VIETNAM BUSINESS NEWS DECEMBER 16 – VietNamNet

The Noi Bai international airport in Hanoi is expected to serve 450 flights and up to 80,000 passengers on the peak day during the travel season for the upcoming Lunar New Year holiday (Tet) – Vietnam’s biggest and longest traditional festival.   

However, the figure is yet to match the highest daily passenger number during the summer of 2022. June 25 saw over 104,000 passengers, nearly 93,000 of whom were domestic travellers, going through the airport.

Leaders of the airport said a host of international airlines plan to resume flights this winter, with good growth projected for the number of international flights to and from Noi Bai during Tet.

It is estimated that there will be 220 international flights carrying some 22,000 passengers landing in and taking off from the airport per day during the peak period. The figures are equal to approximately 70% of those recorded in the same period in 2019 before the breakout of the COVID-19 pandemic.

Noi Bai has already prepared plans to meet the upcoming high demand, under which more check-in counters and security facility will be opened and operated in full capacity, IT advances applied to calculate peak hours of each area, and coordination with transport police enhanced to regulate transport around the airport, among other activities.

According to a recent dispatch, officials, civil servants, public employees and workers of State administrative and socio-political organisations will have seven days off from January 20 (Friday) to January 26 (Thursday) for Tet celebrations. Travelling is expected to surge from several days just before Tet.
PM seeks removal of yellow card on Vietnam’s fishery
Prime Minister Pham Minh Chinh has asked the European Union (EU) to remove its yellow card on Vietnam’s seafood exports and approve the European Union-Vietnam Investment Protection Agreement.
The request was made while he was attending a summit celebrating the 45th anniversary of the relations between the Association of Southeast Asian Nations (ASEAN) and the EU, held on December 14 in Brussels, Belgium. EU and ASEAN leaders attended the event.
In his remarks, the PM underlined the importance of the ASEAN-EU Commemorative Summit, stating that cooperation achievements have laid the foundation for and are fostering the relationship between the ASEAN and the EU.
He suggested the two sides consistently pursue the set targets, promote innovative thinking and take actions to develop their strategic relationship in a balanced and fair fashion, with common interests and shared risks.
Chinh said that Vietnam has always supported EU firms operating in the country. Thus, he called on the EU to remove its yellow card on Vietnam’s fishery sector and soon ink the European Union-Vietnam Investment Protection Agreement.
Demonstrating Vietnam’s firm commitment to combating climate change and orientation toward green and sustainable development, he called for maximum support in finance and technology from the EU within the framework of the Just Energy Transition Partnership.
The prime minister also asked for the sharing of information and experience in green, clean technology and cooperation in innovation, digital transformation, the green economy and circular economy, and the EU’s collaboration with the ASEAN in Greater Mekong Subregion development.
According to the Ministry of Foreign Affairs, EU and ASEAN leaders would facilitate economic and trade cooperation, stabilize supply chains and keep moving toward an ASEAN-EU Free Trade Agreement.
Measures sought to facilitate customs clearance at Vietnam-China border gates
Deputy Minister of Industry and Trade Tran Quoc Khanh and Executive Vice Chairwoman of People’s Government of China’s Guangxi Cai Lixin recently discussed measures to facilitate customs clearance of goods via border gates of the two countries.
At the online conference assessing the implementation of the 2021-2023 action plan between the two sides held on December 14, the two officials said that it is a good chance to exchange measures and orientations for future cooperation in order to realise the common perception of the two countries’ high-ranking leaders after the recently successful China visit by Party General Secretary Nguyen Phu Trong; and to discuss solutions to ensure smooth customs clearance and prevent congestion of goods at border gates between Vietnam and Guangxi before, during and after the Lunar New Year 2023.
Khanh asked for a closer cooperation between Guangxi and Vietnam’s border localities to improve the efficiency of customs clearance at border gates to avoid the recurrence of congestions like in late 2021.
Deputy Minister Khanh proposed the resumption of customs clearance at Coc Nam-Nonghuai border gate pairs, as well as the restoration of operations of other pairs such as Binh Nghi-Ping Erguan, and Hoanh Mo-Dongzhong.
He also suggested the two sides intensify cooperation to improve the capacity of Vietnam’s railway transport to China through Guangxi.
Cai Lixin said that the Guangxi government has established a specialised committee to support the customs clearance of Vietnamese agricultural products in the year-end peak season.
In addition, authorities of Guangxi are also urgently studying the resumption of customs clearance at eligible border gates to ease pressure on operating ones.
Construction starts for biomass power plant using rice husk fuel in Hau Giang
Hau Giang Bioenergy Joint Stock Company (HBE) held a groundbreaking ceremony for a biomass power plant using rice husk as fuel with a total investment of 875 billion VND (36.5 million USD) in the Mekong Delta province of Hau Giang on December 15.
Truong Ngoc Thuy Trang, director of HBE, said that the Hau Giang Biomass Power Plant Project, with a capacity of 2×10 MW, is expected to be completed and put into use in the fourth quarter of 2024.
When put into operation, the plant in Thuan An ward, Long My town would be a grid-connected biomass power plant, contributing to diversifying power generation sources and ensuring energy security in the province in particular and the Mekong Delta region in general, said Trang.
In addition, the project will provide about 125 GWh per year of electricity, create jobs for workers, and contribute to the provincial socio-economic development with estimated revenue at about 200 billion VND per year.
Vingroup to set up hi-tech medical firm
Vingroup JSC, which trades its VIC shares on the Hochiminh Stock Exchange, has passed a plan to contribute capital to establish VinMedtech Hi-tech Medical JSC.
VinMedtech, headquartered in Viet Hung Ward in Hanoi City’s Long Bien District, has chartered capital of VDN300 billion, 99% of which is contributed by Vingroup, the local media reported.
As of September 30, Vingroup had 104 subsidiaries and three affiliates active in various fields such as real estate, tourism, education and automobile production. VinMedtech will become Vingroup’s 105th subsidiary.
Between January and September, VIC posted VND88.2 trillion in net revenue, down 4.7% year-on-year, and VND1.6 trillion in after-tax profit.
CMSC’s members post revenue of over $47.8 billion in 2022
     
Negative effects of the COVID-19 pandemic and uncertainties in the global markets caused some enterprises under the Commission for the Management of State Capital at Enterprises (CMSC) to see sharp declines in profits this year, with some even posting great losses and reductions in equity.
However, with great efforts and determination, corporations have successfully restored production and business activities, contributing to socio-economic development, generating significant revenue for the state budget, stabilising the macro-economy, building the infrastructure system, and creating a driving force for the development of industries, Nguyen Hoang Anh, Chairman of CMSC, said at a conference on reviewing the work of CMSC and its corporation members in 2022.
Accordingly, the total revenue of 19 groups and corporations is estimated to reach over VND1.1 quadrillion (US$47.8 billion), equal to 114 per cent of the yearly plan and 133 per cent compared to 2021.
Except for Vietnam Electricity (EVN) which reported a sudden loss due to objective reasons (being unable to increase electricity prices), the total profit before tax of 18 groups and corporations was estimated at more than VND39.2 trillion, an increase of 73 per cent compared to the plan and 17 per cent over last year.
Of which, 15 out of 19 groups and corporations completed and exceeded the revenue plan; 17 out of 19 groups and corporations completed and exceeded the plan in terms of profit before tax, and 16 out of 19 groups and corporations have completed and exceeded the plan for payment to the state budget.
Some groups and corporations have made great efforts, achieved many positive results, and exceeded the plan in many production and business targets compared to previous years such as Petrolimex, Vinachem, Vietnam National Coal and Mineral Industries Group (TKV), and Vietnam Electronics and Informatics (VEC).
On the implementation and disbursement of investment capital in 2022, after four years of transferring to CMSC, the Commission’s corporation members have approved, carried out, or completed 41 projects in group A, and 125 group B projects, according to Hoang Anh. 
Vietnam, GCC countries promote tourism cooperation
The Foreign Ministry and Ministry of Culture, Sports and Tourism co-hosted a conference promoting tourism cooperation between Vietnam and Gulf Cooperation Council (GCC) countries on December 15.
The event was held both online and in-person format, attracting over 250 delegates and more than 100 travel agencies and hospitality providers from both sides.
Speaking at the event, Deputy Minister of Culture, Sports and Tourism Doan Van Viet highlighted yet-to-be-tapped potential to improve the efficiency of bilateral tourism cooperation.
Participants at the event suggested improving the frequency and efficiency of Vietnam’s tourism promotion activities in the Gulf region, building tour packages meeting Halal standards, increasing direct flights between both sides, diversifying forms of passenger transport like airway and waterway, preparing for workforce fluent in languages and Islamic culture, and simplifying visa procedures, among others.
They also explored the possibility of joint investment in tourism infrastructure and services.
Chairman of the Vietnam National Administration of Tourism Nguyen Trung Khanh said the two ministries will continue working closely together to hold tourism promotion activities in the region in the coming time.
The number of tourists from GCC countries visiting Vietnam is around 6,000 each year.
Haiphong’s key port-connecting road opened to traffic
Ngo Gia Tu Street, one of the three major roads linking with the seaport system in the northern port city of Haiphong, was opened to traffic yesterday, December 14.
The two other roads are Nguyen Van Linh and Vo Nguyen Giap. These three routes will connect with the port system comprising many seaports and the northern region’s largest logistics zone, the local media reported.
Earlier, the northern city implemented a project to upgrade Ngo Gia Tu Street, with nearly VND243 billion in investment. After the upgrade, the route measures 1.96 kilometers and is 19.25 meters wide.
Nguyen Duc Tho, vice chairman of the municipal government, said the Ngo Gia Tu street is among the city’s axis routes that link the Rao Bridge with Lien Phuong Street. Previously, part of the Ngo Gia Tu Street had been upgraded and put into service in 2018.
General Department of Taxation launches e-commerce information portal
The General Department of Taxation (GDT) on December 15 officially operated its e-commerce information portal and launched electronic invoices from cash register.
Nguyen Thi Lan Anh, head of the GDT’s Tax Administration Department for Small and Medium Enterprises, Business Households and Individuals, said the portal has three main functions, including supporting e-commerce platforms in information supply and tax declaration on behalf of individuals and helping individuals file tax declarations.
Other features include helping organisations, individuals and business households apply for tax identification numbers for the first time; providing information on tax policies for e-commerce in accordance with existing regulations, and answering relevant questions.
According to the GDT, the tax sector cut administrative procedures to 234 from 304 in 2021, completed the integration and provision of online public services on the National Public Service Portal, thus saving time and costs in tax administrative procedures.
Dinh Vu port allowed to receive big vessels
The Ministry of Transport has just approved a proposal from the Vietnam Maritime Corporation (VIMC) to use Dinh Vu port to handle containers and receive vessels up to 40,000 DWT.
The project is piloted for 6 months from December 12, 2022. Accordingly, VIMC is responsible for building facilities, port infrastructure and arranging loading and unloading equipment to ensure that it fully meets the conditions for container cargo operation.
The Dinh Vu port is one of the key port projects of Gemadept Corporation. It is located in the Non-Tariff Zone and Nam Dinh Vu Industrial Park – the most important hub of international and inland commercial goods transportation in the North.
The port not only stands out with the most favorable location and largest scale, but also because of its capacity to accommodate the largest vessels in Dinh Vu area. The whole project scale includes seven container berths, 65 hectares of total area, 1.5 km length of berth, with total investment of up to 6,000 billion VND, and total capacity of nearly 2 million TEUs and 3 million tons per year.
British expert highlights Vietnam’s cooperation potential in energy transition
Jack Richardson, Climate Programmes Coordinator at the Conservative Environment Network, has noted his hope for big investment and cooperation between G7 countries, Vietnam and other partners of the Just Energy Transition Partnership (JETP).
Vietnam and the International Partners Group, consisting of the European Union, the UK, the US, Japan, Germany, France, Italy, Canada, Denmark and Norway, were resolved on December 14 to establish the JETP as a long-term, ambitious partnership to support Vietnam’s low-emission and climate resilient development, as well as to help the country accelerate the just transition and decarbonisation of the electricity system, and develop new economic opportunities to support Vietnam’s transition towards net zero future.     
They will mobilise an initial amount of at least 15.5 billion USD over the next three to five years through a combination of appropriate financial instruments, which should not divert critical development assistance away from existing development funding to support the needs of Vietnam’s just energy transition in accordance with the national framework of public debt and external debt management.
Richardson suggested JETP focus on climate change response through economic growth and prosperity, while shifting to cleaner, cheaper, and safer energy, especially renewable energy.
He also proposed the UK tighten its cooperation with Vietnam in raw material production necessary to clean energy transition such as rare earth, noting that the Southeast Asian nation has resources that other countries need.
In the next 12 months, with the support from partner countries, Vietnam will build and adopt the JETP Resource Mobilisation Plan.
Vietnam-Spain trade targeted at US$5 billion
Vietnam and Spain aim for bilateral trade at US$5 billion in the next two or three years, heard a meeting between Vietnamese Prime Minister Pham Minh Chinh and his Spanish counterpart, Pedro Sánchez Castejón, in Brussels, Belgium, on December 14.
Speaking at the meeting on the sidelines of the EU-ASEAN Commemorative Summit, PM Chinh suggested that the two countries should strengthen the strategic partnership and optimize the EU-Vietnam Free Trade Agreement to beef up bilateral trade.
Besides, the two countries should closely cooperate to speed up work on strategic projects and promote the partnership in science-technology, climate change adaptation and environmental protection.
PM Chinh also affirmed that Spain is one of Vietnam’s key and potential partners in the European Union.
Prime Minister of Spain Castejón highly valued the importance and position of Vietnam in the region and the world, inviting Vietnam to join the International Drought Resilience Alliance launched by Spain and Senegal.
Spain will continue to enhance cooperation with Vietnam in digitalization and renewable energy, the Spanish prime minister added.
The meeting aimed to celebrate the 45th anniversary of the two countries’ diplomatic ties, the local media reported.
VinFast delivers nearly 600 EVs in November
     
Viet Nam’s first electric vehicle (EV) manufacturer VinFast announced on December 13 that it handed over 594 of its VF e34 and VF 8 models to its customers in November.
The company, a member of private conglomerate Vingroup, is planning the delivery of thousands of units of the two models to customers when the supply chain is stable and production is no longer interrupted, as well as the first VF 9 models, at the beginning of the first quarter next year.
On December 10, VinFast officially received a total of 3,293 orders for its VF 5 Plus mode in the first nine hours of availability. Customers may receive these cars in April 2023.
On November 25, it exported the first batch of 999 VF 8 models to the US market. They are scheduled to arrive in California in the next few days and be handed over to the first consumers by the end of this year. 
Post-pandemic impact: key driver for digital banking in Viet Nam
     
The impact of the pandemic will continue to be felt for many years to come and has been a key driver of the accelerated adoption of digital banking across Viet Nam and the wider Asia Pacific region.
This information was released by SaaS cloud banking platform Mambu in its annual Partner Predictions report, which highlights the top financial trends expected to influence the industry in 2023, as businesses attempt to survive and thrive in a volatile macroeconomic environment.
The report includes insightful commentary from industry leaders from across the fintech and financial services sectors, including executives from AWS, Backbase, Deloitte, Google Cloud and many more, with participants sharing their insights on the key issues that are likely to shape the financial services sector in the year ahead.
The adoption of public cloud technology in financial services has also been accelerated by the pandemic, with the rapid growth of digital banking services across the region a direct result.
Vietravel Airlines launches first international air service
Vietnamese air carrier Vietravel Airlines on December 16 launched a route linking Hanoi (Vietnam) and Bangkok (Thailand), marking the company’s first international air service since its debut two years ago.
The airline plans to operate the Hanoi-Bangkok-Hanoi service every day in the first place.
At a ceremony in Hanoi on December 15 to announce the route, Thai Ambassador to Vietnam Nikorndej Balankura expressed hope that there would be more flights connecting major tourism cities of both countries in the future, thus helping to further promote cultural exchanges and develop the tourism industry.
Tran Huyen Thanh, director of Wild Lotus Travel company, said recent years has seen Thailand among the top destinations for Vietnamese tourists, largely due to its proximity to Vietnam, convenient travel procedures, and reasonable travel costs.
Vietnamese tourists to Thailand usually visit for many purposes, such as business, beauty care, health care, or shopping, she added.
After nearly two years of offering services domestically, with over 6,000 flights operated to major tourism destinations across Vietnam, this is the first time that Vietravel Airlines has joined the international aviation market by launching its maiden international flights between the Vietnamese and Thai capitals.
Thailand was Vietnam’s fastest growing tourist market before the COVID-19 pandemic, with the number of visitors from the neighbouring country rising by 146% year on year to 509,800 in 2019.
Furthermore, the number of Vietnamese tourists visiting Thailand in 2019 reached over 900,000.
Vietnam maintains overall economic recovery momentum this year: Chinese scholar
 
Vietnam has maintained its economic recovery momentum in 2022 despite many difficulties, Zhao Ruyi, a scholar from the Institute of International Relations at China’s Yunnan University, wrote in an article recently posted on the Tengxun website.
The scholar said that in a year full of opportunities and challenges, the Vietnamese Government has adopted a multi-dimension  approach by implement a policy to safely and flexibly adapt to and effectively control the COVID-19 pandemic as an effort to associate pandemic prevention and control with economic development.  
As a result, Vietnam’s economy has entered a strong recovery track and seen rapid growth in many spheres, she affirmed.
In the first nine months of this year, the number of newly registered enterprises and those resuming operations was over 1.63 million. 
The Southeast Asian country attracted US$15.4 billion in foreign investment in the period, up 16.3% year-on-year and the highest level since 2018.  
However, the Chinese scholar pointed out two main potential risks to Vietnam, including impacts on the country’s exports by the complicated developments of the international situation such as rising prices of raw materials and transportation costs and supply chain interruption triggered by the Russia-Ukraine conflict, or economic recession in the US and Western countries.
Secondly, Zhao wrote that Vietnam’s domestic fiscal room is shrinking, while inflation rate and banks’ bad debt rate remain high, and there are many potential risks in the credit structure, especially the rapid increase in retail credit and corporate bond investment.
Vietnamese Association in Vientiane funds new building of Lao Department of SME Promotion
 
A new building of the Lao Ministry of Industry and Commerce’s Department of SME Promotion, built with funding from the Vietnamese Association in Vientiane, was handed over to the Lao ministry on December 15.
The project is part of an agreement on the exchange of public land use rights signed between the Vietnamese Association in Vientiane and the Lao Ministry of Industry and Commerce.
It is a joint effort among the Coordinating Board of the Vietnam Buddhist Sangha in Laos, Phat Tich pagoda and the Vietnamese Association in Vientiane to celebrate the Vietnam-Laos, Laos-Vietnam Solidarity and Friendship Year 2022.
Speaking at the event, Vietnamese Ambassador to Laos Nguyen Ba Hung noted that the construction work has been completed six months ahead of schedule and is yet another result of the special solidarity between the two countries, showing the goodwill of the Lao Ministry of Industry and Commerce, Phat Tich Pagoda and the Vietnamese community in Laos.
The building, costing US$1.28 million, covers 500 sq.m, has five floors, 25 offices, four meeting rooms, and one elevator.
In exchange for the building, the Lao Ministry of Industry and Commerce handed over the right to use land of the old building of the Department of SME Promotion to the association to build a memorial site for Lao and Vietnamese leaders and war martyrs.
HCM City ensures supply of goods for Tet holiday
     
Businesses in HCM City have stockpiled sufficient essential goods and necessities for the Tet (Lunar New Year) holiday, according to the municipal Department of Industry and Trade.
The volume of goods stockpiled for Tet increased by 15-30 per cent from previous months to meet the rising demand from a market of 12 million people, said Bui Ta Hoang Vu, director of the department.
The city’s market stabilisation programme, which is aimed at stabilising essential goods with prices always lower than the general market, provides around 34,000 tonnes of goods, Vu said.
The department, in coordination with the State Bank, is offering loans worth a total of VND8 trillion (US$338.8 million) for businesses joining the market stabilisation programme during the Tet holiday, he said.
Prices of food and foodstuffs have risen by 2-4 per cent.
Businesses are encouraged to cut costs in an attempt to stabilise prices, he added.
More than 7,200 tonnes of food and foodstuffs per day are transported to three major wholesale markets in the city.
A MM Mega Market Viet Nam spokesperson said the volume of goods stockpiled for Tet has increased by 40-50 per cent from normal months.
The volume of fresh food, confectionery and essential goods stockpiled for Tet saw a spike of 100 per cent, the spokesperson said.
MM’s stores also ensure an adequate supply of vegetables, fruits, meat, fish, food and foodstuffs for Tet.
Vissan Joint Stock Company prepared more than 2,000 tonnes of fresh meat products and 4,000 tonnes of processed products for the Tet holiday.
Phan Van Dung, its general director, said the material inputs to produce processed products had been stockpiled to maintain production for two to three months.
The volume of fresh products that the company planned to supply to the market for Tet increased by 8 per cent compared to the same period last year, Dung said.
Purchasing during Tet holiday is forecast to surge by at least 20 per cent compared with usual periods.
Ha Noi Agricultural Products and Craft Village Festivals open
     
The Ha Noi Agricultural Products and Craft Village Festival creates opportunities for businesses, production facilities and localities to promote agricultural products, craft village products, and agricultural models associated with craft village tourism.
The Ha Noi Department of Agriculture and Rural Development opened the “Ha Noi Festival on Agricultural Products and Craft Villages 2022” at the e Formula One (F1) racetrack in Nam Tu Liem District on Wednesday evening.
The festival aims to introduce achievements in the field of agricultural and rural development of Ha Noi.
This festival also creates opportunities for businesses, production and business establishments and localities to promote agricultural products, craft village products, supplies, agricultural machinery and equipment, especially certified OCOP products and five-star potential products of the city.
With a scale of about 15,000 square metre, the festival has attracted 273 units to display, introduce and promote their products.
In addition, about 500 typical ornamental creatures of 15 provinces and cities in the North are displayed at the event.
The festival will take place in five days, from Wednesday to Sunday. 
Banks strengthen provision buffer for defaulted loans amid rising bad debts
     
Amid rising non-performing loans (NPLs), many banks have strongly increased their loan-loss reserve (LLR) funds to readily face uncertainties in the future.
According to experts, the move is a positive signal reflecting the preparation of banks for unpredictable fluctuations.
The impact of the COVID-19 pandemic, coupled with a tight monetary policy, spelt trouble for Viet Nam’s economy, especially deteriorating bank asset quality. Banks reported a strong surge in NPLs in Q3 2022, resulting from the expiry of Circular No. 14/2021/TT-NHNN, which allowed banks to reschedule the loan payment time and maintain the same debt group for COVID-19-affected borrowers, at the end of June this year.
Financial statements of 27 banks showed the banks’ on-balance sheet NPLs in the year through September amounted to nearly VND129.8 trillion, up 28.4 per cent against the figure earlier this year. Of the total, potentially irrecoverable debts skyrocketed by 62.5 per cent to VND72.4 trillion, accounting for 55.8 per cent of the total NPLs, up 11.8 per cent over January.
To deal with the rising bad debts, 14 out of 27 banks strongly increased their LLR ratio in the first nine months of this year, Q3 2022 financial statements of banks showed.
Among the banks, Vietcombank topped the list with the highest LLR ratio of up to 402 per cent. To put it another way, Vietcombank has set aside VND4.02 for every dong in bad debt.
VietinBank also raised its LLR ratio to 250 per cent by late September, up 70 per cent compared to late 2021.
BIDV, Military Bank, Bac A Bank, Techcombank and Sacombank also hiked their ratio to 214 per cent, 208 per cent, 190 per cent, 165 per cent and 154 per cent, respectively.
Tran Thi Khanh Hien, head of VNDirect Securities Company’s analysis division, said though banks’ bad debts increased in the third quarter of 2022, their provisions for defaulted loans were still well guaranteed and higher than that at the end of 2020 and 2021. It was a positive signal as banks have readily prepared for increasing bad debt risks in the future.
Viet Dragon Securities Company (VDSC) also believes profits of many banks, which have already made adequate provisions for restructured debts according to Circular 14, will not be under pressure from the expiry of the circular. Vice versa, banks, which have not set aside enough for provisions, will face the possibility of rising credit costs.
PM seeks to rescue gloomy real estate sector
Prime Minister Pham Minh Chinh yesterday, December 14, wrote to ministries and localities, ordering them to step up efforts to eliminate hurdles facing the real estate market.
PM Chinh told the Ministry of Construction and relevant authorities to carry out Decision 1435/QD-TTg issued on November 17, which requires the ministry to join hands with localities and real estate companies to cope with obstacles plaguing construction projects and tackle paperwork roadblocks.
It was also asked to speed up the plan to build one million low-cost homes for workers and low-income people from 2021-2030 as prescribed in Resolution 11/NQ-CP on socioeconomic recovery and development.
Meanwhile, the central bank’s governor was urged to work with commercial banks and relevant agencies on developing economies, cutting down on bureaucratic procedures and offering new loans to property firms and homebuyers to relieve the financial burden on the industry.
The minister of Natural Resources and Environment, together with the minister of Planning and Development, was tasked with paving the way for housing projects by completing the legal framework for laws on land, investment and bidding.
The minister of Finance was entrusted with monitoring the issue of realty bonds and coming up with solutions to deal with difficulties and measures ensuring the healthy, transparent, safe and effective operations of the corporate bond market, according to an official dispatch the prime minister signed on December 13.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes
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