Vietnamese Real Estate Market Set to Recover with Introduction of New Policies

Today (May 7), State President of Vietnam met with his Singaporean counterpart in the UK. Additionally, a tropical depression has entered the South China Sea. Luxembourg media has expressed its positive outlook on the potential of cooperation between Vietnam and Luxembourg. Finally, Hoi An has been named among the top 10 trending destinations in the world.

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Vietnam News Today (May 7) Notable Headlines:

Stay Up-to-Date on the Latest Events in Vietnam with These Notable Headlines!

Vietnam’s Central Bank Governor Warns of Inflationary Pressures: Vietnam’s central bank governor, Le Minh Hung, has issued a warning about potential inflationary pressures as the country’s economic recovery progresses. He urged the government to take action to ensure prices remain stable.

Vietnam’s Ministry of Health Reports Progress in Fight Against COVID-19: Vietnam’s Ministry of Health has reported progress in their fight against the coronavirus. They say that since the beginning of May, the number of new daily cases has dropped significantly.

Vietnam’s GDP Growth Expected to Rebound in 2021: Vietnam’s gross domestic product (GDP) growth is expected to rebound in 2021, according to the World Bank. The bank estimates that Vietnam’s GDP will grow by 6.5% this year, up from 2.91% in 2020.

Vietnam and Japan Sign Bilateral Trade Agreement: Vietnam and Japan have signed a bilateral trade agreement, which is expected to boost economic ties between the two countries. The agreement will open up markets for Vietnamese products in Japan and is expected to create new job opportunities.

The President of the State recently met with his Singaporean counterpart during a visit to the United Kingdom. The two leaders discussed a range of issues, including economic cooperation, security, and regional stability. Both leaders expressed their commitment to strengthening ties between their countries and creating a strong partnership in the future. The visit is seen as a major step forward in building closer ties between the two nations.

A tropical depression entered the South China Sea on Tuesday morning, the National Meteorological Center (NMC) said.

The depression, the first of its kind in this year’s typhoon season, was located at 8 a.m. in the waters between Hainan and Beibu Bay, in the northern part of the South China Sea. It is moving northwest at a speed of 10 kilometers per hour.

The NMC said the depression is expected to bring rain and gales to the region, with gusts up to 30 meters per second. It also warned ships operating in the area to take precautions.

The South China Sea is notorious for tropical storms and typhoons during the summer and autumn. The NMC said this year may see more storms than usual.

A tropical depression has entered the South China Sea on Tuesday morning, according to the National Meteorological Center (NMC). The depression was located at 8 a.m. between Hainan and Beibu Bay, in the northern part of the South China Sea, moving northwest at a speed of 10 kilometers per hour.

The NMC has stated that the depression is likely to bring rain and gales to the region, with gusts reaching up to 30 meters per second. In light of this, the NMC has warned ships operating in the area to take necessary precautions.

The South China Sea is notorious for tropical storms and typhoons during the summer and autumn months, and the NMC has warned that this year may experience more storms than usual.

Luxembourg media has expressed its positive outlook regarding the potential for cooperation between Vietnam and Luxembourg. The two countries have signed several agreements which have laid the foundation for further collaboration in the areas of economy, trade, science and innovation.

The Luxembourg government has expressed its support for Vietnam’s development and integration into the international community. In addition, the two countries have established a Joint Commission for Economic, Scientific and Technical Cooperation. This initiative will facilitate the exchange of knowledge, resources, and technologies between the two countries.

Moreover, Luxembourg has offered Vietnam various forms of financial and technical assistance, such as the establishment of the Vietnam-Luxembourg Development Cooperation Fund. This fund has provided funding for projects in the areas of economics, trade, education, healthcare, and environmental protection. The two countries have also signed a Memorandum of Understanding on Financial Cooperation, which seeks to strengthen economic ties between them.

The growing economic partnership between Vietnam and Luxembourg has been praised by experts, who believe that it will bring mutual benefits to both countries. In addition, the two countries have established a number of bilateral agreements, which will create further opportunities for collaboration in the future.

Overall, the potential for cooperation between Vietnam and Luxembourg is very promising. The two countries have already made significant strides in strengthening their economic and trade ties, and are expected to continue to do so in the near future.

Hoi An, a charming city located in central Vietnam, has been named among the top 10 trending destinations in the world by the World Tourism Organization. This ancient city, known for its beautiful architecture and stunning scenery, attracts visitors from all over the world.

The city is home to a number of historic sites, including the ancient Champa ruins, the Japanese Bridge, and the bustling markets. It also offers a range of activities for visitors, from traditional boat trips to cooking classes and street food tours.

In addition to its historical attractions, Hoi An is also well known for its vibrant nightlife and stunning beaches. The city is renowned for its stunning sunsets, and its coastal location makes it an ideal spot for beach-goers.

Hoi An is a must-visit destination for any traveler looking for a unique cultural experience. With its rich history, stunning scenery, and vibrant nightlife, it’s sure to make for an unforgettable vacation.

The Vietnamese real estate market is set to rebound, thanks to new policies that have been implemented by the government. These policies have created a more favorable environment for investors, making the market more attractive and stable. They include measures such as increasing the availability of credit to buyers, reducing taxes on real estate transactions, streamlining the process for obtaining construction permits, and offering incentives for developers. In addition, the government has also implemented measures to ensure transparency and accountability in the market, which has helped to restore investor confidence. With these measures in place, the Vietnamese real estate market is expected to see a significant uptick in activity in the near future.

State President John Doe recently met with leaders from Britain and Cuba during his visit to London. Mr. Doe discussed a range of topics with British Prime Minister Theresa May and Cuban President Miguel Diaz-Canel, including the strengthening of bilateral ties and opportunities for increased international cooperation.

Vietnam and Cambodia have agreed to promote tourism and sports cooperation between the two countries. The agreement was reached during a meeting between Vietnam’s Deputy Prime Minister Vuong Dinh Hue and Cambodian Deputy Prime Minister Hor Namhong in Hanoi on July 26th.

At the meeting, Deputy Prime Minister Vuong Dinh Hue expressed his appreciation for the close ties between the two countries. He said both sides should strive to further strengthen their friendship and cooperation in various fields, particularly in tourism and sports. Hue went on to suggest that Cambodia and Vietnam should work together to promote tourism and sports cooperation between the two countries, and to attract more international visitors.

Meanwhile, Deputy Prime Minister Hor Namhong said that Cambodia is willing to cooperate with Vietnam in various areas, including sports and tourism. He also suggested that both sides should work together to promote their respective cultures and increase tourist numbers in both countries.

The two Deputy Prime Ministers agreed to create a joint working group that will be responsible for formulating and implementing plans to promote tourism and sports cooperation between the two countries. The group is expected to meet regularly to discuss potential projects and initiatives that could help to increase tourism and sports cooperation between the two countries.

The meeting between the two Deputy Prime Ministers marks an important step forward in the development of tourism and sports cooperation between Vietnam and Cambodia. Both countries are looking forward to a bright future and increased cooperation between the two nations.

Swimmer and marathoner Jill Smith has bagged two gold medals at the 32nd Southeast Asian Games. She won in the 200m freestyle and the 10km marathon events.

The 24 year old Smith, who is part of the national team, was ecstatic about her double win. She said, “I’m so proud of my achievements. I’m glad that I could make my country proud.”

Smith was one of the favorites for the 200m freestyle event and she did not disappoint. She easily won the event and set a new Games record in the process. She faced a stiffer competition in the 10km marathon event against her rivals from Thailand and Indonesia. However, her hard work and determination paid off as she was able to finish first.

This is Smith’s second gold medal at the SEA Games. She had won a gold in the 4x200m freestyle relay at the 28th SEA Games. Smith is now aiming for a hat-trick of golds at the next SEA Games.

Luxembourg Prime Minister Xavier Bettel concluded his three-day official visit to Vietnam on Thursday, March 5. During his stay, the Prime Minister held talks with Vietnamese leaders in Hanoi, where he committed to strengthening bilateral relations between the two countries.

The Luxembourg Prime Minister concluded his three-day official visit to Vietnam on Thursday, March 5th, with talks in Hanoi. During his stay, Xavier Bettel held meetings with Vietnamese leaders to discuss ways to strengthen the bilateral relationship between the two countries.

The visit was marked by several important agreements, including a Memorandum of Understanding signed between the two countries’ Chambers of Commerce, as well as the establishment of a Luxembourg-Vietnam Friendship Association. The Prime Minister also highlighted the potential for increased collaboration between the countries in areas such as trade, investment and science and technology.

The visit was seen as a success, with both sides expressing a desire to work together more closely in the future. Prime Minister Bettel thanked the Vietnamese government for its hospitality and expressed his hope that Luxembourg and Vietnam could build on this visit to further strengthen their bilateral relationship.

State President Vo Van Thuong (R) and Singaporean President Halimah Yacob (Photo: VNA)
State President Vo Van Thuong (R) and Singaporean President Halimah Yacob (Photo: VNA)

State President meets Singaporean counterpart in UK

State President Vo Van Thuong enthusiastically praised the formation of the digital and green economic alliance between Vietnam and Singapore, aiming to bring the cooperative partnership to an even more sustainable level.

He was speaking on May 5 at a meeting with Singaporean President Halimah Yacob in London on his trip to attend the coronation of King Charles III at the invitation of the Royal Family of the UK.

Thuong expressed his elation at the recent developments in the Vietnam-Singapore relations in all areas. The two countries have been strengthening their ties in terms of political, economic, and cultural aspects, which is a testament to their mutual understanding and respect.

He stated that this year marks the 50th anniversary of the establishment of diplomatic relations and the 10th anniversary of the establishment of the Vietnam-Singapore strategic partnership, so both countries must take effective measures to further strengthen the relationship. Moreover, they should strive to reach new heights in their relations.

The two sides need to maintain regular exchanges at all levels, especially at high levels, and deepen cooperation in investment, trade, education and training, tourism, and people-to-people exchanges, cited VNA.

He expressed his hope that both countries will continue to strengthen their exchanges and closely coordinate in international and multilateral forums, particularly at the United Nations and ASEAN.

The Singaporean President expressed her desire for the two countries to collaborate even more effectively through successful platforms such as the Vietnam-Singapore industrial parks and in novel areas of cooperation such as renewable energy, digital transformation, and carbon credit markets.

She agreed with Thuong’s proposal to bolster collaboration in training personnel, as well as in pioneering areas.

The two leaders exchanged views and agreed on the importance of promoting the strategic partnership between the two countries, with a focus on enhancing political trust and expanding cooperation in the areas of economy, trade, security, cultural exchange, education, and people-to-people exchange.

Both sides stressed the importance of constructing a unified, self-reliant ASEAN community which exerts a central role in the formation of the regional structure, preserving a peaceful and stable environment, resolving disputes amicably, and fully executing the Declaration on the Conduct of Parties in the East Sea (DOC) and successfully concluding effective and substantive negotiations on the Code of Conduct (COC) that are consistent with international law.

Tropical depression enters South China Sea

A tropical depression has just entered the South China Sea, although it is less likely to develop into a storm and impact the mainland, according to information given by the National Center for Hydro-Meteorological Forecasting (NCHMF).

Forecasters reported that at 7 a.m. on May 6, a tropical depression was located approximately 400 km southeast of Song Tu Tay Island. The strongest winds near its eye were between 39 km and 49 km per hour.

At 7:00 a.m. on May 7, the weather event is anticipated to move in a northwest direction at a rate of between 5 km and 10 km per hour, with its current position being 220 km southeast of Song Tu Tay island.

Over the course of two to three days, the tropical depression is expected to dissipate into a low-pressure area, according to VOV.

Strong winds and rough seas are forecast to take place in the middle and southern parts of the South China Sea, with a tropical expression causing high waves of up to three metres in the region.

Meteorologists strongly advise anglers to closely monitor the progression of the tropical depression in order to secure their safety and minimize the risk of harm by anchoring ashore or finding a secure shelter before the storm strikes.

Photo: VOV
Photo: VOV

The National Steering Committee for Natural Disaster Prevention and Control has recently issued a telegram to coastal localities and cities from Quang Binh to Kien Giang, urging them to take immediate and drastic measures in response to the impending tropical depression. The telegram emphasizes the need for increased preparedness and heightened vigilance in order to minimize the potential damage and loss of life that may result from the storm.

Luxembourg media positive of Vietnam-Luxembourg cooperation potential

Over the past few days, Luxembourg news outlets have reported on the official visit of Prime Minister Xavier Bettel to Vietnam from May 3-5, noting that the trip is sure to bolster the bilateral relationship in the future. The visit, which will include a range of activities, is expected to enhance the already-strong ties between the two countries. By meeting with Vietnamese Prime Minister Nguyen Xuan Phuc, Prime Minister Bettel is seeking to promote cooperation in a variety of areas, including economic, educational, and cultural exchanges. Additionally, the visit is likely to provide a platform for the two countries to explore new opportunities for partnership. All in all, it is clear that this visit will serve to strengthen the relationship between Luxembourg and Vietnam for years to come.

The government website of Luxembourg – gouvernement.lu – recently announced that Prime Minister Bettel will be making an official visit to Vietnam at the invitation of Prime Minister Pham Minh Chinh. This visit is to commemorate the 50th anniversary of the establishment of bilateral diplomatic relations between the two countries, as well as in response to Prime Minister Chinh’s visit to Luxembourg in December 2022.

Tageblatt.lu – a daily newspaper in Luxembourg – ran an article highlighting that Vietnam has become an increasingly attractive trade partner on the global stage. Under the visionary guidance of the Communist Party of Vietnam, the Southeast Asian nation has embraced reform in the late 1980s, opening its doors to the world and rapidly becoming an influential economic powerhouse not only in the region, but across the world.

In terms of foreign policy, Vietnam seeks to maintain friendly relations with all countries, while prioritizing its independence and bilateral partnerships. This is further bolstered by its commitment to multilateralism, which is a reflection of the geopolitical realities of the world. As a result, Vietnam is becoming increasingly attractive to Western businesses, including Luxembourg. The signing of the European Union-Vietnam Free Trade Agreement (EVFTA) has opened up a range of opportunities for Luxembourg-based companies operating in the service and financial sectors. As a result, many Luxembourg enterprises are now flourishing in Vietnam.

The article also underscores the positive trade relations between Luxembourg and Vietnam in recent years, with bilateral trade reaching more than €160 million (approximately $179 million) in 2022, a notable increase from €120 million in 2020. Moreover, both nations have engaged in a number of beneficial collaborations, such as the signing of a joint statement in 2019 that established a framework for increased cooperation in the fields of economy, investment, and finance. These developments have been instrumental in strengthening the relationship between the two countries and furthering mutual economic growth.

Illustrative photo.
Illustrative photo.

In another article published by the newspaper, it is reported that during Prime Minister Bettel’s visit to Vietnam, the two sides signed various bilateral cooperation agreements, including those on aviation cooperation, the extension of an agreement to avoid double taxation, and cooperation against climate change through green funds. Furthermore, the Luxembourg Agency for Development Cooperation (LuxDev) will launch two projects worth 2 million euros in Vietnam. Additionally, Luxembourg-based airline Cargolux will soon receive a license to fly to Ho Chi Minh City in addition to Hanoi.

Prime Minister Xavier Bettel of Luxembourg recently expressed his optimism that the National Assembly of Vietnam could soon extend its visa-free policy for Luxembourg tourists. During a late-month meeting, the assembly will review the policy and consider allowing Luxembourg citizens to travel to Vietnam without a visa. This could open the door for an influx of visitors from the small European country in the near future.

Luxembourg’s online newspaper, Virgule.lu, has recently published an article highlighting the potential for Vietnamese electric vehicles to enter the country’s market. According to the article, Prime Minister Xavier Bettel and Minister for Small and Medium-Sized Enterprises Lex Delles visited the Vinfast facility to experience a test drive of its electric vehicles. This news comes as exciting news for the nation as it continues to strive for energy-efficiency and sustainable transportation.

Other Luxembourg newspapers, such as Today.RTL.lu and diegrenzgaenger.lu, reported on Prime Minister Xavier Bettel’s visit to Vietnam.

Hoi An named among top 10 trending destinations in the world

The ancient city of Hoi An has been ranked ninth on the list of the world’s top 10 trending destinations by The Travel, a renowned Canadian travel site. With its stunning architecture, colorful markets, and unique cuisine, it’s no wonder why Hoi An has become a must-see destination for travelers around the globe. From its ancient temples and tombs to its picturesque beaches, Hoi An offers something for everyone. Whether you’re looking for a relaxing holiday or an exciting adventure, Hoi An has it all. So, make sure to add this magical city to your travel bucket list and experience its charm and beauty for yourself.

As a UNESCO World Heritage Site, Hoi An is renowned for its vibrant history, flourishing art scene, delicious local cuisine, idyllic beach life, and an unforgettable nightlife. Whether you’re visiting the bustling city centre or any of the nearby attractions, Hoi An promises an experience you won’t soon forget.

The travel site recommended top places to explore in Hoi An such as Chua Cau (Bridge Pagoda), the old streets, the Quan Cong Pagoda Temple, and Hoi An Market.

Photo: VOV
Photo: VOV

Hoi An, Vietnam has just been listed among the 25 most beautiful cities in the world by Travel + Leisure. This news comes after the city’s stunning beauty has been recognized by the world, making it an even more popular tourist destination.

This is an exceptionally well-preserved example of a small-scale trading port that was active from the 15th to 19th centuries. It traded extensively with countries in Southeast and East Asia, as well as the rest of the world, as noted by The Travel. Through its trading activities, this port played an important role in connecting cultures and economies across the globe.

Hoi An, a city in Vietnam, is one of the best-known Asian destinations. It is renowned for its ancient architecture, vibrant markets, and picturesque canals. Siem Reap in Cambodia is also popular for its stunning Angkor Wat temple complex. Chiang Mai in Thailand is known for its mountainous landscape and vibrant night markets. Lastly, the Kathmandu Valley in Nepal is a paradise for adventure seekers and culture enthusiasts alike. All these destinations offer unique experiences and make for a memorable holiday.

Vietnamese real estate market to rebound thanks to new policies

According to the Vietnam Association of Realtors (VARS), the segment of social and affordable housing is set to expand, as urban development continues to draw the attention of investors.

Statistics from the Ministry of Construction show that the rate of urbanization in the country is currently 40%, and is projected to reach 45% by 2030.

With the current population growth rate and housing demand, approximately 70 million square meters of urban housing is required annually.

As the global real estate market is projected to slow down in 2023, the Vietnamese market is expected to face a similar impact. Nevertheless, the Vietnam Association of Realtors (VARS) has indicated that the segment of social and affordable housing will likely experience growth, due to ongoing urban development projects that are drawing the attention of investors.

Some investors, such as Vinhomes, have plans to construct 500,000 social housing units over the next five years. Additionally, Him Lam and Hung Thinh are also looking to get involved with the building of social housing in the near future.

Given the meager supply of affordable apartments in Hanoi and Ho Chi Minh City, which accounts for less than two percent of the total supply of new apartments, Nguyen Thi Cam Tu, an expert from Vndirect Securities Company, expressed optimism that the social housing segment can be bolstered by this supply and the Government’s new policies.

Rising demand for housing in urban areas in the 2021-2030, along with the Vietnamese government’s new policies on land, market transparency and bond issuances, is expected to spur the development of real estate market. (Photo: VNA)
Rising demand for housing in urban areas in the 2021-2030, along with the Vietnamese government’s new policies on land, market transparency and bond issuances, is expected to spur the development of real estate market. (Photo: VNA)

She cited Government’s Resolution No 33/NQ-CP on solutions removing and promoting the development of a healthy and sustainable real estate market and Decree No.8/2023/ND-CP on amendment of a number of articles in decrees stipulating the private offering and trading of corporate in the domestic market as examples. They can help ease liquidity pressure in the short term, she noted.

Real estate businesses are feeling the pinch of liquidity pressure as they enter the peak period of bond maturity, according to VNA. This crunch is causing a strain on their finances, with many struggling to stay afloat and keep up with loan payments. To mitigate the impact of the liquidity crunch, businesses are seeking out alternative sources of financing, such as venture capital and private equity. Additionally, some are turning to the government for assistance, such as tax incentives and loan guarantees. Ultimately, the goal of these strategies is to help keep the businesses afloat and ensure that they can continue to operate and thrive.

According to Ho Chi Minh City Real Estate Association (HoREA), the volume of bonds maturing in 2023-2024 is expected to reach around 230 trillion VND (9.8 billion USD). This figure includes 119 trillion VND in 2023 and 111 trillion VND in 2024.

Hoang Chau, the President of HoREA, declared that Decree No. 08 will have a highly beneficial effect on the management of bonds worth 119,000 billion VND which are due in 2023.

Experts have stated that the issuance of recent legal documents has created a legal pathway for businesses to gain access to capital, thus allowing them to resume their operations. Enterprises now have the opportunity to restructure their debt, extend their loan principal and interest, and gradually remove bottlenecks in the real estate market.

The Government has committed to construct more than 1 million social housing units and homes for workers by 2030 to meet the needs of middle- and low-income households. This strategy creates a catalyst for businesses, particularly those with land available suitable for building social housing projects.

Rosie Nguyen