wiki globe

Posts Tagged ‘booming’

Sales of retail spaces in downtown Hanoi booming

In Uncategorized on January 8, 2011 at 4:07 am

Despite of the frozen property market this year, office builders’ sales of renting luxury retail space in Hanoi remain positive, with occupation rates always at 100 percent.

View of the shopping center Vincom in Hanoi (Photo:

The entire retail space in downtown Hanoi has been rented with an unchanged price of US$54 per square meters, according to a second quarter report of the commercial property and real estate services adviser CB Richard Ellis Vietnam.

The real estate services provider Colliers International Vietnam said in a report that retail sales in the last 11 months increased 20 percent year-on-year, showing consumption at shopping centers and modern supermarkets getting stronger.

Despite of their high rentals, big buildings in downtown including Vincom, Trang Tien Plaza and Big C announced they were occupied completely in early October.

Vincom asks for a rental of around $135 per square meters, while rentals of Trang Tien Plaza and Big C are $80 and $30-50 respectively.

The boom of retail space segment has encouraged property companies to focus on building luxury shopping centers.

Statistics showed many large shopping buildings will likely to open in Hanoi at the end of this year, including Hanoi Grand Plaza with an area of 16,000 square meters, Hang Da market 7,000 square meters.

Others including Mo market, Pico Mall, Ciputra Mall an Usilk City are expected to open in early 2012. Experts expected retail spaces with the total area of nearly 380,000 square meters will be rented in the capital city at the end of 2011.

Some analysts, meanwhile, showed cautious with the strong growth of retail space segment. An abundant supply will prompt to a harsh competition between office builders, leaving retail spaces opening late struggling to find customers, they warned.

Real estate brokers said retail spaces in Hanoi’s outskirt areas hardly found customers. CBRE Vietnam said in a report that retail space area in the outlying districts rose nearly 50 percent this year and expected an increase of 10 times higher in 2013.

Builders are also anxious on the fact that investors were lowering retail spaces’ prices and rental fees, brokers said.

“Earlier investors could easily earn a profit of $1,000-2,000 per square meters from selling retail space. Now they struggle to find buyers due to too-high rentals of retail spaces in downtown and low demand for ones in outskirt areas,” said a veteran broker in Hanoi.

Source: SGGP

Local businesses borrow at any costs for booming time at yearend

In Uncategorized on December 16, 2010 at 10:05 am

Financial experts said many businesses would be willing to borrow money at the current rates as they need large sources of capital at the end of the year, which is expected to be a booming time of the local retail market.

A cash teller (left, in blue) talks with a client at the Asia Commercial Bank (Photo: Minh Tri)

At some commercial banks, deposit rates reached 15-16 percent per annum last week, while lending rates for businesses and individuals are up to 17-19 percent and more than 19 percent.

Some small and medium enterprises disclosed lenders’ current lend rates remained much lower than unofficial sources’ ones, which can be up to 3-4 percent per month or 48 percent per annum.

High interest rates showed commercial banks’ credit growth last month was a little bit slower than previous months, according to Nguyen Hoang Minh, deputy director of the State Bank of Vietnam’s Ho Chi Minh City branch.

He expected the banks’ more steady liquidity combining with local firms’ large demand for capital this month will put the growth rate back on track.

However, the central bank’s HCMC branch noticed in a report that interbank rates still reply mainly on the state-owned lenders. Commercial banks and financial firms are often clients of the state-run lenders. The interbank rates therefore will increase rapidly if  the state-owned banks, in some cases, refuse to give loans to commercial lenders, the report said.

The state-owned lenders mostly have to say no to commercial banks or financial firms, whose plans on using capital are risky and unreasonable.

Economists said many lenders’ growth rates nearly reach their annual target, so they will be unwilling to loan more.

The credit growth rate of the Military Bank was 5 percent higher than October’s rate and rose 50 percent so far this year. The lender had to slow down last month’s growth rate as they were afraid it would surge over this year’s target, an officer at the bank said, without providing how much the targeted rate is.

The state bank’s HCMC branch expected credit growth rates this year would rise 25 percent year-on-year to VND699.81 billion (US$35 million), and the deposit would increase 27 percent year-on-year to VND766.25 billion ($38.3 billion).

However, some banks will likely to miss their target. Asia Commercial Bank, known as ACB, said the number of personal loans was small because of the high interest rates. Other commercial lenders said they still accepted personal loan applies, but would offer the loans next year.

Source: SGGP

Whalewatching worth billions and booming: study

In Uncategorized on June 25, 2010 at 4:48 am

AGADIR, Morocco, June 25, 2010 (AFP) – Whalewatching revenue topped two billion dollars in 2009 and is set to grow 10 percent a year, according to a new study.

The findings boost arguments that the marine mammals are worth more alive than dead, the researchers said.

They also coincide with a decision by the 88-nation International Whaling Commission (IWC), meeting in Agadir, Morocco, to move forward with a “five year strategic plan” exploring the economic benefits and ecological risks of whalewatching.

A member of the Japanese delegation walks past anti-whaling militants on June 21, 2010 as he arrives for the opening of the International Whaling Commission (IWC) meeting in Agadir. AFP

Some 13 million eco-tourists in 2009 paid to see the animals in their natural element, generating 2.1 billion dollars (1.7 billion euros) and employing 13,000 people across hundreds of coastal regions worldwide, the study found.

“This shows that we can have our whales and still benefit from them, without killing them,” said co-author Rashid Sumaila, a researcher at the University of British Columbia.

Whale tourism has expanded steadily over the last two decades, and could add more than 400 million dollars and 5,700 jobs to the global economy each year, said the study, published in the peer-reviewed journal Marine Policy.

“Given our methods of calculation, this is a conservative estimate. The real figures are probably much higher,” Sumaila said by phone.

At least half of this growth would benefit seaside communities in developing countries, especially in the Caribbean, Latin America and Africa, where many fisheries are in decline.

“It can be launched with little initial investment and carried out by local fishers who are already familiar with the area,” the study noted.

Whaling countries have argued that watching whales and killing them are not necessarily incompatible when populations are robust and expanding.

Indeed, every year half-a-million people ply the coastal waters of whaling nations in the hope of glimpsing a humpback, orca or other whale if full breach.

But if attitudes continue to shift toward protection, the researchers suggested, tourists may one day insist on observing whales near countries that are not also engaged in slaughtering them for market.

An effort to bridge the gap between pro- and anti-whaling nations during the IWC’s annual meeting, which ends Friday, collapsed earlier this week.

Despite a moratorium on commercial whaling that went into effect in 1986, Iceland, Japan and Norway — taking advantage of legal loopholes — harvest hundreds of large cetaceans every year, more than 1,500 in the 2008-2009 season alone.

Opponents of commercial whaling hope that tourism will help tilt an organisation created in 1946 to insure the long-term viability of the whaling industry toward other goals.

“All international bodies must evolve,” said Peter Garett, Australia’s minister for environment protection. “We see a future for the IWC that is much more about conservation than counting the number of whales that are killed.”

“There is a tremendous economic future — a sustainable future — in whale watching, not whale killing,” he told AFP.

Many local communities are thriving thanks to mammoth sea mammals that happen through their waters, delegates said.

The New Zealand town of Kaikoura, for example, “has subsequently been transformed, and now attracts 100,000 visitors annually,” said Kerena Lyons.

And in tiny Samana Bay in the Dominican Republic, “43 boats and 10 tour operators offer trips for more than 25,000 tourists every year,” said Liliana Betancourt of the Conservation Centre of Bahia de Samana.

But whalewatching can have unintended consequences, warned Vincent Ridoux, a marine biologist at the University of La Rochelle in France and a member of the French delegation.

“We tend to observe whales where they feed and reproduce. If the whalewatching is too invasive and always in the same place, it can push the whales into less optimal areas,” he explained.

But perhaps the greatest danger is running out of whales.

“It could be a multi-million dollar industry, but in Tonga there are not enough whales anymore,” Sue Taei of the Pew Environment Group said of the Pacific island nation.

The region’s whales were decimated by Soviet factory ships in the 1960 and 1970s, she explained.

Source: SGGP

Cho Lon, HCMC’s Booming Chinatown

In Vietnam City Guide on September 9, 2009 at 2:58 am

“The typical Asian-style architecture and traditional businesses make Cho Lon [Ho Chi Minh City’s own Chinatown] a non-stop hive of activity,” German visitor Christ said after going around one of the city’s most distinctive areas.

Cho Lon boasts many buildings of typical Asian-style architecture

He also described its “dawn-to-dusk markets, abundant fresh produce stalls, and relentless entanglements of vehicles.”

Cho Lon is, in fact, probably the largest Chinatown in the world outside the Middle Kingdom. It spreads over District 5 and parts of Districts 6, 8, and 11, and is a magnet to tourists because of its distinct characteristics and cultural heritage.

The old streets form a fascinating maze filled with temples, restaurants, jade ornaments, and traditional medicine shops. Visitors can easily get lost here and so it makes sense to hire a cyclo by the hour to see the sights.

Tran Hung Dao Street is the main artery of Cho Lon and the access road for visitors coming to town.

Christ says: “No signboard is required for Cho Lon – you’ll recognize it instantly when you approach along the grand prix circuit that is Tran Hung Dao Street. Every time I visit these areas, I like to walk on this street, especially at night.”

He adds it’s a friendly place to shop here because the ethnic Chinese shopkeepers are keen to safeguard their prestige that they try to make visitors feel safe and at ease.

Amidst the maze

Binh Tay market is always crowded with tourists

Binh Tay Market on Phan Van Khoe Street is even more crowded than Ben Thanh and has much the same goods, but with a Chinese flavor.

Tour guides say foreigners like to visit this market which more than 70 years old.
Medicines, spices, cooking utensils all jostle for space with hapless ducks and chickens that are tied together.

Narrow, covered alleyways lead off the central artery, instantly transporting one from the harsh glare of daylight and the hullabaloo of the streets into another world. Roll upon roll of silks and assorted materials are stacked to the rafters in cramped wooden-fronted kiosks. The steady whir of sewing machines assaults the ear.

Amongst this mild mayhem, impossibly tiny food outlets serve up neatly presented bowls of food on trays to vendors and customers alike. One can sit on ridiculously low plastic stools wolfing down dirt-cheap noodle soup and rice dishes.

Exotic temples

Binh Tay market is considered one of the oldest in HCMC

From Binh Tay, one should head up to Nguyen Trai to see some of the major temples — like Quan Am, a classic Chinese temple with its ornate exteriors and wafting incense smoke, and with music meant to sooth, though the blaring speakers may not be everyone’s cup of tea.

Nearly 20 resident monks and a cherubic abbot are on hand and welcome foreign visitors. They even take the time to show you around and allow you to take photos, but the quid pro quo is a small donation in the alms box at the altar.

Buy one of the oversize incense — the size of a large flashlight — and make a wish for your journey. This is a “working temple” which means the place is busy day and night with visiting supplicants.

Another pagoda, Thien Hau, is dedicated to the goddess of the sea and was popular with seafarers wishing to offer their thanks for a safe trip from China to Viet Nam.

Also on Nguyen Trai Street and as famous as T’ian Hou is the pagoda for Guan Kung, a Chinese figure well known for his loyalty and nobility. This is a favorite with businesspeople.

Following Nguyen Trai Street past Ly Thuong Kiet, one will reach Cholon Mosque, the one indication of Chinatown’s small Muslim community.

Since a traditional medicinal herbs street was nominated in District 5, the district has drawn more tourists. Hai Thuong Lan Ong Street — named after a famous Vietnamese herbalist who practiced medicine 200 years ago – has strong odors of various herbs wafting from traditional pharmacies.

Streets like Tran Hung Dao, Trieu Quang Phuc, Chau Van Liem, and Luong Nhu Hoc still retain blocks of houses built by the ethnic Chinese people a century ago, combining Chinese and French architectural designs.

The traditional housing design found in major Southeast Asian cities with large Chinese populations can be found in Cho Lon too.

The shop-house is a unique urban architectural form that arose as a result of land speculation combined with urban restoration efforts.

Originally built on a marsh with interlacing channels, Cho Lon has survived and then flourished thanks to waterway commerce, especially when rice became a major good.

Source: SGGP

Central economic zone booming

In Uncategorized on September 11, 2008 at 9:42 am

HCM City (VNA) – The central economic zone is poised to catch up with its northern and southern counterparts as it attracts increasing amounts of foreign and domestic capital, regional authorities say.

They are also buoyed by the upcoming inauguration of the country’s first oil refinery in Dung Quat.

The key economic zone comprises Da Nang City and the provinces of Thua Thien-Hue, Quang Nam , Quang Ngai and Binh Dinh.

Over the last eight months, 49 new foreign invested projects have been licensed in the region with a total registered capital of 1.8 billion USD, compared to 1.65 billion USD for the whole of 2007.

The biggest of these projects involves the development of a new urban area with eco-tourism facilities worth more than 1 billion USD. In addition to new investments, existing projects have registered to add capital to expand production. So far this year, four projects have applied to raise an additional capital of 25 million USD.

Authorities say this is evidence that foreign businesses are willing to invest more money in the region to capitalise on its resources for social and economic development plans.

As of last month, the economic zone had hosted 264 foreign invested projects with a registered capital of 5.8 billion USD, averaging about 20 million USD for each project.

On the anvil are several large investment projects involving transport infrastructure, industrial production, and tourism facilities that are awaiting government approval.

The foreign invested projects are making remarkable contributions to the industrialisation and modernisation of the region, and expediting the region’s economic renewal and integration into global economy, authorities say.

The region is also attracting several domestic investment projects, particularly in aquaculture development.

Quang Ngai based Dung Quat Oil Refinery, the first in Vietnam , is said to be on target to begin operations next February.

Regional authorities are confident that this would provide a huge fillip
to economic development in the region, enabling it to catch up with other parts of the country.-