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Upscale hotels see room rates increase Five-star hotels in the country increased room rates by 4.1 per cent last year while four-star hotels dropped theirs by 2.3 per cent, according to the Vietnam Hotel Survey released on Thursday by Grant Thornton.   … [Read more...] about RedDoorz, OYO firece competitors in hotel market

As liabilities exceeded VND11 trillion ($478.3 million) and receivables went over VND8 trillion ($347.8 million), the MoF pointed out that the debts of the parent company are mainly related to receivables and payables arising from the parent company's investment in its subsidiaries and associates. Song Da Corporation has invested VND3.5 trillion ($152.2 million) in these businesses. … [Read more...] about Ministry of Finance warns Song Da Corporation

Dong Nai (VNS/VNA) - The southern province of Dong Nai last year scrapped the licences it had issued for 531 proposed foreign projects due to slow progress. They involve combined investment of over 5.34 billion USD, according to the provincial Department of Planning and Investment.  After receiving their investment registration certificates, most foreign investors quickly bring in money, import machinery and equipment and build plants, usually in one to two years, and begin doing business, according to Mai Van Nhon, deputy head of the Dong Nai Industrial Zones Authority (DIZA). Investors who delay their projects due to unexpected difficulties would get assistance from the province, with the DIZA always working with investors to find out the reasons, he said. If they are determined to do business, their licences would get an extension, but investors who sound unreasonable or deliberately delay their projects would lose their licences, which would then be given to others, he … [Read more...] about Dong Nai pulls plug on 531 tardy foreign projects

Hanoi (VNA) – The Vietnamese real estate market at all segments continues showing its appeal to foreign investors, and hundreds of millions of USD are waiting to be poured into the market, according to a research conducted by property and investment management services firm Jones Lang LaSalle (JLL). Particularly, investors from Japan, the Republic of Korea, Singapore, and an increasing number of investors from China, are showing their interest in the affordable housing segment in the Southeast Asian country. JLL’s recent figures revealed that the total supply of apartments in Ho Chi Minh City and Hanoi reached 201,707 and 224,179 units, respectively, as of the end of Quarter 4 in 2019, equal to a rate of 17 apartments per 1,000 people. As the rate is really low, the focus should be channeled into the mass housing market where there is real demand. In the next two decades, Vietnam will enter the demographic golden period with 25 percent of the population aged between 10 … [Read more...] about Hundreds of millions of USD await to enter Vietnam’s realty market

Hanoi (VNA) - The Ministry of Finance has reported that twelve out of 136 wholly state-owned enterprises had posted losses of 720 billion VND in total (31 million USD) in the first half of last year, and six others faced warnings regarding financial security. The report pointed out state-owned enterprises (SOEs) that posted big losses, including Vietnam Maritime Corporation, Vietnam Coffee Corporation and Corporation 15, with 617 billion VND, 37 billion VND and 48 billion VND, respectively. The report focused on evaluating business performance and publicised financial information from SOEs and enterprises that had at least 50 percent of their charter capital controlled by the State. As of November 30, four out of 20 ministries, ministerial-level agencies and Government agencies had not submitted full financial reports for the SOEs under their management, the report said. On top of that, ten out of the 63 People's Committees in the … [Read more...] about Twelve SOEs report losses in 2019