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Land and housing prices have increased by 20-25 per cent in urban areas. VNA/VNS Photo HÀ NỘI — Experts have warned that the high rate of inflation will cause the domestic housing market to continuously see prices increase, but liquidity decrease. According to real estate consultant Lê Quốc Kiên, the market from the middle of last year until now has seen low transactions as the land and housing prices have increased by 20-25 per cent in the urban areas and 30 per cent in the suburban areas. Meanwhile, the price has surged by 50 per cent in the neighbouring provinces. Therefore, he predicts that investors who do not face the pressure of bank debt will not sell real estate in the next 6-12 months because they will have to look for other assets. They do not want to keep cash in a period of high inflation. Meanwhile, investors who suffer pressure from banking loans will be forced to sell property when inflation is high. According to the General Statistics Office, core … [Read more...] about Housing market sees price increase, liquidity decrease

People and tourists choose to buy tours at the Hong Ngoc Ha travel booth during Ho Chi Minh City Tourism Festival 2022 Specifically, national carriers Vietnam Airlines, Pacific Airlines, and the Vietnam Air Services Company (VASCO) have prepared to supply more than 7.1 million seats during the peak summer season from June 1 to August 15, an increase of 10 percent compared to the same period before the Covid-19 epidemic. On average, during the peak summer season, these airlines will operate 430 domestic flights, especially those to Hanoi, Da Nang, and Ho Chi Minh City. With international routes, Vietnam Airlines and Pacific Airlines provide over 852,000 seats, equivalent to more than 3,600 flights, only 40 percent of the number in 2019 because international travel demand has not recovered as before. Vietravel Airlines also said that the demand for travel and tourism will increase, so it has planned to increase the number of aircraft and frequency of flights to the Central … [Read more...] about Millions of travelers book tours for summer vacation

After a year of not raising tuition fees due to the impacts of Covid-19, the Hanoi people's council passed a resolution on May 20 to hike public preschool and high school tuition fees for the 2022-23 academic year. The fees would double at first and subsequently increase by 20-40 percent every year. Sen, 43, lives in Hanoi’s Ha Dong District with her husband and two daughters, the other in 10th grade. She cleans houses for hourly wages while her husband is a laborer. They pay the highest tuition rate since their household registration is in Region 1, which comprises the capital’s inner districts. In addition, she may be required to pay VND300,000 ($12.93) per child per month for the following academic year, which is 1.4-2 times the current fee. Tuition fees for middle and high schools in Region 1 will gradually rise over the next three years to VND410,000, VND530,000, and VND650,000, respectively. Meanwhile, Sen and her husband's incomes fluctuate every month: Sometimes … [Read more...] about Hanoi parents brace for tuition hikes

Garment production for export at Kim Dung Textile and Garment Company in District 12, Ho Chi Minh City. (Photo: SGGP) Dependence on imported raw materials Ms. Nguyen Thi Tuyet Mai, Deputy General Secretary of the Vietnam Textile and Apparel Association, said that the total number of enterprises participating in the textile and garment sector in Vietnam, including foreign and domestic enterprises, is more than 7,000. Of which, only 18 percent of them produce fabric materials, 12 percent produce yarn, 2 percent produce other materials, and the rest are garment enterprises. This fact has put the textile industry in front of the challenge of unstable growth due to its dependence on imported raw materials. Currently, each year, Vietnam imports 100 percent of cotton with an estimated value of US$3.2 billion and 60 percent of fabric with an estimated value of $14 billion. The US is the largest cotton and fabric import market of Vietnam, followed by China, Japan, South Korea, and … [Read more...] about Vietnamese textile-garment industry strong but not stable

A roundtable on workplace safety and the quality of meals provided to workers was held by the HCM City Federation of Labour on Thursday. VNA/VNS Photo Thanh Vũ HCM CITY — Trade unions at all levels need to take drastic measures to improve workers’ meals at companies by ensuring employers pay at least VNĐ20,000-25,000 (US$0.85-1.07) for them, a roundtable held by the HCM City Federation of Labour heard on Thursday. With the rising cost of living, the meals procured for workers at an average price of VNĐ15,000 do not provide nutrition, safety or hygiene requirements, delegates said. Decent meals are essential to ensure health as well as productivity, Trần Đức Tài, deputy head of the Tân Bình District Labour, Invalid and Social Affairs Office, said. Trade unions need to work with employers to develop workplace meal programmes that provide decent food to employees, he said. Activities to raise awareness of food quality need to be frequently carried out, he said. Lê … [Read more...] about Trade unions urged to improve quality of workers’ meals at factories

Asian markets track Wall St higher, tech fuels Hong Kong rally- illustration photo source: freepik.com The positive mood put the region on course to end the week on a healthy note, and came after Federal Reserve minutes indicated the US central bank could take a breather in hiking interest rates if inflation shows signs of easing later in the year. Still, confidence on trading floors remains at a premium owing to a range of crises including soaring prices, tighter monetary policy, China's Covid-19 lockdowns and the war in Ukraine. Investors were in a buying mood Friday as Hong Kong jumped more than two percent, with market heavyweight Alibaba piling on more than 11 percent and search engine Baidu advancing 15 percent. The two firms posted better-than-expected sales growth in the January-March quarter, soothing fears about the impact of Covid and inflation on their bottom lines. Hong Kong's tech index jumped nearly three percent, with other giants also enjoying buying … [Read more...] about Asian markets track Wall St higher, tech fuels Hong Kong rally