Business

The Ministry of Construction is seeking to revoke the provision that developers of commercial housing have to set aside 20% of the total land area for social housing. The ministry, which is drafting amendments to the Housing Law, said the government should scrap this requirement when submitting the bill to …

Vietnam’s largest beverage company, Tan Hiep Phat, has appointed David Riddle as CEO to replace Tran Qui Thanh, who was arrested Monday on charges of illegally appropriating property. Riddle has been the company’s vice chairman for 13 years. David Riddle, the new CEO of Tan Hiep Phat. Photo by Tan …

Hoang Phuc International, a distributor of foreign fashion brands, said profits fell to almost a sixth last year from the previous year to VND1.9 billion (US$80,500). For the first time the company issued bonds last year worth VND11 billion at an interest rate of 12.5%. Hoang Phuc, established in 1989, …

The Ministry of Construction has canned a proposal to limit how long apartments can be owned amid backlash from lawmakers and the public. The ministry told the government in a recent report that there should be no limit on the amount of time apartments are allowed to be owned as …

A VND120 trillion ($5.12 billion) credit package with incentive interest for both developers and buyers is set to boost social housing construction amid a shortage of affordable apartments, analysts say. The package might help start a race among property developers to develop social housing projects as they seek to take …

President Vo Van Thuong has asked the Vietnamese community in Laos to set its sights on long-term sustainable business growth even though weathering current short-term difficulties will be difficult. During the meeting with the Vietnamese community in Laos on Tuesday, Thuong praised the patriotism and contributions made by Vietnamese people …

Mergers and acquisitions involving foreign investors have been scarce in the property market this year, with many merely visiting and seeking information rather than striking deals. At a seminar on April 7 analysts said that while the M&A market is heating up, there are still many barriers that make the …

Major cryptocurrency bitcoin breached the key $30,000 level for the first time in 10 months on Tuesday, adding to its steady gains as investors raised bets that the U.S. Federal Reserve will soon end its aggressive monetary tightening campaign. Bitcoin peaked at $30,438 in Asian trade and was last 2% …

Vietnam’s retail gasoline prices were raised by almost 5% on Tuesday afternoon to the highest since August last year. The popular RON95 gasoline’s price went up 4.84% to VND24,240 ($1.03) per liter. Biofuel E5 RON92 rose 4.94% to VND23,170. Diesel increased by 3.65% to VND20,140. The Ministry of Industry and …

Shareholders of Bamboo Airways, at an extraordinary general meeting on Monday, rejected plans for a private placement of shares to increase charter capital. The proposal for a VND9.57-trillion ($405.5 million) issue to increase the capital to VND28 trillion, restructure loans and swap debts for shares based on agreements with creditors …