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M&A pushing ahead real estate market

March 4, 2021 by vietnamnet.vn

The long process of project approval from competent government agencies and the serious impact of COVID-19 have helped mergers and acquisitions in real estate sector become more active.

A recent report released by VNDirect Securities Corporation stated that mergers and acquisitions (M&A) deals, especially in transferring part of large-scale real estate projects, were considered one of the fastest solutions for foreign developers when they want to jump into the Vietnamese real estate market, as well as for the domestic developers expanding their land fund and investment portfolios.

This report also cited that some projects from giant developers are currently in the negotiation process with most expected to be completed this year.

“Thanks to the improvement of the legal system in the Law on Investment, a range of deals will be done within this year with total value up to more than $1 billion,” the report cited.

According to Tran Khanh Hien, deputy director of the Research at VNDirect, the real estate market in 2021 will be step-by-step resumed at its active level, based on the economic recovery, rising housing demand, and increased supply due to a range of projects that will be permitted to continue after long delays to review procedures.

The Gem Riverside, funded by domestic developers Dat Xanh Group, and the Eco-smart city at Thu Thiem from South Korea’s Lotte Group, are among those looking to be kicked forward.

Developers cited that M&A deals in real estate are a motivation for developers to be resumed after a long time of being impacted by the ongoing pandemic.

Nguyen Thai Phien, senior financial director at Novaland Group, said that the corporation is based on M&A deals in order to develop its land fund and business for long-term development.

Novaland started collecting land in 2005 via M&As and currently boasts more than 700 hectares in the east of Ho Chi Minh City, 700ha in Dong Nai province, and more than 2,000ha in Phan Thiet of Binh Thuan and Ba Ria-Vung Tau provinces.

Asian activity

Masataka Sam Yoshida, head of the Cross-border Division of RECOF Corporation, said that the trend of Japanese companies into Vietnam is increasing.

The Vietnamese real estate market is presented with a range of large-scale Japanese developers such as Mitsubishi, Nomura Real Estate, Daiwa House Industry, Sumitomo Forestry, Creed Group, Samty Asia Investments, Kajima Corporation, and more.

Most of the sectors in Japan, according to Yoshida, have developed to its highest level so they need to find new markets to expand outside of Japan.

The second factor is the M&A growth strategy supported by the abundant accumulated money over the past 20 years, reaching trillions of US dollars.

“Japanese businesses are still looking to Vietnam in the process of searching and expanding markets, taking advantage of the young population. The interest from Japanese investors in Vietnam is huge, even during the pandemic,” Yoshida commented.

“Once travel restrictions are lifted, a huge wave of Japanese companies waiting to take up investment procedures will appear very soon,” he added.

Similarly, a representative of the Korean Business Association in Vietnam also said that businesses there are very interested in the consumer goods, food and beverage, and retail industries.

“In addition, real estate is a field of large profit margins, long-term efficiency, and is always a channel to attract investment to South Korean investors,” the representative said.

1532 p23 ma pushing ahead real estate market

Increasing the heat

Elsewhere, housing land and industrial real estate are expected to stir up the M&A market in the next 12 months.

Kim Ngoc, director of Valuation and Advisory Services at Colliers International, cited that the amendments and updates in the laws in investment, securities, and enterprises will make M&A activities more active after many inappropriate regulations have been removed.

“Combined with Vietnam’s achievements in 2020 of successfully controlling the pandemic and achieving the highest possible growth rate, there are many reasons to believe that M&A activities will recover quickly. Sectors that can attract more M&A are real estate, retail, and consumer goods,” she said.

Newly-signed trade agreements and the movement of many giant manufacturers and multinational groups are playing a significant role in the M&A trend moving forward.

Apple recently chose Vietnam as its first base for manufacturing the iPad and MacBook after China, demonstrating that high-quality investment flow is driving into Vietnam and helping realise deals in industrial properties, logistics, and support services.

One of the driving forces for such deals in Vietnam comes from foreign companies which withdrew from China to avoid risks related to US-China trade tensions. Notable destinations for these companies have included Indonesia, Spain, and Finland, as well as Vietnam.

The market in 2021 and beyond is also expected to blossom in city outskirts and satellite towns which are well connected with Hanoi and Ho Chi Minh City.

In the north, hotspots are projected to be the likes of Bac Giang, Bac Ninh, Vinh Phuc, and Haiphong when in the south, Binh Duong, Dong Nai and Long An are already on the radar of investors.

Vietnam ranked second out of 50 economies in the latest M&A Investment Index by Euromonitor, which reflects the expected level of investment, activity, and attractiveness of the global M&A market amid macroeconomic and financial shocks for 2020-2021.

With COVID-19 still complicated in many countries, most European governments are lowering their basic interest rates to reduce borrowing costs. These factors could create good opportunities for businesses to expand operations in foreign countries through the M&A channel, Euromonitor said.

The Institute for Corporate Investment, Mergers and Acquisitions expects that M&A in Vietnam will recover in 2021-2022, back to around $4.5-5 billion in 2021 and event up to $7 billion in 2022. Real estate will remain the second-hottest sector in M&A, behind finance and banking.

VIR

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nCoV: Vietnam repatriates citizens from China

February 4, 2020 by hanoitimes.vn

The Hanoitimes – People who returned from China will be quarantined for 14 days before coming home.

Vietnam will repatriate its citizens from China on fears of worse situation of novel coronavirus (nCoV)-caused epidemic that has killed 426 people and caused 20,626 infections in China.

On February 2, Vietnam’s Prime Minister Nguyen Xuan Phuc asked the Ministry of Foreign Affairs to work with the Chinese side to bring Vietnamese nationals back to the country through border gates and airports.

Some airlines are allowed to resume flights to China to bring Vietnamese citizens back to the country. Photo: VNA

They will return to the home country through border gates in the northern provinces namely Huu Nghi in Lang Son province, Lao Cai in Lao Cai province, Mong Cai in Quang Ninh province, Tay Trang in Dien Bien, and Thanh Thuy in Ha Giang.

A number of others will fly to airports across the country, including Van Don in Quang Ninh and some small aviation terminals in the central and southern regions, except international ones.

Since February 1, the Civil Aviation Authority of Vietnam (CAA) has halted all flights between Vietnam and China. However, some domestic airlines need to resume several flights to bring Vietnamese citizens back to the country. All flights after the government ban must get approval from different agencies.

In another move, the Ministry of Transport has worked with Chinese agencies to halt the operations of transnational railway route Gia Lam – Nanning – Beijing in the next few days.

So far, Vietnam Railway Corporation has stopped selling tickets of the daily railway route which carries average 130 passengers per day.

Railway stations of the transnational route have been sterilized while railway stewards, porters, and passengers are all required medical quarantine before entering Vietnam.

Two Chinese nationals who were infected nCoV (the first coronavirus infections found in Vietnam) was passengers of SE5 railway route from Nha Trang to Saigon on January 19. The railway steward serving two Chinese passengers has been quarantined.

Filed Under: Uncategorized evacuate, vienamese citizens, border gate, huu nghi, Lao Cai, Van Don, civil aviation, railway corporation, invasion china a vietnam, vietnam influenced by china, china in vietnam war, china visa photo requirements for indian citizens, visa to china us citizen, visa china us citizen, us citizen apply for china visa, vietnam visa fee for us citizen 2017

Thuduc House denies connection with companies to commit tax fraud

March 4, 2021 by english.thesaigontimes.vn

Thuduc House denies connection with companies to commit tax fraud

By Van Phong & Dung Nguyen

An office of Thuduc House. The firm has denied cooperating with other companies to commit tax fraud – PHOTO: TPO

HCMC – Thu Duc Housing Development Corporation (Thuduc House), in its latest announcement, has denied any collusion with 70 companies to commit tax fraud as mentioned in a report by the General Department of Vietnam Customs.

In response to the customs agency’s report on some southern firms’ appropriation of value added tax (VAT) refunds, smuggling and illegal cross-border cargo transport, Thuduc House said it had no connection with Saigon Southwest Trading JSC, a subsidiary of Saigon Trading Group, as well.

As for the trade of electronic accessories, from 2018 to 2019, Thuduc House purchased the products from a domestic partner, An Lanh Phat Co., Ltd, through its subsidiary–Thuduc House Wood Trading JSC–and exported them to other countries.

Thuduc House, Thuduc House Wood Trading and An Lanh Phat are operating legally, with seals, legal representatives and headquarters and have sufficiently paid VAT as well.

Regarding the news that one of the importers of the products of Thuduc House could not import the products to Hong Kong and two others in Cambodia had no import data in 2018 and 2019, Thuduc House explained that it did not know if its partners had complied with their countries’ regulations and had no jurisdiction to ask them to prove their compliance with the law.

According to Thuduc House, KGL Vietnam Company, which transports the products of Thuduc House, confirmed that it had transported the products to the Phnom-Penh International Airport in Cambodia and the Hong Kong International Airport in Hong Kong and handed them over to the importers.

The conclusions of the inspectors of the HCMC Tax Department and the report of the General Department of Vietnam Customs are being verified. Courts and investigative agencies have yet to conclude that Thuduc House falsified documents to get VAT refunds.

Earlier, the HCMC Tax Department had ordered Thuduc House to pay more than VND451.3 billion in the tax refunds the firm is alleged to have illegally received from the tax authorities by asking banks to extract money from the company’s accounts and block all of its accounts.

The firm later opposed the HCMC Tax Department’s decision and filed a lawsuit against the taxman to the municipal People’s Court.

The court temporarily suspended the tax agency’s decision but withdrew its decision several days later.

According to the General Department of Vietnam Customs, Thuduc House exported nearly VND5.3 trillion worth of electronic accessories from February 17, 2017, to August 2, 2019. It later received VAT refunds valued at VND261 billion.

Enterprises selling the products to Thuduc House regularly changed their information about their headquarters, owners and legal representatives.

According to the customs agency, Thuduc House and its partners established subsidiaries to purchase local products at low prices, then exported them at much higher prices and appropriated tax refunds of hundreds of Vietnamese dong, causing huge losses for the State budget.

The Investigative Police Department for Corruption, Smuggling and Economic Crimes under the Ministry of Public Security has detained 20 people and seized 200 seals of local and foreign units involved in the case.

Filed Under: Uncategorized SaiGon Times Daily, SaiGon Times tieng anh, thời báo kinh tế sài gòn, báo kinh tế việt nam bằng tiếng anh, tin kinh te, kinh te viet..., fraud on tax return, the connected company, limited liability company and taxes, fraud protection companies, identity fraud protection companies, internet connection companies, company federal tax id, companies house register a company, companies house register new company, direct connection company, french connection company, wifi connection company

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