Hanoi sees sales of apartments surge in Q4 2018

An illustration photo of VinCity Ocean Park residential project in Hanoi which attracted many customers for its VND1-billion apartments. Hanoi saw sales of apartments surge in the fourth quarter in 2018

During the last quarter of 2018, property investors in Hanoi offered 15,100 apartments for sale, up 120% quarter-on-quarter and hitting a record high for quarterly sales so far, with 11,400 units sold, according to a report on the municipal property market released by Savills Vietnam.

Do Thu Hang, head of the research department at Savills Vietnam in Hanoi, said that the apartments were offered by eight new residential projects and 28 old ones. The sales in the quarter reaped positive results, up over 80% quarter-on-quarter and nearly 70% year-on-year.

Also, Grade B sales volume accounted for the majority of the market share, with Ha Dong, Tu Liem and Gia Lam remaining in leading positions for the number of apartments sold. As for HCMC, Grade C apartments led the market. Meanwhile, local residents in both cities mainly sought apartments in the Grade C segment, but investors in Hanoi mainly offered apartments in Grades A and B.

In addition, the VinCity Ocean Park residential project in Hanoi attracted many customers for its VND1-billion apartments.

Wrapping up the year, property investors supplied 36,000 apartments for sale in the capital city, with 31,000 products sold.

Experts said that Hanoi saw a much higher oversupply of homes than HCMC as investors in HCMC had followed up on the demand for accommodations.

As for this year, local residents will continue to have a wide selection of apartment types and investors. Savills forecast that more than 40,000 products of 36 residential projects will be launched on the market, with Grade B units making up the majority.

Hang added customers have various options for buying houses while only genuine investors can make handsome profits.

HCMC taxman urges quick guidance from top tax, finance regulators

An employee loads beer onto a truck

The HCMC Tax Department has proposed the General Department of Taxation and the Finance Ministry present timely instructions to collect tax arrears from Saigon Beer, Alcohol and Beverage Corporation (Sabeco) and Unilever Vietnam, the head of the department, Tran Ngoc Tam, told the local media at a tax review teleconference last week.

The department has refrained from its efforts to coerce Sabeco into paying VND3.14 trillion (US$135.4 million) in special consumption tax and fines for violations of tax laws in the 2007-2015 period, following the request of Prime Minister Nguyen Xuan Phuc.

The PM has asked the relevant ministries and agencies to take the conclusions of the State Audit of Vietnam (SAV) and the Government Inspectorate on the brewer’s violations into careful consideration.

Thai Beverage Public Co., Ltd. has officially converted Sabeco into a foreign-owned brewery by hiking its charter capital in Vietnam Beverage – the firm that holds 53.59% of all issued shares of Sabeco.

SAV had earlier also requested the General Department of Taxation and the HCMC Tax Department to urge Unilever Vietnam to pay over VND575 billion (US$24.7 million) in corporate income tax.

According to SAV, Unilever Vietnam applied for the extension of their operations in the 2009-2013 period and needed to pay tax arrears for it.

Later, the HCMC taxman warned it might have to force Unilever to pay. However, the firm sought the PM’s help over the warning, proposing the Government leader direct the competent ministries and agencies to wait for the Government’s final conclusion.

Head of the General Department of Taxation Bui Van Nam noted that 61 of the country’s 63 localities had achieved their tax collection targets, with 48 localities surpassing their targets by more than 7.3%.

The taxation sector collected more than VND1,140 trillion (roughly US$50 billion) in taxes for the State budget in 2018, equivalent to 107.2% of estimates and up 12.3% from 2017.

Deputy Prime Minister Vuong Dinh Hue stated that 2018 marked the first time that tax collection had surpassed the mark of VND1,000 trillion, adding that the growth in domestic revenue was higher than the gross domestic product growth plus inflation, which demonstrated the strength of the economy.

The senior Government leader said the National Assembly was scheduled to consider and approve the revised Law on Tax Management, which is expected to create opportunities for the sector.

He noted that the sector should make recommendations on revising laws related to taxation policies based on the Politburo’s resolution on tax reform, in line with international practices.

He also requested the tax sector, in collaboration with the Finance Ministry, to report on foreign direct investment (FDI) issues, helping the Government submit to the Politburo a resolution containing guidance for FDI attraction.

The sector should study and propose to the Finance Ministry and the Government various taxation systems and policies that are suitable for a digital economy and new business models, he added.

Gigamall opens in Thu Duc District

Shopping center Gigamall on Pham Van Dong Street in HCMC’s Thu Duc District

Gigamall, a new shopping center located on Pham Van Dong Street in HCMC’s Thu Duc District, opened for business today, January 12, offering a wide variety of shopping and entertainment services for local residents in the city and neighboring provinces.

The facility, with a floor area of over 110,000 square meters, includes seven stories, two basements and one rooftop, which will house numerous stores, food courts, entertainment zones and offices for lease, as well as popular brands, such as Starbucks, Gongcha, Sumo BBQ, Texas Chicken, and Nitipon.

Notably, an entertainment complex, named JP World, offers shoppers advanced technology, featuring 3D displays that are expected to entertain visitors of all ages.

The mall was designed based on a shoppertainment concept, an ongoing trend throughout the world, which combines a retailing model with shopping and entertainment activities.

Additionally, the rooftop will accommodate a playground, called Sky Zone, which offers free entertainment activities for children, along with restaurants offering a variety of cuisines.

Stock market seen underpinned by macro developments in 2019 - expert

Investors may find a slew of opportunities from domestic equities this year as the local macroeconomy is expected to maintain stability, said Tran Xuan Bach from the macro and market research department of Bao Viet Securities Company.

According to the expert, the market will see minor ups and downs this year, driven by factors such as emerging market status upgrade, State capital divestment, or the revised Securities Law.

Meanwhile, macro developments in the country are expected to stay neutral with little adverse impact on the stock market. Therefore, the VN-Index will be supported as many listed enterprises may continue posting up steady profits this year, Bach said in an interview with vietstock.vn.

However, Bach advised investors to pay attention to some overseas risks such as the public debt crisis in Italy, an economic slowdown in China and the U.S. Further, the U.S. Federal Reserve may continue hiking interest rates to a level that enterprises will find business expansion unattractive.

As short-term fluctuations are forecast, Bach said investors may find out better trading opportunities than last year. This year, the market will still be driven up by banking, property and petroleum sectors and a number of large caps such as VIC, VHM, HPG, VCB and TCB.

Many blue chips will promise profits for investors in 2019, but their gains may be lower than levels obtained last year. Besides, large caps are expected to attract foreign capital thanks to foreign ownership limits being raised alongside stock market status upgrade.

Meanwhile, mid cap stocks will see clear divergence, and their developments depend on the performance of each enterprise. Last, it is rather difficult to seek opportunities in small stocks.

“In general, I will look for stocks of enterprises with good fundamentals and the ability to maintain profit growths in 2019, or having prices dropping below their real values and reporting high liquidity,” Bach added.

Last Friday, the VN-Index of the Hochiminh Stock Exchange inched up by 0.49% to close at 902.71, slightly above the crucial psychological level of 900 points. Housing firm VHM, dairy enterprise VNM, budget airline VJC and retailer VRE contributed significantly to the gain of the index.

Trading value on the southern market increased by 7% from the previous day to reach VND2.8 trillion. For the whole week, the VN-Index rose by 2.48% to post the first weekly gain in the last five weeks.

Cat Lai Port at risk of exceeding capacity ahead of Tet

Goods are transported to and from Cat Lai Port. The port may face congestion ahead of Tet 

Cai Lai Port in HCMC’s District 2 is likely to face congestion ahead of the Lunar New Year (Tet) holiday due to the surge in goods being transported through the port and the backlog of scrap containers, Sai Gon Giai Phong newspaper reported, citing a representative of the HCMC Customs Department.

Containers of waste subject to the import ban are still being handled. However, the department is having difficulty transporting these containers out of the port as doing so affects the circulation of goods at the port.

The HCMC Customs Department plans to examine 2,500 scrap containers abandoned at the Cat Lai and Hiep Phuoc seaports and has already checked 400 of them.

In addition, customs clearance procedures for 110 containers of imported goods at Cat Lai Port have yet to be completed.

According to Saigon Newport Corporation, nearly 3,000 containers of goods have been left at Cat Lai Port. However, only a few hundred of them have been opened for examination, causing congestion and hindering enterprises from receiving their goods.

Labor issues may hinder EVFTA signing

Chang Hee Lee, ILO Country Director for Vietnam, speaks to the media in HCMC on January 14 

The EU-Vietnam Free Trade Agreement (EVFTA) may not be signed as soon as expected because Vietnam has yet to address key labor issues, the International Labor Organization (ILO) told the media in HCMC on January 14.

ILO Country Director for Vietnam Chang Hee Lee said that the EVFTA might go before the European Parliament in March.

Until then, if Vietnam makes no progress in meeting labor requirements based on ILO declarations on basic principles and rights, the EU ratification of the agreement may not happen, which would be a major loss for Vietnam.

Vietnam has not yet ratified three out of eight basic conventions, including those on collective bargaining (98), freedom of association (87) and forced labor (105).

According to Lee, Vietnam’s Ministry of Labor, Invalids and Social Affairs plans to present convention 98 for ratification this May, convention 105 next year and convention 87 in 2023.

Lee said that such a ratification plan is good but not enough for the European Parliament, whose term will end this May ahead of elections. If there is no progress before the election, the possibility of the EVFTA being ratified by the EU would be low, he added.

One of the things that must be taken into account is the revised Labor Code. The revision aims to align the law with the standards of the ILO, particularly on issues concerning collective bargaining and freedom of association, as well as to meet the requirements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which came into force on January 14.

As planned, the draft law revision should have been released last September. However, the draft is not yet available.

PV Gas looks to boost LPG retailing

File photo of a man handling a gas cylinder. The local LPG retail market has seen severe competition among many local suppliers 

PetroVietnam Gas Joint Stock Corporation (PV Gas), the largest national supplier of liquefied petroleum gas (LPG), plans to continue investing strongly in its LPG retail business, Vu Dinh Huy, spokesperson of PV Gas, said at a press briefing today, January 15, in HCMC.

Addressing the event, Huy noted that PV Gas had only obtained a 25% share in the LPG retail market as of last year. Profits from its LPG retail sales remained modest, making up a mere 2%-3% of the firm’s total profits. However, LPG retail reportedly plays a vital role in maintaining the firm’s market share and encouraging the business growth, and will be boosted in the near future, said Huy.

PV Gas over the years has employed consultants at home and abroad to outline strategies, which have already been approved, to promote LPG retail in the long run to develop distribution channels more sustainably and thus increase its market share, as well as promote the PV Gas brand, according to Huy.

The increase of PV Gas’ ownership in PV Gas North and PV Gas South was also aimed at raising its market share in the retail market.

Commenting on the local LPG retail market, Huy pointed out that the market has seen tough competition among hundreds of local suppliers. In addition, many brands were reportedly found cheating buyers in multiple ways to earn hefty profits.

Regarding the sales of LPG, PV Gas gained a 60% market share in the national market. As of December 2018, the corporation had supplied 1.6 million tons of LPG.

Further, PV Gas is seeking business partners to accompany it during the equitization process. These partners should be major businesses that boast high potential for the growth of the gas business and a strong financial background.

Saigontourist plans new high-end hotels

Customers buy tours of Saigontourist Travel Service Company, an affiliate of Saigontourist Holding Company 

Saigontourist Holding Company, which currently manages over 100 hotels, resorts, restaurants and travel companies, has announced plans to build new luxury hotels this year.

At a conference on the company’s performance in 2018 held today, January 15, a Saigontourist representative said the company this year would inaugurate the four-star Sai Gon-Ba Be resort in the northern mountainous province of Bac Kan, upgrade Sai Gon–Con Dao Hotel in Ba Ria-Vung Tau Province and build new hotels in Danang and Nha Trang.

In addition, the company will set up new investment projects in Hanoi, Phu Quoc, the Central Highlands and the northwestern region.

In HCMC, the corporation will speed up the progress of projects to expand the Majestic Hotel, upgrade the Continental Hotel and build a five-star hotel on Cong Truong Lam Son Street and another on Le Loi Street.

At present, Saigontourist has many four- to five-star hotels nationwide, with more than 7,500 rooms. Last year, the average occupancy rate at Saigontourist’s hotels was 68%.

In 2018, the company served 2.92 million tourists, up 14.7% over the year-ago period, and generated VND21.42 trillion (US$924 million) in revenue, a year-on-year increase of 6.7%.

It expects to serve 3.1 million tourists and earn revenue of VND22.46 trillion this year.

Thien Tan Group selects FTC Solar for Mo Duc project

FTC Solar has been selected as the supplier of single-axis trackers for the Thien Tan Group’s 19 MW Mo Duc solar project in central Quang Ngai province.

The project, one of the first with private capital, has begun construction and will supply 28 million kWh to the national power grid.

“We have been working with FTC Solar from the beginning of this project, and their capacity to support our Duc Minh project from development through construction has been an important element of our success,” said Mr. Huynh Kim Lap, Chairman of the Thien Tan Group. “Thien Tan and FTC Solar will become strategic partners in the renewable field in Vietnam and globally.”

FTC Solar has provided a full suite of engineering services for the project, including development engineering, detailed project design and, most recently, being selected as the single-axis tracker supplier. 

The collaboration with Thien Tan represents FTC Solar’s first venture into the Vietnamese market. “We are honored to be selected by the Thien Tan Group to supply 19 MW of our solar trackers and are excited to enter the growing PV market in Vietnam,” said Mr. Tony Etnyre, Vice President of Operations at FTC Solar. “We expect our engineering and supply partnership to lead to further mutual success in the region.”

FTC Solar is a team of dedicated renewable energy professionals focused on delivering single-axis trackers, value-add software, and engineering services to its customers. With over 4 GW of worldwide project experience, FTC Solar’s offerings drive value for solar applications, including ground mount, canopy, and rooftop.

The Thien Tan Group specializes in investment and construction for transportation, irrigation, civil, and industrial infrastructure projects. It brings together a team of highly qualified management with experience in investment construction, a group of skilled technical workers with high professionalism, strong financial capacity with synchronized machinery, and equipment that meets all requirements of construction works in Vietnam.

Explosion in Hanoi's apartment segment in Q4 2018

Hanoi’s real estate market saw an explosion in the apartment segment in the fourth quarter of 2018, reaching a record in new supply, according to Savills’ quarterly report released last week.

The report noted that eight new projects and the next phases of 28 projects provided approximately 15,100 units, up by some 120 per cent quarter-on-quarter and year-on-year.

Transactions rose 81 per cent quarter-on-quarter and 69 per cent year-on-year, while the absorption rate increased by 9 ppts quarter-on-quarter and 5 ppts year-on-year to 34 per cent.

The average asking price was $1,370 per sq m, up 3 per cent quarter-on-quarter and 10 per cent year-on-year. The mid-end accounted for 61 per cent of stock, followed by the low-end with 31 per cent.

The report also forecast that more than 41,300 units will enter the market in 2019 from 36 projects, mostly mid-end.

Mr. Troy Griffiths, Deputy Director of Savills Vietnam, said that apartments with reasonable prices and small areas will receive the most attention in Hanoi this year.

In Ho Chi Minh City, meanwhile, 23 new projects and 13 next phases of active projects supplied over 9,500 units in the fourth quarter. There were over 18,300 primary units, down 3 per cent quarter-on-quarter and 44 per cent year-on-year.

Sales were over 11,000 units, up 10 per cent quarter-on-quarter but down 27 per cent year-on-year. The absorption rate peaked at 60 per cent, up 7 ppts quarter-on-quarter and 14 ppts year-on-year. The low-end was the main driver, with 58 per cent of transactions and an absorption rate of 64 per cent.

To 2021, over 154,000 units from 100 projects are to launch, 66,000 of which are expected to enter the market this year.

Regarding Vietnam’s economy, the report noted that GDP growth reached 7.1 per cent last year, bolstered by strong manufacturing and exports. The expansion of the service sector was robust, supported by private consumption and record tourist arrivals. National retail sales of goods increased 12 per cent year-on-year to $145 billion.

Total export value in 2018 exceeded $244 billion, resulting in a trade surplus of $7.2 billion. FDI sectors accounted for over 70 per cent of export value, with the US remaining the largest market.

Though total registered FDI decreased slightly in 2018, by 1 per cent year-on-year, disbursed FDI increased 9 per cent to over $19 billion.

Savills Vietnam new manager at Mulberry Lane

Savills Vietnam has been appointed to take over the management of the Mulberry Lane residential development from the Mulberry Lane Building Owners Committee. Located in the Mo Lao urban area in Hanoi’s Ha Dong district, the development covers a total of 24,466 sq m with five towers and nearly 1,500 apartments.

It features large green areas on 60 per cent of the total area and facilities including swimming pools, playgrounds, and gyms along with entertainment such as 3D golf, family karaoke, libraries, and others.

As the newly-appointed property manager, Savills Vietnam will provide Mulberry Lane with more than 30 dedicated personnel. The property management team has now taken over technical systems and facilities as well as operational procedures from the previous manager.

Ms. Vu Kieu Hanh, Head of Property Management at Savills Hanoi, said that with Mulberry Lane, Savills Vietnam paid particular attention to the maintenance of technical systems and machinery, which contributed greatly to the smooth operation of the project and ensured uninterrupted routines for residents. “Taking over an operational project does pose certain challenges,” she added. “The decision to replace the property manager puts pressure on the successor to maintain and further improve the quality of the management and operational services.”

Mulberry Lane is among the new additions to Savills Vietnam 5 million sq m management portfolio, joining Blooming Tower Da Nang, Sun Grand City Ancora Residence, and Belvedere Hanoi.

Savills is one of the leading property management practices in Vietnam, with more than 50 developments in its portfolio in Hanoi, Ho Chi Minh City, Da Nang, Hai Phong, and Vinh.

Hai Phong's real estate market flourishes in 2018

Northern Hai Phong city’s real estate market flourished in 2018 in a number of segments, according to a Savills report.

Many segments have been supported by the development and completion of important infrastructure such as the Ha Long - Hai Phong Highway, Vu Yen I Bridge, industrial parks (IPs), and the Hai Phong International Container Port.

The city’s economy has also developed strongly over the last five years and attracted increasing foreign investment. In the first eleven months of 2018, it attracted $2.49 billion in registered FDI capital, ranking its third following Hanoi and Ho Chi Minh City. It was ninth in the country’s provincial competitiveness index in 2017.

Of note, the serviced apartment market sees occupancy at over 90 per cent and rents are competitive compared to Hanoi.

According to the Ministry of Planning and Investment (MPI), in 2017, Hai Phong had a leasing area of about 3,000 ha from seven IPs. Nomura, Phase I at Trang Due, and Phase I at Deep C IPs are all full.

In 2018, huge investment from South Korea in the Trang Due IP included LG Display Hai Phong, with additional capital of $500 million in February, and LG Innotek Hai Phong, which added $501 million in August.

VinFast, Vingroup's automobile and electric motorbike manufacturing arm, has registered to invest $1.5 billion at the Dinh Vu - Cat Hai Economic Zone.

Meanwhile, the low-rise residential market has many well-planned urban areas that are changing the face of the city. Notable investors include Vingroup, Hoang Huy, Him Lam, Agape Vietnam, and the Viet Anh Investment and Development JSC.

In the resort and hotel segment, Vingroup, Sungroup, and the FLC Group will have projects in the city, on Cat Ba Island and in Do Son. Hilton, Nikko and Pullman will also increase their presence with three five-star hotels.

The low-rise segment may receive five new projects, while the apartment segment may see greater participation by foreign investors as well as by Vingroup’s VinCity.

SonKim Land gets first phase of The Metropole Thu Thiem underway

The Quoc Loc Phat JSC, the owner, and SonKim Land Corp., the developer of The Metropole Thu Thiem project, have initiated The Galleria Residences, the first phase of the project. Right at the intersection of Ho Chi Minh City’s central districts, residents will find it quick and easy to commute to the CBD, especially when Thu Thiem Bridge 2 comes into operation in 2020.

The Galleria Residences will feature a host of artistic sculptures and artworks providing a gallery-like atmosphere for residents while they enjoy the Metropolitan lifestyle. Having tremendous success in its Luxury Boutique Strategy, SonKim Land is now expanding its development scale and reaching out beyond the Boutique level to be an iconic leader in the Luxury segment of Vietnam’s real estate market.

SonKim Land has already won prestigious awards for its real property projects, with its The Serenity Sky Villas project, developed by SonKim Land Corporation, recently winning “Best Condominium Asia Pacific” and “Best International Condominium” awards at the International Property Awards.

Each tower in The Galleria Residences are comprised of 12 stories with a total of 486 units (456 residential units and 30 commercial). All project deliveries are scheduled for completion in 2020.

Quoc Loc Phat and SonKim Land teamed up with international consultants such as DP Architects Pte. Ltd. from Singapore as the master planner, architects KAZE from Vietnam as project interior designer, ADA from France as show unit interior designer, Land Sculptor Studio from Thailand as landscape architect, ARCADIS from the Netherlands as quantity surveyor, AURECON from Australia as M&E engineer, ACONS from Vietnam as civil and structural designer, and Vietcombank as financial partner.

Thanks to its prime location along the Saigon River across from the historic center and business district of Ho Chi Minh City, The Galleria possesses sweeping 180-degree views of densely-populated District 1, District 4, and Binh Thanh district. Moreover, the smart master plan maximizes the view from each apartment, with more than 90 per cent of units featuring their own premium open view towards the river, District 1, or internal landscaping, which includes a green space, luxury shopping streets, and flagship stores, etc.

“We are very pleased with The Galleria Residences and the project is a perfect showcase of the next level of our Luxury strategy,” said Mr. Andy Han Suk Jung, CEO of SonKim Land. “Residents in the Galleria Residences will enjoy the luxurious comfort and convenience of a high-end lifestyle. The project is also a world of arts, where sophisticated artistic expression can be found in every detail of the project. We are also proud to partner once again with outstanding international consultants who share our vision of making The Galleria Residences a great success.”

Integrated resort island Quan Lan to be developed

Development is to proceed at the integrated resort island of Quan Lan in northern Quang Ninh province. According to the plan, it will have eight resorts, tourist and residential towns, a golf course, transport and cargo ports, a cultural park, and an industrial park, with all waste processed on the island.

The project was proposed by Mr. Paul Stoll, CEO of Chao Global. The concept aims to elevate Vietnam’s tourism development to new heights and serve as a model development for environmentally-conscious and high-quality tourism. It is supported by the Vietnamese Government, PricewaterhouseCoopers (PWC), and Arcadis, the lead consultants of the project, and has become part of the country’s master plan approved by the government.

Lifestyle hospitality and tourism brand Chao Global will be in charge of the development of a luxury resort on the integrated resort island. The full-service resort will be located on a stunning 70-ha site and include 160 rooms, 90 villas, and various facilities and services.

“The architecture and design of the resort is spectacular and follows the spirit of environmentally-friendly development, setting the bar high for this new type of quality tourism in Vietnam,” said Mr. Stoll.

Quan Lan is part of the Van Don Special Economic Zone, which has been earmarked to drive economic development in the north of Vietnam with a focus on quality tourism.

The area has already become Vietnam’s hottest investment zone, with fast-rising land prices, strategic incentives, and an international airport, which was opened on December 30. The Hai Phong - Van Don Expressway also opened recently, connecting Hanoi, Hai Phong, Ha Long city, Van Don and Mong Cai, and shortens the previous five hour travel time to two and a half hours.

Tien Giang divides economic regions to boost tourism

Tien Giang Square, where the Culture, Sports and Tourism Festival 2019 takes place 

The Mekong Delta province of Tien Giang has divided itself into three economic zones to create spillover effects on the tourism sector, said the province’s chairman, Le Van Huong, at the Culture, Sports and Tourism Festival 2019 there on January 11.

Addressing the opening ceremony of the festival, Huong said that the local government has taken various measures to unlock its tourism potential. One is the division of economic zones.

In the western region of the province, the outlying district of Cai Be has been regarded as a driving force, thanks to its Dong Hoa Hiep ancient village festival.

He said expanding the scale of the annual festival will create spillover effects toward the district through a local islet, called Tan Phong.

The central urban economic zone, according to Huong, is aimed at raising the quality of tourism services in Thoi Son Islet of My Tho City, together with the development of a pedestrian area along the Tien River, and a night food market.

Meanwhile, the eastern economic zone will originate from the development of industries, the real estate market and commerce in an attempt to stimulate urban development.

Afterwards, the development of tourism in Tan Thanh Sea of Go Cong Dong District will be associated with cultural relics in Go Cong Town and Ngang Islet of Tan Phu Dong District, along with improvements in Truong Dinh Temple. The aim is to form a festival center of the zone.

The chairman said the province will link the tourism development of the zones and will organize additional events and festivals to woo more visitors.

Exhibitions, fairs, cuisine festivals and a forum on tourism startups are scheduled during the event, which will last until January 14.

Tien Giang is known for her community-based, cultural, spiritual and healthcare tourism, with such fascinating destinations as Thoi Son Islet, Dong Hoa Hiep ancient village, floating market and traditional craft village in Cai Be District, orchard garden in Tan Phong Islet, Dong Thap Muoi ecological conservation area, and Truc Lam Chanh Giac monastery.

More than two million tourists, including some 800,000 overseas, reportedly visited the province last year.

Local tour operators earned roughly VND1 trillion, or US$43,000, marking a 26% rise from a year earlier and making an important contribution to the gross regional domestic product.

This year, the province targets 2.1 million tourists, including 850,000 foreigners, and VND1.14 trillion in tourism revenue.

The nation saw over 280,000 autos sold last year, a 5.8% year-on-year increase, according to statistics from the Vietnam Automobile Manufacturers Association (VAMA). The figure was seen as significant, as auto imports nearly ground to a halt in the first half of 2018 due to obstacles created by new car importing policy.

During last year, more than 190,000 passenger cars were sold, up 27% year-on-year, while sales of commercial and specialized vehicles plummeted. The number of commercial autos dropped by 19% to nearly 85,000 units, while some 7,000 specialized vehicles were sold, down nearly 50%.

Sales of locally-assembled cars rose by 10% to over 200,000 units, while over 70,000 imported cars were sold, down 6% compared with 2017.

According to VAMA, more than 34,000 cars found buyers in December last year, up 10% month-on-month and some 20% year-on-year. The figure included nearly 24,000 passenger cars, 9,000 commercial cars and 505 specialized vehicles. Notably, both domestically-assembled and imported autos during last month picked up over 10% against November.

Analysts forecast that the local auto market will maintain its growing momentum, which is encouraged by many favorable conditions, such as rising gross domestic product per capita index, the young population, and rising demand for travel throughout the country.

They added that auto sales this year will likely exceed 300,000 vehicles, if there are no hindrances.

A report conducted by the Institute for Industry Policy and Strategy of Vietnam (IPSI) showed that Vietnam is considered one of the three largest potential markets in the Southeast Asian region, in terms of auto sales, in addition to Indonesia and the Philippines.

Over the past four years, the local auto market has witnessed an upward spiral of sales and is going to enter the motorization period when the domestic demand for cars is on the rise.

Further, the local auto market is expected to boast robust growth in the coming period, favored by the golden population era, which is forecast to last until 2030, with an increasing middle-class and rising per capita income. Also, many traffic infrastructure projects are under construction and, once completed, will make traveling by car more convenient, according to IPSI.