VietNamNet Bridge - Foreign retailers have been flocking to Vietnam because they see the great potential in a 90-million-consumer market. However, Vietnam has not been an easy playing field even for experienced players. In mid-2014, a man from New Zealand, with $50 million and backed by a Hong Kong’s leading retail group, came to Vietnam quietly. He was Kent Thai, president of Kent Sing, who traveled the country for three months and met with dozens of Vietnamese businesses to discuss investment opportunities. The businessman wanted to look for land plots in advantageous positions with the areas of at least 50,000 square meters on which he planned to develop hypermarkets. Kent Thai, like many other foreign investors, believed that Vietnam was a promising land for retailers. But his plan has not been realized because of many reasons. The Vietnamese market of modern retail has had many deals completed recently. French Auchan Group, for example, announced the plan to invest … [Read more...] about VN modern retail not a promising land for all
Promised land state park
Vietnamese Prime Minister Phan Van Khai pledged to further improve the country's business climate to help foster business growth at an annual meeting with companies Thursday. He exhorted ministries and other agencies to abolish regulations inconveniencing companies while drafting legal documents this year. His counsel came even as the central government is planning to submit 60 draft laws and ordinances to the National Assembly - Vietnam's legislature - and issue some 300 decrees this year. He told the working team responsible for the enforcement of the newly-adopted Common Investment Law and Unified Enterprise Law to speed up their work. He also told companies to report problems they faced to the working team for forwarding to him. Khai emphasized the need to proceed apace with administrative reform this year. "If any ministry or local government causes trouble to companies, it means they are posing obstacles to the country's economic growth," he said … [Read more...] about Vietnam PM promises to improve business climate
International experts have called on Vietnam to fight land management corruption by increasing transparency Farmer Nguyen Van Tran works on a rice field adjacent to an industrial park on the outskirts of Hanoi. Experts have called for policy reforms and transparency to reduce the risk of corruption in land management. Nguyen Thi Thanh Huong sold her house in Ho Chi Minh City's District 8 on Friday (January 21) after paying VND30 million ($1,540) to a real estate dealer. In addition to the dealer fee, Huong says she shelled out several million more to a broker who promised to "lubricate" official procedures. "It's great to have the dealer conducting almost all procedures because I wouldn't know what documents to file or steps to take," said the 50-year-old housewife. Huong said she would be ready to pay any fees the broker demanded in order to ensure the smooth sale of her house before Tet, Vietnam's Lunar New Year. Dang Thi Thanh Nga managed her house sale alone. Brokering … [Read more...] about Foreign studies call for land policy reforms
VietNamNet Bridge - In the past, foreign invested and private run enterprises always complained that they had fewer opportunities than state owned enterprises to access business premises, however, the situation has become quite different. It is private and foreign investors who win in the war for golden land plots. The "wind has reversed" Nearly 10 years ago, the state owned Vietnam Coal and Mining Industries Group (Vinacomin), asked for the allocation of a land plot to build its new headquarters to replace the current head office at No 226 Le Duan, which proves to be small if compared with the big business scale of the group. The Hanoi's authorities once decided to allocate Vinacomin a land plot with the area of several thousands of square metres on Pham Hung Road. However, the city's leaders later have changed their mind, giving the land plot to the South Korean investor to develop Keangnam Hanoi Landmark Tower project which is expected to become the tallest building in … [Read more...] about Who wins in the war for “golden land”?
Ngoc Tran A groundbreaking ceremony was held with fanfare by Vien Dong Vietnam at the end of July 2009 for the two highest towers in Central Vietnam after the authorities in Danang issued a construction license 14 months earlier. The investor promised to get the project completed by the end of 2012. But now the 11,170-square-meter location for the 220-meter-high, 48-story towers remains deserted. Vien Dong Meridian Towers with total floor space of 245,000 square meters costs US$180 million and consists of a high-end shopping mall, an international conference center, a trading floor, a four-star hotel, a luxury apartment building and grade-A offices. Imposing on paper This projects lies on a "diamond land," beyond even "golden land," as it lies in the "heart of the heart" of Danang – 84 Hung Vuong Street, at the intersection of Hung Vuong, Nguyen Chi Thanh and Yen Bai streets. It’s not only the Vien Dong Meridian Towers. Two other projects on the "diamond land" … [Read more...] about Diamond land that doesn’t shine