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The office said that the major products Vietnam shipped to Laos included petrol, vegetables, fertilizers, clinker and cement, electric wires and cables, paper and paper products, ceramics, and garment products. Meanwhile, Vietnam mostly imported from Laos fertilizers, rubber, wood and furniture, ore and other minerals. In July alone, two-way trade hit USD 125 million, a surge of 54.1% year on year, including Vietnam’s export revenue of nearly USD 53.2 million, up 33.9%. This was the third consecutive month that Vietnam enjoyed an increase in exports to Laos, helping reduce the fall in the turnover to minus 1.6% from minus 6% in the first half of this year. In August, Vietnam expects continuous rise in exports to Laos thanks to the stable conditions of the Lao economy, the reduction in petrol prices in the world and the rising number of Vietnamese investors in Laos. Source: VNA … [Read more...] about Vietnam, Laos enjoy 24.2% rise in two-way trade in 7 months

Nguyen Thi Thu Hien, 34 and her friends had their tickets from Singapore to Jeju Island canceled on August 9 because they did not have visas. The island, however, has a visa exemption policy for tourists. Hien, from Hanoi, said she'd already visited Jeju back in 2018 under the visa exemption policy and wasn't aware that it had changed when she booked the tickets for her and her friends to fly there from Singapore. "When we got to the Changi Airport for check-in procedures, an employee told us to discuss the issue with the airline. A representative of Scoot Airlines said Vietnamese, Thai, Mongolians and people from certain other countries would no longer be able to enter Jeju Island under the visa exemption policy. The airline said it would refund our tickets," Hien said. Vu Quoc Hung, 31, who had booked tickets with 11 other Vietnamese to fly from Ho Chi Minh City to Jeju on August 11 via Singapore, had the same experience. Hung's group reached the Changi Airport and did some … [Read more...] about Airline cancels Vietnamese tourists’ tickets to South Korea’s Jeju Island

Clients at an SHB branch. The bank was given the nod on capital expansion. — Photo courtesy of SHB The State Bank of Vietnam (SBV) has given the Saigon Hanoi Commercial JS Bank (SHB) the go-ahead to raise its charter capital to VNĐ26,674 billion (US$1.1 billion). The rise is the first part of SHB's plan to reach VNĐ36,459 billion in capital in 2022 to position itself among the three private commercial banks with the largest charter capital. SHB said it had submitted the plan, passed by its shareholder general meeting, to SBV for approval. Under the plan, SHB was also set to pay a dividend yield of 15 per cent to its existing shareholders for the financial year 2021 and offer a total of 45.12 million new shares for VNĐ12,500 apiece to its employees and the shareholders. By late June, SHB had VNĐ522 trillion in total assets, VNĐ471 trillion in total deposits and VNĐ390 trillion in total credit. It made a six-month before-tax profit of VNĐ5.9 trillion, up 84 per cent … [Read more...] about SHB gets approval to raise capital

Construction priorities are for sections Hanoi – Vinh and Nha Trang – Ho Chi Minh City. The Politburo, the country’s supreme decision-making body, is set to discuss the investment plan for the North-South express railway project in September. The project is set to be completed by 2050. Photo: Lam Anh A feasibility study conducted by the Ministry of Transport (MoT) suggested constructing a new electrified 1,435mm double-track express railway on the North-South axis with a total length of 1,545 kilometers. The high-speed rail route will be operated by an electric multiple units (EMU) train with an average speed of 320 kilometers per hour. The MoT estimated the total investment capital to be around US$58.71 billion, in which $1.98 billion would be allocated for site clearance, $31.58 billion for construction cost, $15 billion for equipment and project management, and nearly $10 billion for contingency and other expenses. To ensure the effective … [Read more...] about Politburo to review US$59-billion North-South express railway in September

Nam Hai Dinh Vu Port in Hai Phong City. (Photo: VNA) This is one of the factors that make the demand for logistics real estate increase sharply, it said. A survey by Savills Vietnam showed that Vietnam's logistics industry is enjoying significant growth due to the development of the national economy, and the manufacturing and e-commerce sectors. According to a report on the emerging market logistics index released earlier this year by Agility, a leading logistics and transportation service provider in 2022, Vietnam ranks 11th among the world’s top 50 emerging markets, only behind Indonesia, Malaysia and Thailand in the Association of Southeast Asia Nations. Vietnam's transport and logistics market is estimated to grow at a compound annual growth rate (CAGR) of 7 percent in the 2021-2026 period. The Vietnamese government encourages enterprises manufacturing and attracts investment by establishing industrial and economic zones. Despite challenges from the Covid-19 pandemic, … [Read more...] about Demand for logistics real estate increases sharply: Savills Vietnam

A 800-meter section of Le Loi Street from Nguyen Hue Pedestrian Zone to Ben Thanh Market is cleared of barriers on Aug. 12. The street has been blocked since mid-2014 to build Ben Thanh Station, one of the three underground hubs of the Metro Line No.1. The station, at about 32 meters underground, has four floors with six entrances and is now more than 95 percent complete. The street has been resurfaced with 10 lanes. Barriers are removed from a 250-meter section near Ben Thanh Market. Workers repair the street in front of Ben Thanh Market. The city is also working on a plan to resume the roundabout in front of the market, one of its top tourist attractions and cultural icons. The lighting system is established on Le Loi Street on Aug. 11. Nguyen Ngoc Quy, 52, paves the sidewalk near the Le Loi – Pasteur intersection on Aug. 12. His group is … [Read more...] about Saigon street breathes after metro construction site cleared