Latest Vietnam Business Foreign News (March 2023 Summary Issue)

Real Estate] The number of real estate companies declared bankrupt or dissolved increased 38.7%.

建設省の報告The Ministry of Construction reported that in 2022, the number of newly established companies was 8,593, up about 14% from the same period last year; the number of companies that resumed operations was 2,081, up about 57%; and the number of companies declared bankrupt or dissolved was up about 39%.

The Ministry of Construction assesses that the reason for this is that both real estate companies and buyers are having difficulty raising funds. In addition, rising lending rates, exchange rates, gasoline prices, and construction material prices have increased costs, affecting the production and business activities of companies.

In the face of this situation, and in order to ensure the stability and healthy development of the real estate market in the future, the Ministry of Construction proposes to the ministries to disclose information transparently and, in particular, to promptly propagate new national policies, regulations, and solutions regarding the state of credit, bond, equity, and real estate markets The report states.

Consumption: Three trends shaping consumer habits

Deloitte’s October 2022 Vietnam Consumer Survey Report identified three trends shaping consumer habits in Vietnam: (1) a return to consumer confidence, (2) a rebalancing of consumer priorities, and (3) retail innovation.

The survey results also indicate that Vietnamese consumers are reevaluating their priorities and abandoning price attributes in favor of more appropriate choices. In this regard, there are several possible ways for companies to market their products in higher segments.

Average package sizes across all product categories are preferred because they are considered portable and affordable.

Traditional trading channels have been generating a lot of sales since the time of the buying up of goods from the new coronavirus disaster, but the transition to modern trading channels is expected to bring strong growth in the near future.

[Fuel] Proposed increase in tax rates to protect the environment with gasoline, oil, and grease.

In the draft 2024 legislation being finalized by the Ministry of Justice for submission to the government, the Ministry of Finance proposes to amend the environmental protection tax framework for gasoline, oil, and grease. The minimum tax rate would be the same as the current minimum tax rate and the maximum tax rate would be increased to allow room for policy adjustments according to state administrative needs.

The Ministry of Finance also proposed changing the unit of calculation for fuel oil from “liter” to “kg” as a matter of reality.

The rationale for the above tax adjustment proposal is that studies have shown that gasoline, oil, and grease are products that contain many environmental pollutants and are harmful to health safety and living conditions. In addition, compared to many other countries in the world, the tax as a percentage of the price of gasoline sold in our country is still lower than the general average.

AEON MALL Hue, the first large-scale shopping mall in central Vietnam, has begun construction.

2月1On February 11, construction of the AEON Mall Hue project officially began, with completion and operation scheduled for 2025.

Aeon Mall Hue is the seventh shopping mall in Vietnam and the first in Central Vietnam for Aeon Mall Vietnam Co. It is also currently the largest shopping mall in the central region.

The total area of the mall is over 8.6 ha and will include more than 135 food, fashion, entertainment and supermarket outlets. Aeon Mall Hue is expected to help raise the standard of shopping and entertainment for the local people and create more jobs for the local people.

The total investment for this project is over US$169 million, making it currently the largest Japanese investment project in Hue. According to Mr. Yoshinori Yakabe of the Consulate-General of Japan in Da Nang, Hue is an area with convenient transportation infrastructure, well-developed medical facilities, high quality human resources, and relatively low rental rates for industrial parks. Therefore, Hue has good conditions for Japanese companies to pay attention and invest.

The Chairman of Thua Thien-Hue Provincial People’s Committee said that since Vietnam and Japan will celebrate the 50th anniversary of the establishment of diplomatic relations in 2023, the start of construction of this project is very significant and will contribute to friendly relations and good cooperation between the two countries.

[Human Resources] Increase the number of nurses working in Japan

The Deputy Minister of the Ministry of Labor, Disability and Social Affairs met with Yuichiro Yamamoto, President of J-LEC Cooperative (Japan), to cooperate in promoting Vietnamese trainees to study and work in the nursing industry in Japan.

Yuichiro Yamamoto said that Vietnam has one of the largest numbers of trainees working in Japan and has very good skills. Currently, J-LEC Cooperative is working with Vietnam International Human Resources Corporation – VILACO (Hanoi) to develop human resources for the nursing industry, one of the industries in short supply in Japan. 2022, J-LEC Cooperative will collaborate with Vietnamese companies and nearly 600 interns will study and work in Japan. Japan to study and work in Japan.

The Deputy Minister said that in 2023, the Ministry of Labor, Disability and Social Affairs will coordinate with the Japanese Ministry of Health, Labor and Welfare to implement and improve training and promote recruitment in the nursing care sector, and will support study funds for Vietnamese trainees who want to go to Japan to work in this field.

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