Currently, approximately 3,000 foreigners own houses in Vietnam, and according to Sophie Dao, Senior Partner at Global Business Services LLC (GBS), this number is anticipated to rise to about 4 million in the future.
In light of this, let’s explore the rights and obligations that foreigners have when owning houses in Vietnam.
1. Inviolable Ownership Rights:
– Enjoy the right to ownership of legally owned housing.
– Utilize the house for residential purposes and other lawful purposes.
2. Legal Recognition:
– Obtain a Certificate for houses under legal ownership.
3. Transaction Flexibility:
– Engage in various transactions such as selling, transferring, leasing, gifting, exchanging, inheriting, mortgaging, contributing capital, loaning, staying, and authorizing housing management.
4. Donations and Inheritance:
– If donating or inheriting housing to ineligible subjects, they can only enjoy the value of the property.
5. Shared Facilities:
– Enjoy shared use of public facilities in residential areas.
6. Maintenance and Alterations:
– Maintain, renovate, demolish, and rebuild housing in accordance with regulations.
7. Compensation and State Actions:
– Receive compensation according to law if the State demolishes or requisitions housing.
– Market price compensation if the State pre-purchases legally owned housing for defense, security, socio-economic development, or in emergencies.
Tube houses in Hanoi @ AFP PHOTO
8. Legal Protections:
– Exercise the right to complain, denounce, and sue against acts violating legal property rights.
9. Social Responsibilities:
– Ensure fire prevention and safety, hygiene, and environmental standards as per regulations.
– Comply with administrative sanctions for violations of housing laws.
10. Compliance in Transactions:
– Fully comply with legal provisions when selling, transferring, leasing, gifting, exchanging, inheriting, mortgaging, contributing capital, loaning, staying, or authorizing housing management.
11. Adherence to Housing Laws:
– When maintaining, renovating, demolishing, and rebuilding housing, comply with housing laws to avoid adverse effects on state interests or the rights of others.
12. Insurance Obligations:
– If required, participate in fire and explosion insurance, fulfilling obligations according to regulations.
13. Financial Responsibilities:
– Fulfill financial obligations to the State during transactions and housing usage.
14. Inspections and Monitoring:
– Responsibly participate in the inspection, monitoring, and maintenance of equipment and infrastructure systems under common ownership.
Understanding and adhering to these rights and obligations is crucial for foreigners navigating the complexities of owning houses in Vietnam.
Stay informed and compliant with Vietnam Insider for further updates on housing regulations.
Nguyen Hue Walking Street currently presents a great opportunity for businesses, with 28 available locations and 4 hotels, as well as 24 food and beverage establishments already in operation. By allowing hotels and food and beverage establishments to operate on sidewalks, the services available to the public can be diversified, and the situation of street vendors and spontaneous establishments causing insecurity and order can be minimized.
Some spontaneous businesses with expensive sales are still happening.
Furthermore, District 1 has proposed an exciting new “Art Path” pilot program, aimed at serving both domestic and international tourists visiting Ho Chi Minh City. Under this program, Nguyen Hue walking street will be divided into several separate areas, each with distinct functions. The President Ho Chi Minh Monument Park area, for instance, will organize cultural and political activities, while the area between President Ho Chi Minh Monument Park and Ton Duc Thang Street will host festivals, sports, and art performances, and the area adjacent to Ton Duc Thang Street will host advertising and entertainment activities.
To ensure that the new developments are well-managed, the District 1 People’s Committee has also proposed a plan to manage and organize the pilot reception of 6 branch roads adjacent to Nguyen Hue Street, including Nguyen Thiep Street, Mac Thi Buoi, Ngo Duc Ke, Hai Trieu, Huynh Thuc Khang, and Ton That Thiep. This plan calls for organizing a motorbike parking area on weekends to serve residents and tourists and is expected to be a boon for all concerned.
As the frigid wind blows through the streets of Hanoi, a delightful tradition arises among its people – to gather around hot dishes and indulge in the warmth they provide. The aroma of steaming hot pot and sizzling grilled meat fills the air, inviting all to join in the festivities.
Particularly during the winter, hot pots and grilled dishes become an essential part of Hanoi’s culinary landscape. These dishes not only provide comfort and warmth but also serve as a source of joy and connection for the community.
Picture yourself sitting by a sizzling grill or a bubbling hot pot on a chilly day, dipping a piece of meat into the flavorful broth, and savoring the warmth with each bite. The feeling is nothing short of heavenly.
If you stroll along the sidewalks of Hanoi during the winter months, you’ll undoubtedly come across some of the city’s most popular street foods, such as grilled corn and sweet potatoes. The sound of these delicacies roasting over an open flame, coupled with their delicious aroma, will draw you in and warm your heart.
For those with a sweet tooth, there’s nothing quite like the sensation of biting into a cold, creamy scoop of ice cream in the middle of winter. Queuing up for Trang Tien, Hanoi’s most famous ice cream shop, has become a beloved pastime for locals and visitors alike.
Whether it’s hot pot, grilled meats, or ice cream, each dish offers its unique flavor and experience, making winter in Hanoi an unforgettable time for all. So bundle up, head out, and explore the streets of Hanoi, where the warmth of the food and the people will leave you feeling full of joy and contentment.
The marketplace will allow developers to directly build, publish, and update games on the platform.
Decentralized exchange PancakeSwap released its Gaming Marketplace on Wednesday, allowing developers to directly build, publish, and update games on the platform as it targets the niche gaming finance (GameFi) market.
GameFi broadly refers to gaming applications using tokens to raise funds and incentivize growth. Some of these projects, such as Axie Infinity, were among the top-performing tokens by price growth in the 2021 bull market.
The Gaming Marketplace features two published games: the popular “Pancake Protectors” developed in partnership with Mobox in May 2023, and the new “Pancake Mayor”, a casual city-building game. The Pancake Protectors game has attracted over 25,000 players in a single day at its peak.
PancakeSwap operates on nine popular blockchains: BNB Chain, Ethereum, Aptos, Polygon zkEVM, zkSync Era, Arbitrum One, Linea, Base, and opBNB, and developers from any of these blockchains can build and release games on the marketplace.
PancakeSwap’s CAKE rose as much as 5% in the past 24 hours before reversing gains.
Options market positioning and dovish Fed expectations indicate the path of least resistance is on the higher side.
Bitcoin’s (BTC) bullish momentum will likely remain intact heading into the end of the year, lifting prices to the $40,000 mark, according to Markus Thielen, research head at crypto services provider Matrixport and founder of analytics portal DeFi Research.
“Bitcoin will reach $40,000 – if not even $45,000 – by the year’s end,” Thielen said in a note shared with CoinDesk, citing options market positioning and dovish Federal Reserve (Fed) expectations as catalysts for continued price gains. The cryptocurrency has more than doubled this year, with prices rising nearly 40% in the past four weeks alone.
The recent bullish action spurred demand for call options or derivatives, giving the purchaser the right to snap up the underlying asset at a predetermined price later.
Per Thielen, the increased demand for the so-called bullish bets has left some market participants, mainly market makers, who are always on the opposite side of clients’ trades, exposed to continued upside in cryptocurrency. These entities will likely buy BTC and hedge themselves as prices rise, adding to bullish pressures around the cryptocurrency.
“We have two colossal options expiries on Nov. 24 and Dec. 29 with $3.7bn and $5.4 billion open interest outstanding. There are 85% more calls outstanding than puts, with the 40,000 strikes having the most significant open interest. The closer we get to $40,000, the more people will have to buy bitcoin to hedge themselves,” Thielen noted.
“There will be a broad interest in pushing prices to this $40,000 level. The odds are high that we reach this level,” Thielen added. At press time, bitcoin was changing hands at $37,445.
Another factor supporting the bullish case is the receding U.S. inflation rate and hopes for rate cuts or liquidity easing by the Fed.
The Fed rates by 525 basis points in 14 months to May 2023 to tame rampant inflation. The Fed’s rapid liquidity tightening disincentivized investing in risky assets and was partly responsible for last year’s crypto crash.
The inflation rate, however, has markedly slowed in recent months, having reached as high as 9.1% in June last year. Data released Tuesday showed the U.S. CPI climbed 3.2% in the 12 months through October, following September’s 3.7% rise.
Per UBS, slowing inflation means the Fed could halve the benchmark interest rate to 2.75% from the present range of 5.25% to 5.5%. Per the Fed funds futures, markets have priced in 90 basis points of rate cuts by the end of 2024.
“The U.S. inflation headline CPI is currently at 3.2% while interest rates are at 5.25% – a difference of 2.0%. If our inflation model is current, then this spread would even be 3.0% – so we could expect 200 basis points of rate cuts next year. This is bullish,” Thielen said.
Thielen expects inflation, as measured by the consumer price index (CPI), to drop below the Fed’s 2% target in 2024.
Lastly, the spot ETF optimism could continue to support price gains. According to Bloomberg’s analysts, there is a 90% chance the SEC will approve one or more spot ETFs before Jan. 10.
Located in the mesmerizing ancient town of Hoi An, the Hoai River, which is a branch of the Thu Bon River, has caused many pedestrian streets to be deeply flooded due to rising water levels. The ancient town of Hoi An has always been a beautiful sight to behold, but when the rainy season comes, the town is transformed into a magical wonderland.
Many walking routes in Hoi An ancient town are deeply flooded
This morning, at around 7 a.m., the water level in the river was measured at 1.52m, but it is now slowing down and falling at a rate of 0.02m per alarm 2. This marks the second time this year that Hoi An has been flooded with floodwater. The water in the Hoai River rose, causing local flooding of some walking streets in the ancient town such as Bach Dang, Nguyen Thai Hoc, Nguyen Thi Minh Khai, Le Loi, Hoang Van Thu, and many others. The Bach Dang route, which stretches along the Hoai River, has been flooded 0.5 – 1m deep, providing an incredible opportunity for tourists to take a boat trip and sightseeing.
Hoi An ancient town lights up as seen from the Hoai River
Many people enjoy renting boats to go around and see and take pictures of the old, unique roofs that are hundreds of years old. Wading through floodwaters and taking a boat trip to see the ancient town of Hoi An during the rainy season has also become the “joy of discovery” for many tourists. This has become a popular activity during the rainy season and an interesting way to discover the historical beauty of Hoi An.
Tourists take a boat trip to admire hundreds-of-years-old ancient roofs during flood seasonForeign tourists consider viewing Hoi An ancient town during flood season an interesting experience.Many tourists brave the heavy rain to experience Hoi An’s flood season to capture beautiful moments
The Hoi An government’s announcement has ensured the safety of residents and visitors during this flood season. As a result, some schools have temporarily canceled classes due to deep flooding. However, tourists continue to flock to Hoi An to explore the town’s unique beauty and experience the joy of wading through the floodwaters.
On the foreign exchange market, the State Bank of Vietnam (SBV) listed the central exchange rate at 24,020 VND/USD on November 14, an increase of 5 dong compared to the beginning of the week. The spot buying rate remained stable at 23,400 VND/USD, while the spot selling rate was listed at 25,171 VND/USD, 50 dong lower than the rate ceiling. In the Interbank Market (IBM), the closing exchange rate was 24,360 VND/USD, down 19 dong from November 13. The free market exchange rate increased by 20 dong in both buying and selling directions, trading at 24,620 VND/USD and 24,720 VND/USD.
**Interbank Money Market (IBM):**
On November 14, the average offered interest rate for VND in the IBM decreased significantly, ranging from 0.18 to 0.23 for terms of 1M and below compared to the beginning of the week. The average offered interest rate for USD in the IBM decreased by 0.01 to 0.02 for most terms, except for the 1M term. Rates stood at 5.04% (ON), 5.14% (1W), 5.25% (2W), and 5.35% (1M), maintaining stability. Government Bond (TPCP) yields remained unchanged for 3Y and 15Y terms, while decreasing for other terms.
**Open Market Operations:**
In the recent trading session, the SBV auctioned 1,000 billion VND with a term of 7 days and an interest rate of 4.0% on the collateral channel, but there was no winning bid. There was no outstanding amount on this channel. The SBV did not bid for SBV bonds. On November 14, 17,950 billion VND matured. Consequently, the SBV injected a net amount of 17,950 billion VND into the market, reducing the total outstanding bonds in the market to 115,249.8 billion VND.
**Stock Market:**
The latest stock market session witnessed a return of capital flow. The VN-Index increased by 9.66 points (+0.88%) to 1,109.73 points, the HNX-Index added 1.32 points (+0.58%) to reach 227.43 points, and the UPCoM-Index inched up by 0.67 points (+0.78%) to 86.65 points. Market liquidity improved with a trading value of nearly 19,000 billion VND. Foreign investors continued to be net sellers with over 357 billion VND across all three exchanges.
**Domestic News:**
According to the Ministry of Finance, government revenue in the first 10 months reached 1,398.7 trillion VND, a 9.2% decrease compared to the same period in 2022, equivalent to 86.3% of the estimate. Of this, domestic tax revenue reached approximately 88.9% of the estimate, and revenue from state-owned enterprises reached about 83.3% of the estimate. Domestic revenue decreased by 5.9%, revenue from crude oil decreased by 19.8%, and the balanced budget from export-import activities decreased by 21.9%. Regarding government expenditures, in the first 10 months, they reached 1,357.6 trillion VND, equivalent to 65.4% of the estimate, an 11.4% increase compared to the same period in 2022.
**International News:**
The Consumer Price Index (CPI) in the United States remained unchanged in October, with increases of 3.2% and 4.0% year-on-year for the overall CPI and core CPI, respectively.
The UK’s Office for National Statistics (ONS) reported an increase in unemployment benefit claims and an unchanged unemployment rate of 4.2% in September.
The National Australia Bank (NAB) survey revealed a slight decrease in business confidence, dropping from 0 to -2 points in October.
In Vietnam, the number of foreigners owning houses is currently around 3,000, with projections indicating a surge to approximately 4 million in the future.
For those curious about the current documents and procedures for foreigners buying houses in Vietnam, Vietnam Insider provides valuable insights in this article.
Case 01: Direct House Purchase Contract with the Investor
Step 1: House Purchase and Sale Contract
When entering a house purchase contract, it is crucial to include the following key details:
Information of the seller and buyer.
Object of the contract: Describing the features of the transactional house and the associated residential land plot.
Clear delineation of jointly owned and privately owned sections for apartments.
Housing delivery time.
Payment terms and methods.
Warranty period for newly built houses.
Rights and obligations of the parties.
Effective date of the contract.
Signatures with clearly stated full names, and if applicable, organization stamps and the position of the signer.
Step 2: Appraisal and Authentication of the Contract
Step 3: Certificate of Housing Ownership Application
If purchasing from a project investor, the investor handles Pink Book issuance procedures.
Individuals and households can personally undertake Pink Book issuance procedures if needed.
Case 02: Foreigners Using Commercial Housing Contract Transactions
Step 1: Contract Transfer Document Preparation
The transferor and transferee collaborate to prepare a transfer document for the housing purchase and sale contract. Key points:
Six copies of the contract are made: three for the investor, one for the tax authority, one for the transferor, and one for the transferee.
Step 2: Notarization or Authentication of the Transfer Contract
Housing transfer by an enterprise or cooperative with real estate functions does not require notarization.
If the transferor lacks real estate business functions, notarization and authentication are mandatory.
Step 3: Declaration of Taxes, Fees, and Charges
Step 4: Investor Confirmation of Transfer Document
Step 5: Certificate of Housing Ownership Implementation
Stay informed with Vietnam Insider to keep abreast of the latest updates on regulations and procedures for foreigners engaging in real estate transactions in Vietnam.
CapCut creative suite is a cutting-edge light in the constantly developing field of digital content creation. Its user-friendly interface and extensive feature set appeal to a wide range of users. CapCut’s creative suite unleashes creativity, enabling anybody to realize their ideas with unmatched accuracy and efficiency from amateur content producers to pros in the film industry.
CapCut creative suite is still a living example of how creativity can be made accessible to everybody, as it keeps developing and making it possible for anybody with an artistic streak to create visually striking and powerful content. Therefore, the CapCut creative suite is your canvas, ready for your artistic brushstrokes to turn the ordinary into the remarkable, whether you’re a beginner learning about editing or an experienced professional pushing creative boundaries.
A profusion of video editing programs floods the market in this fast-paced digital era where visual storytelling is crucial. Out of all of them, CapCut creative suite has become the leader, enthralling users with its strong features like an online photo editor, and user-friendly layout. It is imperative for users who want to fully utilize it to comprehend its nature as a toolkit. We will examine the CapCut creative suite in-depth in this comprehensive study, analyzing its features, usefulness, and influence on the constantly changing field of multimedia editing.
CapCut creative suite Classification
CapCut creative suite, developed by Bytedance, has swiftly become a household name in the world of video editing tools. Its popularity can be attributed to its accessibility, catering to both amateurs and professionals. CapCut creative suite’s emergence marked a paradigm shift, democratizing the art of video editing. CapCut’s creative suite is designed to perform specific tasks, catering to the needs of end users.
CapCut creative suite, specifically, is a video editing tool tailored for computer devices, allowing users to edit, enhance, and transform videos with ease.
CapCut creative suite Features: User Interface
Both beginners and experts will find CapCut creative suite’s UI to be user-friendly. Because of its user-friendly design, users can easily browse through a variety of editing features, guaranteeing a smooth experience from beginning to end. Cut, trim, divide, duplicate, and speed adjustment are just a few of the many editing capabilities available in the CapCut creative suite. These tools give users the ability to carefully edit their films, resulting in smooth transitions and well-produced output.
Effects And Transition
Video editing becomes more creatively possible with CapCut creative suite’s extensive selection of effects and transitions. Users may accurately customize their footage with text to speech and the variety of effects it offers, which range from colorful modern looks to classic styles. Smooth and polished scene changes are also made possible by the CapCut creative suite’s dynamic transitions, which include zooms, slides, and fades.
To further enhance visual storytelling, special effects, including distortions, glitches, and blurring, are used. Adding ambiance, highlighting feelings, or producing visually striking content all depend on these effects. Users may add flair and interest to their movies with the CapCut creative suite’s extensive collection of effects and transitions, making them visually appealing and fun for viewers.
Impact of CapCut creative suite on Multimedia Production
Millions of people now have access to professional-level video editing thanks to the CapCut creative suite, which has transformed multimedia creation. Its user-friendly interface, extensive effects library, and sophisticated editing capabilities enable content producers of all stripes, inspiring a fresh wave of inventive material for social media.
Aspiring filmmakers, vloggers, and content creators can now create visually amazing videos without having to worry about money thanks to CapCut creative suite’s free, high-quality editing options. As a result, there has been a paradigm shift in the creation and consumption of multimedia, which has shaped the digital environment by encouraging creativity and self-expression on a worldwide scale. This impact is shown in the variety and engaging content that is saturating social networks.
Text And Title Customization
CapCut’s creative suite enhances the visual attractiveness of videos by providing users with a comprehensive range of customizable text and title options. Users can select from a variety of fonts, sizes, and colors to properly align text with the theme of the film. Motion effects and animations are also used to give titles life and guarantee exciting intros and outros.
The editor facilitates smooth integration into the movie timeline by providing exact control over text duration, fade-ins, and fade-outs. CapCut’s creative suite offers creative versatility with its ability to position, rotate, and layer text. CapCut creative suite is a top option for anyone searching for flexible and eye-catching text and title modification in their films because of these capabilities, which allow users to create professional-looking titles and captions, which are crucial for fascinating narratives.
Cloud Synchrozition
Users may save and access their projects on various devices with ease thanks to CapCut’s creative suite cloud synchronization feature, which also streamlines the editing process. Because projects are kept on the cloud, you may continue where you left off on other tablets or online.
In addition, it acts as a backup, protecting your work from possible data loss. With CapCut’s creative suite cloud synchronization, editing is made easier and more productive. You can access your projects from anywhere at any time, which encourages consistency and accessibility in multimedia creation.
CapCut creative suite Future
CapCut creative suite is the multimedia toolkit of the future, spearheading the revolution in digital content creation. Its cloud capabilities, feature-rich user interface, and straightforward editing tools signal a trend towards more affordable, professional-caliber editing tools becoming widely available.
CapCut’s creative suite is expected to include augmented reality components; its impact on social media trends will persist due to its influence on user-generated content; and its ability to facilitate seamless integration and collaboration will accelerate the growth of multimedia storytelling. CapCut creative suite’s trend indicates that in the future, there won’t be any limitations on creative expression, proficient multimedia editing will be a common ability, and digital storytelling will be pushed to its limits.
Conclusion
Within the ever-changing field of the multi-media editing world, the CapCut creative suite is a shining example of creativity. CapCut creative suite is positioned to be a pathfinder in the future of toolkits in the digital era due to its versatility and user-centric approach, which will shape user expectations and progress technology. CapCut creative suite’s lasting impact is a revolutionary tool to create an enduring impression in the field of multimedia creation as users continue to explore its features and push creative boundaries.
BlockFi filed for bankruptcy in late November last year, in part because of the ripple effects of the sudden collapse of FTX, which triggered an automatic stay that halted proceedings between the two.
A U.S. judge ordered the end of an automatic stay on proceedings between bankrupt crypto firms FTX and BlockFi, meaning the two can start negotiating a claims settlement.
BlockFi, a lender, filed for bankruptcy in late November last year, in part because of the ripple effects of the sudden collapse of FTX earlier that month. That triggered the automatic stay, halting proceedings between the two. BlockFi had an estimated $355 million frozen on the crypto exchange’s platform and was owed a further $671 million by FTX’s sister company, Alameda Research.
The stay has been modified to allow FTX debtors to make “arguments, defenses, counterclaims, setoffs, or otherwise … with respect to the BlockFi claims in the FTX bankruptcy proceeding,” according to a Nov. 13 court order by U.S. bankruptcy judge Michael Kaplan.
Sam Bankman-Fried, the founder of the now bankrupt FTX, was found guilty on all seven counts of defrauding his customers and lenders at the start of this month following a five-week trial.
BlockFi CEO Zac Prince testified against Bankman-Fried as part of the trial, detailing how the firm was forced to declare bankruptcy when it did because of its involvement with FTX and Alameda, having lost “a little over a billion dollars.”
In late September, BlockFi’s creditors approved a bankruptcy restructuring plan that would, in theory, allow it to recover the assets lost to FTX as well as those it lost when crypto hedge fund Three Arrows Capital collapsed in the summer of 2022.
In addition to the headline inflation beat, core CPI declined last month.
U.S. inflation data for October was better-than-hoped, with the headline Consumer Price Index (CPI) flat for the month versus economist forecasts for a rise of 0.1%. The core rate rose just 0.2%, beating expectations for 0.3%.
Checking all the numbers, the CPI for October was unchanged versus economist forecasts for a rise of 0.1% and September’s 0.4% gain. On a year-over-year basis, CPI was higher by 3.2% versus expectations for 3.3% and 3.7% in September.
The core CPI – which strips out food and energy costs – rose 0.2% in October against forecasts for 0.3% and September’s 0.3%. On a year-over-year basis, core CPI was higher by 4.0% versus 4.1% expected and 4.1% in September.
The price of bitcoin (BTC) knee-jerked higher by nearly 1% in the minutes following the news to just shy of $36,700.
While headline CPI inflation has been receding for months, it has stayed above the U.S. Federal Reserve’s 2% target. In addition, the core rate had stubbornly remained above 4% for several months running. Fed members have hinted that they’re interested in perhaps one more rate hike before finally ending what’s now a roughly 20-month monetary tightening cycle.
“This is good news folks,” wrote Joseph Brusuelas, chief economist at RSM. He noted that core goods prices actually declined 0.2% in October. “Expect more disinflation moving forward especially as shelter costs ease into mid-2024,” he added.
Prior to this morning’s report, traders were pricing in about an 86% chance the Fed would hold rates steady at its next meeting in mid-December, and there’s roughly a 75% chance of a continued pause at the January meeting, according to the CME FedWatch Tool. Shortly after the data, the odds of a December pause rose to 99.5% and for a January pause to 95.6%.
Traditional markets are flying following the good inflation news, with Nasdaq 100 futures gaining 1.9% and S&P 500 futures higher by 1.4%. The 10-year Treasury yield is lower by 16 basis points to 4.476%.
After a period of research, production enhancement, and consumer connection, Vietnam’s first officially exported batch of rice has been sent to Europe.
The exported rice is a vegetarian type made from brown rice combined with specialty vegetables and fruits from Dong Thap province, researched and produced by Mr. Thai Thanh Binh. A notable feature is that the product does not use preservatives, additives, or cleaning agents, making it beneficial for consumers’ health, which is why the supply is currently insufficient to meet demand.
To capture the market in the UK, the vegetarian rice product has to invest significantly in branding, packaging, and, notably, meet quality criteria.
Currently, the production facility is rapidly processing 7,000 tray-packaged vegetarian rice products to meet the delivery deadline to partners in the UK by the end of the year.
Previously, the unit also conducted a trial export of 1,200 canned brown rice with lotus seeds to the European market, achieving a satisfactory selling price. Deepening research and investing in processing are solutions to enhance the value of Vietnamese rice grains.
The People’s Committee of Tuy An District (Phu Yen) has recently announced the admission fees for visiting the special national monument and scenic site, Da Dia reef.
On November 13, Mr. Huynh Gia Hoang, Chairman of the People’s Committee of Tuy An District (Phu Yen), stated that the local authorities had issued a notice regarding the admission fees for visiting the special national monument and scenic site, Da Dia reef (located in An Ninh Dong commune, Tuy An District).
The fee collection follows Resolution 19/2023/NQ-HDND dated October 18, 2023, of the People’s Council of Phu Yen Province, which regulates the fees, management, and utilization of funds for visiting scenic spots within the province.
According to the resolution, the admission fee for this scenic site is set at 40,000 VND per person per visit, an increase of 20,000 VND compared to the previous rate. The fee includes insurance coverage for visitors.
Children, individuals aged 80 and above, severely disabled persons as defined in Article 11, Clause 1 of Decree 28/2012/ND-CP, and those who have contributed to the revolution (revolutionary seniors, pre-uprising officials, Heroic Mothers of Vietnam, Armed Forces Heroes) are exempt from the admission fee.
Residents of specific communes and hamlets facing exceptional difficulties in Phu Yen Province (in accordance with Decision 861/QD-TTg dated June 4, 2021, of the Prime Minister); individuals aged 60 to under 80, severely disabled persons as defined in Article 11, Clause 2 of Decree 28/2012/ND-CP dated April 10, 2012, by the government; and categories specified in Clause 2, Article 2 of Decision 170/2003/QD-TTg dated August 14, 2003, by the Prime Minister on preferential cultural enjoyment policies (labor heroes, war invalids, policy beneficiaries such as war invalids and sick soldiers, individuals under care at establishments nurturing and caring for war invalids and sick soldiers, and those with contributions to the families of martyrs) enjoy a 50% reduction in fees.
Da Dia reef is a unique natural wonder considered “one of a kind” in Vietnam. The area features geologically distinctive basalt rocks formed through volcanic eruptions and suitable conditions, resulting in columnar rocks with hexagonal and pentagonal cross-sections distributed over a relatively wide coastal area.
Surpassing Singapore to become the third-largest economy in Southeast Asia, Vietnam has emerged as a strategic “base” for many foreign businesses.
A UOB report reveals that Vietnam’s GDP, based on purchasing power parity, is an impressive 1,438 billion USD, outpacing Malaysia, the Philippines, and even Singapore.
“Vietnam holds a pivotal position on the world map, making it a crucial market in the Asia-Pacific region,” shared Mr. Nguyen Dinh Khoa, Viessmann Vietnam business director. He highlighted the influx of foreign direct investment (FDI) and a growing interest from foreign investors in the Vietnamese market.
One of Vietnam’s key strengths lies in its substantial population of 100 million people, predominantly comprised of young individuals (60-70% under 35 years old). This demographic, coupled with increased purchasing power post-pandemic, has positioned Vietnam as a country with positive economic growth.
Despite global economic challenges, a recent UOB ASEAN Consumer Psychology Survey (ACSS) for 2023 indicates that Vietnamese consumers maintain an optimistic outlook compared to counterparts in Singapore, Malaysia, Thailand, and Indonesia.
The UOB report underscores Vietnam’s economic prominence, citing the nation’s role as a key factor in the regional and global economy. Notable corporations, including Masan, VNG, VinGroup, Viettel, and Sovico Group, contribute to Vietnam’s economic stability through mergers and acquisitions activities.
Digitalization has played a pivotal role in Vietnam’s economic boom, particularly in the e-commerce sector. In 2022, Southeast Asia’s total e-commerce is projected to reach 130 billion USD, with Vietnam accounting for 14 billion USD. Live streaming shopping in Vietnam has notably surpassed the region’s growth rate, reaching an impressive 61%.
Major e-commerce players, such as Alibaba.com, are recognizing Vietnam’s potential. Alibaba.com’s Trade Assurance for Vietnamese small and medium enterprises aims to address business challenges and stimulate a significant increase in exports. Early results show a 28% increase in search visibility, a 26% rise in click-through rate, and a remarkable 244% increase in active buyers within a month of implementing the Trade Assurance service.
Looking ahead, a survey indicates that over three-quarters of respondents in Vietnam expect an improved financial situation by June next year, despite concerns about inflation and rising living costs. The Director of Personal Financial Services Division at UOB Vietnam Bank, Mr. Paul Kim, attributes this optimism to Vietnam’s robust economic growth, emphasizing the country’s embrace of digitalization.
As Vietnamese consumers become more digitally savvy, the use of mobile banking applications has surged by 54% over the year. Over half of the surveyed individuals prefer online channels for international money transfers and checking reward points.
Photo: Diem Amelinda/ Ha Noi Xin!
In the payment landscape, Vietnamese consumers demonstrate a keen awareness of the latest technologies, with e-wallets, card payments on mobile wallet apps, and e-commerce payment platforms being the preferred methods for 67%, 58%, and 55% of respondents, respectively.
The UOB survey also reveals that four out of five consumers in Vietnam use e-wallets at least once a week and are likely to recommend them to others. Among e-wallet providers, Momo ranks as the most popular, followed by ZaloPay and VNPay.
Over the past two decades, Vietnam has consistently asserted itself as a significant destination on the world map. This long-term appeal is evident in Viessmann’s decision to choose Vietnam as the first country to establish a factory in Southeast Asia. After four years of market research and team establishment, Viessmann officially announced the investment in a factory in Long Thanh district, Dong Nai province, covering a total area of 2,286 square meters.
Fitch Ratings has recently unveiled its forecast for Vietnam’s economic growth in 2024 and 2025. According to the credit rating agency, the robust financial and monetary policies implemented by Vietnam domestically have not only bolstered its own economy but have also provided support to several others.
Fitch Ratings projects a 6.3% economic growth for Vietnam in 2024, followed by an anticipated surge to 7.0% in 2025, underscoring the positive impact of the nation’s fiscal strategies. The agency points out that Vietnam’s medium-term economic fundamentals remain favorable, offering promising prospects for the banking sector.
However, Fitch notes a slowdown in Vietnam’s economic growth to 4.3% in September 2023, attributed to weakened external demand and persistent challenges in the real estate sector.
In response to this economic landscape, on September 11, the National Assembly ratified the Decision on the 2024 Socio-Economic Development Plan. The approved plan sets a GDP growth target of 6-6.5% and aims for an average Consumer Price Index (CPI) growth rate of 4-4.5%. Some members of the National Assembly view these targets as ambitious, but Chairman of the National Assembly’s Economic Committee, Vu Hong Thanh, asserts that such aspirations signal the government’s commitment to achieving growth while maintaining flexibility in implementation.
Rong Viet (VDSC) supports the proposed growth targets, considering them appropriate. This assessment is based on expectations of a moderate recovery in the manufacturing sector, particularly among exporters. Furthermore, investment spending is projected to rise by 13% compared to the annual National Assembly budget plan and by 19% compared to the 2023 estimate. Notably, this does not include the unresolved capital portion of the economic recovery and development program, set to expire in 2024. The overall optimism is further fueled by increased business and consumer confidence stemming from reduced interest rates, fostering a more positive outlook for domestic economic activity in 2023.
