur the costs of buying and running their own equipment.

Decentralized physical infrastructure (DePIN) provider Grove, previously named Pocket Network Inc., has raised $7.9 million from Fidelity-affiliated Avon Ventures, Placeholder Capital and Druid Ventures.

Grove will use the funding to form new partnerships that advance DePIN toward mainstream adoption, according to an emailed statement shared with CoinDesk on Thursday.

DePIN refers to the use of blockchain technology and token incentives to build physical infrastructure networks so other projects don’t need to incur the costs of buying and running their own equipment. In this sense, it can be seen as a decentralized version of Amazon Web Services (AWS) or Google Cloud.

Grove provides Web3 infrastructure for building products and services atop its POKT network, which supports over 40 different chains.

The network’s native token (POKT) has a market cap of just over $150 million and is currently up some 24% in the last 24 hours at $0.10.

Vietnam ranks as the second preferred destination for Korean tourists

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Vietnam is the second most preferred foreign tourist destination for South Koreans, following Japan, thanks to convenient flight options and pleasant weather.

According to statistics from the immigration agency of South Korea, approximately 2.56 million South Koreans traveled to Vietnam from January to September this year, a 389.7% increase compared to the same period last year when travel was still restricted due to Covid.

During this period, about 4.8 million South Koreans visited Japan. Thailand ranked third with 1.08 million, followed by the Philippines (1,086,291 people), and the United States (800,399 people).

The list is compiled based on the number of flight days.

Some South Korean airlines have recently increased direct flights to Vietnam’s tourist centers. The largest budget airline, Jeju Air, will launch new direct routes from Seoul to the Central Highlands resort city of Da Lat on December 20 and a daily Seoul-Phu Quoc route this month.

Korean Air and Jin Air are also preparing to operate on a second route from late November. Eastar Jet Airlines last month resumed direct flights between Seoul and Cam Ranh, a popular resort town near Nha Trang, after a three-year hiatus due to the pandemic.

Since Vietnam reopened its borders to foreign tourists in March of last year, South Korea has become the largest source of tourists for the country. The central coastal city of Da Nang continues to be the most attractive destination for South Korean tourists.

China has experienced the most significant reduction in South Korean tourist numbers compared to pre-Covid-19 times. Previously, China was ranked among the most preferred countries for South Korean tourists, but this year it has dropped out of the top 5. The number of tourists traveling to and from China reached over 3.4 million in 2019, but the recovery so far has been insignificant.

@Vietnamnet

Vietnam welcomes the highest international tourist arrivals in November

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In November, Vietnam welcomed over 1.23 million international tourists, representing an 11% increase compared to the previous month. This marks the highest number of international arrivals in the country since the beginning of 2023.

For the cumulative 11 months, the total number of international visitors to Vietnam reached over 11.2 million.

Vietnam aims to welcome 12 – 13 million international visitors in 2023

According to information from the National Tourism Agency, South Korea continues to be the largest source market for tourists in the past 11 months, contributing 3.2 million arrivals (28.5%). China follows in the second position with 1.5 million arrivals. The third position goes to the Taiwanese market with 758,000 arrivals, followed by the United States (4th) with 658,000 arrivals, and Japan (5th) bringing 527,000 visitors to Vietnam.

The next three positions in the top are all from the Southeast Asian region: Thailand (442,000 arrivals), Malaysia (419,000 arrivals), and Cambodia (359,000 arrivals). The Australian market holds the 9th position with 353,000 arrivals, while India is in the 10th position with 352,000 arrivals.

The United Kingdom, France, and Germany remain the largest European markets for Vietnam, with the respective numbers of arrivals being 232,000, 195,000, and 182,000.

It’s worth noting that European markets with visa exemptions recorded strong growth rates. Specifically, in November, European markets had the highest growth rate among continents, increasing by 58.5% compared to October. This includes contributions from markets on the list enjoying unilateral visa exemption policies with temporary residence permits of up to 45 days according to Resolution 128, such as the United Kingdom (+38.6%), France (+72.5%), Germany (+36.1%), Italy (+55.1%), Russia (+41.8%), Denmark (+32.9%), Sweden (+84.8%), Norway (+52.7%), Finland (+30.2%), and Spain (+15.5%).

Meanwhile, the Chinese market continues to show growth momentum (+9.6%), the Japanese market has a slight increase (+7.7%), and the U.S. market performs well with significant growth (+18.7%). Southeast Asian markets also show positive growth: Thailand (+23.1%), Malaysia (+21.4%), Singapore (+18.2%), the Philippines (+28.1%), Indonesia (+10.8%).

With five consecutive months of welcoming over 1 million international tourists, the tourism industry has surpassed the initially set plans for the year. Based on the actual situation, the Ministry of Culture, Sports, and Tourism has adjusted the target for international arrivals in 2023 from 8 million to around 12-13 million, aiming to provide new impetus to accelerate recovery, promote the efficient and sustainable development of the tourism industry.

@Thanhnien.vn

Vietnamese tourists prefer cashless payments

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According to the 2023 Global Travel Insights (GTI) research by Visa, in the rapidly evolving digital landscape, security and payment acceptance are crucial factors shaping the payment preferences of Vietnamese travelers.

The GTI 2023 research emphasizes that travelers expect seamless transactions and optimal security measures, highlighting the importance of trust in financial transactions when exploring new horizons.

The digital revolution is changing the payment landscape, and Vietnamese travelers are embracing the convenience of credit/debit/prepaid cards. The majority of surveyed individuals (97%) in the GTI 2023 research express a preference for cashless payment options (92% for credit cards and 87% for debit cards) during their journeys, streamlining transactions and enhancing the overall travel experience.

64% mention using e-wallets and financial apps, indicating that ease of use, security, and widespread acceptance are attracting travelers to this payment method. The popularity of online payment apps, such as Viettel Money, signals a shift towards a technology-driven and highly connected payment ecosystem.

“A sustainable and promising future is unfolding for the Vietnamese tourism industry. In this context, the integration of cashless payment solutions plays a pivotal role, providing travelers with a convenient, secure, and efficient travel experience, contributing to the overall vitality of the industry,” notes the report.

@Cafef

Quang Ninh officially welcomes Chinese tourists through Bac Luan 2 Border Gate

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Mong Cai City (Quang Ninh) has recently initiated the reception of Chinese tourists through the Bac Luan 2 Border Gate (Mong Cai International Border Gate). This marks a significant step in preparing to welcome self-driving tourists in the near future.

Recently, Mong Cai City (Vietnam) and Dong Hung City (China) collaborated to organize the launching ceremony for the immigration function for passengers through the Mong Cai-Dong Hung International Border Gate (Bac Luan 2 area).

Tourists sit on trams to transfer through the border gate

During the event, Mong Cai City (Vietnam) and Dong Hung City (China) officially announced the initiation of the immigration function, implementing entry and exit procedures for tourists and passport holders through the Mong Cai-Dong Hung International Border Gate (Bac Luan 2 area), part of the Mong Cai (Vietnam) – Dong Hung (China) International Border Gate pair.

Mr. Do Van Tuan, Vice Chairman of the People’s Committee of Mong Cai City, emphasized that this event is a significant contribution to the development of tourism in both countries and regions. It also reduces the passenger load through Bac Luan 1 Bridge, creating a smooth environment for immigration, attracting domestic and international tourists. This practical activity coincides with Mong Cai City hosting the 15th Vietnam-China International Trade and Tourism Fair in 2023.

Representatives of the People’s Committee of Quang Ninh province and Dong Hung city cut the ribbon at the launching ceremony of passenger immigration function through Bac Luan 2 Border Gate.

The launching ceremony is the result of the consensus reached between the People’s Committee of Mong Cai City and the local government of Dong Hung City regarding the timing of implementing procedures allowing tourists to use passports for immigration through the Mong Cai-Dong Hung border gate pair during the discussion on November 19, 2023.

According to the People’s Committee of Mong Cai City, in 2023, the estimated number of passengers entering and exiting through the Mong Cai-Dong Hung International Border Gate is over 3.5 million. Initiating the immigration function for passengers through the Mong Cai-Dong Hung International Border Gate (Bac Luan 2 area) is a favorable condition for the two countries’ regions with their own fast and convenient customs clearance.

@Thanhnien.vn

Rental prices on Dong Khoi Street and Trang Tien Street is among the most expensive in the world

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Cushman & Wakefield has released a report on the most expensive retail locations around the world. According to the report, the five streets with the highest rental prices are Fifth Avenue (New York, USA), Via Montenapoleone (Milan, Italy), Tsim Sha Tsui (Hong Kong, China), New Bond (London, England), and Avenues des Champs-Élysées (Paris, France).

Trang Tien Shopping Center, a place specializing in luxury goods business in Hanoi. (Photo: T.T.)

Dong Khoi Street in Vietnam ranks 13th on the list and has the most expensive rental price in the country, with a retail rental price of about 390 USD/square foot/year (equivalent to 0.092m2), a 17% increase from last year. Trang Tien Street follows with the second most expensive retail space rental price in Vietnam at about 334 USD/square feet/year, which increased by 20% over the same period last year.

The report focuses on average rents at retail locations in the most prestigious urban areas worldwide, many of which are luxury goods stores. The rental value of retail space in this special segment is sometimes influenced by promotional negotiations, incentive packages, or risk-sharing leasing models.

Dominic Brown, director of international market research in Asia-Pacific of Cushman & Wakefield and author of the report, commented that the recent increase in retail space rental prices shows the recovery momentum of the retail industry in the near future. Despite a new wave of challenges from interest rate increases by central banks around the world to curb the current inflation cycle, retail sales continue to recover, he emphasized.

The World Retail Avenue report predicts a 4.8% increase in global retail space rental prices in 2023 compared to the previous year.

@tuoitre.vn