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The real estate downturn is emerging as a luctrative opportunity for savvy new investors, especially from foreign countries. Now is the time, say industry insiders, to pump money into the falling market - just before it recovers.
The Vietnam Glass Association (Vieglass), when asking to raise taxes on glass imports, also asked to install the technical barriers on the imports of three products, rolled glass, drawn sheet glass and floating glass, based on the currently applied technical standards in Vietnam.
The electricity sector has set a target of generating nearly 83.3 kWh in 2009, representing an increase of 12,5 percent from the previous year.
The decreasing interest rates have put commercial banks in an awkward position. Some clients have decided to mortgage their deposits and borrow money at lower interest rates. Businesses, meanwhile, want to pay existing loans off early to get cheaper loans.
The Ministry of Industry and Trade (MoIT) has set a target of 72 billion USD in exports for next year, a year-on-year increase of only 13 percent in the context of the world’s economic downturn.
Chi Minh City licensed 65 FDI projects worth totally 497 million USD in the first quarter this year, down sharply from 95 projects and 1.85 billion USD registered in the same period last year.
Real estate investors have been continuously crying for help recently as the prolonged frozen market has pushed them into the red. However, experts have pointed out that those who need to be rescued now are the low incomer earners who cannot afford accommodation rather than the real estate developers.
Vietnam’s authorities are upbeat about the nation’s growing foreign direct investment capital attractiveness in a tough 2009 despite the global turmoil.
Vietnam’s gross domestic product (GDP) growth rate in the first quarter this year reached 3.1 percent, only half of the level recorded in last year’s corresponding period, the General Statistics Office (GSO) reported at a conference on March production held in Hanoi on March 25.
Vietnam is witnessing the bankruptcy of many of its garment companies, said Diep Thanh Kiet, Deputy Chairman of the HCM City Association for Textiles, Garments, Embroidery and Knitting, during a discussion about the Vietnamese garment industry’s development.
The global financial meltdown is beginning to have an impact on the Vietnamese manufacturing sector.
The Governor of the State Bank of Vietnam (SBV) on Nov. 20 decided to cut the prime interest rate in Vietnamese dong by 1 percent to 11 percent per year as from Nov. 21.
