Noi Bai International Airport in Hanoi has recorded sharp rises in the numbers of international flights and passengers during the holidays of Hung Kings Commemoration Day, National Reunification and International Labour Day from April 29 to May 3.

In total, the airport served nearly 2,700 flights with over 422,000 passengers in the five-day holidays.

The numbers of domestic flights and passengers were equivalent to those in the same period last year while the numbers of international flights and passengers surged 86% and 299%, respectively, data from the airport showed.

A leader of the Noi Bai Airport said that it has deployed aviation security control enhancement measures at Level 1 (the lowest in the three-level scale) from April 29 through May 3 to ensure absolute security and safety for all flights during the holidays.

It has also carried out different solutions during peak hours such as applying IT to estimate the transportation volumes to ready personnel and equipment in service, and increasing coordination with airlines, ground service companies, and police to quickly deal with any circumstances.

As a result, congestion has been avoided while passengers and flights have been served safely, according to the airport authority.

Vietjet reports after-tax profit of 168 billion VND in Q1/2023

Vietjet Aviation Joint Stock Company (HoSE: VJC) has recorded positive performance in Q1/2023, resulting from stable domestic flight operation and expansion of international network.

According to the Q1/2023 financial statements, Vietjet’s air transport revenue reached 12.88 trillion VND (approx. 553 million USD) while the after-tax profit was 168 billion VND (approx. 7.2 million USD), increasing by 286% and 320% YoY respectively. Ancillary revenue, in particular, was reported at 4.31 trillion VND (approx. 185 million USD), accounting for more than 33% of the total revenue.

The company’s consolidated revenue and after-tax profit was almost 12.9 trillion VND (approx. 554 million USD) and 173 billion VND (approx. 7.4 million USD), respectively.

HCMC seeking suitable models for technology trading floor development

The HCMC Department of Science and Technology has just held a formal discussion among IT experts in search of an appropriate technology trading floor.

Assoc. Prof. Dr. Tran Minh Quang from HCMC University of Technology – VNU-HCM stated that if a science-technology trading floor is still unable to perform technology guarantees, it can at least offer services to introduce new technologies and establish an environment for participants to conduct transactions or transfer existing technologies.

More importantly, a technology trading floor must be a bridge to link the four stakeholders of investors – scientists – suppliers – businesses in order to identify the demands of each partner more precisely.

Dr. Nguyen Huu Huan from HCMC University of Economics said that HCMC can consider successful international technology trading floors and capital attraction floors. It can also evaluate possible links between technology trading floors and other trading floors in the country and in the world before developing its own specific model, along with corresponding operation mechanism.

Leaders of the HCMC Department of Science and Technology voiced that the State should only hold a constructive and supportive role. The assessment of technologies should be done by the market or intermediary consultation units. HCMC Science and Technology Department always welcomes all feedbacks and proposals for support activities of technology transfer in the future.

Petrol prices expected to go down on May 4 adjustment

Retail petrol prices in Vietnam are forecast to be revised down in the adjustment on May 4 following falling prices in the world market.

The petrol prices are expected to drop by 1,000-1,200 VND (0.04-0.05 USD) per litre, and oil prices are likely to fall by 810-1,100 VND per litre.

In the world market, oil prices on May 4 continued a downward trend from the previous sessions as investors are concerned about interest rate hikes by the US Federal Reserve (Fed) and the European Central Bank (ECB) as well as a weakening global economy that could dent energy demand.

Since the beginning of this year, petrol prices have undergone 11 adjustments, with six times up, four times down, and once unchanged.

In the latest price adjustment on April 21 by the Ministry of Finance and the Ministry of Industry and Trade, the price of RON 95-III was revised down by 610 VND to 23,630 VND per litre; while those of E5 RON 92 petrol and diesel oil were cut by 490 VND to 22,680 VND per litre and by 750 VND to 19,390 VND per litre.

Northwestern provinces face challenges in improving PCI

Northwestern localities have encountered many difficulties in improving the Provincial Competitiveness Index (PCI) due to unfavourable geographic location, small-scale economy, large investment requirements, and a lack of competitiveness, analysts have said.

They took Dien Bien Province as an example. In the past four consecutive years, Dien Bien's PCI ranking had a deep decline from 44th place, with 64.11 points in 2019 to 62nd place, with 59.85 points in 2022. That brought the province to the group with the lowest PCI rankings in 2022.

Among the province's indicators that saw a drop in 2022 were policy bias, transparency, informal charges and labour policy.

Bui Manh Thang, deputy director of Dien Bien Department of Planning and Investment, told vov.vn that it was difficult for a mountainous locality like Dien Bien to ensure and improve the PCI rankings despite efforts from local authorities.

But right after the PCI ranking results in 2022 were announced, the provincial People's Committee asked relevant departments and agencies to review and then find out effective solutions to improve its provincial competitiveness index, Thang said, adding that Dien Bien was striving to better its indicators, especially in access to land and entry costs to facilitate investors.

Similar to Dien Bien, Yen Bai Province's PCI rankings in 2022 also dropped 11 places compared to that of the previous year. Last year, the province ranked 51st out of 63 provinces and cities due to five declining indicators including access to land, time costs, informal charges, policy bias and labour policy.

However, Yen Bai had three indicators with higher rankings in 2022 including business support policy, entry costs, law and order, Doan Huu Phung, director of the provincial Department of Planning and Investment told vov.vn.

Phung said his province had a specific roadmap to improve the provincial competitiveness index with top priority given to improving proactivity and speeding up administrative reforms, typically in investment, land, and construction.

Meanwhile, a representative from Son La Department of Planning and Investment said the province has implemented drastic solutions to improve the provincial competitiveness index over the past two years, focusing on perfecting its investment environment, accelerating administrative reform and shortening the time to handle administrative procedures in the fields related to enterprises.

Out of 63 provinces and cities, Son La stood in 49th position in the 2022 PCI rankings. That demonstrated the endless efforts of local authorities in creating the right conditions for businesses.

Bui Thuong Hiep, director of Son La based-Muong Muoi Co., agreed. He said Son La Province last year had many changes. It has created more favourable conditions for enterprises to develop and administrative procedures have been greatly shortened.

The PCI, the result of a long-standing collaborative effort between Viet Nam Chamber of Commerce and Industry and the US Agency for International Development, is designed to assess provincial economic governance, the ease of doing business, and administrative reform efforts by provincial governments in Viet Nam to boost private sector development.

PCI comprises ten sub-indices: entry costs, land access and tenure, transparency, time costs, informal charges, provincial leadership proactivity, policy bias, business support programmes, labour policy, and law and order.

The 2022 PCI report was developed from responses from 11,872 firms, including 10,590 domestic private businesses and 1,282 foreign-invested enterprises (FIEs) operating in Viet Nam.

The report named the northern province of Quang Ninh the most competitive province in Viet Nam in 2022 with an impressive score of 72.95.

Quang Ninh has maintained its lead in the rankings for six consecutive years, thanks to its outstanding economic management quality and friendly and supportive business environment.

Bac Giang was in second place for the first time, with a score of 72.80, 8.06 higher than the previous year. Hai Phong was third with a score of 70.76, followed by Ba Ria-Vung Tau (70.26 points) and Dong Thap (69.68 points).

The remaining positions in the Top 10 PCI 2022 were Thua Thien-Hue (69.36 points); Bac Ninh (69.08); Vinh Phuc (68.91); Da Nang (68.52) and Long An (68.45). 

China demands stricter export procedures for food items

During the first three months of the year, it has become apparent that China is emerging as a strong export destination for many Vietnamese agricultural products.

During the first three months of the year, it has become apparent that China is emerging as a strong export destination for many Vietnamese agricultural products. With the US and European market still struggling to recover, China may well be the much-needed answer for Vietnam.

However, to be able to penetrate deeper into the Chinese market of billions of people it will require a drastic transformation in approach as China is no longer as welcoming or easygoing as it was before the pandemic.

Since 8 January when China officially opened its market, many agricultural, forestry, and fishery products in Vietnam have accelerated exports to the Chinese market. In February, the export turnover of a number of such items recorded a sharp increase. Typically, seafood exports to China increased by 33 percent, but fell sharply in major markets such as the US and the European markets. Although this increase has not been able to pull back the overall decline of the seafood industry, it brought hope to many businesses, especially for pangasius fish exporters.

Another commodity that quickly regained its growth momentum when China opened up its doors post-pandemic was vegetables. According to statistics, in the first two months of the year, Vietnam's fruit and vegetable exports earned nearly US$570 mln, up by 12.4 percent over the same period. According to one assessment, the increase in export value to the Chinese market was the main factor for positive export growth in fruits and vegetables.

In the first two months of the year, vegetable and fruit exports to China reached $320 mln, up by more than 25 percent over the same period, and accounting for nearly 57 percent of the total export value of the products.

In general, the agricultural, forestry, and fishery industry in Vietnam exported $1.27 bln worth to China in the first two months of the year and became its largest customer, and also accounted for 20.2 percent of the total export value of Vietnamese agricultural products. The growth momentum of exports to China still maintained throughout March, so by the end of the first quarter, China maintained its position as the largest import market for Vietnam's agricultural, forestry, and fishery products, with an export value of $2.4 bln and with a 21.5 percent market share.

Looking back at the export figure of agricultural, forestry, and fishery products in 2022, Vietnam exported more than $53 bln, of which $14 bln was exported to the Chinese market. Considering China's total imports of $260 bln, Vietnam accounts for less than 5 percent.

In a talk with Saigon Investment, Mr. Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, said that in terms of the fruit and vegetable industry, the Chinese market is very large. Mr. Nguyen emphasized that every year, China consumes over 300 million tons of fruits and vegetables, but only imports 7 to 8 million tons. There are still many opportunities for Vietnamese vegetables and fruits. But in order to go deeper into this market of billions of people, it is necessary to ensure quality as well as issues in food safety and hygiene.

According to Mr. Nguyen, not only do countries in the ASEAN region promote exports to China, but many countries as far away as Chile and Ecuador are also targeting this market. Particularly in fruits, Chile is in the top three major exporting countries to China. Talking more about tightening requirements on food quality and safety, Mr. Nguyen assessed that it is completely normal when Chinese people living standards are improving day by day, and their agriculture is also growing, so the requirements for imported goods will also become more fastidious.

At a forum held in February to promote trade in agricultural products and foods between Vietnam and China, Ms. Tra My, President of the Provisional Association of Vietnamese Enterprises in China, affirmed that the Chinese market is not as easy as before. Ms. Tra My also warned that if the export of goods is not guaranteed then all concerned individuals, businesses, as well as the whole industry will be negatively affected.

The tightening of control of imports by China has been under much discussion since April 2021, when the General Administration of Customs of China issued Order No. 248 on regulations on management of imported food items. Also, the issue of Order No. 249 called for measures for safety in the import of food items.

Accordingly, all foreign enterprises, including Vietnam, who want to export to the Chinese market must comply with these new regulations. Order No. 248 and Order No. 249 came into effect on 1 January 2022. After more than one year of implementation, Vietnamese enterprises have gradually met most of the requirements even though initially there were several difficulties. In particular, when responding to Order No. 249, enterprises had to standardize many production and processing procedures.

Mr. Truong Dình Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers, said that meeting China's requirements for quality, food safety, and hygiene does not make it difficult for Vietnamese enterprises because seafood enterprises have exported goods to many countries such as the US, European Union, South Korea, and Japan, where the standards and requirements are even stricter. Up to now, seafood and fish-related products have been given the most codes by Chinese customs under Order No. 248.

Besides issuing Orders No. 248 and No. 249, China has also implemented strict control of goods crossing the borders with small quotas aimed to bring commercial activities into the mainstream. However, China also requires opening doors for other types of products and renegotiating the Export Protocol for traditional fruits.

In 2022, Vietnam had signed the Protocol for durian, jackfruit, and sweet potato, and this year the Ministry of Agriculture and Rural Development is negotiating for pomelo, custard apple, and avocado. However, in order to meet the Protocol requirements, products must also go through many regulations.

In order to redirect commercial activities into the regular mainstream, the Ministry of Industry and Trade recently issued a draft decree amending and supplementing Decree 14 issued in 2018 on border trade activities for consultation with ministries and related sectors. As per this decree, by the beginning of 2028, border gates and openings will only carry out customs clearance procedures for goods that have been licensed for official export to China. This is to say that sale of goods through small quotas will be completely closed.

Large-scale field model needs suitable policies to overcome obstacles

SGGP Newspaper has conducted an interview with Director Nguyen Nhu Cuong of the Crop Production Department regarding the State’s possible policies to help maintain, expand, and better exploit the large-scale field model.

Director Nguyen Nhu Cuong of the Crop Production Department under the Ministry of Agriculture and Rural Development explained the two primary reasons for the surface area shrinkage of large-scale fields nationwide. Firstly, the economic potential of business partners is not strong enough to support farmers in the aspects of seed and fertilizer provision as well as technique guidance. In addition, the link between the former and the latter is rather loose, mostly not based on legally valid contracts but spoken agreements.

Discussing the ways that such agricultural enterprises like Loc Troi, Trung An have been able to nurture the growth of large-scale rice fields in the Mekong Delta until now, Director Cuong commented that they have successfully addressed the above issues. Not only do they own sufficient capital to support farmers, but they have also signed specific contracts with rice growers, foreign rice buyers for stable high prices. Some even create cooperatives to strengthen this link with farmers.

Stressing that capital lack is one key factor for the shrinkage of large-scale fields in Vietnam, the Director voiced that it is necessary to introduce a strong supporting policy by the State. For instance, it could introduce a credit support package with a lower interest rate than the one in the market and more flexibility (lending money through alliance contracts between businesses and cooperatives). Enterprises can use this loan to invest in plant growing (buying seeds, fertilizer, pesticide, herbicide) to distribute to farmers; then buy rice at the harvesting time.

Alternatively, the State can launch a short-term credit package for farmers to invest in their own plant growing process as long as these people are referred by a cooperative and have a contract with a business for output guarantee.

Evaluating the role of agricultural cooperative lately, Director Cuong said that this organization is extremely effective to address the three major obstacles of the Vietnamese agriculture: small-scale, fragmented, and spontaneous. Participating in a cooperative, farmers must follow a specific crop growing procedure under a formal plan.

Nevertheless, for a cooperative to thrive, its leaders must have administration capability and sufficient experience, along with strong capital. Farmers and enterprises must consider a cooperative as a legal entity, and thus the contract between an enterprise and a cooperative as a business one. It is completely different from spoken agreements between farmers themselves and enterprises, with no legal responsibilities at all, which might be harmful to either partner when the other break this agreement.

As to the direction of the Agriculture and Rural Development Ministry to encourage large-scale fields in the country, Director Cuong shared that this Ministry is preparing the project ‘1 million hectares of high-quality rice field and green growth in the Mekong Delta’.

To be submitted to the Government this year, the project is based on the large-scale field model, with clear criteria on field linking, business partners, identification of the requirements of businesses and farmers in this partnership. From those ideas, the Agriculture and Rural Development Ministry proposes that the State should introduce policies and support packages to both farmers and businesses.

Minister of Agriculture and Rural Development Le Minh Hoan insisted that for the large-scale field model to maintain and expand nationwide, there must be different approach methods according to the specific features of each region in order to transform the mind of the public to the agricultural economy.

Not only a combination of various small fields, but this model is also a way to increase the produce quality as well as quantity. Therefore, a value chain must be formed alongside the expansion of the surface area of large-scale fields. The role of cooperative economy, especially agricultural cooperatives as a legal representative, is key to link between individual farmers and businesses.

Deputy Director Tran Thai Nghiem of the Can Tho City Department of Agriculture and Rural Development said that in the large-scale field model, seeds are simultaneously sowed, then crops are harvested all at the same time. This might prove challenging for businesses, which often need a huge amount of money to purchase produce then.

In Can Tho City, on average, an enterprise must have VND120 billion (US$5.1 million) to purchase rice in each harvesting period, not to mention the wage to hire laborers, goods transport means, rice milling. Therefore, Vietnam State Bank should work with commercial banks to support businesses in that peak time (short-term loan from 3 – 5 months).

Chairman of the Directors Board of Loc Troi Co. Huynh Van Thon shared that the role of a cooperative in the large-scale field model is extremely important. Sadly, not many regions have well-operative cooperatives to closely link farmers and enterprises. It is essential that the local authorities help farmers by establishing such necessary organizations.

Farmer Thai Van Can from Hong Ngu District of Dong Thap Province voiced that localities must work with research institutes to create new rice types that are suitable for the land features of each region to achieve the highest possible yield.

Meanwhile, farmers must be regularly updated with advanced growing techniques to improve their performance. The functional agencies must collaborate with related units to provide precise forecast on the market demands so that farmers and businesses are more active in their crop growing activities.

PM requests on promoting production and export of forestry, aquatic products

The Government Office has just announced Prime Minister Pham Minh Chinh’s request on removing difficulties and promoting the production and export of forestry and aquatic products.

Prime Minister Pham Minh Chinh asked the State Bank of Vietnam to control credit policy appropriately to provide credit capital for businesses as well as to have solutions to reduce lending interest rates to support businesses, especially export enterprises.

He directed that credit should be oriented to production and business, priority fields including aquatic and forestry products while creating favorable conditions for forestry and aquatic processing enterprises to access credit capital aiming to promote livelihoods for farmers and fishermen.

Moreover, competent agencies should continue supporting policies, and preferential policies while proposing a credit package of VND10 trillion to support enterprises in the production and processing of forestry and aquatic products in May 2023.

The Prime Minister assigned associations of forestry and fishery products to coordinate with the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade and relevant ministries and agencies to implement the brand development project for Vietnam's three key products having competitive advantages including shrimp, pangasius, tuna and other important products.

The above-mentioned ministries and responsible agencies should also promote digital transformation, apply scientific and technological innovations in production and business to reduce cost price, improve competitiveness and protect the environment.

My Thuan 2 Bridge to be completed this year

The My Thuan 2 Bridge project is expected to be completed by the end of the year, according to contractors.

They have geared up machinery, equipment and human resources to continue the work throughout the public holiday, from April 29 to May 3.

The project has four packages, with three for road infrastructure and one for the bridge. The road is over 78% complete by contract volume.

Once in place, the bridge will be connected to the Trung Luong-My Thuan and My Thuan-Can Tho expressways, helping ease the traffic on the current My Thuan bridge and National Highway 1A.

The bridge will be some 1.9 kilometers long, while roads leading to the bridge will be over 4.7 kilometers long.

The project is part of the eastern North-South expressway project.

Vietnam's exports plunge in first quarter

Vietnam's exports are down almost 12 per cent in the first four months of the year, with some sectors reporting declines of between 6 and 19 per cent.

The statistics published by the General Statistics Office of Vietnam showed that from January to April, there were 20 sectors with an export turnover of more than $1 billion, accounting for almost 84 per cent of the country’s total. Five of these sectors alone have an export value of over $5 billion, equalling over 57 per cent of the total export turnover.

Notably, exports of mobile phones and associated spare parts were valued at $17.4 billion, a decrease of 17.3 per cent on-year. The export turnover of computers and parts was $16.13 billion, a drop of 8.8 per cent, while other machinery and equipment was valued at $13 billion, signifying a decrease of 6 per cent. Garments and textiles stood at $9.6 billion and footwear totalled $6.13 billion, representing a 19.3 per cent and 16.3 per cent fall respectively.

Overall, Vietnam's exports between January and April were down 11.8 per cent at $108 billion. The export value of foreign-invested enterprises was just under $80 billion, a decline of 12.1 per cent on year, while simultaneously accounting for almost 74 per cent of the total export value of the whole country.

According to experts, the high inflation rate has forced many countries to tighten their monetary policies, with no change expected until the second half of the year. In addition, the real estate and bond markets in many countries face a bleak outlook, leading to a decrease in purchasing power and the demand for goods from markets such as Vietnam.

The plunge in exports has also had a knock-on effect on imports. In the first four months of the year, the total import turnover of Vietnam was $102.2 billion, down 15.4 per cent on-year.

Prime minister asks for $435 million bailout to support forestry and aquatic sectors

Prime Minister Pham Minh Chinh has tasked the State Bank of Vietnam (SBV) with studying a bailout worth VND10 trillion (almost $435 million) to support the forestry and aquatic sectors.
 
The prime minister has assigned the SBV to find solutions to provide credit and decrease lending rates for enterprises involved in the forestry and aquaculture sectors. The SBV has been asked to build the bailout package this month in order to support the relevant firms in a timely manner.

The prime minister requires the Ministry of Finance to propose governance agency solutions on the exemption, reduction, and postponement of the taxes, land and water surface rents, and land use fees that are to be applied in 2023.

Associations and businesses should closely coordinate with ministries to ease the difficulties in terms of VAT refunds and trade lawsuits while ensuring the implementation of product traceability.

He directed the Ministry of Industry and Trade to review and amend legal regulations, mechanisms, and policies related to trade, and strictly address violations to prevent them from affecting the reputation of Vietnam’s forestry-fishery sector.

Mechanisms and policies to develop domestic and export markets have to be perfected, trade promotion activities must be stepped up, and attention needs to be focused on increasing the market shares of exports to major players such as China and South Korea.

The prime minister’s requirements were issued in response to the weak export turnover of the forestry and aquatic sectors compared to that seen in 2022.

Notably, the export value of timber and forest products was estimated at $17.1 billion in 2022, exceeding the initial target by 3.8 per cent. The industry was expected to increase to $17.5 billion in 2023.

Meanwhile, the export revenue of aquatic products last year stood at $11 billion, equalling an increase of 23.8 per cent on-year and 22.2 per cent up on the target.

However, in the first three months of this year, the accumulated export and import turnover of agro-forestry-fishery products was estimated at $20.63 billion, down 11.2 per cent on-year.

Buon Me Thuot to become economic hub

The provincial planning appraisal council conducted a review of the Dak Lak Provincial Plan towards 2030 on April 25, with Buon Ma Thuot City set to become the economic hub of the Central Highlands.

The province is located in the centre of the Central Highlands and, according to the council, has large areas suitable for agricultural development and huge potential for tourism and renewable energy projects. The goal by 2030 is for local people's quality of life to have risen to the average level of the rest of the country through rapid and sustainable socioeconomic development focusing on a green and circular economy, while maintaining and promoting local cultural identities.

The average annual growth rate of GRDP in the province for the period 2021 - 2030 is expected to be 11 per cent.

Dak Lak has the potential to become a unique and attractive destination for domestic and international tourists, and Buon Ma Thuot will be a development hub for the entire Central Highlands region, integrating and linking in all directions with the region, the country, and the world.

Buon Ho will develop as the centre of politics, economy, culture, sci-tech, and tourism in the northern area of the province, while Ea Kar town will be the central urban area in the province's east, the third economic focal point behind Buon Ma Thuot and Buon Ho.

Minister of Planning and Investment, and chairman of the council, Nguyen Chi Dung said, "The plan shows the initiative and aspiration of the region to grow in a positive direction and set high goals."

The minister proclaimed that the planning met the requirements of the Law on Planning, and the strategic environmental assessment basically met the requirements of the Law on Environmental protection.

Developers and banks make recovery efforts

The real estate market has some signs of recovery with capital injected into the market, helping to create confidence and influence consumer behaviour.

An agreement between Novaland, TPBank, and Ricons Construction Investment last week focused on the construction of The Grand Manhattan apartment-commercial-service complex located in District 1 of Ho Chi Minh City.

According to the deal, TPBank will provide financial support to ensure The Grand Manhattan continues to be implemented after a suspension period and provide credit packages for home buyers. Ricons assumes the role of a general construction contractor, committing to ensure quality and construction progress with the developer Novaland.

A TPBank representative said that in addition to focusing capital on priority areas, it will reserve a part of its credit for real estate projects that are efficient and in line with customer needs.

TPBank’s share partly speaks to outstanding issues – capital that has been frozen in previously approved projects will now be re-granted by the bank on the basis of in-depth evaluation and obstacles on legality being removed.

Interest rates gradually cooling down have also created a positive impact on the real estate market. Lower interest rates not only help homebuyers to be easier in their loans, boosting the demand for real estate to increase again, but also help businesses reduce the pressure of capital costs.

From there, businesses can offer more attractive sales policies, contribute to promoting liquidity in the market, and have more resources to complete unfinished projects and implement new ones.

Records from the market showed that, since the end of March, a number of new ventures have also begun to reopen their sales activities and accelerate the handover process. Most of the products on sale at this time come with many attractive incentives for buyers.

At the end of March, an agreement between Everland Group and HDBank also demonstrated the efforts of real estate businesses and banks in working together to remove some of the biggest issues.

HDBank will become a financial and banking service provider for all projects developed by Everland and its member units. Firstly, it will co-finance for a range of ventures such as the Crystal Holidays Harbor Van Don resort and entertainment complex in Quang Ninh province; Crystal Holidays Marina Phu Yen resort and commercial complex; and Xuan Dai Bay resort services and tourism complex. It will then expand to other projects later on.

Simultaneously, HDBank will deploy preferential programmes on loan packages exclusively for individual customers when performing transactions related to buying, selling, renting, and leasing real estate at Everland initiatives, providing payment services on a digitalised platform and a variety of financial and banking products.

Last month, VinaCapital chief economist Michael Kokalari assessed that the government has implemented many solutions to promote growth, most specifically tax cuts and interest reductions, which allow individuals and organisations to delay the payment of various taxes over 3-6 months.

In addition to a $5.1 billion subsidised loan package to support the development of over one million new affordable housing units, the government has also provided guidance intended to make it easier for banks to restructure loans extended to real estate developers, as well as to other borrowers, although the details of these proposed forbearance measures are still being hashed out.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes