Landlords offer rent relief to cushion blow of COVID-19 on shops, restaurants
Tenants across Vietnam are facing tough market conditions due to the heavy impact of the widely-spreading novel coronavirus disease (COVID-19), so some landlords are offering rent relief to help ease the pressure.
Hanoi (VNA) – Tenants across Vietnamare facing tough market conditions due to the heavy impact of thewidely-spreading novel coronavirus disease (COVID-19), so some landlords areoffering rent relief to help ease the pressure.
According to global real estate services firmJLL, office rental rates in Ho Chi Minh City hit a decade high at the end of2019, growing 7.4 percent year on year to 29.1 USD per square metre as a resultof surging demand and a shortage of new supply.
However, aside from properties already rented out, new properties are facingdifficulties at present when demand plunged remarkably.
A retail property service provider in the cityreported that the number of visitors to local supermarkets and shopping malls have droppedby 40 - 50 percent after the outbreak was reported.
Restaurants have suffered a similar setback withguests declining 20 – 30 percent during weekdays and up to 50 percent atweekends.
Bui Nguyen Huyen Trang, Head of Market at JLLVietnam said companies may consider letting their employees work from home orother spaces amid the epidemic, so it would affect the dynamic of some sectors,leading to postponements of office relocations or expansions.
Due to the unpredictable nature of the COVID-19outbreak, it is still early to say anything about the short-term andmiddle-term impacts on the office space segment, she said.
But looking at the current situation, landlordscannot just stand by and watch. Pham Thai Binh, Director-General of Hung ThinhRetail – the investor of Moonlight Plaza, Saigon Mia (HCM City), and Vung TauMelody (Ba Ria-Vung Tau) – said his company has offered rent cuts, ranging from20 – 40 percent, to tenants depending on each case.
♋ The move is designed to help them maintain theirbusinesses at this difficult time, Binh said./.
Detailed regulations are needed to promote a healthy condotel market, which has been going off-track for years due to an unclear legal framework, experts have said.
The Vietnam Association of Securities Businesses (VASB) may propose market regulators reduce trading taxes for investors, according to its general secretary Nguyen Thanh Ky.
The Vietnam Real Estate Association has proposed the Government develop measures with a focus on credit and tax support, together with improving the legal framework for new property products so as to aid the property market to overcome this difficult period.
More than 300 real estate brokerage exchanges, or one third of these firms in Vietnam, have closed recently due to low supply and the impact of the COVID-19 epidemic.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
Illustrative image. (Source: VNA)
