A million miles in a thousand years

The local aviation market experienced a strong recovery in April. — VNA/VNS Photo The aviation market in Viet Nam is vibrant and recovering with the number of international visitors increasing five-fold, according to experts. According to the Civil Aviation Authority of Viet Nam (CAAV), in April, Viet Nam's airports handled 6.6 million passengers, down 14.3 per cent compared to the same time last year but the number of foreign visitors reached more than 230,000 in April, an impressive increase of 502 per cent over the same period last year when COVID-19 was developing in a complex fashion. CAAV said Vietnamese airlines transported 3.28 million passengers, including 80,000 foreigners. Compared to the same period last year, the number of international passengers choosing services of Vietnamese airlines rose 214.7 per cent, while the number of domestic passengers dropped 18.2 per cent. As for cargo transport, in April, 140,700 tonnes of cargo were transported through Viet … [Read more...] about Local aviation market sees strong recovery

Global private equity firm Warburg Pincus has set up a joint venture with major Vietnamese real estate and infrastructure firm Becamex IDC Corp. (Becamex) to create the largest logistics and industrial real estate developer in the country, according to a statement. The JV will be called BW Industrial Joint Stock Company (BWID) and will focus on developing institutional-grade logistics and industrial properties across Vietnam. Both firms have committed US$200 million to the platform. Warburg Pincus joins Vietnamese logistics and property market. Nguyen Van Hung, Chairman of Becamex, believed that the co-operation with Warburg Pincus, a best-in-class private equity firm with deep experience in Asia, is a great opportunity, according to the company's statement. "With the transformative shift of the manufacturing base from markets like China to Vietnam as well as with the rapid rise of domestic consumption, the logistics and industrial real estate market in … [Read more...] about Warburg Pincus joins Vietnamese logistics and property market

Experts say such tight restrictions should have been imposed long ago to avoid the current mess and chaos on many roads. Cars and motorbikes crowded Pho Quang Street in Tan Binh District on Tuesday morning last week, dragging themselves sluggishly towards the downtown area. The road, an entrance to the Tan Son Nhat Airport, is just two kilometers long and only eight meters wide. Yet there are 15 skyscrapers lining it, with tens of thousands of apartments, hotels and offices. The largest project on the street is an apartment complex with four blocks and 16 floors, hosting around 500 apartments. It has been open for about five years. There are other complexes with 8-10 floors and a hospital, so the street is always crowded. It gets hellish during rush hours. Pho Quang isn’t the only street plagued by quickly rising skyscrapers and infrastructures that can’t keep up with them. Nguyen Huu Tho, Nam Ky Khoi Nghia, Nguyen Thi Minh Khai and Mai Chi Tho are a few more examples. HCMC … [Read more...] about HCMC takes belated steps to sort out skyscraper mess

Many workers hustled to make products at Anh Dao Cooperative in Da Lat City At the fruit and vegetable processing zone on Xo Viet Nghe Tinh Street of Anh Dao Cooperative in Da Lat City, many workers hustled to make products. According to the process, agricultural products are harvested from the gardener, then they are brought directly to the warehouse to be classified according to each product that has been ordered in advance. Each product will have its own way of preliminary processing and packaging, but the common point is that they are all classified from the source so that when they go to the place of consumption, they will limit the need to select products and limit the source of agricultural waste. Ms. Uyen of Anh Dao Cooperative said that cabbage vegetables need to be wrapped in paper to avoid being crushed and damaged when they are transported to supermarkets in Ho Chi Minh City. Each year, this unit supplies hundreds of thousands of tons of vegetables and fruits to the … [Read more...] about Lam Dong and HCMC connect to sell agricultural products

Vietnamese Prime Minister Pham Minh Chinh (left) met with US President Joe Biden, photo VNA All eyes were focused on last week’s US-ASEAN Special Summit in Washington D.C., where both sides demonstrated their closer ties across many sectors including global health security, climate change, sustainable development, maritime cooperation, human capital development, and education, as well as connectivity and economic engagement, and especially digital development. The US and ASEAN have reaffirmed their commitment to support digital development in the bloc so as to realise its vision “of a peaceful, secure, open, interoperable, reliable and resilient ICT environment”. The US vows to “support development of ASEAN’s digital infrastructure to drive robust, inclusive economic growth and prosperity; and promote development of a secure, resilient, and innovative 5G ecosystem as well as exchange views and experiences on cyber threats and on the regulatory framework and technical standards … [Read more...] about United States widens ASEAN engagement

Warburg Pincus is relishing its opportunities in Vietnam as the economy grows and capital markets develop, said Jeffrey Perlman, Southeast Asia chief of the private equity firm to Reuters. "It's a market that we think there's a lot of opportunity in," quoted Perlman in an interview with Reuters on March 22. "Four, five years ago, even in Vietnam there wasn't an understanding of what was private equity and what it will do to businesses." Warburg Pincus is relishing its opportunities in Vietnam. Vietnam's emergence as a large manufacturing destination next to China helped the Southeast Asian nation's economy grow at 6.8% last year, the strongest since 2010, Reuters reported.The growth is rapidly building up a huge middle class that is boosting consumer spending in a country of about 100 million. Its stock index VNI has risen 20% this year, the best performance in Southeast Asia, after surging by 50% last year. Perlman said the growth in Vietnam's capital … [Read more...] about Warburg Pincus: “Vietnam a big draw for global investor”