Business

Hotel and restaurant owners in Nha Trang and Ha Long, which heavily rely on Chinese and Russian visitors, are trying to survive in their absence. An agarwood store near Tuan Chau tourist area in Ha Long, home to the eponymous world-famous bay, used to be very crowded with Chinese tourists …

The Central Highlands province of Kon Tum wants a VND4-trillion ($169.5-million) plan to build Mang Den airport to be included in the national aviation development scheme. The airport will cover 350 hectares in Mang Den Town, around 60 kilometers from downtown Kon Tum, provincial authorities said in a proposal submitted …

Propzy, a proptech startup that raised US$33 million, failed to survive the Covid-19 pandemic, which brought its key business to a halt. On Monday its CEO, John Le, confirmed the closure, pointing to the “prolonged pandemic compounded by global financial market instability from the Russian war in Ukraine.” Its revenues …

Shinhan Life, a subsidiary of South Korean Shinhan Financial Group, that entered Vietnam nine months ago, will open its second business center next month. The life insurer’s success in HCMC has encouraged the expansion, and the new branch will be set up in Hanoi. Since entering Vietnam in January, Shinhan …

Railway authorities urged Hanoi to shut down selfie hotspots and makeshift coffee shops along its famous train street, a favorite hangout among foreign tourists, as a safety measure. After Hanoi Train Street reopened following a two-year closure, makeshift coffee shops started resuming business along the rail tracks while many local …

Vietnamese startup Propzy has commenced closure of its Vietnam business due to financial hardship and global economic instability. Propzy CEO, John Le confirmed the startup had ceased operating Monday. “We had raised our $25-million Series A round in mid-2020, which was immediately met by a prolonged pandemic compounded by global …

Vietnam’s benchmark VN-Index dropped 0.61% to 1,240.77 points Wednesday. The index closed 7.6 points lower after losing 1.2 points on Tuesday. Trading on the Ho Chi Minh Stock Exchange (HoSE) increased by 12.57% to VND14.35 trillion ($608.26 million). The VN-30 basket, comprising the 30 largest capped stocks, saw 24 tickers …

Auto sales in Vietnam went up for the third month in a row with 30,846 units sold in August, up 247% from the low base in the same month last year. Sales were highest since May when over 43,800 units were sold, according to data from Vietnam Automobile Manufacturers Association …

Forty eight million Vietnamese, or nearly half the population, will have an income of more than US$20 a day by 2030, British lender HSBC has forecast. The country is set to move from 13th place last year to 10th among countries with the highest number of people earning more than …

Townhouse rents in HCMC’s central business district have risen by 15-100% though there are not many new tenants. Vinh, a housing broker in District 1, said the rent for a typical unit on the main street of Nguyen Hue for instance is almost back to pre-Covid levels. The monthly rent …