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According to the report, despite the challenging global economic environment, the outlook for the Vietnamese economy is still favorable according to the baseline forecast. Due to the impact of the low starting point, GDP is expected to grow by 7.5 percent in 2022 and 6.7 percent in 2023, when growth returns to pre-pandemic levels at 6.5-7 percent. Meanwhile, the average inflation is expected to fall around 3.8 percent in 2022, with the rising trend continuing in the second half of 2022. “The fuel price shock is expected to dissipate in 2023, but the second round of spillover effect continues to happen, and the forecasted GDP growth rate of 6.7 percent for the year will cause CPI to increase to 4 percent in 2023 before dropping to 3.3 percent in 2024,” the report said. According to WB experts, with travel restrictions lifted and international tourists gradually returning, the service sector has been recovering strongly. Export growth of manufactured and processed industrial products … [Read more...] about WB releases report ‘Educate to Grow’ on Vietnamese economic situation

Singer Olivia Newton-John, who soared to the top of the world's pop music charts in the 1970s and 1980s with such tunes as "I Honestly Love You" and "Physical" and starred in the hit movie musical "Grease," died on Monday at age 73 at her home in Southern California. The death of the British-born, Australian-raised performer was announced on her Instagram account, saying she "passed away peacefully" at her ranch home "surrounded by family and friends." Newton-John, a four-time Grammy winner, had disclosed in 2017 that a recurrence of breast cancer had metastasized and spread to her lower back, forcing her to cancel performances. Twenty-five years earlier Newton-John had undergone a partial mastectomy, leading her to become an advocate for breast cancer research and other health issues and to establish a cancer treatment-research facility in Australia. The entertainer began performing as a child and became a global superstar after moving to the United States. She was blond, … [Read more...] about Pop music and ‘Grease’ star Olivia Newton-John dead at age 73

Thousands of apartments and land lots for the resettlement of residents in Hanoi and Ho Chi Minh City have been left deserted for years, causing huge waste. While many laborers are in dire need of accommodations, solutions to these abandoned resettlement apartments and the resettlement in the future to prevent similar cases are needed. Abandonment and untidiness According to the Hanoi Department of Construction, the capital city is now home to nearly 18,000 resettlement apartments. Most of them have been sold and allocated for projects. Only over 400 units remain unused. However, in reality, thousands of these apartments are presently empty. Some projects with hundreds of apartments each are complete but their wastewater treatment and fire prevention and control systems have yet to be approved. Most of these projects are now degrading and facing a shortage of facilities, such as playgrounds for children, sport facilities, and parks. More than 3,700 … [Read more...] about Thousands of resettlement apartments abandoned in Hanoi, Ho Chi Minh City

As BNPL allows consumers to spread the cost over multiple instalments and attracts those who cannot, or would not, purchase goods or services by paying the price in full, these conditions create the ideal opportunity for BNPL service providers. Bui Ngoc Hong-Partner, LNT & Partners Despite the opportunity, the BNPL landscape in Vietnam remains slow-moving. This is partly due to the fact that Vietnam does not have a clear legal framework regulating the method. Even the sandbox scheme for fintech activities still remains in the legislative pipeline. In addition, even if a BNPL platform owner cooperates with traditional bank lenders, the parties need to deal with a significant gap between the strict regulatory web the traditional lenders are subject to, and the fintech providers’ need to “move fast and break things”. For those reasons, BNPL ventures find it hard to enter the Vietnamese market, unless they are equipped with suitable investment structures. In BNPL … [Read more...] about Clearing the way to legal support for BNPL services

Illustrative photo. In these documents HoREA has asked for consideration in removing some bottlenecks and   obstacles facing 116 real estate and commercial housing projects. The obstacles are related to many legal regulations, such as the Law on Housing 2014, Law on Real Estate Business 2014, Law on Land 2013, and Law on Construction 2014. Although the People's Committee of Ho Chi Minh City has directed relevant departments, branches, districts, as well as Thu Duc City authorities to coordinate and consider proposals to resolve many pending issues, it seems that it is still very difficult to follow up on projects without amending the Laws. Shortcomings in Land Law After ten years of taking effect, the 2013 Land Law still shows many shortcomings, especially in the auction of land use rights. Regulations on the auction of land use rights are stipulated in many documents of various Laws, Government decrees, decisions of the Prime Minister, joint circulars between ministries and … [Read more...] about Laws need amending for real estate projects